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Invesco Semi-Annual Report to Shareholders

February 28, 2023


		RSPE		Invesco ESG S&P 500 Equal Weight ETF

		USEQ		Invesco Russell 1000 Enhanced Equal Weight ETF

		EQAL		Invesco Russell 1000 Equal Weight ETF

		USLB		Invesco Russell 1000 Low Beta Equal Weight ETF

		SPVU		Invesco S&P 500^® Enhanced Value ETF

		XRLV		Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF

		SPHB		Invesco S&P 500^® High Beta ETF

		SPHD		Invesco S&P 500^® High Dividend Low Volatility ETF

		SPLV		Invesco S&P 500^® Low Volatility ETF

		SPMV		Invesco S&P 500 Minimum Variance ETF

		SPMO		Invesco S&P 500^® Momentum ETF

		QVML		Invesco S&P 500 QVM Multi-factor ETF

		QVMM		Invesco S&P MidCap 400 QVM Multi-factor ETF

		XMLV		Invesco S&P MidCap Low Volatility ETF

		QVMS		Invesco S&P SmallCap 600 QVM Multi-factor ETF

		XSHD		Invesco S&P SmallCap High Dividend Low Volatility ETF

		XSLV		Invesco S&P SmallCap Low Volatility ETF

		XSHQ		Invesco S&P SmallCap Quality ETF

Table of Contents


Schedules of Investments

Invesco ESG S&P 500 Equal Weight ETF (RSPE)			3

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)			6

Invesco Russell 1000 Equal Weight ETF (EQAL)			14

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)			24

Invesco S&P 500^® Enhanced Value ETF (SPVU)			30

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)			33

Invesco S&P 500^® High Beta ETF (SPHB)			36

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)			39

Invesco S&P 500^® Low Volatility ETF (SPLV)			41

Invesco S&P 500 Minimum Variance ETF (SPMV)			44

Invesco S&P 500^® Momentum ETF (SPMO)			46

Invesco S&P 500 QVM Multi-factor ETF (QVML)			48

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)			54

Invesco S&P MidCap Low Volatility ETF (XMLV)			59

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)			62

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)			69

Invesco S&P SmallCap Low Volatility ETF (XSLV)			71

Invesco S&P SmallCap Quality ETF (XSHQ)			74

Statements of Assets and Liabilities			78

Statements of Operations			82

Statements of Changes in Net Assets			86

Financial Highlights			92

Notes to Financial Statements			110

Fund Expenses			124


		2

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-5.17%
Alphabet, Inc., Class A^(b)		378	$	34,043
Alphabet, Inc., Class C^(b)		335		30,250
AT&T, Inc.		3,521		66,582
Comcast Corp., Class A		1,962		72,927
Electronic Arts, Inc.		539		59,797
Interpublic Group of Cos., Inc. (The)		2,116		75,203
Omnicom Group, Inc.		898		81,332
Take-Two Interactive Software, Inc.^(b)		682		74,713
Verizon Communications, Inc.		1,828		70,945
Walt Disney Co. (The)^(b)		738		73,512

				639,304

Consumer Discretionary-11.85%
Aptiv PLC^(b)		695		80,814
Best Buy Co., Inc.		836		69,480
Dollar Tree, Inc.^(b)		468		67,991
eBay, Inc.		1,574		72,247
Etsy, Inc.^(b)		522		63,376
General Motors Co.		1,790		69,345
Hasbro, Inc.		1,132		62,271
Hilton Worldwide Holdings, Inc.		506		73,122
Home Depot, Inc. (The)		212		62,866
Lowe’s Cos., Inc.		329		67,692
Marriott International, Inc., Class A		432		73,112
McDonald’s Corp.		251		66,241
Newell Brands, Inc.		5,306		77,945
NIKE,Inc.,Class B		627		74,481
Royal Caribbean Cruises Ltd.^(b)(c)		1,201		84,839
Starbucks Corp.		667		68,094
Target Corp.		442		74,477
TJX Cos., Inc. (The)		855		65,493
VF Corp.		2,346		58,228
Whirlpool Corp.		476		65,678
Yum! Brands, Inc.		530		67,395

				1,465,187

Consumer Staples-6.16%
Archer-Daniels-Midland Co.		729		58,028
Campbell Soup Co.		1,209		63,497
Colgate-Palmolive Co.		876		64,211
Estee Lauder Cos., Inc. (The), Class A		292		70,970
General Mills, Inc.		778		61,859
Hershey Co. (The)		287		68,398
Kellogg Co.		919		60,599
Kraft Heinz Co. (The)		1,702		66,276
McCormick & Co., Inc.		795		59,084
Mondelez International, Inc., Class A		998		65,050
Walgreens Boots Alliance, Inc.		1,671		59,371
Walmart, Inc.		456		64,811

				762,154

Financials-15.36%
Aflac, Inc.		954		65,015
Allstate Corp. (The)		522		67,223
American Express Co.		439		76,382
American International Group, Inc.		1,094		66,854
Bank of America Corp.		2,075		71,173
Bank of New York Mellon Corp. (The)		1,523		77,490


	Shares		Value
Financials-(continued)
Capital One Financial Corp.		729	$	79,519
Citigroup, Inc.		1,521		77,099
Comerica, Inc.		1,039		72,834
Fifth Third Bancorp		2,059		74,742
Hartford Financial Services Group, Inc. (The)		910		71,235
Invesco Ltd.^(d)		3,702		65,377
JPMorgan Chase & Co.		516		73,969
KeyCorp		3,939		72,044
Lincoln National Corp.		1,926		61,093
MetLife, Inc.		911		65,346
Moody’s Corp.		234		67,895
Morgan Stanley		778		75,077
Nasdaq, Inc.		1,047		58,695
Northern Trust Corp.		775		73,834
Principal Financial Group, Inc.		753		67,439
Prudential Financial, Inc.		663		66,300
Regions Financial Corp.		3,147		73,388
S&P Global, Inc.		193		65,852
State Street Corp.		844		74,846
U.S. Bancorp		1,559		74,411
Willis Towers Watson PLC		278		65,152

				1,900,284

Health Care-12.85%
Abbott Laboratories		648		65,915
AbbVie, Inc.		411		63,253
Agilent Technologies, Inc.		442		62,751
Amgen, Inc.		238		55,135
Baxter International, Inc.		1,298		51,855
Becton, Dickinson and Co.		275		64,501
Biogen, Inc.^(b)		233		62,877
Boston Scientific Corp.^(b)		1,488		69,519
Cigna Group (The)		204		59,588
CVS Health Corp.		664		55,471
DaVita, Inc.^(b)		908		74,692
Edwards Lifesciences Corp.^(b)		936		75,292
Elevance Health, Inc.		128		60,118
Gilead Sciences, Inc.		774		62,330
Hologic, Inc.^(b)		920		73,269
Humana, Inc.		124		61,383
Illumina, Inc.^(b)		326		64,939
Medtronic PLC		883		73,112
Merck & Co., Inc.		617		65,550
Moderna, Inc.^(b)		380		52,748
Quest Diagnostics, Inc.		456		63,092
Regeneron Pharmaceuticals, Inc.^(b)		89		67,677
UnitedHealth Group, Inc.		125		59,493
Vertex Pharmaceuticals, Inc.^(b)		214		62,122
Waters Corp.^(b)		200		62,178

				1,588,860

Industrials-15.35%
American Airlines Group, Inc.^(b)		5,014		80,124
Caterpillar, Inc.		297		71,146
CSX Corp.		2,197		66,987
Cummins, Inc.		278		67,576
Deere & Co.		154		64,563
Dover Corp.		491		73,601
Emerson Electric Co.		717		59,303

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


		3

Invesco ESG S&P 500 Equal Weight ETF (RSPE)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
Fortive Corp.		1,023	$	68,193
IDEX Corp.		289		65,019
Illinois Tool Works, Inc.		309		72,047
Ingersoll Rand, Inc.		1,287		74,736
J.B. Hunt Transport Services, Inc.		386		69,785
Johnson Controls International PLC		1,024		64,225
Norfolk Southern Corp.		281		63,174
PACCAR, Inc.		976		70,467
Pentair PLC		1,512		84,581
Republic Services, Inc.		501		64,594
Rockwell Automation, Inc.		267		78,746
Stanley Black & Decker, Inc.		880		75,337
Trane Technologies PLC		387		71,583
Union Pacific Corp.		320		66,330
United Parcel Service, Inc., Class B		389		70,989
United Rentals, Inc.		193		90,426
Verisk Analytics, Inc.		371		63,482
W.W. Grainger, Inc.		116		77,538
Waste Management, Inc.		411		61,551
Xylem, Inc.		612		62,822

				1,898,925

Information Technology-17.73%
Accenture PLC, Class A		237		62,935
Adobe, Inc.^(b)		208		67,382
Advanced Micro Devices, Inc.^(b)		968		76,065
Akamai Technologies, Inc.^(b)		757		54,958
ANSYS, Inc.^(b)		280		85,011
Applied Materials, Inc.		640		74,336
Arista Networks, Inc.^(b)		536		74,343
Autodesk, Inc.^(b)		351		69,740
Cisco Systems, Inc.		1,410		68,272
Gen Digital, Inc.		3,001		58,549
Hewlett Packard Enterprise Co.		4,234		66,093
HP, Inc.		2,442		72,088
Intel Corp.		2,397		59,757
Intuit, Inc.		175		71,256
Juniper Networks, Inc.		2,124		65,377
Keysight Technologies, Inc.^(b)		382		61,105
Lam Research Corp.		153		74,360
Mastercard, Inc., Class A		196		69,637
Micron Technology, Inc.		1,262		72,969
Microsoft Corp.		278		69,339
Motorola Solutions, Inc.		255		67,017
NVIDIA Corp.		421		97,739
Oracle Corp.		862		75,339
QUALCOMM, Inc.		575		71,030
Roper Technologies, Inc.		156		67,111
salesforce.com, inc.^(b)		520		85,077
ServiceNow, Inc.^(b)		175		75,630
TE Connectivity Ltd.		559		71,172
Texas Instruments, Inc.		391		67,037
Tyler Technologies, Inc.^(b)		220		70,675
Visa, Inc., Class A^(c)		327		71,920

				2,193,319


	Shares		Value
Materials-6.21%
Air Products and Chemicals, Inc.		215	$	61,486
Albemarle Corp.		263		66,883
CF Industries Holdings, Inc.		675		57,976
Dow, Inc.		1,340		76,648
Ecolab, Inc.		459		73,151
Freeport-McMoRan, Inc.		1,764		72,271
Linde PLC (United Kingdom)		205		71,416
LyondellBasell Industries N.V., Class A		831		79,768
Mosaic Co. (The)		1,436		76,381
Newmont Corp.		1,438		62,711
PPG Industries, Inc.		524		69,199

				767,890

Real Estate-6.67%
Boston Properties, Inc.		1,044		68,361
CBRE Group, Inc., Class A^(b)		889		75,689
Digital Realty Trust, Inc.		624		65,040
Healthpeak Properties, Inc.		2,680		64,481
Host Hotels & Resorts, Inc.		3,867		64,966
Iron Mountain, Inc.		1,249		65,885
Kimco Realty Corp.		3,090		63,685
Prologis, Inc.		585		72,189
Regency Centers Corp.		1,034		65,039
Ventas, Inc.		1,550		75,407
Welltower, Inc.		1,045		77,455
Weyerhaeuser Co.		2,145		67,031

				825,228

Utilities-2.57%
American Water Works Co., Inc.		442		62,048
Consolidated Edison, Inc.		704		62,903
Edison International		1,039		68,792
Eversource Energy		811		61,117
Sempra Energy		418		62,683

				317,543

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $12,728,722)				12,358,694


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.00%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		34,624		34,624
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		89,016		89,034

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $123,660)				123,658

TOTAL INVESTMENTS IN SECURITIES-100.92% (Cost $12,852,382)				12,482,352
OTHER ASSETS LESS LIABILITIES-(0.92)%				(113,886	)

NET ASSETS-100.00%			$	12,368,466

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


		4

Invesco ESG S&P 500 Equal Weight ETF (RSPE)–(continued)

February 28, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

^(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 six months ended February 28, 2023.


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income

Invesco Ltd.		$	48,191		$	25,255		$	(9,900	)		$	4,064			$	(2,233	)		$	65,377		$	1,224

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			5,917			186,101			(192,018	)			-				-				-			96

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			17,739			718,800			(701,915	)			-				-				34,624			924	*

Invesco Private Prime Fund			45,613			1,348,294			(1,304,866	)			(2	)			(5	)			89,034			2,505	*


Total		$	117,460		$	2,278,450		$	(2,208,699	)		$	4,062			$	(2,238	)		$	189,035		$	4,749

*	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 February 28, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Information Technology			17.73

Financials			15.36

Industrials			15.35

Health Care			12.85

Consumer Discretionary			11.85

Real Estate			6.67

Materials			6.21

Consumer Staples			6.16

Communication Services			5.17

Utilities			2.57

Money Market Funds Plus Other Assets Less Liabilities			0.08

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


		5

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.78%
Communication Services-3.79%
Activision Blizzard, Inc.		52	$	3,965
Alphabet, Inc., Class A^(b)		20		1,801
Alphabet, Inc., Class C^(b)		17		1,535
AT&T, Inc.		199		3,763
Cable One, Inc.^(c)		6		4,144
Charter Communications, Inc., Class A^(b)(c)		10		3,676
Comcast Corp., Class A		105		3,903
DISH Network Corp., Class A^(b)		239		2,727
Electronic Arts, Inc.		29		3,217
Fox Corp., Class A		82		2,872
Fox Corp., Class B		35		1,129
Frontier Communications Parent, Inc.^(b)		149		4,077
Interpublic Group of Cos., Inc. (The)		112		3,980
Liberty Broadband Corp., Class A^(b)(c)		5		434
Liberty Broadband Corp., Class C^(b)(c)		37		3,207
Liberty Media Corp.-Liberty SiriusXM, Class A^(b)(c).		30		972
Liberty Media Corp.-Liberty SiriusXM, Class C^(b)		62		1,998
Live Nation Entertainment, Inc.^(b)(c)		53		3,819
Lumen Technologies, Inc.		702		2,387
Madison Square Garden Sports Corp., Class A		24		4,587
New York Times Co. (The), Class A		105		4,042
News Corp., Class A		152		2,607
News Corp., Class B^(c)		52		898
Nexstar Media Group, Inc., Class A		20		3,718
Omnicom Group, Inc.		48		4,347
Paramount Global, Class A^(c)		2		49
Paramount Global, Class B^(c)		188		4,027
Pinterest, Inc., Class A^(b)		151		3,792
Sirius XM Holdings, Inc.^(c)		596		2,616
T-Mobile US, Inc.^(b)		25		3,554
Verizon Communications, Inc.		99		3,842
Walt Disney Co. (The)^(b)		39		3,885
World Wrestling Entertainment, Inc., Class A		48		4,032

				99,602

Consumer Discretionary-13.30%
Advance Auto Parts, Inc.		25		3,624
Aptiv PLC^(b)(c)		35		4,070
Aramark		92		3,386
AutoNation, Inc.^(b)		31		4,232
AutoZone, Inc.^(b)		2		4,973
Bath & Body Works, Inc.		90		3,678
Best Buy Co., Inc.		45		3,740
Booking Holdings, Inc.^(b)		2		5,048
BorgWarner, Inc.		90		4,525
Boyd Gaming Corp.		65		4,233
Bright Horizons Family Solutions, Inc.^(b)(c)		52		4,100
Brunswick Corp.^(c)		51		4,458
Burlington Stores, Inc.^(b)		20		4,285
Capri Holdings Ltd.^(b)		67		3,321
Carter’s, Inc.		53		3,996
Chipotle Mexican Grill, Inc.^(b)		3		4,473
Choice Hotels International, Inc.^(c)		32		3,788
Churchill Downs, Inc.^(c)		17		4,178
Columbia Sportswear Co.		43		3,750
D.R. Horton, Inc.		45		4,162
Darden Restaurants, Inc.		26		3,718


	Shares		Value
Consumer Discretionary-(continued)
Deckers Outdoor Corp.^(b)		10	$	4,163
Dick’s Sporting Goods, Inc.		32		4,116
Dollar General Corp.		15		3,245
Dollar Tree, Inc.^(b)		26		3,777
Domino’s Pizza, Inc.		10		2,940
eBay, Inc.		85		3,901
Expedia Group, Inc.^(b)		36		3,923
Five Below, Inc.^(b)(c)		24		4,903
Floor & Decor Holdings, Inc., Class A^(b)(c)		53		4,866
Ford Motor Co.^(c)		277		3,343
Gap, Inc. (The)^(c)		264		3,435
Garmin Ltd.		41		4,023
General Motors Co.		98		3,797
Gentex Corp.		133		3,797
Genuine Parts Co.		21		3,714
Grand Canyon Education, Inc.^(b)		34		3,852
H&R Block, Inc.		88		3,238
Harley-Davidson, Inc.		82		3,899
Hasbro, Inc.		61		3,356
Home Depot, Inc. (The)		12		3,558
Kohl’s Corp.		120		3,365
Lear Corp.		27		3,771
Leggett & Platt, Inc.		108		3,725
Lennar Corp., Class A		42		4,063
Lennar Corp., Class B		3		245
Leslie’s, Inc.^(b)(c)		263		3,316
Lithia Motors, Inc., Class A		16		4,083
LKQ Corp.		71		4,068
Lowe’s Cos., Inc.		18		3,704
Macy’s, Inc.		161		3,294
Marriott Vacations Worldwide Corp.		26		3,978
Mattel, Inc.^(b)		211		3,796
McDonald’s Corp.		14		3,695
MGM Resorts International		104		4,473
Newell Brands, Inc.		296		4,348
NIKE, Inc., Class B		35		4,158
Nordstrom, Inc.^(c)		183		3,565
NVR, Inc.^(b)		1		5,174
Ollie’s Bargain Outlet Holdings, Inc.^(b)		63		3,625
O’Reilly Automotive, Inc.^(b)		5		4,150
Penn Entertainment, Inc.^(b)		109		3,328
Penske Automotive Group, Inc.^(c)		30		4,324
Polaris, Inc.		34		3,868
Pool Corp.		12		4,282
PulteGroup, Inc.		84		4,592
PVH Corp.		57		4,574
Ralph Lauren Corp.^(c)		34		4,018
Ross Stores, Inc.		33		3,648
Service Corp. International		54		3,647
Six Flags Entertainment Corp.^(b)		159		4,198
Skechers U.S.A., Inc., Class A^(b)		91		4,050
Starbucks Corp.		38		3,879
Tapestry, Inc.		102		4,438
Target Corp.		23		3,876
Tempur Sealy International, Inc.		121		5,172
Thor Industries, Inc.^(c)		45		4,095
TJX Cos., Inc. (The)		48		3,677
Toll Brothers, Inc.		80		4,795

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


		6

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Consumer Discretionary-(continued)
Tractor Supply Co.		17	$	3,965
Travel + Leisure Co.		99		4,153
Ulta Beauty, Inc.^(b)		8		4,150
Vail Resorts, Inc.		15		3,502
Victoria’s Secret & Co.^(b)(c)		84		3,330
Wendy’s Co. (The)		170		3,733
Whirlpool Corp.		26		3,587
Williams-Sonoma, Inc.^(c)		33		4,122
Wyndham Hotels & Resorts, Inc.		52		4,005
Yum! Brands, Inc.		30		3,815

				349,003

Consumer Staples-6.27%
Albertsons Cos., Inc., Class A^(c)		183		3,638
Altria Group, Inc.		82		3,807
Archer-Daniels-Midland Co.		39		3,104
BJ’s Wholesale Club Holdings, Inc.^(b)		51		3,662
Brown-Forman Corp., Class A		12		779
Brown-Forman Corp., Class B		42		2,725
Bunge Ltd.		37		3,534
Campbell Soup Co.		72		3,781
Casey’s General Stores, Inc.		16		3,327
Clorox Co. (The)		26		4,041
Coca-Cola Co. (The)		60		3,571
Colgate-Palmolive Co.		50		3,665
Conagra Brands, Inc.		101		3,677
Constellation Brands, Inc., Class A		15		3,356
Costco Wholesale Corp.		7		3,389
Coty, Inc., Class A^(b)(c)		488		5,514
Darling Ingredients, Inc.^(b)(c)		53		3,353
Estee Lauder Cos., Inc. (The), Class A		16		3,889
Flowers Foods, Inc.		128		3,569
General Mills, Inc.		45		3,578
Grocery Outlet Holding Corp.^(b)(c)		127		3,435
Hershey Co. (The)		16		3,813
Hormel Foods Corp.		82		3,639
Ingredion, Inc.		39		3,877
JM Smucker Co. (The)		25		3,697
Kellogg Co.		53		3,495
Keurig Dr Pepper, Inc.		99		3,421
Kimberly-Clark Corp.		29		3,627
Kraft Heinz Co. (The)		101		3,933
Kroger Co. (The)		78		3,365
Lamb Weston Holdings, Inc.		44		4,428
McCormick & Co., Inc.		45		3,344
Molson Coors Beverage Co., Class B		69		3,670
Mondelez International, Inc., Class A		57		3,715
PepsiCo, Inc.		21		3,644
Performance Food Group Co.^(b)		63		3,565
Philip Morris International, Inc. (Switzerland)		39		3,795
Pilgrim’s Pride Corp.^(b)		147		3,438
Post Holdings, Inc.^(b)		41		3,688
Procter & Gamble Co. (The)		26		3,577
Reynolds Consumer Products, Inc.		120		3,293
Seaboard Corp.		1		3,950
Sysco Corp.		45		3,356
US Foods Holding Corp.^(b)		105		3,941
Walgreens Boots Alliance, Inc.		93		3,304
Walmart, Inc.		25		3,553

				164,522


	Shares		Value
Energy-3.74%
Antero Resources Corp.^(b)		105	$	2,751
APA Corp.		82		3,147
Chesapeake Energy Corp.		37		2,990
Chevron Corp.		21		3,376
ConocoPhillips		31		3,204
Coterra Energy, Inc.		138		3,446
Devon Energy Corp.		56		3,020
Diamondback Energy, Inc.		26		3,655
DT Midstream, Inc.^(c)		64		3,213
EOG Resources, Inc.		27		3,052
EQT Corp.		91		3,019
Exxon Mobil Corp.		34		3,737
Halliburton Co.		101		3,659
Hess Corp.		27		3,637
HF Sinclair Corp.		62		3,083
Marathon Oil Corp.		125		3,144
Marathon Petroleum Corp.		32		3,955
NOV, Inc.		171		3,741
Occidental Petroleum Corp.		58		3,396
Ovintiv, Inc.		69		2,951
PDC Energy, Inc.		52		3,490
Phillips 66		35		3,590
Pioneer Natural Resources Co.		16		3,207
Range Resources Corp.		133		3,583
Schlumberger Ltd.		75		3,991
Southwestern Energy Co.^(b)		555		2,941
Targa Resources Corp.		52		3,853
Valero Energy Corp.		29		3,820
Vitesse Energy, Inc.^(b)		11		191
Williams Cos., Inc. (The)		111		3,341

				98,183

Financials-14.86%
Affiliated Managers Group, Inc.		24		3,826
Aflac, Inc.		53		3,612
American Express Co.		24		4,176
American Financial Group, Inc.		27		3,621
American International Group, Inc.		61		3,728
Ameriprise Financial, Inc.		12		4,114
Annaly Capital Management, Inc.		177		3,660
Aon PLC, Class A		13		3,953
Arch Capital Group Ltd.^(b)		64		4,480
Arthur J. Gallagher & Co.		19		3,560
Assurant, Inc.		30		3,822
Assured Guaranty Ltd.		58		3,620
AXIS Capital Holdings Ltd.		67		4,068
Bank of America Corp.		103		3,533
Bank of Hawaii Corp.		48		3,593
Bank of New York Mellon Corp. (The)		82		4,172
Bank OZK		83		3,820
BlackRock, Inc.		6		4,137
Blackstone, Inc., Class A^(c)		42		3,814
Brighthouse Financial, Inc.^(b)		69		3,990
Brown & Brown, Inc.		65		3,645
Capital One Financial Corp.		37		4,036
Cboe Global Markets, Inc.		30		3,785
Charles Schwab Corp. (The)		47		3,662
Chubb Ltd.		17		3,587
Citigroup, Inc.		79		4,005
Citizens Financial Group, Inc.		94		3,925

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


		7

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Financials-(continued)
CME Group, Inc., Class A		22	$	4,078
CNA Financial Corp.		90		3,940
Comerica, Inc.		54		3,785
Commerce Bancshares, Inc.		54		3,572
Cullen/Frost Bankers, Inc.		26		3,427
Discover Financial Services		37		4,144
East West Bancorp, Inc.		55		4,192
Erie Indemnity Co., Class A		14		3,295
Evercore, Inc., Class A		34		4,460
Everest Re Group Ltd.		11		4,224
F.N.B. Corp.		272		3,881
FactSet Research Systems, Inc.		8		3,316
Fidelity National Financial, Inc.		99		3,946
Fifth Third Bancorp		106		3,848
First American Financial Corp.		70		3,975
First Hawaiian, Inc.		148		4,048
First Horizon Corp.		155		3,839
Franklin Resources, Inc.		142		4,185
Globe Life, Inc.		32		3,894
Goldman Sachs Group, Inc. (The)		10		3,517
Hanover Insurance Group, Inc. (The)		26		3,626
Hartford Financial Services Group, Inc. (The)		50		3,914
Huntington Bancshares, Inc.		248		3,799
Interactive Brokers Group, Inc., Class A		48		4,133
Intercontinental Exchange, Inc.		35		3,563
Invesco Ltd.^(d)		201		3,550
Jefferies Financial Group, Inc.		101		3,817
JPMorgan Chase & Co.		29		4,157
KeyCorp.		204		3,731
Lazard Ltd., Class A		107		3,998
Loews Corp.		66		4,032
LPL Financial Holdings, Inc.		16		3,993
M&T Bank Corp.		23		3,572
Marsh & McLennan Cos., Inc.		22		3,567
MetLife, Inc.		50		3,587
MGIC Investment Corp.		273		3,756
Moody’s Corp.		13		3,772
Morgan Stanley		41		3,957
Morningstar, Inc.		16		3,317
Nasdaq, Inc.		56		3,139
New York Community Bancorp, Inc.		411		3,650
Northern Trust Corp.		41		3,906
Old Republic International Corp.		159		4,193
OneMain Holdings, Inc.		98		4,223
Pinnacle Financial Partners, Inc.		47		3,482
PNC Financial Services Group, Inc. (The)		23		3,632
Popular, Inc.		53		3,784
Primerica, Inc.		26		4,990
Principal Financial Group, Inc.		43		3,851
Progressive Corp. (The)		29		4,162
Prosperity Bancshares, Inc.		51		3,748
Prudential Financial, Inc.		36		3,600
Raymond James Financial, Inc.		33		3,579
Regions Financial Corp.		165		3,848
Reinsurance Group of America, Inc.		27		3,901
Rithm Capital Corp.^(c)		424		3,858
S&P Global, Inc.		11		3,753
SEI Investments Co.		62		3,736
SLM Corp.		220		3,164
Stifel Financial Corp.		59		3,943


	Shares		Value
Financials-(continued)
Synchrony Financial		105	$	3,750
Synovus Financial Corp.		90		3,763
Travelers Cos., Inc. (The)		20		3,702
Truist Financial Corp.		82		3,850
U.S. Bancorp.		85		4,057
Umpqua Holdings Corp.		190		3,355
Unum Group		91		4,054
Virtu Financial, Inc., Class A		173		3,180
Voya Financial, Inc.		60		4,469
W.R. Berkley Corp.		50		3,310
Webster Financial Corp.^(c)		71		3,772
Wells Fargo & Co.		83		3,882
Willis Towers Watson PLC		16		3,750
Wintrust Financial Corp.		42		3,869
Zions Bancorporation N.A		74		3,746

				390,002

Health Care-9.53%
Abbott Laboratories		36		3,662
AbbVie, Inc.		24		3,694
Acadia Healthcare Co., Inc.^(b)		43		3,118
Agilent Technologies, Inc.		25		3,549
Amedisys, Inc.^(b)		42		3,862
AmerisourceBergen Corp.		23		3,578
Amgen, Inc.		13		3,012
Avantor, Inc.^(b)		172		4,192
Azenta, Inc.^(b)(c)		64		2,809
Becton, Dickinson and Co.		15		3,518
Biogen, Inc.^(b)		13		3,508
Boston Scientific Corp.^(b)		85		3,971
Bristol-Myers Squibb Co.		48		3,310
Bruker Corp.		57		3,928
Centene Corp.^(b)		44		3,010
Charles River Laboratories International, Inc.^(b)		17		3,729
Chemed Corp.		7		3,651
Cigna Group (The)		12		3,505
Cooper Cos., Inc. (The)		12		3,924
CVS Health Corp.		39		3,258
Danaher Corp.		14		3,465
DaVita, Inc.^(b)		52		4,277
Edwards Lifesciences Corp.^(b)		50		4,022
Elevance Health, Inc.		7		3,288
Encompass Health Corp.		66		3,730
Enovis Corp.^(b)(c)		71		4,091
Envista Holdings Corp.^(b)(c)		113		4,369
Exelixis, Inc.^(b)		225		3,843
Gilead Sciences, Inc.		44		3,543
Globus Medical, Inc., Class A^(b)(c)		52		3,034
HCA Healthcare, Inc.		16		3,895
Henry Schein, Inc.^(b)		47		3,681
Hologic, Inc.^(b)(c)		50		3,982
Horizon Therapeutics PLC^(b)		38		4,161
Humana, Inc.		7		3,465
Incyte Corp.^(b)		48		3,695
Integra LifeSciences Holdings Corp.^(b)(c)		70		3,893
IQVIA Holdings, Inc.^(b)		18		3,752
Johnson & Johnson		22		3,372
Laboratory Corp. of America Holdings		16		3,830
Masimo Corp.^(b)(c)		27		4,517
McKesson Corp.		10		3,498

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


		8

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Health Care-(continued)
Medtronic PLC		49	$	4,057
Merck & Co., Inc.		35		3,718
Mettler-Toledo International, Inc.^(b)		3		4,301
Moderna, Inc.^(b)		22		3,054
Molina Healthcare, Inc.^(b)		11		3,029
Organon & Co.		148		3,624
PerkinElmer, Inc.		27		3,363
Pfizer, Inc.		77		3,124
Premier, Inc., Class A		115		3,702
QIAGEN N.V.^(b)		78		3,584
Quest Diagnostics, Inc.		25		3,459
QuidelOrtho Corp.^(b)(c)		44		3,825
Regeneron Pharmaceuticals, Inc.^(b)		5		3,802
Royalty Pharma PLC, Class A		87		3,119
Stryker Corp.		16		4,206
Teleflex, Inc.		16		3,812
Tenet Healthcare Corp.^(b)		83		4,858
Thermo Fisher Scientific, Inc.		7		3,792
United Therapeutics Corp.^(b)		14		3,445
UnitedHealth Group, Inc.		7		3,332
Universal Health Services, Inc., Class B		29		3,874
Vertex Pharmaceuticals, Inc.^(b)		12		3,483
Viatris, Inc.		348		3,967
Waters Corp.^(b)		11		3,420
Zimmer Biomet Holdings, Inc.		32		3,964
Zoetis, Inc.		25		4,175

				250,280

Industrials-18.36%
3M Co.		30		3,232
A.O. Smith Corp.		62		4,069
Acuity Brands, Inc.		20		3,879
Advanced Drainage Systems, Inc.		39		3,461
AECOM		45		3,886
AGCO Corp.		30		4,224
Alaska Air Group, Inc.^(b)		81		3,874
Allegion PLC		34		3,832
Allison Transmission Holdings, Inc.		86		4,085
AMETEK, Inc.		27		3,822
Armstrong World Industries, Inc.		50		3,943
Avis Budget Group, Inc.^(b)		17		3,734
Booz Allen Hamilton Holding Corp.		36		3,410
Builders FirstSource, Inc.^(b)		59		5,002
BWX Technologies, Inc.		63		3,850
C.H. Robinson Worldwide, Inc.		38		3,799
CACI International, Inc., Class A^(b)		12		3,516
Carlisle Cos., Inc.		15		3,873
Carrier Global Corp.		87		3,918
Caterpillar, Inc.		16		3,833
Cintas Corp.		8		3,508
Clean Harbors, Inc.^(b)		32		4,226
Copa Holdings S.A., Class A (Panama)^(b)(c)		44		4,063
Copart, Inc.^(b)		58		4,087
Core & Main, Inc., Class A^(b)(c)		185		4,312
Crane Holdings Co.		36		4,312
CSX Corp.		117		3,567
Cummins, Inc.		15		3,646
Curtiss-Wright Corp.		22		3,845
Deere & Co.		9		3,773
Delta Air Lines, Inc.^(b)		109		4,179


	Shares		Value
Industrials-(continued)
Donaldson Co., Inc.		63	$	3,985
Dover Corp.		27		4,047
Eaton Corp. PLC		24		4,198
Emerson Electric Co.		40		3,308
Equifax, Inc.		19		3,848
Expeditors International of Washington, Inc.		33		3,451
Fastenal Co.^(c)		75		3,867
FedEx Corp.		21		4,268
Flowserve Corp.		119		4,128
Fortive Corp.		57		3,800
Fortune Brands Innovations, Inc.^(c)		59		3,655
FTI Consulting, Inc.^(b)(c)		22		4,042
Gates Industrial Corp. PLC^(b)		331		4,647
General Dynamics Corp.		15		3,419
Graco, Inc.		55		3,825
Hertz Global Holdings, Inc.^(b)(c)		223		4,128
Hexcel Corp.		66		4,815
Honeywell International, Inc.		17		3,255
Howmet Aerospace, Inc.		105		4,429
Hubbell, Inc.		15		3,773
Huntington Ingalls Industries, Inc.		17		3,658
IAA, Inc.^(b)(c)		103		4,214
IDEX Corp.		16		3,600
Illinois Tool Works, Inc.		17		3,964
Ingersoll Rand, Inc.		71		4,123
ITT, Inc.		45		4,090
J.B. Hunt Transport Services, Inc.		21		3,797
Jacobs Solutions, Inc.		30		3,585
Johnson Controls International PLC		58		3,638
KBR, Inc.		74		4,078
Kirby Corp.^(b)		55		3,989
Knight-Swift Transportation Holdings, Inc.		69		3,922
L3Harris Technologies, Inc.		17		3,590
Landstar System, Inc.		22		3,977
Leidos Holdings, Inc.		36		3,495
Lennox International, Inc.^(c)		15		3,822
Lincoln Electric Holdings, Inc.		26		4,366
Lockheed Martin Corp.		8		3,794
ManpowerGroup, Inc.		44		3,735
Masco Corp.		76		3,985
MasTec, Inc.^(b)(c)		42		4,104
MasterBrand, Inc.^(b)		59		575
MDU Resources Group, Inc.		122		3,886
Middleby Corp. (The)^(b)(c)		27		4,198
MSA Safety, Inc.		27		3,627
MSC Industrial Direct Co., Inc., Class A		44		3,719
Nordson Corp.		16		3,514
Norfolk Southern Corp.		15		3,372
Northrop Grumman Corp.		7		3,249
nVent Electric PLC		96		4,401
Old Dominion Freight Line, Inc.		13		4,410
Oshkosh Corp.		41		3,657
Otis Worldwide Corp.		49		4,146
Owens Corning		43		4,205
PACCAR, Inc.		54		3,899
Parker-Hannifin Corp.		13		4,574
Pentair PLC.		84		4,699
Quanta Services, Inc.		26		4,196
Raytheon Technologies Corp.		40		3,924
Regal Rexnord Corp.^(c)		29		4,572

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


		9

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
Republic Services, Inc.		28	$	3,610
Robert Half International, Inc.		49		3,950
Rockwell Automation, Inc.		15		4,424
Ryder System, Inc.		41		4,014
Schneider National, Inc., Class B		149		4,181
Science Applications International Corp.^(c)		35		3,732
Sensata Technologies Holding PLC		85		4,299
Snap-on, Inc.^(c)		16		3,979
Southwest Airlines Co.		96		3,224
Tetra Tech, Inc.		25		3,422
Textron, Inc.		54		3,917
Timken Co. (The)		51		4,358
Toro Co. (The)		35		3,865
Trane Technologies PLC		22		4,069
TransDigm Group, Inc.		6		4,463
U-Haul Holding Co.^(c)		61		3,917
Union Pacific Corp.		18		3,731
United Parcel Service, Inc., Class B		20		3,650
United Rentals, Inc.		11		5,154
Univar Solutions, Inc.^(b)		116		4,031
Valmont Industries, Inc.		11		3,491
Verisk Analytics, Inc.		21		3,593
Vertiv Holdings Co.^(c)		277		4,501
W.W. Grainger, Inc.		7		4,679
Wabtec Corp.		38		3,965
Waste Management, Inc.		23		3,445
Watsco, Inc.^(c)		14		4,266
WESCO International, Inc.^(b)		30		4,967
WillScot Mobile Mini Holdings Corp.^(b)		80		4,112
Woodward, Inc.		40		3,960
XPO, Inc.^(b)		99		3,303
Xylem, Inc.		34		3,490

				481,759

Information Technology-12.20%
Accenture PLC, Class A		13		3,452
Adobe, Inc.^(b)		11		3,563
Akamai Technologies, Inc.^(b)		40		2,904
Allegro MicroSystems, Inc. (Japan)^(b)		123		5,373
Amdocs Ltd.		43		3,939
Amphenol Corp., Class A		48		3,721
Analog Devices, Inc.		22		4,036
Apple, Inc.		26		3,833
Applied Materials, Inc.		35		4,065
Arrow Electronics, Inc.^(b)		35		4,130
Automatic Data Processing, Inc.		15		3,297
Avnet, Inc.		85		3,800
Black Knight, Inc.^(b)		62		3,695
Broadcom, Inc.		7		4,160
Broadridge Financial Solutions, Inc.		26		3,660
CDW Corp.		20		4,048
Ciena Corp.^(b)(c)		85		4,099
Cirrus Logic, Inc.^(b)		51		5,240
Cisco Systems, Inc.		77		3,728
Cognex Corp.		77		3,651
Cognizant Technology Solutions Corp., Class A		62		3,883
Concentrix Corp.		31		4,242
Corning, Inc.		113		3,836
Dell Technologies, Inc., Class C		86		3,495
Dolby Laboratories, Inc., Class A		51		4,196


	Shares		Value
Information Technology-(continued)
Dropbox, Inc., Class A^(b)		163	$	3,325
DXC Technology Co.^(b)		129		3,579
Entegris, Inc.^(c)		50		4,262
Euronet Worldwide, Inc.^(b)(c)		41		4,463
F5, Inc.^(b)		25		3,575
Fair Isaac Corp.^(b)		6		4,064
Fiserv, Inc.^(b)		38		4,373
FleetCor Technologies, Inc.^(b)		20		4,296
Gartner, Inc.^(b)		11		3,606
Gen Digital, Inc.		167		3,258
Genpact Ltd.		86		4,105
Global Payments, Inc.		37		4,151
GLOBALFOUNDRIES, Inc.^(b)(c)		60		3,920
GoDaddy, Inc., Class A^(b)		49		3,710
Hewlett Packard Enterprise Co.		238		3,715
HP, Inc.		128		3,779
Intel Corp.		128		3,191
International Business Machines Corp.		27		3,491
Intuit, Inc.		10		4,072
Jabil, Inc.		53		4,401
Jack Henry & Associates, Inc.		20		3,285
Juniper Networks, Inc.		116		3,571
Keysight Technologies, Inc.^(b)		21		3,359
KLA Corp.		10		3,794
Lam Research Corp.		8		3,888
Littelfuse, Inc.		16		4,140
Lumentum Holdings, Inc.^(b)		70		3,767
Microchip Technology, Inc.		49		3,971
Micron Technology, Inc.		67		3,874
Microsoft Corp.		15		3,741
Motorola Solutions, Inc.		14		3,679
National Instruments Corp.		94		4,748
NCR Corp.^(b)		161		4,110
NetApp, Inc.		57		3,679
ON Semiconductor Corp.^(b)		51		3,948
Oracle Corp.		46		4,020
Paychex, Inc.		31		3,422
PTC, Inc.^(b)		30		3,760
Qorvo, Inc.^(b)		39		3,935
QUALCOMM, Inc.		30		3,706
Roper Technologies, Inc.		9		3,872
salesforce.com, inc.^(b)		24		3,927
Skyworks Solutions, Inc.		40		4,463
SS&C Technologies Holdings, Inc.		71		4,168
Synopsys, Inc.^(b)		11		4,001
TD SYNNEX Corp.		37		3,571
Teledyne Technologies, Inc.^(b)		9		3,871
Teradata Corp.^(b)		112		4,565
Teradyne, Inc.		41		4,147
Texas Instruments, Inc.		21		3,601
Trimble, Inc.^(b)		64		3,332
Universal Display Corp.^(c)		34		4,619
VeriSign, Inc.^(b)		19		3,740
Visa, Inc., Class A		18		3,959
Vontier Corp.		196		5,129
Western Digital Corp.^(b)		105		4,040
Western Union Co. (The)		262		3,396

				320,180

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


		10

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Materials-6.84%
Air Products and Chemicals, Inc.		12	$	3,432
Amcor PLC		311		3,465
AptarGroup, Inc.		38		4,435
Ashland, Inc.		34		3,461
Avery Dennison Corp.		20		3,644
Axalta Coating Systems Ltd.^(b)		139		4,142
Berry Global Group, Inc.		65		4,037
CF Industries Holdings, Inc.		36		3,092
Chemours Co. (The)		124		4,238
Corteva, Inc.		57		3,551
Dow, Inc.		75		4,290
DuPont de Nemours, Inc.		56		4,090
Eagle Materials, Inc.		29		4,069
Eastman Chemical Co.		44		3,749
Element Solutions, Inc.		196		4,026
FMC Corp.		29		3,745
Freeport-McMoRan, Inc.		95		3,892
Graphic Packaging Holding Co.		168		3,998
Huntsman Corp.		138		4,049
International Paper Co.		103		3,748
Linde PLC (United Kingdom)		11		3,832
Louisiana-Pacific Corp.		60		3,511
LyondellBasell Industries N.V., Class A		45		4,320
Martin Marietta Materials, Inc.		11		3,959
Mosaic Co. (The)		75		3,989
NewMarket Corp.		12		4,122
Newmont Corp.		81		3,532
Nucor Corp.		26		4,353
Olin Corp.		67		3,869
Packaging Corp. of America		28		3,828
PPG Industries, Inc.		28		3,698
Reliance Steel & Aluminum Co.		18		4,461
Royal Gold, Inc.^(c)		35		4,158
RPM International, Inc.		37		3,279
Sealed Air Corp.		72		3,501
Sherwin-Williams Co. (The)		15		3,320
Silgan Holdings, Inc.		73		3,898
Sonoco Products Co.		63		3,721
Southern Copper Corp. (Mexico)		65		4,790
SSR Mining, Inc. (Canada)		253		3,453
Steel Dynamics, Inc.		37		4,666
United States Steel Corp.		150		4,594
Valvoline, Inc.		120		4,224
Vulcan Materials Co.		21		3,799
Westlake Corp.		36		4,289
WestRock Co.		101		3,171

				179,490

Real Estate-6.43%
Alexandria Real Estate Equities, Inc.		25		3,744
American Homes 4 Rent, Class A		116		3,598
American Tower Corp.		17		3,366
Apartment Income REIT Corp.		101		3,818
AvalonBay Communities, Inc.		22		3,795
Boston Properties, Inc.		53		3,470
Brixmor Property Group, Inc.		166		3,758
Camden Property Trust		32		3,672
CBRE Group, Inc., Class A^(b)		47		4,002
Cousins Properties, Inc.^(c)		146		3,576
Crown Castle, Inc.		27		3,530


	Shares		Value
Real Estate-(continued)
CubeSmart		93	$	4,370
Digital Realty Trust, Inc.		34		3,544
EastGroup Properties, Inc.^(c)		25		4,082
EPR Properties		92		3,757
Equity LifeStyle Properties, Inc.^(c)		58		3,974
Equity Residential.		59		3,689
Essex Property Trust, Inc.		17		3,877
Extra Space Storage, Inc.		24		3,952
Federal Realty Investment Trust		35		3,737
First Industrial Realty Trust, Inc.		76		4,009
Gaming and Leisure Properties, Inc.		73		3,933
Healthpeak Properties, Inc.		146		3,513
Highwoods Properties, Inc.		129		3,419
Invitation Homes, Inc.		118		3,689
Iron Mountain, Inc.^(c)		70		3,693
JBG SMITH Properties		186		3,209
Kilroy Realty Corp.		89		3,206
Kimco Realty Corp.		164		3,380
Lamar Advertising Co., Class A		39		4,078
Life Storage, Inc.		36		4,339
Mid-America Apartment Communities, Inc.		23		3,682
National Retail Properties, Inc.		86		3,898
Omega Healthcare Investors, Inc.		127		3,402
Prologis, Inc.		33		4,072
Public Storage		13		3,886
Rayonier, Inc.^(c)		107		3,593
Regency Centers Corp.		58		3,648
Simon Property Group, Inc.		32		3,907
Spirit Realty Capital, Inc.		90		3,706
Sun Communities, Inc.^(c)		26		3,722
UDR, Inc.		93		3,984
VICI Properties, Inc.		112		3,755
W.P. Carey, Inc.^(c)		49		3,977
Weyerhaeuser Co.		117		3,656

				168,667

Utilities-4.46%
Alliant Energy Corp.		68		3,486
Ameren Corp.		43		3,557
American Electric Power Co., Inc.		40		3,519
Atmos Energy Corp.^(c)		32		3,610
Avangrid, Inc.		90		3,513
CenterPoint Energy, Inc.		123		3,422
CMS Energy Corp.		63		3,715
Consolidated Edison, Inc.		38		3,395
DTE Energy Co.		33		3,621
Duke Energy Corp.		38		3,582
Edison International		58		3,840
Entergy Corp.		32		3,292
Essential Utilities, Inc.		81		3,465
Evergy, Inc.		65		3,823
Eversource Energy		46		3,467
Exelon Corp.		93		3,756
FirstEnergy Corp.		93		3,677
Hawaiian Electric Industries, Inc.		94		3,802
IDACORP, Inc.		35		3,619
National Fuel Gas Co.		58		3,322
NextEra Energy, Inc.		45		3,196
NiSource, Inc.		137		3,758
NRG Energy, Inc.		90		2,951

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


		11

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Utilities-(continued)
OGE Energy Corp.		92	$	3,286
PG&E Corp.^(b)		245		3,827
Pinnacle West Capital Corp.		49		3,610
PPL Corp.		126		3,411
Public Service Enterprise Group, Inc.		63		3,807
Sempra Energy.		23		3,449
Southern Co. (The)		57		3,594
UGI Corp.		99		3,686
WEC Energy Group, Inc.		39		3,458
Xcel Energy, Inc.		55		3,551

				117,067

Total Common Stocks & Other Equity Interests (Cost $2,460,626)				2,618,755


Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e) (Cost $2,140)		2,140		2,140

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $2,462,766)				2,620,895


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.17%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		74,702	$	74,702
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		192,053		192,091

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $266,801)				266,793

TOTAL INVESTMENTS IN SECURITIES-110.03% (Cost $2,729,567)				2,887,688
OTHER ASSETS LESS LIABILITIES-(10.03)%				(263,300	)

NET ASSETS-100.00%			$	2,624,388

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Invesco Ltd.		$	-		$	3,698		$	-			$	(148	)		$	-		$	3,550		$	38

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			773			28,852			(27,485	)			-				-			2,140			26

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			65,057			238,113			(228,468	)			-				-			74,702			992	*

Invesco Private Prime Fund			158,838			541,594			(508,348	)			(19	)			26			192,091			2,703	*


Total		$	224,668		$	812,257		$	(764,301	)		$	(167	)		$	26		$	272,483		$	3,759

*	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 February 28, 2023.

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

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


		12

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Industrials			18.36

Financials			14.86

Consumer Discretionary			13.30

Information Technology			12.20

Health Care			9.53

Materials			6.84

Real Estate			6.43

Consumer Staples			6.27

Utilities			4.46

Communication Services			3.79

Energy			3.74

Money Market Funds Plus Other Assets Less Liabilities			0.22

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


		13

Invesco Russell 1000 Equal Weight ETF (EQAL)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-7.20%
Activision Blizzard, Inc.		4,555	$	347,319
Alphabet, Inc., Class A^(b)		4,308		387,979
Altice USA, Inc., Class A^(b)(c)		725,060		2,871,238
AMC Entertainment Holdings, Inc., Class A^(b)(c)		56,217		401,389
AT&T, Inc.		147,845		2,795,749
Cable One, Inc.^(c)		3,868		2,671,280
Charter Communications, Inc., Class A^(b)(c)		7,554		2,776,926
Comcast Corp., Class A		80,905		3,007,239
DISH Network Corp., Class A^(b)(c)		193,201		2,204,423
Electronic Arts, Inc.		2,693		298,761
Fox Corp., Class A		10,973		384,274
Frontier Communications Parent, Inc.^(b)(c)		113,298		3,099,833
IAC, Inc.^(b)		8,691		451,411
Interpublic Group of Cos., Inc. (The)		10,587		376,262
Liberty Broadband Corp., Class C^(b)(c)		32,744		2,837,923
Liberty Media Corp.-Liberty Formula One, Class C^(b)		5,669		384,755
Liberty Media Corp.-Liberty SiriusXM, Class C^(b)		8,165		263,076
Live Nation Entertainment, Inc.^(b)(c)		4,761		343,078
Lumen Technologies, Inc.^(c)		521,966		1,774,684
Madison Square Garden Sports Corp., Class A		2,122		405,599
Match Group, Inc.^(b)		9,170		379,821
Meta Platforms, Inc., Class A^(b)		3,533		618,063
Netflix, Inc.^(b)		1,098		353,699
New York Times Co. (The), Class A^(c)		9,927		382,190
News Corp., Class A		18,744		321,460
Nexstar Media Group, Inc., Class A		1,869		347,447
Omnicom Group, Inc.		4,547		411,822
Paramount Global, Class B^(c)		18,795		402,589
Pinterest, Inc., Class A^(b)		17,858		448,414
Playtika Holding Corp.^(b)(c)		40,701		390,730
Roblox Corp., Class A^(b)		10,658		390,509
Roku, Inc., Class A^(b)(c)		55,496		3,590,036
Sirius XM Holdings, Inc.^(c)		55,234		242,477
Spotify Technology S.A.^(b)(c)		4,417		513,697
Take-Two Interactive Software, Inc.^(b)		3,379		370,169
T-Mobile US, Inc.^(b)		19,661		2,795,401
Trade Desk, Inc. (The), Class A^(b)		7,017		392,671
TripAdvisor, Inc.^(b)(c)		18,249		393,631
Verizon Communications, Inc.		76,251		2,959,301
Walt Disney Co. (The)^(b)		3,675		366,067
Warner Bros Discovery, Inc.^(b)		31,834		497,247
World Wrestling Entertainment, Inc., Class A		4,456		374,304
ZoomInfo Technologies, Inc., Class A^(b)		14,175		342,610

				45,367,553

Consumer Discretionary-7.01%
ADT, Inc.^(c)		32,481		244,907
Advance Auto Parts, Inc.		2,322		336,597
Airbnb, Inc., Class A^(b)		3,598		443,561
Amazon.com, Inc.^(b)		3,763		354,587
Aptiv PLC^(b)		3,640		423,259
Aramark		8,312		305,882


	Shares		Value
Consumer Discretionary-(continued)
AutoNation, Inc.^(b)(c)		2,890	$	394,514
AutoZone, Inc.^(b)		138		343,143
Bath & Body Works, Inc.		8,068		329,739
Best Buy Co., Inc.		4,082		339,255
Booking Holdings, Inc.^(b)		170		429,080
BorgWarner, Inc.		8,352		419,939
Boyd Gaming Corp.		5,778		376,321
Bright Horizons Family Solutions, Inc.^(b)(c)		5,166		407,287
Brunswick Corp.		4,422		386,571
Burlington Stores, Inc.^(b)		1,712		366,796
Caesars Entertainment, Inc.^(b)		6,767		343,493
Capri Holdings Ltd.^(b)		5,782		286,614
CarMax, Inc.^(b)(c)		5,200		359,008
Carnival Corp.^(b)(c)		37,681		400,172
Carter’s, Inc.^(c)		4,701		354,408
Carvana Co.^(b)(c)		69,111		651,026
Chipotle Mexican Grill, Inc.^(b)		222		331,020
Choice Hotels International, Inc.^(c)		2,844		336,616
Churchill Downs, Inc.^(c)		1,554		381,942
Columbia Sportswear Co.		3,787		330,226
D.R. Horton, Inc.		3,964		366,591
Darden Restaurants, Inc.		2,367		338,457
Deckers Outdoor Corp.^(b)		899		374,299
Dick’s Sporting Goods, Inc.		2,795		359,521
Dollar General Corp.		1,365		295,250
Dollar Tree, Inc.^(b)		2,355		342,134
Domino’s Pizza, Inc.		912		268,137
DoorDash, Inc., Class A^(b)		7,486		409,185
DraftKings, Inc., Class A^(b)(c)		23,393		441,192
eBay, Inc.		7,755		355,955
Etsy, Inc.^(b)		2,528		306,924
Expedia Group, Inc.^(b)		3,635		396,106
Five Below, Inc.^(b)(c)		1,867		381,428
Floor & Decor Holdings, Inc., Class A^(b)(c)		4,535		416,358
Ford Motor Co.		25,931		312,987
GameStop Corp., Class A^(b)(c)		13,726		263,951
Gap, Inc. (The)^(c)		23,337		303,614
Garmin Ltd.		3,559		349,245
General Motors Co.		8,909		345,135
Gentex Corp.		12,376		353,335
Genuine Parts Co.		1,832		324,008
Grand Canyon Education, Inc.^(b)		3,200		362,528
H&R Block, Inc.		8,140		299,552
Hanesbrands, Inc.^(c)		52,994		301,006
Harley-Davidson, Inc.		7,439		353,724
Hasbro, Inc.		5,662		311,467
Hilton Worldwide Holdings, Inc.		2,479		358,240
Home Depot, Inc. (The)		1,052		311,960
Hyatt Hotels Corp., Class A^(b)(c)		3,503		407,189
Kohl’s Corp.		12,556		352,070
Las Vegas Sands Corp.^(b)		7,046		404,934
Lear Corp.		2,632		367,559
Leggett & Platt, Inc.^(c)		9,654		332,966
Lennar Corp., Class A		3,801		367,709
Leslie’s, Inc.^(b)(c)		26,702		336,712
Lithia Motors, Inc., Class A		1,541		393,232
LKQ Corp.		6,368		364,823
Lowe’s Cos., Inc.		1,674		344,426

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


		14

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Consumer Discretionary-(continued)
Lucid Group, Inc.^(b)(c)		39,195	$	357,850
lululemon athletica, inc.^(b)		913		282,300
Macy’s, Inc.		14,809		302,992
Marriott International, Inc., Class A		2,123		359,297
Marriott Vacations Worldwide Corp.		2,434		372,378
Mattel, Inc.^(b)		19,681		354,061
McDonald’s Corp.		1,244		328,304
MGM Resorts International		9,190		395,262
Mister Car Wash, Inc.^(b)(c)		33,884		312,749
Mohawk Industries, Inc.^(b)		3,320		341,462
Newell Brands, Inc.		25,586		375,858
NIKE,Inc.,Class B		3,054		362,785
Nordstrom, Inc.^(c)		19,384		377,600
Norwegian Cruise Line Holdings Ltd.^(b)(c)		21,643		320,749
NVR, Inc.^(b)		73		377,674
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		6,530		375,736
O’Reilly Automotive, Inc.^(b)		410		340,341
Peloton Interactive, Inc., Class A^(b)(c)		27,067		349,706
Penn Entertainment, Inc.^(b)(c)		10,324		315,192
Penske Automotive Group, Inc.^(c)		2,741		395,115
Petco Health & Wellness Co., Inc.^(b)(c)		32,123		330,867
Planet Fitness, Inc., Class A^(b)(c)		4,434		359,376
Polaris, Inc.		3,274		372,417
Pool Corp.		1,036		369,707
PulteGroup, Inc.		7,664		418,991
PVH Corp.		4,542		364,450
QuantumScape Corp.^(b)(c)		49,233		471,160
Ralph Lauren Corp.^(c)		3,034		358,588
RH^(b)(c)		1,292		386,347
Rivian Automotive, Inc., Class A^(b)(c)		11,907		229,805
Ross Stores, Inc.		2,906		321,229
Royal Caribbean Cruises Ltd.^(b)(c)		5,960		421,014
Service Corp. International		4,904		331,167
Six Flags Entertainment Corp.^(b)		16,217		428,129
Skechers U.S.A., Inc., Class A^(b)		7,846		349,225
Starbucks Corp.		3,275		334,345
Tapestry, Inc.		9,210		400,727
Target Corp.		2,210		372,385
Tempur Sealy International, Inc.		10,501		448,813
Tesla, Inc.^(b)		1,967		404,632
Thor Industries, Inc.^(c)		4,325		393,532
TJX Cos., Inc. (The)		4,322		331,065
Toll Brothers, Inc.		6,875		412,087
TopBuild Corp.^(b)		2,036		422,653
Tractor Supply Co.		1,554		362,486
Travel + Leisure Co.		9,129		382,962
Ulta Beauty, Inc.^(b)		715		370,942
Under Armour, Inc., Class A^(b)(c)		35,442		351,939
Vail Resorts, Inc.		1,352		315,678
VF Corp.		11,870		294,613
Victoria’s Secret & Co.^(b)(c)		7,362		291,830
Wayfair, Inc., Class A^(b)(c)		9,292		376,233
Wendy’s Co. (The)		14,612		320,880
Whirlpool Corp.		2,342		323,149
Williams-Sonoma, Inc.^(c)		3,004		375,260
Wyndham Hotels & Resorts, Inc.		4,706		362,456
Wynn Resorts Ltd.^(b)		3,941		427,086


	Shares		Value
Consumer Discretionary-(continued)
YETI Holdings, Inc.^(b)(c)		7,503	$	292,467
Yum! Brands, Inc.		2,617		332,778

				44,160,753

Consumer Staples-8.17%
Albertsons Cos., Inc., Class A^(c)		51,553		1,024,874
Altria Group, Inc.		23,689		1,099,880
Archer-Daniels-Midland Co.		11,962		952,175
BJ’s Wholesale Club Holdings, Inc.^(b)		4,871		349,738
Boston Beer Co., Inc. (The), Class A^(b)(c)		3,078		996,656
Brown-Forman Corp., Class B		16,271		1,055,500
Bunge Ltd.		11,537		1,101,783
Campbell Soup Co.		19,398		1,018,783
Casey’s General Stores, Inc.		4,451		925,585
Church & Dwight Co., Inc.		13,694		1,147,283
Clorox Co. (The)		7,373		1,146,059
Coca-Cola Co. (The)		17,321		1,030,773
Colgate-Palmolive Co.		14,176		1,039,101
Conagra Brands, Inc.		28,875		1,051,339
Constellation Brands, Inc., Class A		4,488		1,003,966
Costco Wholesale Corp.		715		346,189
Coty,Inc.,Class A^(b)		42,775		483,357
Darling Ingredients, Inc.^(b)		18,021		1,140,189
Estee Lauder Cos., Inc. (The), Class A		1,419		344,888
Flowers Foods, Inc.		37,838		1,054,923
Freshpet, Inc.^(b)(c)		18,737		1,165,067
General Mills, Inc.		12,626		1,003,893
Grocery Outlet Holding Corp.^(b)(c)		38,699		1,046,808
Hershey Co. (The)		4,593		1,094,604
Hormel Foods Corp.		23,227		1,030,814
Ingredion, Inc.		11,187		1,111,988
JM Smucker Co. (The)		7,128		1,054,160
Kellogg Co.		15,045		992,067
Keurig Dr Pepper, Inc.		28,852		996,837
Kimberly-Clark Corp.		8,103		1,013,280
Kraft Heinz Co. (The)		27,556		1,073,031
Kroger Co. (The)		23,289		1,004,687
Lamb Weston Holdings, Inc.		12,787		1,286,884
McCormick & Co., Inc.		12,940		961,701
Molson Coors Beverage Co., Class B		21,087		1,121,618
Mondelez International, Inc., Class A		16,446		1,071,950
Monster Beverage Corp.^(b)		10,926		1,111,830
Olaplex Holdings, Inc.^(b)(c)		194,060		954,775
PepsiCo, Inc.		6,017		1,044,130
Performance Food Group Co.^(b)		18,422		1,042,501
Philip Morris International, Inc. (Switzerland)		10,866		1,057,262
Pilgrim’s Pride Corp.^(b)		44,583		1,042,796
Post Holdings, Inc.^(b)		12,019		1,081,229
Procter & Gamble Co. (The)		7,325		1,007,627
Reynolds Consumer Products, Inc.^(c)		35,050		961,772
Seaboard Corp.		292		1,153,394
Spectrum Brands Holdings, Inc.^(c)		18,463		1,182,001
Sysco Corp.		13,172		982,236
Tyson Foods, Inc., Class A		17,403		1,030,954
US Foods Holding Corp.^(b)		31,585		1,185,385
Walgreens Boots Alliance, Inc.		27,029		960,340
Walmart, Inc.		2,289		325,336

				51,465,998

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


		15

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Energy-7.79%
Antero Midstream Corp.		130,847	$	1,379,127
Antero Resources Corp.^(b)		44,234		1,158,931
APA Corp.		32,316		1,240,288
Baker Hughes Co., Class A		49,143		1,503,776
Cheniere Energy, Inc.		8,450		1,329,523
Chesapeake Energy Corp.		14,615		1,181,038
Chevron Corp.		7,933		1,275,388
ConocoPhillips		12,233		1,264,281
Coterra Energy, Inc.		55,285		1,380,467
Devon Energy Corp.		21,755		1,173,030
Diamondback Energy, Inc.		10,366		1,457,252
DT Midstream, Inc.^(c)		24,319		1,220,814
Enviva, Inc.^(c)		24,644		1,073,493
EOG Resources, Inc.		11,060		1,250,001
EQT Corp.		38,677		1,283,303
Exxon Mobil Corp.		13,193		1,450,043
Halliburton Co.		39,532		1,432,244
Hess Corp.		10,324		1,390,643
HF Sinclair Corp.		27,695		1,376,995
Kinder Morgan, Inc.		77,539		1,322,815
Marathon Oil Corp.		51,332		1,291,000
Marathon Petroleum Corp.		12,655		1,564,158
New Fortress Energy, Inc.^(c)		30,272		998,673
NOV, Inc.		67,822		1,483,945
Occidental Petroleum Corp.		21,624		1,266,301
ONEOK, Inc.		21,485		1,406,193
Ovintiv, Inc.		28,469		1,217,619
PDC Energy, Inc.		21,729		1,458,233
Phillips 66		13,691		1,404,149
Pioneer Natural Resources Co.		6,226		1,247,753
Range Resources Corp.		55,919		1,506,458
Schlumberger Ltd.		27,677		1,472,693
Southwestern Energy Co.^(b)		236,941		1,255,787
Targa Resources Corp.		20,177		1,495,116
Texas Pacific Land Corp.		572		1,018,269
Valero Energy Corp.		11,783		1,552,175
Vitesse Energy, Inc.^(b)		1,298		22,572
Williams Cos., Inc. (The)		41,814		1,258,601

				49,063,147

Financials-9.52%
Affiliated Managers Group, Inc.		2,562		408,408
Aflac, Inc.		5,658		385,593
AGNC Investment Corp.		40,138		436,300
Allstate Corp. (The)		3,061		394,196
Ally Financial, Inc.		16,192		486,570
American Express Co.		2,097		364,857
American Financial Group, Inc.		2,881		386,371
American International Group, Inc.		6,398		390,982
Ameriprise Financial, Inc.		1,232		422,416
Annaly Capital Management, Inc.		18,495		382,477
Aon PLC, Class A		1,314		399,522
Apollo Global Management, Inc.		6,342		449,648
Arch Capital Group Ltd.^(b)		6,625		463,750
Ares Management Corp., Class A		5,735		462,413
Arthur J. Gallagher & Co.		2,065		386,878
Assurant, Inc.		3,061		389,941
Assured Guaranty Ltd.		6,275		391,623
AXIS Capital Holdings Ltd.^(c)		6,922		420,304
Bank of America Corp.		12,269		420,827


	Shares		Value
Financials-(continued)
Bank of Hawaii Corp.		5,128	$	383,882
Bank of New York Mellon Corp. (The)		8,931		454,409
Bank OZK		9,597		441,750
Berkshire Hathaway, Inc., Class B^(b)		1,317		401,922
BlackRock, Inc.		571		393,665
Blackstone, Inc., Class A^(c)		5,090		462,172
Blue Owl Capital, Inc.^(c)		35,485		437,885
BOK Financial Corp.		3,881		406,263
Brighthouse Financial, Inc.^(b)		7,582		438,467
Brown & Brown, Inc.		6,887		386,154
Capital One Financial Corp.		3,412		372,181
Carlyle Group, Inc. (The)		13,830		475,752
Cboe Global Markets, Inc.		3,137		395,795
Charles Schwab Corp. (The)		4,959		386,405
Chubb Ltd.		1,816		383,212
Cincinnati Financial Corp.		3,762		454,073
Citigroup, Inc.		8,911		451,699
Citizens Financial Group, Inc.		10,062		420,189
CME Group, Inc., Class A		2,250		417,060
CNA Financial Corp.		9,585		419,631
Coinbase Global, Inc., Class A^(b)(c)		9,387		608,559
Comerica, Inc.		6,107		428,101
Commerce Bancshares, Inc.		5,908		390,814
Corebridge Financial, Inc.		19,896		402,297
Credit Acceptance Corp.^(b)(c)		880		391,019
Cullen/Frost Bankers, Inc.		2,893		381,355
Discover Financial Services		3,912		438,144
East West Bancorp, Inc.		6,119		466,329
Equitable Holdings, Inc.		13,091		411,319
Erie Indemnity Co., Class A		1,472		346,494
Evercore, Inc., Class A		3,682		483,005
Everest Re Group Ltd.		1,206		463,068
F&G Annuities & Life, Inc.		21,928		446,673
F.N.B. Corp.		30,251		431,682
FactSet Research Systems, Inc.		887		367,706
Fidelity National Financial, Inc.		10,691		426,143
Fifth Third Bancorp		12,143		440,791
First American Financial Corp.		7,585		430,676
First Citizens BancShares, Inc., Class A		509		373,484
First Hawaiian, Inc.		16,032		438,475
First Horizon Corp.		16,218		401,720
First Republic Bank		3,411		419,587
Franklin Resources, Inc.		14,821		436,775
Globe Life, Inc.		3,389		412,407
Goldman Sachs Group, Inc. (The)		1,113		391,386
Hanover Insurance Group, Inc. (The)		2,819		393,194
Hartford Financial Services Group, Inc. (The)		5,321		416,528
Huntington Bancshares, Inc.		27,230		417,164
Interactive Brokers Group, Inc., Class A		5,222		449,666
Intercontinental Exchange, Inc.		3,846		391,523
Invesco Ltd.^(d)		21,512		379,902
Janus Henderson Group PLC^(c)		15,729		431,918
Jefferies Financial Group, Inc.		11,129		420,565
JPMorgan Chase & Co.		2,996		429,477
Kemper Corp.		7,045		433,972
KeyCorp.		23,179		423,944
KKR & Co., Inc., Class A		8,251		464,944
Lazard Ltd., Class A		11,083		414,061
Lincoln National Corp.		12,659		401,543

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


		16

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Financials-(continued)
Loews Corp.		7,064	$	431,540
LPL Financial Holdings, Inc.		1,814		452,702
M&T Bank Corp.		2,684		416,798
Markel Corp.^(b)		311		413,586
MarketAxess Holdings, Inc.		1,419		484,518
Marsh & McLennan Cos., Inc.		2,314		375,192
MetLife, Inc.		5,409		387,988
MGIC Investment Corp.		30,374		417,946
Moody’s Corp.		1,388		402,728
Morgan Stanley		4,540		438,110
Morningstar, Inc.		1,684		349,144
MSCI, Inc.		801		418,242
Nasdaq, Inc.		6,199		347,516
New York Community Bancorp, Inc.		46,842		415,957
Northern Trust Corp.		4,574		435,765
Old Republic International Corp.		16,560		436,687
OneMain Holdings, Inc.		11,036		475,541
PacWest Bancorp		16,426		455,821
Pinnacle Financial Partners, Inc.		5,238		388,083
PNC Financial Services Group, Inc. (The)		2,609		412,013
Popular, Inc.		6,132		437,825
Primerica, Inc.		2,817		540,695
Principal Financial Group, Inc.		4,511		404,005
Progressive Corp. (The)		3,035		435,583
Prosperity Bancshares, Inc.		5,540		407,135
Prudential Financial, Inc.		3,924		392,400
Raymond James Financial, Inc.		3,505		380,152
Regions Financial Corp.		18,048		420,879
Reinsurance Group of America, Inc.		2,779		401,482
RenaissanceRe Holdings Ltd. (Bermuda)		2,136		459,026
Rithm Capital Corp.^(c)		44,584		405,714
Robinhood Markets, Inc., Class A^(b)(c)		41,826		421,188
Rocket Cos., Inc., Class A^(c)		46,842		368,178
Ryan Specialty Holdings, Inc., Class A^(b)(c)		9,684		407,890
S&P Global, Inc.		1,130		385,556
SEI Investments Co.		6,560		395,240
Signature Bank		3,342		384,497
SLM Corp.		23,915		343,898
SoFi Technologies, Inc.^(b)(c)		91,240		602,184
Starwood Property Trust, Inc.^(c)		19,955		382,338
State Street Corp.		5,152		456,879
Stifel Financial Corp.		6,644		444,019
SVB Financial Group^(b)		1,798		518,022
Synchrony Financial		9,132		326,104
Synovus Financial Corp.		10,069		420,985
T. Rowe Price Group, Inc.^(c)		3,295		369,963
TFS Financial Corp.		28,667		415,385
Tradeweb Markets, Inc., Class A		6,267		444,268
Travelers Cos., Inc. (The)		2,126		393,565
Truist Financial Corp.		9,469		444,570
U.S. Bancorp		9,215		439,832
Umpqua Holdings Corp.		21,639		382,145
Unum Group		9,943		442,961
Upstart Holdings, Inc.^(b)(c)		23,219		429,784
UWM Holdings Corp.^(c)		86,369		367,932
Virtu Financial, Inc., Class A		18,554		341,023
Voya Financial, Inc.		6,408		477,332
W.R. Berkley Corp.		5,350		354,116
Webster Financial Corp.^(c)		8,479		450,404
Wells Fargo & Co.		9,355		437,533


	Shares		Value
Financials-(continued)
Western Alliance Bancorporation		6,573	$	487,980
White Mountains Insurance Group Ltd.		306		441,732
Willis Towers Watson PLC		1,623		380,366
Wintrust Financial Corp.		4,576		421,587
Zions Bancorporation N.A		8,403		425,360

				59,967,641

Health Care-9.61%
10X Genomics, Inc., Class A^(b)(c)		13,758		653,780
Abbott Laboratories		4,690		477,067
AbbVie, Inc.		3,052		469,703
Acadia Healthcare Co., Inc.^(b)		6,053		438,903
Agilent Technologies, Inc.		3,239		459,841
agilon health, inc.^(b)(c)		29,184		618,993
Align Technology, Inc.^(b)		2,645		818,628
Alnylam Pharmaceuticals, Inc.^(b)		2,114		404,725
Amedisys, Inc.^(b)		5,787		532,115
AmerisourceBergen Corp.		6,503		1,011,607
Amgen, Inc.		1,756		406,795
Avantor, Inc.^(b)(c)		23,195		565,262
Azenta, Inc.^(b)(c)		8,309		364,682
Baxter International, Inc.		9,527		380,604
Becton, Dickinson and Co.		2,042		478,951
Biogen, Inc.^(b)		1,735		468,207
BioMarin Pharmaceutical, Inc.^(b)		4,849		482,912
Bio-Rad Laboratories, Inc., Class A^(b)		1,204		575,319
Bio-Techne Corp.		6,179		448,843
Boston Scientific Corp.^(b)		10,931		510,696
Bristol-Myers Squibb Co.		6,344		437,482
Bruker Corp.		7,572		521,862
Cardinal Health, Inc.		6,271		474,777
Catalent, Inc.^(b)		11,104		757,515
Centene Corp.^(b)		5,799		396,652
Certara, Inc.^(b)(c)		28,364		513,956
Charles River Laboratories International, Inc.^(b)(c)		2,408		528,171
Chemed Corp.		964		502,803
Cigna Group (The)		1,512		441,655
Cooper Cos., Inc. (The)		1,573		514,324
CVS Health Corp.		10,783		900,812
Danaher Corp.		1,862		460,901
DaVita, Inc.^(b)		6,755		555,666
Definitive Healthcare Corp.^(b)(c)		32,100		366,582
DENTSPLY SIRONA, Inc.		16,705		635,959
DexCom, Inc.^(b)		4,088		453,809
Doximity, Inc., Class A^(b)(c)		14,165		476,369
Edwards Lifesciences Corp.^(b)		6,982		561,632
Elanco Animal Health, Inc.^(b)		40,327		462,551
Elevance Health, Inc.		952		447,126
Eli Lilly and Co.		1,362		423,882
Encompass Health Corp.		8,863		500,937
Enhabit, Inc.^(b)		36,970		567,490
Enovis Corp.^(b)(c)		9,315		536,730
Envista Holdings Corp.^(b)(c)		15,384		594,745
Exact Sciences Corp.^(b)(c)		10,993		685,194
Exelixis, Inc.^(b)		30,651		523,519
GE HealthCare Technologies, Inc.^(b)		1,262		95,912
Gilead Sciences, Inc.		5,661		455,880
Globus Medical, Inc., Class A^(b)(c)		6,997		408,205
Guardant Health, Inc.^(b)(c)		10,590		327,125

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


		17

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Health Care-(continued)
HCA Healthcare, Inc.		2,087	$	508,080
Henry Schein, Inc.^(b)		6,224		487,401
Hologic, Inc.^(b)		6,767		538,924
Horizon Therapeutics PLC^(b)		5,192		568,472
Humana, Inc.		921		455,913
ICU Medical, Inc.^(b)(c)		3,268		557,652
IDEXX Laboratories, Inc.^(b)		1,181		558,896
Illumina, Inc.^(b)		2,406		479,275
Incyte Corp.^(b)		5,981		460,417
Insulet Corp.^(b)		1,655		457,376
Integra LifeSciences Holdings Corp.^(b)(c)		8,891		494,517
Intuitive Surgical, Inc.^(b)		1,857		425,977
Ionis Pharmaceuticals, Inc.^(b)(c)		13,321		478,224
IQVIA Holdings, Inc.^(b)		2,390		498,243
Jazz Pharmaceuticals PLC^(b)		3,345		469,638
Johnson & Johnson		2,832		434,032
Laboratory Corp. of America Holdings		2,131		510,076
Maravai LifeSciences Holdings, Inc., Class A^(b)		38,054		561,297
Masimo Corp.^(b)(c)		3,641		609,176
McKesson Corp.		2,902		1,015,149
Medtronic PLC		6,491		537,455
Merck & Co., Inc.		4,527		480,948
Mettler-Toledo International, Inc.^(b)		216		309,681
Mirati Therapeutics, Inc.^(b)(c)		11,536		528,810
Moderna, Inc.^(b)		2,719		377,424
Molina Healthcare, Inc.^(b)		1,485		408,865
Natera, Inc.^(b)(c)		12,960		629,208
Neurocrine Biosciences, Inc.^(b)		4,164		429,308
Novavax, Inc.^(b)(c)		28,938		267,966
Novocure Ltd.^(b)(c)		6,434		495,225
Oak Street Health, Inc.^(b)(c)		23,335		826,059
Organon & Co.		18,843		461,465
Penumbra, Inc.^(b)(c)		2,208		574,058
PerkinElmer, Inc.		3,533		440,106
Perrigo Co. PLC		15,752		593,693
Pfizer, Inc.		9,679		392,677
Premier, Inc., Class A		15,138		487,292
QIAGEN N.V.^(b)		10,287		472,688
Quest Diagnostics, Inc.		3,335		461,431
QuidelOrtho Corp.^(b)(c)		5,242		455,739
Regeneron Pharmaceuticals, Inc.^(b)		661		502,638
Repligen Corp.^(b)(c)		2,907		506,894
ResMed, Inc.		2,255		480,315
Royalty Pharma PLC, Class A		11,844		424,607
Sarepta Therapeutics, Inc.^(b)(c)		4,243		518,198
Seagen, Inc.^(b)		4,031		724,330
Signify Health, Inc., Class A^(b)(c)		17,638		507,798
Sotera Health Co.^(b)(c)		58,790		981,205
STERIS PLC		2,658		499,784
Stryker Corp.		2,040		536,275
Syneos Health, Inc.^(b)		14,644		588,982
Tandem Diabetes Care, Inc.^(b)(c)		11,324		406,079
Teladoc Health, Inc.^(b)		18,684		494,939
Teleflex, Inc.		2,065		491,945
Tenet Healthcare Corp.^(b)		11,459		670,695
Thermo Fisher Scientific, Inc.		885		479,458
Ultragenyx Pharmaceutical, Inc.^(b)		12,283		546,471
United Therapeutics Corp.^(b)		1,801		443,118
UnitedHealth Group, Inc.		920		437,865


	Shares		Value
Health Care-(continued)
Universal Health Services, Inc., Class B		3,902	$	521,190
Veeva Systems, Inc., Class A^(b)		2,899		480,248
Vertex Pharmaceuticals, Inc.^(b)		1,564		454,014
Viatris, Inc.		46,183		526,486
Waters Corp.^(b)		934		290,371
West Pharmaceutical Services, Inc.		2,142		679,078
Zimmer Biomet Holdings, Inc.		3,987		493,870
Zoetis, Inc.		3,293		549,931

				60,533,473

Industrials-10.37%
3M Co.		2,529		272,474
A.O. Smith Corp.		5,459		358,274
Acuity Brands, Inc.^(c)		1,784		346,025
Advanced Drainage Systems, Inc.		3,599		319,339
AECOM		3,729		322,036
AGCO Corp.		2,361		332,452
Air Lease Corp.^(c)		8,392		363,206
Alaska Air Group, Inc.^(b)		7,724		369,439
Allegion PLC		2,879		324,492
Allison Transmission Holdings, Inc.		7,403		351,642
American Airlines Group, Inc.^(b)(c)		25,021		399,836
AMETEK, Inc.		2,268		321,058
Armstrong World Industries, Inc.		4,477		353,011
Avis Budget Group, Inc.^(b)		1,829		401,758
Axon Enterprise, Inc.^(b)		1,857		371,976
AZEK Co., Inc. (The)^(b)(c)		16,472		396,810
Boeing Co. (The)^(b)		1,782		359,162
Booz Allen Hamilton Holding Corp.		3,002		284,379
Builders FirstSource, Inc.^(b)		4,803		407,198
BWX Technologies, Inc.		5,272		322,172
C.H. Robinson Worldwide, Inc.		3,325		332,367
CACI International, Inc., Class A^(b)		1,341		392,913
Carlisle Cos., Inc.		1,266		326,907
Carrier Global Corp.		7,336		330,340
Caterpillar, Inc.		1,400		335,370
ChargePoint Holdings, Inc.^(b)(c)		125,222		1,422,522
Cintas Corp.		699		306,491
Clarivate PLC^(b)(c)		45,081		456,671
Clean Harbors, Inc.^(b)		10,844		1,432,167
Copa Holdings S.A., Class A (Panama)^(b)(c)		4,137		382,052
Copart, Inc.^(b)		5,326		375,270
Core & Main, Inc., Class A^(b)(c)		15,384		358,601
CoStar Group, Inc.^(b)		10,100		713,666
Crane Holdings Co.		3,147		376,948
CSX Corp.		10,121		308,589
Cummins, Inc.		1,308		317,949
Curtiss-Wright Corp.		1,856		324,410
Deere & Co.		730		306,045
Delta Air Lines, Inc.^(b)		10,148		389,074
Donaldson Co., Inc.		5,361		339,083
Dover Corp.		2,325		348,518
Driven Brands Holdings, Inc.^(b)(c)		11,501		321,740
Dun & Bradstreet Holdings, Inc.		30,598		367,482
Eaton Corp. PLC		2,006		350,910
Emerson Electric Co.		3,364		278,236
Equifax, Inc.^(c)		1,613		326,681
ESAB Corp.		6,761		396,533
Expeditors International of Washington, Inc.		2,958		309,288
Fastenal Co.^(c)		28,304		1,459,354

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


		18

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
FedEx Corp.		1,855	$	376,973
Flowserve Corp.		10,622		368,477
Fortive Corp.		4,793		319,501
Fortune Brands Innovations, Inc.^(c)		6,287		389,480
FTI Consulting, Inc.^(b)(c)		1,942		356,765
Gates Industrial Corp. PLC^(b)(c)		28,789		404,198
Generac Holdings, Inc.^(b)		3,443		413,194
General Dynamics Corp.		1,286		293,092
General Electric Co.		3,811		322,830
Graco, Inc.		4,668		324,613
GXO Logistics, Inc.^(b)		7,265		360,126
Hayward Holdings, Inc.^(b)(c)		35,326		434,863
HEICO Corp.^(c)		2,008		332,465
Hertz Global Holdings, Inc.^(b)(c)		20,679		382,768
Hexcel Corp.^(c)		24,947		1,819,884
Honeywell International, Inc.		1,517		290,475
Howmet Aerospace, Inc.		8,473		357,391
Hubbell, Inc.		1,270		319,456
Huntington Ingalls Industries, Inc.		1,353		291,166
IAA, Inc.^(b)		8,649		353,831
IDEX Corp.		1,360		305,973
Illinois Tool Works, Inc.		1,460		340,414
Ingersoll Rand, Inc.		5,989		347,781
ITT, Inc.		3,894		353,926
J.B. Hunt Transport Services, Inc.		1,793		324,156
Jacobs Solutions, Inc.		2,610		311,895
JetBlue Airways Corp.^(b)		45,549		378,057
Johnson Controls International PLC		4,778		299,676
KBR, Inc.		7,851		432,669
Kirby Corp.^(b)		4,867		353,004
Knight-Swift Transportation Holdings, Inc.		5,789		329,047
L3Harris Technologies, Inc.		1,484		313,406
Landstar System, Inc.^(c)		1,873		338,620
Leidos Holdings, Inc.		3,701		359,256
Lennox International, Inc.^(c)		1,225		312,167
Lincoln Electric Holdings, Inc.		2,162		363,065
Lockheed Martin Corp.		656		311,115
Lyft,Inc.,Class A^(b)		32,301		323,010
ManpowerGroup, Inc.		3,687		312,953
Masco Corp.		6,427		336,968
MasTec, Inc.^(b)		3,585		350,326
MasterBrand, Inc.^(b)		6,287		61,235
MDU Resources Group, Inc.		10,397		331,144
Mercury Systems, Inc.^(b)(c)		6,440		337,070
Middleby Corp. (The)^(b)(c)		2,294		356,694
MSA Safety, Inc.		2,372		318,678
MSC Industrial Direct Co., Inc., Class A		3,791		320,415
Nordson Corp.		1,357		298,051
Norfolk Southern Corp.		1,297		291,592
Northrop Grumman Corp.		595		276,145
nVent Electric PLC		8,211		376,392
Old Dominion Freight Line, Inc.		1,112		377,257
Oshkosh Corp.		3,640		324,652
Otis Worldwide Corp.		4,004		338,818
Owens Corning		3,463		338,647
PACCAR, Inc.		4,615		333,203
Parker-Hannifin Corp.		1,094		384,924
Pentair PLC		7,115		398,013
Plug Power, Inc.^(b)(c)		99,935		1,486,033
Quanta Services, Inc.		2,127		343,298


	Shares		Value
Industrials-(continued)
Raytheon Technologies Corp.		3,203	$	314,182
Regal Rexnord Corp.^(c)		2,659		419,165
Republic Services, Inc.		9,445		1,217,744
Robert Half International, Inc.		4,366		351,987
Rockwell Automation, Inc.		1,240		365,713
Rollins, Inc.		8,666		305,043
RXO, Inc.^(b)		17,833		366,825
Ryder System, Inc.		3,755		367,652
Schneider National, Inc., Class B		12,904		362,086
Science Applications International Corp.^(c)		3,577		381,451
Sensata Technologies Holding PLC		7,289		368,678
SiteOne Landscape Supply, Inc.^(b)(c)		2,780		412,385
Snap-on, Inc.^(c)		1,380		343,178
Southwest Airlines Co.		9,074		304,705
Spirit AeroSystems Holdings, Inc., Class A^(c)		11,860		405,375
Stanley Black & Decker, Inc.		4,078		349,118
Stericycle, Inc.^(b)(c)		25,081		1,195,862
Sunrun, Inc.^(b)(c)		44,373		1,066,727
Tetra Tech, Inc.		2,072		283,636
Textron, Inc.		4,367		316,739
Timken Co. (The)		20,292		1,733,951
Toro Co. (The)		2,879		317,957
Trane Technologies PLC		1,801		333,131
TransDigm Group, Inc.		523		389,044
TransUnion		5,360		350,705
Trex Co., Inc.^(b)(c)		7,196		367,931
Uber Technologies, Inc.^(b)		12,862		427,790
U-Haul Holding Co.^(c)		5,144		330,296
Union Pacific Corp.		1,519		314,858
United Airlines Holdings, Inc.^(b)		7,947		412,926
United Parcel Service, Inc., Class B		1,776		324,102
United Rentals, Inc.		888		416,055
Univar Solutions, Inc.^(b)		43,435		1,509,366
Valmont Industries, Inc.		972		308,445
Verisk Analytics, Inc.		1,752		299,785
Vertiv Holdings Co.^(c)		28,428		461,955
W.W. Grainger, Inc.		539		360,284
Wabtec Corp.		3,115		324,988
Waste Management, Inc.		7,755		1,161,389
Watsco, Inc.^(c)		1,209		368,394
WESCO International, Inc.^(b)		2,606		431,501
WillScot Mobile Mini Holdings Corp.^(b)		6,827		350,908
Woodward, Inc.		3,404		336,996
XPO, Inc.^(b)		8,914		297,371
Xylem, Inc.		2,867		294,298

				65,286,886

Information Technology-14.10%
Accenture PLC, Class A		1,094		290,512
Adobe, Inc.^(b)		1,214		393,275
Advanced Micro Devices, Inc.^(b)		5,736		450,735
Affirm Holdings, Inc.^(b)(c)		27,453		373,910
Akamai Technologies, Inc.^(b)		4,486		325,684
Allegro MicroSystems, Inc. (Japan)^(b)(c)		12,518		546,786
Alteryx, Inc., Class A^(b)		8,859		578,581
Amdocs Ltd.		4,548		416,642
Amphenol Corp., Class A		5,078		393,647
Analog Devices, Inc.		2,381		436,842
ANSYS, Inc.^(b)		1,652		501,564

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


		19

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Information Technology-(continued)
Apple, Inc.		2,834	$	417,760
Applied Materials, Inc.		3,765		437,305
AppLovin Corp., Class A^(b)(c)		39,058		527,283
Arista Networks, Inc.^(b)		22,055		3,059,028
Arrow Electronics, Inc.^(b)		3,815		450,132
Aspen Technology, Inc.^(b)(c)		1,800		381,618
Atlassian Corp., Class A^(b)(c)		2,987		490,854
Autodesk, Inc.^(b)		2,077		412,679
Automatic Data Processing, Inc.		1,226		269,499
Avnet, Inc.		9,429		421,571
Bentley Systems, Inc., Class B^(c)		10,255		414,917
BILL Holdings, Inc.^(b)(c)		2,768		234,256
Black Knight, Inc.^(b)		6,701		399,380
Block, Inc., Class A^(b)(c)		5,030		385,952
Broadcom, Inc.		765		454,632
Broadridge Financial Solutions, Inc.		2,753		387,567
Cadence Design Systems, Inc.^(b)		2,465		475,597
CCC Intelligent Solutions Holdings, Inc.^(b)(c)		45,175		404,768
CDW Corp.		2,164		438,037
Ceridian HCM Holding, Inc.^(b)(c)		6,153		448,738
Ciena Corp.^(b)(c)		54,553		2,630,546
Cirrus Logic, Inc.^(b)		5,223		536,663
Cisco Systems, Inc.		57,647		2,791,268
Cloudflare, Inc., Class A^(b)(c)		8,310		498,683
Cognex Corp.		6,412		304,057
Cognizant Technology Solutions Corp., Class A		6,883		431,082
Coherent Corp.^(b)(c)		11,118		479,519
Concentrix Corp.		3,323		454,719
Confluent, Inc., Class A^(b)(c)		18,633		454,459
Corning, Inc.		12,120		411,474
Crowdstrike Holdings, Inc., Class A^(b)		3,537		426,881
Datadog, Inc., Class A^(b)		5,456		417,493
Dell Technologies, Inc., Class C		9,565		388,722
DocuSign, Inc.^(b)		9,315		571,475
Dolby Laboratories, Inc., Class A		5,493		451,964
DoubleVerify Holdings, Inc.^(b)(c)		16,156		424,418
Dropbox, Inc., Class A^(b)		17,944		366,058
DXC Technology Co.^(b)		15,108		419,096
Dynatrace, Inc.^(b)		10,807		459,622
Elastic N.V.^(b)(c)		7,535		444,716
Enphase Energy, Inc.^(b)		4,297		904,647
Entegris, Inc.^(c)		5,693		485,214
EPAM Systems, Inc.^(b)		1,168		359,335
Euronet Worldwide, Inc.^(b)		3,555		386,962
F5, Inc.^(b)		2,690		384,616
Fair Isaac Corp.^(b)		512		346,824
Fidelity National Information Services, Inc.		4,574		289,854
First Solar, Inc.^(b)		9,020		1,525,643
Fiserv, Inc.^(b)		3,142		361,613
Five9, Inc.^(b)(c)		6,176		407,616
FleetCor Technologies, Inc.^(b)		1,731		371,801
Fortinet, Inc.^(b)		7,636		453,884
Gartner, Inc.^(b)		1,166		382,226
Gen Digital, Inc.		17,717		345,659
Genpact Ltd.		7,093		338,549
Global Payments, Inc.		3,221		361,396
GLOBALFOUNDRIES, Inc.^(b)(c)		6,473		422,946
Globant S.A.^(b)		2,274		375,392
GoDaddy, Inc., Class A^(b)		5,351		405,124


	Shares		Value
Information Technology-(continued)
Guidewire Software, Inc.^(b)(c)		6,445	$	452,503
Hewlett Packard Enterprise Co.		24,790		386,972
HP, Inc.		14,185		418,741
HubSpot, Inc.^(b)		1,393		538,896
Informatica, Inc., Class A^(b)(c)		24,951		430,405
Intel Corp.		14,205		354,131
International Business Machines Corp.		2,737		353,894
Intuit, Inc.		1,000		407,180
IPG Photonics Corp.^(b)		4,410		543,488
Jabil, Inc.		5,690		472,441
Jack Henry & Associates, Inc.		1,726		283,478
Jamf Holding Corp.^(b)(c)		18,437		391,233
Juniper Networks, Inc.		87,043		2,679,184
Keysight Technologies, Inc.^(b)		1,762		281,850
KLA Corp.		1,023		388,106
Kyndryl Holdings, Inc.^(b)		37,798		593,051
Lam Research Corp.		893		434,007
Lattice Semiconductor Corp.^(b)		5,691		483,507
Littelfuse, Inc.		1,351		349,544
Lumentum Holdings, Inc.^(b)(c)		50,713		2,728,867
Manhattan Associates, Inc.^(b)		3,359		482,856
Marvell Technology, Inc.		9,684		437,233
Mastercard, Inc., Class A		913		324,380
Microchip Technology, Inc.		5,260		426,218
Micron Technology, Inc.		7,315		422,953
Microsoft Corp.		1,635		407,802
MKS Instruments, Inc.		3,787		367,074
MongoDB, Inc.^(b)		2,099		439,782
Monolithic Power Systems, Inc.		1,051		508,989
Motorola Solutions, Inc.		10,481		2,754,512
National Instruments Corp.		10,277		519,091
nCino, Inc.^(b)(c)		16,028		436,763
NCR Corp.^(b)		17,190		438,861
NetApp, Inc.		6,323		408,150
New Relic, Inc.^(b)		6,986		509,768
Nutanix, Inc., Class A^(b)(c)		12,962		366,176
NVIDIA Corp.		2,361		548,130
Okta, Inc.^(b)		6,333		451,480
ON Semiconductor Corp.^(b)		5,627		435,586
Oracle Corp.		5,101		445,827
Palantir Technologies, Inc., Class A^(b)(c)		57,096		447,633
Palo Alto Networks, Inc.^(b)(c)		2,516		473,939
Paychex, Inc.		2,650		292,560
Paycom Software, Inc.^(b)		1,281		370,286
Paycor HCM, Inc.^(b)(c)		15,130		374,770
Paylocity Holding Corp.^(b)		1,562		300,857
PayPal Holdings, Inc.^(b)		4,296		316,186
Pegasystems, Inc.^(c)		11,310		524,558
Procore Technologies, Inc.^(b)(c)		8,143		545,500
PTC, Inc.^(b)		3,322		416,346
Pure Storage, Inc., Class A^(b)		13,859		395,536
Qorvo, Inc.^(b)		4,091		412,741
QUALCOMM, Inc.		3,322		410,367
RingCentral, Inc., Class A^(b)		11,229		371,006
Roper Technologies, Inc.		936		402,667
salesforce.com, inc.^(b)		3,134		512,754
SentinelOne, Inc.^(b)(c)		26,500		423,735
ServiceNow, Inc.^(b)		1,022		441,678
Shift4 Payments, Inc., Class A^(b)(c)		6,682		430,989
Skyworks Solutions, Inc.		4,246		473,726

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


		20

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Information Technology-(continued)
Smartsheet, Inc., Class A^(b)		11,074	$	487,477
Snowflake, Inc., Class A^(b)		2,830		436,895
Splunk, Inc.^(b)(c)		4,644		476,010
SS&C Technologies Holdings, Inc.		8,075		474,002
Synopsys, Inc.^(b)		1,226		445,970
TD SYNNEX Corp.		4,109		396,601
Teledyne Technologies, Inc.^(b)		786		338,035
Teradata Corp.^(b)		12,033		490,465
Teradyne, Inc.		4,260		430,856
Texas Instruments, Inc.		2,292		392,963
Thoughtworks Holding, Inc.^(b)(c)		42,782		314,876
Toast, Inc., Class A^(b)		21,522		407,196
Trimble, Inc.^(b)		5,525		287,632
Twilio, Inc., Class A^(b)		8,872		596,287
Tyler Technologies, Inc.^(b)		1,282		411,842
Ubiquiti, Inc.^(c)		9,828		2,636,852
UiPath,Inc.,Class A^(b)(c)		31,131		461,984
Unity Software, Inc.^(b)(c)		11,435		348,081
Universal Display Corp.		3,542		481,181
VeriSign, Inc.^(b)		2,069		407,241
Viasat, Inc.^(b)(c)		94,212		2,992,173
Visa, Inc., Class A^(c)		1,530		336,508
VMware, Inc., Class A^(b)		3,389		373,231
Vontier Corp.		16,789		439,368
Western Digital Corp.^(b)		11,482		441,827
Western Union Co. (The)^(c)		22,929		297,160
WEX, Inc.^(b)		2,023		390,055
Wix.com Ltd. (Israel)^(b)		4,816		435,992
Wolfspeed, Inc.^(b)(c)		4,728		349,777
Workday, Inc., Class A^(b)		2,413		447,539
Zebra Technologies Corp., Class A^(b)		1,261		378,615
Zoom Video Communications, Inc., Class A^(b)(c)		5,579		416,138
Zscaler, Inc.^(b)(c)		3,383		443,680

				88,797,419

Materials-9.98%
Air Products and Chemicals, Inc.		4,535		1,296,919
Albemarle Corp.		5,665		1,440,666
Alcoa Corp.^(c)		30,620		1,498,543
Amcor PLC		25,664		285,897
AptarGroup, Inc.		2,956		345,024
Ardagh Group S.A.^(b)(e)		13,287		141,042
Ardagh Metal Packaging S.A		69,338		334,209
Ashland, Inc.		13,178		1,341,257
Avery Dennison Corp.		8,079		1,471,913
Axalta Coating Systems Ltd.^(b)		12,443		370,801
Ball Corp.		5,920		332,763
Berry Global Group, Inc.		5,262		326,770
Celanese Corp.		14,309		1,663,135
CF Industries Holdings, Inc.		14,495		1,244,976
Chemours Co. (The)		48,517		1,658,311
Cleveland-Cliffs, Inc.^(b)		89,567		1,910,464
Corteva, Inc.		17,424		1,085,341
Crown Holdings, Inc.		3,921		339,206
Dow, Inc.		28,635		1,637,922
DuPont de Nemours, Inc.		4,571		333,820
Eagle Materials, Inc.		2,348		329,471
Eastman Chemical Co.		16,985		1,447,122
Ecolab, Inc.		9,717		1,548,598


	Shares		Value
Materials-(continued)
Element Solutions, Inc.		76,625	$	1,573,877
FMC Corp.		11,320		1,461,978
Freeport-McMoRan, Inc.		36,326		1,488,276
Ginkgo Bioworks Holdings, Inc.^(b)(c)		281,219		413,392
Graphic Packaging Holding Co.		14,356		341,673
Huntsman Corp.		52,075		1,527,881
International Flavors & Fragrances, Inc.		13,488		1,257,082
International Paper Co.		40,037		1,456,946
Linde PLC (United Kingdom)		4,328		1,507,745
Louisiana-Pacific Corp.		4,829		282,545
LyondellBasell Industries N.V., Class A		17,782		1,706,894
Martin Marietta Materials, Inc.		899		323,523
Mosaic Co. (The)		30,842		1,640,486
MP Materials Corp.^(b)(c)		45,824		1,603,840
NewMarket Corp.		4,580		1,573,230
Newmont Corp.		30,728		1,340,048
Nucor Corp.		9,603		1,607,926
Olin Corp.		26,449		1,527,430
Packaging Corp. of America		2,347		320,882
PPG Industries, Inc.		2,446		323,019
Reliance Steel & Aluminum Co.		6,925		1,716,292
Royal Gold, Inc.^(c)		12,927		1,535,598
RPM International, Inc.		3,076		272,626
Scotts Miracle-Gro Co. (The)		28,136		2,321,220
Sealed Air Corp.		6,172		300,083
Sherwin-Williams Co. (The)		1,253		277,352
Silgan Holdings, Inc.		5,979		319,279
Sonoco Products Co.		5,230		308,884
Southern Copper Corp. (Mexico)^(c)		23,575		1,737,242
SSR Mining, Inc. (Canada)		93,608		1,277,749
Steel Dynamics, Inc.		13,191		1,663,517
United States Steel Corp.		55,508		1,700,210
Valvoline, Inc.		45,065		1,586,288
Vulcan Materials Co.		1,746		315,869
Westlake Corp.		13,543		1,613,513
WestRock Co.		8,863		278,298

				62,886,863

Real Estate-8.72%
Alexandria Real Estate Equities, Inc.		5,577		835,323
American Homes 4 Rent, Class A^(c)		25,216		782,200
American Tower Corp.		3,904		773,031
Americold Realty Trust, Inc.^(c)		28,528		838,723
Apartment Income REIT Corp.		22,455		848,799
AvalonBay Communities, Inc.		4,901		845,520
Boston Properties, Inc.		12,541		821,185
Brixmor Property Group, Inc.		36,785		832,812
Camden Property Trust		7,154		820,993
CBRE Group, Inc., Class A^(b)		10,893		927,430
Cousins Properties, Inc.^(c)		33,728		825,999
Crown Castle, Inc.		5,972		780,839
CubeSmart^(c)		19,451		914,002
Digital Realty Trust, Inc.		7,747		807,470
Douglas Emmett, Inc.^(c)		54,018		763,274
EastGroup Properties, Inc.^(c)		5,380		878,393
EPR Properties		20,388		832,646
Equinix, Inc.		1,217		837,625
Equity LifeStyle Properties, Inc.		12,828		878,846
Equity Residential		13,260		829,015
Essex Property Trust, Inc.		3,875		883,732

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


		21

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Real Estate-(continued)
Extra Space Storage, Inc.		5,284	$	870,011
Federal Realty Investment Trust		7,720		824,342
First Industrial Realty Trust, Inc.		16,868		889,787
Gaming and Leisure Properties, Inc.		15,967		860,302
Healthcare Realty Trust, Inc.		41,910		817,245
Healthpeak Properties, Inc.		32,570		783,634
Highwoods Properties, Inc.		29,902		792,403
Host Hotels & Resorts, Inc.		46,991		789,449
Howard Hughes Corp. (The)^(b)(c)		10,717		890,797
Hudson Pacific Properties, Inc.		84,171		776,898
Invitation Homes, Inc.		25,896		809,509
Iron Mountain, Inc.		15,224		803,066
JBG SMITH Properties		42,033		725,069
Jones Lang LaSalle, Inc.^(b)		5,132		895,329
Kilroy Realty Corp.		21,132		761,175
Kimco Realty Corp.		38,222		787,755
Lamar Advertising Co., Class A		8,860		926,402
Life Storage, Inc.		7,759		935,115
Medical Properties Trust, Inc.^(c)		69,037		711,081
Mid-America Apartment Communities, Inc.		5,078		812,988
National Retail Properties, Inc.		18,045		817,799
National Storage Affiliates Trust		21,387		904,670
Omega Healthcare Investors, Inc.^(c)		27,807		744,949
Opendoor Technologies, Inc.^(b)(c)		628,031		904,365
Park Hotels & Resorts, Inc.		68,634		943,717
Prologis, Inc.		7,069		872,315
Public Storage		2,753		823,009
Rayonier, Inc.^(c)		23,754		797,659
Realty Income Corp.		12,944		827,769
Regency Centers Corp.		12,607		792,980
Rexford Industrial Realty, Inc.		15,173		917,360
SBA Communications Corp., Class A		2,876		745,891
Simon Property Group, Inc.		7,098		866,595
SL Green Realty Corp.		23,749		808,653
Spirit Realty Capital, Inc.^(c)		20,120		828,542
Sun Communities, Inc.		5,814		832,216
UDR, Inc.		20,700		886,788
Ventas, Inc.		18,368		893,603
VICI Properties, Inc.		24,688		827,789
Vornado Realty Trust		38,773		766,930
W.P. Carey, Inc.^(c)		10,498		852,018
Welltower, Inc.		12,660		938,359
WeWork, Inc., Class A^(b)(c)		420,285		487,531
Weyerhaeuser Co.		26,264		820,750
Zillow Group, Inc., Class C^(b)(c)		23,820		1,000,440

				54,922,911

Utilities-7.41%
AES Corp. (The)		45,268		1,117,214
Alliant Energy Corp.		23,110		1,184,850
Ameren Corp.		14,607		1,208,145
American Electric Power Co., Inc.		13,119		1,154,078
American Water Works Co., Inc.		8,289		1,163,610
Atmos Energy Corp.^(c)		10,917		1,231,547
Avangrid, Inc.		30,203		1,178,823

Investment Abbreviations:
REIT-Real Estate Investment Trust


	Shares		Value
Utilities-(continued)
Brookfield Renewable Corp., Class A^(c)		41,501	$	1,155,803
CenterPoint Energy, Inc.		42,312		1,177,120
CMS Energy Corp.		20,713		1,221,446
Consolidated Edison, Inc.		13,148		1,174,774
Constellation Energy Corp.		14,029		1,050,632
Dominion Energy, Inc.		22,028		1,225,197
DTE Energy Co.		10,917		1,197,704
Duke Energy Corp.		12,786		1,205,208
Edison International		19,629		1,299,636
Entergy Corp.		10,968		1,128,278
Essential Utilities, Inc.		26,561		1,136,280
Evergy, Inc.		20,714		1,218,190
Eversource Energy		15,201		1,145,547
Exelon Corp.		30,701		1,240,013
FirstEnergy Corp.		30,858		1,220,125
Hawaiian Electric Industries, Inc.		31,327		1,267,177
IDACORP, Inc.		11,933		1,233,872
National Fuel Gas Co.		20,461		1,172,006
NextEra Energy, Inc.		14,947		1,061,685
NiSource, Inc.		46,318		1,270,503
NRG Energy, Inc.		39,862		1,307,075
OGE Energy Corp.		32,016		1,143,612
PG&E Corp.^(b)		83,139		1,298,631
Pinnacle West Capital Corp.		16,561		1,220,215
PPL Corp.		44,192		1,196,277
Public Service Enterprise Group, Inc.		21,467		1,297,251
Sempra Energy		7,911		1,186,334
Southern Co. (The)		18,676		1,177,709
UGI Corp.		33,496		1,247,056
Vistra Corp.		54,553		1,199,621
WEC Energy Group, Inc.		13,433		1,190,970
Xcel Energy, Inc.		18,406		1,188,475

				46,692,689

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $651,370,602)				629,145,333


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-16.84%
Invesco Private Government Fund, 4.58%^(d)(f)(g)		29,534,850		29,534,850
Invesco Private Prime Fund, 4.83%^(d)(f)(g)		76,514,338		76,529,639

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $106,068,755)				106,064,489

TOTAL INVESTMENTS IN SECURITIES-116.72% (Cost $757,439,357)				735,209,822
OTHER ASSETS LESS LIABILITIES-(16.72)%				(105,335,252	)

NET ASSETS-100.00%			$	629,874,570

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


		22

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income

Invesco Ltd.		$	383,899		$	23,387		$	(55,317	)		$	44,417			$	(16,484	)		$	379,902		$	8,367

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			19,186			8,667,541			(8,686,727	)			-				-				-			4,953

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			26,409,828			64,069,545			(60,944,523	)			-				-				29,534,850			507,057	*

Invesco Private Prime Fund			70,048,241			136,173,387			(129,697,079	)			(9,812	)			14,902				76,529,639			1,383,711	*


Total		$	96,861,154		$	208,933,860		$	(199,383,646	)		$	34,605			$	(1,582	)		$	106,444,391		$	1,904,088

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

^(f)	The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Information Technology			14.10

Industrials			10.37

Materials			9.98

Health Care			9.61

Financials			9.52

Real Estate			8.72

Consumer Staples			8.17

Energy			7.79

Utilities			7.41

Communication Services			7.20

Consumer Discretionary			7.01

Money Market Funds Plus Other Assets Less Liabilities			0.12

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


		23

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Communication Services-4.51%
Activision Blizzard, Inc.		236	$	17,995
AT&T, Inc.		905		17,114
Comcast Corp., Class A		476		17,693
DISH Network Corp., Class A^(b)		1,087		12,403
Electronic Arts, Inc.		133		14,755
Fox Corp., Class A		371		12,992
Fox Corp., Class B		178		5,740
Frontier Communications Parent, Inc.^(b)(c)		677		18,523
Liberty Media Corp.-Liberty Formula One, Class A^(b)		27		1,640
Liberty Media Corp.-Liberty Formula One, Class C^(b)(c)		262		17,782
Liberty Media Corp.-Liberty SiriusXM, Class A^(b)(c)		132		4,275
Liberty Media Corp.-Liberty SiriusXM, Class C^(b).		274		8,828
Live Nation Entertainment, Inc.^(b)(c)		240		17,294
Lumen Technologies, Inc.		3,189		10,843
Madison Square Garden Sports Corp., Class A		107		20,452
Meta Platforms, Inc., Class A^(b)		148		25,891
News Corp., Class A		692		11,868
News Corp., Class B^(c)		230		3,970
Nexstar Media Group, Inc., Class A^(c)		92		17,103
Omnicom Group, Inc.		219		19,835
Paramount Global, Class B^(c)		869		18,614
Pinterest, Inc., Class A^(b)		686		17,225
Playtika Holding Corp.^(b)(c)		1,846		17,722
Sirius XM Holdings, Inc.^(c)		2,689		11,805
T-Mobile US, Inc.^(b)		115		16,351
Verizon Communications, Inc.		447		17,348
World Wrestling Entertainment, Inc., Class A		218		18,312

				394,373

Consumer Discretionary-11.92%
Advance Auto Parts, Inc.		116		16,815
AutoNation, Inc.^(b)		144		19,657
AutoZone, Inc.^(b)		7		17,406
Brunswick Corp.^(c)		236		20,631
Carter’s, Inc.		239		18,018
Chipotle Mexican Grill, Inc.^(b)		11		16,402
Choice Hotels International, Inc.^(c)		142		16,807
Churchill Downs, Inc.^(c)		79		19,417
Columbia Sportswear Co.		195		17,004
Darden Restaurants, Inc.		119		17,016
Dick’s Sporting Goods, Inc.		146		18,780
Dollar General Corp.		68		14,708
Dollar Tree, Inc.^(b)		116		16,853
Expedia Group, Inc.^(b)		163		17,762
Five Below, Inc.^(b)(c)		111		22,677
Garmin Ltd.		188		18,448
Gentex Corp.		604		17,244
Genuine Parts Co.		95		16,802
Grand Canyon Education, Inc.^(b)		154		17,447
H&R Block, Inc.		399		14,683
Hanesbrands, Inc.^(c)		2,596		14,745
Hasbro, Inc.		278		15,293
Hilton Worldwide Holdings, Inc.		122		17,630
Home Depot, Inc. (The)		54		16,013


	Shares		Value
Consumer Discretionary-(continued)
Hyatt Hotels Corp., Class A^(b)		174	$	20,226
Kohl’s Corp.		544		15,254
Las Vegas Sands Corp.^(b)		372		21,379
Leggett & Platt, Inc.^(c)		490		16,900
Leslie’s, Inc.^(b)(c)		1,195		15,069
Lithia Motors, Inc., Class A		73		18,628
LKQ Corp.		321		18,390
Lowe’s Cos., Inc.		82		16,872
Marriott International, Inc., Class A		108		18,278
Mattel, Inc.^(b)		957		17,216
McDonald’s Corp.		64		16,890
Mister Car Wash, Inc.^(b)(c)		1,703		15,719
Mohawk Industries, Inc.^(b)		172		17,690
Newell Brands, Inc.		1,345		19,758
NVR, Inc.^(b)		4		20,695
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		286		16,456
O’Reilly Automotive, Inc.^(b)		21		17,432
Penske Automotive Group, Inc.^(c)		138		19,893
Petco Health & Wellness Co., Inc.^(b)(c)		1,580		16,274
Polaris, Inc.		153		17,404
Pool Corp.		53		18,914
PulteGroup, Inc.		390		21,321
Ralph Lauren Corp.^(c)		154		18,201
Ross Stores, Inc.		148		16,360
Starbucks Corp.		171		17,457
Target Corp.		107		18,030
Thor Industries, Inc.^(c)		208		18,926
TJX Cos., Inc. (The)		218		16,699
Tractor Supply Co.		77		17,961
Ulta Beauty, Inc.^(b)		38		19,714
Vail Resorts, Inc.		69		16,111
Wendy’s Co. (The)		773		16,975
Whirlpool Corp.		119		16,420
Wyndham Hotels & Resorts, Inc.		238		18,331
Yum! Brands, Inc.		136		17,294

				1,043,395

Consumer Staples-9.00%
Albertsons Cos., Inc., Class A^(c)		833		16,560
Altria Group, Inc.		374		17,365
Archer-Daniels-Midland Co.		179		14,248
BJ’s Wholesale Club Holdings, Inc.^(b)		232		16,658
Brown-Forman Corp., Class A		51		3,311
Brown-Forman Corp., Class B		191		12,390
Bunge Ltd.		166		15,853
Campbell Soup Co.		325		17,069
Casey’s General Stores, Inc.		72		14,972
Church & Dwight Co., Inc.		213		17,845
Clorox Co. (The)		117		18,186
Coca-Cola Co. (The)		274		16,306
Colgate-Palmolive Co.		225		16,492
Conagra Brands, Inc.		459		16,712
Constellation Brands, Inc., Class A		68		15,212
Costco Wholesale Corp.		33		15,978
Coty,Inc.,Class A^(b)(c)		2,216		25,041
Estee Lauder Cos., Inc. (The), Class A		74		17,986
Flowers Foods, Inc.		580		16,170
General Mills, Inc.		204		16,220

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


		24

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
Grocery Outlet Holding Corp.^(b)(c)		576	$	15,581
Hershey Co. (The)		74		17,636
Hormel Foods Corp.		371		16,465
Ingredion, Inc.^(c)		184		18,290
JM Smucker Co. (The)		113		16,712
Kellogg Co.		239		15,760
Keurig Dr Pepper, Inc.		451		15,582
Kimberly-Clark Corp.		131		16,382
Kraft Heinz Co. (The)		443		17,250
Kroger Co. (The)		355		15,315
Lamb Weston Holdings, Inc.		201		20,229
McCormick & Co., Inc.		205		15,236
Molson Coors Beverage Co., Class B		325		17,287
Mondelez International, Inc., Class A		258		16,816
Monster Beverage Corp.^(b)		170		17,299
PepsiCo, Inc.		94		16,312
Performance Food Group Co.^(b)		286		16,185
Philip Morris International, Inc. (Switzerland)		175		17,027
Pilgrim’s Pride Corp.^(b)(c)		667		15,601
Post Holdings, Inc.^(b)		186		16,733
Procter & Gamble Co. (The)		120		16,507
Reynolds Consumer Products, Inc.		546		14,982
Seaboard Corp.		4		15,800
Spectrum Brands Holdings, Inc.^(c)		327		20,934
Sysco Corp.		204		15,212
Tyson Foods, Inc., Class A		263		15,580
US Foods Holding Corp.^(b)		477		17,902
Walmart, Inc.		118		16,771

				787,960

Energy-4.23%
Antero Midstream Corp.		1,593		16,790
Chesapeake Energy Corp.		169		13,657
ConocoPhillips		141		14,572
Coterra Energy, Inc.		625		15,606
Devon Energy Corp.		255		13,750
Diamondback Energy, Inc.		118		16,588
DT Midstream, Inc.^(c)		289		14,508
EOG Resources, Inc.		127		14,353
EQT Corp.		411		13,637
Exxon Mobil Corp.		157		17,256
Hess Corp.		121		16,299
HF Sinclair Corp.		280		13,922
Kinder Morgan, Inc.		912		15,559
Marathon Petroleum Corp.		143		17,675
Occidental Petroleum Corp.		251		14,699
Ovintiv, Inc.		313		13,387
PDC Energy, Inc.		235		15,771
Phillips 66		161		16,512
Pioneer Natural Resources Co.		74		14,830
Schlumberger Ltd.		338		17,985
Southwestern Energy Co.^(b)		2,521		13,361
Targa Resources Corp.		234		17,339
Valero Energy Corp.		131		17,257
Williams Cos., Inc. (The)		503		15,140

				370,453

Financials-18.16%
Aflac, Inc.		242		16,492
Ally Financial, Inc.		646		19,412
American Express Co.		111		19,313


	Shares		Value
Financials-(continued)
American Financial Group, Inc.		127	$	17,032
American International Group, Inc.		276		16,866
Aon PLC, Class A		57		17,331
Arch Capital Group Ltd.^(b)		291		20,370
Arthur J. Gallagher & Co.		88		16,487
Assurant, Inc.		136		17,325
AXIS Capital Holdings Ltd.		303		18,398
Bank of Hawaii Corp.		217		16,245
Bank OZK^(c)		378		17,399
BOK Financial Corp.^(c)		167		17,482
Brighthouse Financial, Inc.^(b)(c)		313		18,101
Brown & Brown, Inc.		293		16,428
Capital One Financial Corp.		169		18,435
Cboe Global Markets, Inc.		138		17,411
Charles Schwab Corp. (The)		211		16,441
Chubb Ltd.		82		17,304
Citigroup, Inc.		360		18,248
Citizens Financial Group, Inc.		412		17,205
CME Group, Inc., Class A		99		18,351
CNA Financial Corp.		410		17,950
Comerica, Inc.		243		17,034
Commerce Bancshares, Inc.		244		16,141
Cullen/Frost Bankers, Inc.		120		15,818
Discover Financial Services		161		18,032
East West Bancorp, Inc.		248		18,900
Equitable Holdings, Inc.		561		17,627
Erie Indemnity Co., Class A		62		14,594
Everest Re Group Ltd.		52		19,966
F.N.B. Corp.		1,237		17,652
FactSet Research Systems, Inc.		38		15,753
Fifth Third Bancorp		480		17,424
First Citizens BancShares, Inc., Class A		22		16,143
First Hawaiian, Inc.^(c)		657		17,969
First Horizon Corp.		702		17,389
First Republic Bank		137		16,852
Globe Life, Inc.		145		17,645
Hanover Insurance Group, Inc. (The)		123		17,156
Hartford Financial Services Group, Inc. (The)		228		17,848
Huntington Bancshares, Inc.		1,127		17,266
Interactive Brokers Group, Inc., Class A		217		18,686
JPMorgan Chase & Co.		126		18,062
KeyCorp		927		16,955
Loews Corp.		300		18,327
LPL Financial Holdings, Inc.		74		18,467
M&T Bank Corp.		103		15,995
Marsh & McLennan Cos., Inc.		101		16,376
MetLife, Inc.		227		16,283
MGIC Investment Corp.		1,270		17,475
Morgan Stanley		187		18,045
New York Community Bancorp, Inc.		1,866		16,570
Northern Trust Corp.		187		17,815
Old Republic International Corp.		712		18,775
OneMain Holdings, Inc.		443		19,089
PacWest Bancorp		668		18,537
Pinnacle Financial Partners, Inc.		212		15,707
PNC Financial Services Group, Inc. (The)		104		16,424
Popular, Inc.		239		17,065
Primerica, Inc.		117		22,457
Principal Financial Group, Inc.		194		17,375
Progressive Corp. (The)		132		18,945

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


		25

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Financials-(continued)
Prosperity Bancshares, Inc.^(c)		231	$	16,976
Prudential Financial, Inc.		166		16,600
Raymond James Financial, Inc.		149		16,161
Regions Financial Corp.		752		17,537
Reinsurance Group of America, Inc.		121		17,481
SEI Investments Co.		280		16,870
Signature Bank		125		14,381
SLM Corp.		999		14,366
Stifel Financial Corp.		275		18,378
SVB Financial Group^(b)		77		22,184
Synovus Financial Corp.		414		17,309
TFS Financial Corp.		1,278		18,518
Travelers Cos., Inc. (The)		92		17,031
Truist Financial Corp.		373		17,512
U.S. Bancorp		384		18,328
Umpqua Holdings Corp.		861		15,205
Unum Group		414		18,444
Upstart Holdings, Inc.^(b)(c)		892		16,511
Virtu Financial, Inc., Class A		786		14,447
Voya Financial, Inc.		264		19,665
W.R. Berkley Corp.		229		15,158
Webster Financial Corp.^(c)		321		17,052
Wells Fargo & Co.		364		17,024
Western Alliance Bancorporation		254		18,857
White Mountains Insurance Group Ltd.		13		18,766
Willis Towers Watson PLC		71		16,640
Wintrust Financial Corp.^(c)		191		17,597
Zions Bancorporation N.A.		337		17,059

				1,588,722

Health Care-11.75%
Abbott Laboratories		162		16,479
AbbVie, Inc.		108		16,621
Acadia Healthcare Co., Inc.^(b)(c)		196		14,212
AmerisourceBergen Corp.		102		15,867
Amgen, Inc.		61		14,131
Avantor, Inc.^(b)		783		19,082
Azenta, Inc.^(b)(c)		290		12,728
Becton, Dickinson and Co.		70		16,419
Biogen, Inc.^(b)		57		15,382
BioMarin Pharmaceutical, Inc.^(b)		173		17,229
Boston Scientific Corp.^(b)		385		17,987
Bristol-Myers Squibb Co.		217		14,964
Catalent, Inc.^(b)		348		23,741
Centene Corp.^(b)		200		13,680
Chemed Corp.		34		17,734
Cigna Group (The)		53		15,481
CVS Health Corp.		171		14,285
Danaher Corp.		64		15,842
DaVita, Inc.^(b)		237		19,496
Doximity, Inc., Class A^(b)(c)		513		17,252
Edwards Lifesciences Corp.^(b)		226		18,179
Elevance Health, Inc.		33		15,499
Eli Lilly and Co.		47		14,627
Encompass Health Corp.		298		16,843
Envista Holdings Corp.^(b)(c)		511		19,755
Exelixis, Inc.^(b)(c)		1,021		17,439
Gilead Sciences, Inc.		199		16,026
Globus Medical, Inc., Class A^(b)(c)		236		13,768
Henry Schein, Inc.^(b)		216		16,915


	Shares		Value
Health Care-(continued)
Hologic, Inc.^(b)		233	$	18,556
Humana, Inc.		32		15,841
Incyte Corp.^(b)		219		16,859
Insulet Corp.^(b)		60		16,582
Integra LifeSciences Holdings Corp.^(b)(c)		317		17,632
Ionis Pharmaceuticals, Inc.^(b)(c)		428		15,365
Johnson & Johnson		98		15,020
Maravai LifeSciences Holdings, Inc., Class A^(b)		1,172		17,287
McKesson Corp.		46		16,091
Medtronic PLC		221		18,299
Merck & Co., Inc.		158		16,786
Molina Healthcare, Inc.^(b)		52		14,317
Neurocrine Biosciences, Inc.^(b)		137		14,125
Organon & Co.		670		16,408
Pfizer, Inc.		348		14,118
Premier, Inc., Class A		523		16,835
QIAGEN N.V.^(b)		352		16,174
Quest Diagnostics, Inc.		115		15,911
QuidelOrtho Corp.^(b)(c)		199		17,301
Regeneron Pharmaceuticals, Inc.^(b)		24		18,250
ResMed, Inc.		76		16,188
Royalty Pharma PLC, Class A		397		14,232
Stryker Corp.		75		19,716
Syneos Health, Inc.^(b)		494		19,869
Teleflex, Inc.		75		17,867
Thermo Fisher Scientific, Inc.		32		17,336
United Therapeutics Corp.^(b)		64		15,747
UnitedHealth Group, Inc.		32		15,230
Veeva Systems, Inc., Class A^(b)(c)		92		15,241
Vertex Pharmaceuticals, Inc.^(b)		55		15,966
Viatris, Inc.		1,581		18,023
Zimmer Biomet Holdings, Inc.		148		18,333
Zoetis, Inc.		113		18,871

				1,028,039

Industrials-13.15%
Advanced Drainage Systems, Inc.		179		15,883
Alaska Air Group, Inc.^(b)		373		17,841
Allegion PLC		156		17,583
Allison Transmission Holdings, Inc.		389		18,478
Booz Allen Hamilton Holding Corp.		164		15,536
BWX Technologies, Inc.		286		17,477
C.H. Robinson Worldwide, Inc.		174		17,393
CACI International, Inc., Class A^(b)		56		16,408
Carlisle Cos., Inc.		68		17,559
Clean Harbors, Inc.^(b)		145		19,150
Copa Holdings S.A., Class A (Panama)^(b)(c)		199		18,378
CoStar Group, Inc.^(b)		215		15,192
Cummins, Inc.		71		17,259
Curtiss-Wright Corp.		99		17,304
Delta Air Lines, Inc.^(b)		493		18,902
Fastenal Co.^(c)		339		17,479
FTI Consulting, Inc.^(b)(c)		102		18,738
General Dynamics Corp.		69		15,726
Hayward Holdings, Inc.^(b)		1,826		22,478
HEICO Corp.^(c)		45		7,451
HEICO Corp., Class A		80		10,412
Hexcel Corp.		294		21,447
Howmet Aerospace, Inc.		463		19,529
Hubbell, Inc.		69		17,356

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


		26

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
Huntington Ingalls Industries, Inc.		75	$	16,140
IDEX Corp.		76		17,099
Jacobs Solutions, Inc.		138		16,491
KBR, Inc.		338		18,627
Kirby Corp.^(b)		250		18,133
Knight-Swift Transportation Holdings, Inc.		315		17,905
L3Harris Technologies, Inc.		77		16,262
Landstar System, Inc.		101		18,260
Leidos Holdings, Inc.		161		15,628
Lockheed Martin Corp.		36		17,073
ManpowerGroup, Inc.		199		16,891
Masco Corp.		343		17,984
MDU Resources Group, Inc.		554		17,645
Mercury Systems, Inc.^(b)(c)		343		17,953
MSC Industrial Direct Co., Inc., Class A^(c)		209		17,665
Nordson Corp.		74		16,253
Northrop Grumman Corp.		33		15,316
Oshkosh Corp.		195		17,392
Otis Worldwide Corp.		223		18,870
PACCAR, Inc.		247		17,833
Pentair PLC		381		21,313
Quanta Services, Inc.		120		19,368
Raytheon Technologies Corp.		177		17,362
Regal Rexnord Corp.^(c)		133		20,966
Republic Services, Inc.		126		16,245
Robert Half International, Inc.^(c)		221		17,817
Rollins, Inc.		431		15,171
Ryder System, Inc.		187		18,309
Science Applications International Corp.^(c)		158		16,849
Sensata Technologies Holding PLC		387		19,574
Snap-on, Inc.^(c)		74		18,402
Southwest Airlines Co.		437		14,674
Stanley Black & Decker, Inc.		213		18,235
Stericycle, Inc.^(b)(c)		335		15,973
Textron, Inc.		244		17,697
Toro Co. (The)		157		17,339
TransDigm Group, Inc.		28		20,828
Verisk Analytics, Inc.		95		16,255
Waste Management, Inc.		104		15,575
Watsco, Inc.^(c)		65		19,806
WillScot Mobile Mini Holdings Corp.^(b)		362		18,607
Woodward, Inc.		182		18,018

				1,150,762

Information Technology-9.30%
Akamai Technologies, Inc.^(b)		184		13,358
Amdocs Ltd.		202		18,505
Avnet, Inc.		386		17,258
Black Knight, Inc.^(b)		281		16,748
Broadridge Financial Solutions, Inc.		117		16,471
Cirrus Logic, Inc.^(b)(c)		239		24,557
Cognizant Technology Solutions Corp., Class A		280		17,537
Concentrix Corp.		143		19,568
Corning, Inc.		511		17,349
Dell Technologies, Inc., Class C^(c)		389		15,809
Dolby Laboratories, Inc., Class A		233		19,171
DoubleVerify Holdings, Inc.^(b)(c)		666		17,496
Dropbox, Inc., Class A^(b)(c)		740		15,096
DXC Technology Co.^(b)		588		16,311
Dynatrace, Inc.^(b)		450		19,139


	Shares		Value
Information Technology-(continued)
Euronet Worldwide, Inc.^(b)(c)		188	$	20,464
Fidelity National Information Services, Inc.		240		15,209
Fiserv, Inc.^(b)		170		19,565
FleetCor Technologies, Inc.^(b)		89		19,116
Gen Digital, Inc.		760		14,828
Genpact Ltd.		378		18,042
Global Payments, Inc.		168		18,850
GoDaddy, Inc., Class A^(b)		220		16,656
HP, Inc.		581		17,151
Intel Corp.		580		14,459
International Business Machines Corp.		117		15,128
IPG Photonics Corp.^(b)(c)		192		23,662
Jack Henry & Associates, Inc.		92		15,110
Lumentum Holdings, Inc.^(b)(c)		317		17,058
Manhattan Associates, Inc.^(b)		139		19,981
Mastercard, Inc., Class A		49		17,409
NetApp, Inc.		258		16,654
Paylocity Holding Corp.^(b)		80		15,409
PTC, Inc.^(b)		137		17,170
QUALCOMM, Inc.		138		17,047
salesforce.com, inc.^(b)		109		17,834
ServiceNow, Inc.^(b)		42		18,151
Shift4 Payments, Inc., Class A^(b)(c)		376		24,252
Teradata Corp.^(b)(c)		511		20,828
Texas Instruments, Inc.		97		16,631
Ubiquiti, Inc.^(c)		58		15,562
Visa, Inc., Class A^(c)		81		17,815
VMware, Inc., Class A^(b)		144		15,859
Western Union Co. (The)^(c)		1,190		15,422
WEX, Inc.^(b)		106		20,438
Zoom Video Communications, Inc., Class A^(b)(c)		231		17,230

				813,363

Materials-5.84%
Air Products and Chemicals, Inc.^(c)		58		16,587
Amcor PLC		1,412		15,730
AptarGroup, Inc.		164		19,142
Ardagh Metal Packaging S.A.		3,902		18,808
Ashland, Inc.		156		15,878
Avery Dennison Corp.		90		16,397
Ball Corp.		311		17,481
Berry Global Group, Inc.		298		18,506
CF Industries Holdings, Inc.		161		13,828
Corteva, Inc.		260		16,195
Dow, Inc.		342		19,562
Ecolab, Inc.		120		19,124
Element Solutions, Inc.		892		18,322
FMC Corp.		134		17,306
Graphic Packaging Holding Co.		757		18,017
Huntsman Corp.		628		18,426
International Paper Co.		470		17,103
Linde PLC (United Kingdom)		52		18,115
LyondellBasell Industries N.V., Class A		205		19,678
NewMarket Corp.		57		19,579
Newmont Corp.		367		16,005
Packaging Corp. of America^(c)		132		18,047
Reliance Steel & Aluminum Co.		83		20,571
Royal Gold, Inc.^(c)		155		18,412
Silgan Holdings, Inc.		330		17,622
Sonoco Products Co.		284		16,773

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


		27

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Materials-(continued)
SSR Mining, Inc. (Canada)		1,151	$	15,711
Westlake Corp.		162		19,301
WestRock Co.		460		14,444

				510,670

Real Estate-6.06%
American Homes 4 Rent, Class A		527		16,348
American Tower Corp.		79		15,643
Apartment Income REIT Corp.		458		17,312
AvalonBay Communities, Inc.		100		17,252
Boston Properties, Inc.		242		15,846
Camden Property Trust		145		16,640
Crown Castle, Inc.		127		16,605
Digital Realty Trust, Inc.		155		16,156
Douglas Emmett, Inc.^(c)		1,007		14,229
Equity LifeStyle Properties, Inc.^(c)		263		18,018
Equity Residential		269		16,818
Essex Property Trust, Inc.		79		18,017
Gaming and Leisure Properties, Inc.		332		17,888
Healthcare Realty Trust, Inc.		850		16,575
Highwoods Properties, Inc.		585		15,502
Invitation Homes, Inc.		535		16,724
JBG SMITH Properties		846		14,594
Kilroy Realty Corp.^(c)		404		14,552
Mid-America Apartment Communities, Inc.		106		16,971
National Retail Properties, Inc.		376		17,040
Omega Healthcare Investors, Inc.^(c)		575		15,404
Public Storage		59		17,638
Rayonier, Inc.^(c)		486		16,320
Realty Income Corp.		277		17,714
SBA Communications Corp., Class A		60		15,561
Sun Communities, Inc.^(c)		119		17,034
UDR, Inc.^(c)		421		18,036
VICI Properties, Inc.		510		17,100
Vornado Realty Trust^(c)		690		13,648
W.P. Carey, Inc.^(c)		221		17,936
Welltower, Inc.		246		18,234
Weyerhaeuser Co.		533		16,656

				530,011

Utilities-5.89%
Alliant Energy Corp.		310		15,894
Ameren Corp.		195		16,128
American Electric Power Co., Inc.		180		15,835
Atmos Energy Corp.^(c)		145		16,357
Avangrid, Inc.		408		15,924
Brookfield Renewable Corp., Class A		535		14,900
CenterPoint Energy, Inc.		561		15,607
CMS Energy Corp.		286		16,865
Consolidated Edison, Inc.		178		15,904
Dominion Energy, Inc.		285		15,852
DTE Energy Co.		150		16,457

Investment Abbreviations:
REIT-Real Estate Investment Trust


	Shares		Value
Utilities-(continued)
Duke Energy Corp.		175	$	16,496
Entergy Corp.		150		15,431
Evergy, Inc.		295		17,349
Eversource Energy		211		15,901
Exelon Corp.		422		17,045
FirstEnergy Corp.		423		16,725
Hawaiian Electric Industries, Inc.		425		17,191
IDACORP, Inc.		160		16,544
National Fuel Gas Co.		263		15,065
NextEra Energy, Inc.		206		14,632
NiSource, Inc.		624		17,116
NRG Energy, Inc.		411		13,477
OGE Energy Corp.		431		15,395
PG&E Corp.^(b)		1,111		17,354
Pinnacle West Capital Corp.		225		16,578
PPL Corp.		591		15,998
Public Service Enterprise Group, Inc.		288		17,404
Sempra Energy		108		16,196
Southern Co. (The)		258		16,269
WEC Energy Group, Inc.		176		15,604
Xcel Energy, Inc.		248		16,013

				515,506

Total Common Stocks & Other Equity Interests (Cost $8,684,808)				8,733,254


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e) (Cost $4,520)		4,520		4,520

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $8,689,328)				8,737,774


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-16.25%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		398,022		398,022
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		1,023,282		1,023,486

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,421,574)				1,421,508

TOTAL INVESTMENTS IN SECURITIES-116.11% (Cost $10,110,902)				10,159,282
OTHER ASSETS LESS LIABILITIES-(16.11)%				(1,409,388	)

NET ASSETS-100.00%			$	8,749,894

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


		28

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	152,224		$	(147,704	)		$	-			$	-		$	4,520		$	75

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			203,066			1,100,000			(905,044	)			-				-			398,022			4,809	*
Invesco Private Prime Fund			555,344			2,528,186			(2,060,066	)			(107	)			129			1,023,486			12,998	*


Total		$	758,410		$	3,780,410		$	(3,112,814	)		$	(107	)		$	129		$	1,426,028		$	17,882

*	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 February 28, 2023.

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


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Financials			18.16

Industrials			13.15

Consumer Discretionary			11.92

Health Care			11.75

Information Technology			9.30

Consumer Staples			9.00

Real Estate			6.06

Utilities			5.89

Materials			5.84

Communication Services			4.51

Energy			4.23

Money Market Funds Plus Other Assets Less Liabilities			0.19

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


		29

Invesco S&P 500^® Enhanced Value ETF (SPVU)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.83%
Communication Services-9.90%
AT&T, Inc.		316,602	$	5,986,944
DISH Network Corp., Class A^(b)		16,770		191,346
Fox Corp., Class A		8,590		300,822
Lumen Technologies, Inc.		67,299		228,816
News Corp., Class A		10,832		185,769
Paramount Global, Class B^(c)		35,731		765,358
Verizon Communications, Inc.		138,921		5,391,524
Warner Bros Discovery, Inc.^(b)		63,018		984,341

				14,034,920

Consumer Discretionary-8.47%
Best Buy Co., Inc.		7,329		609,113
BorgWarner, Inc.		8,865		445,732
CarMax, Inc.^(b)		7,165		494,672
D.R. Horton, Inc.		13,407		1,239,879
Ford Motor Co.		246,382		2,973,831
General Motors Co.		94,571		3,663,680
Lennar Corp., Class A		12,423		1,201,801
Mohawk Industries, Inc.^(b)		2,223		228,636
Newell Brands, Inc.		16,138		237,067
PulteGroup, Inc.		11,552		631,548
Whirlpool Corp.		2,103		290,172

				12,016,131

Consumer Staples-4.35%
Archer-Daniels-Midland Co.		19,584		1,558,886
Kraft Heinz Co. (The)		21,496		837,054
Kroger Co. (The)		25,656		1,106,800
Molson Coors Beverage Co., Class B		6,509		346,214
Tyson Foods, Inc., Class A		15,845		938,658
Walgreens Boots Alliance, Inc.		38,688		1,374,585

				6,162,197

Energy-15.30%
APA Corp.		9,494		364,380
Coterra Energy, Inc.		31,110		776,817
Diamondback Energy, Inc.		6,329		889,731
EQT Corp.		13,561		449,954
Exxon Mobil Corp.		66,829		7,345,175
Marathon Oil Corp.		25,791		648,644
Marathon Petroleum Corp.		29,936		3,700,089
Occidental Petroleum Corp.		24,955		1,461,365
Phillips 66		28,854		2,959,266
Valero Energy Corp.		23,498		3,095,391

				21,690,812

Financials-37.89%
Aflac, Inc.		15,665		1,067,570
American International Group, Inc.		37,298		2,279,281
Assurant, Inc.		1,569		199,875
Bank of America Corp.		211,549		7,256,131
Bank of New York Mellon Corp. (The)		23,287		1,184,843
Capital One Financial Corp.		20,606		2,247,702
Citigroup, Inc.		95,073		4,819,250
Citizens Financial Group, Inc.		18,290		763,790
Comerica, Inc.		3,514		246,331
Discover Financial Services		8,056		902,272
Everest Re Group Ltd.		943		362,084


	Shares		Value
Financials-(continued)
Fifth Third Bancorp		18,493	$	671,296
Franklin Resources, Inc.		9,468		279,022
Goldman Sachs Group, Inc. (The)		10,938		3,846,348
Hartford Financial Services Group, Inc. (The)		8,715		682,210
Huntington Bancshares, Inc.		38,266		586,235
Invesco Ltd.^(d)		18,570		327,946
JPMorgan Chase & Co.		52,662		7,549,098
KeyCorp		29,332		536,482
Lincoln National Corp.		3,886		123,264
Loews Corp.		7,506		458,542
M&T Bank Corp.		5,006		777,382
Morgan Stanley		32,561		3,142,137
Principal Financial Group, Inc.		8,481		759,558
Regions Financial Corp.		24,612		573,952
Signature Bank		2,735		314,662
State Street Corp.		10,871		964,040
SVB Financial Group^(b)		2,272		654,586
Synchrony Financial		19,864		709,343
Travelers Cos., Inc. (The)		5,745		1,063,514
Truist Financial Corp.		46,249		2,171,391
Wells Fargo & Co.		128,282		5,999,749
Zions Bancorporation N.A		4,221		213,667

				53,733,553

Health Care-9.02%
AmerisourceBergen Corp.		4,947		769,555
Centene Corp.^(b)		21,798		1,490,983
Cigna Group (The)		9,503		2,775,826
CVS Health Corp.		44,475		3,715,441
DaVita, Inc.^(b)		1,464		120,429
Laboratory Corp. of America Holdings		2,210		528,986
McKesson Corp.		3,898		1,363,559
Moderna, Inc.^(b)		8,571		1,189,741
Universal Health Services, Inc., Class B		2,189		292,385
Viatris, Inc.		47,584		542,458

				12,789,363

Industrials-2.25%
Alaska Air Group, Inc.^(b)		3,664		175,249
C.H. Robinson Worldwide, Inc.		3,891		388,944
FedEx Corp.		9,336		1,897,262
Huntington Ingalls Industries, Inc.		934		200,997
Stanley Black & Decker, Inc.		6,213		531,895

				3,194,347

Information Technology-6.41%
DXC Technology Co.^(b)		11,508		319,232
Hewlett Packard Enterprise Co.		68,232		1,065,101
HP, Inc.		36,812		1,086,690
Intel Corp.		145,391		3,624,598
Micron Technology, Inc.		42,116		2,435,147
Western Digital Corp.^(b)		14,585		561,231

				9,091,999

Materials-5.70%
Celanese Corp.		3,328		386,813
Dow, Inc.		30,377		1,737,564
DuPont de Nemours, Inc.		12,180		889,505
Eastman Chemical Co.		3,868		329,554

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


		30

Invesco S&P 500^® Enhanced Value ETF (SPVU)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Materials-(continued)
International Paper Co.		16,387	$	596,323
LyondellBasell Industries N.V., Class A		11,574		1,110,988
Mosaic Co. (The)		16,278		865,827
Nucor Corp.		10,426		1,745,730
WestRock Co.		13,517		424,434

				8,086,738

Utilities-0.54%
NRG Energy, Inc.		16,823		551,626
Pinnacle West Capital Corp.		2,825		208,146

				759,772

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.83% (Cost $145,774,327)				141,559,832


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.57%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		225,307	$	225,307
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		579,245		579,361

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $804,727)				804,668

TOTAL INVESTMENTS IN SECURITIES-100.40% (Cost $146,579,054)				142,364,500
OTHER ASSETS LESS LIABILITIES-(0.40)%				(562,174	)

NET ASSETS-100.00%			$	141,802,326

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 February 28, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income

Invesco Ltd.		$	218,573		$	163,421		$	(59,933	)		$	10,158			$	(4,273	)		$	327,946		$	5,992

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			1,790,599			(1,790,599	)			-				-				-			904

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			4,403,584			(4,178,277	)			-				-				225,307			3,053	*

Invesco Private Prime Fund			-			9,824,233			(9,245,345	)			(59	)			532				579,361			8,130	*


Total		$	218,573		$	16,181,837		$	(15,274,154	)		$	10,099			$	(3,741	)		$	1,132,614		$	18,079

*	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 February 28, 2023.

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

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


		31

Invesco S&P 500^® Enhanced Value ETF (SPVU)–(continued)

February 28, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Financials			37.89

Energy			15.30

Communication Services			9.90

Health Care			9.02

Consumer Discretionary			8.47

Information Technology			6.41

Materials			5.70

Consumer Staples			4.35

Sector Types Each Less Than 3%			2.79

Money Market Funds Plus Other Assets Less Liabilities			0.17

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


		32

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-1.95%
Electronic Arts, Inc.		4,335	$	480,925
Verizon Communications, Inc.		13,259		514,582

				995,507

Consumer Discretionary-3.25%
Genuine Parts Co.		3,021		534,294
McDonald’s Corp.		2,338		617,021
Yum! Brands, Inc.^(b)		3,987		506,987

				1,658,302

Consumer Staples-22.14%
Altria Group, Inc.		10,613		492,762
Brown-Forman Corp., Class B		7,502		486,655
Campbell Soup Co.		10,186		534,969
Church & Dwight Co., Inc.		5,970		500,167
Coca-Cola Co. (The)		10,374		617,357
Colgate-Palmolive Co.		7,950		582,735
Conagra Brands, Inc.		13,813		502,931
Constellation Brands, Inc., Class A		2,125		475,363
General Mills, Inc.		7,099		564,441
Hershey Co. (The)		2,442		581,977
Hormel Foods Corp.		12,938		574,188
JM Smucker Co. (The)		3,524		521,164
Kellogg Co.		8,201		540,774
Keurig Dr Pepper, Inc.		16,793		580,198
Kimberly-Clark Corp.		4,329		541,341
Kraft Heinz Co. (The)		11,982		466,579
McCormick & Co., Inc.^(b)		6,367		473,195
Mondelez International, Inc., Class A		9,065		590,857
PepsiCo, Inc.		3,671		637,029
Philip Morris International, Inc. (Switzerland)		4,856		472,489
Procter & Gamble Co. (The)		4,050		557,118

				11,294,289

Financials-14.62%
Aflac, Inc.^(b)		7,478		509,626
Arthur J. Gallagher & Co.		2,417		452,825
Berkshire Hathaway, Inc., Class B^(c)		1,798		548,714
Cboe Global Markets, Inc.		3,947		497,993
Chubb Ltd.		2,493		526,073
CME Group, Inc., Class A		2,646		490,462
Globe Life, Inc.^(b)		4,169		507,326
Hartford Financial Services Group, Inc. (The)		6,267		490,581
Loews Corp.		8,523		520,670
Marsh & McLennan Cos., Inc.		2,814		456,262
MetLife, Inc.		6,895		494,578
Progressive Corp. (The)		3,439		493,565
Travelers Cos., Inc. (The)		2,860		529,443
W.R. Berkley Corp.		7,258		480,407
Willis Towers Watson PLC		1,963		460,049

				7,458,574

Health Care-19.57%
Abbott Laboratories		4,305		437,905
AbbVie, Inc.		3,740		575,586
AmerisourceBergen Corp.		3,376		525,171
Amgen, Inc.		2,350		544,401
Becton, Dickinson and Co.		2,041		478,717


	Shares		Value
Health Care-(continued)
Bristol-Myers Squibb Co.		8,589	$	592,297
Cardinal Health, Inc.		5,893		446,159
Cigna Group (The)		1,628		475,539
CVS Health Corp.		5,308		443,430
Gilead Sciences, Inc.		5,660		455,800
Henry Schein, Inc.^(c)		5,496		430,392
Hologic, Inc.^(c)		5,474		435,949
Humana, Inc.^(b)		961		475,714
Incyte Corp.^(c)		5,905		454,567
Johnson & Johnson		4,280		655,953
McKesson Corp.		1,419		496,380
Medtronic PLC		5,516		456,725
Merck & Co., Inc.		5,767		612,686
Quest Diagnostics, Inc.		3,567		493,530
UnitedHealth Group, Inc.		1,046		497,833

				9,984,734

Industrials-11.54%
AMETEK, Inc.		3,449		488,240
General Dynamics Corp.		2,246		511,886
Honeywell International, Inc.		2,410		461,467
Huntington Ingalls Industries, Inc.		2,060		443,312
IDEX Corp.		2,115		475,833
Illinois Tool Works, Inc.^(b)		1,966		458,392
Leidos Holdings, Inc.		5,133		498,260
Lockheed Martin Corp.		1,003		475,683
Raytheon Technologies Corp.^(b)		4,855		476,227
Republic Services, Inc.		4,406		568,066
Snap-on, Inc.^(b)		1,886		469,010
Waste Management, Inc.		3,735		559,354

				5,885,730

Information Technology-2.91%
International Business Machines Corp.		3,816		493,409
Jack Henry & Associates, Inc.		3,110		510,786
Roper Technologies, Inc.		1,118		480,964

				1,485,159

Real Estate-1.03%
Realty Income Corp.		8,269		528,802

Utilities-22.87%
Alliant Energy Corp.		9,580		491,167
Ameren Corp.		6,488		536,622
American Electric Power Co., Inc.		5,741		505,036
Atmos Energy Corp.^(b)		4,485		505,953
CenterPoint Energy, Inc.		18,091		503,292
CMS Energy Corp.		8,594		506,788
Consolidated Edison, Inc.		6,148		549,324
Dominion Energy, Inc.		8,732		485,674
DTE Energy Co.		4,819		528,692
Duke Energy Corp.		5,722		539,356
Entergy Corp.		4,673		480,712
Evergy, Inc.		8,610		506,354
Eversource Energy		6,471		487,655
Exelon Corp.		11,800		476,602
FirstEnergy Corp.		13,160		520,346
NiSource, Inc.		18,705		513,078
Pinnacle West Capital Corp.		6,778		499,403
PPL Corp.		18,195		492,539

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


		33

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Utilities-(continued)
Public Service Enterprise Group, Inc.		8,438	$	509,908
Sempra Energy		3,348		502,066
Southern Co. (The)		8,019		505,678
WEC Energy Group, Inc.		5,811		515,203
Xcel Energy, Inc.		7,811		504,356

				11,665,804

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $50,636,777)				50,956,901


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.71%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		672,575		672,575


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		1,729,133	$	1,729,479

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,402,054)				2,402,054

TOTAL INVESTMENTS IN SECURITIES-104.59% (Cost $53,038,831)				53,358,955
OTHER ASSETS LESS LIABILITIES-(4.59)%				(2,342,634	)

NET ASSETS-100.00%			$	51,016,321

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 February 28, 2023.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	222,512		$	(222,512	)		$	-		$	-			$	-		$	162

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			370,431			3,277,857			(2,975,713	)			-			-				672,575			3,291	*

Invesco Private Prime Fund			952,536			8,246,116			(7,469,014	)			-			(159	)			1,729,479			8,865	*


Total		$	1,322,967		$	11,746,485		$	(10,667,239	)		$	-		$	(159	)		$	2,402,054		$	12,318

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

^(e)	The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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

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


		34

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)–(continued)

February 28, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Utilities			22.87

Consumer Staples			22.14

Health Care			19.57

Financials			14.62

Industrials			11.54

Consumer Discretionary			3.25

Sector Types Each Less Than 3%			5.89

Money Market Funds Plus Other Assets Less Liabilities			0.12

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


		35

Invesco S&P 500^® High Beta ETF (SPHB)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Communication Services-6.02%
Alphabet, Inc., Class C^(b)		66,494	$	6,004,408
DISH Network Corp., Class A^(b)(c)		581,126		6,630,648
Match Group, Inc.^(b)(c)		182,168		7,545,398
Meta Platforms, Inc., Class A^(b)		46,918		8,207,835
Netflix, Inc.^(b)		21,628		6,967,028
Warner Bros Discovery, Inc.^(b)		457,149		7,140,667

				42,495,984

Consumer Discretionary-23.49%
Amazon.com, Inc.^(b)		81,407		7,670,982
Aptiv PLC^(b)		71,281		8,288,555
Bath & Body Works, Inc.		161,316		6,592,985
Caesars Entertainment, Inc.^(b)		200,725		10,188,801
CarMax, Inc.^(b)(c)		92,092		6,358,032
Carnival Corp.^(b)(c)		857,284		9,104,356
D.R. Horton, Inc.		63,400		5,863,232
Etsy, Inc.^(b)(c)		70,455		8,553,942
Expedia Group, Inc.^(b)		58,575		6,382,918
Ford Motor Co.^(c)		527,449		6,366,310
General Motors Co.		163,734		6,343,055
Lennar Corp., Class A		62,372		6,033,867
MGM Resorts International^(c)		179,927		7,738,660
Mohawk Industries, Inc.^(b)		50,767		5,221,386
NIKE,Inc.,Class B		54,784		6,507,791
Norwegian Cruise Line Holdings Ltd.^(b)(c)		580,181		8,598,282
Pool Corp.^(c)		15,969		5,698,697
PulteGroup, Inc.		117,800		6,440,126
Ralph Lauren Corp.^(c)		56,426		6,668,989
Royal Caribbean Cruises Ltd.^(b)(c)		118,489		8,370,063
Tapestry, Inc.		157,885		6,869,576
Tesla, Inc.^(b)		43,351		8,917,734
Wynn Resorts Ltd.^(b)(c)		66,515		7,208,231

				165,986,570

Consumer Staples-0.86%
Estee Lauder Cos., Inc. (The), Class A		24,884		6,048,056

Financials-12.72%
Ameriprise Financial, Inc.		17,798		6,102,400
BlackRock, Inc.		8,862		6,109,729
Capital One Financial Corp.		57,269		6,246,903
Discover Financial Services		53,322		5,972,064
First Republic Bank		45,735		5,625,862
Franklin Resources, Inc.		199,472		5,878,440
Invesco Ltd.^(d)		378,452		6,683,462
Lincoln National Corp.		206,742		6,557,856
MSCI, Inc.		12,114		6,325,325
Signature Bank		63,868		7,348,013
State Street Corp.		67,258		5,964,439
SVB Financial Group^(b)		26,164		7,538,110
Synchrony Financial		186,012		6,642,489
T. Rowe Price Group, Inc.^(c)		60,973		6,846,049

				89,841,141

Health Care-6.47%
Align Technology, Inc.^(b)		23,913		7,401,073
Catalent, Inc.^(b)		86,666		5,912,354
DexCom, Inc.^(b)		64,568		7,167,694
IDEXX Laboratories, Inc.^(b)		12,419		5,877,168


	Shares		Value
Health Care-(continued)
Illumina, Inc.^(b)		35,450	$	7,061,640
Intuitive Surgical, Inc.^(b)		26,759		6,138,247
Moderna, Inc.^(b)		44,322		6,152,337

				45,710,513

Industrials-6.13%
American Airlines Group, Inc.^(b)(c)		457,246		7,306,791
Delta Air Lines, Inc.^(b)		163,729		6,277,370
Generac Holdings, Inc.^(b)(c)		80,974		9,717,690
Old Dominion Freight Line, Inc.		17,291		5,866,144
United Airlines Holdings, Inc.^(b)		141,128		7,333,011
United Rentals, Inc.^(c)		14,564		6,823,671

				43,324,677

Information Technology-42.47%
Adobe, Inc.^(b)		18,612		6,029,357
Advanced Micro Devices, Inc.^(b)		119,394		9,381,980
Analog Devices, Inc.		35,879		6,582,720
ANSYS, Inc.^(b)		26,461		8,033,824
Apple, Inc.		42,250		6,228,072
Applied Materials, Inc.		73,138		8,494,979
Arista Networks, Inc.^(b)		49,339		6,843,319
Autodesk, Inc.^(b)		35,864		7,125,818
Broadcom, Inc.		10,504		6,242,422
Cadence Design Systems, Inc.^(b)		34,669		6,689,037
Ceridian HCM Holding, Inc.^(b)(c)		118,834		8,666,564
Enphase Energy, Inc.^(b)		35,196		7,409,814
EPAM Systems, Inc.^(b)		21,829		6,715,692
Fortinet, Inc.^(b)		129,077		7,672,337
HP, Inc.		209,367		6,180,514
Intel Corp.		216,581		5,399,364
Intuit, Inc.		19,715		8,027,554
KLA Corp.		19,744		7,490,479
Lam Research Corp.		17,154		8,337,015
Microchip Technology, Inc.		93,418		7,569,661
Micron Technology, Inc.		121,684		7,035,769
Microsoft Corp.		24,018		5,990,570
Monolithic Power Systems, Inc.		21,666		10,492,627
NVIDIA Corp.		49,378		11,463,596
NXP Semiconductors N.V. (China)		39,813		7,105,824
ON Semiconductor Corp.^(b)		117,082		9,063,318
Paycom Software, Inc.^(b)		24,996		7,225,344
PayPal Holdings, Inc.^(b)(c)		99,131		7,296,042
Qorvo, Inc.^(b)		71,613		7,225,036
QUALCOMM, Inc.		57,224		7,068,881
salesforce.com, inc.^(b)		43,175		7,063,862
Seagate Technology Holdings PLC		87,492		5,648,483
ServiceNow, Inc.^(b)		17,671		7,636,876
Skyworks Solutions, Inc.		61,591		6,871,708
SolarEdge Technologies, Inc.^(b)(c)		22,902		7,281,004
Synopsys, Inc.^(b)		18,297		6,655,717
Teradyne, Inc.		74,822		7,567,497
Trimble, Inc.^(b)		128,558		6,692,729
Tyler Technologies, Inc.^(b)		19,632		6,306,780
Western Digital Corp.^(b)		165,262		6,359,282
Zebra Technologies Corp., Class A^(b)		23,026		6,913,556

				300,085,023

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


		36

Invesco S&P 500^® High Beta ETF (SPHB)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Materials-1.86%
Albemarle Corp.^(c)		25,759	$	6,550,771
Freeport-McMoRan, Inc.		160,579		6,578,922

				13,129,693

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $790,009,272)				706,621,657


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-13.33%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		26,373,834		26,373,834


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		67,804,869	$	67,818,428

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $94,194,550)				94,192,262

TOTAL INVESTMENTS IN SECURITIES-113.35% (Cost $884,203,822)				800,813,919
OTHER ASSETS LESS LIABILITIES-(13.35)%				(94,306,988	)

NET ASSETS-100.00%.			$	706,506,931

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 February 28, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income

Invesco Ltd.		$	4,564,792		$	5,261,536		$	(3,185,835	)		$	306,831			$	(263,862	)		$	6,683,462		$	107,506

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			1,321,545			(1,321,545	)			-				-				-			1,901

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			24,124,051			95,945,881			(93,696,098	)			-				-				26,373,834			280,102	*

Invesco Private Prime Fund			62,033,275			216,993,854			(211,213,065	)			(4,117	)			8,481				67,818,428			773,691	*


Total		$	90,722,118		$	319,522,816		$	(309,416,543	)		$	302,714			$	(255,381	)		$	100,875,724		$	1,163,200

*	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 February 28, 2023.

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

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


		37

Invesco S&P 500^® High Beta ETF (SPHB)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition

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

as of February 28, 2023



Information Technology	42.47

Consumer Discretionary	23.49

Financials	12.72

Health Care	6.47

Industrials	6.13

Communication Services	6.02

Sector Types Each Less Than 3%	2.72

Money Market Funds Plus Other Assets Less Liabilities	(0.02	)

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


		38

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-9.26%
AT&T, Inc.		6,158,043	$	116,448,593
Interpublic Group of Cos., Inc. (The)		1,696,555		60,295,565
Omnicom Group, Inc.		708,217		64,143,213
Verizon Communications, Inc.		2,870,790		111,415,360

				352,302,731

Consumer Discretionary-3.36%
Darden Restaurants, Inc.		406,605		58,140,449
Hasbro, Inc.		1,268,878		69,800,979

				127,941,428

Consumer Staples-12.81%
Altria Group, Inc.		2,634,823		122,334,832
Clorox Co. (The)^(b)		420,394		65,346,043
Kimberly-Clark Corp.		451,210		56,423,811
Kraft Heinz Co. (The)		1,754,088		68,304,187
Philip Morris International, Inc. (Switzerland)		873,643		85,005,464
Walgreens Boots Alliance, Inc.^(b)		2,537,465		90,156,131

				487,570,468

Energy-4.93%
Kinder Morgan, Inc.		5,835,872		99,559,977
Williams Cos., Inc. (The)		2,920,833		87,917,073

				187,477,050

Financials-10.62%
Citigroup, Inc.		1,558,846		79,017,904
Huntington Bancshares, Inc.		5,323,335		81,553,492
Prudential Financial, Inc.		850,222		85,022,200
Truist Financial Corp.		1,708,771		80,226,798
U.S. Bancorp		1,641,612		78,354,141

				404,174,535

Health Care-6.32%
AbbVie, Inc.		419,929		64,627,073
Gilead Sciences, Inc.		719,420		57,934,893
Medtronic PLC		755,602		62,563,845
Organon & Co.^(b)		2,268,906		55,565,508

				240,691,319

Industrials-3.83%
3M Co.		768,058		82,750,569
United Parcel Service, Inc., Class B		345,342		63,021,461

				145,772,030

Information Technology-4.99%
Corning, Inc.		1,678,120		56,972,174
International Business Machines Corp.		587,490		75,962,457
NetApp, Inc.		885,160		57,137,078

				190,071,709


	Shares		Value
Materials-8.64%
Amcor PLC		6,132,727	$	68,318,579
Dow, Inc.		1,696,799		97,056,903
International Paper Co.		2,583,427		94,010,908
Packaging Corp. of America		507,530		69,389,502

				328,775,892

Real Estate-19.33%
Boston Properties, Inc.		1,454,999		95,273,335
Crown Castle, Inc.		538,757		70,442,478
Digital Realty Trust, Inc.		808,334		84,252,653
Equity Residential^(b)		1,202,972		75,209,809
Federal Realty Investment Trust		685,814		73,231,219
Healthpeak Properties, Inc.		3,127,498		75,247,602
Realty Income Corp.		1,239,712		79,279,582
Simon Property Group, Inc.		832,067		101,587,060
VICI Properties, Inc.		2,422,764		81,235,277

				735,759,015

Utilities-15.87%
Dominion Energy, Inc.		1,238,541		68,887,650
Duke Energy Corp.		677,498		63,860,961
Edison International		1,168,769		77,384,196
Entergy Corp.		603,815		62,114,449
Evergy, Inc.		1,072,534		63,075,725
FirstEnergy Corp.		1,605,258		63,471,901
Pinnacle West Capital Corp.		1,077,714		79,405,968
Public Service Enterprise Group, Inc.		1,027,917		62,117,024
Southern Co. (The)		1,007,439		63,529,103

				603,846,977

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $4,027,491,725)				3,804,383,154


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.65%
Invesco Private Government Fund, 4.58%^(c)(d)(e)		6,932,995		6,932,995
Invesco Private Prime Fund, 4.83%^(c)(d)(e)		17,824,136		17,827,700

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $24,761,771)				24,760,695

TOTAL INVESTMENTS IN SECURITIES-100.61% (Cost $4,052,253,496)				3,829,143,849
OTHER ASSETS LESS LIABILITIES-(0.61)%				(23,250,018	)

NET ASSETS-100.00%			$	3,805,893,831

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


		39

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)–(continued)

February 28, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b⁾	All or a portion of this security was out on loan at February 28, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	38,852,709		$	(38,852,709	)		$	-			$	-		$	-		$	23,854

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			61,432,179			394,712,335			(449,211,519	)			-				-			6,932,995			987,298	*

Invesco Private Prime Fund			167,177,419			855,970,310			(1,005,362,405	)			(3,012	)			45,388			17,827,700			2,720,236	*


Total		$	228,609,598		$	1,289,535,354		$	(1,493,426,633	)		$	(3,012	)		$	45,388		$	24,760,695		$	3,731,388

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

^(d)	The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

^(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.

Portfolio Composition

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

as of February 28, 2023



Real Estate			19.33

Utilities			15.87

Consumer Staples			12.81

Financials			10.62

Communication Services			9.26

Materials			8.64

Health Care			6.32

Information Technology			4.99

Energy			4.93

Industrials			3.83

Consumer Discretionary			3.36

Money Market Funds Plus Other Assets Less Liabilities			0.04

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


		40

Invesco S&P 500^® Low Volatility ETF (SPLV)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-1.95%
Electronic Arts, Inc.		830,285	$	92,111,818
Verizon Communications, Inc.^(b)		2,538,940		98,536,261

				190,648,079

Consumer Discretionary-3.25%
Genuine Parts Co.		578,602		102,331,550
McDonald’s Corp.		447,526		118,106,586
Yum! Brands, Inc.		763,548		97,092,764

				317,530,900

Consumer Staples-22.12%
Altria Group, Inc.		2,031,986		94,345,110
Brown-Forman Corp., Class B		1,436,628		93,194,058
Campbell Soup Co.^(b)		1,950,315		102,430,544
Church & Dwight Co., Inc.		1,143,281		95,784,082
Coca-Cola Co. (The)		1,986,357		118,208,105
Colgate-Palmolive Co.		1,522,361		111,589,061
Conagra Brands, Inc.		2,644,997		96,304,341
Constellation Brands, Inc., Class A		406,569		90,949,485
General Mills, Inc.		1,359,202		108,070,151
Hershey Co. (The)		467,537		111,423,418
Hormel Foods Corp.		2,477,493		109,951,139
JM Smucker Co. (The)		674,613		99,768,517
Kellogg Co.		1,570,256		103,542,681
Keurig Dr Pepper, Inc.		3,215,387		111,091,621
Kimberly-Clark Corp.		829,012		103,667,951
Kraft Heinz Co. (The)		2,294,229		89,337,277
McCormick & Co., Inc.^(b)		1,218,961		90,593,182
Mondelez International, Inc., Class A^(b)		1,735,684		113,131,883
PepsiCo, Inc.		703,046		121,999,572
Philip Morris International, Inc. (Switzerland)		929,941		90,483,259
Procter & Gamble Co. (The)		775,357		106,658,109

				2,162,523,546

Financials-14.61%
Aflac, Inc.^(b)		1,432,146		97,600,750
Arthur J. Gallagher & Co.		462,855		86,715,884
Berkshire Hathaway, Inc., Class B^(c)		343,939		104,963,304
Cboe Global Markets, Inc.		755,692		95,345,660
Chubb Ltd.		477,465		100,754,664
CME Group, Inc., Class A		506,549		93,893,923
Globe Life, Inc.^(b)		798,200		97,132,958
Hartford Financial Services Group, Inc. (The)		1,200,136		93,946,646
Loews Corp.		1,631,845		99,689,411
Marsh & McLennan Cos., Inc.		538,808		87,362,329
MetLife, Inc.		1,320,278		94,703,541
Progressive Corp. (The)		658,759		94,545,092
Travelers Cos., Inc. (The)		547,564		101,365,048
W.R. Berkley Corp.		1,389,880		91,996,157
Willis Towers Watson PLC^(b)		375,881		88,091,471

				1,428,106,838

Health Care-19.56%
Abbott Laboratories^(b)		824,047		83,822,061
AbbVie, Inc.		716,103		110,208,252
AmerisourceBergen Corp.		646,296		100,537,806


	Shares		Value
Health Care-(continued)
Amgen, Inc.^(b)		450,309	$	104,318,583
Becton, Dickinson and Co.		390,895		91,684,422
Bristol-Myers Squibb Co.		1,644,580		113,410,237
Cardinal Health, Inc.		1,128,440		85,434,192
Cigna Group (The)		311,736		91,058,086
CVS Health Corp.		1,016,420		84,911,727
Gilead Sciences, Inc.		1,083,834		87,281,152
Henry Schein, Inc.^(b)(c)		1,052,310		82,406,396
Hologic, Inc.^(c)		1,048,085		83,469,489
Humana, Inc.		183,919		91,043,583
Incyte Corp.^(c)		1,130,629		87,035,820
Johnson & Johnson.		819,402		125,581,551
McKesson Corp.		271,684		95,037,780
Medtronic PLC		1,056,187		87,452,284
Merck & Co., Inc.		1,104,287		117,319,451
Quest Diagnostics, Inc.		683,192		94,526,445
UnitedHealth Group, Inc.		200,446		95,400,269

				1,911,939,586

Industrials-11.58%
AMETEK, Inc.		660,543		93,506,467
General Dynamics Corp.		430,291		98,067,622
Honeywell International, Inc.		461,418		88,352,319
IDEX Corp.		404,827		91,077,978
Illinois Tool Works, Inc.^(b)		376,299		87,737,875
Leidos Holdings, Inc.		982,761		95,396,610
Lockheed Martin Corp.		191,910		91,015,237
Otis Worldwide Corp.		1,066,727		90,266,439
Raytheon Technologies Corp.		929,736		91,197,804
Republic Services, Inc.		843,465		108,747,942
Snap-on, Inc.		360,919		89,753,337
Waste Management, Inc.		715,108		107,094,574

				1,132,214,204

Information Technology-2.91%
International Business Machines Corp.		730,787		94,490,759
Jack Henry & Associates, Inc.		595,520		97,808,205
Roper Technologies, Inc.		214,010		92,067,102

				284,366,066

Real Estate-1.04%
Realty Income Corp.		1,583,294		101,251,651

Utilities-22.85%
Alliant Energy Corp.		1,834,285		94,043,792
Ameren Corp.		1,242,595		102,775,032
American Electric Power Co., Inc.^(b)		1,099,534		96,726,006
Atmos Energy Corp.^(b)		858,812		96,882,582
CenterPoint Energy, Inc.		3,464,126		96,371,985
CMS Energy Corp.		1,645,637		97,043,214
Consolidated Edison, Inc.		1,177,125		105,176,119
Dominion Energy, Inc.		1,672,059		92,999,922
DTE Energy Co.		922,643		101,223,164
Duke Energy Corp.		1,095,825		103,292,464
Entergy Corp.		894,828		92,050,956
Evergy, Inc.		1,648,643		96,956,695
Eversource Energy		1,238,909		93,364,182
Exelon Corp.		2,259,496		91,261,043
FirstEnergy Corp.		2,519,913		99,637,360
NiSource, Inc.		3,581,705		98,246,168

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


		41

Invesco S&P 500^® Low Volatility ETF (SPLV)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Utilities-(continued)
Pinnacle West Capital Corp.^(b)		1,297,791	$	95,621,241
PPL Corp.		3,484,128		94,315,345
Public Service Enterprise Group, Inc.		1,615,541		97,627,143
Sempra Energy		641,232		96,159,151
Southern Co. (The)^(b)		1,535,668		96,839,224
WEC Energy Group, Inc.		1,112,613		98,644,269
Xcel Energy, Inc.		1,495,871		96,588,390

				2,233,845,447

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $10,103,418,988)				9,762,426,317


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.36%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		37,343,954		37,343,954


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		96,008,110	$	96,027,308

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $133,374,279)				133,371,262

TOTAL INVESTMENTS IN SECURITIES-101.23% (Cost $10,236,793,267)				9,895,797,579
OTHER ASSETS LESS LIABILITIES-(1.23)%				(120,432,771	)

NET ASSETS-100.00%			$	9,775,364,808

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 February 28, 2023.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	106,365,809		$	(106,365,809	)		$	-			$	-		$	-		$	111,574

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			140,080,011			753,201,181			(855,937,238	)			-				-			37,343,954			1,428,529	*

Invesco Private Prime Fund			360,219,541			1,417,412,907			(1,681,613,884	)			(3,025	)			11,769			96,027,308			4,026,310	*


Total		$	500,299,552		$	2,276,979,897		$	(2,643,916,931	)		$	(3,025	)		$	11,769		$	133,371,262		$	5,566,413

*	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 February 28, 2023.

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

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


		42

Invesco S&P 500^® Low Volatility ETF (SPLV)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition

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

as of February 28, 2023



Utilities			22.85

Consumer Staples			22.12

Health Care			19.56

Financials			14.61

Industrials			11.58

Consumer Discretionary			3.25

Sector Types Each Less Than 3%			5.90

Money Market Funds Plus Other Assets Less Liabilities			0.13

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


		43

Invesco S&P 500 Minimum Variance ETF (SPMV)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-5.15%
Alphabet, Inc., Class C^(b)		542	$	48,943
AT&T, Inc.		19,573		370,125
T-Mobile US, Inc.^(b)		2,976		423,128
Verizon Communications, Inc.		9,247		358,876

				1,201,072

Consumer Discretionary-7.34%
Amazon.com, Inc.^(b)		3,078		290,040
Home Depot, Inc. (The)		1,026		304,250
McDonald’s Corp.		1,875		494,831
NIKE,Inc.,Class B		788		93,607
TJX Cos., Inc. (The)		6,890		527,774

				1,710,502

Consumer Staples-12.33%
Colgate-Palmolive Co.		5,644		413,705
Conagra Brands, Inc.		7,001		254,907
General Mills, Inc.		6,322		502,662
Hershey Co. (The)		291		69,351
Hormel Foods Corp.		3,669		162,830
JM Smucker Co. (The)		396		58,565
Kellogg Co.		650		42,861
Kimberly-Clark Corp.		1,619		202,456
McCormick & Co., Inc.		2,313		171,902
Mondelez International, Inc., Class A		7,940		517,529
Procter & Gamble Co. (The)		3,480		478,709

				2,875,477

Energy-0.42%
Exxon Mobil Corp.		893		98,150

Financials-14.49%
Allstate Corp. (The)		828		106,630
American International Group, Inc.		1,185		72,415
Aon PLC, Class A		1,576		479,183
Arthur J. Gallagher & Co.		291		54,519
Bank of America Corp.		4,723		161,999
Berkshire Hathaway, Inc., Class B^(b)		1,704		520,027
Chubb Ltd.		2,497		526,917
Hartford Financial Services Group, Inc. (The)		578		45,246
JPMorgan Chase & Co.		256		36,697
Marsh & McLennan Cos., Inc.		2,921		473,611
Progressive Corp. (The)		3,784		543,080
Travelers Cos., Inc. (The)		1,929		357,096

				3,377,420

Health Care-19.57%
Abbott Laboratories		4,489		456,621
Amgen, Inc.		763		176,757
Becton, Dickinson and Co.		125		29,319
Biogen, Inc.^(b)		321		86,625
Bristol-Myers Squibb Co.		309		21,309
CVS Health Corp.		4,768		398,319
Eli Lilly and Co.		1,274		396,494
Incyte Corp.^(b)		837		64,432
Intuitive Surgical, Inc.^(b)		272		62,394
Johnson & Johnson		2,939		450,431
Medtronic PLC		4,947		409,612
Merck & Co., Inc.		5,575		592,288


	Shares		Value
Health Care-(continued)
Mettler-Toledo International, Inc.^(b)		86	$	123,299
Pfizer, Inc.		5,824		236,280
Regeneron Pharmaceuticals, Inc.^(b)		537		408,345
Stryker Corp.		174		45,741
Vertex Pharmaceuticals, Inc.^(b)		1,668		484,204
Viatris, Inc.		5,966		68,012
Zoetis, Inc.		314		52,438

				4,562,920

Industrials-4.21%
Republic Services, Inc.		2,360		304,275
Rollins, Inc.		3,091		108,803
Verisk Analytics, Inc.		1,321		226,036
Waste Management, Inc.		2,278		341,153

				980,267

Information Technology-22.84%
Accenture PLC, Class A		1,527		405,495
Adobe, Inc.^(b)		814		263,695
Analog Devices, Inc.		479		87,882
Apple, Inc.		3,096		456,381
Automatic Data Processing, Inc.		860		189,045
Cisco Systems, Inc.		2,255		109,187
Cognizant Technology Solutions Corp., Class A		1,942		121,628
Fidelity National Information Services, Inc.		5,328		337,635
Global Payments, Inc.		997		111,863
Intel Corp.		574		14,310
Intuit, Inc.		930		378,677
Microsoft Corp.		1,842		459,432
Oracle Corp.		6,284		549,222
QUALCOMM, Inc.		3,401		420,126
salesforce.com, inc.^(b)		963		157,557
Texas Instruments, Inc.		2,616		448,513
Trimble, Inc.^(b)		3,657		190,383
Tyler Technologies, Inc.^(b)		534		171,548
VeriSign, Inc.^(b)		1,255		247,022
Visa, Inc., Class A		927		203,884

				5,323,485

Materials-3.12%
Corteva, Inc.		7,792		485,363
Newmont Corp.		5,526		240,989

				726,352

Real Estate-3.64%
American Tower Corp.		1,683		333,251
Crown Castle, Inc.		2,794		365,315
Prologis, Inc.		1,214		149,808

				848,374

Utilities-6.82%
Ameren Corp.		834		68,980
American Electric Power Co., Inc.		400		35,188
Dominion Energy, Inc.		3,473		193,168
Duke Energy Corp.		1,210		114,055
Eversource Energy		1,110		83,650
NextEra Energy, Inc.		5,418		384,840
Public Service Enterprise Group, Inc.		4,492		271,451
Sempra Energy		182		27,293
Southern Co. (The)		4,715		297,328

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


		44

Invesco S&P 500 Minimum Variance ETF (SPMV)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Utilities-(continued)
WEC Energy Group, Inc.		316	$	28,017
Xcel Energy, Inc.		1,336		86,265

				1,590,235

TOTAL INVESTMENTS IN SECURITIES-99.93% (Cost $23,102,899)				23,294,254
OTHER ASSETS LESS LIABILITIES-0.07%				17,092

NET ASSETS-100.00%			$	23,311,346

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.


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value February 28, 2023		Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$15,358		$259,020		$(274,378)		$-		$-		$-		$147

Portfolio Composition

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

as of February 28, 2023



Information Technology			22.84

Health Care			19.57

Financials			14.49

Consumer Staples			12.33

Consumer Discretionary			7.34

Utilities			6.82

Communication Services			5.15

Industrials			4.21

Real Estate			3.64

Materials			3.12

Energy			0.42

Other Assets Less Liabilities			0.07

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


		45

Invesco S&P 500^® Momentum ETF (SPMO)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Consumer Discretionary-2.02%
AutoZone, Inc.^(b)		550	$	1,367,597
Dollar Tree, Inc.^(b)		7,055		1,024,950
Genuine Parts Co.		3,803		672,599
O’Reilly Automotive, Inc.^(b)		1,304		1,082,450

				4,147,596

Consumer Staples-11.56%
Archer-Daniels-Midland Co.		19,212		1,529,275
Campbell Soup Co.		4,574		240,227
Coca-Cola Co. (The)		96,831		5,762,413
Costco Wholesale Corp.		11,389		5,514,326
General Mills, Inc.		19,883		1,580,897
Hershey Co. (The)		5,138		1,224,488
Kellogg Co.		6,993		461,118
Keurig Dr Pepper, Inc.		17,803		615,094
Lamb Weston Holdings, Inc.		3,112		313,192
Molson Coors Beverage Co., Class B		4,905		260,897
PepsiCo, Inc.		33,368		5,790,349
Tyson Foods, Inc., Class A		7,751		459,169

				23,751,445

Energy-30.41%
APA Corp.		12,500		479,750
Chevron Corp.		83,085		13,357,576
ConocoPhillips		53,874		5,567,878
Coterra Energy, Inc.		36,708		916,599
Devon Energy Corp.		30,212		1,629,031
Diamondback Energy, Inc.		6,204		872,158
EOG Resources, Inc.		20,227		2,286,056
Exxon Mobil Corp.		192,279		21,133,385
Halliburton Co.		23,371		846,731
Hess Corp.		8,040		1,082,988
Marathon Oil Corp.		31,192		784,479
Marathon Petroleum Corp.		21,685		2,680,266
Occidental Petroleum Corp.		34,382		2,013,410
ONEOK, Inc.		10,083		659,932
Phillips 66		10,647		1,091,956
Pioneer Natural Resources Co.		10,167		2,037,569
Schlumberger Ltd.		30,845		1,641,262
Valero Energy Corp.		15,060		1,983,854
Williams Cos., Inc. (The)		46,692		1,405,429

				62,470,309

Financials-9.55%
Arthur J. Gallagher & Co.		6,506		1,218,899
Assurant, Inc.		1,133		144,333
Berkshire Hathaway, Inc., Class B^(b)		32,886		10,036,150
Brown & Brown, Inc.		5,429		304,404
Chubb Ltd.		8,810		1,859,086
Comerica, Inc.		2,514		176,231
FactSet Research Systems, Inc.		940		389,677
M&T Bank Corp.		4,946		768,064
Marsh & McLennan Cos., Inc.		10,153		1,646,207
Progressive Corp. (The)		15,553		2,232,167
Raymond James Financial, Inc.		3,712		402,604
W.R. Berkley Corp.		6,602		436,986

				19,614,808


	Shares		Value
Health Care-29.43%
AbbVie, Inc.		56,499	$	8,695,196
AmerisourceBergen Corp.		4,091		636,396
Bristol-Myers Squibb Co.		46,529		3,208,640
Centene Corp.^(b)		14,770		1,010,268
Cigna Group (The)		7,147		2,087,639
CVS Health Corp.		31,129		2,600,517
Elevance Health, Inc.		6,126		2,877,198
Eli Lilly and Co.		25,419		7,910,901
McKesson Corp.		6,633		2,320,290
Merck & Co., Inc.		61,775		6,562,976
Molina Healthcare, Inc.^(b)		1,251		344,438
Pfizer, Inc.		124,626		5,056,077
UnitedHealth Group, Inc.		30,929		14,720,348
Vertex Pharmaceuticals, Inc.^(b)		8,380		2,432,630

				60,463,514

Industrials-3.41%
C.H. Robinson Worldwide, Inc.		3,102		310,076
General Dynamics Corp.		5,603		1,276,980
Northrop Grumman Corp.		4,420		2,051,366
Quanta Services, Inc.		4,616		745,022
Republic Services, Inc.		5,186		668,631
W.W. Grainger, Inc.		1,156		772,705
Waste Management, Inc.		7,935		1,188,346

				7,013,126

Information Technology-3.69%
Automatic Data Processing, Inc.		9,105		2,001,461
Cadence Design Systems, Inc.^(b)		5,971		1,152,045
Enphase Energy, Inc.^(b)		2,978		626,958
HP, Inc.		17,106		504,969
Jack Henry & Associates, Inc.		1,845		303,023
ON Semiconductor Corp.^(b)		13,407		1,037,836
Paychex, Inc.		6,560		724,224
Synopsys, Inc.^(b)		3,383		1,230,600

				7,581,116

Materials-2.01%
Amcor PLC		33,440		372,521
CF Industries Holdings, Inc.		9,194		789,673
Corteva, Inc.		22,339		1,391,496
Mosaic Co. (The)		11,359		604,185
Nucor Corp.		5,831		976,343

				4,134,218

Real Estate-0.85%
Public Storage		2,970		887,881
Realty Income Corp.		13,389		856,227

				1,744,108

Utilities-6.94%
Ameren Corp.		6,026		498,411
American Electric Power Co., Inc.		12,623		1,110,445
Atmos Energy Corp.		4,461		503,245
CenterPoint Energy, Inc.		20,039		557,485
CMS Energy Corp.		6,611		389,851
Consolidated Edison, Inc.		15,290		1,366,162
Dominion Energy, Inc.		18,563		1,032,474
DTE Energy Co.		4,639		508,945
Edison International		12,475		825,970

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


		46

Invesco S&P 500^® Momentum ETF (SPMO)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Utilities-(continued)
Entergy Corp.		4,624	$	475,671
Exelon Corp.		43,529		1,758,136
FirstEnergy Corp.		11,177		441,939
NiSource, Inc.		13,317		365,285
Sempra Energy		10,822		1,622,867
Southern Co. (The)		34,504		2,175,822
WEC Energy Group, Inc.		6,926		614,059

				14,246,767

TOTAL INVESTMENTS IN SECURITIES-99.87% (Cost $213,907,169)				205,167,007
OTHER ASSETS LESS LIABILITIES-0.13%				268,343

NET ASSETS-100.00%.			$	205,435,350

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.


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value February 28, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$87,717		$2,047,456		$(2,135,173)		$-		$-		$-		$1,266

Portfolio Composition

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

as of February 28, 2023


Energy			30.41
Health Care			29.43
Consumer Staples			11.56
Financials			9.55
Utilities			6.94
Information Technology			3.69
Industrials			3.41
Sector Types Each Less Than 3%			4.88
Other Assets Less Liabilities			0.13

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


		47

Invesco S&P 500 QVM Multi-factor ETF (QVML)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.77%
Communication Services-8.46%
Activision Blizzard, Inc.		22,125	$	1,687,031
Alphabet, Inc., Class C^(b)		388,474		35,079,202
AT&T, Inc.		228,066		4,312,728
Comcast Corp., Class A		149,448		5,554,982
DISH Network Corp., Class A^(b)(c)		8,252		94,155
Electronic Arts, Inc.		8,685		963,514
Fox Corp., Class A		15,188		531,884
Interpublic Group of Cos., Inc. (The)		13,161		467,742
Live Nation Entertainment, Inc.^(b)(c)		4,760		343,006
Lumen Technologies, Inc.^(c)		31,196		106,066
Meta Platforms, Inc., Class A^(b)		75,742		13,250,306
Netflix, Inc.^(b)		14,165		4,562,972
News Corp., Class A		17,039		292,219
Omnicom Group, Inc.		6,786		614,608
Paramount Global, Class B^(c)		17,941		384,296
Take-Two Interactive Software, Inc.^(b)		5,268		577,110
T-Mobile US, Inc.^(b)		19,789		2,813,600
Verizon Communications, Inc.		141,177		5,479,079
Walt Disney Co. (The)^(b)		62,097		6,185,482
Warner Bros Discovery, Inc.^(b)		76,345		1,192,509

				84,492,491

Consumer Discretionary-8.22%
Advance Auto Parts, Inc.		1,859		269,481
Aptiv PLC^(b)		9,179		1,067,334
AutoZone, Inc.^(b)		657		1,633,657
Bath & Body Works, Inc.		7,678		313,800
Best Buy Co., Inc.		6,567		545,783
Booking Holdings, Inc.^(b)		1,357		3,425,068
BorgWarner, Inc.		7,850		394,698
CarMax, Inc.^(b)(c)		5,261		363,219
Carnival Corp.^(b)(c)		37,864		402,116
Chipotle Mexican Grill, Inc.^(b)		959		1,429,946
D.R. Horton, Inc.		10,099		933,956
Darden Restaurants, Inc.		4,065		581,254
Dollar General Corp.		7,420		1,604,946
Dollar Tree, Inc.^(b)		7,004		1,017,541
Expedia Group, Inc.^(b)		5,774		629,193
Ford Motor Co.^(c)		134,362		1,621,749
Garmin Ltd.		4,979		488,589
General Motors Co.		49,843		1,930,918
Genuine Parts Co.		4,451		787,204
Hasbro, Inc.		4,303		236,708
Home Depot, Inc. (The)		33,413		9,908,291
Las Vegas Sands Corp.^(b)(c)		10,366		595,734
Lennar Corp., Class A		8,156		789,011
LKQ Corp.		8,611		493,324
Lowe’s Cos., Inc.		21,037		4,328,363
Marriott International, Inc., Class A		9,283		1,571,055
McDonald’s Corp.		23,726		6,261,529
MGM Resorts International		11,532		495,991
Mohawk Industries, Inc.^(b)		1,701		174,948
Newell Brands, Inc.		12,684		186,328
NIKE,Inc.,Class B		41,058		4,877,280
NVR, Inc.^(b)		98		507,015
O’Reilly Automotive, Inc.^(b)		2,141		1,777,244
Pool Corp.		1,410		503,173


	Shares		Value
Consumer Discretionary-(continued)
PulteGroup, Inc.		7,824	$	427,738
Ralph Lauren Corp.^(c)		1,566		185,086
Ross Stores, Inc.		11,528		1,274,305
Tapestry, Inc.		8,436		367,050
Target Corp.		16,101		2,713,018
Tesla, Inc.^(b)		96,085		19,765,645
TJX Cos., Inc. (The)		37,851		2,899,387
Tractor Supply Co.		3,975		927,209
Ulta Beauty, Inc.^(b)		1,658		860,170
VF Corp.		13,299		330,081
Whirlpool Corp.		1,840		253,883

				82,150,018

Consumer Staples-7.33%
Altria Group, Inc.		57,986		2,692,290
Archer-Daniels-Midland Co.		18,799		1,496,400
Brown-Forman Corp., Class B		6,029		391,101
Campbell Soup Co.		6,837		359,079
Church & Dwight Co., Inc.		8,329		697,804
Clorox Co. (The)		4,085		634,972
Coca-Cola Co. (The)		124,759		7,424,408
Colgate-Palmolive Co.		26,761		1,961,581
Conagra Brands, Inc.		15,872		577,899
Constellation Brands, Inc., Class A		5,282		1,181,583
Costco Wholesale Corp.		15,908		7,702,335
Estee Lauder Cos., Inc. (The), Class A		7,542		1,833,083
General Mills, Inc.		18,625		1,480,874
Hershey Co. (The)		4,855		1,157,044
Hormel Foods Corp.		10,065		446,685
JM Smucker Co. (The)		3,527		521,608
Kellogg Co.		8,396		553,632
Keurig Dr Pepper, Inc.		27,752		958,832
Kimberly-Clark Corp.		10,788		1,349,039
Kraft Heinz Co. (The)		25,193		981,015
Kroger Co. (The)		22,769		982,255
Lamb Weston Holdings, Inc.		4,848		487,903
McCormick & Co., Inc.		8,287		615,890
Molson Coors Beverage Co., Class B		6,119		325,470
Mondelez International, Inc., Class A		43,672		2,846,541
Monster Beverage Corp.^(b)		12,384		1,260,196
PepsiCo, Inc.		45,135		7,832,277
Philip Morris International, Inc. (Switzerland)		48,646		4,733,256
Procter & Gamble Co. (The)		76,248		10,488,675
Sysco Corp.		16,824		1,254,566
Tyson Foods, Inc., Class A		9,955		589,734
Walgreens Boots Alliance, Inc.		23,292		827,565
Walmart, Inc.		46,800		6,651,684

				73,297,276

Energy-5.58%
APA Corp.		11,948		458,564
Baker Hughes Co., Class A		35,144		1,075,406
Chevron Corp.		61,593		9,902,307
ConocoPhillips		43,826		4,529,417
Coterra Energy, Inc.		28,526		712,294
Devon Energy Corp.		22,466		1,211,367
Diamondback Energy, Inc.		6,098		857,257
EOG Resources, Inc.		21,100		2,384,722

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


		48

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Energy-(continued)
EQT Corp.		13,627	$	452,144
Exxon Mobil Corp.		143,985		15,825,391
Halliburton Co.		31,662		1,147,114
Hess Corp.		9,348		1,259,176
Kinder Morgan, Inc.		66,588		1,135,991
Marathon Oil Corp.		24,250		609,888
Marathon Petroleum Corp.		17,805		2,200,698
Occidental Petroleum Corp.		25,982		1,521,506
ONEOK, Inc.		15,096		988,033
Phillips 66		16,661		1,708,752
Pioneer Natural Resources Co.		7,789		1,560,993
Schlumberger Ltd.		46,965		2,499,008
Targa Resources Corp.		7,795		577,610
Valero Energy Corp.		14,177		1,867,536
Williams Cos., Inc. (The)		41,392		1,245,899

				55,731,073

Financials-12.91%
Aflac, Inc.		18,586		1,266,636
Allstate Corp. (The)		8,708		1,121,416
American Express Co.		19,510		3,394,545
American International Group, Inc.		25,372		1,550,483
Ameriprise Financial, Inc.		3,494		1,197,988
Arch Capital Group Ltd.^(b)		11,780		824,600
Arthur J. Gallagher & Co.		6,786		1,271,357
Assurant, Inc.		1,739		221,531
Bank of America Corp.		258,997		8,883,597
Bank of New York Mellon Corp. (The)		24,267		1,234,705
Berkshire Hathaway, Inc., Class B^(b)		60,535		18,474,071
BlackRock, Inc.		4,923		3,394,064
Brown & Brown, Inc.		7,545		423,048
Capital One Financial Corp.		14,070		1,534,756
Cboe Global Markets, Inc.		3,370		425,193
Charles Schwab Corp. (The)		50,391		3,926,467
Chubb Ltd.		13,493		2,847,293
Cincinnati Financial Corp.		5,307		640,555
Citigroup, Inc.		67,265		3,409,663
Citizens Financial Group, Inc.		16,619		694,009
CME Group, Inc., Class A		11,722		2,172,790
Comerica, Inc.		4,240		297,224
Discover Financial Services		9,365		1,048,880
Everest Re Group Ltd.		1,283		492,634
FactSet Research Systems, Inc.		1,258		521,504
Fifth Third Bancorp		25,511		926,049
First Republic Bank		6,710		825,397
Franklin Resources, Inc.		9,308		274,307
Globe Life, Inc.		3,060		372,371
Goldman Sachs Group, Inc. (The)		11,746		4,130,481
Hartford Financial Services Group, Inc. (The)		10,771		843,154
Huntington Bancshares, Inc.		47,312		724,820
Intercontinental Exchange, Inc.		19,162		1,950,692
Invesco Ltd.^(d)		15,164		267,796
JPMorgan Chase & Co.		99,090		14,204,551
KeyCorp		30,966		566,368
Lincoln National Corp.		5,160		163,675
Loews Corp.		6,465		394,947
M&T Bank Corp.		6,536		1,014,975
MarketAxess Holdings, Inc.		1,086		370,815
Marsh & McLennan Cos., Inc.		16,225		2,630,722


	Shares		Value
Financials-(continued)
MetLife, Inc.		22,472	$	1,611,917
Moody’s Corp.		5,133		1,489,340
Morgan Stanley		45,687		4,408,795
Nasdaq, Inc.		10,969		614,922
Northern Trust Corp.		6,807		648,503
PNC Financial Services Group, Inc. (The)		14,268		2,253,203
Principal Financial Group, Inc.		7,719		691,314
Progressive Corp. (The)		19,027		2,730,755
Prudential Financial, Inc.		12,519		1,251,900
Raymond James Financial, Inc.		6,481		702,929
Regions Financial Corp.		31,244		728,610
S&P Global, Inc.		10,951		3,736,481
Signature Bank		2,717		312,591
State Street Corp.		11,925		1,057,509
SVB Financial Group^(b)		2,121		611,081
Synchrony Financial		17,037		608,391
T. Rowe Price Group, Inc.^(c)		7,511		843,335
Travelers Cos., Inc. (The)		7,792		1,442,455
Truist Financial Corp.		47,656		2,237,449
U.S. Bancorp		44,733		2,135,106
W.R. Berkley Corp.		6,752		446,915
Wells Fargo & Co.		137,242		6,418,808
Willis Towers Watson PLC		3,574		837,603
Zions Bancorporation N.A		4,955		250,822

				129,000,863

Health Care-14.52%
Abbott Laboratories		57,772		5,876,568
AbbVie, Inc.		55,292		8,509,439
Agilent Technologies, Inc.		9,843		1,397,411
Align Technology, Inc.^(b)		2,424		750,228
AmerisourceBergen Corp.		5,347		831,779
Amgen, Inc.		17,085		3,957,911
Becton, Dickinson and Co.		9,258		2,171,464
Biogen, Inc.^(b)		4,829		1,303,154
Bio-Techne Corp.		5,156		374,532
Boston Scientific Corp.^(b)		46,316		2,163,884
Bristol-Myers Squibb Co.		68,789		4,743,689
Cardinal Health, Inc.		9,099		688,885
Catalent, Inc.^(b)		5,763		393,152
Centene Corp.^(b)		18,320		1,253,088
Cigna Group (The)		9,790		2,859,659
Cooper Cos., Inc. (The)^(c)		1,579		516,286
CVS Health Corp.		41,944		3,504,002
Danaher Corp.		21,468		5,313,974
DaVita, Inc.^(b)		1,842		151,523
Edwards Lifesciences Corp.^(b)		21,113		1,698,330
Elevance Health, Inc.		7,691		3,612,232
Eli Lilly and Co.		25,217		7,848,035
Gilead Sciences, Inc.		40,233		3,239,963
HCA Healthcare, Inc.		6,975		1,698,064
Henry Schein, Inc.^(b)		4,769		373,460
Hologic, Inc.^(b)		8,319		662,525
Humana, Inc.		4,099		2,029,087
IDEXX Laboratories, Inc.^(b)		2,683		1,269,703
Incyte Corp.^(b)		5,683		437,477
IQVIA Holdings, Inc.^(b)		6,137		1,279,380
Johnson & Johnson		85,089		13,040,740
Laboratory Corp. of America Holdings		3,097		741,298
McKesson Corp.		4,563		1,596,183

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


		49

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Health Care-(continued)
Medtronic PLC		43,752	$	3,622,666
Merck & Co., Inc.		81,303		8,637,631
Moderna, Inc.^(b)		10,685		1,483,185
Molina Healthcare, Inc.^(b)		1,850		509,361
Organon & Co.		8,345		204,369
PerkinElmer, Inc.		4,211		524,564
Pfizer, Inc.		179,372		7,277,122
Quest Diagnostics, Inc.		3,940		545,138
Regeneron Pharmaceuticals, Inc.^(b)		3,375		2,566,417
ResMed, Inc.		5,067		1,079,271
Stryker Corp.^(c)		10,336		2,717,128
Teleflex, Inc.		1,561		371,877
Thermo Fisher Scientific, Inc.		12,605		6,828,885
UnitedHealth Group, Inc.		30,401		14,469,052
Universal Health Services, Inc., Class B		2,264		302,402
Vertex Pharmaceuticals, Inc.^(b)		8,247		2,394,022
Viatris, Inc.		39,626		451,736
Waters Corp.^(b)		1,899		590,380
West Pharmaceutical Services, Inc.		2,469		782,747
Zimmer Biomet Holdings, Inc.		6,805		842,935
Zoetis, Inc.		15,268		2,549,756

				145,037,749

Industrials-8.64%
3M Co.		17,681		1,904,951
A.O. Smith Corp.		4,254		279,190
Alaska Air Group, Inc.^(b)(c)		4,032		192,850
Allegion PLC		2,752		310,178
American Airlines Group, Inc.^(b)(c)		20,220		323,116
AMETEK, Inc.		7,544		1,067,929
C.H. Robinson Worldwide, Inc.		4,233		423,131
Carrier Global Corp.		27,802		1,251,924
Caterpillar, Inc.		17,518		4,196,437
Cintas Corp.		2,824		1,238,239
Copart, Inc.^(b)		14,326		1,009,410
CoStar Group, Inc.^(b)		12,771		902,399
CSX Corp.		72,057		2,197,018
Cummins, Inc.		4,782		1,162,408
Deere & Co.		9,008		3,776,514
Delta Air Lines, Inc.^(b)		20,472		784,896
Dover Corp.		4,744		711,126
Eaton Corp. PLC		13,316		2,329,368
Emerson Electric Co.		19,209		1,588,776
Expeditors International of Washington, Inc.		5,704		596,410
Fastenal Co.^(c)		18,777		968,142
FedEx Corp.		8,331		1,693,026
Fortive Corp.		11,689		779,189
Generac Holdings, Inc.^(b)(c)		2,417		290,064
General Dynamics Corp.		7,436		1,694,739
General Electric Co.		35,483		3,005,765
Honeywell International, Inc.		22,115		4,234,580
Howmet Aerospace, Inc.		12,567		530,076
Huntington Ingalls Industries, Inc.		1,418		305,154
IDEX Corp.		2,475		556,825
Illinois Tool Works, Inc.^(c)		9,310		2,170,720
Ingersoll Rand, Inc.		13,225		767,976
J.B. Hunt Transport Services, Inc.		2,762		499,342
Jacobs Solutions, Inc.		4,296		513,372
Johnson Controls International PLC		21,977		1,378,397


	Shares		Value
Industrials-(continued)
L3Harris Technologies, Inc.		6,411	$	1,353,939
Leidos Holdings, Inc.		4,459		432,835
Lockheed Martin Corp.		7,610		3,609,119
Nordson Corp.		1,735		381,075
Norfolk Southern Corp.		8,017		1,802,382
Northrop Grumman Corp.		4,617		2,142,796
Old Dominion Freight Line, Inc.		3,203		1,086,650
PACCAR, Inc.		17,293		1,248,555
Parker-Hannifin Corp.		4,164		1,465,103
Pentair PLC		5,322		297,713
Quanta Services, Inc.		4,828		779,239
Raytheon Technologies Corp.^(c)		47,145		4,624,453
Republic Services, Inc.		6,728		867,441
Robert Half International, Inc.^(c)		3,581		288,700
Rockwell Automation, Inc.		3,935		1,160,549
Rollins, Inc.		6,992		246,118
Snap-on, Inc.^(c)		1,719		427,481
Southwest Airlines Co.		19,220		645,408
Stanley Black & Decker, Inc.		5,058		433,015
Textron, Inc.		6,926		502,343
Trane Technologies PLC		7,479		1,383,391
Union Pacific Corp.		20,453		4,239,498
United Airlines Holdings, Inc.^(b)		9,928		515,859
United Parcel Service, Inc., Class B^(c)		25,410		4,637,071
United Rentals, Inc.^(c)		2,392		1,120,724
Verisk Analytics, Inc.		5,116		875,399
W.W. Grainger, Inc.		1,543		1,031,387
Wabtec Corp.		5,967		622,537
Waste Management, Inc.		12,453		1,864,961
Xylem, Inc.^(c)		5,752		590,443

				86,309,821

Information Technology-26.17%
Accenture PLC, Class A		21,298		5,655,684
Adobe, Inc.^(b)		15,874		5,142,382
Advanced Micro Devices, Inc.^(b)		57,721		4,535,716
Akamai Technologies, Inc.^(b)		5,259		381,803
Amphenol Corp., Class A^(c)		19,597		1,519,159
Analog Devices, Inc.		17,359		3,184,856
ANSYS, Inc.^(b)		2,783		844,947
Apple, Inc.		510,208		75,209,761
Applied Materials, Inc.		28,742		3,338,383
Arista Networks, Inc.^(b)		8,608		1,193,930
Automatic Data Processing, Inc.		13,538		2,975,923
Broadcom, Inc.		13,790		8,195,259
Broadridge Financial Solutions, Inc.		4,012		564,809
Cadence Design Systems, Inc.^(b)		9,314		1,797,043
CDW Corp.		4,375		885,587
Cisco Systems, Inc.		136,980		6,632,572
Cognizant Technology Solutions Corp., Class A		17,111		1,071,662
Corning, Inc.		26,262		891,595
DXC Technology Co.^(b)		7,567		209,909
EPAM Systems, Inc.^(b)		2,016		620,222
F5, Inc.^(b)		1,924		275,094
Fidelity National Information Services, Inc.		20,396		1,292,494
Fiserv, Inc.^(b)		21,216		2,441,749
FleetCor Technologies, Inc.^(b)		2,563		550,507
Gen Digital, Inc.		19,199		374,572
Global Payments, Inc.		9,696		1,087,891

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


		50

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Information Technology-(continued)
Hewlett Packard Enterprise Co.		44,376	$	692,709
HP, Inc.		31,382		926,397
Intel Corp.		139,647		3,481,400
International Business Machines Corp.		29,309		3,789,654
Jack Henry & Associates, Inc.		2,416		396,804
Juniper Networks, Inc.		10,870		334,579
Keysight Technologies, Inc.^(b)		5,862		937,686
KLA Corp.		4,615		1,750,839
Lam Research Corp.		4,780		2,323,128
Mastercard, Inc., Class A		28,154		10,002,835
Microchip Technology, Inc.		18,556		1,503,593
Micron Technology, Inc.		38,383		2,219,305
Microsoft Corp.		250,317		62,434,066
Monolithic Power Systems, Inc.		1,585		767,600
NetApp, Inc.		7,545		487,030
NXP Semiconductors N.V. (China)		9,051		1,615,422
ON Semiconductor Corp.^(b)		14,870		1,151,087
Paychex, Inc.		10,727		1,184,261
Paycom Software, Inc.^(b)		1,826		527,824
PayPal Holdings, Inc.^(b)		38,951		2,866,794
PTC, Inc.^(b)		3,394		425,370
Qorvo, Inc.^(b)		3,536		356,747
QUALCOMM, Inc.		38,487		4,754,299
Roper Technologies, Inc.		3,456		1,486,771
Skyworks Solutions, Inc.		5,245		585,185
SolarEdge Technologies, Inc.^(b)		1,647		523,614
Synopsys, Inc.^(b)		5,115		1,860,632
TE Connectivity Ltd.		10,767		1,370,854
Teledyne Technologies, Inc.^(b)		1,567		673,920
Teradyne, Inc.		5,239		529,872
Texas Instruments, Inc.		30,375		5,207,794
Trimble, Inc.^(b)		8,436		439,178
Visa, Inc., Class A^(c)		54,914		12,077,785
Western Digital Corp.^(b)		10,713		412,236
Zebra Technologies Corp., Class A^(b)		1,757		527,539

				261,498,318

Materials-2.79%
Air Products and Chemicals, Inc.^(c)		6,917		1,978,124
Albemarle Corp.^(c)		4,092		1,040,637
Amcor PLC		49,655		553,157
Avery Dennison Corp.		2,614		476,245
Ball Corp.		10,978		617,073
Celanese Corp.		3,556		413,314
CF Industries Holdings, Inc.		6,950		596,936
Corteva, Inc.		23,839		1,484,931
Dow, Inc.		23,246		1,329,671
DuPont de Nemours, Inc.		16,766		1,224,421
Eastman Chemical Co.		4,253		362,356
FMC Corp.		4,182		540,105
Freeport-McMoRan, Inc.		47,254		1,935,996
International Paper Co.		12,538		456,258
Linde PLC (United Kingdom)		16,152		5,626,872
LyondellBasell Industries N.V., Class A		8,678		833,001
Martin Marietta Materials, Inc.		2,089		751,768
Mosaic Co. (The)		12,330		655,833
Newmont Corp.		25,880		1,128,627
Nucor Corp.^(c)		8,613		1,442,161
Packaging Corp. of America		3,149		430,531
PPG Industries, Inc.		7,756		1,024,257


	Shares		Value
Materials-(continued)
Sealed Air Corp.		4,909	$	238,676
Sherwin-Williams Co. (The)		7,518		1,664,109
Vulcan Materials Co.		4,299		777,732
WestRock Co.		8,487		266,492

				27,849,283

Real Estate-2.11%
Alexandria Real Estate Equities, Inc.		4,951		741,561
AvalonBay Communities, Inc.		4,744		818,435
Boston Properties, Inc.		5,323		348,550
Camden Property Trust		3,443		395,119
CBRE Group, Inc., Class A^(b)		10,845		923,343
Digital Realty Trust, Inc.		9,514		991,644
Equity Residential		10,935		683,656
Extra Space Storage, Inc.		4,303		708,489
Federal Realty Investment Trust		2,371		253,175
Healthpeak Properties, Inc.		17,845		429,351
Host Hotels & Resorts, Inc.		24,088		404,678
Invitation Homes, Inc.		18,751		586,156
Iron Mountain, Inc.		9,788		516,317
Kimco Realty Corp.		20,009		412,386
Mid-America Apartment Communities, Inc.		3,642		583,084
Prologis, Inc.		30,105		3,714,957
Public Storage		5,156		1,541,386
Realty Income Corp.		20,075		1,283,796
Regency Centers Corp.		5,050		317,645
Simon Property Group, Inc.		10,819		1,320,892
UDR, Inc.		9,458		405,181
Ventas, Inc.		12,904		627,780
VICI Properties, Inc.		31,681		1,062,264
Welltower, Inc.		16,161		1,197,853
Weyerhaeuser Co.		25,054		782,938

				21,050,636

Utilities-3.04%
AES Corp. (The)		22,055		544,317
Alliant Energy Corp.		8,172		418,978
Ameren Corp.		8,356		691,125
American Electric Power Co., Inc.		16,263		1,430,656
American Water Works Co., Inc.		5,867		823,609
Atmos Energy Corp.		4,392		495,462
CenterPoint Energy, Inc.		20,219		562,493
CMS Energy Corp.		9,330		550,190
Consolidated Edison, Inc.		11,494		1,026,989
Constellation Energy Corp.		10,768		806,415
Dominion Energy, Inc.		28,014		1,558,139
DTE Energy Co.		6,131		672,632
Duke Energy Corp.		24,985		2,355,086
Edison International		12,637		836,696
Entergy Corp.		6,601		679,045
Evergy, Inc.		7,502		441,193
Eversource Energy		11,147		840,038
Exelon Corp.		31,823		1,285,331
FirstEnergy Corp.		18,336		725,005
NextEra Energy, Inc.		62,449		4,435,752
NiSource, Inc.		13,196		361,966
NRG Energy, Inc.		9,545		312,981
PG&E Corp.^(b)		52,056		813,115
Pinnacle West Capital Corp.		3,607		265,764
PPL Corp.		24,166		654,174
Public Service Enterprise Group, Inc.		15,933		962,831

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


		51

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Utilities-(continued)
Sempra Energy		10,249	$	1,536,940
Southern Co. (The)		34,305		2,163,273
WEC Energy Group, Inc.		10,983		973,753
Xcel Energy, Inc.		17,539		1,132,493

				30,356,441

Total Common Stocks & Other Equity Interests (Cost $1,010,479,821)				996,773,969


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e) (Cost $628,580)		628,580		628,580

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.83% (Cost $1,011,108,401)				997,402,549


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.32%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		9,287,786	$	9,287,786
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		23,878,103		23,882,878

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $33,171,655)				33,170,664

TOTAL INVESTMENTS IN SECURITIES-103.15% (Cost $1,044,280,056)				1,030,573,213
OTHER ASSETS LESS LIABILITIES-(3.15)%				(31,480,386	)

NET ASSETS-100.00%			$	999,092,827

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 February 28, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income
Invesco Ltd.		$	140,028		$	131,761		$	(7,688	)		$	8,784			$	(5,089	)		$	267,796		$	4,376

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			8,552,699			(7,924,119	)			-				-				628,580			6,785

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,953,022			43,033,102			(37,698,338	)			-				-				9,287,786			96,443	*

Invesco Private Prime Fund			10,164,913			105,435,673			(91,719,935	)			(991	)			3,218				23,882,878			267,888	*


Total		$	14,257,963		$	157,153,235		$	(137,350,080	)		$	7,793			$	(1,871	)		$	34,067,040		$	375,492

*	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 February 28, 2023.

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

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


		52

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition

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

as of February 28, 2023


Information Technology			26.17

Health Care			14.52

Financials			12.91

Industrials			8.64

Communication Services			8.46

Consumer Discretionary			8.22

Consumer Staples			7.33

Energy			5.58

Utilities			3.04

Sector Types Each Less Than 3%			4.90

Money Market Funds Plus Other Assets Less Liabilities			0.23

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


		53

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-2.19%
Frontier Communications Parent, Inc.^(b)(c)		29,709	$	812,838
Iridium Communications, Inc.^(b)		17,839		1,094,779
John Wiley & Sons, Inc., Class A		6,116		272,101
New York Times Co. (The), Class A		22,927		882,690
Nexstar Media Group, Inc., Class A		5,282		981,924
TEGNA, Inc.		28,973		504,130
TripAdvisor, Inc.^(b)(c)		16,193		349,283
World Wrestling Entertainment, Inc., Class A .		6,011		504,924
Ziff Davis, Inc.^(b)(c)		6,459		510,132

				5,912,801

Consumer Discretionary-14.65%
Adient PLC^(b)(c)		13,999		598,037
AutoNation, Inc.^(b)		5,241		715,449
Boyd Gaming Corp.		11,098		722,813
Brunswick Corp.		10,132		885,739
Capri Holdings Ltd.^(b)		17,982		891,368
Carter’s, Inc.		5,136		387,203
Choice Hotels International, Inc.^(c)		4,007		474,269
Churchill Downs, Inc.^(c)		4,403		1,082,169
Columbia Sportswear Co.		4,859		423,705
Cracker Barrel Old Country Store, Inc.^(c)		3,684		401,409
Crocs, Inc.^(b)		8,520		1,036,969
Dana, Inc.		17,750		281,160
Deckers Outdoor Corp.^(b)		3,688		1,535,499
Dick’s Sporting Goods, Inc.		7,501		964,854
Foot Locker, Inc.^(c)		11,075		484,199
Fox Factory Holding Corp.^(b)		5,685		667,988
GameStop Corp., Class A^(b)(c)		38,838		746,855
Gap, Inc. (The)^(c)		29,082		378,357
Gentex Corp.		32,496		927,761
Goodyear Tire & Rubber Co. (The)^(b)		40,177		456,411
Graham Holdings Co., Class B		545		341,530
Grand Canyon Education, Inc.^(b)		4,394		497,796
H&R Block, Inc.		21,886		805,405
Hanesbrands, Inc.^(c)		47,750		271,220
Harley-Davidson, Inc.		17,689		841,112
KB Home		10,931		385,536
Kohl’s Corp.		19,571		548,771
Lear Corp.		8,536		1,192,052
Leggett & Platt, Inc.		17,755		612,370
Light & Wonder, Inc.^(b)		12,880		806,417
Lithia Motors, Inc., Class A		3,908		997,243
Macy’s, Inc.		36,026		737,092
Marriott Vacations Worldwide Corp.		5,487		839,456
Mattel, Inc.^(b)		48,462		871,831
Murphy USA, Inc.		2,845		725,731
Nordstrom, Inc.^(c)		17,174		334,550
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		9,699		558,080
Penn Entertainment, Inc.^(b)(c)		21,866		667,569
Polaris, Inc.		7,710		877,012
PVH Corp.		8,059		646,654
RH^(b)(c)		2,865		856,721
Service Corp. International		21,622		1,460,134
Skechers U.S.A., Inc., Class A^(b)		17,464		777,323
Taylor Morrison Home Corp., Class A^(b)		14,828		531,287
Texas Roadhouse, Inc.		8,915		905,229


	Shares		Value
Consumer Discretionary-(continued)
Thor Industries, Inc.^(c)		7,671	$	697,984
Toll Brothers, Inc.		13,505		809,490
TopBuild Corp.^(b)		4,187		869,179
Topgolf Callaway Brands Corp.^(b)(c)		16,966		393,272
Under Armour, Inc., Class A^(b)		50,199		498,476
Victoria’s Secret & Co.^(b)(c)		11,141		441,629
Visteon Corp.^(b)		3,751		626,567
Wendy’s Co. (The)		21,852		479,870
Williams-Sonoma, Inc.^(c)		9,520		1,189,238
Wyndham Hotels & Resorts, Inc.		12,212		940,568
YETI Holdings, Inc.^(b)(c)		11,564		450,765

				39,547,373

Consumer Staples-3.85%
BJ’s Wholesale Club Holdings, Inc.^(b)		19,371		1,390,838
Boston Beer Co., Inc. (The), Class A^(b)(c)		1,363		441,339
Casey’s General Stores, Inc.		4,840		1,006,478
Coca-Cola Consolidated, Inc.		629		350,259
Coty, Inc., Class A^(b)		48,959		553,237
Darling Ingredients, Inc.^(b)		24,162		1,528,730
Energizer Holdings, Inc.^(c)		8,481		307,267
Flowers Foods, Inc.		25,904		722,203
Grocery Outlet Holding Corp.^(b)(c)		12,670		342,723
Ingredion, Inc.		8,456		840,526
Lancaster Colony Corp.		2,713		520,842
Performance Food Group Co.^(b)		20,849		1,179,845
Pilgrim’s Pride Corp.^(b)		6,058		141,697
Post Holdings, Inc.^(b)(c)		7,182		646,093
Sprouts Farmers Market, Inc.^(b)(c)		14,270		432,238

				10,404,315

Energy-4.19%
Antero Midstream Corp.		46,493		490,036
Antero Resources Corp.^(b)		42,752		1,120,103
ChampionX Corp.		28,946		884,879
CNX Resources Corp.^(b)(c)		26,511		406,944
DT Midstream, Inc.		13,341		669,718
HF Sinclair Corp.		23,453		1,166,083
Matador Resources Co.		16,469		885,868
Murphy Oil Corp.		21,108		823,634
NOV, Inc.		57,441		1,256,809
PBF Energy, Inc., Class A		17,890		781,972
PDC Energy, Inc.		14,064		943,835
Range Resources Corp.		36,945		995,298
Southwestern Energy Co.^(b)		166,593		882,943

				11,308,122

Financials-16.86%
Affiliated Managers Group, Inc.		5,070		808,209
American Financial Group, Inc.		9,549		1,280,616
Annaly Capital Management, Inc.		58,070		1,200,888
Associated Banc-Corp		20,784		481,150
Bank of Hawaii Corp.		5,485		410,607
Bank OZK^(c)		15,831		728,701
Brighthouse Financial, Inc.^(b)		9,865		570,493
Cadence Bank		25,656		681,423
Cathay General Bancorp		10,356		444,479
CNO Financial Group, Inc.		15,975		409,279
Commerce Bancshares, Inc.		15,898		1,051,653

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


		54

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Financials-(continued)
Cullen/Frost Bankers, Inc.		8,841	$	1,165,421
East West Bancorp, Inc.		19,883		1,515,283
Essent Group Ltd.		14,936		641,501
Evercore, Inc., Class A		4,973		652,358
F.N.B. Corp.		49,298		703,482
Federated Hermes, Inc., Class B		11,619		457,208
First American Financial Corp.		14,349		814,736
First Financial Bankshares, Inc.		17,601		645,605
First Horizon Corp.		71,699		1,775,984
FirstCash Holdings, Inc.		5,180		457,135
Fulton Financial Corp.		24,150		415,380
Glacier Bancorp, Inc.		15,319		725,814
Hancock Whitney Corp.		11,689		574,164
Hanover Insurance Group, Inc. (The)		4,856		677,315
Home BancShares, Inc.		26,493		638,481
Interactive Brokers Group, Inc., Class A		14,369		1,237,315
International Bancshares Corp.		7,709		374,118
Janus Henderson Group PLC^(c)		17,320		475,607
Jefferies Financial Group, Inc.		25,932		979,970
Kemper Corp.		8,771		540,294
Kinsale Capital Group, Inc.		3,035		967,254
MGIC Investment Corp.		41,881		576,283
Navient Corp.		14,137		255,173
New York Community Bancorp, Inc.		96,622		858,003
Old National Bancorp		40,401		713,886
Old Republic International Corp.		38,336		1,010,920
PacWest Bancorp		17,165		476,329
Pinnacle Financial Partners, Inc.		11,111		823,214
Primerica, Inc.		5,174		993,098
Prosperity Bancshares, Inc.		12,515		919,727
Reinsurance Group of America, Inc.		8,701		1,257,033
RenaissanceRe Holdings Ltd. (Bermuda)		5,998		1,288,970
RLI Corp.		5,365		739,887
SEI Investments Co.		13,818		832,534
Selective Insurance Group, Inc.		8,348		847,572
SLM Corp.		34,321		493,536
Stifel Financial Corp.		14,780		987,747
Synovus Financial Corp.		20,355		851,043
Texas Capital Bancshares, Inc.^(b)		7,048		466,789
UMB Financial Corp.		5,969		541,150
United Bankshares, Inc.		18,343		747,844
Unum Group		25,598		1,140,391
Valley National Bancorp		59,953		694,256
Voya Financial, Inc.		13,700		1,020,513
Washington Federal, Inc.		8,909		312,439
Webster Financial Corp.		26,297		1,396,897
Wintrust Financial Corp.		8,281		762,929

				45,510,086

Health Care-7.66%
Acadia Healthcare Co., Inc.^(b)		12,878		933,784
Arrowhead Pharmaceuticals, Inc.^(b)(c)		13,535		437,180
Azenta, Inc.^(b)(c)		10,032		440,304
Bruker Corp.		13,390		922,839
Chemed Corp.		1,955		1,019,689
Encompass Health Corp.		13,396		757,142
Enovis Corp.^(b)(c)		6,433		370,669
Envista Holdings Corp.^(b)(c)		22,266		860,804
Exelixis, Inc.^(b)		43,873		749,351
Globus Medical, Inc., Class A^(b)(c)		10,594		618,054


	Shares		Value
Health Care-(continued)
Haemonetics Corp.^(b)		6,838	$	531,791
Halozyme Therapeutics, Inc.^(b)		17,833		855,806
HealthEquity, Inc.^(b)(c)		10,559		688,130
ICU Medical, Inc.^(b)(c)		2,726		465,165
Integra LifeSciences Holdings Corp.^(b)(c)		9,359		520,548
Lantheus Holdings, Inc.^(b)		10,248		757,942
LivaNova PLC^(b)		7,440		352,061
Masimo Corp.^(b)		6,561		1,097,721
Medpace Holdings, Inc.^(b)		3,388		656,865
Neurocrine Biosciences, Inc.^(b)		13,235		1,364,528
Option Care Health, Inc.^(b)		20,542		630,023
Patterson Cos., Inc.		11,106		294,531
Perrigo Co. PLC		17,913		675,141
QuidelOrtho Corp.^(b)		6,696		582,150
R1 RCM, Inc.^(b)		16,227		230,423
Shockwave Medical, Inc.^(b)		5,093		968,892
Syneos Health, Inc.^(b)		13,908		559,380
Tenet Healthcare Corp.^(b)		14,705		860,684
United Therapeutics Corp.^(b)		6,045		1,487,312

				20,688,909

Industrials-21.22%
Acuity Brands, Inc.		4,417		856,721
AECOM		18,483		1,596,192
AGCO Corp.		8,088		1,138,871
ASGN, Inc.^(b)		7,184		637,939
Avis Budget Group, Inc.^(b)		4,432		973,533
Axon Enterprise, Inc.^(b)		9,644		1,931,790
Brink’s Co. (The)		6,713		438,023
Builders FirstSource, Inc.^(b)		20,131		1,706,706
CACI International, Inc., Class A^(b)		3,181		932,033
Carlisle Cos., Inc.		7,129		1,840,850
Chart Industries, Inc.^(b)(c)		4,950		660,825
Clean Harbors, Inc.^(b)		6,636		876,417
Crane Holdings Co.		6,533		782,523
Curtiss-Wright Corp.		5,141		898,595
Donaldson Co., Inc.		16,592		1,049,444
Dycom Industries, Inc.^(b)		4,027		339,114
EMCOR Group, Inc.		6,681		1,117,197
EnerSys		5,516		500,246
ESAB Corp.		7,057		413,893
Flowserve Corp.		17,675		613,146
Fluor Corp.^(b)(c)		18,223		668,237
FTI Consulting, Inc.^(b)(c)		4,619		848,557
GATX Corp.		4,759		519,159
Graco, Inc.		23,117		1,607,556
GXO Logistics, Inc.^(b)		16,738		829,703
Hexcel Corp.		11,373		829,660
Hubbell, Inc.		7,269		1,828,444
Insperity, Inc.		4,765		591,289
ITT, Inc.		11,307		1,027,693
JetBlue Airways Corp.^(b)		45,303		376,015
KBR, Inc.		18,060		995,287
Kennametal, Inc.^(c)		10,872		308,004
Kirby Corp.^(b)		8,293		601,491
Knight-Swift Transportation Holdings, Inc.		21,055		1,196,766
Landstar System, Inc.		4,877		881,713
Lincoln Electric Holdings, Inc.		7,734		1,298,771
ManpowerGroup, Inc.		6,822		579,051
MasTec, Inc.^(b)		8,042		785,864

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


		55

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
MDU Resources Group, Inc.		27,491	$	875,588
Mercury Systems, Inc.^(b)		7,865		411,654
Middleby Corp. (The)^(b)		7,339		1,141,141
MSC Industrial Direct Co., Inc., Class A		6,321		534,251
nVent Electric PLC		22,310		1,022,690
Oshkosh Corp.		9,054		807,526
Owens Corning		12,499		1,222,277
Regal Rexnord Corp.		9,450		1,489,698
Ryder System, Inc.		7,285		713,274
Saia, Inc.^(b)(c)		3,740		1,013,054
Science Applications International Corp.		7,105		757,677
Simpson Manufacturing Co., Inc.		5,666		611,135
Stericycle, Inc.^(b)(c)		12,316		587,227
SunPower Corp.^(b)(c)		11,991		180,105
Sunrun, Inc.^(b)(c)		31,422		755,385
Terex Corp.		9,405		556,870
Tetra Tech, Inc.		7,057		966,033
Timken Co. (The)		9,513		812,886
Toro Co. (The)		13,920		1,537,325
Trex Co., Inc.^(b)		15,067		770,376
Univar Solutions, Inc.^(b)		21,498		747,056
Valmont Industries, Inc.		2,888		916,449
Watsco, Inc.^(c)		4,589		1,398,314
Watts Water Technologies, Inc., Class A		3,738		655,010
Werner Enterprises, Inc.		8,084		375,502
Woodward, Inc.		8,004		792,396
XPO, Inc.^(b)		16,225		541,266

				57,269,483

Information Technology-10.55%
ACI Worldwide, Inc.^(b)		15,677		405,250
Amkor Technology, Inc.		13,809		355,720
Arrow Electronics, Inc.^(b)		8,627		1,017,900
Aspen Technology, Inc.^(b)(c)		3,911		829,171
Avnet, Inc.		13,012		581,767
Belden, Inc.		5,934		500,711
Calix, Inc.^(b)		7,539		385,620
Ciena Corp.^(b)(c)		20,311		979,396
Cirrus Logic, Inc.^(b)		7,368		757,062
Coherent Corp.^(b)(c)		17,899		771,984
CommVault Systems, Inc.^(b)		6,119		360,287
Concentrix Corp.		5,825		797,093
Euronet Worldwide, Inc.^(b)		6,325		688,476
ExlService Holdings, Inc.^(b)		4,575		752,633
Genpact Ltd.		23,189		1,106,811
IPG Photonics Corp.^(b)		4,550		560,742
Jabil, Inc.		18,594		1,543,860
Kyndryl Holdings, Inc.^(b)		30,416		477,227
Lattice Semiconductor Corp.^(b)		19,030		1,616,789
Littelfuse, Inc.		3,405		880,976
Lumentum Holdings, Inc.^(b)(c)		9,572		515,069
MACOM Technology Solutions Holdings, Inc.^(b)		6,822		467,580
Manhattan Associates, Inc.^(b)		8,860		1,273,625
MKS Instruments, Inc.		7,661		742,581
National Instruments Corp.		18,112		914,837
NCR Corp.^(b)		18,648		476,083
Paylocity Holding Corp.^(b)		5,961		1,148,148
Power Integrations, Inc.		8,147		670,091
Qualys, Inc.^(b)(c)		4,862		574,445


	Shares		Value
Information Technology-(continued)
Silicon Laboratories, Inc.^(b)(c)		4,654	$	830,879
SiTime Corp.^(b)		2,178		270,399
Synaptics, Inc.^(b)		5,512		648,266
TD SYNNEX Corp.		5,825		562,229
Teradata Corp.^(b)		13,859		564,893
Viasat, Inc.^(b)(c)		11,595		368,257
Vishay Intertechnology, Inc.		17,652		374,752
Vontier Corp.		22,083		577,912
Western Union Co. (The)^(c)		53,593		694,565
WEX, Inc.^(b)		6,134		1,182,697
Xerox Holdings Corp.		14,872		245,239

				28,472,022

Materials-7.26%
Alcoa Corp.		25,615		1,253,598
AptarGroup, Inc.		8,522		994,688
Ashland, Inc.		6,520		663,606
Avient Corp.		11,838		516,492
Cabot Corp.		7,576		602,519
Chemours Co. (The)		20,713		707,970
Cleveland-Cliffs, Inc.^(b)		66,946		1,427,958
Commercial Metals Co.		15,708		812,889
Eagle Materials, Inc.		5,001		701,740
Greif, Inc., Class A		3,427		243,488
Ingevity Corp.^(b)		5,117		422,459
Louisiana-Pacific Corp.		9,394		549,643
MP Materials Corp.^(b)(c)		13,378		468,230
NewMarket Corp.		924		317,394
Olin Corp.		18,141		1,047,643
Reliance Steel & Aluminum Co.		8,010		1,985,198
Royal Gold, Inc.^(c)		8,629		1,025,039
RPM International, Inc.		17,167		1,521,511
Sensient Technologies Corp.		5,776		435,453
Silgan Holdings, Inc.		10,898		581,953
Sonoco Products Co.		12,877		760,516
United States Steel Corp.		30,536		935,318
Valvoline, Inc.		23,424		824,525
Westlake Corp.		4,549		541,968
Worthington Industries, Inc.		3,999		241,700

				19,583,498

Real Estate-7.57%
Apartment Income REIT Corp.		21,136		798,941
Brixmor Property Group, Inc.		40,292		912,211
Corporate Office Properties Trust		16,326		415,170
Cousins Properties, Inc.		21,237		520,094
EastGroup Properties, Inc.		5,740		937,170
EPR Properties		10,337		422,163
First Industrial Realty Trust, Inc.		17,532		924,813
Healthcare Realty Trust, Inc.		51,675		1,007,662
Highwoods Properties, Inc.		14,801		392,226
Independence Realty Trust, Inc.		29,790		538,901
JBG SMITH Properties^(c)		13,432		231,702
Jones Lang LaSalle, Inc.^(b)		6,526		1,138,526
Kilroy Realty Corp.		15,514		558,814
Kite Realty Group Trust^(c)		29,708		645,258
Lamar Advertising Co., Class A		12,358		1,292,152
Life Storage, Inc.		11,423		1,376,700
Macerich Co. (The)		29,284		349,944
Medical Properties Trust, Inc.^(c)		86,324		889,137
National Retail Properties, Inc.		23,425		1,061,621

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


		56

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Real Estate-(continued)
Omega Healthcare Investors, Inc.^(c)		31,635	$	847,502
Park Hotels & Resorts, Inc.		32,722		449,927
Pebblebrook Hotel Trust^(c)		18,502		264,024
Physicians Realty Trust^(c)		29,747		441,148
PotlatchDeltic Corp.		10,761		496,728
Rayonier, Inc.		19,798		664,817
Rexford Industrial Realty, Inc.		23,191		1,402,128
Sabra Health Care REIT, Inc.		31,614		376,523
SL Green Realty Corp.		10,066		342,747
Spirit Realty Capital, Inc.		17,876		736,134

				20,434,883

Utilities-3.98%
ALLETE, Inc.		7,620		466,268
Black Hills Corp.		8,738		536,601
Essential Utilities, Inc.		31,637		1,353,431
Hawaiian Electric Industries, Inc.		14,458		584,826
IDACORP, Inc.		6,799		703,017
National Fuel Gas Co.		12,609		722,243
New Jersey Resources Corp.		12,526		639,202
NorthWestern Corp.		7,422		428,843
OGE Energy Corp.		26,772		956,296
ONE Gas, Inc.		8,058		645,929
Ormat Technologies, Inc.		6,423		542,872
PNM Resources, Inc.		11,207		549,143
Portland General Electric Co.		11,890		568,342
Southwest Gas Holdings, Inc.		7,964		501,812
Spire, Inc.		7,388		520,115
UGI Corp.		27,262		1,014,964

				10,733,904

Total Common Stocks & Other Equity Interests (Cost $259,055,153)				269,865,396


	Shares		Value
Money Market Funds-0.16%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e) (Cost $421,473)		421,473	$	421,473

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% (Cost $259,476,626)				270,286,869


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.95%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		7,990,094		7,990,094
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		21,577,329		21,581,643

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $29,573,673)				29,571,737

TOTAL INVESTMENTS IN SECURITIES-111.09% (Cost $289,050,299)				299,858,606
OTHER ASSETS LESS LIABILITIES-(11.09)%				(29,942,223	)

NET ASSETS-100.00%			$	269,916,383

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	64,731		$	3,162,265		$	(2,805,523	)		$	-		$	-		$	421,473		$	2,513

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


		57

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2023

(Unaudited)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	8,622,571		$	32,598,571		$	(33,231,048	)		$	-			$	-		$	7,990,094		$	172,400	*

Invesco Private Prime Fund			23,437,531			64,355,035			(66,213,403	)			(3,786	)			6,266			21,581,643			469,857	*


Total		$	32,124,833		$	100,115,871		$	(102,249,974	)		$	(3,786	)		$	6,266		$	29,993,210		$	644,770

*	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 February 28, 2023.

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

Portfolio Composition

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

as of February 28, 2023


Industrials			21.22

Financials			16.86

Consumer Discretionary			14.65

Information Technology			10.55

Health Care			7.66

Real Estate			7.57

Materials			7.26

Energy			4.19

Utilities			3.98

Consumer Staples			3.85

Communication Services			2.19

Money Market Funds Plus Other Assets Less Liabilities			0.02

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


		58

Invesco S&P MidCap Low Volatility ETF (XMLV)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Consumer Discretionary-2.36%
Graham Holdings Co., Class B^(b)		22,911	$	14,357,407
Service Corp. International		181,766		12,274,658

				26,632,065

Consumer Staples-5.25%
Casey’s General Stores, Inc.^(b)		64,230		13,356,628
Flowers Foods, Inc.		580,057		16,171,989
Ingredion, Inc.^(b)		152,888		15,197,067
Post Holdings, Inc.^(b)(c)		161,236		14,504,791

				59,230,475

Financials-30.62%
American Financial Group, Inc.		103,015		13,815,342
Associated Banc-Corp		538,483		12,465,881
Bank of Hawaii Corp.		188,581		14,117,174
Cathay General Bancorp		299,827		12,868,575
Commerce Bancshares, Inc.		257,284		17,019,337
Cullen/Frost Bankers, Inc.		98,997		13,049,784
F.N.B. Corp.		962,223		13,730,922
Federated Hermes, Inc., Class B^(b)		329,719		12,974,443
First Financial Bankshares, Inc.^(b)		363,692		13,340,222
Fulton Financial Corp.^(b)		798,581		13,735,593
Glacier Bancorp, Inc.^(b)		270,856		12,833,157
Hanover Insurance Group, Inc. (The)		103,607		14,451,104
Home BancShares, Inc.^(b)		549,516		13,243,336
International Bancshares Corp.^(b)		289,211		14,035,410
MGIC Investment Corp.		905,979		12,466,271
Old National Bancorp		796,646		14,076,735
Old Republic International Corp.		550,207		14,508,959
Prosperity Bancshares, Inc.^(b)		199,119		14,633,255
Reinsurance Group of America, Inc.		83,749		12,099,218
RLI Corp.		113,713		15,682,160
SEI Investments Co.		237,323		14,298,711
Selective Insurance Group, Inc.^(b)		145,073		14,729,262
UMB Financial Corp.		144,408		13,092,029
United Bankshares, Inc.^(b)		361,207		14,726,409
Washington Federal, Inc.		389,461		13,658,397

				345,651,686

Health Care-2.63%
Chemed Corp.		34,112		17,792,137
Encompass Health Corp.		211,154		11,934,424

				29,726,561

Industrials-22.40%
AECOM		147,666		12,752,436
CACI International, Inc., Class A^(b)(c)		47,426		13,895,818
Curtiss-Wright Corp.^(b)		78,610		13,740,242
Donaldson Co., Inc.		238,475		15,083,544
EMCOR Group, Inc.^(b)		96,346		16,110,978
GATX Corp.		120,268		13,120,036
Graco, Inc.		209,961		14,600,688
Hubbell, Inc.		54,452		13,696,856
Landstar System, Inc.^(b)		69,688		12,598,894
Lincoln Electric Holdings, Inc.^(b)		93,598		15,717,912
MDU Resources Group, Inc.		516,928		16,464,157
MSA Safety, Inc.		93,365		12,543,588
MSC Industrial Direct Co., Inc., Class A^(b)		185,753		15,699,844


	Shares		Value
Industrials-(continued)
nVent Electric PLC		283,787	$	13,008,796
Science Applications International Corp.^(b)		137,443		14,656,921
Toro Co. (The)^(b)		123,392		13,627,412
Valmont Industries, Inc.^(b)		41,145		13,056,543
Werner Enterprises, Inc.^(b)		267,214		12,412,090

				252,786,755

Information Technology-1.30%
Genpact Ltd.		306,912		14,648,910

Materials-7.50%
AptarGroup, Inc.		132,899		15,511,971
Ashland, Inc.		123,304		12,549,881
NewMarket Corp.^(b)		40,212		13,812,822
Sensient Technologies Corp.^(b)		174,654		13,167,165
Silgan Holdings, Inc.^(b)		293,028		15,647,695
Sonoco Products Co.		235,877		13,930,896

				84,620,430

Real Estate-11.85%
Apartment Income REIT Corp.		380,728		14,391,518
Brixmor Property Group, Inc.		540,768		12,242,988
Corporate Office Properties Trust^(b)		533,633		13,570,287
First Industrial Realty Trust, Inc.^(b)		261,007		13,768,119
Highwoods Properties, Inc.^(b)		426,496		11,302,144
JBG SMITH Properties		657,187		11,336,476
National Retail Properties, Inc.^(b)		363,603		16,478,488
Physicians Realty Trust^(b)		1,045,995		15,512,106
Rayonier, Inc.^(b)		366,239		12,298,306
Spirit Realty Capital, Inc.		311,957		12,846,389

				133,746,821

Utilities-16.00%
ALLETE, Inc.^(b)		254,677		15,583,686
Black Hills Corp.^(b)		238,011		14,616,256
Essential Utilities, Inc.^(b)		320,348		13,704,487
Hawaiian Electric Industries, Inc.^(b)		383,283		15,503,797
IDACORP, Inc.		160,732		16,619,689
National Fuel Gas Co.		249,386		14,284,830
New Jersey Resources Corp.^(b)		292,840		14,943,625
NorthWestern Corp.		290,751		16,799,593
OGE Energy Corp.^(b)		449,601		16,059,748
Portland General Electric Co.^(b)		331,879		15,863,816
Spire, Inc.		208,535		14,680,864
UGI Corp.		322,282		11,998,559

				180,658,950

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $1,091,219,447)				1,127,702,653


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.28%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		22,932,924		22,932,924

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


		59

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		59,240,280	$	59,252,126

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $82,188,981)				82,185,050

TOTAL INVESTMENTS IN SECURITIES-107.19% (Cost $1,173,408,428)				1,209,887,703
OTHER ASSETS LESS LIABILITIES-(7.19)%				(81,182,451	)

NET ASSETS-100.00%			$	1,128,705,252

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 28, 2023.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	11,121,887		$	(11,121,887	)		$	-			$	-		$	-		$	5,951

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			39,630,321			218,950,655			(235,648,052	)			-				-			22,932,924			873,670	*

Invesco Private Prime Fund			105,210,609			513,085,486			(559,060,589	)			(6,850	)			23,470			59,252,126			2,377,021	*


Total		$	144,840,930		$	743,158,028		$	(805,830,528	)		$	(6,850	)		$	23,470		$	82,185,050		$	3,256,642

*	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 February 28, 2023.

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

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


		60

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition

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

as of February 28, 2023



Financials			30.62

Industrials			22.40

Utilities			16.00

Real Estate			11.85

Materials			7.50

Consumer Staples			5.25

Sector Types Each Less Than 3%			6.29

Money Market Funds Plus Other Assets Less Liabilities			0.09

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


		61

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-1.70%
AMC Networks, Inc., Class A^(b)		3,841	$	85,885
ATN International, Inc.		1,318		55,422
Cars.com, Inc.^(b)		7,781		149,395
Consolidated Communications Holdings, Inc.^(b)		9,976		30,227
E.W. Scripps Co. (The), Class A^(b)		7,404		93,439
Gannett Co., Inc.^(b)(c)		16,889		51,174
Marcus Corp. (The)^(c)		2,969		47,771
QuinStreet, Inc.^(b)(c)		6,492		110,169
Scholastic Corp.		3,763		171,630
Shenandoah Telecommunications Co.^(c)		6,380		124,538
Shutterstock, Inc.		3,137		235,965
TechTarget, Inc.^(b)		3,482		131,376
Telephone & Data Systems, Inc.		12,232		155,224
Thryv Holdings, Inc.^(b)(c)		3,946		94,073
Yelp, Inc.^(b)(c)		9,059		271,951

				1,808,239

Consumer Discretionary-13.50%
Aaron’s Co., Inc. (The)		3,742		53,698
Abercrombie & Fitch Co., Class A^(b)(c)		6,084		178,930
Academy Sports & Outdoors, Inc.^(c)		9,017		533,356
Adtalem Global Education, Inc.^(b)		5,763		225,449
American Axle & Manufacturing Holdings, Inc.^(b)		15,387		135,406
American Eagle Outfitters, Inc.		18,571		266,865
America’s Car-Mart, Inc.^(b)		710		60,322
Asbury Automotive Group, Inc.^(b)(c)		2,769		628,840
Bed Bath & Beyond, Inc.^(b)(c)		8,494		11,977
Big Lots, Inc.^(c)		3,965		56,898
BJ’s Restaurants, Inc.^(b)(c)		3,089		98,848
Bloomin’ Brands, Inc.		11,571		302,003
Boot Barn Holdings, Inc.^(b)		3,741		289,740
Brinker International, Inc.^(b)(c)		5,326		202,388
Buckle, Inc. (The)^(c)		3,388		138,197
Caleres, Inc.^(c)		4,548		118,748
Cavco Industries, Inc.^(b)		927		264,195
Century Communities, Inc.		3,233		193,366
Cheesecake Factory, Inc. (The)		6,435		240,926
Chico’s FAS, Inc.^(b)		14,908		85,721
Children’s Place, Inc. (The)^(b)(c)		1,570		65,736
Chuy’s Holdings, Inc.^(b)(c)		2,401		85,836
Dave & Buster’s Entertainment, Inc.^(b)		6,002		240,200
Designer Brands, Inc., Class A^(c)		9,688		94,846
Dorman Products, Inc.^(b)(c)		3,517		327,186
El Pollo Loco Holdings, Inc.		2,370		28,369
Ethan Allen Interiors, Inc.^(c)		2,906		85,872
Genesco, Inc.^(b)		1,774		79,777
Gentherm, Inc.^(b)		3,964		251,754
G-III Apparel Group Ltd.^(b)		8,135		135,163
Golden Entertainment, Inc.^(b)		2,754		113,217
Green Brick Partners, Inc.^(b)		3,199		99,809
Group 1 Automotive, Inc.		1,927		426,002
Guess?, Inc.		3,882		81,677
Haverty Furniture Cos., Inc., (Acquired 06/30/2021 - 02/28/2023; Cost $46,999)^(d)		1,615		60,950


	Shares		Value
Consumer Discretionary-(continued)
Hibbett, Inc.^(c)		1,504	$	108,183
Installed Building Products, Inc.		2,753		317,641
iRobot Corp.^(b)(c)		3,347		137,528
Kontoor Brands, Inc.		5,908		308,102
La-Z-Boy, Inc.		5,826		188,646
LCI Industries.		3,091		348,696
LGI Homes, Inc.^(b)(c)		2,492		259,941
M.D.C. Holdings, Inc.^(c)		6,804		251,748
M/I Homes, Inc.^(b)		3,362		194,458
MarineMax, Inc.^(b)		2,688		90,263
Meritage Homes Corp.^(b)		4,277		467,177
Monarch Casino & Resort, Inc.		1,629		119,927
Monro, Inc.		3,612		182,189
Motorcar Parts of America, Inc.^(b)		2,313		30,277
Movado Group, Inc.^(c)		1,965		68,028
National Vision Holdings, Inc.^(b)(c)		9,474		353,949
ODP Corp. (The)^(b)		5,164		233,826
Oxford Industries, Inc.^(c)		1,866		219,460
Patrick Industries, Inc.		2,572		187,370
Perdoceo Education Corp.^(b)		8,266		113,947
PetMed Express, Inc.^(c)		2,648		49,729
Ruth’s Hospitality Group, Inc.		3,922		73,145
Sally Beauty Holdings, Inc.^(b)(c)		13,376		215,220
Shake Shack, Inc., Class A^(b)(c)		4,839		269,968
Shoe Carnival, Inc.		2,242		59,077
Signet Jewelers Ltd.^(c)		4,891		350,293
Sonic Automotive, Inc., Class A		2,320		131,985
Sonos, Inc.^(b)(c)		15,163		294,617
Standard Motor Products, Inc.		2,307		89,904
Steven Madden Ltd.		9,060		328,878
Strategic Education, Inc.		2,752		234,608
Stride, Inc.^(b)		5,201		220,886
Sturm Ruger & Co., Inc.		1,970		114,792
Tri Pointe Homes, Inc.^(b)		12,093		288,297
Universal Electronics, Inc.^(b)		1,402		17,833
Upbound Group, Inc.^(c)		6,484		174,095
Urban Outfitters, Inc.^(b)(c)		7,157		192,881
Vista Outdoor, Inc.^(b)		6,829		195,036
Winnebago Industries, Inc.^(c)		3,990		253,604
Wolverine World Wide, Inc.		10,343		173,245
XPEL, Inc.^(b)(c)(e)		2,396		160,077
Zumiez, Inc.^(b)(c)		1,895		44,078

				14,375,871

Consumer Staples-5.71%
Andersons, Inc. (The)		4,137		188,771
B&G Foods, Inc.		8,835		111,939
Calavo Growers, Inc.		2,179		70,316
Cal-Maine Foods, Inc.		4,441		252,249
Central Garden & Pet Co., Class A^(b)(c)		6,501		249,833
Chefs’ Warehouse, Inc. (The)^(b)		4,235		137,849
Edgewell Personal Care Co.		6,454		275,586
elf Beauty, Inc.^(b)(c)		5,994		448,052
Fresh Del Monte Produce, Inc.		3,721		116,393
Hain Celestial Group, Inc. (The)^(b)(c)		11,253		200,641
Hostess Brands, Inc.^(b)		17,222		425,383
Inter Parfums, Inc.		2,089		251,537
J&J Snack Foods Corp.		1,862		262,933

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


		62

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
John B. Sanfilippo & Son, Inc.		1,077	$	96,682
Medifast, Inc.^(c)		1,381		154,852
MGP Ingredients, Inc.		1,969		199,735
National Beverage Corp.^(b)(c)		2,918		136,125
Nu Skin Enterprises, Inc., Class A		6,108		243,343
PriceSmart, Inc.		3,197		222,895
Seneca Foods Corp., Class A^(b)		652		36,251
Simply Good Foods Co. (The)^(b)(c)		10,650		407,789
SpartanNash Co.		4,399		117,717
Tootsie Roll Industries, Inc.		2,098		92,375
TreeHouse Foods, Inc.^(b)		6,247		304,791
United Natural Foods, Inc.^(b)(c)		8,542		347,916
Universal Corp.		3,031		153,338
USANA Health Sciences, Inc.^(b)		1,379		83,816
Vector Group Ltd.		15,843		210,237
WD-40 Co.^(c)		1,631		282,864

				6,082,208

Energy-5.04%
Archrock, Inc.		16,554		183,253
Bristow Group, Inc.^(b)		3,003		81,802
Callon Petroleum Co.^(b)		6,989		270,894
Civitas Resources, Inc.		6,987		490,278
CONSOL Energy, Inc.		4,254		232,821
Core Laboratories N.V.^(c)		6,398		152,720
DMC Global, Inc.^(b)		2,436		65,212
Dorian LPG Ltd.		3,972		87,185
Dril-Quip, Inc.^(b)(c)		4,434		151,864
Green Plains, Inc.^(b)(c)		8,174		283,393
Helix Energy Solutions Group, Inc.^(b)		18,233		150,969
Helmerich & Payne, Inc.		14,081		592,528
Nabors Industries Ltd.^(b)(c)		1,218		183,078
Oceaneering International, Inc.^(b)		12,600		263,214
Oil States International, Inc.^(b)		8,099		73,944
Par Pacific Holdings, Inc.^(b)		7,409		205,822
Patterson-UTI Energy, Inc.		29,547		404,794
ProPetro Holding Corp.^(b)		11,549		101,747
Ranger Oil Corp., Class A^(c)		2,698		111,967
REX American Resources Corp.^(b)		1,946		64,237
RPC, Inc.		11,144		97,733
SM Energy Co.		17,205		507,719
Talos Energy, Inc.^(b)		7,915		140,966
US Silica Holdings, Inc.^(b)		10,336		125,479
Vital Energy, Inc.^(b)		2,489		127,910
World Fuel Services Corp.		7,867		215,949

				5,367,478

Financials-18.43%
Ambac Financial Group, Inc.^(b)		5,412		89,569
American Equity Investment Life Holding Co.		8,806		366,770
Ameris Bancorp		8,175		391,337
AMERISAFE, Inc.		2,685		146,440
Apollo Commercial Real Estate Finance, Inc.^(c)		16,551		190,171
Assured Guaranty Ltd.		7,782		485,675
Avantax, Inc.^(b)(c)		5,933		169,624
Axos Financial, Inc.^(b)		6,686		316,849
Banc of California, Inc.^(c)		7,038		123,517
BancFirst Corp.		2,259		203,875
Bancorp, Inc. (The)^(b)(c)		7,095		245,416
BankUnited, Inc.		9,894		350,445


	Shares		Value
Financials-(continued)
Banner Corp.		4,362	$	274,719
Berkshire Hills Bancorp, Inc.		5,651		164,218
Bread Financial Holdings, Inc.		6,410		263,259
Brookline Bancorp, Inc.		9,652		125,090
Capitol Federal Financial, Inc.		15,664		131,421
Central Pacific Financial Corp.		3,424		76,800
City Holding Co.^(c)		1,881		184,714
Community Bank System, Inc.		6,738		411,355
Customers Bancorp, Inc.^(b)		3,966		122,153
CVB Financial Corp.		16,477		394,295
Dime Community Bancshares, Inc.		4,226		129,485
Donnelley Financial Solutions, Inc.^(b)(c)		3,212		135,900
Eagle Bancorp, Inc.		4,050		177,430
Ellington Financial, Inc.		6,890		88,674
Employers Holdings, Inc.		3,515		156,101
Encore Capital Group, Inc.^(b)		2,875		148,580
Enova International, Inc.^(b)		3,938		191,977
EZCORP, Inc., Class A^(b)(c)		7,467		65,859
FB Financial Corp.		4,395		165,648
First Bancorp		25,008		362,866
First Bancorp/Southern Pines NC		4,452		184,713
First Commonwealth Financial Corp.		11,497		184,067
First Financial Bancorp		11,904		293,315
First Hawaiian, Inc.		16,529		452,068
Franklin BSP Realty Trust, Inc.		10,401		145,718
Genworth Financial, Inc., Class A^(b)		60,503		376,934
Granite Point Mortgage Trust, Inc.		6,052		36,251
Green Dot Corp., Class A^(b)		6,310		119,448
Hanmi Financial Corp.		3,957		93,464
Heritage Financial Corp.		4,379		122,043
Hilltop Holdings, Inc.		5,711		189,434
HomeStreet, Inc.		2,133		53,816
Hope Bancorp, Inc.		14,636		187,487
Horace Mann Educators Corp.		5,047		186,537
Independent Bank Corp.		5,693		453,618
Independent Bank Group, Inc.		4,416		259,926
James River Group Holdings Ltd.		4,748		114,427
KKR Real Estate Finance Trust, Inc.		7,393		107,198
Lakeland Financial Corp.^(c)		3,228		231,189
Mr. Cooper Group, Inc.^(b)		8,981		416,988
National Bank Holdings Corp., Class A		3,948		159,854
NBT Bancorp, Inc.		5,473		222,149
NMI Holdings, Inc., Class A^(b)		11,091		258,864
Northfield Bancorp, Inc.		5,214		76,698
Northwest Bancshares, Inc.		16,217		224,119
OFG Bancorp		6,104		185,684
Pacific Premier Bancorp, Inc.		12,066		391,180
Palomar Holdings, Inc.^(b)		3,581		214,860
Park National Corp.^(c)		1,899		242,635
Pathward Financial, Inc.		3,555		181,341
Piper Sandler Cos		1,699		256,532
PRA Group, Inc.^(b)(c)		4,748		202,075
Preferred Bank		1,696		119,398
ProAssurance Corp.		6,643		132,129
PROG Holdings, Inc.^(b)(c)		6,469		159,914
Provident Financial Services, Inc.		9,253		216,057
Ready Capital Corp.^(c)		12,632		142,236
Renasant Corp.		6,854		246,607
S&T Bancorp, Inc.		4,895		182,388
Safety Insurance Group, Inc.		1,859		150,003

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


		63

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Financials-(continued)
Seacoast Banking Corp. of Florida		7,730	$	235,842
ServisFirst Bancshares, Inc.^(c)		6,119		452,500
Simmons First National Corp., Class A^(c)		16,669		370,552
SiriusPoint Ltd. (Bermuda)^(b)		10,520		74,692
Southside Bancshares, Inc.		3,811		145,542
Stellar Bancorp, Inc.		5,973		174,710
Stewart Information Services Corp.^(c)		3,324		141,237
StoneX Group, Inc.^(b)		2,160		217,793
Tompkins Financial Corp.		1,562		116,822
Triumph Financial, Inc.^(b)(c)		3,004		182,793
TrustCo Bank Corp.		2,332		87,357
Trustmark Corp.		7,508		220,735
Two Harbors Investment Corp.		10,475		173,571
United Community Banks, Inc.		13,700		453,607
United Fire Group, Inc.		2,785		79,484
Universal Insurance Holdings, Inc.		3,255		62,919
Veritex Holdings, Inc.		7,107		189,473
Virtus Investment Partners, Inc.		837		176,130
Walker & Dunlop, Inc.		3,877		338,191
Westamerica Bancorporation		3,338		183,991
WisdomTree, Inc.		13,773		82,225
World Acceptance Corp.^(b)(c)		464		43,319
WSFS Financial Corp.		7,962		397,383

				19,624,464

Health Care-8.99%
AdaptHealth Corp.^(b)		9,369		149,810
Addus HomeCare Corp.^(b)(c)		1,999		217,171
AMN Healthcare Services, Inc.^(b)		5,378		484,074
Amphastar Pharmaceuticals, Inc.^(b)		4,562		145,345
AngioDynamics, Inc.^(b)		4,998		61,875
ANI Pharmaceuticals, Inc.^(b)		1,611		67,404
Anika Therapeutics, Inc.^(b)		1,779		56,394
Apollo Medical Holdings, Inc.^(b)(c)		4,561		159,179
Arcus Biosciences, Inc.^(b)		6,940		126,377
Artivion, Inc.^(b)(c)		4,879		64,598
Avanos Medical, Inc.^(b)		5,742		161,178
Avid Bioservices, Inc.^(b)(c)		8,863		145,885
Cara Therapeutics, Inc.^(b)(c)		5,138		52,202
Catalyst Pharmaceuticals, Inc.^(b)(c)		11,245		171,599
Computer Programs and Systems, Inc.^(b)		1,839		55,188
Corcept Therapeutics, Inc.^(b)		12,206		254,251
CorVel Corp.^(b)		1,141		205,700
Cross Country Healthcare, Inc.^(b)(c)		4,767		126,087
Dynavax Technologies Corp.^(b)(c)		15,097		155,499
Eagle Pharmaceuticals, Inc.^(b)		1,421		39,788
Embecta Corp.^(c)		6,977		222,915
Emergent BioSolutions, Inc.^(b)		5,289		65,478
Enanta Pharmaceuticals, Inc.^(b)		2,408		116,788
Enhabit, Inc.^(b)		5,822		89,368
Ensign Group, Inc. (The)		6,805		608,911
Fulgent Genetics, Inc.^(b)(c)		2,371		77,745
Glaukos Corp.^(b)		5,832		275,445
Harmony Biosciences Holdings, Inc.^(b)(c)		3,512		154,633
HealthStream, Inc.^(b)		2,932		75,206
Innoviva, Inc.^(b)(c)		7,400		89,318
Inogen, Inc.^(b)(c)		2,927		45,866
Integer Holdings Corp.^(b)		4,080		305,918
Ironwood Pharmaceuticals, Inc.^(b)		16,158		182,101
iTeos Therapeutics, Inc.^(b)		2,989		52,935


	Shares		Value
Health Care-(continued)
LeMaitre Vascular, Inc.		2,348	$	117,658
Ligand Pharmaceuticals, Inc.^(b)		2,129		153,586
Merit Medical Systems, Inc.^(b)		6,870		484,885
Myriad Genetics, Inc.^(b)(c)		9,926		187,800
Nektar Therapeutics^(b)(c)		21,001		28,981
NextGen Healthcare, Inc.^(b)		7,182		130,066
OmniAb, Inc.^(b)(f)		762		0
OmniAb, Inc.^(b)(f)		762		0
OraSure Technologies, Inc.^(b)		8,801		55,534
Organogenesis Holdings, Inc.^(b)(c)		8,568		20,992
Orthofix Medical, Inc.^(b)		2,094		43,136
Owens & Minor, Inc.^(b)(c)		8,893		136,330
Pacira BioSciences, Inc.^(b)		5,651		240,563
Pediatrix Medical Group, Inc.^(b)(c)		10,276		161,744
Pennant Group, Inc. (The)^(b)		3,277		49,221
Phibro Animal Health Corp., Class A		2,346		36,856
Prestige Consumer Healthcare, Inc.^(b)		5,992		361,018
REGENXBIO, Inc.^(b)		4,761		105,932
Select Medical Holdings Corp.		12,914		351,132
Simulations Plus, Inc.^(c)		2,012		76,537
Supernus Pharmaceuticals, Inc.^(b)		6,572		247,042
uniQure N.V. (Netherlands)^(b)		5,440		114,022
US Physical Therapy, Inc.		1,562		158,278
Vanda Pharmaceuticals, Inc.^(b)		6,852		44,127
Varex Imaging Corp.^(b)(c)		5,050		89,335
Veradigm, Inc.^(b)		13,680		227,225
Vericel Corp.^(b)(c)		5,576		169,566
Vir Biotechnology, Inc.^(b)(c)		9,934		226,495
Xencor, Inc.^(b)(c)		7,139		229,376
Zimvie, Inc.^(b)		2,498		28,427
Zynex, Inc.^(b)(c)		2,568		33,179

				9,571,274

Industrials-18.21%
AAON, Inc.		5,082		462,259
AAR Corp.^(b)		4,020		218,648
ABM Industries, Inc.		8,275		400,593
Aerojet Rocketdyne Holdings, Inc.^(b)		8,675		488,749
AeroVironment, Inc.^(b)		3,324		285,000
Alamo Group, Inc.		1,262		230,176
Albany International Corp., Class A		3,683		371,688
Allegiant Travel Co.^(b)(c)		2,117		217,098
American Woodmark Corp.^(b)		2,099		107,007
Apogee Enterprises, Inc.		2,791		127,716
Applied Industrial Technologies, Inc.		4,830		690,014
ArcBest Corp.		3,115		299,663
Arcosa, Inc.		6,054		366,872
Astec Industries, Inc.		2,818		126,895
Atlas Air Worldwide Holdings, Inc.^(b)		3,071		309,588
AZZ, Inc.		2,976		120,974
Barnes Group, Inc.		6,326		266,578
Boise Cascade Co.		4,836		334,216
Brady Corp., Class A.		5,751		317,225
CIRCOR International, Inc.^(b)		2,527		73,965
Comfort Systems USA, Inc.		4,464		649,244
CoreCivic, Inc.^(b)		15,577		151,253
Deluxe Corp.		5,560		102,526
DXP Enterprises, Inc.^(b)		1,926		55,681
Encore Wire Corp.		2,356		454,732
Enerpac Tool Group Corp.		7,350		197,936

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


		64

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
EnPro Industries, Inc.		2,621	$	281,757
ESCO Technologies, Inc.		3,112		290,007
Exponent, Inc.		6,212		639,215
Federal Signal Corp.		7,545		398,150
Forrester Research, Inc.^(b)(c)		1,358		44,665
Forward Air Corp.		3,325		343,173
Franklin Electric Co., Inc.		4,828		461,412
GEO Group, Inc. (The)^(b)(c)		15,425		135,123
Gibraltar Industries, Inc.^(b)		3,947		210,809
GMS, Inc.^(b)		5,052		306,707
Granite Construction, Inc.^(c)		5,327		230,126
Greenbrier Cos., Inc. (The)		4,127		132,518
Griffon Corp.		5,746		209,557
Harsco Corp.^(b)		9,831		83,170
Healthcare Services Group, Inc.		9,608		127,498
Heartland Express, Inc.		5,690		91,780
Heidrick & Struggles International, Inc.		2,459		84,417
Hillenbrand, Inc.		8,078		380,797
HNI Corp.		5,092		159,125
Hub Group, Inc., Class A^(b)		4,331		397,283
Insteel Industries, Inc.		2,308		68,663
Interface, Inc.		7,208		63,575
John Bean Technologies Corp.		3,917		434,356
Kaman Corp.		3,363		87,438
KAR Auction Services, Inc.^(b)(c)		14,260		203,775
Kelly Services, Inc., Class A		4,591		76,807
Korn Ferry		6,892		385,194
Lindsay Corp.		1,338		201,356
Liquidity Services, Inc.^(b)		3,654		46,260
Marten Transport Ltd.		7,098		156,653
Matson, Inc.		4,888		325,101
Matthews International Corp., Class A		3,623		138,254
MillerKnoll, Inc.		9,804		234,021
Moog, Inc., Class A		3,461		341,324
Mueller Industries, Inc.		7,034		520,305
MYR Group, Inc.^(b)		2,066		249,180
National Presto Industries, Inc.		615		42,207
NOW, Inc.^(b)		13,408		172,293
NV5 Global, Inc.^(b)		1,450		152,569
Park Aerospace Corp.		2,342		38,456
PGT Innovations, Inc.^(b)(c)		7,778		164,505
Pitney Bowes, Inc.		19,513		84,686
Powell Industries, Inc.		814		36,101
Proto Labs, Inc.^(b)		3,496		109,914
Quanex Building Products Corp.		4,000		103,800
Resideo Technologies, Inc.^(b)		18,099		331,936
Resources Connection, Inc.		3,859		69,694
SkyWest, Inc.^(b)		6,147		117,223
SPX Technologies, Inc.^(b)		5,441		383,264
Standex International Corp.		1,446		167,273
Sun Country Airlines Holdings, Inc.^(b)(c)		4,266		85,533
Tennant Co.		2,238		158,495
Titan International, Inc.^(b)		6,086		75,527
Trinity Industries, Inc.^(c)		10,184		284,235
TrueBlue, Inc.^(b)		4,236		79,213
UniFirst Corp.		1,874		367,548
Veritiv Corp.^(c)		1,595		241,547
Wabash National Corp.		5,907		161,852

				19,393,718


	Shares		Value
Information Technology-13.31%
A10 Networks, Inc.		7,686	$	116,981
Adeia, Inc.		12,822		126,425
ADTRAN Holdings, Inc.		8,942		156,038
Advanced Energy Industries, Inc.		4,596		427,796
Agilysys, Inc.^(b)		2,512		200,734
Alarm.com Holdings, Inc.^(b)		6,056		307,826
Alpha & Omega Semiconductor Ltd.^(b)(c)		2,864		76,497
Arlo Technologies, Inc.^(b)		12,055		45,809
Axcelis Technologies, Inc.^(b)		4,030		518,016
Badger Meter, Inc.		3,548		431,508
Benchmark Electronics, Inc.		4,288		102,012
Cerence, Inc.^(b)		5,465		149,632
CEVA, Inc.^(b)		2,816		88,873
Clearfield, Inc.^(b)(c)		1,726		108,203
Cohu, Inc.^(b)		5,922		220,298
Comtech Telecommunications Corp.		3,042		48,642
Corsair Gaming, Inc.^(b)(c)		4,987		87,272
CSG Systems International, Inc.		4,119		231,488
CTS Corp.		4,035		174,756
Digi International, Inc.^(b)		4,539		151,466
Diodes, Inc.^(b)		5,797		531,527
Ebix, Inc.^(c)		2,857		49,655
ePlus, Inc.^(b)		3,542		191,870
EVERTEC, Inc.		8,338		306,922
Extreme Networks, Inc.^(b)		16,518		309,217
Fabrinet (Thailand)^(b)(c)		4,578		557,921
FormFactor, Inc.^(b)		8,944		269,214
Harmonic, Inc.^(b)(c)		14,467		190,820
Ichor Holdings Ltd.^(b)		3,507		115,556
Insight Enterprises, Inc.^(b)		3,835		513,583
InterDigital, Inc.^(c)		3,675		268,238
Itron, Inc.^(b)		5,523		308,018
Knowles Corp.^(b)(c)		10,281		174,571
Kulicke & Soffa Industries, Inc. (Singapore)^(c)		7,025		374,432
LiveRamp Holdings, Inc.^(b)		8,222		194,286
MaxLinear, Inc.^(b)		9,061		309,977
Methode Electronics, Inc.^(c)		4,255		207,346
NETGEAR, Inc.^(b)		3,311		59,929
NetScout Systems, Inc.^(b)		8,534		242,707
OneSpan, Inc.^(b)		4,460		60,299
Onto Innovation, Inc.^(b)		6,242		514,778
OSI Systems, Inc.^(b)		1,992		184,360
Payoneer Global, Inc.^(b)		24,013		139,275
PC Connection, Inc.		1,446		63,335
PDF Solutions, Inc.^(b)		3,676		137,629
Perficient, Inc.^(b)		4,097		290,068
Photronics, Inc.^(b)		7,608		134,053
Plexus Corp.^(b)		3,394		325,451
Progress Software Corp.		5,353		307,476
Rambus, Inc.^(b)		13,595		601,307
Rogers Corp.^(b)		2,018		297,050
Sanmina Corp.^(b)		7,140		431,684
ScanSource, Inc.^(b)		2,986		93,103
SMART Global Holdings, Inc.^(b)		6,334		105,778
SPS Commerce, Inc.^(b)		4,529		682,249
TTM Technologies, Inc.^(b)		12,511		166,271
Ultra Clean Holdings, Inc.^(b)		5,557		177,046
Veeco Instruments, Inc.^(b)(c)		6,475		137,723

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


		65

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Information Technology-(continued)
Viavi Solutions, Inc.^(b)		28,831	$	315,411
Xperi, Inc.^(b)		5,294		61,887

				14,172,294

Materials-6.30%
AdvanSix, Inc.		3,394		139,663
American Vanguard Corp.		3,566		74,422
Arconic Corp.^(b)		13,141		347,448
ATI, Inc.^(b)(c)		15,663		636,701
Balchem Corp.		4,046		525,980
Carpenter Technology Corp.		5,709		275,916
Century Aluminum Co.^(b)		6,823		82,354
Clearwater Paper Corp.^(b)		1,981		76,447
FutureFuel Corp.		3,025		26,469
H.B. Fuller Co.		6,617		461,602
Hawkins, Inc.		2,301		93,582
Haynes International, Inc.		1,525		83,433
Innospec, Inc.		3,012		329,693
Kaiser Aluminum Corp.		2,129		168,872
Koppers Holdings, Inc.		2,439		87,536
Livent Corp.^(b)(c)		23,787		557,805
Materion Corp.		2,382		266,022
Mativ Holdings, Inc., Class A		6,752		174,944
Mercer International, Inc. (Germany)		4,922		53,059
Minerals Technologies, Inc.		3,856		234,252
Myers Industries, Inc.		4,451		115,014
O-I Glass, Inc.^(b)		18,830		418,402
Olympic Steel, Inc.		1,146		60,165
Quaker Chemical Corp.^(c)		1,771		346,726
Rayonier Advanced Materials, Inc.^(b)		7,227		59,261
Stepan Co.		2,530		263,348
SunCoke Energy, Inc.		9,848		93,654
Sylvamo Corp.		3,875		191,154
TimkenSteel Corp.^(b)(c)		5,044		92,255
Tredegar Corp.		2,864		33,280
Trinseo PLC		4,399		101,969
Warrior Met Coal, Inc.		6,107		233,715

				6,705,143

Real Estate-6.98%
Acadia Realty Trust		11,821		172,232
Alexander & Baldwin, Inc.		8,862		165,454
American Assets Trust, Inc.		6,738		170,000
Anywhere Real Estate, Inc.^(b)		14,284		82,704
Armada Hoffler Properties, Inc.		8,241		105,650
Brandywine Realty Trust		22,624		133,255
CareTrust REIT, Inc.		11,494		226,087
Centerspace		1,874		117,331
Chatham Lodging Trust		6,150		75,091
Community Healthcare Trust, Inc.		2,773		107,426
DiamondRock Hospitality Co.^(c)		26,630		232,214
Douglas Elliman, Inc.		8,187		34,549
Easterly Government Properties, Inc.		11,164		168,576
Elme Communities		10,700		199,127
Essential Properties Realty Trust, Inc.^(c)		16,827		433,464
Four Corners Property Trust, Inc.		9,828		266,830
Franklin Street Properties Corp.		10,773		26,071
Getty Realty Corp.		4,998		171,581
Global Net Lease, Inc.^(c)		12,357		174,481
Hersha Hospitality Trust, Class A		4,060		33,942


	Shares		Value
Real Estate-(continued)
Hudson Pacific Properties, Inc.		18,172	$	167,728
Innovative Industrial Properties, Inc.^(c)		3,505		309,877
iStar, Inc.		10,608		81,682
LTC Properties, Inc.		4,844		173,512
LXP Industrial Trust		33,868		353,243
Marcus & Millichap, Inc.^(c)		3,180		109,297
Office Properties Income Trust		6,176		101,533
Orion Office REIT, Inc.^(c)		7,057		60,408
Outfront Media, Inc.		19,039		332,231
RE/MAX Holdings, Inc., Class A		2,331		43,100
Retail Opportunity Investments Corp.		14,912		212,198
RPT Realty, (Acquired 06/30/2021 - 02/28/2023; Cost $114,140)^(d)		10,502		112,581
Safehold, Inc.^(c)		2,932		87,608
Saul Centers, Inc.		1,619		63,659
Service Properties Trust		21,020		230,800
SITE Centers Corp.^(c)		22,613		302,336
St. Joe Co. (The)		4,387		187,895
Summit Hotel Properties, Inc.		13,920		103,008
Sunstone Hotel Investors, Inc.^(c)		27,165		287,134
Tanger Factory Outlet Centers, Inc.^(c)		12,769		241,206
Universal Health Realty Income Trust		1,511		80,113
Urban Edge Properties^(c)		14,751		227,165
Urstadt Biddle Properties, Inc., Class A		3,750		64,875
Veris Residential, Inc.^(b)		9,617		155,218
Whitestone REIT		5,602		52,939
Xenia Hotels & Resorts, Inc.^(c)		14,213		199,551

				7,436,962

Utilities-1.78%
American States Water Co.		4,485		400,511
Avista Corp.		8,606		353,879
California Water Service Group		6,713		384,252
Chesapeake Utilities Corp.		2,104		269,501
Middlesex Water Co.		2,176		166,464
Northwest Natural Holding Co.		4,312		208,442
Unitil Corp.		2,014		109,400

				1,892,449

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $99,796,518)				106,430,100


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-18.01%
Invesco Private Government Fund, 4.58%^(g)(h)(i)		5,369,955		5,369,955
Invesco Private Prime Fund, 4.83%^(g)(h)(i)		13,805,695		13,808,455

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $19,179,404)				19,178,410

TOTAL INVESTMENTS IN SECURITIES-117.96% (Cost $118,975,922)				125,608,510
OTHER ASSETS LESS LIABILITIES-(17.96)%				(19,123,134	)

NET ASSETS-100.00%			$	106,485,376

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


		66

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2023

(Unaudited)

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

^(d)	Restricted security. The aggregate value of these securities at February 28, 2023 was $173,531, which represented less than 1% of the Fund’s Net Assets.

^(e)

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 February 28, 2023 represented less than 1% of the Fund’s Net Assets.

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

^(g)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	196,134		$	1,718,463		$	(1,914,597	)		$	-			$	-		$	-		$	1,004

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			5,047,410			12,415,139			(12,092,594	)			-				-			5,369,955			89,787	*

Invesco Private Prime Fund			12,979,055			30,764,964			(29,936,724	)			(2,256	)			3,416			13,808,455			244,210	*


Total		$	18,222,599		$	44,898,566		$	(43,943,915	)		$	(2,256	)		$	3,416		$	19,178,410		$	335,001

*	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.

^(h)	The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

⁽ⁱ⁾	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.


		67

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition

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

as of February 28, 2023



Financials			18.43

Industrials			18.21

Consumer Discretionary			13.50

Information Technology			13.31

Health Care			8.99

Real Estate			6.98

Materials			6.30

Consumer Staples			5.71

Energy			5.04

Sector Types Each Less Than 3%			3.48

Money Market Funds Plus Other Assets Less Liabilities			0.05

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


		68

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-5.53%
ATN International, Inc.		2,745	$	115,427
Cogent Communications Holdings, Inc.		7,663		496,103
Scholastic Corp.		3,362		153,341
Telephone & Data Systems, Inc.		45,789		581,062

				1,345,933

Consumer Discretionary-7.62%
Ethan Allen Interiors, Inc.^(b)		13,779		407,170
M.D.C. Holdings, Inc.^(b)		13,998		517,926
PetMed Express, Inc.^(b)		27,267		512,074
Sturm Ruger & Co., Inc.		7,194		419,194

				1,856,364

Consumer Staples-11.82%
B&G Foods, Inc.^(b)		53,930		683,293
Cal-Maine Foods, Inc.		4,840		274,912
Fresh Del Monte Produce, Inc.		6,915		216,301
Inter Parfums, Inc.		1,487		179,050
Nu Skin Enterprises, Inc., Class A		6,842		272,585
SpartanNash Co.		7,434		198,934
Universal Corp.		9,182		464,518
Vector Group Ltd.		44,282		587,622

				2,877,215

Energy-2.61%
Archrock, Inc.		57,309		634,411

Financials-23.65%
Apollo Commercial Real Estate Finance, Inc.^(b)		51,113		587,288
ARMOUR Residential REIT, Inc.		123,995		673,293
Ellington Financial, Inc.		48,805		628,120
Granite Point Mortgage Trust, Inc.		118,705		711,043
New York Mortgage Trust, Inc.^(b)		241,404		644,549
PennyMac Mortgage Investment Trust		45,844		597,347
Ready Capital Corp.^(b)		53,544		602,905
Redwood Trust, Inc.^(b)		80,457		612,278
Two Harbors Investment Corp.		42,378		702,204

				5,759,027

Health Care-2.00%
Phibro Animal Health Corp., Class A		19,367		304,255
US Physical Therapy, Inc.		1,793		181,685

				485,940

Industrials-10.86%
Deluxe Corp.		29,946		552,204
Greenbrier Cos., Inc. (The)		9,420		302,476
Healthcare Services Group, Inc.		43,990		583,747
HNI Corp.		12,358		386,188
Park Aerospace Corp.		17,929		294,394
Resources Connection, Inc.		14,884		268,805
Trinity Industries, Inc.^(b)		9,240		257,889

				2,645,703

Information Technology-3.56%
Adeia, Inc.		16,032		158,075

Investment Abbreviations:
REIT -Real Estate Investment Trust


	Shares		Value
Information Technology-(continued)
Benchmark Electronics, Inc.		7,026	$	167,148
CSG Systems International, Inc.		2,608		146,570
InterDigital, Inc.^(b)		3,408		248,750
TTEC Holdings, Inc.		3,657		147,231

				867,774

Materials-7.13%
Mativ Holdings, Inc., Class A^(b)		25,474		660,031
Mercer International, Inc. (Germany)		17,119		184,543
Myers Industries, Inc.		8,532		220,467
SunCoke Energy, Inc.		28,795		273,840
Tredegar Corp.		34,179		397,160

				1,736,041

Real Estate-18.69%
Brandywine Realty Trust.		120,406		709,191
Easterly Government Properties, Inc.		39,091		590,274
Franklin Street Properties Corp.		208,610		504,836
Global Net Lease, Inc.^(b)		52,528		741,696
Hudson Pacific Properties, Inc.		74,195		684,820
Office Properties Income Trust		46,791		769,244
Outfront Media, Inc.		31,598		551,385

				4,551,446

Utilities-6.42%
American States Water Co.		1,403		125,288
Avista Corp.		7,791		320,366
California Water Service Group		2,167		124,039
Chesapeake Utilities Corp.		1,178		150,890
Middlesex Water Co.		1,507		115,285
Northwest Natural Holding Co.		6,746		326,102
SJW Group		1,852		141,567
Unitil Corp.		4,805		261,008

				1,564,545

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $28,123,806)				24,324,399


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.50%
Invesco Private Government Fund, 4.58%^(c)(d)(e)		988,904		988,904
Invesco Private Prime Fund, 4.83%^(c)(d)(e)		2,542,800		2,543,308

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,532,254)				3,532,212

TOTAL INVESTMENTS IN SECURITIES-114.39% (Cost $31,656,060)				27,856,611
OTHER ASSETS LESS LIABILITIES-(14.39)%				(3,504,853	)

NET ASSETS-100.00%			$	24,351,758

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


		69

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)–(continued)

February 28, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 28, 2023.

^(c)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	490,306		$	(490,306	)		$	-			$	-		$	-		$	250

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			993,717			6,499,760			(6,504,573	)			-				-			988,904			17,794	*

Invesco Private Prime Fund			2,555,685			15,765,310			(15,778,023	)			(119	)			455			2,543,308			48,808	*


Total		$	3,549,402		$	22,755,376		$	(22,772,902	)		$	(119	)		$	455		$	3,532,212		$	66,852

*	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 February 28, 2023.

^(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.

Portfolio Composition

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

as of February 28, 2023



Financials			23.65

Real Estate			18.69

Consumer Staples			11.82

Industrials			10.86

Consumer Discretionary			7.62

Materials			7.13

Utilities			6.42

Communication Services			5.53

Information Technology			3.56

Sector Types Each Less Than 3%			4.61

Money Market Funds Plus Other Assets

Less Liabilities			0.11

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


		70

Invesco S&P SmallCap Low Volatility ETF (XSLV)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Communication Services-1.53%
Cogent Communications Holdings, Inc.		84,010	$	5,438,807
Marcus Corp. (The)^(b)		354,008		5,695,989

				11,134,796

Consumer Discretionary-0.76%
Sturm Ruger & Co., Inc.		94,534		5,508,496

Consumer Staples-6.64%
Central Garden & Pet Co., Class A^(b)(c)		138,956		5,340,079
Fresh Del Monte Produce, Inc.		197,461		6,176,580
Hostess Brands, Inc.^(b)(c)		276,869		6,838,664
J&J Snack Foods Corp.^(b)		41,524		5,863,604
John B. Sanfilippo & Son, Inc.^(b)		70,681		6,345,034
PriceSmart, Inc.^(b)		73,407		5,117,936
Tootsie Roll Industries, Inc.^(b)		148,039		6,518,157
Universal Corp.^(b)		120,636		6,102,975

				48,303,029

Financials-44.69%
Ameris Bancorp^(b)		110,519		5,290,545
AMERISAFE, Inc.		102,252		5,576,824
Banc of California, Inc.		331,917		5,825,143
BancFirst Corp.^(b)		62,902		5,676,905
Banner Corp.^(b)		95,826		6,035,121
Berkshire Hills Bancorp, Inc.^(b)		180,740		5,252,304
Brookline Bancorp, Inc.^(b)		478,364		6,199,597
Capitol Federal Financial, Inc.^(b)		791,447		6,640,240
Central Pacific Financial Corp.		230,962		5,180,478
City Holding Co.^(b)		82,600		8,111,320
Community Bank System, Inc.		114,147		6,968,674
CVB Financial Corp.^(b)		313,784		7,508,851
Dime Community Bancshares, Inc.^(b)		178,096		5,456,861
Eagle Bancorp, Inc.^(b)		132,193		5,791,375
Employers Holdings, Inc.		148,297		6,585,870
FB Financial Corp.^(b)		148,761		5,606,802
First Bancorp/Southern Pines NC^(b)		138,812		5,759,310
First Commonwealth Financial Corp.		408,079		6,533,345
First Financial Bancorp		240,868		5,934,988
First Hawaiian, Inc.^(b)		214,926		5,878,226
Hanmi Financial Corp.		238,052		5,622,788
Heritage Financial Corp.		232,120		6,469,184
Hope Bancorp, Inc.		460,817		5,903,066
Horace Mann Educators Corp.^(b)		175,482		6,485,815
Independent Bank Corp.^(b)		87,551		6,976,064
Independent Bank Group, Inc.^(b)		96,517		5,680,991
KKR Real Estate Finance Trust, Inc.^(b)		393,835		5,710,607
Lakeland Financial Corp.^(b)		96,393		6,903,667
National Bank Holdings Corp., Class A^(b)		135,036		5,467,608
NBT Bancorp, Inc.		164,614		6,681,682
Northfield Bancorp, Inc.		495,742		7,292,365
Northwest Bancshares, Inc.^(b)		534,353		7,384,758
OFG Bancorp		208,626		6,346,403
Pacific Premier Bancorp, Inc.^(b)		156,636		5,078,139
Park National Corp.^(b)		50,318		6,429,131
PRA Group, Inc.^(b)(c)		184,935		7,870,834
Preferred Bank^(b)		90,367		6,361,837
ProAssurance Corp.		273,070		5,431,362
Provident Financial Services, Inc.^(b)		273,840		6,394,164


	Shares		Value
Financials-(continued)
Renasant Corp.		167,463	$	6,025,319
S&T Bancorp, Inc.^(b)		189,080		7,045,121
Safety Insurance Group, Inc.		87,466		7,057,632
Seacoast Banking Corp. of Florida^(b)		169,358		5,167,113
Simmons First National Corp., Class A^(b)		253,195		5,628,525
Southside Bancshares, Inc.^(b)		175,143		6,688,711
Stellar Bancorp, Inc.^(b)		191,418		5,598,976
Tompkins Financial Corp.^(b)		93,616		7,001,541
TrustCo Bank Corp.		196,521		7,361,677
Trustmark Corp.		213,956		6,290,306
United Community Banks, Inc.^(b)		172,580		5,714,124
Westamerica Bancorporation		136,663		7,532,865
WSFS Financial Corp.^(b)		111,674		5,573,649

				324,988,803

Health Care-3.95%
CorVel Corp.^(b)(c)		29,384		5,297,347
Ensign Group, Inc. (The)^(b)		62,637		5,604,759
HealthStream, Inc.^(c)		226,372		5,806,442
Ironwood Pharmaceuticals, Inc.^(b)(c)		490,002		5,522,323
Prestige Consumer Healthcare, Inc.^(c)		107,341		6,467,295

				28,698,166

Industrials-11.60%
Alamo Group, Inc.		38,979		7,109,380
Albany International Corp., Class A^(b)		52,206		5,268,630
Brady Corp., Class A^(b)		124,322		6,857,602
ESCO Technologies, Inc.^(b)		53,602		4,995,170
Exponent, Inc.		55,405		5,701,174
Federal Signal Corp.^(b)		109,116		5,758,051
Heartland Express, Inc.^(b)		373,963		6,032,023
Matthews International Corp., Class A^(b)		143,965		5,493,704
Moog, Inc., Class A^(b)		61,201		6,035,643
National Presto Industries, Inc.		90,660		6,221,996
Park Aerospace Corp.^(b)		392,083		6,438,003
Standex International Corp.^(b)		50,961		5,895,168
Tennant Co.		87,309		6,183,223
UniFirst Corp.		32,244		6,324,016

				84,313,783

Information Technology-6.69%
Badger Meter, Inc.		44,327		5,391,050
Benchmark Electronics, Inc.^(b)		229,449		5,458,592
CSG Systems International, Inc.		97,493		5,479,107
EVERTEC, Inc.		157,215		5,787,084
Insight Enterprises, Inc.^(b)(c)		65,626		8,788,634
Methode Electronics, Inc.^(b)		110,415		5,380,523
OSI Systems, Inc.^(c)		68,119		6,304,413
Progress Software Corp.		105,575		6,064,228

				48,653,631

Materials-3.88%
Balchem Corp.^(b)		43,373		5,638,490
H.B. Fuller Co.		75,362		5,257,253
Innospec, Inc.^(b)		54,211		5,933,936
Stepan Co.		57,408		5,975,599
Tredegar Corp.^(b)		463,143		5,381,722

				28,187,000

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


		71

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Real Estate-14.21%
Alexander & Baldwin, Inc.^(b)		294,933	$	5,506,399
American Assets Trust, Inc.		232,910		5,876,319
Armada Hoffler Properties, Inc.^(b)		481,949		6,178,586
CareTrust REIT, Inc.^(b)		287,565		5,656,404
Centerspace^(b)		81,603		5,109,164
Community Healthcare Trust, Inc.^(b)		157,175		6,088,959
Easterly Government Properties, Inc.		434,166		6,555,907
Elme Communities^(b)		344,280		6,407,051
Essential Properties Realty Trust, Inc.^(b)		248,833		6,409,938
Four Corners Property Trust, Inc.^(b)		255,764		6,943,993
Getty Realty Corp.^(b)		201,155		6,905,651
Global Net Lease, Inc.^(b)		397,148		5,607,730
LTC Properties, Inc.		189,026		6,770,911
Retail Opportunity Investments Corp.		391,586		5,572,269
Saul Centers, Inc.		132,336		5,203,451
Universal Health Realty Income Trust^(b)		116,614		6,182,874
Urstadt Biddle Properties, Inc., Class A^(b)		368,959		6,382,991

				103,358,597

Utilities-5.86%
American States Water Co.^(b)		64,302		5,742,169
Avista Corp.^(b)		165,273		6,796,026
California Water Service Group^(b)		102,150		5,847,066
Chesapeake Utilities Corp.		50,412		6,457,273
Middlesex Water Co.		65,760		5,030,640
Northwest Natural Holding Co.^(b)		133,129		6,435,456
SJW Group^(b)		82,744		6,324,951

				42,633,581

Total Common Stocks & Other Equity Interests (Cost $728,236,414)				725,779,882


	Shares		Value
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e) (Cost $290,083)		290,083	$	290,083

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $728,526,497)				726,069,965


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-17.80%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		36,272,618		36,272,618
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		93,198,805		93,217,441

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $129,495,791)				129,490,059

TOTAL INVESTMENTS IN SECURITIES-117.65% (Cost $858,022,288)				855,560,024
OTHER ASSETS LESS LIABILITIES-(17.65)%				(128,378,845	)

NET ASSETS-100.00%			$	727,181,179

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at February 28, 2023.

^(c)	Non-income producing security.

^(d)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ -		$ 14,371,808		$ (14,081,725)		$ -		$ -		$ 290,083		$ 5,968

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


		72

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

February 28, 2023

(Unaudited)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	26,145,358		$	107,714,702		$	(97,587,442	)		$	-			$	-		$	36,272,618		$	458,986	*

Invesco Private Prime Fund			67,155,529			247,113,122			(221,055,568	)			(10,753	)			15,111			93,217,441			1,254,053	*


Total		$	93,300,887		$	369,199,632		$	(332,724,735	)		$	(10,753	)		$	15,111		$	129,780,142		$	1,719,007

*	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 February 28, 2023.

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

Portfolio Composition

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

as of February 28, 2023



Financials			44.69

Real Estate			14.21

Industrials			11.60

Information Technology			6.69

Consumer Staples			6.64

Utilities			5.86

Health Care			3.95

Materials			3.88

Sector Types Each Less Than 3%			2.29

Money Market Funds Plus Other Assets Less Liabilities			0.19

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


		73

Invesco S&P SmallCap Quality ETF (XSHQ)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.83%
Consumer Discretionary-16.91%
Academy Sports & Outdoors, Inc.^(b)		11,539	$	682,532
Adtalem Global Education, Inc.^(b)(c)		6,228		243,639
Buckle, Inc. (The)^(b)		6,051		246,820
Caleres, Inc.^(b)		6,350		165,799
Cavco Industries, Inc.^(c)		900		256,500
Chico’s FAS, Inc.^(c)		20,175		116,006
Children’s Place, Inc. (The)^(b)(c)		2,143		89,727
Designer Brands, Inc., Class A^(b)		10,093		98,811
Ethan Allen Interiors, Inc.^(b)		4,143		122,426
Genesco, Inc.^(c)		1,986		89,310
Haverty Furniture Cos., Inc., (Acquired 11/03/2021 - 02/13/2023; Cost $57,760)^(d)		1,828		68,989
Kontoor Brands, Inc.		6,224		324,582
MarineMax, Inc.^(c)		2,917		97,953
Monarch Casino & Resort, Inc.		1,831		134,798
Movado Group, Inc.^(b)		2,447		84,715
Oxford Industries, Inc.^(b)		2,118		249,098
Perdoceo Education Corp.^(c)		10,759		148,313
PetMed Express, Inc.^(b)		2,399		45,053
Ruth’s Hospitality Group, Inc.		4,285		79,915
Signet Jewelers Ltd.^(b)		5,641		404,009
Sonos, Inc.^(b)(c)		16,905		328,464
Steven Madden Ltd.		11,706		424,928
Tri Pointe Homes, Inc.^(c)		11,929		284,387
Winnebago Industries, Inc.^(b)		4,655		295,872
Zumiez, Inc.^(b)(c)		2,309		53,707

				5,136,353

Consumer Staples-4.16%
Cal-Maine Foods, Inc.		5,008		284,454
John B. Sanfilippo & Son, Inc.		1,346		120,830
Medifast, Inc.^(b)		1,608		180,305
National Beverage Corp.^(b)(c)		4,790		223,454
USANA Health Sciences, Inc.^(b)(c)		1,487		90,380
WD-40 Co.^(b)		2,092		362,816

				1,262,239

Energy-7.89%
Callon Petroleum Co.^(b)(c)		8,396		325,429
CONSOL Energy, Inc.		6,461		353,610
Dorian LPG Ltd.		3,936		86,395
Par Pacific Holdings, Inc.^(c)		12,284		341,249
REX American Resources Corp.^(c)		3,113		102,760
RPC, Inc.		12,006		105,293
SM Energy Co.		28,874		852,072
Talos Energy, Inc.^(c)		12,807		228,093

				2,394,901

Financials-12.14%
American Equity Investment Life Holding Co.		14,348		597,594
Bancorp, Inc. (The)^(b)(c)		7,289		252,126
Central Pacific Financial Corp.		3,148		70,610
Customers Bancorp, Inc.^(b)(c)		3,906		120,305
Donnelley Financial Solutions, Inc.^(b)(c)		4,185		177,067
First Bancorp		29,334		425,636
Hanmi Financial Corp.		3,816		90,134
Lakeland Financial Corp.^(b)		3,738		267,716


	Shares		Value
Financials-(continued)
NMI Holdings, Inc., Class A^(c)		11,475	$	267,826
OFG Bancorp		6,159		187,357
Pathward Financial, Inc.		4,112		209,753
Piper Sandler Cos.		1,622		244,906
Preferred Bank		1,756		123,622
Stellar Bancorp, Inc.		6,785		198,461
Virtus Investment Partners, Inc.^(b)		771		162,242
Westamerica Bancorporation		3,715		204,771
WisdomTree, Inc.		14,247		85,055

				3,685,181

Health Care-8.93%
AMN Healthcare Services, Inc.^(b)(c)		7,394		665,534
Amphastar Pharmaceuticals, Inc.^(c)		4,636		147,703
Apollo Medical Holdings, Inc.^(b)(c)		4,530		158,097
Catalyst Pharmaceuticals, Inc.^(b)(c)		13,970		213,182
Corcept Therapeutics, Inc.^(c)		17,964		374,190
CorVel Corp.^(c)		1,468		264,651
Dynavax Technologies Corp.^(b)(c)		29,938		308,361
Eagle Pharmaceuticals, Inc.^(c)		1,381		38,668
Enhabit, Inc.^(c)		9,053		138,964
Harmony Biosciences Holdings, Inc.^(b)(c)		4,335		190,870
Innoviva, Inc.^(b)(c)		9,612		116,017
iTeos Therapeutics, Inc.^(c)		5,355		94,837

				2,711,074

Industrials-26.44%
Albany International Corp., Class A		3,648		368,156
Apogee Enterprises, Inc.^(b)		3,078		140,849
Applied Industrial Technologies, Inc.		4,868		695,442
ArcBest Corp.		3,205		308,321
Boise Cascade Co.^(b)		7,370		509,341
CoreCivic, Inc.^(c)		15,659		152,049
Encore Wire Corp.^(b)		2,867		553,360
Exponent, Inc.		9,351		962,218
Forrester Research, Inc.^(c)		1,446		47,559
Forward Air Corp.		3,498		361,029
Heartland Express, Inc.		6,099		98,377
Heidrick & Struggles International, Inc.		3,344		114,799
Hillenbrand, Inc.^(b)		8,454		398,522
Hub Group, Inc., Class A^(b)(c)		4,665		427,920
Insteel Industries, Inc.^(b)		3,085		91,779
Korn Ferry		7,519		420,237
Liquidity Services, Inc.^(c)		5,875		74,377
Marten Transport Ltd.		7,112		156,962
Matson, Inc.^(b)		7,289		484,791
Mueller Industries, Inc.^(b)		9,947		735,780
MYR Group, Inc.^(b)(c)		2,086		251,592
National Presto Industries, Inc.		622		42,688
Quanex Building Products Corp.		4,303		111,663
Resources Connection, Inc.		4,127		74,534
Titan International, Inc.^(b)(c)		8,798		109,183
Veritiv Corp.^(b)		2,232		338,014

				8,029,542

Information Technology-17.42%
Advanced Energy Industries, Inc.		4,640		431,891
Alpha & Omega Semiconductor Ltd.^(b)(c)		4,846		129,437
Axcelis Technologies, Inc.^(c)		5,431		698,101

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


		74

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Information Technology-(continued)
Badger Meter, Inc.		3,518	$	427,859
Cohu, Inc.^(c)		5,471		203,521
CTS Corp.		3,987		172,677
Diodes, Inc.^(c)		6,553		600,845
EVERTEC, Inc.		13,363		491,892
Extreme Networks, Inc.^(c)		19,596		366,837
Fabrinet (Thailand)^(b)(c)		4,789		583,635
InterDigital, Inc.^(b)		3,955		288,676
Kulicke & Soffa Industries, Inc. (Singapore)^(b)		9,308		496,116
MaxLinear, Inc.^(c)		9,026		308,780
ScanSource, Inc.^(c)		2,902		90,484

				5,290,751

Materials-4.74%
AdvanSix, Inc.		3,686		151,679
Century Aluminum Co.^(c)		7,456		89,994
FutureFuel Corp.		3,152		27,580
Mercer International, Inc. (Germany)		5,618		60,562
O-I Glass, Inc.^(c)		19,790		439,734
SunCoke Energy, Inc.		9,644		91,715
TimkenSteel Corp.^(b)(c)		6,046		110,581
Tredegar Corp.		3,462		40,228
Warrior Met Coal, Inc.		11,166		427,323

				1,439,396

Real Estate-1.20%
iStar, Inc.		13,954		107,446
Marcus & Millichap, Inc.		3,833		131,740
Universal Health Realty Income Trust		2,357		124,968

				364,154

Total Common Stocks & Other Equity Interests (Cost $28,192,592)				30,313,591


	Shares		Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(e)(f) (Cost $23,315)		23,315	$	23,315

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $28,215,907)				30,336,906


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-32.46%
Invesco Private Government Fund, 4.58%^(e)(f)(g)		2,759,917		2,759,917
Invesco Private Prime Fund, 4.83%^(e)(f)(g)		7,095,510		7,096,929

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,857,288)				9,856,846

TOTAL INVESTMENTS IN SECURITIES-132.37% (Cost $38,073,195)				40,193,752
OTHER ASSETS LESS LIABILITIES-(32.37)%				(9,829,445	)

NET ASSETS-100.00%			$	30,364,307

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 February 28, 2023.

^(c)	Non-income producing security.

^(d)	Restricted security. The value of this security at February 28, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 30,502		$ 371,122		$ (378,309)		$ -		$ -		$ 23,315		$ 214

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


		75

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

February 28, 2023

(Unaudited)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	1,816,125		$	8,513,573		$	(7,569,781	)		$	-			$	-		$	2,759,917		$	28,849	*

Invesco Private Prime Fund			4,670,036			19,957,299			(17,530,395	)			(606	)			595			7,096,929			78,711	*


Total		$	6,516,663		$	28,841,994		$	(25,478,485	)		$	(606	)		$	595		$	9,880,161		$	107,774

*	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 February 28, 2023.

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

Portfolio Composition

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

as of February 28, 2023



Industrials			26.44

Information Technology			17.42

Consumer Discretionary			16.91

Financials			12.14

Health Care			8.93

Energy			7.89

Materials			4.74

Consumer Staples			4.16

Real Estate			1.20

Money Market Funds Plus Other Assets Less Liabilities			0.17

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


		76

(This Page Intentionally Left Blank)


		77

Statements of Assets and Liabilities

February 28, 2023

(Unaudited)



	Invesco ESG				Invesco Russell				Invesco Russell				Invesco Russell				Invesco S&P
	S&P 500				1000 Enhanced				1000 Equal				1000 Low Beta				500^® Enhanced
	Equal Weight				Equal Weight				Weight ETF				Equal Weight				Value ETF
	ETF (RSPE)				ETF (USEQ)				(EQAL)				ETF (USLB)				(SPVU)
Assets:
Unaffiliated investments in securities, at value^(a)		$	12,293,317			$	2,615,205			$	628,765,431			$	8,733,254			$	141,231,886
Affiliated investments in securities, at value			189,035				272,483				106,444,391				1,426,028				1,132,614
Cash			-				-				474,400				-				-
Receivable for:
Dividends			19,280				4,039				870,099				13,866				588,992
Securities lending			36				62				86,514				733				251
Investments sold			-				-				-				-				-
Fund shares sold			-				-				-				-				-

Total assets			12,501,668				2,891,789				736,640,835				10,173,881				142,953,743


Liabilities:
Due to custodian			7,591				-				-				-				331,811
Payable for:
Investments purchased			-				-				174,923				-				-
Investments purchased - affiliated broker			-				-				422,712				-				-
Collateral upon return of securities loaned			123,660				266,801				106,068,755				1,421,574				804,727
Fund shares repurchased			-				-				-				-				-
Accrued unitary management fees			1,951				600				99,875				2,413				14,879
Accrued tax expenses			-				-				-				-				-

Total liabilities.			133,202				267,401				106,766,265				1,423,987				1,151,417

Net Assets		$	12,368,466			$	2,624,388			$	629,874,570			$	8,749,894			$	141,802,326


Net assets consist of:
Shares of beneficial interest		$	13,066,788			$	8,128,843			$	753,503,038			$	38,180,996			$	162,154,861
Distributable earnings (loss)			(698,322	)			(5,504,455	)			(123,628,468	)			(29,431,102	)			(20,352,535	)

Net Assets		$	12,368,466			$	2,624,388			$	629,874,570			$	8,749,894			$	141,802,326


Shares outstanding (unlimited amount authorized, $0.01 par value)			550,001				75,001				15,025,001				225,001				3,320,001
Net asset value		$	22.49			$	34.99			$	41.92			$	38.89			$	42.71

Market price		$	22.52			$	35.01			$	41.92			$	38.94			$	42.80

Unaffiliated investments in securities, at cost		$	12,656,658			$	2,456,928			$	650,907,538			$	8,684,808			$	145,363,857

Affiliated investments in securities, at cost		$	195,724			$	272,639			$	106,531,819			$	1,426,094			$	1,215,197

^(a)Includes securities on loan with an aggregate value of: .		$	119,520			$	260,380			$	103,394,550			$	1,386,831			$	757,690

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


		78


Invesco S&P						Invesco S&P						Invesco
500^® ex-Rate			Invesco S&P			500^® High			Invesco S&P			S&P 500			Invesco S&P			Invesco S&P			Invesco S&P
Sensitive Low			500^® High			Dividend Low			500^® Low			Minimum			500^®			500 QVM			MidCap 400
Volatility			Beta			Volatility			Volatility			Variance			Momentum			Multi-factor			QVM Multi-factor
ETF (XRLV)			ETF (SPHB)			ETF (SPHD)			ETF (SPLV)			ETF (SPMV)			ETF (SPMO)			ETF (QVML)			ETF (QVMM)

$	50,956,901		$	699,938,195		$	3,804,383,154		$	9,762,426,317		$	23,294,254		$	205,167,007		$	996,506,173		$	269,865,396
	2,402,054			100,875,724			24,760,695			133,371,262			-			-			34,067,040			29,993,210
	-			-			-			-			-			-			-			-

	124,013			674,195			15,429,546			22,746,104			30,107			602,304			1,774,124			215,102
	216			9,237			10,231			9,520			-			-			3,785			12,793
	-			-			-			55,990,306			-			-			-			544,628
	-			2,824,718			-			615,810			-			-			-			724,289

	53,483,184			804,322,069			3,844,583,626			9,975,159,319			23,324,361			205,769,311			1,032,351,122			301,355,418



	54,415			659,604			13,012,925			7,811,086			11,219			312,833			-			-

	-			-			-			615,278			-			-			-			1,087,756
	-			-			-			-			-			-			-			745,031
	2,402,054			94,194,550			24,761,771			133,374,279			-			-			33,171,655			29,573,673
	-			2,827,525			-			56,038,709			-			-			-			-
	10,394			133,459			915,099			1,955,159			1,796			21,128			86,640			31,596
	-			-			-			-			-			-			-			979

	2,466,863			97,815,138			38,689,795			199,794,511			13,015			333,961			33,258,295			31,439,035

$	51,016,321		$	706,506,931		$	3,805,893,831		$	9,775,364,808		$	23,311,346		$	205,435,350		$	999,092,827		$	269,916,383



$	75,765,032		$	971,694,293		$	4,699,800,122		$	12,409,737,554		$	23,701,689		$	230,953,265		$	1,041,071,198		$	271,907,121
	(24,748,711	)		(265,187,362	)		(893,906,291	)		(2,634,372,746	)		(390,343	)		(25,517,915	)		(41,978,371	)		(1,990,738	)

$	51,016,321		$	706,506,931		$	3,805,893,831		$	9,775,364,808		$	23,311,346		$	205,435,350		$	999,092,827		$	269,916,383

	1,090,001			9,990,000			88,230,000			158,740,000			650,001			3,810,001			42,050,001			11,180,001
$	46.80		$	70.72		$	43.14		$	61.58		$	35.86		$	53.92		$	23.76		$	24.14

$	46.84		$	70.72		$	43.13		$	61.57		$	35.91		$	53.94		$	23.81		$	24.17

$	50,636,777		$	781,640,393		$	4,027,491,725		$	10,103,418,988		$	23,102,899		$	213,907,169		$	1,010,138,862		$	259,055,153

$	2,402,054		$	102,563,429		$	24,761,771		$	133,374,279		$	-		$	-		$	34,141,194		$	29,995,146

$	2,346,512		$	91,407,144		$	24,319,978		$	130,203,342		$	-		$	-		$	32,414,856		$	28,829,710


		79

Statements of Assets and Liabilities–(continued)

February 28, 2023

(Unaudited)


	Invesco S&P				Invesco S&P			Invesco S&P SmallCap High				Invesco S&P				Invesco S&P
	MidCap Low				SmallCap 600			Dividend Low				SmallCap Low				SmallCap
	Volatility				QVM Multi-factor			Volatility ETF				Volatility				Quality
	ETF (XMLV)				ETF (QVMS)			(XSHD)				ETF (XSLV)				ETF (XSHQ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	1,127,702,653			$	106,430,100		$	24,324,399			$	725,779,882			$	30,313,591
Affiliated investments in securities, at value			82,185,050				19,178,410			3,532,212				129,780,142				9,880,161
Receivable for:
Dividends			2,053,647				77,022			35,486				1,226,773				33,606
Securities lending			18,137				6,198			971				13,233				1,013
Investments sold			-				303,088			-				4,893,638				-

Total assets			1,211,959,487				125,994,818			27,893,068				861,693,668				40,228,371


Liabilities:
Due to custodian			838,342				3,483			3,450				-				-
Payable for:
Investments purchased.			-				158,863			-				2,487,296				-
Investments purchased - affiliated broker			-				155,203			-				2,387,357				-
Collateral upon return of securities loaned			82,188,981				19,179,404			3,532,254				129,495,791				9,857,288
Accrued unitary management fees			226,912				12,489			5,606				142,045				6,776

Total liabilities.			83,254,235				19,509,442			3,541,310				134,512,489				9,864,064

Net Assets		$	1,128,705,252			$	106,485,376		$	24,351,758			$	727,181,179			$	30,364,307


Net assets consist of:
Shares of beneficial interest.		$	1,704,325,369			$	104,473,903		$	37,097,550			$	1,388,904,486			$	35,695,614
Distributable earnings (loss)			(575,620,117	)			2,011,473			(12,745,792	)			(661,723,307	)			(5,331,307	)

Net Assets		$	1,128,705,252			$	106,485,376		$	24,351,758			$	727,181,179			$	30,364,307


Shares outstanding (unlimited amount authorized, $0.01 par value)			20,530,000				4,520,001			1,340,001				15,620,000				860,001
Net asset value		$	54.98			$	23.56		$	18.17			$	46.55			$	35.31

Market price		$	55.00			$	23.63		$	18.20			$	46.59			$	35.35

Unaffiliated investments in securities, at cost		$	1,091,219,447			$	99,796,518		$	28,123,806			$	728,236,414			$	28,192,592

Affiliated investments in securities, at cost		$	82,188,981			$	19,179,404		$	3,532,254			$	129,785,874			$	9,880,603

^(a)Includes securities on loan with an aggregate value of:		$	78,724,532			$	18,335,373		$	3,448,216			$	121,426,735			$	9,606,743

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


		80

(This Page Intentionally Left Blank)


		81

Statements of Operations

For the six months ended February 28, 2023

(Unaudited)


	Invesco ESG S&P 500 Equal Weight ETF (RSPE)				Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)				Invesco Russell 1000 Equal Weight ETF (EQAL)				Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)				Invesco S&P 500^® Enhanced Value ETF (SPVU)
Investment income:
Unaffiliated dividend income		$	105,314			$	26,283			$	6,471,870			$	96,132			$	2,116,626
Affiliated dividend income			1,320				64				13,320				75				6,896
Non-cash dividend income			-				133				15,095				-				-
Securities lending income, net			152				362				312,658				2,492				1,015
Foreign withholding tax			-				(7	)			(6,846	)			(50	)			-

Total investment income			106,786				26,835				6,806,097				98,649				2,124,537


Expenses:
Unitary management fees			9,942				3,646				603,383				14,812				91,411
Tax expenses			-				-				-				-				-

Total expenses			9,942				3,646				603,383				14,812				91,411

Less: Waivers			-				(1	)			(150	)			(2	)			(29	)

Net expenses			9,942				3,645				603,233				14,810				91,382

Net investment income			96,844				23,190				6,202,864				83,839				2,033,155


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(103,344	)			(35,088	)			(8,709,909	)			(48,225	)			(6,446,662	)
Affiliated investment securities			(1,939	)			26				(1,728	)			129				532
Unaffiliated in-kind redemptions			32,483				-				4,476,988				-				3,174,422
Affiliated in-kind redemptions			(299	)			-				146				-				(4,273	)

Net realized gain (loss)			(73,099	)			(35,062	)			(4,234,503	)			(48,096	)			(3,275,981	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			537,587				155,221				9,639,525				400,724				7,844,646
Affiliated investment securities			4,062				(167	)			34,605				(107	)			10,099

Change in net unrealized appreciation (depreciation)			541,649				155,054				9,674,130				400,617				7,854,745

Net realized and unrealized gain (loss)			468,550				119,992				5,439,627				352,521				4,578,764

Net increase (decrease) in net assets resulting from operations		$	565,394			$	143,182			$	11,642,491			$	436,360			$	6,611,919

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


		82


Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)				Invesco S&P 500^® High Beta ETF (SPHB)				Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)				Invesco S&P 500^® Low Volatility ETF (SPLV)				Invesco S&P 500 Minimum Variance ETF (SPMV)				Invesco S&P 500^® Momentum ETF (SPMO)				Invesco S&P 500 QVM Multi-factor ETF (QVML)				Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

	$	721,987			$	2,033,033			$	88,124,503			$	138,857,338			$	220,577			$	2,041,394			$	7,352,270			$	2,221,915
		162				109,407				23,854				111,574				147				1,266				11,161				2,513
		-				-				-				-				-				-				-				-
		2,935				54,488				267,968				353,597				-				-				20,240				65,522
		-				(7,543	)			-				-				-				-				(1,678	)			-

		725,084				2,189,385				88,416,325				139,322,509				220,724				2,042,660				7,381,993				2,289,950



		68,383				635,777				5,662,460				12,899,636				11,108				102,387				424,298				187,700
		-				-				-				-				-				-				-				979

		68,383				635,777				5,662,460				12,899,636				11,108				102,387				424,298				188,679

		(4	)			(46	)			(674	)			(2,840	)			(5	)			(37	)			(178	)			(63	)

		68,379				635,731				5,661,786				12,896,796				11,103				102,350				424,120				188,616

		656,705				1,553,654				82,754,539				126,425,713				209,621				1,940,310				6,957,873				2,101,334




		(490,381	)			(39,462,238	)			(79,400,609	)			(288,964,260	)			(592,403	)			(11,011,462	)			(11,211,519	)			(5,254,814	)
		(159	)			(149,634	)			45,388				11,769				-				-				(1,871	)			6,266
		1,161,118				13,430,854				105,493,536				168,186,210				230,921				2,655,420				1,637,946				1,252,379
		-				(105,747	)			-				-				-				-				-				-

		670,578				(26,286,765	)			26,138,315				(120,766,281	)			(361,482	)			(8,356,042	)			(9,575,444	)			(3,996,169	)


		(1,464,816	)			54,661,272				(103,834,286	)			(177,445,315	)			(122,918	)			39,114				18,814,470				22,433,920
		-				302,714				(3,012	)			(3,025	)			-				-				7,793				(3,786	)

		(1,464,816	)			54,963,986				(103,837,298	)			(177,448,340	)			(122,918	)			39,114				18,822,263				22,430,134

		(794,238	)			28,677,221				(77,698,983	)			(298,214,621	)			(484,400	)			(8,316,928	)			9,246,819				18,433,965

	$	(137,533	)		$	30,230,875			$	5,055,556			$	(171,788,908	)		$	(274,779	)		$	(6,376,618	)		$	16,204,692			$	20,535,299


		83

Statements of Operations–(continued)

For the six months ended February 28, 2023

(Unaudited)


	Invesco S&P MidCap Low Volatility ETF (XMLV)				Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)				Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)				Invesco S&P SmallCap Low Volatility ETF (XSLV)				Invesco S&P SmallCap Quality ETF (XSHQ)
Investment income:
Unaffiliated dividend income		$	17,323,347			$	910,219			$	826,392			$	12,554,272			$	267,380
Affiliated dividend income			5,951				1,004				250				5,968				214
Non-cash dividend income			-				22,191				-				-				23,867
Securities lending income, net			160,259				26,867				7,490				77,979				4,894
Foreign withholding tax			-				(903	)			-				(3,789	)			(1,071	)

Total investment income			17,489,557				959,378				834,132				12,634,430				295,284


Expenses:
Unitary management fees			1,432,624				74,867				32,189				882,251				39,378

Less: Waivers			(178	)			(30	)			(7	)			(171	)			(6	)

Net expenses			1,432,446				74,837				32,182				882,080				39,372

Net investment income			16,057,111				884,541				801,950				11,752,350				255,912


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(36,715,066	)			(2,672,281	)			(769,236	)			(28,475,678	)			(2,168,785	)
Affiliated investment securities			23,470				3,416				455				15,111				595
In-kind redemptions			52,530,678				237,946				(512,822	)			1,226,037				469,697

Net realized gain (loss)			15,839,082				(2,430,919	)			(1,281,603	)			(27,234,530	)			(1,698,493	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			35,781,284				8,812,972				(421,945	)			48,167,706				3,415,346
Affiliated investment securities			(6,850	)			(2,256	)			(119	)			(10,753	)			(606	)

Change in net unrealized appreciation (depreciation)			35,774,434				8,810,716				(422,064	)			48,156,953				3,414,740

Net realized and unrealized gain (loss)			51,613,516				6,379,797				(1,703,667	)			20,922,423				1,716,247

Net increase (decrease) in net assets resulting from operations		$	67,670,627			$	7,264,338			$	(901,717	)		$	32,674,773			$	1,972,159

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


		84

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		85

Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)


	Invesco ESG S&P 500 Equal Weight ETF (RSPE)								Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
	Six Months Ended February 28, 2023				Period Ended August 31, 2022^(a)				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	96,844			$	81,490			$	23,190			$	47,460
Net realized gain (loss)			(73,099	)			(205,237	)			(35,062	)			133,045
Change in net unrealized appreciation (depreciation)			541,649				(911,679	)			155,054				(481,357	)

Net increase (decrease) in net assets resulting from operations			565,394				(1,035,426	)			143,182				(300,852	)


Distributions to Shareholders from:
Distributable earnings			(84,660	)			(59,420	)			(23,394	)			(40,838	)


Shareholder Transactions:
Proceeds from shares sold			3,389,542				13,000,263				-				923,047
Value of shares repurchased			(1,070,351	)			(2,336,876	)			-				(882,437	)

Net increase (decrease) in net assets resulting from share transactions			2,319,191				10,663,387				-				40,610

Net increase (decrease) in net assets			2,799,925				9,568,541				119,788				(301,080	)


Net assets:
Beginning of period			9,568,541				-				2,504,600				2,805,680

End of period		$	12,368,466			$	9,568,541			$	2,624,388			$	2,504,600


Changes in Shares Outstanding:
Shares sold			150,000				550,001				-				25,000
Shares repurchased			(50,000	)			(100,000	)			-				(25,000	)
Shares outstanding, beginning of period			450,001				-				75,001				75,001

Shares outstanding, end of period			550,001				450,001				75,001				75,001

^(a)	For the period November 15, 2021 (commencement of investment operations) through August 31, 2022.

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


		86


Invesco Russell 1000 Equal Weight ETF (EQAL)								Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)								Invesco S&P 500 Enhanced Value ETF (SPVU)								Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)
Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022

	$	6,202,864			$	11,153,118			$	83,839			$	142,288			$	2,033,155			$	3,710,308			$	656,705			$	1,041,567
		(4,234,503	)			65,999,313				(48,096	)			(546,416	)			(3,275,981	)			2,895,557				670,578				2,875,716
		9,674,130				(152,904,219	)			400,617				(247,353	)			7,854,745				(14,863,841	)			(1,464,816	)			(5,390,862	)

		11,642,491				(75,751,788	)			436,360				(651,481	)			6,611,919				(8,257,976	)			(137,533	)			(1,473,579	)



		(5,731,477	)			(9,835,744	)			(93,636	)			(106,206	)			(1,851,326	)			(3,841,875	)			(600,321	)			(942,341	)



		31,351,003				348,997,842				-				885,482				51,003,778				124,174,209				9,572,074				30,026,387
		(24,855,409	)			(319,583,356	)			-				(1,959,150	)			(58,596,806	)			(112,682,821	)			(11,907,820	)			(25,776,836	)

		6,495,594				29,414,486				-				(1,073,668	)			(7,593,028	)			11,491,388				(2,335,746	)			4,249,551

		12,406,608				(56,173,046	)			342,724				(1,831,355	)			(2,832,435	)			(608,463	)			(3,073,600	)			1,833,631



		617,467,962				673,641,008				8,407,170				10,238,525				144,634,761				145,243,224				54,089,921				52,256,290

	$	629,874,570			$	617,467,962			$	8,749,894			$	8,407,170			$	141,802,326			$	144,634,761			$	51,016,321			$	54,089,921



		775,000				7,675,000				-				25,000				1,220,000				2,850,000				200,000				610,000
		(625,000	)			(7,350,000	)			-				(50,000	)			(1,460,000	)			(2,710,000	)			(250,000	)			(530,000	)
		14,875,001				14,550,001				225,001				250,001				3,560,001				3,420,001				1,140,001				1,060,001

		15,025,001				14,875,001				225,001				225,001				3,320,001				3,560,001				1,090,001				1,140,001


		87

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)


	Invesco S&P 500^® High Beta ETF (SPHB)								Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)
	Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	1,553,654			$	7,042,119			$	82,754,539			$	121,037,141
Net realized gain (loss)			(26,286,765	)			64,821,130				26,138,315				252,639,920
Change in net unrealized appreciation (depreciation)			54,963,986				(214,789,976	)			(103,837,298	)			(308,891,811	)

Net increase (decrease) in net assets resulting from operations			30,230,875				(142,926,727	)			5,055,556				64,785,250


Distributions to Shareholders from:
Distributable earnings			(1,410,366	)			(9,212,158	)			(75,366,491	)			(125,648,308	)


Shareholder Transactions:
Proceeds from shares sold			493,031,949				1,458,860,906				970,824,817				2,955,523,073
Value of shares repurchased			(343,029,740	)			(2,458,379,161	)			(902,603,891	)			(2,121,152,437	)

Net increase (decrease) in net assets resulting from share transactions			150,002,209				(999,518,255	)			68,220,926				834,370,636

Net increase (decrease) in net assets			178,822,718				(1,151,657,140	)			(2,090,009	)			773,507,578


Net assets:
Beginning of period			527,684,213				1,679,341,353				3,807,983,840				3,034,476,262

End of period		$	706,506,931			$	527,684,213			$	3,805,893,831			$	3,807,983,840


Changes in Shares Outstanding:
Shares sold			7,150,000				19,510,000				21,870,000				65,160,000
Shares repurchased			(5,340,000	)			(33,800,000	)			(20,360,000	)			(47,030,000	)
Shares outstanding, beginning of period			8,180,000				22,470,000				86,720,000				68,590,000

Shares outstanding, end of period			9,990,000				8,180,000				88,230,000				86,720,000

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


		88


Invesco S&P 500^® Low Volatility ETF (SPLV)								Invesco S&P 500 Minimum Variance ETF (SPMV)								Invesco S&P 500 Momentum ETF (SPMO)								Invesco S&P 500 QVM Multi-factor ETF (QVML)
Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022

	$	126,425,713			$	194,673,336			$	209,621			$	390,471			$	1,940,310			$	1,163,067			$	6,957,873			$	11,454,017
		(120,766,281	)			324,559,313				(361,482	)			1,337,908				(8,356,042	)			6,175,309				(9,575,444	)			(13,947,376	)
		(177,448,340	)			(639,723,215	)			(122,918	)			(2,791,894	)			39,114				(21,800,268	)			18,822,263				(72,535,505	)

		(171,788,908	)			(120,490,566	)			(274,779	)			(1,063,515	)			(6,376,618	)			(14,461,892	)			16,204,692				(75,028,864	)



		(115,383,938	)			(184,314,118	)			(192,932	)			(388,980	)			(1,539,527	)			(829,817	)			(6,280,344	)			(11,101,222	)



		1,753,867,193				11,438,901,638				2,921,810				7,405,986				152,132,786				158,290,370				274,360,733				68,913,195
		(2,664,314,277	)			(8,378,589,464	)			(720,974	)			(8,652,212	)			(52,754,551	)			(117,191,064	)			(9,246,811	)			(51,583,392	)

		(910,447,084	)			3,060,312,174				2,200,836				(1,246,226	)			99,378,235				41,099,306				265,113,922				17,329,803

		(1,197,619,930	)			2,755,507,490				1,733,125				(2,698,721	)			91,462,090				25,807,597				275,038,270				(68,800,283	)



		10,972,984,738				8,217,477,248				21,578,221				24,276,942				113,973,260				88,165,663				724,054,557				792,854,840

	$	9,775,364,808			$	10,972,984,738			$	23,311,346			$	21,578,221			$	205,435,350			$	113,973,260			$	999,092,827			$	724,054,557



		27,910,000				175,850,000				80,000				190,000				2,690,000				2,620,000				11,750,000				2,650,000
		(42,820,000	)			(130,450,000	)			(20,000	)			(220,000	)			(980,000	)			(1,910,000	)			(400,000	)			(1,950,000	)
		173,650,000				128,250,000				590,001				620,001				2,100,001				1,390,001				30,700,001				30,000,001

		158,740,000				173,650,000				650,001				590,001				3,810,001				2,100,001				42,050,001				30,700,001


		89

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)


	Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)								Invesco S&P MidCap Low Volatility ETF (XMLV)
	Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	2,101,334			$	2,871,550			$	16,057,111			$	22,667,581
Net realized gain (loss)			(3,996,169	)			(5,923,959	)			15,839,082				96,861,468
Change in net unrealized appreciation (depreciation)			22,430,134				(15,758,068	)			35,774,434				(163,634,830	)

Net increase (decrease) in net assets resulting from operations			20,535,299				(18,810,477	)			67,670,627				(44,105,781	)


Distributions to Shareholders from:
Distributable earnings			(1,806,271	)			(2,703,549	)			(12,533,159	)			(20,814,914	)


Shareholder Transactions:
Proceeds from shares sold			11,967,598				80,341,091				301,287,041				446,920,753
Value of shares repurchased			(5,142,161	)			(21,014,578	)			(390,768,850	)			(672,492,539	)

Net increase (decrease) in net assets resulting from share transactions			6,825,437				59,326,513				(89,481,809	)			(225,571,786	)

Net increase (decrease) in net assets			25,554,465				37,812,487				(34,344,341	)			(290,492,481	)


Net assets:
Beginning of period			244,361,918				206,549,431				1,163,049,593				1,453,542,074

End of period		$	269,916,383			$	244,361,918			$	1,128,705,252			$	1,163,049,593


Changes in Shares Outstanding:
Shares sold			550,000				3,620,000				5,490,000				8,100,000
Shares repurchased			(240,000	)			(840,000	)			(7,100,000	)			(12,250,000	)
Shares outstanding, beginning of period			10,870,001				8,090,001				22,140,000				26,290,000

Shares outstanding, end of period			11,180,001				10,870,001				20,530,000				22,140,000

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


		90


Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)								Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)								Invesco S&P SmallCap Low Volatility ETF (XSLV)								Invesco S&P SmallCap Quality ETF (XSHQ)
Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022

	$	884,541			$	744,683			$	801,950			$	921,613			$	11,752,350			$	20,665,810			$	255,912			$	557,833
		(2,430,919	)			(1,422,673	)			(1,281,603	)			615,048				(27,234,530	)			82,105,323				(1,698,493	)			540,962
		8,810,716				(2,281,545	)			(422,064	)			(4,912,096	)			48,156,953				(152,441,776	)			3,414,740				(4,570,285	)

		7,264,338				(2,959,535	)			(901,717	)			(3,375,435	)			32,674,773				(49,670,643	)			1,972,159				(3,471,490	)



		(781,937	)			(693,438	)			(754,397	)			(1,098,492	)			(10,281,459	)			(16,976,552	)			(267,793	)			(579,588	)



		2,809,618				55,719,315				6,210,335				14,720,369				16,503,624				407,638,705				8,145,523				38,651,925
		(1,117,471	)			(4,861,690	)			(5,079,042	)			(7,059,610	)			(38,080,023	)			(769,813,289	)			(8,168,314	)			(45,948,411	)

		1,692,147				50,857,625				1,131,293				7,660,759				(21,576,399	)			(362,174,584	)			(22,791	)			(7,296,486	)

		8,174,548				47,204,652				(524,821	)			3,186,832				816,915				(428,821,779	)			1,681,575				(11,347,564	)



		98,310,828				51,106,176				24,876,579				21,689,747				726,364,264				1,155,186,043				28,682,732				40,030,296

	$	106,485,376			$	98,310,828			$	24,351,758			$	24,876,579			$	727,181,179			$	726,364,264			$	30,364,307			$	28,682,732



		130,000				2,600,000				320,000				690,000				360,000				8,350,000				240,000				1,040,000
		(50,000	)			(200,000	)			(290,000	)			(320,000	)			(860,000	)			(15,930,000	)			(250,000	)			(1,240,000	)
		4,440,001				2,040,001				1,310,001				940,001				16,120,000				23,700,000				870,001				1,070,001

		4,520,001				4,440,001				1,340,001				1,310,001				15,620,000				16,120,000				860,001				870,001


		91

Financial Highlights

Invesco ESG S&P 500 Equal Weight ETF (RSPE)


	Six Months Ended February 28, 2023 (Unaudited)				For the Period November 15, 2021^(a) Through August 31, 2022
Per Share Operating Performance:
Net asset value at beginning of period		$	21.26			$	25.00

Net investment income^(b)			0.21				0.34
Net realized and unrealized gain (loss) on investments			1.22				(3.81	)

Total from investment operations			1.43				(3.47	)

Distributions to shareholders from:
Net investment income			(0.20	)			(0.27	)

Net asset value at end of period		$	22.49			$	21.26

Market price at end of period^(c)		$	22.52			$	21.28

Net Asset Value Total Return^(d)			6.77	%			(13.93	)%^(e)
Market Price Total Return^(d)			6.81	%			(13.85	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	12,368			$	9,569
Ratio to average net assets of:
Expenses			0.20	%^(f)			0.20	%^(f)
Net investment income			1.95	%^(f)			1.85	%^(f)
Portfolio turnover rate^(g)			11	%			45	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

^(e)	The net asset value total return from Fund Inception (November 17, 2021, the first day of trading on the exchange) to August 31, 2022 was (13.61)%. The market price total return from Fund Inception to August 31, 2022 was (13.57)%.

^(f)	Annualized.

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

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


		92

Financial Highlights–(continued)

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				For the Period July 11, 2017^(a) Through October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	33.39		$	37.41		$	27.38		$	27.73		$	28.81			$	26.39			$	24.98

Net investment income^(b)			0.31			0.57			0.46			0.53			0.45				0.39				0.11
Net realized and unrealized gain (loss) on investments			1.60			(4.09	)		10.36			(0.15	)		(0.91	)			2.34				1.35

Total from investment operations			1.91			(3.52	)		10.82			0.38			(0.46	)			2.73				1.46

Distributions to shareholders from:
Net investment income			(0.31	)		(0.50	)		(0.79	)		(0.73	)		(0.62	)			(0.31	)			(0.05	)

Net asset value at end of period		$	34.99		$	33.39		$	37.41		$	27.38		$	27.73			$	28.81			$	26.39

Market price at end of period^(c)		$	35.01		$	33.40		$	37.41		$	27.40		$	27.71			$	28.83			$	26.43

Net Asset Value Total Return^(d)			5.78	%		(9.47	)%		40.16	%		1.72	%		(1.34	)%			10.38	%			5.84	%^(e)
Market Price Total Return^(d)			5.81	%		(9.44	)%		40.06	%		1.88	%		(1.49	)%			10.29	%			6.00	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,624		$	2,505		$	2,806		$	2,738		$	18,023			$	145,500			$	67,301
Ratio to average net assets of:
Expenses			0.29	%^(f)		0.29	%		0.29	%		0.29	%		0.30	%^(g)			0.29	%^(f)			0.29	%^(f)
Net investment income			1.84	%^(f)		1.58	%		1.43	%		1.85	%		1.63	%^(g)			1.69	%^(f)			1.35	%^(f)
Portfolio turnover rate^(h)			14	%		37	%		54	%		28	%		23	%			34	%			2	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (July 13, 2017, the first day of trading on the Exchange) to October 31, 2017 was 4.96%. The market price total return from Fund Inception to October 31, 2017 was 5.08%.

^(f)	Annualized.

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

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

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


		93

Financial Highlights–(continued)

Invesco Russell 1000 Equal Weight ETF (EQAL)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	41.51		$	46.30		$	33.47		$	31.51		$	33.30			$	29.90			$	25.38

Net investment income^(a)			0.42			0.73			0.61			0.61			0.53				0.41				0.42
Net realized and unrealized gain (loss) on investments			0.38			(4.86	)		12.90			2.01			(1.84	)			3.31				4.50

Total from investment operations			0.80			(4.13	)		13.51			2.62			(1.31	)			3.72				4.92

Distributions to shareholders from:
Net investment income			(0.39	)		(0.66	)		(0.68	)		(0.66	)		(0.48	)			(0.32	)			(0.40	)

Net asset value at end of period		$	41.92		$	41.51		$	46.30		$	33.47		$	31.51			$	33.30			$	29.90

Market price at end of period^(b)		$	41.92		$	41.54		$	46.28		$	33.52		$	31.51			$	33.31			$	29.91

Net Asset Value Total Return^(c)			1.96	%		(8.96	)%		40.74	%		8.71	%		(3.88	)%			12.50	%			19.48	%
Market Price Total Return^(c)			1.89	%		(8.86	)%		40.46	%		8.87	%		(3.91	)%			12.49	%			19.38	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	629,875		$	617,468		$	673,641		$	475,339		$	560,932			$	474,554			$	315,495
Ratio to average net assets of:
Expenses			0.20	%^(d)		0.20	%		0.20	%		0.20	%		0.20	%			0.20	%^(d)			0.20	%
Net investment income			2.06	%^(d)		1.64	%		1.49	%		1.95	%		1.67	%			1.57	%^(d)			1.48	%
Portfolio turnover rate^(e)			13	%		27	%		40	%		29	%		27	%			19	%			29	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		94

Financial Highlights–(continued)

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	37.37		$	40.95		$	32.99		$	33.19		$	33.29			$	29.81			$	25.93

Net investment income^(a)			0.37			0.59			0.41			0.59			0.58				0.42				0.45
Net realized and unrealized gain (loss) on investments			1.57			(3.71	)		8.22			0.01			(0.07	)			3.44				3.83

Total from investment operations			1.94			(3.12	)		8.63			0.60			0.51				3.86				4.28

Distributions to shareholders from:
Net investment income			(0.42	)		(0.46	)		(0.67	)		(0.80	)		(0.61	)			(0.38	)			(0.40	)

Net asset value at end of period		$	38.89		$	37.37		$	40.95		$	32.99		$	33.19			$	33.29			$	29.81

Market price at end of period^(b)		$	38.94		$	37.40		$	40.96		$	33.06		$	33.19			$	33.29			$	29.81

Net Asset Value Total Return^(c)			5.24	%		(7.66	)%		26.61	%		2.08	%		1.69	%			13.04	%			16.60	%
Market Price Total Return^(c)			5.29	%		(7.60	)%		26.38	%		2.30	%		1.69	%			13.04	%			16.51	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	8,750		$	8,407		$	10,239		$	9,896		$	111,185			$	164,778			$	153,515
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.36	%^(e)			0.35	%^(d)			0.35	%
Net investment income			1.98	%^(d)		1.48	%		1.12	%		1.76	%		1.82	%^(e)			1.63	%^(d)			1.60	%
Portfolio turnover rate^(f)			28	%		85	%		42	%		33	%		53	%			91	%			40	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(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.


		95

Financial Highlights–(continued)

Invesco S&P 500^® Enhanced Value ETF (SPVU)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	40.63		$	42.47		$	28.77		$	33.42		$	35.99			$	33.08			$	26.44

Net investment income^(a)			0.59			1.02			0.96			0.99			0.93				0.68				0.57
Net realized and unrealized gain (loss) on investments			2.01			(1.78	)		13.63			(4.69	)		(2.67	)			3.12				6.44

Total from investment operations			2.60			(0.76	)		14.59			(3.70	)		(1.74	)			3.80				7.01

Distributions to shareholders from:
Net investment income			(0.52	)		(1.08	)		(0.89	)		(0.95	)		(0.83	)			(0.89	)			(0.37	)

Net asset value at end of period		$	42.71		$	40.63		$	42.47		$	28.77		$	33.42			$	35.99			$	33.08

Market price at end of period^(b)		$	42.80		$	40.65		$	42.44		$	28.82		$	33.45			$	36.01			$	33.10

Net Asset Value Total Return^(c)			6.48	%		(1.85	)%		51.49	%		(11.04	)%		(4.79	)%			11.61	%			26.58	%
Market Price Total Return^(c)			6.65	%		(1.72	)%		51.13	%		(10.97	)%		(4.76	)%			11.60	%			26.61	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	141,802		$	144,635		$	145,243		$	69,042		$	60,160			$	26,996			$	51,275
Ratio to average net assets of:
Expenses			0.13	%^(d)		0.13	%		0.13	%		0.13	%		0.15	%^(e)			0.16	%^(d)			0.25	%
Net investment income			2.89	%^(d)		2.36	%		2.53	%		3.14	%		2.72	%^(e)			2.35	%^(d)			1.81	%
Portfolio turnover rate^(f)			19	%		32	%		36	%		39	%		54	%			34	%			36	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(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.


		96

Financial Highlights–(continued)

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	47.45		$	49.30		$	39.43		$	38.76		$	36.10			$	32.38			$	26.74

Net investment income^(a)			0.57			0.94			0.57			0.72			0.63				0.43				0.51
Net realized and unrealized gain (loss) on investments			(0.70	)		(1.94	)		9.88			0.71			2.68				3.73				5.62

Total from investment operations			(0.13	)		(1.00	)		10.45			1.43			3.31				4.16				6.13

Distributions to shareholders from:
Net investment income			(0.52	)		(0.85	)		(0.58	)		(0.76	)		(0.65	)			(0.44	)			(0.49	)

Net asset value at end of period		$	46.80		$	47.45		$	49.30		$	39.43		$	38.76			$	36.10			$	32.38

Market price at end of period^(b)		$	46.84		$	47.49		$	49.27		$	39.49		$	38.77			$	36.11			$	32.38

Net Asset Value Total Return^(c)			(0.30	)%		(2.04	)%		26.73	%		3.86	%		9.35	%			12.92	%			23.11	%
Market Price Total Return^(c)			(0.30	)%		(1.90	)%		26.46	%		3.99	%		9.35	%			12.96	%			23.06	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	51,016		$	54,090		$	52,256		$	69,002		$	166,657			$	146,189			$	131,153
Ratio to average net assets of:
Expenses			0.25	%^(d)		0.25	%		0.25	%		0.25	%		0.26	%^(e)			0.25	%^(d)			0.25	%
Net investment income			2.40	%^(d)		1.94	%		1.33	%		1.87	%		1.74	%^(e)			1.52	%^(d)			1.75	%
Portfolio turnover rate^(f)			32	%		77	%		64	%		84	%		62	%			68	%			61	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(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.


		97

Financial Highlights–(continued)

Invesco S&P 500^® High Beta ETF (SPHB)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	64.51		$	74.74		$	43.73		$	40.44		$	45.25			$	40.12			$	32.29

Net investment income^(a)			0.20			0.51			0.89			0.99	^(b)		0.44				0.51				0.44
Net realized and unrealized gain (loss) on investments			6.19			(10.12	)		30.93			3.25			(4.67	)			5.15				8.01

Total from investment operations			6.39			(9.61	)		31.82			4.24			(4.23	)			5.66				8.45

Distributions to shareholders from:
Net investment income			(0.18	)		(0.62	)		(0.81	)		(0.95	)		(0.58	)			(0.53	)			(0.62	)

Net asset value at end of period		$	70.72		$	64.51		$	74.74		$	43.73		$	40.44			$	45.25			$	40.12

Market price at end of period^(c)		$	70.72		$	64.58		$	74.75		$	43.83		$	40.46			$	45.28			$	40.12

Net Asset Value Total Return^(d)			9.94	%		(12.92	)%		73.38	%		11.38	%		(9.32	)%			14.14	%			26.32	%
Market Price Total Return^(d)			9.83	%		(12.84	)%		73.01	%		11.59	%		(9.33	)%			14.22	%			26.20	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	706,507		$	527,684		$	1,679,341		$	131,175		$	90,993			$	171,934			$	359,072
Ratio to average net assets of:
Expenses			0.25	%^(e)		0.25	%		0.25	%		0.25	%		0.25	%			0.25	%^(e)			0.25	%
Net investment income			0.61	%^(e)		0.69	%		1.30	%		2.39	%^(b)		1.07	%			1.42	%^(e)			1.18	%
Portfolio turnover rate^(f)			32	%		76	%		103	%		113	%		69	%			76	%			80	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.79 and 1.91%, respectively.

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

^(d)

^(e)	Annualized.

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

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


		98

Financial Highlights–(continued)

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	43.91		$	44.24		$	34.10		$	40.52		$	41.68			$	41.24			$	37.69

Net investment income^(a)			0.95			1.60			1.57			1.53			1.64				1.35				1.33
Net realized and unrealized gain (loss) on investments			(0.86	)		(0.27	)		10.21			(6.10	)		(1.06	)			0.45				3.68

Total from investment operations			0.09			1.33			11.78			(4.57	)		0.58				1.80				5.01

Distributions to shareholders from:
Net investment income			(0.86	)		(1.66	)		(1.64	)		(1.85	)		(1.74	)			(1.36	)			(1.46	)

Net asset value at end of period		$	43.14		$	43.91		$	44.24		$	34.10		$	40.52			$	41.68			$	41.24

Market price at end of period^(b)		$	43.13		$	43.96		$	44.23		$	34.16		$	40.55			$	41.68			$	41.25

Net Asset Value Total Return^(c)			0.21	%		3.02	%		35.25	%		(11.46	)%		1.42	%			4.48	%			13.48	%
Market Price Total Return^(c)			0.07	%		3.15	%		34.98	%		(11.37	)%		1.49	%			4.45	%			13.42	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,805,894		$	3,807,984		$	3,034,476		$	2,446,739		$	3,304,185			$	2,656,868			$	2,973,601
Ratio to average net assets of:
Expenses			0.30	%^(d)		0.30	%		0.30	%		0.30	%		0.30	%			0.30	%^(d)			0.30	%
Net investment income			4.38	%^(d)		3.56	%		3.90	%		4.02	%		3.97	%			3.95	%^(d)			3.31	%
Portfolio turnover rate^(e)			32	%		60	%		45	%		76	%		43	%			46	%			56	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		99

Financial Highlights–(continued)

Invesco S&P 500^® Low Volatility ETF (SPLV)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	63.19		$	64.07		$	54.69		$	56.75		$	49.77			$	46.56			$	40.47

Net investment income^(a)			0.76			1.35			0.91			1.27			1.16				0.81				0.95
Net realized and unrealized gain (loss) on investments			(1.67	)		(0.96	)		9.42			(2.01	)		6.96				3.23				6.09

Total from investment operations			(0.91	)		0.39			10.33			(0.74	)		8.12				4.04				7.04

Distributions to shareholders from:
Net investment income			(0.70	)		(1.27	)		(0.95	)		(1.32	)		(1.14	)			(0.83	)			(0.95	)

Net asset value at end of period		$	61.58		$	63.19		$	64.07		$	54.69		$	56.75			$	49.77			$	46.56

Market price at end of period^(b)		$	61.57		$	63.25		$	64.05		$	54.77		$	56.77			$	49.78			$	46.57

Net Asset Value Total Return^(c)			(1.45	)%		0.60	%		19.09	%		(1.19	)%		16.57	%			8.77	%			17.57	%
Market Price Total Return^(c)			(1.56	)%		0.73	%		18.87	%		(1.08	)%		16.59	%			8.76	%			17.51	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	9,775,365		$	10,972,985		$	8,217,477		$	9,233,967		$	12,348,879			$	7,381,362			$	7,140,364
Ratio to average net assets of:
Expenses			0.25	%^(d)		0.25	%		0.25	%		0.25	%		0.25	%			0.25	%^(d)			0.25	%
Net investment income			2.45	%^(d)		2.10	%		1.58	%		2.33	%		2.24	%			2.06	%^(d)			2.18	%
Portfolio turnover rate^(e)			25	%		70	%		64	%		86	%		51	%			68	%			49	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		100

Financial Highlights–(continued)

Invesco S&P 500 Minimum Variance ETF (SPMV)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				For the Period July 11, 2017^(a) Through October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	36.57		$	39.16		$	32.31		$	30.22		$	29.19			$	26.29			$	24.92

Net investment income^(b)			0.34			0.63			0.60			0.63			0.46				0.47				0.15
Net realized and unrealized gain (loss) on investments			(0.73	)		(2.60	)		6.70			2.57			1.65				3.04				1.30

Total from investment operations			(0.39	)		(1.97	)		7.30			3.20			2.11				3.51				1.45

Distributions to shareholders from:
Net investment income			(0.32	)		(0.62	)		(0.45	)		(0.58	)		(0.55	)			(0.61	)			(0.08	)
Net realized gains			-			-			-			(0.53	)		(0.53	)			-				-

Total distributions			(0.32	)		(0.62	)		(0.45	)		(1.11	)		(1.08	)			(0.61	)			(0.08	)

Net asset value at end of period		$	35.86		$	36.57		$	39.16		$	32.31		$	30.22			$	29.19			$	26.29

Market price at end of period^(c)		$	35.91		$	36.60		$	39.22		$	32.39		$	30.24			$	29.19			$	26.30

Net Asset Value Total Return^(d)			(1.07	)%		(5.08	)%		22.82	%		11.02	%		7.86	%			13.50	%			5.81	%^(e)
Market Price Total Return^(d)			(1.01	)%		(5.14	)%		22.71	%		11.22	%		7.94	%			13.45	%			5.85	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	23,311		$	21,578		$	24,277		$	4,847		$	1,511			$	1,460			$	2,629
Ratio to average net assets of:
Expenses			0.10	%^(f)		0.10	%		0.10	%		0.10	%		0.58	%^(g)			0.13	%^(f)			0.13	%^(f)
Net investment income			1.89	%^(f)		1.62	%		1.67	%		2.11	%		1.62	%^(g)			2.08	%^(f)			1.97	%^(f)
Portfolio turnover rate^(h)			9	%		20	%		22	%		20	%		34	%			30	%			14	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (July 13, 2017, the first day of trading on the Exchange) to October 31, 2017 was 4.97%. The market price total return from Fund Inception to October 31, 2017 was 4.93%.

^(f)	Annualized.

^(g)	Ratios include non-recurring costs associated with a proxy statement of 0.48%.

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

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


		101

Financial Highlights–(continued)

Invesco S&P 500^® Momentum ETF (SPMO)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	54.27		$	63.43		$	50.95		$	40.57		$	40.07			$	33.26			$	26.56

Net investment income^(a)			0.68			0.75			0.38			0.62			0.51				0.34				0.46
Net realized and unrealized gain (loss) on investments			(0.45	)		(9.34	)		12.58			10.42			0.46				6.67				6.72

Total from investment operations			0.23			(8.59	)		12.96			11.04			0.97				7.01				7.18

Distributions to shareholders from:
Net investment income			(0.58	)		(0.57	)		(0.48	)		(0.66	)		(0.47	)			(0.20	)			(0.48	)

Net asset value at end of period		$	53.92		$	54.27		$	63.43		$	50.95		$	40.57			$	40.07			$	33.26

Market price at end of period^(b)		$	53.94		$	54.36		$	63.41		$	51.10		$	40.59			$	40.08			$	33.23

Net Asset Value Total Return^(c)			0.40	%		(13.60	)%		25.65	%		27.77	%		2.52	%			21.12	%			27.35	%
Market Price Total Return^(c)			0.28	%		(13.43	)%		25.24	%		28.08	%		2.55	%			21.26	%			27.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	205,435		$	113,973		$	88,166		$	73,872		$	75,053			$	50,082			$	1,663
Ratio to average net assets of:
Expenses			0.13	%^(d)		0.13	%		0.13	%		0.13	%		0.14	%^(e)			0.13	%^(d)			0.25	%
Net investment income			2.46	%^(d)		1.25	%		0.70	%		1.48	%		1.32	%^(e)			1.10	%^(d)			1.61	%
Portfolio turnover rate^(f)			33	%		124	%		70	%		90	%		83	%			41	%			140	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(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.


		102

Financial Highlights–(continued)

Invesco S&P 500 QVM Multi-factor ETF (QVML)


	Six Months Ended February 28, 2023 (Unaudited)				Year Ended August 31, 2022				For the Period June 28, 2021^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	23.58			$	26.43			$	25.00

Net investment income^(b)			0.21				0.38				0.06
Net realized and unrealized gain (loss) on investments			0.17				(2.86	)			1.37

Total from investment operations			0.38				(2.48	)			1.43

Distributions to shareholders from:
Net investment income			(0.20	)			(0.37	)			-

Net asset value at end of period		$	23.76			$	23.58			$	26.43

Market price at end of period^(c)		$	23.81			$	23.62			$	26.44

Net Asset Value Total Return^(d)			1.66	%			(9.47	)%			5.72	%^(e)
Market Price Total Return^(d)			1.70	%			(9.36	)%			5.76	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	999,093			$	724,055			$	792,855
Ratio to average net assets of:
Expenses			0.11	%^(f)			0.11	%			0.11	%^(f)
Net investment income			1.80	%^(f)			1.47	%			1.34	%^(f)
Portfolio turnover rate^(g)			7	%			18	%			1	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.55%. The market price total return from Fund Inception to August 31, 2021 was 5.55%.

^(f)	Annualized.

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

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


		103

Financial Highlights–(continued)

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)


	Six Months Ended February 28, 2023 (Unaudited)				Year Ended August 31, 2022				For the Period June 28, 2021^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	22.48			$	25.53			$	25.00

Net investment income^(b)			0.19				0.33				0.04
Net realized and unrealized gain (loss) on investments			1.64				(3.05	)			0.49

Total from investment operations			1.83				(2.72	)			0.53

Distributions to shareholders from:
Net investment income			(0.17	)			(0.33	)			-

Net asset value at end of period		$	24.14			$	22.48			$	25.53

Market price at end of period^(c)		$	24.17			$	22.50			$	25.53

Net Asset Value Total Return^(d)			8.19	%			(10.69	)%			2.12	%^(e)
Market Price Total Return^(d)			8.23	%			(10.62	)%			2.12	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	269,916			$	244,362			$	206,549
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%			0.15	%^(f)
Net investment income			1.68	%^(f)			1.38	%			0.98	%^(f)
Portfolio turnover rate^(g)			15	%			27	%			5	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 2.24%. The market price total return from Fund Inception to August 31, 2021 was 2.12%.

^(f)	Annualized.

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

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


		104

Financial Highlights–(continued)

Invesco S&P MidCap Low Volatility ETF (XMLV)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	52.53		$	55.29		$	43.65		$	51.87		$	49.02			$	45.02			$	38.21

Net investment income^(a)			0.74			0.97			0.62			1.02			1.09				0.96				0.69
Net realized and unrealized gain (loss) on investments			2.29			(2.84	)		11.59			(7.93	)		2.72				3.92				6.80

Total from investment operations			3.03			(1.87	)		12.21			(6.91	)		3.81				4.88				7.49

Distributions to shareholders from:
Net investment income			(0.58	)		(0.89	)		(0.57	)		(1.31	)		(0.96	)			(0.88	)			(0.68	)

Net asset value at end of period		$	54.98		$	52.53		$	55.29		$	43.65		$	51.87			$	49.02			$	45.02

Market price at end of period^(b)		$	55.00		$	52.56		$	55.26		$	43.70		$	51.88			$	49.04			$	45.02

Net Asset Value Total Return^(c)			5.81	%		(3.38	)%		28.21	%		(13.26	)%		7.99	%			11.00	%			19.76	%
Market Price Total Return^(c)			5.79	%		(3.27	)%		27.99	%		(13.17	)%		7.97	%			11.04	%			19.69	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,128,705		$	1,163,050		$	1,453,542		$	2,042,702		$	3,231,736			$	1,443,641			$	1,195,218
Ratio to average net assets of:
Expenses			0.25	%^(d)		0.25	%		0.25	%		0.25	%		0.25	%			0.25	%^(d)			0.25	%
Net investment income			2.80	%^(d)		1.78	%		1.26	%		2.13	%		2.21	%			2.52	%^(d)			1.64	%
Portfolio turnover rate^(e)			32	%		61	%		57	%		84	%		61	%			50	%			57	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		105

Financial Highlights–(continued)

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)


	Six Months Ended February 28, 2023 (Unaudited)				Year Ended August 31, 2022				For the Period June 28, 2021^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	22.14			$	25.05			$	25.00

Net investment income^(b)			0.20				0.30				0.06
Net realized and unrealized gain (loss) on investments			1.39				(2.87	)			(0.01	)

Total from investment operations			1.59				(2.57	)			0.05

Distributions to shareholders from:
Net investment income			(0.17	)			(0.34	)			-

Net asset value at end of period		$	23.56			$	22.14			$	25.05

Market price at end of period^(c)		$	23.63			$	22.18			$	25.05

Net Asset Value Total Return^(d)			7.28	%			(10.33	)%			0.20	%^(e)
Market Price Total Return^(d)			7.40	%			(10.17	)%			0.20	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	106,485			$	98,311			$	51,106
Ratio to average net assets of:
Expenses			0.15	%^(f)			0.15	%			0.15	%^(f)
Net investment income			1.77	%^(f)			1.27	%			1.51	%^(f)
Portfolio turnover rate^(g)			15	%			28	%			4	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 0.16%. The market price total return from Fund Inception to August 31, 2021 was (0.04)%.

^(f)	Annualized.

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

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


		106

Financial Highlights–(continued)

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				For the Period November 29, 2016^(a) Through October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	18.99		$	23.07		$	16.66		$	22.42		$	26.86			$	25.13			$	25.02

Net investment income^(b)			0.67			0.92			0.86			0.82			1.02				0.78				0.81
Net realized and unrealized gain (loss) on investments			(0.87	)		(3.92	)		6.36			(5.31	)		(4.28	)			1.98				0.24

Total from investment operations			(0.20	)		(3.00	)		7.22			(4.49	)		(3.26	)			2.76				1.05

Distributions to shareholders from:
Net investment income			(0.62	)		(1.08	)		(0.81	)		(1.27	)		(1.18	)			(1.03	)			(0.94	)

Net asset value at end of period		$	18.17		$	18.99		$	23.07		$	16.66		$	22.42			$	26.86			$	25.13

Market price at end of period^(c)		$	18.20		$	19.02		$	23.06		$	16.69		$	22.35			$	26.85			$	25.15

Net Asset Value Total Return^(d)			(0.96	)%		(13.36	)%		43.97	%		(20.41	)%		(12.29	)%			11.39	%			4.31	%^(e)
Market Price Total Return^(d)			(0.95	)%		(13.19	)%		43.65	%		(20.01	)%		(12.52	)%			11.26	%			4.39	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	24,352		$	24,877		$	21,690		$	20,827		$	23,536			$	12,086			$	7,538
Ratio to average net assets of:
Expenses			0.30	%^(f)		0.30	%		0.30	%		0.30	%		0.34	%^(g)			0.30	%^(f)			0.30	%^(f)
Net investment income			7.47	%^(f)		4.30	%		4.13	%		4.15	%		4.29	%^(g)			3.74	%^(f)			3.58	%^(f)
Portfolio turnover rate^(h)			29	%		67	%		72	%		83	%		67	%			61	%			86	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (December 1, 2016, the first day of trading on the Exchange) to October 31, 2017 was 6.26%. The market price total return from Fund Inception to October 31, 2017 was 6.34%.

^(f)	Annualized.

^(g)	Ratios include non-recurring costs associated with a proxy statement of 0.04%.

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

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


		107

Financial Highlights–(continued)

Invesco S&P SmallCap Low Volatility ETF (XSLV)


	Six Months Ended February 28, 2023				Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	45.06			$	48.74			$	35.24			$	47.57			$	51.10			$	46.43			$	37.90

Net investment income^(a)			0.74				1.01				0.65				1.08				1.24				0.87				0.97
Net realized and unrealized gain (loss) on investments			1.40				(3.83	)			13.52				(12.05	)			(3.46	)			4.55				8.46

Total from investment operations			2.14				(2.82	)			14.17				(10.97	)			(2.22	)			5.42				9.43

Distributions to shareholders from:
Net investment income			(0.65	)			(0.86	)			(0.67	)			(1.36	)			(1.31	)			(0.75	)			(0.90	)

Net asset value at end of period		$	46.55			$	45.06			$	48.74			$	35.24			$	47.57			$	51.10			$	46.43

Market price at end of period^(b)		$	46.59			$	45.09			$	48.73			$	35.30			$	47.59			$	51.10			$	46.47

Net Asset Value Total Return^(c)			4.82	%			(5.81	)%			40.64	%			(23.22	)%			(4.17	)%			11.81	%			25.05	%
Market Price Total Return^(c)			4.84	%			(5.72	)%			40.38	%			(23.12	)%			(4.14	)%			11.71	%			25.06	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	727,181			$	726,364			$	1,155,186			$	1,614,105			$	2,045,602			$	1,433,356			$	1,079,472
Ratio to average net assets of:
Expenses			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%^(d)			0.25	%
Net investment income			3.33	%^(d)			2.09	%			1.55	%			2.55	%			2.62	%			2.24	%^(d)			2.25	%
Portfolio turnover rate^(e)			33	%			66	%			68	%			103	%			56	%			66	%			59	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		108

Financial Highlights–(continued)

Invesco S&P SmallCap Quality ETF (XSHQ)


	Six Months Ended																								For the Period April 3, 2017^(a)
	February 28,																				Ten Months Ended				Through
	2023				Years Ended August 31,																August 31,				October 31,
	(Unaudited)				2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	32.97			$	37.41			$	26.95			$	26.40			$	31.80			$	26.11			$	24.54

Net investment income^(b)			0.31				0.62				0.38				0.36				0.35				0.26				0.16
Net realized and unrealized gain (loss) on investments			2.36				(4.37	)			10.42				0.54				(5.41	)			5.65				1.51

Total from investment operations			2.67				(3.75	)			10.80				0.90				(5.06	)			5.91				1.67

Distributions to shareholders from:
Net investment income			(0.33	)			(0.69	)			(0.34	)			(0.35	)			(0.34	)			(0.22	)			(0.10	)
Net realized gains			-				-				-				-				(0.00	)^(c)			-				-

Total distributions			(0.33	)			(0.69	)			(0.34	)			(0.35	)			(0.34	)			(0.22	)			(0.10	)

Net asset value at end of period		$	35.31			$	32.97			$	37.41			$	26.95			$	26.40			$	31.80			$	26.11

Market price at end of period^(d)		$	35.35			$	32.99			$	37.43			$	26.99			$	26.39			$	31.81			$	26.14

Net Asset Value Total Return^(e)			8.21	%			(10.13	)%			40.38	%			3.61	%			(15.88	)%			22.75	%			6.81	%^(f)
Market Price Total Return^(e)			8.26	%			(10.12	)%			40.25	%			3.80	%			(15.94	)%			22.65	%			6.93	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	30,364			$	28,683			$	40,030			$	4,043			$	3,960			$	42,924			$	1,305
Ratio to average net assets of:
Expenses			0.29	%^(g)			0.30	%			0.29	%			0.29	%			0.34	%^(h)			0.29	%^(g)			0.29	%^(g)
Net investment income			1.88	%^(g)			1.71	%			1.07	%			1.37	%			1.23	%^(h)			1.06	%^(g)			1.11	%^(g)
Portfolio turnover rate⁽ⁱ⁾			39	%			60	%			90	%			107	%			52	%			23	%			65	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

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

^(e)

^(f)	The net asset value total return from Fund Inception (April 6, 2017, the first day of trading on the Exchange) to October 31, 2017 was 7.33%. The market price total return from Fund Inception to October 31, 2017 was 7.54%.

^(g)	Annualized.

^(h)	Ratios include non-recurring costs associated with a proxy statement of 0.05%.

⁽ⁱ⁾	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.


		109

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2023

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust II (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 ESG S&P 500 Equal Weight ETF (RSPE)		"ESG S&P 500 Equal Weight ETF"

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)		"Russell 1000 Enhanced Equal Weight ETF"

Invesco Russell 1000 Equal Weight ETF (EQAL)		"Russell 1000 Equal Weight ETF"

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)		"Russell 1000 Low Beta Equal Weight ETF"

Invesco S&P 500^® Enhanced Value ETF (SPVU)		"S&P 500^® Enhanced Value ETF"

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)		"S&P 500^® ex-Rate Sensitive Low Volatility ETF"

Invesco S&P 500^® High Beta ETF (SPHB)		"S&P 500^® High Beta ETF"

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)		"S&P 500^® High Dividend Low Volatility ETF"

Invesco S&P 500^® Low Volatility ETF (SPLV)		"S&P 500^® Low Volatility ETF"

Invesco S&P 500 Minimum Variance ETF (SPMV)		"S&P 500 Minimum Variance ETF"

Invesco S&P 500^® Momentum ETF (SPMO)		"S&P 500^® Momentum ETF"

Invesco S&P 500 QVM Multi-factor ETF (QVML)		"S&P 500 QVM Multi-factor ETF"

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)		"S&P MidCap 400 QVM Multi-factor ETF"

Invesco S&P MidCap Low Volatility ETF (XMLV)		"S&P MidCap Low Volatility ETF"

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)		"S&P SmallCap 600 QVM Multi-factor ETF"

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)		"S&P SmallCap High Dividend Low Volatility ETF"

Invesco S&P SmallCap Low Volatility ETF (XSLV)		"S&P SmallCap Low Volatility ETF"

Invesco S&P SmallCap Quality ETF (XSHQ)		"S&P SmallCap Quality ETF"

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of Russell 1000 Low Beta Equal Weight ETF, which is listed and traded on The Nasdaq Stock Market LLC and Shares of Russell 1000 Enhanced Equal Weight ETF, S&P 500 Minimum Variance ETF, S&P SmallCap High Dividend Low Volatility ETF and S&P SmallCap Quality ETF, which are listed and traded on Cboe BZX Exchange, Inc.

Russell 1000 Enhanced Equal Weight ETF and Russell 1000 Low Beta Equal Weight ETF liquidated and terminated on April 6, 2023. In connection with the liquidation of the Funds, each Fund made a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any of its liabilities.

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


		110

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

ESG S&P 500 Equal Weight ETF		S&P 500 Equal Weight ESG Leaders Select Index

Russell 1000 Enhanced Equal Weight ETF		Russell 1000^®Enhanced Value Equal Weight Index

Russell 1000 Equal Weight ETF		Russell 1000^®Equal Weight Index

Russell 1000 Low Beta Equal Weight ETF		Russell 1000^®Low Beta Equal Weight Index

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

S&P 500^®ex-Rate Sensitive Low Volatility ETF		S&P 500 Low Volatility Rate Response Index

S&P 500^®High Beta ETF		S&P 500^®High Beta Index

S&P 500^®High Dividend Low Volatility ETF		S&P 500^®Low Volatility High Dividend Index

S&P 500^®Low Volatility ETF		S&P 500^®Low Volatility Index

S&P 500 Minimum Variance ETF		S&P 500^®Minimum Volatility Index

S&P 500^®Momentum ETF		S&P 500 Momentum Index

S&P 500 QVM Multi-factor ETF		S&P 500^®Quality, Value & Momentum Top 90% Multi-Factor Index

S&P MidCap 400 QVM Multi-factor ETF		S&P MidCap 400^®Quality, Value & Momentum Top 90% Multi-Factor Index

S&P MidCap Low Volatility ETF		S&P MidCap 400^®Low Volatility Index

S&P SmallCap 600 QVM Multi-factor ETF		S&P SmallCap 600^®Quality, Value & Momentum Top 90% Multi-Factor Index

S&P SmallCap High Dividend Low Volatility ETF		S&P SmallCap 600^®Low Volatility High Dividend Index

S&P SmallCap Low Volatility ETF		S&P SmallCap 600^®Low Volatility Index

S&P SmallCap Quality ETF		S&P SmallCap 600^®Quality Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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

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

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may


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become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the


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determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Dividends and Distributions to Shareholders - Each Fund (except for S&P 500^® ex-Rate Sensitive Low Volatility ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. S&P 500^® ex-Rate Sensitive Low Volatility ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.


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Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, each Fund (except for S&P 500 Minimum Variance ETF and S&P 500 Momentum ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:


	Amount

ESG S&P 500^® Equal Weight ETF		$13

Russell 1000 Enhanced Equal Weight ETF		29

Russell 1000 Equal Weight ETF		15,206

Russell 1000 Low Beta Equal Weight ETF		218

S&P 500 Enhanced Value ETF		17

S&P 500^® ex-Rate Sensitive Low Volatility ETF		182

S&P 500^® High Beta ETF		3,593

S&P 500^® High Dividend Low Volatility ETF		13,372

S&P 500^® Low Volatility ETF		8,901

S&P 500 QVM Multi-factor ETF		1,319

S&P MidCap 400 QVM Multi-factor ETF		5,083

S&P MidCap Low Volatility ETF		6,913

S&P SmallCap 600 QVM Multi-factor ETF		1,392

S&P SmallCap High Dividend Low Volatility ETF		212

S&P SmallCap Low Volatility ETF		3,532

S&P SmallCap Quality ETF		332


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

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

K.	Other Risks

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

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

ESG Risk. Because ESG S&P 500 Equal Weight ETF evaluates ESG factors to assess and exclude certain investments for non-financial reasons, the Fund may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under a Fund’s ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, ESG S&P 500 Equal Weight ETF may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by a Fund to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Fund’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, a Fund’s assessment of an issuer, based on the issuer’s level of involvement in a particular industry or the issuer’s ESG score, may differ from that of other funds or an investor. As a result, the issuers deemed eligible for inclusion in a Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.

High Dividend Paying Securities 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 which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund. In addition, the value of dividend-paying stocks can decline when interest rates rise, as fixed-income investments become more attractive to investors.


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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 each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis 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 ESG S&P 500 Equal Weight ETF, S&P 500^® Momentum ETF, S&P 500 QVM Multi-factor ETF, S&P Midcap 400 QVM Multi-factor ETF and S&P SmallCap 600 QVM Multi-factor ETF are non-diversified, and to the extent S&P 500^® Enhanced Value ETF, S&P 500^® ex-Rate Sensitivity Low Volatility ETF, S&P 500^® High Beta ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF, S&P 500 Minimum Variance ETF, S&P MidCap Low Volatility ETF, S&P SmallCap High Dividend Low Volatility ETF, S&P SmallCap Low Volatility ETF and S&P SmallCap Quality ETF become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

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

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

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 an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees
		(as a % of average daily net assets)

ESG S&P 500 Equal Weight ETF		0.20%

Russell 1000 Enhanced Equal Weight ETF		0.29%

Russell 1000 Equal Weight ETF		0.20%

Russell 1000 Low Beta Equal Weight ETF		0.35%

S&P 500^®Enhanced Value ETF		0.13%

S&P 500^®ex-Rate Sensitive Low Volatility ETF		0.25%

S&P 500^®High Beta ETF		0.25%

S&P 500^®High Dividend Low Volatility ETF		0.30%

S&P 500^®Low Volatility ETF		0.25%

S&P 500 Minimum Variance ETF		0.10%

S&P 500^®Momentum ETF		0.13%

S&P 500 QVM Multi-factor ETF		0.11%

S&P MidCap 400 QVM Multi-factor ETF		0.15%

S&P MidCap Low Volatility ETF		0.25%

S&P SmallCap 600 QVM Multi-factor ETF		0.15%

S&P SmallCap High Dividend Low Volatility ETF		0.30%

S&P SmallCap Low Volatility ETF		0.25%

S&P SmallCap Quality ETF		0.29%

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2023, the Adviser waived fees for each Fund in the following amounts:



ESG S&P 500 Equal Weight ETF	$	-

Russell 1000 Enhanced Equal Weight ETF		1

Russell 1000 Equal Weight ETF		150

Russell 1000 Low Beta Equal Weight ETF		2

S&P 500^®Enhanced Value ETF		29

S&P 500^®ex-Rate Sensitive Low Volatility ETF		4

S&P 500^®High Beta ETF		46

S&P 500^®High Dividend Low Volatility ETF		674

S&P 500^®Low Volatility ETF		2,840

S&P 500 Minimum Variance ETF		5

S&P 500^®Momentum ETF		37

S&P 500 QVM Multi-factor ETF		178

S&P MidCap 400 QVM Multi-factor ETF		63

S&P MidCap Low Volatility ETF		178

S&P SmallCap 600 QVM Multi-factor ETF		30

S&P SmallCap High Dividend Low Volatility ETF		7


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S&P SmallCap Low Volatility ETF	$	171

S&P SmallCap Quality ETF		6

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

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


Fund		Licensor

ESG S&P 500 Equal Weight ETF		S&P Dow Jones Indices LLC

Russell 1000 Enhanced Equal Weight ETF		Frank Russell Company

Russell 1000 Equal Weight ETF		Frank Russell Company

Russell 1000 Low Beta Equal Weight ETF		Frank Russell Company

S&P 500^®Enhanced Value ETF		S&P Dow Jones Indices LLC

S&P 500^®ex-Rate Sensitive Low Volatility ETF		S&P Dow Jones Indices LLC

S&P 500^®High Beta ETF		S&P Dow Jones Indices LLC

S&P 500^®High Dividend Low Volatility ETF		S&P Dow Jones Indices LLC

S&P 500^®Low Volatility ETF		S&P Dow Jones Indices LLC

S&P 500 Minimum Variance ETF		S&P Dow Jones Indices LLC

S&P 500^®Momentum ETF		S&P Dow Jones Indices LLC

S&P 500 QVM Multi-factor ETF		S&P Dow Jones Indices LLC

S&P MidCap 400 QVM Multi-factor ETF		S&P Dow Jones Indices LLC

S&P MidCap Low Volatility ETF		S&P Dow Jones Indices LLC

S&P SmallCap 600 QVM Multi-factor ETF		S&P Dow Jones Indices LLC

S&P SmallCap High Dividend Low Volatility ETF		S&P Dow Jones Indices LLC

S&P SmallCap Low Volatility ETF		S&P Dow Jones Indices LLC

S&P SmallCap Quality ETF		S&P Dow Jones Indices LLC

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 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 six months ended February 28, 2023, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



ESG S&P 500 Equal Weight ETF	$	114

Russell 1000 Enhanced Equal Weight ETF		96

Russell 1000 Equal Weight ETF		34,291

Russell 1000 Low Beta Equal Weight ETF		689

S&P 500^®Enhanced Value ETF		6,252

S&P 500^®ex-Rate Sensitive Low Volatility ETF		131,713

S&P 500^®High Beta ETF		7,451

S&P 500^®High Dividend Low Volatility ETF		322

S&P 500^®Low Volatility ETF		7,235

S&P 500 Minimum Variance ETF		2,221

S&P 500^®Momentum ETF		32,528

S&P 500 QVM Multi-factor ETF		97,510

S&P MidCap 400 QVM Multi-factor ETF		9,565

S&P MidCap Low Volatility ETF		47,029

S&P SmallCap 600 QVM Multi-factor ETF		8,200

S&P SmallCap High Dividend Low Volatility ETF		5,227

S&P SmallCap Low Volatility ETF		29,611

S&P SmallCap Quality ETF		4,736


		118

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

NOTE 4–Security Transactions with Affiliated Funds

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

For the six months ended February 28, 2023, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*

Russell 1000 Equal Weight ETF		$	13,433		$	-		$	-

S&P MidCap 400 QVM Multi-factor ETF			-			3,165,291			219,193

S&P SmallCap 600 QVM Multi-factor ETF			-			161,359			(2,226	)

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

NOTE 5–Additional Valuation Information

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


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

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

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2023, for each Fund (except for S&P 500 Minimum Variance ETF and S&P 500^® Momentum ETF). As of February 28, 2023, all of the securities in S&P 500 Minimum Variance ETF and S&P 500^® Momentum ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). 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

ESG S&P 500 Equal Weight ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	12,358,694		$	-		$	-		$	12,358,694

Money Market Funds			-			123,658			-			123,658


Total Investments		$	12,358,694		$	123,658		$	-		$	12,482,352


Russell 1000 Enhanced Equal Weight ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	2,618,755		$	-		$	-		$	2,618,755

Money Market Funds			2,140			266,793			-			268,933


Total Investments		$	2,620,895		$	266,793		$	-		$	2,887,688


Russell 1000 Equal Weight ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	629,004,291		$	-		$	141,042		$	629,145,333

Money Market Funds			-			106,064,489			-			106,064,489


Total Investments		$	629,004,291		$	106,064,489		$	141,042		$	735,209,822


		119


	Level 1			Level 2			Level 3			Total

Russell 1000 Low Beta Equal Weight ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	8,733,254		$	-		$	-		$	8,733,254

Money Market Funds			4,520			1,421,508			-			1,426,028


Total Investments		$	8,737,774		$	1,421,508		$	-		$	10,159,282


S&P 500^®Enhanced Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	141,559,832		$	-		$	-		$	141,559,832

Money Market Funds			-			804,668			-			804,668


Total Investments		$	141,559,832		$	804,668		$	-		$	142,364,500


S&P 500^®ex-Rate Sensitive Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	50,956,901		$	-		$	-		$	50,956,901

Money Market Funds			-			2,402,054			-			2,402,054


Total Investments		$	50,956,901		$	2,402,054		$	-		$	53,358,955


S&P 500^®High Beta ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	706,621,657		$	-		$	-		$	706,621,657

Money Market Funds			-			94,192,262			-			94,192,262


Total Investments		$	706,621,657		$	94,192,262		$	-		$	800,813,919


S&P 500^®High Dividend Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	3,804,383,154		$	-		$	-		$	3,804,383,154

Money Market Funds			-			24,760,695			-			24,760,695


Total Investments		$	3,804,383,154		$	24,760,695		$	- $			3,829,143,849


S&P 500^®Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	9,762,426,317		$	-		$	-		$	9,762,426,317

Money Market Funds			-			133,371,262			-			133,371,262


Total Investments		$	9,762,426,317		$	133,371,262		$	-		$	9,895,797,579


S&P 500 QVM Multi-factor ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	996,773,969		$	-		$	-		$	996,773,969

Money Market Funds			628,580			33,170,664			-			33,799,244


Total Investments		$	997,402,549		$	33,170,664		$	-		$	1,030,573,213


S&P MidCap 400 QVM Multi-factor ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	269,865,396		$	-		$	-		$	269,865,396

Money Market Funds			421,473			29,571,737			-			29,993,210


Total Investments		$	270,286,869		$	29,571,737		$	-		$	299,858,606


S&P MidCap Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,127,702,653		$	-		$	-		$	1,127,702,653

Money Market Funds			-			82,185,050			-			82,185,050


Total Investments		$	1,127,702,653		$	82,185,050		$	-		$	1,209,887,703


S&P SmallCap 600 QVM Multi-factor ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	106,430,100		$	-		$	0		$	106,430,100

Money Market Funds			-			19,178,410			-			19,178,410


Total Investments		$	106,430,100		$	19,178,410		$	0		$	125,608,510


		120


	Level 1			Level 2			Level 3			Total

S&P SmallCap High Dividend Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	24,324,399		$	-		$	-		$	24,324,399

Money Market Funds			-			3,532,212			-			3,532,212


Total Investments		$	24,324,399		$	3,532,212		$	-		$	27,856,611


S&P SmallCap Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	725,779,882		$	-		$	-		$	725,779,882

Money Market Funds			290,083			129,490,059			-			129,780,142


Total Investments		$	726,069,965		$	129,490,059		$	-		$	855,560,024


S&P SmallCap Quality ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	30,313,591		$	-		$	-		$	30,313,591

Money Market Funds			23,315			9,856,846			-			9,880,161


Total Investments		$	30,336,906		$	9,856,846		$	-		$	40,193,752

NOTE 6–Tax Information

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

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

The Funds had capital loss carryforwards as of August 31, 2022, as follows:


	No expiration
	Short-Term		Long-Term		Total

ESG S&P 500 Equal Weight ETF	$	283,122	$	-	$	283,122

Russell 1000 Enhanced Equal Weight ETF		3,338,667		2,291,626		5,630,293

Russell 1000 Equal Weight ETF		21,641,498		68,029,849		89,671,347

Russell 1000 Low Beta Equal Weight ETF		18,505,503		10,943,452		29,448,955

S&P 500^®Enhanced Value ETF		8,303,170		3,519,324		11,822,494

S&P 500^®ex-Rate Sensitive Low Volatility ETF		19,763,733		5,749,266		25,512,999

S&P 500^®High Beta ETF		123,376,508		25,362,370		148,738,878

S&P 500^®High Dividend Low Volatility ETF		313,676,438		313,922,383		627,598,821

S&P 500^®Low Volatility ETF		1,735,629,652		385,486,278		2,121,115,930

S&P 500 Minimum Variance ETF		66,238		124,634		190,872

S&P 500^®Momentum ETF		8,336,604		494,283		8,830,887

S&P 500 QVM Multi-factor ETF		20,545,122		-		20,545,122

S&P MidCap 400 QVM Multi-factor ETF		8,770,496		-		8,770,496

S&P MidCap Low Volatility ETF		397,529,926		224,546,062		622,075,988

S&P SmallCap 600 QVM Multi-factor ETF		2,129,632		-		2,129,632

S&P SmallCap High Dividend Low Volatility ETF		3,550,548		3,776,370		7,326,918

S&P SmallCap Low Volatility ETF		346,882,715		283,373,830		630,256,545

S&P SmallCap Quality ETF		4,895,373		551,261		5,446,634


		121

NOTE 7–Investment Transactions

For the six months ended February 28, 2023, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

ESG S&P 500 Equal Weight ETF	$	1,147,256	$	1,133,726

Russell 1000 Enhanced Equal Weight ETF		362,358		363,929

Russell 1000 Equal Weight ETF		81,458,243		104,694,848

Russell 1000 Low Beta Equal Weight ETF		2,398,390		2,414,182

S&P 500^®Enhanced Value ETF		27,125,414		26,259,201

S&P 500^®ex-Rate Sensitive Low Volatility ETF		17,269,128		17,246,744

S&P 500^®High Beta ETF		170,571,365		169,798,958

S&P 500^®High Dividend Low Volatility ETF		1,230,882,716		1,221,905,064

S&P 500^®Low Volatility ETF		2,621,758,563		2,611,303,589

S&P 500 Minimum Variance ETF		2,242,873		2,053,100

S&P 500^®Momentum ETF		53,612,403		53,029,740

S&P 500 QVM Multi-factor ETF		57,357,186		56,576,089

S&P MidCap 400 QVM Multi-factor ETF		38,480,377		37,615,891

S&P MidCap Low Volatility ETF		368,257,981		366,338,432

S&P SmallCap 600 QVM Multi-factor ETF		15,622,621		15,291,649

S&P SmallCap High Dividend Low Volatility ETF		6,509,973		6,449,657

S&P SmallCap Low Volatility ETF		238,979,492		238,853,199

S&P SmallCap Quality ETF		10,983,698		10,803,941

For the six months ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

ESG S&P 500 Equal Weight ETF	$	3,383,689	$	1,067,777

Russell 1000 Enhanced Equal Weight ETF		-		-

Russell 1000 Equal Weight ETF		30,837,209		-

Russell 1000 Low Beta Equal Weight ETF		-		-

S&P 500^®Enhanced Value ETF		50,890,067		59,142,666

S&P 500^®ex-Rate Sensitive Low Volatility ETF		9,576,195		11,909,847

S&P 500^®High Beta ETF		493,344,928		343,914,326

S&P 500^®High Dividend Low Volatility ETF		970,273,177		901,461,656

S&P 500^®Low Volatility ETF		1,750,890,476		2,660,671,611

S&P 500 Minimum Variance ETF		2,914,194		858,115

S&P 500^®Momentum ETF		151,675,078		52,487,383

S&P 500 QVM Multi-factor ETF		272,508,664		9,112,922

S&P MidCap 400 QVM Multi-factor ETF		11,906,329		5,384,342

S&P MidCap Low Volatility ETF		300,736,177		388,828,144

S&P SmallCap 600 QVM Multi-factor ETF		2,810,100		1,134,761

S&P SmallCap High Dividend Low Volatility ETF		6,202,952		5,069,826

S&P SmallCap Low Volatility ETF		16,495,736		38,022,283

S&P SmallCap Quality ETF		8,122,982		8,336,364

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


		122

As of February 28, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


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

ESG S&P 500 Equal Weight ETF	$	435,702	$	(812,057	)	$	(376,355	)	$	12,858,707

Russell 1000 Enhanced Equal Weight ETF		310,757		(157,755	)		153,002			2,734,686

Russell 1000 Equal Weight ETF		60,712,619		(92,533,574	)		(31,820,955	)		767,030,777

Russell 1000 Low Beta Equal Weight ETF		649,909		(612,818	)		37,091			10,122,191

S&P 500^®Enhanced Value ETF		6,602,837		(12,834,300	)		(6,231,463	)		148,595,963

S&P 500^®ex-Rate Sensitive Low Volatility ETF		2,439,102		(2,508,579	)		(69,477	)		53,428,432

S&P 500^®High Beta ETF		20,614,220		(111,529,842	)		(90,915,622	)		891,729,541

S&P 500^®High Dividend Low Volatility ETF		66,165,281		(365,999,114	)		(299,833,833	)		4,128,977,682

S&P 500^®Low Volatility ETF		154,270,199		(568,161,727	)		(413,891,528	)		10,309,689,107

S&P 500 Minimum Variance ETF		1,941,090		(1,849,371	)		91,719			23,202,535

S&P 500^®Momentum ETF		4,014,706		(13,152,108	)		(9,137,402	)		214,304,409

S&P 500 QVM Multi-factor ETF		57,654,927		(72,272,313	)		(14,617,386	)		1,045,190,599

S&P MidCap 400 QVM Multi-factor ETF		27,767,695		(17,783,537	)		9,984,158			289,874,448

S&P MidCap Low Volatility ETF		74,101,241		(49,752,718	)		24,348,523			1,185,539,180

S&P SmallCap 600 QVM Multi-factor ETF		13,068,343		(6,776,840	)		6,291,503			119,317,007

S&P SmallCap High Dividend Low Volatility ETF		556,752		(4,741,576	)		(4,184,824	)		32,041,435

S&P SmallCap Low Volatility ETF		36,517,608		(45,871,152	)		(9,353,544	)		864,913,568

S&P SmallCap Quality ETF		3,299,769		(1,553,291	)		1,746,478			38,447,274

NOTE 8–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The 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 9–Capital

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

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

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

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


		123

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of 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 September 1, 2022 through February 28, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


					Annualized
	Beginning		Ending		Expense Ratio		Expenses Paid
	Account Value		Account Value		Based on the		During the
	September 1, 2022		February 28, 2023		Six-Month Period		Six-Month Period⁽¹⁾

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

Actual		$1,000.00		$1,067.70		0.20%		$1.03

Hypothetical (5% return before expenses)		1,000.00		1,023.80		0.20		1.00

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

Actual		1,000.00		1,057.80		0.29		1.48

Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45

Invesco Russell 1000 Equal Weight ETF (EQAL)

Actual		1,000.00		1,019.60		0.20		1.00

Hypothetical (5% return before expenses)		1,000.00		1,023.80		0.20		1.00

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

Actual		1,000.00		1,052.40		0.35		1.78

Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76

Invesco S&P 500^®Enhanced Value ETF (SPVU)

Actual		1,000.00		1,064.80		0.13		0.67

Hypothetical (5% return before expenses)		1,000.00		1,024.15		0.13		0.65


		124

Calculating your ongoing Fund expenses–(continued)


					Annualized
	Beginning		Ending		Expense Ratio		Expenses Paid
	Account Value		Account Value		Based on the		During the
	September 1, 2022		February 28, 2023		Six-Month Period		Six-Month Period⁽¹⁾

Invesco S&P 500^®ex-Rate Sensitive Low Volatility ETF (XRLV)

Actual		$1,000.00		$ 997.00		0.25%		$1.24

Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25

Invesco S&P 500^®High Beta ETF (SPHB)

Actual		1,000.00		1,099.40		0.25		1.30

Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25

Invesco S&P 500^®High Dividend Low Volatility ETF (SPHD)

Actual		1,000.00		1,002.10		0.30		1.49

Hypothetical (5% return before expenses)		1,000.00		1,023.31		0.30		1.51

Invesco S&P 500^®Low Volatility ETF (SPLV)

Actual		1,000.00		985.50		0.25		1.23

Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25

Invesco S&P 500 Minimum Variance ETF (SPMV)

Actual		1,000.00		989.30		0.10		0.49

Hypothetical (5% return before expenses)		1,000.00		1,024.30		0.10		0.50

Invesco S&P 500^®Momentum ETF (SPMO)

Actual		1,000.00		1,004.00		0.13		0.65

Hypothetical (5% return before expenses)		1,000.00		1,024.15		0.13		0.65

Invesco S&P 500 QVM Multi-factor ETF (QVML)

Actual		1,000.00		1,016.60		0.11		0.55

Hypothetical (5% return before expenses)		1,000.00		1,024.25		0.11		0.55

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

Actual		1,000.00		1,081.90		0.15		0.77

Hypothetical (5% return before expenses)		1,000.00		1,024.05		0.15		0.75

Invesco S&P MidCap Low Volatility ETF (XMLV)

Actual		1,000.00		1,058.10		0.25		1.28

Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

Actual		1,000.00		1,072.80		0.15		0.77

Hypothetical (5% return before expenses)		1,000.00		1,024.05		0.15		0.75

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

Actual		1,000.00		990.40		0.30		1.48

Hypothetical (5% return before expenses)		1,000.00		1,023.31		0.30		1.51

Invesco S&P SmallCap Low Volatility ETF (XSLV)

Actual		1,000.00		1,048.20		0.25		1.27

Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25

Invesco S&P SmallCap Quality ETF (XSHQ)

Actual		1,000.00		1,082.10		0.29		1.50

Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29		1.45

⁽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 February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.


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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.


©2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-HBLV-SAR-1	invesco.com/ETFs