Powershares Exchange Traded Fund Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number    811-21265

                              Invesco Exchange-Traded Fund Trust                             

(Exact name of registrant as specified in charter)

3500 Lacey Road

                         Downers Grove, IL 60515                            

(Address of principal executive offices) (Zip code)

Daniel E. Draper

President

3500 Lacey Road

                             Downers Grove, IL 60515                        

(Name and address of agent for service)

Registrant’s telephone number, including area code:800-983-0903

Date of fiscal year end:  April 30

Date of reporting period:  April 30, 2019

FormN-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Registrant’s annual report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940 is as follows:

Invesco Annual Report to Shareholders

April 30, 2019

DWAQ	Invesco DWA NASDAQ Momentum ETF
PWC	Invesco Dynamic Market ETF
PRF	Invesco FTSE RAFI US 1000 ETF
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Broad Market Portfolios
Schedules of Investments
Invesco DWA NASDAQ Momentum ETF (DWAQ)	13
Invesco Dynamic Market ETF (PWC)	15
Invesco FTSE RAFI US 1000 ETF (PRF)	17
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)	27
Statements of Assets and Liabilities	42
Statements of Operations	43
Statements of Changes in Net Assets	44
Financial Highlights	46
Notes to Financial Statements	49
Report of Independent Registered Public Accounting Firm	58
Fund Expenses	59
Tax Information	60
Trustees and Officers	61
Board Considerations Regarding Continuation of Investment Advisory Agreement	67

2

The Market Environment

Domestic Equity

The fiscal year proved to be an increasingly volatile time for U.S. equities. Throughout the summer, U.S. equities moved higher as corporate profits surged amid the benefit of corporate tax cuts and improving global economic growth. Several U.S. equity indexes reached new highs despite potential headwinds, including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. After a relatively quiet summer, market volatility noticeably rose in October 2018, as U.S. equity markets suffered a sharpsell-off throughyear-end 2018, amid ongoing trade concerns between the U.S. and China, fears of a global economic slowdown and lower oil prices from a supply glut, with oil prices plummeting from near $75 per barrel in early October 2018 to around $45 per barrel in late December 2018.¹ In this environment, there was a flight to safety, as investors fled to defensive areas of the markets, such as health care, utilities and U.S. Treasuries.

Given signs of a strong economy, the U.S. Federal Reserve (the “Fed”) raised interest rates three times during the fiscal year: in June, September and December 2018. Following December’s Fed meeting, the Fed raised interest rates by 25 basis points to a targeted range of 2.25% to 2.50%, which signaled a slightly more dovish stance than expected.² In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.

Equity markets rebounded at the start of 2019, fueled by optimism about a potential U.S.-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as U.S. economic data were mixed and overseas growth appeared to be slowing. By the end of the fiscal year, the U.S. equity market generally recovered the losses from fourth quarter 2018, backed by improving investor sentiment, low unemployment and a growing economy.

¹  Source: Bloomberg

²  Source: U.S. Federal Reserve

3

DWAQ	Manager’s Analysis
	Invesco DWA NASDAQ Momentum ETF (DWAQ)

As an index fund, the Invesco DWA NASDAQ Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright^®NASDAQ Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

After giving each eligible security a momentum score, Dorsey, Wright and Associates LLC (the “Index Provider”) Index Provider selects approximately 100 common stocks for inclusion in the Index from an eligible universe of approximately 1,000 securities of large capitalization companies that trade on The NASDAQ Stock Market LLC and that are included in the NASDAQ Composite Index (the “Benchmark Index”). Strictly in accordance with its guidelines and mandated procedures, the Index Provider uses its proprietary methodology to determine a “momentum” score for each security within the universe of eligible securities. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe. The Index Provider includes in the Index the 100 securities with the highest momentum scores, with higher scoring securities receiving larger weights within the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 7.72%. On a net asset value (“NAV”) basis, the Fund returned 7.92%. During the same time period, the Index returned 8.59%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the NASDAQ Composite Index (the “Benchmark Index”) returned 15.82%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,639 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

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

Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the information technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the information technology sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the industrials and financials sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the health care sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Tandem Diabetes Care, Inc., a health care company (portfolio average weight of 1.81%) and Mirati Therapeutics Inc., a health care company (portfolio average weight of 1.78%). Positions that detracted most significantly from the Fund’s return during this period included Viking Therapeutics, a health care company (no longer held at fiscalyear-end), and Inogen, Inc., a health care company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Health Care	35.8
Information Technology	27.9
Consumer Discretionary	9.9
Industrials	7.5
Financials	7.2
Communication Services	5.0
Consumer Staples	3.5
Sector Types Each Less Than 3%	3.2
Money Market Funds Plus Other Assets Less Liabilities	(0.0)

4

Invesco DWA NASDAQ Momentum ETF (DWAQ)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Exact Sciences Corp.	2.9
Credit Acceptance Corp.	2.8
MGP Ingredients, Inc.	2.5
Tandem Diabetes Care, Inc.	2.4
Amazon.com, Inc.	2.4
Five9, Inc.	2.2
Mirati Therapeutics, Inc.	2.2
Intuit, Inc.	2.2
Atrion Corp.	2.2
CareDx, Inc.	2.2
Total	24.0

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized				3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																							Average Annualized			Cumulative
Blended-Dorsey Wright® NASDAQ Technical LeadersTM Index		8.59	%		18.04	%			64.46	%		12.59	%		80.95	%		14.20	%		277.16	%		9.86	%		349.96	%
NASDAQ Composite Index		15.82			20.58				75.31			15.82			108.37			18.10			427.65			12.31			540.76
Fund							��
NAV Return		7.92			17.29				61.34			11.87			75.22			13.42			252.15			9.15			305.61
Market Price Return		7.72			17.27				61.28			11.86			75.15			13.41			251.93			9.13			304.86

5

Invesco DWA NASDAQ Momentum ETF (DWAQ)(continued)

Fund Inception: May 1, 2003

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.82% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® NASDAQ Technical Leaders Index performance is comprised of the performance of the Dynamic OTC Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

6

PWC	Manager’s Analysis
	Invesco Dynamic Market ETF (PWC)

As an index fund, the Invesco Dynamic Market ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Market Intellidex^SMIndex (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.

The Index is composed of stocks that ICE Data Indices, LLC (the “Index Provider”), strictly in accordance with its guidelines and mandated procedures, includes pursuant to a proprietary selection methodology. Stocks are selected from the top of each sector and size category in a manner designed to produce an index with sector and size dispersion similar to the overall broad market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 2.89%. On a net asset value (“NAV”) basis, the Fund returned 3.00%. During the same time period, the Index returned 3.70%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses, as well as trading costs around the rebalances that the Fund incurred during the period.

During this same time period, the S&P 500^®Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. stock market.

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

Relative to the Benchmark Index, the Fund was most overweight in the communication services sector and most underweight in the real estate sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to stock selection in the information technology, health care, and industrial sectors.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and financial sectors, respectively. The health care and materials sectors were the largest detracting sectors.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included lululemon athletica Inc., a consumer discretionary company (no longer held at fiscalyear-end) and Mastercard Inc., Class A., an information technology company (no longer held at fiscalyear-end). Positions that detracted most significantly from the Fund’s return during this period included Micron Technology, Inc., an information technology company (no longer held at fiscalyear-end) and NetApp, Inc., an information technology company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Information Technology	20.7
Financials	14.9
Health Care	14.0
Consumer Discretionary	11.3
Industrials	10.1
Communication Services	9.7
Consumer Staples	7.5
Energy	5.7
Utilities	3.3
Materials	2.8
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Verizon Communications, Inc.	3.6
Automatic Data Processing, Inc.	3.2
Keysight Technologies, Inc.	3.1
Sprint Corp.	3.0
First Data Corp., Class A	3.0
Xilinx, Inc.	3.0
Procter & Gamble Co. (The)	2.7
Allergan PLC	2.7
Keurig Dr Pepper, Inc.	2.7
Baxter International, Inc.	2.6
Total	29.6

* Excluding money market fund holdings.

7

Invesco Dynamic Market ETF (PWC)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Market IntellidexSM Index		3.70	%		13.71	%		47.02	%		9.18	%		55.15	%		14.34	%		282.07	%		10.33	%		381.98	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			9.80			346.03
Fund
NAV Return		3.00			12.95			44.11			8.42			49.79			13.55			256.38			9.63			335.04
Market Price Return		2.89			12.91			43.96			8.40			49.64			13.54			256.17			9.62			334.52

Fund Inception: May 1, 2003

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.61% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

8

PRF	Manager’s Analysis
	Invesco FTSE RAFI US 1000 ETF (PRF)

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

The Index is composed of 1,000 common stocks that FTSE International Limited and Research Affiliates LLC, strictly in accordance with their guidelines and mandated procedures, include to track the performance of the largest U.S. companies based on the following four fundamental measures: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 8.32%. On a net asset value (“NAV”) basis, the Fund returned 8.40%. During the same time period, the Index returned 8.77%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell 1000^®Index (the “Benchmark Index”) returned 13.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 980 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S.large-cap market.

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

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the information technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to its underweight allocation to the information technology sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and health care sectors, respectively. The energy sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Microsoft Corp., an information technology company (portfolio average weight of 1.57%) and Apple, Inc., an information technology company (portfolio average weight of 2.58%). Positions that detracted most significantly from the Fund’s return during this period included General Electric Co., an industrials company (portfolio average weight of 1.02%) and CVS Health Corp., a health care company (portfolio average weight of 0.64%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	19.3
Information Technology	13.8
Health Care	10.3
Industrials	10.2
Consumer Discretionary	9.4
Energy	8.6
Communication Services	8.5
Consumer Staples	8.4
Utilities	4.6
Materials	3.6
Real Estate	3.3
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Apple, Inc.	2.7
Exxon Mobil Corp.	2.4
Berkshire Hathaway, Inc., Class B	2.0
AT&T, Inc.	1.9
JPMorgan Chase & Co.	1.9
Microsoft Corp.	1.7
Chevron Corp.	1.5
Verizon Communications, Inc.	1.5
Wells Fargo & Co.	1.4
Bank of America Corp.	1.3
Total	18.3

* Excluding money market fund holdings.

9

Invesco FTSE RAFI US 1000 ETF (PRF)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
FTSE RAFITM US 1000 Index		8.77	%		11.96	%		40.36	%		9.22	%		55.40	%		15.59	%		325.77	%		9.10	%		220.35	%
Russell 1000® Index		13.33			14.82			51.38			11.41			71.63			15.39			318.55			8.89			212.30
Fund
NAV Return		8.40			11.56			38.83			8.82			52.60			15.17			310.49			8.65			203.11
Market Price Return		8.32			11.57			38.86			8.83			52.68			15.17			310.53			8.67			203.90

Fund Inception: December 19, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.41% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

10

PRFZ	Manager’s Analysis
	Invesco FTSE RAFI US 1500Small-Mid ETF (PRFZ)

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

The Index is composed of 1,500 common stocks that FTSE International Limited and Research Affiliates LLC, strictly in accordance with their guidelines and mandated procedures, include to track the performance of small- andmedium-sized U.S. companies based on the following four fundamental measures of firm size: book value, sales, cash flow and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 2.60%. On a net asset value (“NAV”) basis, the Fund returned 2.75%. During the same time period, the Index returned 3.01%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by revenue generated through the Fund’s securities lending program.

During this same time period, the Russell 2000^®Index (the “Benchmark Index”) returned 4.61%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S.small-cap market.

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

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the health care sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the energy sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the industrials and real estate sectors, respectively. The energy sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, includedRent-A-Center, Inc., a consumer discretionary company (portfolio average weight 0.18%) and Iridium Communications, Inc., a communication services company (portfolio average weight 0.17%). Positions that detracted most significantly from the Fund’s return during this period included Bristow Group, Inc., an energy company (portfolio average weight of 0.09%) and Windstream Holdings, Inc., a communication services company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Industrials	18.5
Financials	17.6
Information Technology	14.0
Consumer Discretionary	13.7
Health Care	8.1
Real Estate	7.0
Energy	6.4
Materials	5.9
Communication Services	3.9
Consumer Staples	3.1
Utilities	1.8
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Copart, Inc.	0.2
FactSet Research Systems, Inc.	0.2
Hain Celestial Group, Inc. (The)	0.2
West Pharmaceutical Services, Inc.	0.2
FTI Consulting, Inc.	0.2
RLI Corp.	0.2
G-III Apparel Group Ltd.	0.2
Cirrus Logic, Inc.	0.2
Tronox Holdings PLC, Class A	0.2
Align Technology, Inc.	0.2
Total	2.0

* Excluding money market fund holdings.

11

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

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
FTSE RAFITM US Mid Small 1500 Index		3.01	%		12.27	%		41.52	%		8.11	%		47.68	%		15.77	%		332.45	%		9.38	%		209.68	%
Russell 2000® Index		4.61			13.60			46.58			8.63			51.25			14.10			273.82			7.79			157.56
Fund
NAV Return		2.75			12.02			40.55			7.87			46.03			15.55			324.38			9.11			200.42
Market Price Return		2.60			12.03			40.62			7.87			46.05			15.58			325.30			9.12			200.55

Fund Inception: September 20, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.41% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

12

Schedule of Investments^(a)

Invesco DWA NASDAQ Momentum ETF (DWAQ)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—5.0%
	3,700	Bandwidth, Inc., Class A(b)	$	279,054
	766	Charter Communications, Inc., Class A(b)		284,331
	1,885	Facebook, Inc., Class A(b)		364,559
	23,257	Glu Mobile, Inc.(b)		254,432
	1,205	IAC/InterActiveCorp.(b)		270,932
	8,796	Iridium Communications, Inc.(b)		241,538
	5,092	Match Group, Inc.		307,557
	652	Netflix, Inc.(b)		241,592
				2,243,995
		Consumer Discretionary—9.9%
	558	Amazon.com, Inc.(b)		1,074,998
	18,524	Eldorado Resorts, Inc.(b)		914,530
	11,237	Etsy, Inc.(b)		758,947
	2,066	Five Below, Inc.(b)		302,442
	2,359	Grand Canyon Education, Inc.(b)		273,384
	611	MercadoLibre, Inc. (Argentina)(b)		295,810
	1,468	O’Reilly Automotive, Inc.(b)		555,741
	1,489	Pool Corp.		273,589
				4,449,441
		Consumer Staples—3.5%
	10,984	Freshpet, Inc.(b)		490,545
	12,526	MGP Ingredients, Inc.(c)		1,100,660
				1,591,205
		Energy—2.0%
	12,897	DMC Global, Inc.		893,762
		Financials-7.2%
	2,501	Credit Acceptance Corp.(b)		1,241,046
	9,989	eHealth, Inc.(b)		606,732
	3,489	Kinsale Capital Group, Inc.		253,301
	813	LendingTree, Inc.(b)(c)		312,859
	3,166	LPL Financial Holdings, Inc.		234,569
	11,624	NMI Holdings, Inc., Class A(b)		326,402
	2,113	World Acceptance Corp.(b)		274,669
				3,249,578
		Health Care—35.8%
	8,242	Akcea Therapeutics, Inc.(b)(c)		206,792
	4,891	Amedisys, Inc.(b)		625,168
	1,122	Atrion Corp.		987,360
	30,485	AxoGen, Inc.(b)(c)		715,788
	10,931	BioTelemetry, Inc.(b)		594,646
	6,582	Cardiovascular Systems, Inc.(b)		233,924
	36,197	CareDx, Inc.(b)		984,920
	36,730	Cerus Corp.(b)		225,155
	20,971	Codexis, Inc.(b)		413,129
	1,680	DexCom, Inc.(b)		203,398
	13,049	Exact Sciences Corp.(b)		1,287,806
	29,306	Fluidigm Corp.(b)		402,664
	2,900	Guardant Health, Inc.(b)		189,979
	1,859	ICON PLC (Ireland)(b)		253,902
	3,154	IDEXX Laboratories, Inc.(b)		731,728
	413	Intuitive Surgical, Inc.(b)		210,890
	2,570	iRhythm Technologies, Inc.(b)		196,117
	2,567	Masimo Corp.(b)		334,095
	4,187	Merit Medical Systems, Inc.(b)		235,226

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	16,913	Mirati Therapeutics, Inc.(b)	$	1,006,154
	15,424	Novocure Ltd.(b)		679,736
	5,223	OrthoPediatrics Corp.(b)		212,785
	2,685	PRA Health Sciences, Inc.(b)		259,962
	3,585	Quidel Corp.(b)		229,225
	47,535	R1 RCM, Inc.(b)		497,691
	16,411	Ra Pharmaceuticals, Inc.(b)		364,324
	4,057	Reata Pharmaceuticals, Inc., Class A(b)		318,312
	1,838	Sage Therapeutics, Inc.(b)		309,207
	12,934	STAAR Surgical Co.(b)		420,096
	17,909	Tandem Diabetes Care, Inc.(b)		1,099,792
	3,643	uniQure N.V. (Netherlands)(b)		204,700
	14,508	Veracyte, Inc.(b)		331,798
	42,069	Vericel Corp.(b)		714,752
	9,911	Zogenix, Inc.(b)		386,430
				16,067,651
		Industrials—7.5%
	19,096	Casella Waste Systems, Inc., Class A(b)		712,663
	3,777	Chart Industries, Inc.(b)		333,396
	1,144	Cintas Corp.		248,408
	780	CoStar Group, Inc.(b)		387,075
	16,576	Kratos Defense & Security Solutions, Inc.(b)		263,227
	5,302	Mercury Systems, Inc.(b)		387,152
	2,154	Old Dominion Freight Line, Inc.		321,549
	3,271	Omega Flex, Inc.		276,923
	7,283	SkyWest, Inc.		448,560
				3,378,953
		Information Technology—27.9%
	1,101	Adobe, Inc.(b)		318,464
	4,426	Alarm.com Holdings, Inc.(b)		313,715
	4,460	AppFolio, Inc., Class A(b)		433,111
	2,510	Atlassian Corp. PLC, Class A(b)		276,476
	1,839	Broadcom, Inc.		585,538
	7,015	Cadence Design Systems, Inc.(b)		486,701
	2,720	Coupa Software, Inc.(b)		281,058
	5,572	Domo, Inc., Class B(b)(c)		213,463
	1,961	Euronet Worldwide, Inc.(b)		293,934
	3,946	Everbridge, Inc.(b)		291,570
	2,789	Fiserv, Inc.(b)		243,312
	19,021	Five9, Inc.(b)		1,009,444
	3,976	Intuit, Inc.		998,215
	12,330	LivePerson, Inc.(b)		361,639
	8,519	Mimecast Ltd.(b)		438,814
	4,080	MongoDB, Inc.(b)(c)		574,954
	6,157	Novanta, Inc.(b)		535,782
	4,106	NVIDIA Corp.		743,186
	2,970	Okta, Inc.(b)		308,969
	3,671	Proofpoint, Inc.(b)		460,417
	2,826	Qualys, Inc.(b)		255,075
	5,095	Rapid7, Inc.(b)		276,862
	4,006	SS&C Technologies Holdings, Inc.		271,046
	3,825	Trade Desk, Inc. (The), Class A(b)		847,161
	2,059	Universal Display Corp.(c)		328,616
	9,780	Upland Software, Inc.(b)		454,672
	3,257	Wix.com Ltd. (Israel)(b)		436,959

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

13

Invesco DWA NASDAQ Momentum ETF (DWAQ)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	1,150	Zebra Technologies Corp., Class A(b)	$	242,811
	3,499	Zscaler, Inc.(b)		239,017
				12,520,981
		Real Estate—1.2%
	4,901	RMR Group, Inc. (The), Class A		283,474
	1,361	SBA Communications Corp., Class A(b)		277,276
				560,750
		Total Common Stocks & Other Equity Interests (Cost $37,608,125)		44,956,316
		Money Market Funds—0.3%
	137,292	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $137,292)		137,292
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $37,745,417)—100.3%		45,093,608
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—6.4%
	2,147,115	Invesco Government & Agency Portfolio— Institutional Class, 2.34%(d)(e)		2,147,115
	715,492	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		715,707
		Total Money Market Funds (Cost $2,862,822)		2,862,822
		Total Investments in Securities (Cost $40,608,239)—106.7%		47,956,430
		Other assets less liabilities—(6.7)%		(3,029,235	)
		Net Assets—100.0%	$	44,927,195

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

14

Schedule of Investments^(a)

Invesco Dynamic Market ETF (PWC)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—9.7%
	5,392	Madison Square Garden Co. (The), Class A(b)	$	1,684,676
	859,194	Sprint Corp.(b)		4,794,303
	18,161	Take-Two Interactive Software, Inc.(b)		1,758,530
	43,321	Telephone & Data Systems, Inc.		1,381,073
	99,156	Verizon Communications, Inc.		5,670,732
				15,289,314
		Consumer Discretionary—11.3%
	29,140	1-800-Flowers.com, Inc., Class A(b)		620,391
	18,213	Burlington Stores, Inc.(b)		3,076,358
	18,116	Crocs, Inc.(b)		504,531
	3,553	Deckers Outdoor Corp.(b)		562,120
	8,483	Foot Locker, Inc.		485,312
	15,481	Home Depot, Inc. (The)		3,153,480
	15,587	K12, Inc.(b)		469,480
	7,804	O’Reilly Automotive, Inc.(b)		2,954,360
	28,250	Rent-A-Center, Inc.(b)		704,272
	3,542	RH(b)(c)		377,967
	11,817	Sleep Number Corp.(b)		411,232
	45,698	Sonos, Inc.(b)(c)		499,022
	42,003	Starbucks Corp.		3,262,793
	21,534	YETI Holdings, Inc.(b)(c)		768,333
				17,849,651
		Consumer Staples—7.5%
	4,328	Casey’s General Stores, Inc.		572,811
	10,318	Herbalife Nutrition Ltd.(b)		545,306
	7,887	Inter Parfums, Inc.		571,729
	143,912	Keurig Dr Pepper, Inc.(c)		4,183,522
	20,264	Kroger Co. (The)		522,406
	3,598	Lancaster Colony Corp.		535,058
	40,629	Procter & Gamble Co. (The)		4,326,176
	33,227	SpartanNash Co.		537,281
				11,794,289
		Energy—5.7%
	19,718	Cactus, Inc., Class A(b)		715,763
	90,032	Gulfport Energy Corp.(b)		589,710
	199,374	Laredo Petroleum, Inc.(b)		602,109
	51,657	Marathon Petroleum Corp.		3,144,362
	34,502	Phillips 66		3,252,503
	26,938	Renewable Energy Group, Inc.(b)		649,745
				8,954,192
		Financials—14.9%
	52,708	Aflac, Inc.		2,655,429
	13,299	Assured Guaranty Ltd.		634,362
	133,615	AXA Equitable Holdings, Inc.		3,031,724
	9,659	BancFirst Corp.		544,768
	1,261	Credit Acceptance Corp.(b)		625,733
	21,978	Enova International, Inc.(b)		602,857
	48,194	First BanCorp		544,592
	121,653	Genworth Financial, Inc., Class A(b)		461,065
	13,383	James River Group Holdings Ltd.		565,030
	7,202	LPL Financial Holdings, Inc.		533,596
	42,064	MGIC Investment Corp.(b)		615,817
	26,089	OFG Bancorp		526,476
	9,756	Popular, Inc.		563,019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	27,277	Prudential Financial, Inc.	$	2,883,452
	31,087	Raymond James Financial, Inc.		2,846,637
	81,102	Synchrony Financial		2,811,806
	45,870	TD Ameritrade Holding Corp.		2,411,845
	44,649	Victory Capital Holdings, Inc., Class A(b)		736,262
				23,594,470
		Health Care—14.0%
	28,843	Allergan PLC		4,239,921
	4,846	Amedisys, Inc.(b)		619,416
	21,240	Amgen, Inc.		3,808,757
	34,074	Arrowhead Pharmaceuticals, Inc.(b)		612,651
	26,117	Bausch Health Cos. Inc.(b)		603,042
	53,221	Baxter International, Inc.		4,060,762
	8,372	BioTelemetry, Inc.(b)		455,437
	98,204	Boston Scientific Corp.(b)		3,645,332
	11,464	Ensign Group, Inc. (The)		590,625
	28,936	Exelixis, Inc.(b)		568,882
	41,237	Innoviva, Inc.(b)		578,555
	7,352	National HealthCare Corp.		554,561
	20,744	Principia Biopharma, Inc.(b)		620,453
	10,885	SurModics, Inc.(b)		472,844
	5,914	West Pharmaceutical Services, Inc.		732,094
				22,163,332
		Industrials—10.1%
	9,859	Alaska Air Group, Inc.		610,272
	16,416	ArcBest Corp.		501,673
	5,073	Carlisle Cos., Inc.		717,424
	10,840	CSW Industrials, Inc.(b)		649,858
	5,122	National Presto Industries, Inc.(c)		545,493
	23,046	Navigant Consulting, Inc.		526,140
	55,747	PACCAR, Inc.		3,995,388
	71,000	Southwest Airlines Co.		3,850,330
	10,468	Tetra Tech, Inc.		677,489
	43,404	United Continental Holdings, Inc.(b)		3,856,879
				15,930,946
		Information Technology—20.7%
	30,655	Automatic Data Processing, Inc.		5,039,375
	40,650	Canadian Solar, Inc. (Canada)(b)(c)		812,187
	6,867	Euronet Worldwide, Inc.(b)		1,029,295
	31,826	EVERTEC, Inc.		996,472
	16,049	Fabrinet (Thailand)(b)		971,285
	183,664	First Data Corp., Class A(b)		4,749,551
	197,876	HP, Inc.		3,947,626
	15,807	Insight Enterprises, Inc.(b)		894,360
	56,616	Keysight Technologies, Inc.(b)		4,927,291
	17,436	LiveRamp Holdings, Inc.(b)		1,017,042
	21,805	PC Connection, Inc.		810,274
	43,960	SecureWorks Corp., Class A(b)(c)		853,703
	8,468	Tech Data Corp.(b)		902,773
	6,330	Ubiquiti Networks, Inc.		1,078,949
	38,809	Xilinx, Inc.		4,662,513
				32,692,696
		Materials—2.8%
	39,538	Eastman Chemical Co.		3,118,758

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

15

Invesco Dynamic Market ETF (PWC)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	56,140	Resolute Forest Products, Inc.	$	444,067
	19,007	Verso Corp., Class A(b)		424,236
	16,328	Warrior Met Coal, Inc.		506,168
				4,493,229
		Utilities—3.3%
	42,272	AES Corp. (The)		723,696
	70,462	Exelon Corp.		3,590,039
	37,740	PG&E Corp.(b)		849,905
				5,163,640
		Total Common Stocks & Other Equity Interests (Cost $154,060,357)		157,925,759
		Money Market Funds—0.1%
	175,671	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $175,671)		175,671
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $154,236,028)—100.1%		158,101,430
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—3.6%
	4,307,129	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		4,307,129
	1,435,280	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		1,435,710
		Total Money Market Funds (Cost $5,742,839)		5,742,839
		Total Investments in Securities (Cost $159,978,867)—103.7%		163,844,269
		Other assets less liabilities—(3.7)%		(5,869,517	)
		Net Assets—100.0%	$	157,974,752

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2019.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

16

Schedule of Investments^(a)

Invesco FTSE RAFI US 1000 ETF (PRF)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—8.5%
	88,558	Activision Blizzard, Inc.	$	4,269,381
	24,977	Alphabet, Inc., Class A(b)		29,946,424
	25,375	Alphabet, Inc., Class C(b)		30,157,680
	127,077	Altice USA, Inc., Class A		2,993,934
	12,331	AMC Networks, Inc., Class A(b)		720,254
	3,442,301	AT&T, Inc.		106,573,639
	81,047	CBS Corp., Class B		4,155,280
	905,921	CenturyLink, Inc.		10,345,618
	32,740	Charter Communications, Inc., Class A(b)		12,152,761
	32,792	Cinemark Holdings, Inc.		1,378,904
	1,155,378	Comcast Corp., Class A		50,293,604
	27,675	Discovery, Inc., Class A(b)		855,158
	61,790	Discovery, Inc., Class C(b)		1,777,080
	90,557	DISH Network Corp., Class A(b)		3,180,362
	24,784	Electronic Arts, Inc.(b)		2,345,806
	140,441	Facebook, Inc., Class A(b)		27,161,289
	43,560	Fox Corp., Class A(b)		1,698,404
	20,436	Fox Corp., Class B(b)		786,786
	362,825	Frontier Communications Corp.(b)(c)		1,034,051
	72,957	Gannett Co., Inc.		680,689
	4,671	IAC/InterActiveCorp.(b)		1,050,228
	107,466	Interpublic Group of Cos., Inc. (The)		2,471,718
	3,268	Liberty Broadband Corp., Class A(b)		321,539
	13,392	Liberty Broadband Corp., Class C(b)		1,321,924
	265,570	Liberty Global PLC, Class C (United Kingdom)(b)		6,944,656
	102,340	Liberty Global PLC, Series A (United Kingdom)(b)		2,764,203
	19,447	Liberty Latin America Ltd., Class A (Chile)(b)		407,026
	51,257	Liberty Latin America Ltd., Class C (Chile)(b)		1,068,196
	5,513	Liberty Media Corp.-Liberty Formula One, Class A(b)		208,171
	44,148	Liberty Media Corp.-Liberty Formula One, Series C(b)		1,713,384
	29,150	Liberty Media Corp.-Liberty SiriusXM, Series A(b)		1,164,251
	57,320	Liberty Media Corp.-Liberty SiriusXM, Series C(b)		2,301,971
	14,971	Lions Gate Entertainment Corp., Class A		218,427
	30,209	Lions Gate Entertainment Corp., Class B		410,842
	21,566	Live Nation Entertainment, Inc.(b)		1,409,122
	12,252	Meredith Corp.		722,868
	6,003	Netflix, Inc.(b)		2,224,352
	145,074	News Corp., Class A.		1,801,819
	45,766	News Corp., Class B		571,617
	7,672	Nexstar Media Group, Inc., Class A		898,008
	69,304	Omnicom Group, Inc.		5,546,399
	24,974	Sinclair Broadcast Group, Inc., Class A		1,143,559
	428,347	Sprint Corp.(b)		2,390,176
	8,293	Take-Two Interactive Software, Inc.(b)		803,011
	76,720	TEGNA, Inc.		1,221,382
	49,500	Telephone & Data Systems, Inc.		1,578,060
	81,112	T-Mobile US, Inc.(b)		5,920,365
	33,267	Tribune Media Co., Class A		1,536,935
	37,713	Twitter, Inc.(b)		1,505,126

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Communication Services (continued)
	1,454,030	Verizon Communications, Inc.	$	83,155,976
	190,402	Viacom, Inc., Class B		5,504,522
	292,093	Walt Disney Co. (The)		40,007,978
	21,558	Yandex N.V., Class A (Russia)(b)		806,916
	39,384	Zayo Group Holdings, Inc.(b)		1,232,325
				474,854,156
		Consumer Discretionary—9.4%
	14,880	Aaron’s, Inc.		828,667
	46,175	Abercrombie & Fitch Co., Class A		1,380,171
	161,732	Adient PLC		3,736,009
	12,501	Advance Auto Parts, Inc.		2,079,166
	16,054	Amazon.com, Inc.(b)		30,928,352
	85,600	American Axle & Manufacturing Holdings, Inc.(b)		1,262,600
	51,967	American Eagle Outfitters, Inc.		1,235,775
	49,221	Aptiv PLC		4,218,240
	91,416	Aramark		2,841,209
	17,090	Asbury Automotive Group, Inc.(b)		1,370,276
	395,370	Ascena Retail Group, Inc.(b)		470,490
	28,165	Autoliv, Inc. (Sweden)		2,210,671
	66,559	AutoNation, Inc.(b)		2,790,819
	3,798	AutoZone, Inc.(b)		3,905,521
	163,451	Bed Bath & Beyond, Inc.(c)		2,731,266
	110,598	Best Buy Co., Inc.		8,229,597
	31,220	Big Lots, Inc.		1,160,135
	32,614	Bloomin’ Brands, Inc.		651,954
	3,567	Booking Holdings, Inc.(b)		6,616,749
	62,425	BorgWarner, Inc.		2,607,492
	18,569	Brinker International, Inc.		794,196
	21,467	Brunswick Corp.		1,099,325
	7,447	Burlington Stores, Inc.(b)		1,257,873
	159,400	Caesars Entertainment Corp.(b)		1,491,984
	43,349	Capri Holdings Ltd.(b)		1,910,824
	62,300	CarMax, Inc.(b)		4,850,678
	111,009	Carnival Corp.		6,089,954
	10,162	Carter’s, Inc.		1,076,257
	2,056	Chipotle Mexican Grill, Inc.(b)		1,414,610
	26,075	Cooper Tire & Rubber Co.		778,600
	14,323	Cooper-Standard Holdings, Inc.(b)		725,746
	46,242	Core-Mark Holding Co., Inc.		1,680,897
	5,068	Cracker Barrel Old Country Store, Inc.(c)		855,174
	76,477	D.R. Horton, Inc.		3,388,696
	73,085	Dana, Inc.		1,425,158
	22,995	Darden Restaurants, Inc.		2,704,212
	65,466	Delphi Technologies PLC		1,448,763
	25,393	Designer Brands Inc., Class A		564,994
	36,246	Dick’s Sporting Goods, Inc.		1,341,102
	44,101	Dollar General Corp.		5,560,695
	51,822	Dollar Tree, Inc.(b)		5,766,752
	2,735	Domino’s Pizza, Inc.		740,036
	10,122	Dunkin’ Brands Group, Inc.		755,405
	119,457	eBay, Inc.		4,628,959
	16,333	Expedia Group, Inc.		2,120,677
	58,784	Extended Stay America, Inc.		1,052,821
	38,136	Foot Locker, Inc.		2,181,761
	4,601,444	Ford Motor Co.		48,085,090

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

17

Invesco FTSE RAFI US 1000 ETF (PRF)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	52,961	Fossil Group, Inc.(b)	$	692,200
	196,543	GameStop Corp., Class A(c)		1,700,097
	111,733	Gap, Inc. (The)		2,913,997
	22,425	Garmin Ltd.		1,922,719
	48,863	Garrett Motion, Inc. (Switzerland)(b)		918,624
	904,369	General Motors Co.		35,225,173
	15,671	Genesco, Inc.(b)		702,218
	56,753	Gentex Corp.		1,307,022
	38,829	Genuine Parts Co.		3,981,526
	223,709	Goodyear Tire & Rubber Co. (The)		4,297,450
	1,189	Graham Holdings Co., Class B		883,938
	24,666	Group 1 Automotive, Inc.		1,931,594
	71,426	H&R Block, Inc.		1,943,501
	91,607	Hanesbrands, Inc.		1,655,338
	71,628	Harley-Davidson, Inc.		2,666,710
	23,017	Hasbro, Inc.		2,344,512
	23,049	Hilton Worldwide Holdings, Inc.		2,005,033
	156,794	Home Depot, Inc. (The)		31,938,938
	10,163	Hyatt Hotels Corp., Class A		779,807
	57,998	International Game Technology PLC		848,511
	1,497,764	J.C. Penney Co., Inc.(b)(c)		2,051,937
	29,801	KB Home		772,144
	85,967	Kohl’s Corp.		6,112,254
	177,483	L Brands, Inc.		4,550,664
	89,033	Las Vegas Sands Corp.		5,969,663
	24,997	Lear Corp.		3,574,571
	32,978	Leggett & Platt, Inc.		1,298,014
	55,361	Lennar Corp., Class A		2,880,433
	18,505	Liberty Expedia Holdings, Inc., Series A(b)		859,002
	15,510	Lithia Motors, Inc., Class A		1,760,695
	98,221	LKQ Corp.(b)		2,956,452
	150,332	Lowe’s Cos., Inc.		17,008,562
	5,108	lululemon athletica, Inc.(b)		900,796
	299,533	Macy’s, Inc.		7,051,007
	30,505	Marriott International, Inc., Class A		4,161,492
	214,305	Mattel, Inc.(b)(c)		2,612,378
	114,210	McDonald’s Corp.		22,564,470
	18,736	Meritage Homes Corp.(b)		958,346
	124,906	MGM Resorts International		3,326,247
	63,954	Michaels Cos., Inc. (The)(b)		718,843
	22,724	Mohawk Industries, Inc.(b)		3,096,145
	27,985	Murphy USA, Inc.(b)		2,391,878
	256,913	Newell Brands, Inc.		3,694,409
	112,331	NIKE, Inc., Class B		9,866,032
	68,391	Nordstrom, Inc.		2,805,399
	51,059	Norwegian Cruise Line Holdings Ltd.(b)		2,879,217
	589	NVR, Inc.(b)		1,856,811
	545,127	Office Depot, Inc.		1,308,305
	7,053	O’Reilly Automotive, Inc.(b)		2,670,054
	31,769	Penn National Gaming, Inc.(b)		688,434
	29,052	Penske Automotive Group, Inc.		1,334,068
	17,869	Polaris Industries, Inc.		1,722,572
	80,598	PulteGroup, Inc.		2,535,613
	21,079	PVH Corp.		2,718,980
	183,075	Qurate Retail, Inc.(b)		3,121,429
	13,282	Ralph Lauren Corp.		1,747,646
	38,262	Ross Stores, Inc.		3,736,667

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	33,101	Royal Caribbean Cruises Ltd.	$	4,003,235
	58,085	Sally Beauty Holdings, Inc.(b)		1,028,105
	27,989	Service Corp. International		1,164,622
	18,031	ServiceMaster Global Holdings, Inc.(b)		884,060
	68,144	Signet Jewelers Ltd.		1,579,578
	17,684	Six Flags Entertainment Corp.		938,844
	27,660	Skechers U.S.A., Inc., Class A(b)		875,716
	125,666	Starbucks Corp.		9,761,735
	83,632	Tapestry, Inc.		2,698,805
	261,010	Target Corp.		20,207,394
	62,090	Taylor Morrison Home Corp., Class A(b)		1,202,062
	11,862	Tempur Sealy International, Inc.(b)		728,327
	26,386	Tenneco, Inc., Class A		578,381
	4,838	Tesla, Inc.(b)(c)		1,154,782
	17,667	Thor Industries, Inc.		1,163,725
	24,524	Tiffany & Co.		2,644,178
	182,123	TJX Cos., Inc. (The)		9,994,910
	37,149	Toll Brothers, Inc.		1,415,377
	17,993	Tractor Supply Co.		1,862,275
	64,080	TRI Pointe Group, Inc.(b)		836,244
	33,727	Tupperware Brands Corp.		802,703
	4,951	Ulta Beauty, Inc.(b)		1,727,800
	27,033	Under Armour, Inc., Class A(b)		624,192
	28,037	Under Armour, Inc., Class C(b)		580,927
	26,688	Urban Outfitters, Inc.(b)		793,434
	5,112	Vail Resorts, Inc.		1,169,881
	47,099	VF Corp.		4,446,617
	23,970	Visteon Corp.(b)		1,582,499
	35,010	Whirlpool Corp.		4,860,088
	28,533	Williams-Sonoma, Inc.(c)		1,631,232
	20,214	Wyndham Destinations, Inc.		880,522
	16,085	Wyndham Hotels & Resorts, Inc.		896,256
	23,161	Wynn Resorts, Ltd.		3,345,606
	39,375	Yum China Holdings, Inc. (China)		1,871,887
	50,473	Yum! Brands, Inc.		5,268,876
				523,171,810
		Consumer Staples—8.4%
	517,676	Altria Group, Inc.		28,125,337
	350,401	Archer-Daniels-Midland Co.		15,627,885
	492,336	Avon Products, Inc. (United Kingdom)(b)		1,565,628
	26,689	B&G Foods, Inc.(c)		693,914
	74,291	BJs Wholesale Club Holdings, Inc.(b)		2,106,150
	37,565	Brown-Forman Corp., Class B		2,001,839
	156,498	Bunge Ltd.		8,202,060
	59,217	Campbell Soup Co.		2,291,106
	10,834	Casey’s General Stores, Inc.		1,433,880
	28,380	Church & Dwight Co., Inc.		2,127,081
	18,222	Clorox Co. (The)		2,910,600
	684,882	Coca-Cola Co. (The)		33,600,311
	36,148	Coca-Cola European Partners PLC (United Kingdom)		1,937,171
	133,587	Colgate-Palmolive Co.		9,723,798
	139,662	Conagra Brands, Inc.		4,298,796
	19,369	Constellation Brands, Inc., Class A		4,099,836
	118,433	Costco Wholesale Corp.		29,078,854
	150,207	Coty, Inc., Class A(c)		1,625,240

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

18

Invesco FTSE RAFI US 1000 ETF (PRF)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Staples (continued)
	58,467	Darling Ingredients, Inc.(b)	$	1,275,165
	216,166	Dean Foods Co.		367,482
	19,013	Edgewell Personal Care Co.(b)		783,906
	17,592	Estee Lauder Cos., Inc. (The), Class A		3,022,482
	52,459	Flowers Foods, Inc.		1,140,459
	190,164	General Mills, Inc.		9,787,741
	13,248	Herbalife Nutrition Ltd.(b)		700,157
	22,103	Hershey Co. (The)		2,759,560
	41,171	Hormel Foods Corp.		1,644,370
	22,678	Ingredion, Inc.		2,148,740
	36,211	JM Smucker Co. (The)		4,440,555
	72,216	Kellogg Co.		4,354,625
	76,807	Kimberly-Clark Corp.		9,860,483
	233,496	Kraft Heinz Co. (The)		7,761,407
	606,091	Kroger Co. (The)		15,625,026
	11,862	Lamb Weston Holdings, Inc.		830,933
	14,765	McCormick & Co., Inc.		2,273,367
	64,152	Molson Coors Brewing Co., Class B		4,117,917
	294,877	Mondelez International, Inc., Class A		14,994,495
	24,672	Monster Beverage Corp.(b)		1,470,451
	48,034	Nomad Foods Ltd. (United Kingdom)(b)		999,107
	14,274	Nu Skin Enterprises, Inc., Class A		726,118
	267,774	PepsiCo, Inc.		34,288,461
	52,054	Performance Food Group Co.(b)		2,131,611
	400,687	Philip Morris International, Inc.		34,683,467
	13,261	Post Holdings, Inc.(b)		1,495,576
	522,496	Procter & Gamble Co. (The)		55,635,374
	119,316	Rite Aid Corp.(b)(c)		1,092,935
	6,727	Sanderson Farms, Inc.		1,020,015
	20,423	Spectrum Brands Holdings, Inc.		1,257,444
	35,642	Sprouts Farmers Market, Inc.(b)		763,452
	130,983	Sysco Corp.		9,217,274
	20,034	TreeHouse Foods, Inc.(b)		1,341,877
	104,848	Tyson Foods, Inc., Class A		7,864,648
	112,997	United Natural Foods, Inc.(b)		1,459,921
	13,064	Universal Corp.		703,627
	129,372	US Foods Holding Corp.(b)		4,728,547
	275,190	Walgreens Boots Alliance, Inc.		14,741,928
	530,478	Walmart, Inc.		54,554,358
				469,514,547
		Energy—8.6%
	145,181	Anadarko Petroleum Corp.		10,576,436
	232,404	Antero Resources Corp.(b)		1,684,929
	99,160	Apache Corp.		3,263,356
	389,972	Baker Hughes, a GE Co., Class A		9,367,127
	43,173	Cabot Oil & Gas Corp.		1,117,749
	715,408	Chesapeake Energy Corp.(b)(c)		2,081,837
	700,581	Chevron Corp.		84,111,755
	11,530	Cimarex Energy Co.		791,650
	98,033	CNX Resources Corp.(b)		878,376
	26,776	Concho Resources, Inc.		3,089,415
	343,173	ConocoPhillips		21,661,080
	14,428	Continental Resources, Inc.(b)		663,544
	99,882	Cosan Ltd., Class A (Brazil)		1,220,558
	32,465	Delek US Holdings, Inc.		1,203,153
	142,638	Devon Energy Corp.		4,584,385

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy (continued)
	86,627	Diamond Offshore Drilling, Inc.(b)(c)	$	841,148
	13,499	Diamondback Energy, Inc.		1,436,159
	223,199	Ensco Rowan PLC, Class A		3,118,090
	74,935	EOG Resources, Inc.		7,197,507
	87,155	EQT Corp.		1,782,320
	1,643,256	Exxon Mobil Corp.		131,920,592
	86,506	Gulfport Energy Corp.(b)		566,614
	233,583	Halliburton Co.		6,617,406
	42,340	Helmerich & Payne, Inc.		2,477,737
	75,520	Hess Corp.		4,842,342
	73,627	HollyFrontier Corp.		3,514,217
	762,146	Kinder Morgan, Inc.		15,143,841
	316,874	Marathon Oil Corp.		5,399,533
	237,266	Marathon Petroleum Corp.		14,442,381
	117,607	McDermott International, Inc.(b)		951,441
	89,481	Murphy Oil Corp.		2,437,462
	480,590	Nabors Industries Ltd.		1,682,065
	199,250	National Oilwell Varco, Inc.		5,208,395
	713,091	Noble Corp. PLC(b)		1,875,429
	163,857	Noble Energy, Inc.		4,433,970
	185,992	Oasis Petroleum, Inc.(b)		1,134,551
	224,189	Occidental Petroleum Corp.		13,200,248
	74,115	Oceaneering International, Inc.(b)		1,423,008
	69,919	ONEOK, Inc.		4,749,598
	52,622	Parsley Energy, Inc., Class A(b)		1,050,335
	93,674	Patterson-UTI Energy, Inc.		1,273,030
	86,786	PBF Energy, Inc., Class A		2,914,274
	20,942	PDC Energy, Inc.(b)		910,768
	32,240	Peabody Energy Corp.		927,545
	209,634	Phillips 66		19,762,197
	22,555	Pioneer Natural Resources Co.		3,754,505
	144,067	QEP Resources, Inc.(b)		1,083,384
	128,824	Range Resources Corp.		1,164,569
	509,377	Schlumberger Ltd.		21,740,210
	45,666	SemGroup Corp., Class A		596,398
	52,865	SM Energy Co.		842,139
	72,494	Targa Resources Corp.		2,910,634
	434,200	Transocean Ltd.(b)		3,412,812
	255,512	Valero Energy Corp.		23,164,718
	1,906,438	Weatherford International PLC(b)		1,054,832
	42,511	Whiting Petroleum Corp.(b)		1,164,376
	302,406	Williams Cos., Inc. (The)		8,567,162
	64,574	World Fuel Services Corp.		1,992,108
	102,048	WPX Energy, Inc.(b)		1,417,447
				482,394,847
		Financials—19.3%
	13,233	Affiliated Managers Group, Inc.		1,467,804
	229,991	Aflac, Inc.		11,586,947
	159,663	AGNC Investment Corp.		2,840,405
	4,876	Alleghany Corp.(b)		3,202,947
	122,545	Allstate Corp. (The)		12,139,308
	233,198	Ally Financial, Inc.		6,928,313
	38,585	American Equity Investment Life Holding Co.		1,134,785
	128,339	American Express Co.		15,045,181
	25,965	American Financial Group, Inc.		2,688,156

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

19

Invesco FTSE RAFI US 1000 ETF (PRF)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	629,668	American International Group, Inc.	$	29,953,307
	41,048	Ameriprise Financial, Inc.		6,024,615
	501,674	Annaly Capital Management, Inc.		5,061,891
	25,122	Aon PLC		4,525,477
	94,558	Arch Capital Group Ltd.(b)		3,194,169
	30,806	Arthur J. Gallagher & Co.		2,575,998
	44,379	Associated Banc-Corp		1,006,960
	20,887	Assurant, Inc.		1,984,265
	49,916	Assured Guaranty Ltd.		2,380,993
	63,676	Athene Holding Ltd., Class A(b)		2,875,608
	115,124	AXA Equitable Holdings, Inc.		2,612,164
	33,689	Axis Capital Holdings Ltd.		1,915,220
	2,278,763	Bank of America Corp.		69,684,573
	8,601	Bank of Hawaii Corp.		708,550
	239,609	Bank of New York Mellon Corp. (The)		11,898,983
	27,469	Bank OZK		896,863
	31,016	BankUnited, Inc.		1,134,565
	210,858	BB&T Corp.		10,795,930
	521,503	Berkshire Hathaway, Inc., Class B(b)		113,014,915
	25,520	BlackRock, Inc.		12,383,325
	27,995	Blackstone Mortgage Trust, Inc., Class A		996,342
	92,076	Brighthouse Financial, Inc.(b)		3,847,856
	32,717	Brown & Brown, Inc.		1,038,765
	254,877	Capital One Financial Corp.		23,660,232
	11,162	Cboe Global Markets, Inc.		1,134,171
	117,887	Charles Schwab Corp. (The)		5,396,867
	15,014	Chemical Financial Corp.		659,565
	89,565	Chimera Investment Corp.		1,716,961
	123,409	Chubb Ltd.		17,918,987
	38,508	Cincinnati Financial Corp.		3,703,699
	49,158	CIT Group, Inc.		2,618,647
	949,047	Citigroup, Inc.		67,097,623
	173,455	Citizens Financial Group, Inc.		6,279,071
	46,496	CME Group, Inc., Class A		8,318,134
	106,359	CNO Financial Group, Inc.		1,760,241
	31,769	Comerica, Inc.		2,496,726
	16,042	Commerce Bancshares, Inc.		969,418
	11,503	Cullen/Frost Bankers, Inc.		1,169,740
	106,250	Discover Financial Services		8,658,312
	47,017	E*TRADE Financial Corp.		2,381,881
	27,609	East West Bancorp, Inc.		1,421,311
	25,721	Eaton Vance Corp.		1,069,222
	14,709	Everest Re Group, Ltd.		3,463,969
	104,128	F.N.B. Corp.		1,263,073
	28,340	Federated Investors, Inc., Class B		870,888
	68,558	Fidelity National Financial, Inc.		2,738,892
	266,916	Fifth Third Bancorp		7,692,519
	34,471	First American Financial Corp.		1,966,915
	25,271	First Hawaiian, Inc.		698,743
	73,608	First Horizon National Corp.		1,110,745
	22,031	First Republic Bank		2,326,914
	118,725	Franklin Resources, Inc.		4,106,698
	47,741	Fulton Financial Corp.		823,532
	641,640	Genworth Financial, Inc., Class A(b)		2,431,816
	126,633	Goldman Sachs Group, Inc. (The)		26,076,267
	24,167	Hancock Whitney Corp.		1,057,065
	13,034	Hanover Insurance Group, Inc. (The)		1,572,031

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	158,599	Hartford Financial Services Group, Inc. (The)	$	8,296,314
	257,124	Huntington Bancshares, Inc.		3,579,166
	12,328	IBERIABANK Corp.		980,076
	66,632	Intercontinental Exchange, Inc.		5,420,513
	224,813	Invesco Ltd.(d)		4,939,142
	55,602	Invesco Mortgage Capital, Inc.(d)		907,425
	64,376	Investors Bancorp, Inc.		756,418
	70,584	Janus Henderson Group PLC (United Kingdom)		1,769,541
	144,675	Jefferies Financial Group, Inc.		2,975,965
	903,601	JPMorgan Chase & Co.		104,862,896
	9,338	Kemper Corp.		839,299
	273,939	KeyCorp		4,807,629
	46,656	Legg Mason, Inc.		1,560,643
	95,508	Lincoln National Corp.		6,372,294
	122,851	Loews Corp.		6,301,028
	15,961	LPL Financial Holdings, Inc.		1,182,550
	33,702	M&T Bank Corp.		5,731,699
	3,199	Markel Corp.(b)		3,427,760
	72,993	Marsh & McLennan Cos., Inc.		6,882,510
	459,827	MetLife, Inc.		21,211,819
	153,758	MFA Financial, Inc.		1,154,723
	93,132	MGIC Investment Corp.(b)		1,363,452
	11,426	Moody’s Corp.		2,246,580
	427,297	Morgan Stanley		20,617,080
	4,178	MSCI, Inc.		941,638
	18,270	Nasdaq, Inc.		1,684,494
	276,897	Navient Corp.		3,740,878
	127,518	New Residential Investment Corp.		2,143,578
	236,036	New York Community Bancorp, Inc.		2,745,099
	41,816	Northern Trust Corp.		4,120,967
	118,690	Old Republic International Corp.		2,653,908
	36,211	OneMain Holdings, Inc.		1,230,088
	41,281	PacWest Bancorp		1,632,664
	37,771	PennyMac Mortgage Investment Trust		793,191
	115,808	People’s United Financial, Inc.		2,002,320
	12,797	Pinnacle Financial Partners, Inc.		743,122
	133,897	PNC Financial Services Group, Inc. (The)		18,334,516
	27,123	Popular, Inc.		1,565,268
	6,866	Primerica, Inc.		894,571
	118,567	Principal Financial Group, Inc.		6,777,290
	27,205	ProAssurance Corp.		1,021,004
	100,246	Progressive Corp. (The)		7,834,225
	14,960	Prosperity Bancshares, Inc.		1,101,654
	230,610	Prudential Financial, Inc.		24,377,783
	41,511	Radian Group, Inc.		972,188
	25,735	Raymond James Financial, Inc.		2,356,554
	339,582	Regions Financial Corp.		5,273,708
	25,455	Reinsurance Group of America, Inc.		3,856,687
	9,036	RenaissanceRe Holdings Ltd. (Bermuda)		1,403,833
	16,782	S&P Global, Inc.		3,703,116
	60,071	Santander Consumer USA Holdings, Inc.		1,282,516
	13,971	SEI Investments Co.		760,721
	11,878	Selective Insurance Group, Inc.		847,020
	10,767	Signature Bank		1,421,998
	84,495	SLM Corp.		858,469

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

20

Invesco FTSE RAFI US 1000 ETF (PRF)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	92,889	Starwood Property Trust, Inc.	$	2,141,091
	108,896	State Street Corp.		7,367,903
	41,387	Sterling Bancorp.		886,510
	20,044	Stifel Financial Corp.		1,196,025
	125,893	SunTrust Banks, Inc.		8,243,474
	7,830	SVB Financial Group(b)		1,970,968
	277,886	Synchrony Financial.		9,634,308
	25,694	Synovus Financial Corp.		947,081
	47,426	T. Rowe Price Group, Inc.		5,098,295
	43,175	TCF Financial Corp.		955,463
	33,497	TD Ameritrade Holding Corp.		1,761,272
	12,741	Texas Capital Bancshares, Inc.(b)		824,725
	27,356	Torchmark Corp.		2,398,027
	120,170	Travelers Cos., Inc. (The)		17,274,437
	91,882	Two Harbors Investment Corp.		1,273,485
	393,276	U.S. Bancorp.		20,969,476
	9,959	UMB Financial Corp.		695,736
	76,288	Umpqua Holdings Corp.		1,324,360
	25,874	United Bankshares, Inc.		1,015,296
	107,638	Unum Group		3,973,995
	88,369	Valley National Bancorp		926,107
	71,689	Voya Financial, Inc.		3,935,009
	39,415	W.R. Berkley Corp.		2,416,139
	55,005	Waddell & Reed Financial, Inc., Class A(c)		1,030,244
	23,730	Washington Federal, Inc.		786,412
	18,008	Webster Financial Corp.		956,765
	1,614,111	Wells Fargo & Co.		78,139,113
	16,012	Western Alliance Bancorp(b)		765,053
	793	White Mountains Insurance Group Ltd.		744,659
	21,238	Willis Towers Watson PLC		3,915,013
	11,277	Wintrust Financial Corp.		859,307
	38,649	Zions Bancorp. N.A.		1,906,555
				1,077,769,948
		Health Care—10.3%
	193,731	Abbott Laboratories		15,413,238
	259,121	AbbVie, Inc.		20,571,616
	36,348	Acadia Healthcare Co., Inc.(b)		1,163,863
	26,912	Agilent Technologies, Inc.		2,112,592
	21,551	Alexion Pharmaceuticals, Inc.(b)		2,933,738
	94,755	Allergan PLC		13,928,985
	135,251	AmerisourceBergen Corp.		10,111,365
	112,365	Amgen, Inc.		20,149,292
	60,097	Anthem, Inc.		15,807,314
	61,083	Baxter International, Inc.		4,660,633
	23,532	Becton, Dickinson and Co.		5,665,094
	25,230	Biogen, Inc.(b)		5,783,725
	7,296	BioMarin Pharmaceutical, Inc.(b)		624,027
	3,022	Bio-Rad Laboratories, Inc., Class A(b)		909,410
	85,901	Boston Scientific Corp.(b)		3,188,645
	287,871	Bristol-Myers Squibb Co.		13,365,850
	184,771	Brookdale Senior Living, Inc.(b)		1,141,885
	292,855	Cardinal Health, Inc.		14,264,967
	17,860	Catalent, Inc.(b)		800,485
	63,098	Celgene Corp.(b)		5,972,857
	95,324	Centene Corp.(b)		4,914,905
	43,466	Cerner Corp.(b)		2,888,316

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	4,960	Charles River Laboratories International, Inc.(b)	$	696,731
	42,895	Cigna Corp.		6,813,442
	285,792	Community Health Systems, Inc.(b)		983,124
	3,558	Cooper Cos., Inc. (The)		1,031,535
	515,178	CVS Health Corp.		28,015,380
	67,271	Danaher Corp.		8,909,371
	61,015	DaVita, Inc.(b)		3,370,469
	37,384	DENTSPLY SIRONA, Inc.		1,911,444
	9,945	Edwards Lifesciences Corp.(b)		1,751,016
	106,816	Eli Lilly and Co.		12,501,745
	18,079	Encompass Health Corp.		1,165,192
	282,290	Gilead Sciences, Inc.		18,360,142
	69,036	HCA Healthcare, Inc.		8,783,450
	47,263	Henry Schein, Inc.(b)		3,027,668
	7,560	Hill-Rom Holdings, Inc.		766,735
	34,186	Hologic, Inc.(b)		1,585,547
	31,529	Humana, Inc.		8,052,822
	5,098	ICON PLC (Ireland)(b)		696,285
	4,681	Illumina, Inc.(b)		1,460,472
	3,852	Intuitive Surgical, Inc.(b)		1,966,947
	19,129	IQVIA Holdings, Inc.(b)		2,657,018
	9,461	Jazz Pharmaceuticals PLC(b)		1,227,754
	451,852	Johnson & Johnson		63,801,502
	25,724	Laboratory Corp. of America Holdings(b)		4,113,782
	17,108	Magellan Health, Inc.(b)		1,197,560
	109,246	Mallinckrodt PLC(b)		1,688,943
	186,769	McKesson Corp.		22,272,203
	40,794	MEDNAX, Inc.(b)		1,141,008
	233,802	Medtronic PLC		20,763,956
	449,491	Merck & Co., Inc.		35,379,437
	1,497	Mettler-Toledo International, Inc.(b)		1,115,654
	18,116	Molina Healthcare, Inc.(b)		2,348,377
	189,081	Mylan N.V.(b)		5,103,296
	198,474	Owens & Minor, Inc.		676,796
	47,706	Patterson Cos., Inc.		1,041,899
	10,087	PerkinElmer, Inc.		966,738
	36,467	Perrigo Co. PLC		1,747,499
	1,254,064	Pfizer, Inc.		50,927,539
	37,824	Quest Diagnostics, Inc.		3,645,477
	5,338	Regeneron Pharmaceuticals, Inc.(b)		1,831,681
	13,068	ResMed, Inc.		1,365,737
	44,857	Select Medical Holdings Corp.(b)		644,595
	9,946	STERIS PLC		1,302,727
	28,960	Stryker Corp.		5,470,834
	3,661	Teleflex, Inc.		1,047,705
	133,868	Tenet Healthcare Corp.(b)		2,931,709
	36,099	Thermo Fisher Scientific, Inc.		10,015,667
	10,433	United Therapeutics Corp.(b)		1,070,113
	147,658	UnitedHealth Group, Inc.		34,414,650
	19,285	Universal Health Services, Inc., Class B		2,446,688
	8,242	Varian Medical Systems, Inc.(b)		1,122,313
	5,733	Waters Corp.(b)		1,224,225
	10,274	WellCare Health Plans, Inc.(b)		2,654,288

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

21

Invesco FTSE RAFI US 1000 ETF (PRF)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	32,595	Zimmer Biomet Holdings, Inc.	$	4,014,400
	24,196	Zoetis, Inc.		2,464,121
				574,060,210
		Industrials—10.2%
	89,793	3M Co.		17,016,671
	17,162	A.O. Smith Corp.		902,206
	26,985	ABM Industries, Inc.		1,024,620
	6,961	Acuity Brands, Inc.		1,018,603
	111,609	AECOM(b)		3,783,545
	72,780	AerCap Holdings N.V. (Ireland)(b)		3,612,799
	26,865	AGCO Corp.		1,901,505
	27,739	Air Lease Corp.		1,069,616
	7,716	Allegion PLC		765,659
	19,583	Allison Transmission Holdings, Inc.		917,659
	66,690	American Airlines Group, Inc.		2,279,464
	24,753	AMETEK, Inc.		2,182,472
	182,561	Arconic, Inc.		3,921,410
	23,708	Arcosa, Inc.		738,030
	114,665	Avis Budget Group, Inc.(b)		4,076,341
	26,602	Beacon Roofing Supply, Inc.(b)		1,001,831
	58,012	Boeing Co. (The)		21,910,552
	60,208	Builders FirstSource, Inc.(b)		829,666
	33,478	C.H. Robinson Worldwide, Inc.		2,711,718
	11,263	Carlisle Cos., Inc.		1,592,814
	126,475	Caterpillar, Inc.		17,633,145
	8,628	Cintas Corp.		1,873,484
	16,411	Clean Harbors, Inc.(b)		1,247,236
	44,405	Colfax Corp.(b)		1,339,699
	2,139	CoStar Group, Inc.(b)		1,061,479
	48,453	Covanta Holding Corp.		875,546
	10,132	Crane Co.		861,727
	117,679	CSX Corp.		9,370,779
	42,379	Cummins, Inc.		7,047,204
	6,750	Curtiss-Wright Corp.		769,095
	73,676	Deere & Co.		12,202,956
	61,914	Delta Air Lines, Inc.		3,608,967
	16,742	Deluxe Corp.		748,702
	18,814	Donaldson Co., Inc.		1,007,302
	27,436	Dover Corp.		2,689,825
	10,769	Dycom Industries, Inc.(b)		534,035
	131,334	Eaton Corp. PLC.		10,877,082
	19,090	EMCOR Group, Inc.		1,606,233
	146,464	Emerson Electric Co.		10,397,479
	9,685	EnerSys		670,105
	17,332	Equifax, Inc.		2,182,965
	26,277	Expeditors International of Washington, Inc.		2,086,919
	38,612	Fastenal Co.		2,724,077
	73,850	FedEx Corp.		13,991,621
	30,808	Flowserve Corp.		1,510,516
	107,603	Fluor Corp.		4,275,067
	24,876	Fortive Corp.		2,147,794
	33,889	Fortune Brands Home & Security, Inc.		1,788,661
	13,508	GATX Corp.		1,041,872
	55,392	General Dynamics Corp.		9,899,658
	5,845,078	General Electric Co.		59,444,443

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	17,719	Genesee & Wyoming, Inc., Class A(b)	$	1,570,789
	14,942	Graco, Inc.		765,778
	15,533	Harris Corp.		2,617,311
	40,919	HD Supply Holdings, Inc.(b)		1,869,589
	181,834	Hertz Global Holdings, Inc.(b)		3,305,742
	10,905	Hexcel Corp.		771,093
	110,494	Honeywell International, Inc.		19,185,073
	17,042	Hub Group, Inc., Class A(b)		708,436
	12,352	Hubbell, Inc.		1,576,115
	8,549	Huntington Ingalls Industries, Inc.		1,902,836
	8,633	IDEX Corp.		1,352,446
	40,103	IHS Markit Ltd.(b)		2,296,298
	50,574	Illinois Tool Works, Inc.		7,870,832
	45,706	Ingersoll-Rand PLC		5,604,013
	16,248	ITT, Inc.		983,816
	13,601	J.B. Hunt Transport Services, Inc.		1,285,023
	41,867	Jacobs Engineering Group, Inc.		3,263,114
	41,719	JetBlue Airways Corp.(b)		773,887
	252,198	Johnson Controls International PLC		9,457,425
	19,722	Kansas City Southern		2,428,567
	27,053	KAR Auction Services, Inc.		1,527,953
	19,034	Kennametal, Inc.		774,684
	17,653	Kirby Corp.(b)		1,442,603
	32,136	Knight-Swift Transportation Holdings, Inc.		1,071,736
	16,203	L3 Technologies, Inc.		3,541,652
	6,744	Landstar System, Inc.		734,826
	3,280	Lennox International, Inc.		890,356
	10,620	Lincoln Electric Holdings, Inc.		926,807
	44,880	Lockheed Martin Corp.		14,959,850
	42,953	Macquarie Infrastructure Corp.		1,740,026
	43,081	ManpowerGroup, Inc.		4,137,499
	49,734	Masco Corp.		1,942,610
	25,106	MasTec, Inc.(b)		1,271,619
	33,162	Meritor, Inc.(b)		804,510
	6,989	Middleby Corp. (The)(b)		923,457
	8,553	Moog, Inc., Class A		800,903
	48,266	MRC Global, Inc.(b)		836,450
	11,573	MSC Industrial Direct Co., Inc., Class A		968,081
	24,926	Mueller Industries, Inc.		727,091
	22,244	Navistar International Corp.(b)		759,410
	142,537	Nielsen Holdings PLC		3,638,970
	6,025	Nordson Corp.		879,349
	48,456	Norfolk Southern Corp.		9,885,993
	26,763	Northrop Grumman Corp.		7,758,861
	46,088	NOW, Inc.(b)		673,807
	46,071	nVent Electric PLC		1,287,684
	6,082	Old Dominion Freight Line, Inc.		907,921
	22,402	Oshkosh Corp.		1,850,181
	37,024	Owens Corning		1,898,221
	106,724	PACCAR, Inc.		7,648,909
	24,957	Parker-Hannifin Corp.		4,519,214
	37,778	Pentair PLC		1,472,964
	206,947	Pitney Bowes, Inc.		1,471,393
	66,260	Quanta Services, Inc.		2,690,156
	54,657	Raytheon Co.		9,706,537
	13,119	Regal Beloit Corp.		1,116,165
	45,334	Republic Services, Inc.		3,754,562

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

22

Invesco FTSE RAFI US 1000 ETF (PRF)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	55,760	Resideo Technologies, Inc.(b)	$	1,265,752
	28,602	Rexnord Corp.(b)		818,017
	20,993	Robert Half International, Inc.		1,303,455
	17,536	Rockwell Automation, Inc.		3,168,931
	8,359	Roper Technologies, Inc.		3,006,732
	18,786	Rush Enterprises, Inc., Class A		796,714
	39,167	Ryder System, Inc.		2,467,521
	29,641	Sensata Technologies Holding PLC(b)		1,480,272
	11,572	Snap-on, Inc.		1,947,336
	30,632	Southwest Airlines Co.		1,661,173
	15,052	Spirit AeroSystems Holdings, Inc., Class A		1,308,019
	34,282	Stanley Black & Decker, Inc.		5,025,741
	27,500	Stericycle, Inc.(b)		1,605,725
	4,483	Teledyne Technologies, Inc.(b)		1,114,070
	30,339	Terex Corp.		1,011,199
	61,973	Textron, Inc.		3,284,569
	20,007	Timken Co. (The)		959,336
	11,862	Toro Co. (The)		867,705
	8,377	TransDigm Group, Inc.(b)		4,042,070
	15,911	TransUnion		1,108,201
	63,512	Trinity Industries, Inc.		1,369,319
	54,010	Tutor Perini Corp.(b)		1,078,580
	111,078	Union Pacific Corp.		19,665,249
	33,834	United Continental Holdings, Inc.(b)		3,006,489
	157,776	United Parcel Service, Inc., Class B		16,758,967
	29,434	United Rentals, Inc.(b)		4,147,839
	183,875	United Technologies Corp.		26,222,414
	67,873	Univar, Inc.(b)		1,515,604
	6,073	Valmont Industries, Inc.		818,883
	11,213	Verisk Analytics, Inc., Class A		1,582,603
	8,492	W.W. Grainger, Inc.		2,394,744
	8,893	WABCO Holdings, Inc.(b)		1,177,789
	14,604	Wabtec Corp.		1,081,718
	72,233	Waste Management, Inc.		7,753,490
	7,096	Watsco, Inc.		1,124,503
	34,645	WESCO International, Inc.(b)		1,983,080
	45,182	XPO Logistics, Inc.(b)(c)		3,075,991
	21,244	Xylem, Inc.		1,771,750
	123,618	YRC Worldwide, Inc.(b)		841,839
				567,917,436
		Information Technology—13.8%
	81,139	Accenture PLC, Class A		14,821,661
	14,203	Adobe, Inc.(b)		4,108,218
	34,190	Advanced Micro Devices, Inc.(b)		944,670
	22,225	Akamai Technologies, Inc.(b)		1,779,333
	11,859	Alliance Data Systems Corp.		1,898,626
	30,723	Amdocs Ltd.		1,692,223
	29,625	Amphenol Corp., Class A		2,949,465
	41,216	Analog Devices, Inc.		4,790,948
	18,202	Anixter International, Inc.(b)		1,144,360
	5,554	ANSYS, Inc.(b)		1,087,473
	757,340	Apple, Inc.		151,975,418
	145,275	Applied Materials, Inc.		6,402,269
	64,593	Arrow Electronics, Inc.(b)		5,458,754
	41,960	Automatic Data Processing, Inc.		6,897,804
	42,281	Avaya Holdings Corp.(b)		806,721

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	91,010	Avnet, Inc.	$	4,423,996
	12,327	Belden, Inc.		684,765
	26,835	Benchmark Electronics, Inc.		725,350
	16,229	Black Knight, Inc.(b)		915,640
	29,018	Booz Allen Hamilton Holding Corp.		1,720,477
	29,536	Broadcom, Inc.		9,404,262
	12,666	Broadridge Financial Solutions, Inc.		1,496,235
	6,549	CACI International, Inc., Class A(b)		1,276,662
	14,521	Cadence Design Systems, Inc.(b)		1,007,467
	11,623	CDK Global, Inc.		701,099
	24,799	CDW Corp.		2,618,774
	10,412	Check Point Software Technologies Ltd. (Israel)(b)		1,257,353
	22,201	Ciena Corp.(b)		851,630
	796,705	Cisco Systems, Inc.		44,575,645
	10,239	Citrix Systems, Inc.		1,033,729
	63,405	Cognizant Technology Solutions Corp., Class A		4,626,029
	68,491	CommScope Holding Co., Inc.(b)		1,697,207
	135,491	Conduent, Inc.(b)		1,738,350
	18,975	CoreLogic, Inc.(b)		770,575
	188,721	Corning, Inc.		6,010,764
	15,801	Cree, Inc.(b)		1,044,288
	51,601	Cypress Semiconductor Corp.		886,505
	54,785	Dell Technologies, Inc., Class C(b)		3,693,057
	87,396	Diebold Nixdorf, Inc.(b)		881,826
	71,324	DXC Technology Co.		4,688,840
	21,530	EchoStar Corp., Class A(b)		857,970
	5,553	Euronet Worldwide, Inc.(b)		832,339
	5,986	F5 Networks, Inc.(b)		939,203
	45,562	Fidelity National Information Services, Inc.		5,282,003
	89,377	First Data Corp., Class A(b)		2,311,289
	29,871	First Solar, Inc.(b)		1,837,963
	33,330	Fiserv, Inc.(b)		2,907,709
	7,961	FleetCor Technologies, Inc.(b)		2,077,423
	513,804	Flex Ltd.(b)		5,672,396
	16,763	FLIR Systems, Inc.		887,433
	5,530	Gartner, Inc.(b)		879,104
	10,731	Global Payments, Inc.		1,567,477
	682,527	Hewlett Packard Enterprise Co.		10,790,752
	408,011	HP, Inc.		8,139,819
	20,619	Insight Enterprises, Inc.(b)		1,166,623
	940,306	Intel Corp.		47,993,218
	305,021	International Business Machines Corp.		42,785,296
	10,637	Intuit, Inc.		2,670,525
	109,771	Jabil, Inc.		3,316,182
	6,727	Jack Henry & Associates, Inc.		1,002,727
	76,918	Juniper Networks, Inc.		2,136,013
	53,808	KBR, Inc.		1,195,614
	16,926	Keysight Technologies, Inc.(b)		1,473,070
	38,260	KLA-Tencor Corp.		4,877,385
	16,516	Lam Research Corp.		3,425,914
	44,002	Leidos Holdings, Inc.		3,233,267
	66,633	Marvell Technology Group Ltd.		1,667,158
	31,058	Mastercard, Inc., Class A		7,896,186
	38,494	Maxim Integrated Products, Inc.		2,309,640
	25,979	Microchip Technology, Inc.		2,595,042

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

23

Invesco FTSE RAFI US 1000 ETF (PRF)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	248,562	Micron Technology, Inc.(b)	$	10,454,518
	726,132	Microsoft Corp.		94,832,839
	16,592	Motorola Solutions, Inc.		2,404,347
	64,176	NCR Corp.(b)		1,857,895
	36,723	NetApp, Inc.		2,675,271
	54,918	Nuance Communications, Inc.(b)		924,270
	23,314	NVIDIA Corp.		4,219,834
	61,685	NXP Semiconductors NV (Netherlands)		6,515,170
	72,743	ON Semiconductor Corp.(b)		1,677,454
	402,351	Oracle Corp.		22,262,081
	42,643	Paychex, Inc.		3,595,231
	67,901	PayPal Holdings, Inc.(b)		7,657,196
	52,426	Perspecta, Inc.		1,209,992
	11,761	Plexus Corp.(b)		707,777
	26,854	Qorvo, Inc.(b)		2,030,431
	422,147	QUALCOMM, Inc.		36,359,521
	5,279	Red Hat, Inc.(b)		963,576
	56,103	Sabre Corp.		1,164,698
	21,146	salesforce.com, inc.(b)		3,496,491
	46,237	Sanmina Corp.(b)		1,568,359
	9,542	Science Applications International Corp.		715,173
	117,440	Seagate Technology PLC		5,674,701
	24,169	Skyworks Solutions, Inc.		2,131,222
	12,446	SS&C Technologies Holdings, Inc.		842,096
	196,014	Symantec Corp.		4,745,499
	17,674	SYNNEX Corp.		1,906,671
	13,805	Synopsys, Inc.(b)		1,671,509
	72,141	TE Connectivity Ltd.		6,900,287
	48,836	Tech Data Corp.(b)		5,206,406
	17,924	Teradata Corp.(b)		815,004
	20,924	Teradyne, Inc.		1,025,276
	112,283	Texas Instruments, Inc.		13,230,306
	16,055	Total System Services, Inc.		1,641,463
	30,102	Trimble, Inc.(b)		1,228,764
	9,850	ViaSat, Inc.(b)		894,577
	86,528	Visa, Inc., Class A.		14,227,799
	32,950	Vishay Intertechnology, Inc.		652,740
	4,044	VMware, Inc., Class A		825,502
	139,421	Western Digital Corp.		7,127,202
	135,408	Western Union Co. (The)		2,632,332
	4,415	WEX, Inc.(b)		928,474
	13,319	Worldpay, Inc., Class A(b)		1,561,120
	97,103	Xerox Corp.		3,239,356
	18,816	Xilinx, Inc.		2,260,554
	4,294	Zebra Technologies Corp., Class A(b)		906,635
				769,782,827
		Materials—3.6%
	34,980	Air Products and Chemicals, Inc.		7,198,534
	416,798	AK Steel Holding Corp.(b)(c)		1,008,651
	22,165	Albemarle Corp.		1,663,705
	110,600	Alcoa Corp.(b)		2,950,808
	29,696	Allegheny Technologies, Inc.(b)		740,024
	10,017	AptarGroup, Inc.		1,114,291
	15,509	Ashland Global Holdings, Inc.		1,248,940
	18,135	Avery Dennison Corp.		2,006,638
	47,509	Axalta Coating Systems Ltd.(b)		1,281,793

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	47,529	Ball Corp.	$	2,848,888
	25,600	Bemis Co., Inc.		1,469,952
	35,507	Berry Global Group, Inc.(b)		2,087,812
	21,018	Cabot Corp.		953,797
	15,133	Carpenter Technology Corp.		751,656
	24,747	Celanese Corp., Series A		2,669,954
	74,631	CF Industries Holdings, Inc.		3,341,976
	35,839	Chemours Co. (The)		1,290,562
	77,506	Cleveland-Cliffs, Inc.(c)		774,285
	75,470	Commercial Metals Co.		1,304,876
	13,603	Compass Minerals International, Inc.		780,676
	96,364	Constellium N.V., Class A(b)		900,040
	43,766	Crown Holdings, Inc.(b)		2,544,118
	30,753	Domtar Corp.		1,503,822
	248,079	Dow, Inc.(b)		14,073,522
	748,182	DowDuPont, Inc.		28,767,598
	48,613	Eastman Chemical Co.		3,834,593
	30,968	Ecolab, Inc.		5,700,589
	88,641	Element Solutions, Inc.(b)		962,641
	14,494	FMC Corp.		1,145,896
	605,736	Freeport-McMoRan, Inc.		7,456,610
	98,937	Graphic Packaging Holding Co.		1,373,246
	99,421	Huntsman Corp.		2,211,123
	11,591	International Flavors & Fragrances, Inc.		1,597,124
	162,100	International Paper Co.		7,587,901
	108,283	Linde PLC (United Kingdom)		19,519,094
	32,380	Louisiana-Pacific Corp.		811,119
	135,773	LyondellBasell Industries N.V., Class A		11,979,252
	9,844	Martin Marietta Materials, Inc.		2,184,384
	132,838	Mosaic Co. (The)		3,468,400
	111,019	Newmont Goldcorp Corp.		3,448,250
	105,139	Nucor Corp.		6,000,283
	57,361	Olin Corp.		1,244,160
	105,941	Owens-Illinois, Inc.		2,093,394
	24,838	Packaging Corp. of America		2,462,936
	24,899	PolyOne Corp.		688,208
	48,729	PPG Industries, Inc.		5,725,657
	30,543	Reliance Steel & Aluminum Co.		2,808,734
	7,659	Royal Gold, Inc.		666,793
	28,277	RPM International, Inc.		1,715,000
	10,529	Scotts Miracle-Gro Co. (The)		895,176
	39,861	Sealed Air Corp.		1,858,320
	8,020	Sherwin-Williams Co. (The)		3,647,737
	24,436	Silgan Holdings, Inc.		731,614
	28,155	Sonoco Products Co.		1,775,454
	60,424	Steel Dynamics, Inc.		1,914,232
	18,755	Trinseo SA		843,037
	95,042	United States Steel Corp.(c)		1,482,655
	16,411	Vulcan Materials Co.		2,069,591
	26,634	Warrior Met Coal, Inc.		825,654
	8,475	Westlake Chemical Corp.		591,131
	115,689	WestRock Co.		4,440,144
				203,037,050
		Real Estate—3.3%
	15,573	Alexandria Real Estate Equities, Inc.		2,217,439
	32,518	American Campus Communities, Inc.		1,534,850

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

24

Invesco FTSE RAFI US 1000 ETF (PRF)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	37,326	American Homes 4 Rent, Class A	$	895,077
	32,297	American Tower Corp.		6,307,604
	26,189	Apartment Investment & Management Co., Class A		1,292,689
	90,068	Apple Hospitality REIT, Inc.		1,481,619
	21,781	AvalonBay Communities, Inc.		4,376,456
	32,598	Boston Properties, Inc.		4,486,137
	54,690	Brandywine Realty Trust		841,679
	101,863	Brixmor Property Group, Inc.		1,821,310
	36,736	Brookfield Property REIT, Inc., Class A		765,211
	17,079	Camden Property Trust		1,719,001
	490,387	CBL & Associates Properties, Inc.(c)		495,291
	63,405	CBRE Group, Inc., Class A(b)		3,301,498
	286,463	Colony Capital, Inc.		1,472,420
	47,399	Columbia Property Trust, Inc.		1,076,431
	88,809	CoreCivic, Inc.		1,848,115
	28,584	Corporate Office Properties Trust		796,922
	76,007	Cousins Properties, Inc.		727,387
	53,275	Crown Castle International Corp.		6,700,930
	27,794	CubeSmart		886,907
	11,925	CyrusOne, Inc.		664,103
	76,558	DiamondRock Hospitality Co.		831,420
	35,147	Digital Realty Trust, Inc.		4,137,153
	26,930	Douglas Emmett, Inc.		1,109,247
	63,813	Duke Realty Corp.		1,985,861
	13,387	EPR Properties		1,055,699
	8,688	Equinix, Inc.		3,950,434
	22,622	Equity Commonwealth		719,380
	8,091	Equity LifeStyle Properties, Inc.		944,220
	70,165	Equity Residential.		5,362,009
	9,073	Essex Property Trust, Inc.		2,563,123
	14,375	Extra Space Storage, Inc.		1,490,544
	10,426	Federal Realty Investment Trust		1,395,520
	33,418	Gaming and Leisure Properties, Inc.		1,349,419
	54,498	GEO Group, Inc. (The)		1,091,050
	113,778	HCP, Inc.		3,388,309
	25,148	Healthcare Realty Trust, Inc.		776,570
	39,287	Healthcare Trust of America, Inc., Class A		1,083,535
	25,462	Highwoods Properties, Inc.		1,135,096
	76,268	Hospitality Properties Trust		1,982,968
	235,788	Host Hotels & Resorts, Inc.		4,536,561
	7,348	Howard Hughes Corp. (The)(b)		815,628
	28,686	Hudson Pacific Properties, Inc.		999,994
	45,150	Invitation Homes, Inc.		1,122,429
	92,436	Iron Mountain, Inc.		3,002,321
	9,850	Jones Lang LaSalle, Inc.		1,522,515
	16,636	Kilroy Realty Corp.		1,279,475
	121,053	Kimco Realty Corp.		2,105,112
	16,349	Lamar Advertising Co., Class A		1,351,572
	72,956	Lexington Realty Trust		661,711
	32,542	Liberty Property Trust		1,615,385
	8,721	Life Storage, Inc.		831,024
	47,829	Macerich Co. (The)		1,919,856
	32,758	Mack-Cali Realty Corp.		762,606
	66,537	Medical Properties Trust, Inc.		1,161,736
	21,795	Mid-America Apartment Communities, Inc.		2,384,591

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	22,626	National Retail Properties, Inc.	$	1,190,580
	42,172	Omega Healthcare Investors, Inc.(c)		1,492,467
	67,912	Outfront Media, Inc. REIT		1,618,343
	67,918	Paramount Group, Inc.		984,132
	62,353	Park Hotels & Resorts, Inc.		2,000,284
	47,027	Piedmont Office Realty Trust, Inc.,
		Class A		979,102
	77,112	Prologis, Inc.		5,912,177
	17,341	Public Storage		3,835,482
	36,796	Rayonier, Inc.		1,169,745
	83,758	Realogy Holdings Corp.(c)		1,090,529
	36,934	Realty Income Corp.		2,585,749
	26,098	Regency Centers Corp.		1,753,003
	76,349	Retail Properties of America, Inc., Class A		938,329
	69,439	RLJ Lodging Trust		1,278,372
	8,470	Ryman Hospitality Properties, Inc.		674,212
	42,979	Sabra Health Care REIT, Inc.		840,669
	5,013	SBA Communications Corp., Class A(b)		1,021,299
	130,446	Senior Housing Properties Trust		1,047,481
	44,051	Simon Property Group, Inc.		7,651,659
	81,264	SITE Centers Corp.		1,075,935
	25,458	SL Green Realty Corp.		2,248,960
	30,256	Spirit Realty Capital, Inc.		1,224,158
	24,491	STORE Capital Corp. REIT		816,040
	9,908	Sun Communities, Inc.		1,219,477
	79,906	Sunstone Hotel Investors, Inc.		1,150,646
	18,625	Taubman Centers, Inc.		918,213
	38,421	UDR, Inc.		1,727,024
	59,097	Uniti Group, Inc.		649,476
	92,721	Ventas, Inc.		5,666,180
	339,192	VEREIT, Inc.		2,801,726
	48,025	VICI Properties, Inc.		1,094,970
	35,829	Vornado Realty Trust		2,477,217
	184,918	Washington Prime Group, Inc.(c)		822,885
	31,981	Weingarten Realty Investors		925,530
	96,081	Welltower, Inc.		7,160,917
	208,804	Weyerhaeuser Co.		5,595,947
	22,291	WP Carey, Inc.		1,768,122
	47,176	Xenia Hotels & Resorts, Inc.		1,021,360
				186,561,546
		Utilities—4.6%
	301,235	AES Corp. (The)		5,157,143
	12,773	ALLETE, Inc.		1,040,361
	55,644	Alliant Energy Corp.		2,628,066
	65,726	Ameren Corp.		4,782,881
	144,332	American Electric Power Co., Inc.		12,347,603
	30,405	American Water Works Co., Inc.		3,289,517
	29,979	Aqua America, Inc.		1,170,980
	20,501	Atmos Energy Corp.		2,098,072
	15,267	Avangrid, Inc.		781,823
	23,584	Avista Corp.		1,017,414	��
	12,350	Black Hills Corp.		898,586
	145,665	CenterPoint Energy, Inc.		4,515,615
	72,159	CMS Energy Corp.		4,008,432
	111,429	Consolidated Edison, Inc.		9,600,723
	165,102	Dominion Energy, Inc.		12,856,493

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

25

Invesco FTSE RAFI US 1000 ETF (PRF)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities (continued)
	50,741	DTE Energy Co.	$	6,378,651
	260,702	Duke Energy Corp.		23,755,166
	123,872	Edison International		7,899,317
	71,319	Entergy Corp.		6,910,811
	12,947	Evergy, Inc.		748,595
	85,516	Eversource Energy		6,128,077
	356,748	Exelon Corp.		18,176,311
	124,524	FirstEnergy Corp.		5,233,744
	37,328	Hawaiian Electric Industries, Inc.		1,548,365
	11,151	IDACORP, Inc.		1,104,172
	19,198	National Fuel Gas Co.		1,136,714
	19,600	New Jersey Resources Corp.		981,568
	86,722	NextEra Energy, Inc.		16,862,226
	89,724	NiSource, Inc.		2,492,533
	14,236	NorthWestern Corp.		994,385
	57,197	NRG Energy, Inc.		2,354,800
	50,329	OGE Energy Corp.		2,130,930
	10,772	ONE Gas, Inc.		953,537
	704,359	PG&E Corp.(b)		15,862,165
	33,318	Pinnacle West Capital Corp.		3,174,206
	22,083	PNM Resources, Inc.		1,025,534
	27,068	Portland General Electric Co.		1,415,927
	271,546	PPL Corp.		8,474,951
	149,627	Public Service Enterprise Group, Inc.		8,925,250
	65,751	Sempra Energy		8,412,840
	21,614	South Jersey Industries, Inc.		694,242
	348,390	Southern Co. (The)		18,541,316
	12,753	Southwest Gas Holdings, Inc.		1,060,922
	12,179	Spire, Inc.		1,025,350
	48,751	UGI Corp.		2,657,417
	118,190	Vistra Energy Corp.		3,220,677
	68,274	WEC Energy Group, Inc.		5,354,730
	138,862	Xcel Energy, Inc.		7,845,703
				259,674,841
		Total Common Stocks & Other Equity Interests (Cost $4,760,568,508)		5,588,739,218
		Money Market Funds—0.0%
	1,842,197	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(e) (Cost $1,842,197)		1,842,197
		Total Investments in Securities
		(excluding investments purchased with cash collateral from securities on loan) (Cost $4,762,410,705)—100.0%		5,590,581,415
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.4%
	18,438,410	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(e)(f)		18,438,410

Number of Shares			Value
		Money Market Funds (continued)
	6,144,298	Invesco Liquid Assets Portfolio—
		Institutional Class, 2.48%(e)(f)	$	6,146,141
		Total Money Market Funds (Cost $24,584,551)		24,584,551
		Total Investments in Securities (Cost $4,786,995,256)—100.4%		5,615,165,966
		Other assets less liabilities—(0.4)%		(25,141,415	)
		Net Assets—100.0%	$	5,590,024,551

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 April 30, 2019.

^(d) Affiliated company. See Note 4.

^(e) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

26

Schedule of Investments^(a)

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—3.9%
	272,145	AMC Entertainment Holdings, Inc.(b)	$	4,125,718
	14,977	ATN International, Inc.		914,346
	14,252	Boingo Wireless, Inc.(c)		324,090
	2,244	Cable One, Inc.		2,379,829
	144,380	Cars.com, Inc.(c)		3,004,548
	277,772	Cincinnati Bell, Inc.(c)		2,472,171
	37,544	Cogent Communications Holdings, Inc.		2,073,555
	345,979	Consolidated Communications Holdings, Inc.(b)		1,785,252
	59,417	E.W. Scripps Co. (The), Class A		1,354,113
	36,169	Emerald Expositions Events, Inc.		508,174
	272,869	Entercom Communications Corp., Class A		1,877,339
	209,505	Entravision Communications Corp., Class A		601,279
	95,847	Eros International PLC (India)(b)(c)		831,952
	42,314	GCI Liberty, Inc.(c)		2,522,761
	78,412	Global Eagle Entertainment, Inc.(b)(c)		50,262
	29,551	Glu Mobile, Inc.(c)		323,288
	118,082	Gogo, Inc.(b)(c)		621,111
	129,984	Gray Television, Inc.(c)		3,045,525
	108,604	IDT Corp., Class B(c)		773,261
	58,686	IMAX Corp.(c)		1,430,765
	124,456	Intelsat S.A.(b)(c)		2,518,989
	121,140	Iridium Communications, Inc.(c)		3,326,504
	73,071	John Wiley & Sons, Inc., Class A		3,374,419
	5,206	Liberty Media Corp.-Liberty Braves, Class A(c)		147,642
	18,537	Liberty Media Corp.-Liberty Braves, Series C(c)		521,817
	101,725	Liberty TripAdvisor Holdings, Inc., Series A(c)		1,499,427
	12,063	Madison Square Garden Co. (The), Class A(c)		3,768,964
	25,467	Marcus Corp. (The)		958,069
	391,339	MDC Partners, Inc., Class A(c)		821,812
	46,623	Meet Group, Inc. (The)(c)		259,224
	48,429	MSG Networks, Inc., Class A(c)		1,115,320
	315,581	National CineMedia, Inc.		2,202,755
	175,835	New Media Investment Group, Inc.		1,879,676
	75,242	New York Times Co. (The), Class A		2,494,272
	325,412	NII Holdings, Inc.(c)		637,808
	50,087	ORBCOMM, Inc.(c)		362,630
	25,118	QuinStreet, Inc.(c)		358,434
	28,059	Reading International, Inc., Class A(c)		428,180
	10,441	Rosetta Stone, Inc.(c)		263,322
	58,349	Scholastic Corp.		2,326,958
	27,043	Shenandoah Telecommunications Co.		1,117,687
	474,202	Sirius XM Holdings, Inc.(b)		2,755,114
	50,520	Spok Holdings, Inc.		699,702
	13,599	TechTarget, Inc.(c)		226,967
	44,526	Townsquare Media, Inc., Class A		251,572
	76,731	Tribune Publishing Co.(c)		825,626
	58,345	TripAdvisor, Inc.(c)		3,105,704
	66,190	TrueCar, Inc.(c)		426,264
	28,163	United States Cellular Corp.(c)		1,354,640
	178,285	Vonage Holdings Corp.(c)		1,732,930
	135,487	WideOpenWest, Inc.(c)		1,082,541

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Communication Services (continued)
	10,050	World Wrestling Entertainment, Inc., Class A	$	842,693
	49,206	Yelp, Inc.(c)		1,971,192
	27,457	Zillow Group, Inc., Class A(c)		911,847
	60,055	Zillow Group, Inc., Class C, Class A(c)		2,005,837
	439,065	Zynga, Inc., Class A(c)		2,485,108
				82,080,985
		Consumer Discretionary—13.7%
	37,632	1-800-Flowers.com, Inc., Class A(c)		801,185
	50,928	Acushnet Holdings Corp.		1,283,895
	78,875	Adtalem Global Education, Inc.(c)		3,890,115
	151,674	American Outdoor Brands Corp.(c)		1,493,989
	29,977	American Public Education, Inc.(c)		959,264
	7,109	America’s Car-Mart, Inc.(c)		704,146
	50,767	At Home Group, Inc.(c)		1,192,517
	278,974	Barnes & Noble Education, Inc.(c)		1,199,588
	489,887	Barnes & Noble, Inc.		2,464,132
	26,681	Bassett Furniture Industries, Inc.		473,855
	147,618	BBX Capital Corp.		817,804
	181,715	Beazer Homes USA, Inc.(c)		2,414,992
	242,183	Big 5 Sporting Goods Corp.		636,941
	3,603	Biglari Holdings, Inc., Class B(c)		502,006
	23,002	BJ’s Restaurants, Inc.		1,148,030
	139,876	Blue Apron Holdings, Inc., Class A(b)(c)		144,072
	33,529	Boot Barn Holdings, Inc.(c)		965,300
	122,864	Boyd Gaming Corp.		3,536,026
	28,446	Bright Horizons Family Solutions, Inc.(c)		3,645,355
	144,596	Buckle, Inc. (The)(b)		2,672,134
	51,661	Build-A-Bear Workshop, Inc.(c)		289,302
	107,169	Caleres, Inc.		2,811,043
	85,375	Callaway Golf Co.		1,499,185
	78,952	Camping World Holdings, Inc., Class A(b)		1,177,964
	72,823	Career Education Corp.(c)		1,321,737
	28,210	Carriage Services, Inc.		495,085
	126,018	Carrols Restaurant Group, Inc.(c)		1,236,237
	106,113	Cato Corp. (The), Class A		1,608,673
	9,415	Cavco Industries, Inc.(c)		1,174,710
	45,102	Century Casinos, Inc.(c)		410,428
	64,384	Century Communities, Inc.(c)		1,637,285
	72,696	Cheesecake Factory, Inc. (The)		3,607,176
	17,720	Chegg, Inc.(c)		631,718
	683,600	Chico’s FAS, Inc.		2,392,600
	26,753	Children’s Place, Inc. (The)		3,018,273
	18,485	Choice Hotels International, Inc.		1,534,994
	22,024	Churchill Downs, Inc.		2,221,120
	27,344	Chuy’s Holdings, Inc.(c)		543,872
	34,915	Citi Trends, Inc.		646,277
	16,770	Collectors Universe, Inc.		291,630
	19,994	Columbia Sportswear Co.		1,998,800
	74,586	Conn’s, Inc.(c)		1,929,540
	64,965	Container Store Group, Inc. (The)(b)(c)		561,298
	47,169	Crocs, Inc.(c)		1,313,657
	40,286	CSS Industries, Inc.		282,405
	45,968	Dave & Buster’s Entertainment, Inc.		2,612,821
	25,860	Deckers Outdoor Corp.(c)		4,091,311
	77,300	Del Friscos Restaurant Group, Inc.(b)(c)		517,910

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

27

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	80,145	Del Taco Restaurants, Inc.(c)	$	805,457
	46,152	Denny’s Corp.(c)		859,350
	19,019	Despegar.com Corp. (Argentina)(c)		277,487
	56,653	Dillard’s, Inc., Class A(b)		3,877,898
	23,673	Dine Brands Global, Inc.		2,098,848
	20,604	Dorman Products, Inc.(c)		1,806,353
	197,188	Drive Shack, Inc.(c)		1,013,546
	32,328	El Pollo Loco Holdings, Inc.(c)		413,152
	44,952	Eldorado Resorts, Inc.(c)		2,219,280
	69,680	Ethan Allen Interiors, Inc.		1,539,928
	14,991	Etsy, Inc.(c)		1,012,492
	142,037	Everi Holdings, Inc.(c)		1,461,561
	698,837	Express, Inc.(c)		2,571,720
	65,718	Fiesta Restaurant Group, Inc.(c)		831,990
	14,897	Five Below, Inc.(c)		2,180,772
	21,817	Flexsteel Industries, Inc.		472,556
	24,021	Floor & Decor Holdings, Inc., Class A(c)		1,153,488
	13,565	Fox Factory Holding Corp.(c)		1,052,644
	925,302	Francesca’s Holdings Corp.(c)		640,031
	365,979	Freds, Inc., Class A(c)		534,329
	77,850	frontdoor, Inc.(c)		2,743,434
	168,976	FTD Cos., Inc.(c)		121,257
	9,450	Funko, Inc., Class A(c)		187,393
	47,972	Gentherm, Inc.(c)		2,032,094
	104,045	G-III Apparel Group Ltd.(c)		4,489,542
	1,167,187	GNC Holdings, Inc., Class A(b)(c)		2,591,155
	25,509	Golden Entertainment, Inc.(b)(c)		401,257
	182,716	GoPro, Inc., Class A(b)(c)		1,079,852
	32,151	Grand Canyon Education, Inc.(c)		3,725,979
	756,596	Groupon, Inc.(c)		2,663,218
	25,129	GrubHub, Inc.(c)		1,678,366
	160,614	Guess?, Inc.		3,271,707
	30,900	Habit Restaurants, Inc. (The), Class A(c)		329,394
	17,603	Hamilton Beach Brands Holding Co., Class A		318,614
	56,986	Haverty Furniture Cos., Inc.		1,357,407
	29,356	Helen of Troy Ltd.(c)		4,227,264
	100,966	Hibbett Sports, Inc.(c)		2,089,996
	115,294	Hilton Grand Vacations, Inc.(c)		3,694,020
	21,184	Hooker Furniture Corp.		631,495
	313,513	Horizon Global Corp.(b)(c)		871,566
	282,213	Houghton Mifflin Harcourt Co.(c)		2,012,179
	58,133	Hovnanian Enterprises Inc., Class A(b)(c)		884,784
	19,231	Installed Building Products, Inc.(c)		923,665
	34,817	International Speedway Corp., Class A		1,536,126
	11,939	iRobot Corp.(b)(c)		1,236,164
	71,831	J. Jill, Inc.		402,972
	31,345	Jack in the Box, Inc.		2,416,699
	5,341	Johnson Outdoors, Inc., Class A		409,494
	56,363	K12, Inc.(c)		1,697,654
	68,818	Kirkland’s, Inc.(c)		404,650
	34,545	Lands’ End, Inc.(c)		604,883
	246,278	Laureate Education, Inc., Class A(c)		3,876,416
	75,532	La-Z-Boy, Inc.		2,477,450
	36,930	LCI Industries		3,244,300
	21,219	LGI Homes, Inc.(c)		1,470,689
	90,187	Libbey, Inc.(c)		225,467

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	17,524	Lindblad Expeditions Holdings, Inc.(c)	$	284,064
	59,514	Liquidity Services, Inc.(c)		404,100
	100,716	Lumber Liquidators Holdings, Inc.(b)(c)		1,331,466
	94,993	M/I Homes, Inc.(c)		2,675,953
	28,710	MakeMyTrip Ltd. (India)(c)		723,779
	9,587	Malibu Boats, Inc., Class A(c)		399,011
	46,018	MarineMax, Inc.(c)		795,651
	29,627	Marriott Vacations Worldwide Corp.		3,129,500
	25,162	MasterCraft Boat Holdings, Inc.(c)		622,508
	106,392	MDC Holdings, Inc.		3,251,340
	4,808	MercadoLibre, Inc. (Argentina)(c)		2,327,745
	154,378	Modine Manufacturing Co.(c)		2,283,251
	10,966	Monarch Casino & Resort, Inc.(c)		468,139
	27,124	Monro, Inc.		2,273,805
	40,325	Motorcar Parts of America, Inc.(c)		833,114
	25,389	Movado Group, Inc.		905,118
	6,815	Nathan’s Famous, Inc.		470,576
	56,980	National Vision Holdings, Inc.(c)		1,538,460
	84,365	Nautilus, Inc.(c)		451,353
	68,627	New Home Co., Inc. (The)(b)(c)		316,370
	19,036	Ollie’s Bargain Outlet Holdings, Inc.(c)		1,820,603
	61,237	Overstock.com, Inc.(b)(c)		807,104
	22,658	Oxford Industries, Inc.		1,881,973
	34,356	Papa John’s International, Inc.(b)		1,757,653
	251,940	Party City Holdco, Inc.(b)(c)		1,687,998
	28,905	PetMed Express, Inc.(b)		631,574
	2,590,306	Pier 1 Imports, Inc.(b)(c)		2,349,148
	13,878	Planet Fitness, Inc., Class A(c)		1,050,565
	88,521	Playa Hotels & Resorts N.V.(c)		708,168
	10,144	PlayAGS, Inc.(c)		244,673
	23,348	Pool Corp.		4,289,961
	63,709	Potbelly Corp.(c)		567,010
	54,875	Quotient Technology, Inc.(c)		509,789
	12,320	RCI Hospitality Holdings, Inc.		280,526
	31,504	Red Lion Hotels Corp.(c)		249,512
	63,566	Red Robin Gourmet Burgers, Inc.(c)		2,036,019
	73,995	Red Rock Resorts, Inc., Class A		1,996,385
	80,782	Regis Corp.(c)		1,512,239
	133,500	Rent-A-Center, Inc.(c)		3,328,155
	16,481	RH(b)(c)		1,758,687
	14,094	Rocky Brands, Inc.		359,538
	3,993	Roku, Inc.(c)		253,915
	115,691	RTW RetailWinds, Inc.(c)		268,403
	62,248	Rubicon Project, Inc. (The)(c)		397,765
	26,152	Ruth’s Hospitality Group, Inc.		679,429
	103,202	Scientific Games Corp.(c)		2,387,062
	76,738	SeaWorld Entertainment, Inc.(c)		2,042,766
	6,382	Shake Shack, Inc., Class A(c)		391,217
	42,455	Shiloh Industries, Inc.(c)		242,843
	21,660	Shoe Carnival, Inc.(b)		772,396
	47,521	Shutterfly, Inc.(c)		2,082,845
	12,750	Shutterstock, Inc.		515,737
	42,456	Sleep Number Corp.(c)		1,477,469
	140,646	Sonic Automotive, Inc., Class A		2,845,269
	60,673	Sotheby’s(c)		2,559,187
	32,202	Speedway Motorsports, Inc.		590,907
	152,717	Sportsmans Warehouse Holdings, Inc.(c)		681,118

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

28

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	199,695	Stage Stores, Inc.(b)	$	207,683
	5,821	Stamps.com, Inc.(c)		499,442
	33,632	Standard Motor Products, Inc.		1,680,591
	162,969	Stein Mart, Inc.(b)(c)		150,469
	90,709	Steven Madden Ltd.		3,297,272
	11,904	Stitch Fix, Inc., Class A(c)		317,242
	41,453	Stoneridge, Inc.(c)		1,302,868
	8,630	Strategic Education, Inc.		1,237,110
	6,005	Strattec Security Corp.		181,891
	28,479	Sturm Ruger & Co., Inc.		1,594,539
	13,514	Superior Group of Cos.Inc.		226,224
	239,178	Superior Industries International, Inc.		1,183,931
	228,333	Tailored Brands, Inc.		1,860,914
	53,865	Texas Roadhouse, Inc.		2,909,249
	56,359	Tile Shop Holdings, Inc.		273,905
	43,717	Tilly’s, Inc., Class A		514,112
	54,993	TopBuild Corp.(c)		3,917,151
	85,208	Tower International, Inc.		1,988,755
	51,931	Town Sports International Holdings, Inc.(c)		188,510
	47,333	Unifi, Inc.(c)		956,127
	36,946	Universal Electronics, Inc.(c)		1,405,795
	93,879	Veoneer, Inc. (Sweden)(b)(c)		2,071,910
	76,418	Vera Bradley, Inc.(c)		938,413
	389,225	Vista Outdoor, Inc.(c)		3,359,012
	189,800	Vitamin Shoppe, Inc.(c)		1,191,944
	11,221	Wayfair, Inc., Class A(c)		1,819,485
	44,238	Weight Watchers International, Inc.(c)		903,340
	205,439	Wendy’s Co. (The)		3,823,220
	13,765	Weyco Group, Inc.		472,277
	140,199	William Lyon Homes, Class A(c)		2,363,755
	9,438	Wingstop, Inc.		710,398
	47,376	Winnebago Industries, Inc.		1,675,689
	93,350	Wolverine World Wide, Inc.		3,436,213
	48,404	ZAGG, Inc.(c)		398,849
	77,842	Zovio Inc.(c)		468,609
	46,765	Zumiez, Inc.(c)		1,245,352
				286,227,038
		Consumer Staples—3.1%
	281,543	Adecoagro S.A. (Argentina)(c)		1,914,492
	311,424	Amira Nature Foods Ltd. (United Arab Emirates)(c)		451,565
	82,598	Andersons, Inc. (The)		2,700,955
	5,834	Boston Beer Co., Inc. (The), Class A(c)		1,808,598
	13,233	Calavo Growers, Inc.(b)		1,267,854
	50,633	Cal-Maine Foods, Inc.		2,081,523
	77,493	Central Garden & Pet Co., Class A(c)		1,897,029
	30,512	Chefs’ Warehouse, Inc. (The)(c)		997,132
	6,604	Coca-Cola Bottling Co. Consolidated, Inc.		2,146,498
	15,416	Craft Brew Alliance, Inc.(c)		217,520
	32,852	elf Beauty, Inc.(c)		420,177
	54,672	Energizer Holdings, Inc.		2,618,242
	22,097	Farmer Brothers Co.(c)		445,476
	96,092	Fresh Del Monte Produce, Inc.		2,835,675
	4,620	Freshpet, Inc.(c)		206,329
	221,745	Hain Celestial Group, Inc. (The)(c)		4,838,476
	152,598	Hostess Brands, Inc.(c)		2,044,813

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Staples (continued)
	48,118	Ingles Markets, Inc., Class A	$	1,320,839
	11,867	Inter Parfums, Inc.		860,239
	11,742	J & J Snack Foods Corp.		1,845,608
	16,036	John B. Sanfilippo & Son, Inc.		1,156,356
	110,128	Keurig Dr Pepper, Inc.		3,201,421
	17,601	Lancaster Colony Corp.		2,617,445
	9,883	Limoneira Co.		225,728
	3,923	Medifast, Inc.		575,465
	6,094	MGP Ingredients, Inc.(b)		535,480
	8,180	National Beverage Corp.(b)		458,080
	24,093	Natural Grocers by Vitamin Cottage, Inc.(c)		298,271
	18,170	Natural Health Trends Corp.(b)		210,045
	159,820	Pilgrim’s Pride Corp.(c)		4,300,756
	39,878	PriceSmart, Inc.		2,385,103
	18,052	Primo Water Corp.(c)		284,319
	114,275	Pyxus International, Inc.(b)(c)		2,608,898
	18,474	Revlon, Inc., Class A(b)(c)		394,420
	14,951	Seneca Foods Corp., Class A(c)		370,037
	30,065	Simply Good Foods Co. (The)(c)		675,260
	203,485	Smart & Final Stores, Inc.(c)		1,328,757
	135,691	SpartanNash Co.		2,194,123
	13,165	Tootsie Roll Industries, Inc.		511,197
	5,247	Turning Point Brands, Inc.		224,414
	9,600	USANA Health Sciences, Inc.(c)		801,216
	315,448	Vector Group Ltd.		3,006,219
	17,647	Village Super Market, Inc., Class A		518,469
	6,241	WD-40 Co.		1,050,048
	27,371	Weis Markets, Inc.		1,150,951
				64,001,518
		Energy—6.4%
	183,968	Abraxas Petroleum Corp.(c)		253,876
	298,120	Alta Mesa Resources, Inc., Class A(c)		65,586
	99,949	Apergy Corp.(c)		3,966,976
	210,301	Approach Resources, Inc.(c)		71,881
	25,559	Arch Coal, Inc., Class A		2,478,712
	283,856	Archrock, Inc.		2,869,784
	122,523	Ardmore Shipping Corp. (Ireland)(c)		855,211
	238,399	Basic Energy Services, Inc.(c)		600,766
	19,234	Berry Petroleum Corp.		218,498
	40,983	Bonanza Creek Energy, Inc.(c)		986,461
	1,630,400	Bristow Group, Inc.(b)(c)		823,352
	145,664	C&J Energy Services, Inc.(c)		2,046,579
	7,270	Cactus, Inc., Class A(c)		263,901
	83,254	California Resources Corp.(b)(c)		1,754,994
	321,345	Callon Petroleum Co.(c)		2,413,301
	147,327	CARBO Ceramics, Inc.(c)		400,729
	97,590	Carrizo Oil & Gas, Inc.(c)		1,251,104
	207,446	Centennial Resource Development, Inc., Class A(c)		2,184,406
	33,034	Cheniere Energy, Inc.(c)		2,125,738
	290,233	Clean Energy Fuels Corp.(c)		911,332
	89,636	CONSOL Energy, Inc.(c)		3,038,660
	79,862	Contango Oil & Gas Co.(c)		241,183
	49,748	Core Laboratories N.V.(b)		3,153,526
	69,280	CVR Energy, Inc.		3,159,861

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

29

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy (continued)
	1,069,143	Denbury Resources, Inc.(c)	$	2,384,189
	306,062	DHT Holdings, Inc.		1,631,310
	7,452	DMC Global, Inc.		516,424
	126,146	Dorian LPG Ltd.(c)		1,011,691
	80,361	Dril-Quip, Inc.(c)		3,500,525
	699,974	EP Energy Corp., Class A(c)		199,073
	192,058	Equitrans Midstream Corp.		4,000,568
	41,139	Era Group, Inc.(c)		396,580
	126,506	Exterran Corp.(c)		1,798,915
	394,824	Extraction Oil & Gas, Inc.(b)(c)		1,855,673
	335,790	Forum Energy Technologies, Inc.(c)		2,008,024
	171,461	Frank’s International N.V.(b)(c)		1,001,332
	39,422	FTS International, Inc.(c)		408,018
	71,639	GasLog Ltd. (Monaco)		1,119,718
	34,172	Geopark Ltd. (Colombia)(c)		536,500
	27,301	Geospace Technologies Corp.(c)		367,198
	93,748	Golar LNG Ltd. (Bermuda)		1,831,836
	249,616	Green Plains, Inc.		4,335,830
	33,621	Gulf Island Fabrication, Inc.(c)		289,141
	859,602	Halcon Resources Corp.(b)(c)		1,117,483
	40,422	Hallador Energy Co.		208,578
	398,252	Helix Energy Solutions Group, Inc.(c)		3,114,331
	234,708	HighPoint Resources Corp.(c)		643,100
	217,134	Hornbeck Offshore Services, Inc.(c)		282,274
	62,711	Independence Contract Drilling, Inc.(c)		177,472
	87,011	International Seaways, Inc.(c)		1,550,536
	27,261	ION Geophysical Corp.(c)		348,668
	24,290	Jagged Peak Energy, Inc.(b)(c)		256,745
	62,290	Keane Group, Inc.(c)		653,422
	169,949	Key Energy Services, Inc.(b)(c)		710,387
	14,637	KLX Energy Services Holdings, Inc.(c)		410,568
	267,397	Kosmos Energy Ltd. (Ghana)		1,788,886
	268,306	Laredo Petroleum, Inc.(c)		810,284
	820,156	Legacy Reserves Inc.(c)		369,070
	37,398	Liberty Oilfield Services, Inc., Class A(b)		557,604
	62,730	Lonestar Resources US Inc., Class A(c)		249,665
	16,012	Mammoth Energy Services, Inc		249,627
	83,937	Matador Resources Co.(c)		1,652,720
	78,012	Matrix Service Co.(c)		1,529,815
	58,503	Midstates Petroleum Co., Inc.(c)		747,083
	15,111	Montage Resources Corp.(c)		168,034
	9,262	NACCO Industries, Inc., Class A		378,723
	105,086	Navigator Holdings Ltd.(c)		1,179,065
	172,689	Newpark Resources, Inc.(c)		1,260,630
	19,124	Nine Energy Service, Inc.(c)		384,966
	961,934	Nordic American Tankers Ltd.		2,058,539
	170,860	Oil States International, Inc.(c)		3,301,015
	301,724	Overseas Shipholding Group, Inc., Class A(c)		549,138
	384,580	Pacific Ethanol, Inc.(c)		419,192
	97,000	Par Pacific Holdings, Inc.(c)		1,895,380
	8,077	Penn Virginia Corp.(c)		362,657
	472,982	Pioneer Energy Services Corp.(c)		822,989
	36,781	ProPetro Holding Corp.(c)		813,964
	86,206	Renewable Energy Group, Inc.(c)		2,079,289
	13,863	REX American Resources Corp.(c)		1,171,562
	25,835	RigNet, Inc.(c)		242,591

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy (continued)
	68,881	Ring Energy, Inc.(c)	$	356,804
	104,161	RPC, Inc.		1,071,817
	189,701	SandRidge Energy, Inc.(c)		1,585,900
	147,485	Scorpio Tankers, Inc. (Monaco)		3,802,163
	38,035	SEACOR Holdings, Inc.(c)		1,694,079
	30,306	SEACOR Marine Holdings, Inc.(c)		411,556
	53,642	Select Energy Services, Inc., Class A(c)		617,956
	225,358	Ship Finance International Ltd. (Norway)(b)		2,875,568
	13,696	SilverBow Resources, Inc.(c)		248,445
	76,932	Smart Sand, Inc.(b)(c)		302,343
	741,719	Southwestern Energy Co.(c)		2,929,790
	434,303	SRC Energy, Inc.(c)		2,670,963
	807,798	Superior Energy Services, Inc.(c)		2,899,995
	14,746	Talos Energy, Inc.(c)		437,956
	583,984	Teekay Corp. (Bermuda)		2,429,373
	1,202,766	Teekay Tankers Ltd., Class A (Bermuda)(c)		1,311,015
	541,070	TETRA Technologies, Inc.(c)		1,287,747
	72,219	Tidewater, Inc.(c)		1,624,928
	856,202	Ultra Petroleum Corp.(c)		359,947
	165,575	Unit Corp.(c)		2,245,197
	188,503	US Silica Holdings, Inc.(b)		2,982,117
	158,714	W&T Offshore, Inc.(c)		1,012,595
				135,003,268
		Financials—17.6%
	20,766	1st Source Corp.		972,472
	80,080	AG Mortgage Investment Trust, Inc.		1,370,169
	9,036	Allegiance Bancshares, Inc.(c)		312,375
	202,527	Ambac Financial Group, Inc.(c)		3,787,255
	17,949	American National Insurance Co.		2,033,442
	31,010	Ameris Bancorp		1,130,625
	31,891	AMERISAFE, Inc.		1,888,585
	336,938	Anworth Mortgage Asset Corp.		1,411,770
	161,824	Apollo Commercial Real Estate Finance, Inc.		3,032,582
	73,705	Arbor Realty Trust, Inc.(b)		1,006,810
	72,112	Ares Commercial Real Estate Corp.		1,096,102
	54,967	Argo Group International Holdings Ltd.		4,291,274
	66,356	Arlington Asset Investment Corp., Class A		520,895
	52,678	ARMOUR Residential REIT, Inc.		1,005,096
	81,451	Artisan Partners Asset Management, Inc., Class A		2,308,321
	26,170	Atlantic Capital Bancshares, Inc.(c)		456,405
	56,763	Axos Financial, Inc.(c)		1,857,285
	81,450	Banc of California, Inc.		1,181,839
	17,372	BancFirst Corp.		979,781
	86,702	Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama)		1,875,364
	57,845	Bancorp, Inc. (The)(c)		590,597
	102,567	BancorpSouth Bank		3,126,242
	11,887	Bank of Marin Bancorp		503,414
	64,833	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		2,594,617
	16,733	BankFinancial Corp.		251,162
	35,014	Banner Corp.		1,856,442
	8,814	Baycom Corp.(c)		203,163

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

30

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	68,716	Berkshire Hills Bancorp, Inc.	$	2,060,793
	339,177	BGC Partners, Inc., Class A		1,831,556
	45,363	Blucora, Inc.(c)		1,587,705
	41,054	BOK Financial Corp.		3,577,446
	156,122	Boston Private Financial Holdings, Inc.		1,787,597
	21,714	Bridge Bancorp, Inc.		672,917
	107,607	Brookline Bancorp, Inc.		1,619,485
	25,458	Bryn Mawr Bank Corp.		969,695
	17,677	Byline Bancorp, Inc.(c)		353,894
	69,910	Cadence BanCorp.		1,590,452
	115,106	Cannae Holdings, Inc.(c)		2,954,771
	277,268	Capitol Federal Financial, Inc.		3,826,298
	348,591	Capstead Mortgage Corp.		2,994,397
	15,104	Carolina Financial Corp.		545,103
	91,486	Cathay General Bancorp		3,365,770
	16,065	CBTX, Inc.		509,260
	71,154	CenterState Bank Corp.		1,756,081
	38,937	Central Pacific Financial Corp.		1,168,499
	15,162	Central Valley Community Bancorp		310,215
	29,629	Cherry Hill Mortgage Investment Corp.		511,397
	17,484	City Holding Co.		1,387,880
	13,090	Civista Bancshares, Inc.		287,980
	83,393	CNA Financial Corp.		3,863,598
	29,571	Cohen & Steers, Inc.		1,482,986
	102,991	Columbia Banking System, Inc.		3,866,282
	27,029	Columbia Financial, Inc.(c)		428,680
	53,024	Community Bank System, Inc.		3,523,975
	27,020	Community Trust Bancorp, Inc.		1,141,595
	38,556	ConnectOne Bancorp, Inc.		841,677
	77,387	Cowen, Inc., Class A(c)		1,296,232
	6,349	Credit Acceptance Corp.(c)		3,150,501
	37,011	Curo Group Holdings Corp.(c)		492,987
	69,415	Customers Bancorp, Inc.(c)		1,572,250
	94,910	CVB Financial Corp.		2,059,547
	4,933	Diamond Hill Investment Group, Inc.		712,720
	61,353	Dime Community Bancshares, Inc.		1,236,263
	13,143	Donegal Group, Inc., Class A		177,431
	116,719	Donnelley Financial Solutions, Inc.(c)		1,786,968
	171,949	Dynex Capital, Inc.		1,048,889
	32,473	Eagle Bancorp, Inc.(c)		1,794,458
	3,196	eHealth, Inc.(c)		194,125
	52,838	Elevate Credit, Inc.(c)		236,714
	24,164	Ellington Residential Mortgage REIT		285,618
	19,020	EMC Insurance Group, Inc.		610,732
	43,354	Employers Holdings, Inc.		1,860,754
	59,983	Encore Capital Group, Inc.(c)		1,695,120
	73,305	Enova International, Inc.(c)		2,010,756
	18,684	Enstar Group Ltd. (Bermuda)(c)		3,311,926
	11,407	Entegra Financial Corp.(c)		336,506
	21,395	Enterprise Financial Services Corp.		910,143
	15,713	Equity Bancshares, Inc., Class A(c)		412,623
	76,837	Essent Group Ltd.(c)		3,645,916
	33,995	Evercore, Inc., Class A		3,312,133
	122,568	Exantas Capital Corp. REIT		1,342,120
	17,625	FactSet Research Systems, Inc.		4,862,209
	19,186	FB Financial Corp.		704,894
	19,468	FBL Financial Group, Inc., Class A		1,216,166

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	14,728	Federal Agricultural Mortgage Corp., Class C	$	1,126,397
	25,246	FedNat Holding Co.		410,752
	417,922	FGL Holdings		3,564,875
	23,946	Fidelity Southern Corp.		697,068
	27,682	Financial Institutions, Inc.		761,255
	337,391	First BanCorp		3,812,518
	27,474	First Bancorp/Southern Pines NC		1,041,539
	7,766	First Bancshares, Inc. (The)		239,814
	55,537	First Busey Corp.		1,435,076
	8,587	First Choice Bancorp		182,560
	9,226	First Citizens BancShares, Inc., Class A		4,135,554
	132,034	First Commonwealth Financial Corp.		1,796,983
	23,208	First Defiance Financial Corp.		684,868
	82,977	First Financial Bancorp		2,082,723
	36,488	First Financial Bankshares, Inc.		2,244,742
	22,389	First Financial Corp.		921,755
	12,358	First Financial Northwest, Inc.		206,749
	40,972	First Foundation, Inc.		582,212
	14,464	First Internet Bancorp		316,617
	37,270	First Interstate BancSystem, Inc., Class A		1,575,030
	51,099	First Merchants Corp.		1,873,800
	12,539	FirstMid-Illinois Bancshares, Inc.		432,470
	137,091	First Midwest Bancorp, Inc.		2,943,344
	32,916	First of Long Island Corp. (The)		765,955
	31,784	FirstCash, Inc.		3,104,661
	50,141	Flagstar Bancorp, Inc.		1,792,541
	44,984	Flushing Financial Corp.		1,016,638
	7,555	Focus Financial Partners, Inc., Class A(c)		283,313
	15,738	Franklin Financial Network, Inc.		435,156
	3,676	FS Bancorp, Inc.		190,012
	77,297	GAIN Capital Holdings, Inc.(b)		407,355
	21,135	German American Bancorp, Inc.		630,880
	84,060	Glacier Bancorp, Inc.		3,580,115
	65,207	Granite Point Mortgage Trust, Inc.		1,253,931
	33,591	Great Ajax Corp.		481,023
	15,487	Great Southern Bancorp, Inc.		897,472
	83,137	Great Western Bancorp, Inc.		2,923,928
	25,750	Green Dot Corp., Class A(c)		1,642,077
	63,400	Greenhill & Co., Inc.		1,313,014
	97,885	Greenlight Capital Re Ltd., Class A(c)		1,172,662
	9,688	Guaranty Bancshares, Inc.		271,942
	53,866	Hanmi Financial Corp.		1,277,702
	16,160	HarborOne Bancorp, Inc.(b)(c)		302,515
	14,741	HCI Group, Inc.		628,261
	5,038	Health Insurance Innovations, Inc., Class A(b)(c)		117,486
	31,353	Heartland Financial USA, Inc.		1,407,750
	40,725	Heritage Commerce Corp.		509,877
	32,790	Heritage Financial Corp.		992,553
	57,896	Heritage Insurance Holdings, Inc.		789,701
	140,283	Hilltop Holdings, Inc.		2,950,151
	10,034	Home Bancorp, Inc.		367,646
	176,433	Home BancShares, Inc.		3,385,749
	40,423	HomeStreet, Inc.(c)		1,137,503
	226,835	Hope Bancorp, Inc.		3,189,300
	87,353	Horace Mann Educators Corp.		3,370,079

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

31

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	42,684	Horizon Bancorp, Inc.	$	694,469
	26,065	Houlihan Lokey, Inc.		1,285,526
	28,473	Independent Bank Corp.		2,284,389
	19,469	Independent Bank Corp./MI		419,168
	22,484	Independent Bank Group, Inc.		1,281,588
	16,684	Interactive Brokers Group, Inc., Class A		904,940
	80,421	International Bancshares Corp.		3,335,059
	26,368	INTL. FCStone, Inc.(c)		1,069,486
	63,052	James River Group Holdings Ltd.		2,662,055
	81,699	Kearny Financial Corp.		1,143,786
	10,299	Kingstone Cos.Inc.		119,571
	6,468	Kinsale Capital Group, Inc.		469,577
	25,636	KKR Real Estate Finance Trust, Inc.		517,078
	144,955	Ladder Capital Corp.		2,522,217
	23,139	Lakeland Financial Corp.		1,104,887
	14,273	LCNB Corp.		242,641
	45,592	LegacyTexas Financial Group, Inc.		1,827,327
	374,547	LendingClub Corp.(c)		1,191,059
	1,490	LendingTree, Inc.(b)(c)		573,382
	36,830	Live Oak Bancshares, Inc.(b)		643,420
	48,833	Luther Burbank Corp.		514,211
	610,708	Maiden Holdings Ltd.		399,098
	8,179	MarketAxess Holdings, Inc.		2,276,461
	405,189	MBIA, Inc.(c)		3,918,178
	24,697	Mercantile Bank Corp.		834,759
	64,430	Mercury General Corp.		3,465,045
	50,588	Meridian Bancorp, Inc.		871,125
	22,809	Meta Financial Group, Inc.		587,560
	8,912	Metropolitan Bank Holding Corp.(c)		355,678
	29,409	Midland States Bancorp, Inc.		788,749
	20,049	MidWestOne Financial Group, Inc.		564,981
	36,203	Moelis & Co., Class A		1,482,513
	9,502	Morningstar, Inc.		1,363,062
	25,293	National Bank Holdings Corp., Class A		967,204
	92,968	National General Holdings Corp.		2,291,661
	5,505	National Western Life Group, Inc., Class A		1,468,294
	23,203	Navigators Group, Inc. (The)		1,622,818
	62,116	NBT Bancorp, Inc.		2,361,650
	43,722	Nelnet, Inc., Class A		2,538,062
	458,059	New York Mortgage Trust, Inc.		2,885,772
	10,137	Nicolet Bankshares, Inc.(c)		618,864
	25,787	NMI Holdings, Inc., Class A(c)		724,099
	66,991	Northfield Bancorp, Inc.		1,004,865
	11,586	Northrim BanCorp, Inc.		411,187
	169,110	Northwest Bancshares, Inc.		2,947,587
	36,539	OceanFirst Financial Corp.		920,052
	998,249	Ocwen Financial Corp.(c)		1,687,041
	82,760	OFG Bancorp		1,670,097
	4,853	Ohio Valley Banc Corp.		182,376
	11,841	Old Line Bancshares, Inc.		296,025
	208,554	Old National Bancorp		3,562,102
	108,411	On Deck Capital, Inc.(c)		591,924
	38,194	Opus Bank		835,303
	84,900	Orchid Island Capital, Inc.(b)		557,793
	17,387	Origin Bancorp, Inc.		605,763
	88,660	Oritani Financial Corp.		1,538,251
	44,883	Pacific Premier Bancorp, Inc.		1,304,749

Number of Shares				Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	17,215	PCSB Financial Corp.		$	327,946
	22,089	Peapack-Gladstone Financial Corp.			639,035
	31,779	PennyMac Financial Services, Inc.			708,672
	24,417	Peoples Bancorp, Inc.			797,948
	17,648	Piper Jaffray Cos			1,422,429
	4,274	PJT Partners, Inc., Class A			184,295
	101,715	PRA Group, Inc.(c)			2,860,226
	12,506	Preferred Bank			615,170
	93,411	Provident Financial Services, Inc.			2,477,260
	13,124	QCR Holdings, Inc.			448,972
	15,927	RBB Bancorp.			308,347
	46,455	Ready Capital Corp.			701,935
	200,819	Redwood Trust, Inc.			3,285,399
	28,008	Regional Management Corp.(c)			693,758
	55,152	Renasant Corp.			1,999,812
	14,802	Republic Bancorp, Inc., Class A	��		699,543
	55,863	RLI Corp.			4,543,338
	44,232	S&T Bancorp, Inc.			1,772,819
	24,032	Safety Insurance Group, Inc.			2,233,053
	39,594	Sandy Spring Bancorp, Inc.			1,381,435
	35,541	Seacoast Banking Corp. of Florida(c)			1,007,943
	28,834	ServisFirst Bancshares, Inc.			978,626
	16,876	Sierra Bancorp			446,539
	110,350	Simmons First National Corp., Class A			2,801,786
	12,957	SmartFinancial, Inc.(c)			269,376
	50,922	South State Corp.			3,852,759
	7,709	Southern First Bancshares, Inc.(c)			283,768
	24,987	Southern National Bancorp of Virginia, Inc.			372,806
	41,398	Southside Bancshares, Inc.			1,454,312
	24,490	State Auto Financial Corp.			823,599
	58,341	Stewart Information Services Corp.			2,480,076
	23,948	Stock Yards Bancorp, Inc.			822,614
	39,801	TFS Financial Corp.			662,289
	197,297	Third Point Reinsurance Ltd. (Bermuda)(c)			2,290,618
	69,859	Towne Bank			1,821,923
	64,361	TPG RE Finance Trust, Inc.			1,268,555
	22,406	TriCo Bancshares			894,223
	29,303	TriState Capital Holdings, Inc.(c)			681,588
	22,208	Triumph Bancorp, Inc.(c)			688,670
	156,611	TrustCo Bank Corp. NY			1,252,888
	111,534	Trustmark Corp.			4,010,763
	59,430	Union Bankshares Corp.			2,169,195
	78,866	United Community Banks, Inc.			2,214,557
	86,068	United Financial Bancorp, Inc.			1,135,237
	35,027	United Fire Group, Inc.			1,527,527
	28,665	United Insurance Holdings Corp.			439,148
	40,451	Universal Insurance Holdings, Inc.			1,205,035
	44,998	Univest Financial Corp.			1,134,850
	11,043	Veritex Holdings, Inc.			292,750
	12,358	Virtus Investment Partners, Inc.			1,515,214
	43,002	Walker & Dunlop, Inc.			2,362,960
	20,104	Washington Trust Bancorp, Inc.			1,041,588
	60,810	WesBanco, Inc.			2,451,859
	27,904	Westamerica Bancorp			1,791,995
	167,218	Western Asset Mortgage Capital Corp.			1,759,133
	16,338	Westwood Holdings Group, Inc.			511,216

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

32

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	164,879	WisdomTree Investments, Inc.	$	1,187,129
	13,501	World Acceptance Corp.(c)		1,754,995
	30,269	WSFS Financial Corp.		1,307,015
				368,771,518
		Health Care—8.1%
	78,016	AAC Holdings, Inc.(b)(c)		125,606
	3,939	ABIOMED, Inc.(c)		1,092,718
	11,991	ACADIA Pharmaceuticals, Inc.(c)		288,384
	7,768	Acceleron Pharma, Inc.(c)		316,391
	73,059	Accuray, Inc.(c)		302,464
	158,575	Achillion Pharmaceuticals, Inc.(c)		469,382
	29,972	Aclaris Therapeutics, Inc.(c)		188,824
	64,287	Acorda Therapeutics, Inc.(c)		671,799
	6,775	Addus HomeCare Corp.(c)		460,023
	59,818	Aduro Biotech, Inc.(c)		244,656
	48,419	Adverum Biotechnologies, Inc.(b)(c)		312,303
	7,054	Agios Pharmaceuticals, Inc.(c)		394,460
	461,203	Akorn, Inc.(c)		1,245,248
	19,865	Alder Biopharmaceuticals, Inc.(c)		269,965
	13,404	Align Technology, Inc.(c)		4,352,011
	60,393	Alkermes PLC(c)		1,831,116
	284,587	Allscripts Healthcare Solutions, Inc.(c)		2,808,874
	20,887	Alnylam Pharmaceuticals, Inc.(c)		1,866,045
	85,652	AMAG Pharmaceuticals, Inc.(c)		955,876
	11,482	Amedisys, Inc.(c)		1,467,629
	37,081	American Renal Associates Holdings, Inc.(c)		255,117
	36,041	Amicus Therapeutics, Inc.(c)		480,787
	48,504	AMN Healthcare Services, Inc.(c)		2,525,118
	50,132	Amneal Pharmaceuticals, Inc.(c)		645,199
	20,973	Amphastar Pharmaceuticals, Inc.(c)		452,807
	4,184	AnaptysBio, Inc.(c)		304,260
	46,341	AngioDynamics, Inc.(c)		951,844
	5,039	ANI Pharmaceuticals, Inc.(c)		357,668
	15,920	Anika Therapeutics, Inc.(c)		507,052
	5,704	Arena Pharmaceuticals, Inc.(c)		260,958
	212,679	Assertio Therapeutics, Inc.(c)		886,871
	4,634	Atara Biotherapeutics, Inc.(c)		155,702
	8,534	AtriCure, Inc.(c)		256,191
	591	Atrion Corp		520,080
	52,954	Avanos Medical, Inc.(c)		2,221,420
	207,277	BioScrip, Inc.(c)		397,972
	14,582	Bio-Techne Corp.		2,983,331
	7,051	BioTelemetry, Inc.(c)		383,574
	13,718	Bluebird Bio, Inc.(c)		1,945,624
	8,953	Blueprint Medicines Corp.(c)		676,936
	47,726	Bruker Corp.		1,842,224
	42,716	Cambrex Corp.(c)		1,837,642
	14,039	Cantel Medical Corp		967,849
	96,807	Capital Senior Living Corp.(c)		406,589
	7,921	Cardiovascular Systems, Inc.(c)		281,512
	43,367	Celldex Therapeutics, Inc.(b)(c)		158,723
	7,972	Chemed Corp.		2,605,090
	112,636	Chimerix, Inc.(c)		304,117
	15,329	Clovis Oncology, Inc.(c)		280,061
	21,191	Computer Programs & Systems, Inc.		643,994

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	18,453	Concert Pharmaceuticals, Inc.(c)	$	189,697
	23,185	CONMED Corp.		1,855,496
	19,669	Corcept Therapeutics, Inc.(c)		243,502
	7,117	CorVel Corp.(c)		511,001
	91,252	Cross Country Healthcare, Inc.(c)		643,327
	16,277	CryoLife, Inc.(c)		499,053
	10,189	Cutera, Inc.(c)		180,753
	5,877	DexCom, Inc.(c)		711,528
	217,186	Diplomat Pharmacy, Inc.(c)		1,211,898
	21,056	Dynavax Technologies Corp.(b)(c)		140,022
	6,840	Eagle Pharmaceuticals, Inc.(c)		351,644
	11,644	Editas Medicine, Inc.(b)(c)		288,189
	18,621	Elanco Animal Health, Inc.(c)		586,561
	28,057	Emergent BioSolutions, Inc.(c)		1,449,986
	5,419	Enanta Pharmaceuticals, Inc.(c)		472,483
	299,330	Endo International PLC(c)		2,244,975
	40,914	Endologix, Inc.(c)		262,668
	32,768	Ensign Group, Inc. (The)		1,688,207
	59,193	Enzo Biochem, Inc.(c)		205,400
	16,977	Epizyme, Inc.(c)		210,685
	5,230	Esperion Therapeutics, Inc.(c)		225,413
	64,711	Evolent Health, Inc., Class A(c)		876,834
	7,411	Exact Sciences Corp.(c)		731,392
	20,137	Exelixis, Inc.(c)		395,893
	11,725	FibroGen, Inc.(c)		547,909
	31,338	Five Prime Therapeutics, Inc.(c)		347,225
	18,074	Flexion Therapeutics, Inc.(c)		191,584
	9,488	FONAR Corp.(c)		188,242
	185,766	Genesis Healthcare, Inc.(c)		241,496
	3,329	Genomic Health, Inc.(c)		214,155
	3,112	Glaukos Corp.(c)		224,469
	6,276	Global Blood Therapeutics, Inc.(c)		347,690
	38,311	Globus Medical, Inc., Class A(c)		1,727,443
	24,931	Haemonetics Corp.(c)		2,175,978
	18,421	Halozyme Therapeutics, Inc.(c)		297,131
	8,199	HealthEquity, Inc.(c)		555,482
	19,799	HealthStream, Inc.(c)		518,338
	2,495	Heska Corp.(c)		193,762
	51,337	HMS Holdings Corp.(c)		1,562,185
	79,195	Horizon Pharma PLC(c)		2,021,848
	6,736	ICU Medical, Inc.(c)		1,532,440
	16,325	IDEXX Laboratories, Inc.(c)		3,787,400
	27,269	Incyte Corp.(c)		2,094,259
	33,437	Innoviva, Inc.(c)		469,121
	3,191	Inogen, Inc.(c)		278,574
	45,992	Inovio Pharmaceuticals, Inc.(b)(c)		172,930
	15,278	Insmed, Inc.(c)		465,062
	5,200	Insulet Corp.(c)		448,500
	31,344	Integer Holdings Corp.(c)		2,165,557
	41,281	Integra LifeSciences Holdings Corp.(c)		2,154,455
	19,658	Intellia Therapeutics, Inc.(b)(c)		302,340
	5,420	Intersect ENT, Inc.(c)		176,096
	30,419	Intra-Cellular Therapies, Inc.(c)		400,618
	48,544	Intrexon Corp.(b)(c)		210,196
	116,207	Invacare Corp.		859,932
	9,830	Ionis Pharmaceuticals, Inc.(c)		730,664
	130,509	Lannett Co., Inc.(b)(c)		1,003,614

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

33

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	29,968	Lantheus Holdings, Inc.(c)	$	724,027
	8,627	LeMaitre Vascular, Inc.		249,148
	13,685	LHC Group, Inc.(c)		1,520,540
	6,241	Ligand Pharmaceuticals, Inc.(c)		785,430
	31,441	LivaNova PLC(c)		2,165,970
	33,733	Luminex Corp.		769,450
	17,835	MacroGenics, Inc.(c)		299,093
	16,340	Masimo Corp.(c)		2,126,651
	12,973	Medicines Co. (The)(b)(c)		414,487
	14,772	Medidata Solutions, Inc.(c)		1,334,502
	12,281	Medpace Holdings, Inc.(c)		689,824
	66,908	Meridian Bioscience, Inc		770,111
	27,029	Merit Medical Systems, Inc.(c)		1,518,489
	55,787	Merrimack Pharmaceuticals, Inc.(c)		364,847
	999	Mesa Laboratories, Inc.		236,453
	28,806	Momenta Pharmaceuticals, Inc.(c)		402,996
	5,757	MyoKardia, Inc.(c)		276,221
	74,969	Myriad Genetics, Inc.(c)		2,360,024
	10,235	National Research Corp.		405,101
	39,613	Natus Medical, Inc.(c)		1,060,044
	6,498	Nektar Therapeutics(c)		208,066
	19,924	Neogen Corp.(c)		1,208,590
	12,199	NeoGenomics, Inc.(c)		254,105
	5,424	Neurocrine Biosciences, Inc.(c)		391,830
	8,025	Nevro Corp.(c)		495,223
	115,301	NewLink Genetics Corp.(c)		197,165
	62,696	NextGen Healthcare, Inc.(c)		1,178,058
	43,283	NuVasive, Inc.(c)		2,622,950
	16,649	Omnicell, Inc.(c)		1,337,914
	534,276	OPKO Health, Inc.(b)(c)		1,276,920
	41,832	OraSure Technologies, Inc.(c)		395,731
	12,755	Orthofix Medical, Inc.(c)		698,846
	12,189	Pacira BioSciences, Inc.(c)		485,366
	914,621	PDL BioPharma, Inc.(c)		2,990,811
	3,714	Penumbra, Inc.(b)(c)		499,533
	5,896	PetIQ, Inc.(b)(c)		161,963
	21,861	Phibro Animal Health Corp., Class A		758,795
	13,138	Portola Pharmaceuticals, Inc.(b)(c)		463,771
	26,672	PRA Health Sciences, Inc.(c)		2,582,383
	47,594	Premier, Inc., Class A(c)		1,581,549
	116,223	Prestige Consumer Healthcare, Inc.(c)		3,419,281
	36,699	Prothena Corp. PLC (Ireland)(c)		381,670
	22,590	Providence Service Corp. (The)(c)		1,498,395
	6,453	PTC Therapeutics, Inc.(c)		241,471
	7,703	Quidel Corp.(c)		492,530
	174,264	Quorum Health Corp.(c)		357,241
	57,972	R1 RCM, Inc.(c)		606,967
	13,618	Radius Health, Inc.(c)		299,868
	78,599	RadNet, Inc.(c)		951,834
	3,987	REGENXBIO, Inc.(c)		200,945
	12,841	Repligen Corp.(c)		865,227
	18,829	Retrophin, Inc.(c)		359,257
	13,013	Revance Therapeutics, Inc.(c)		172,292
	3,317	Sage Therapeutics, Inc.(c)		558,019
	27,575	Sangamo Therapeutics, Inc.(c)		322,352
	6,397	Sarepta Therapeutics, Inc.(c)		748,065
	11,518	SeaSpine Holdings Corp.(c)		169,660

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	10,292	Seattle Genetics, Inc.(c)	$	697,592
	103,088	Sorrento Therapeutics, Inc.(b)(c)		376,271
	9,527	Spark Therapeutics, Inc.(b)(c)		1,016,436
	43,395	Spectrum Pharmaceuticals, Inc.(c)		406,611
	14,510	Supernus Pharmaceuticals, Inc.(c)		532,952
	69,493	Surgery Partners, Inc.(b)(c)		752,609
	4,982	SurModics, Inc.(c)		216,418
	61,924	Syneos Health, Inc.(c)		2,906,093
	3,914	Tabula Rasa HealthCare, Inc.(c)		208,460
	2,244	Tactile Systems Technology, Inc.(c)		111,661
	14,553	Taro Pharmaceutical Industries Ltd.		1,563,138
	10,022	Teladoc Health, Inc.(b)(c)		570,051
	68,595	Tivity Health, Inc.(c)		1,483,024
	57,001	TransEnterix, Inc.(b)(c)		114,002
	125,876	Triple-S Management Corp., Class B(c)		2,859,903
	7,301	Ultragenyx Pharmaceutical, Inc.(c)		481,866
	6,648	US Physical Therapy, Inc.		774,426
	2,556	Utah Medical Products, Inc.		215,726
	11,020	Vanda Pharmaceuticals, Inc.(c)		179,516
	54,848	Varex Imaging Corp.(c)		1,801,208
	13,592	Veeva Systems, Inc., Class A(c)		1,901,113
	18,838	Vertex Pharmaceuticals, Inc.(c)		3,183,245
	7,225	Vocera Communications, Inc.(c)		230,116
	37,603	West Pharmaceutical Services, Inc.		4,654,875
	34,263	Wright Medical Group N.V.(c)		1,013,157
	7,998	Xencor, Inc.(c)		245,619
	6,915	Zogenix, Inc.(c)		269,616
				169,617,143
		Industrials—18.5%
	19,812	AAON, Inc.		994,761
	63,815	AAR Corp.		2,155,033
	379,627	ACCO Brands Corp.		3,469,791
	70,348	Actuant Corp., Class A		1,799,502
	158,099	ADT, Inc.(b)		1,041,872
	122,753	Advanced Disposal Services, Inc.(c)		3,969,832
	47,874	Advanced Drainage Systems, Inc.		1,342,866
	95,794	Aegion Corp.(c)		1,907,259
	50,001	Aerojet Rocketdyne Holdings, Inc.(c)		1,693,034
	8,662	Aerovironment, Inc.(c)		593,867
	82,095	Air Transport Services Group, Inc.(c)		1,931,695
	181,431	Aircastle Ltd.		3,614,106
	12,352	Alamo Group, Inc.		1,280,161
	56,991	Alaska Air Group, Inc.		3,527,743
	23,009	Albany International Corp., Class A		1,701,976
	6,452	Allegiant Travel Co.		947,670
	5,758	Allied Motion Technologies, Inc.		210,800
	44,322	Altra Industrial Motion Corp.		1,661,632
	10,027	AMERCO		3,741,776
	31,160	Ameresco, Inc., Class A(c)		469,270
	22,483	American Woodmark Corp.(c)		2,021,896
	50,866	Apogee Enterprises, Inc.		2,049,900
	66,923	Applied Industrial Technologies, Inc.		4,011,365
	177,551	ARC Document Solutions, Inc.(c)		422,571
	75,660	ArcBest Corp.		2,312,170
	24,527	Argan, Inc.		1,172,881
	105,856	Armstrong Flooring, Inc.(c)		1,533,853

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

34

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	40,361	Armstrong World Industries, Inc.	$	3,498,088
	52,566	Arotech Corp.(c)		152,441
	59,898	ASGN, Inc.(c)		3,775,970
	45,677	Astec Industries, Inc.		1,539,772
	26,516	Astronics Corp.(c)		884,043
	107,795	Atento S.A. (Spain)(c)		393,452
	84,366	Atkore International Group, Inc.(c)		2,088,902
	24,994	Atlas Air Worldwide Holdings, Inc.(c)		1,206,960
	9,988	Axon Enterprise, Inc.(c)		634,238
	40,537	AZZ, Inc.		1,925,102
	486,719	Babcock & Wilcox Enterprises, Inc.(c)		169,914
	52,397	Barnes Group, Inc.		2,914,321
	10,165	Barrett Business Services, Inc.		740,622
	10,044	BG Staffing, Inc.		234,728
	19,323	Blue Bird Corp.(c)		334,481
	55,420	BlueLinx Holdings, Inc.(b)(c)		1,425,402
	176,536	BMC Stock Holdings, Inc.(c)		3,633,111
	50,744	Brady Corp., Class A		2,475,800
	184,627	Briggs & Stratton Corp.		2,252,449
	48,529	BrightView Holdings, Inc.(c)		778,405
	50,449	Brink’s Co. (The)		4,032,389
	63,696	BWX Technologies, Inc.		3,254,866
	49,712	Caesarstone Ltd.		752,143
	53,625	CAI International, Inc.(c)		1,331,509
	22,539	Casella Waste Systems, Inc., Class A(c)		841,156
	75,225	CBIZ, Inc.(c)		1,452,595
	58,269	CECO Environmental Corp.(c)	��	452,167
	25,230	Chart Industries, Inc.(c)		2,227,052
	50,292	China Yuchai International Ltd. (China)		837,362
	19,671	Cimpress N.V. (Netherlands)(c)		1,778,258
	33,253	CIRCOR International, Inc.(c)		1,121,291
	403,281	Civeo Corp.(c)		810,595
	27,913	Columbus McKinnon Corp.		1,098,656
	37,944	Comfort Systems USA, Inc.		2,052,770
	112,784	Commercial Vehicle Group, Inc.(c)		1,006,033
	48,965	Continental Building Products, Inc.(c)		1,255,952
	16,204	Copa Holdings SA, Class A (Panama)		1,349,145
	73,170	Copart, Inc.(c)		4,925,804
	92,487	Corporacion America Airports S.A. (Argentina)(c)		712,150
	318,219	Costamare, Inc. (Monaco)		1,922,043
	40,202	Covenant Transportation Group, Inc., Class A(c)		785,145
	14,381	CRA International, Inc.		748,962
	14,163	CSW Industrials, Inc.(c)		849,072
	25,905	Cubic Corp.		1,470,886
	274,696	Daseke, Inc.(b)(c)		1,417,431
	198,198	Diana Shipping, Inc. (Greece)(c)		630,270
	31,409	Douglas Dynamics, Inc.		1,186,004
	179,218	DryShips, Inc. (Greece)		747,339
	22,704	Ducommun, Inc.(c)		921,328
	42,082	DXP Enterprises, Inc.(c)		1,804,897
	90,173	Eagle Bulk Shipping, Inc.(c)		491,443
	72,967	Echo Global Logistics, Inc.(c)		1,673,863
	28,606	Encore Wire Corp.		1,696,050
	55,255	Ennis, Inc.		1,115,046
	27,953	Enphase Energy, Inc.(b)(c)		280,648

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	29,459	EnPro Industries, Inc.	$	2,189,393
	20,901	ESCO Technologies, Inc.		1,567,575
	90,889	Evoqua Water Technologies Corp.(c)		1,237,908
	18,610	Exponent, Inc.		1,053,698
	65,843	Federal Signal Corp.		1,894,303
	8,390	Forrester Research, Inc.		426,715
	26,353	Forward Air Corp.		1,668,672
	64,092	Foundation Building Materials, Inc.(c)		871,010
	10,254	Franklin Covey Co.(c)		292,342
	42,416	Franklin Electric Co., Inc.		2,072,446
	78,969	FreightCar America, Inc.(c)		546,465
	54,536	FTI Consulting, Inc.(c)		4,634,469
	335,089	FuelCell Energy, Inc.(c)		87,793
	108,914	Gardner Denver Holdings, Inc.(c)		3,675,848
	59,025	Gates Industrial Corp. PLC(c)		949,122
	36,152	Genco Shipping & Trading Ltd.(c)		365,135
	75,540	Generac Holdings, Inc.(c)		4,153,945
	24,753	General Finance Corp.(c)		230,203
	45,015	Gibraltar Industries, Inc.(c)		1,785,745
	47,423	Global Brass & Copper Holdings, Inc.		2,057,684
	112,774	GMS, Inc.(c)		1,987,078
	19,105	Gorman-Rupp Co. (The)		636,197
	38,962	GP Strategies Corp.(c)		495,986
	20,140	GrafTech International Ltd.		230,603
	10,857	Graham Corp.		224,740
	68,677	Granite Construction, Inc.		3,082,911
	88,262	Greenbrier Cos., Inc. (The)		3,135,949
	96,954	Griffon Corp.		1,902,238
	80,727	H&E Equipment Services, Inc.		2,454,908
	138,752	Harsco Corp.(c)		3,141,345
	43,613	Hawaiian Holdings, Inc.		1,230,323
	306,884	HC2 Holdings, Inc.(b)(c)		656,732
	67,320	Healthcare Services Group, Inc.		2,278,782
	50,968	Heartland Express, Inc.		1,003,050
	13,136	HEICO Corp.		1,386,242
	25,556	HEICO Corp., Class A		2,285,473
	24,977	Heidrick & Struggles International, Inc.		893,677
	56,641	Herc Holdings, Inc.(c)		2,727,831
	17,020	Heritage-Crystal Clean, Inc.(c)		488,985
	95,987	Herman Miller, Inc.		3,726,215
	81,948	Hillenbrand, Inc.		3,525,403
	85,331	HNI Corp.		3,132,501
	191,505	Hudson Technologies, Inc.(c)		258,532
	32,495	Huron Consulting Group, Inc.(c)		1,570,483
	26,189	Hyster-Yale Materials Handling, Inc.		1,744,711
	28,441	ICF International, Inc.		2,214,701
	167,883	InnerWorkings, Inc.(c)		567,445
	20,822	Insperity, Inc.		2,489,478
	37,401	Insteel Industries, Inc.		783,177
	93,057	Interface, Inc.		1,492,634
	184,769	JELD-WEN Holding, Inc.(c)		3,649,188
	21,222	John Bean Technologies Corp.		2,329,963
	10,399	Kadant, Inc.		1,020,038
	35,065	Kaman Corp.		2,170,874
	85,338	Kelly Services, Inc., Class A		1,899,624
	100,692	KeyW Holding Corp. (The)(c)		1,141,847
	32,111	Kforce, Inc.		1,156,638

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

35

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	55,514	Kimball International, Inc., Class B	$	869,349
	89,908	Knoll, Inc.		1,963,591
	57,664	Korn Ferry.		2,711,361
	8,747	Kornit Digital Ltd. (Israel)(c)		252,176
	70,575	Kratos Defense & Security Solutions, Inc.(c)		1,120,731
	7,785	Lawson Products, Inc.(c)		255,659
	24,970	LB Foster Co., Class A(c)		536,605
	12,828	Lindsay Corp.		1,090,380
	345,025	LSC Communications, Inc.		2,411,725
	57,443	LSI Industries, Inc.		195,306
	42,938	Lydall, Inc.(c)		1,056,704
	35,037	Manitex International, Inc.(c)		267,683
	74,019	Manitowoc Co., Inc. (The)(c)		1,321,979
	55,913	Marten Transport Ltd.		1,105,959
	56,105	Masonite International Corp.(c)		2,888,846
	21,058	Matson, Inc.		834,107
	57,563	Matthews International Corp., Class A		2,305,974
	35,662	McGrath RentCorp		2,211,044
	18,227	Mercury Systems, Inc.(c)		1,330,936
	64,681	Mesa Air Group, Inc.(c)		591,184
	166,076	Milacron Holdings Corp.(c)		2,426,370
	47,390	Mistras Group, Inc.(c)		649,717
	59,999	Mobile Mini, Inc.		2,161,164
	26,350	MSA Safety, Inc.		2,896,129
	181,751	Mueller Water Products, Inc., Class A		1,950,188
	27,294	Multi-Color Corp.		1,361,971
	44,531	MYR Group, Inc.(c)		1,609,796
	7,592	National Presto Industries, Inc.(b)		808,548
	77,058	Navigant Consulting, Inc.		1,759,234
	98,438	NCI Building Systems, Inc.(c)		563,065
	113,290	NN, Inc.		1,024,142
	19,367	Northwest Pipe Co.(c)		464,227
	4,533	NV5 Global, Inc.(c)		287,120
	146,699	Orion Group Holdings, Inc.(c)		379,950
	5,849	PAM Transportation Services, Inc.(c)		292,567
	20,989	Park-Ohio Holdings Corp.		768,827
	36,605	Patrick Industries, Inc.(c)		1,825,491
	355,558	Performance Shipping Inc. (Greece)(c)		412,447
	46,777	PGT Innovations, Inc.(c)		685,751
	33,185	PICO Holdings, Inc.(c)		379,305
	22,613	Powell Industries, Inc.		661,430
	6,721	Preformed Line Products Co.		378,997
	99,252	Primoris Services Corp.		2,175,604
	10,372	Proto Labs, Inc.(c)		1,138,742
	229,934	Quad/Graphics, Inc.(b)		2,807,494
	69,985	Quanex Building Products Corp.		1,170,149
	26,585	Raven Industries, Inc.		1,034,422
	11,948	RBC Bearings, Inc.(c)		1,643,447
	57,933	Resources Connection, Inc.		930,404
	101,841	REV Group, Inc.(b)		1,292,362
	12,369	Roadrunner Transportation Systems, Inc.(c)		137,420
	52,599	Rollins, Inc.		2,034,003
	607,441	RR Donnelley & Sons Co.		2,806,377
	288,391	Safe Bulkers, Inc. (Greece)(c)		516,220
	36,417	Saia, Inc.(c)		2,344,891

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	74,446	Schneider National, Inc., Class B	$	1,555,921
	136,785	Scorpio Bulkers, Inc.		735,903
	314,953	Seaspan Corp. (Hong Kong)		3,193,623
	36,345	Simpson Manufacturing Co., Inc.		2,314,450
	37,790	SiteOne Landscape Supply, Inc.(b)(c)		2,543,267
	24,113	SkyWest, Inc.		1,485,120
	57,687	SP Plus Corp.(c)		1,991,355
	67,060	Spartan Motors, Inc.		623,658
	26,047	Spirit Airlines, Inc.(c)		1,416,436
	39,874	SPX Corp.(c)		1,455,401
	110,675	SPX FLOW, Inc.(c)		3,977,660
	15,970	Standex International Corp.		1,055,138
	52,639	Star Bulk Carriers Corp. (Greece)(c)		457,433
	194,766	Steelcase, Inc., Class A		3,367,504
	55,280	Sterling Construction Co.Inc.(c)		749,597
	23,944	Sun Hydraulics Corp.		1,253,229
	67,981	Sunrun, Inc.(c)		1,033,991
	22,678	Systemax, Inc.		515,017
	103,337	Team, Inc.(c)		1,746,395
	22,191	Tennant Co.		1,473,039
	50,134	Tetra Tech, Inc.		3,244,673
	96,882	Textainer Group Holdings Ltd. (China)(c)		929,098
	37,784	Thermon Group Holdings, Inc.(c)		974,449
	233,000	Titan International, Inc.		1,614,690
	83,692	Titan Machinery, Inc.(c)		1,439,502
	11,550	TPI Composites, Inc.(c)		357,473
	15,246	Trex Co., Inc.(c)		1,056,090
	57,116	TriMas Corp.(c)		1,766,598
	28,477	TriNet Group, Inc.(c)		1,775,256
	108,109	Triton International Ltd. (Bermuda)		3,562,192
	131,254	Triumph Group, Inc.		3,114,657
	131,744	TrueBlue, Inc.(c)		3,182,935
	14,642	Twin Disc, Inc.(c)		277,319
	17,593	UniFirst Corp.		2,781,981
	114,500	Universal Forest Products, Inc.		4,230,775
	17,970	Universal Logistics Holdings, Inc.		438,827
	19,129	US Ecology, Inc.		1,167,060
	76,368	US Xpress Enterprises, Inc., Class A(c)		514,720
	37,120	USA Truck, Inc.(c)		528,589
	46,592	Vectrus, Inc.(c)		1,889,306
	82,376	Veritiv Corp.(c)		2,297,467
	34,459	Viad Corp.		2,112,681
	52,409	Vivint Solar, Inc.(c)		283,533
	23,665	VSE Corp.		723,439
	164,500	Wabash National Corp.		2,480,660
	23,862	WageWorks, Inc.(c)		1,164,227
	26,707	Watts Water Technologies, Inc., Class A		2,285,852
	164,734	Welbilt, Inc.(c)		2,772,473
	77,911	Werner Enterprises, Inc.		2,610,019
	144,550	Wesco Aircraft Holdings, Inc.(c)		1,220,002
	6,621	Willdan Group, Inc.(c)		261,728
	5,380	Willis Lease Finance Corp.(c)		267,494
	39,624	Woodward, Inc.		4,315,054
				388,231,002
		Information Technology—14.0%
	8,168	2U, Inc.(c)		494,164

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

36

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	86,804	3D Systems Corp.(b)(c)	$	923,595
	21,341	8x8, Inc.(c)		510,477
	29,546	A10 Networks, Inc.(c)		190,867
	16,153	Acacia Communications, Inc.(c)		934,936
	94,277	ACI Worldwide, Inc.(c)		3,348,719
	96,812	ADTRAN, Inc.		1,659,358
	32,004	Advanced Energy Industries, Inc.(c)		1,848,551
	4,841	Alarm.com Holdings, Inc.(c)		343,130
	53,964	Alpha & Omega Semiconductor Ltd.(c)		669,154
	25,644	Ambarella, Inc.(c)		1,285,277
	37,279	American Software, Inc., Class A		482,763
	403,817	Amkor Technology, Inc.(c)		3,658,582
	47,859	Applied Optoelectronics, Inc.(b)(c)		599,195
	11,394	Arista Networks, Inc.(c)		3,558,232
	12,308	Aspen Technology, Inc.(c)		1,500,468
	4,929	Atlassian Corp. PLC, Class A(c)		542,929
	12,665	Autodesk, Inc.(c)		2,257,030
	89,912	Avid Technology, Inc.(c)		683,331
	74,382	AVX Corp.		1,213,170
	32,315	Axcelis Technologies, Inc.(c)		687,986
	66,635	AXT, Inc.(c)		379,820
	15,968	Badger Meter, Inc.		885,905
	16,643	Bel Fuse, Inc., Class B		394,439
	19,938	Blackbaud, Inc.		1,580,884
	5,602	Blackline, Inc.(c)		286,150
	15,047	Bottomline Technologies (DE), Inc.(c)		760,927
	9,316	Box, Inc., Class A(c)		192,096
	22,095	Brightcove, Inc.(c)		221,613
	44,111	Brooks Automation, Inc.		1,654,604
	13,456	Cabot Microelectronics Corp.		1,698,820
	42,950	CalAmp Corp.(c)		627,500
	54,938	Calix, Inc.(c)		376,325
	8,005	Carbonite, Inc.(c)		196,363
	77,902	Cardtronics PLC, Class A(c)		2,785,776
	25,975	Casa Systems, Inc.(c)		249,100
	11,479	Cass Information Systems, Inc.		566,259
	92,918	Ceragon Networks Ltd. (Israel)(c)		355,876
	11,240	Ceridian HCM Holding, Inc.(c)		597,406
	13,381	CEVA, Inc.(c)		337,067
	13,029	ChannelAdvisor Corp.(c)		153,091
	93,222	Cirrus Logic, Inc.(c)		4,435,503
	38,619	Cision Ltd.(c)		465,745
	31,316	Cloudera, Inc.(c)		348,547
	41,936	Cognex Corp.		2,114,832
	25,217	Coherent, Inc.(c)		3,732,368
	32,850	Cohu, Inc.		487,166
	15,219	CommVault Systems, Inc.(c)		800,519
	44,214	Comtech Telecommunications Corp.		1,040,355
	22,998	Control4 Corp.(c)		400,395
	5,079	Cornerstone OnDemand, Inc.(c)		277,567
	3,629	Coupa Software, Inc.(c)		374,985
	45,880	Cray, Inc.(c)		1,204,809
	43,344	CSG Systems International, Inc.		1,935,310
	27,604	CTS Corp.		826,740
	6,710	CyberArk Software Ltd. (Israel)(c)		865,120
	97,651	Daktronics, Inc.		740,195
	44,793	Digi International, Inc.(c)		576,486

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	47,331	Diodes, Inc.(c)	$	1,723,795
	40,980	Dolby Laboratories, Inc., Class A		2,650,996
	20,685	DSP Group, Inc.(c)		295,589
	220,465	Eastman Kodak Co.(b)(c)		542,344
	15,522	Ebix, Inc.(b)		783,551
	81,650	Electronics For Imaging, Inc.(c)		3,036,564
	73,702	EMCORE Corp.(c)		288,912
	109,158	Endurance International Group Holdings, Inc.(c)		603,644
	70,404	Entegris, Inc.		2,876,707
	19,415	Envestnet, Inc.(c)		1,378,271
	16,370	EPAM Systems, Inc.(c)		2,936,123
	21,003	ePlus, Inc.(c)		1,980,373
	42,716	EVERTEC, Inc.		1,337,438
	7,322	Evo Payments, Inc., Class A(c)		217,537
	25,970	ExlService Holdings, Inc.(c)		1,542,618
	73,908	Extreme Networks, Inc.(c)		591,264
	35,958	Fabrinet (Thailand)(c)		2,176,178
	7,279	Fair Isaac Corp.(c)		2,036,300
	17,780	FARO Technologies, Inc.(c)		1,000,125
	165,299	Finisar Corp.(c)		3,985,359
	74,890	FireEye, Inc.(c)		1,199,738
	321,333	Fitbit, Inc., Class A(c)		1,696,638
	3,068	Five9, Inc.(c)		162,819
	57,995	FormFactor, Inc.(c)		1,099,005
	20,865	Fortinet, Inc.(c)		1,949,208
	109,041	Genpact Ltd.		3,958,188
	9,290	Globant S.A. (Argentina)(c)		780,267
	35,802	GoDaddy, Inc., Class A(c)		2,917,863
	25,576	GTT Communications, Inc.(b)(c)		1,072,913
	16,517	Guidewire Software, Inc.(c)		1,759,061
	20,781	Hackett Group, Inc. (The)		318,988
	106,262	Harmonic, Inc.(c)		601,443
	2,362	HubSpot, Inc.(c)		435,765
	34,306	Ichor Holdings Ltd.(b)(c)		863,825
	60,391	II-VI, Inc.(c)		2,405,977
	8,938	Impinj, Inc.(c)		261,615
	253,020	Infinera Corp.(c)		1,098,107
	17,245	Inphi Corp.(c)		787,407
	35,347	InterDigital, Inc.		2,311,340
	76,732	Internap Corp.(b)(c)		302,324
	34,576	InterXion Holding N.V. (Netherlands)(c)		2,392,313
	23,055	IPG Photonics Corp.(c)		4,028,400
	45,803	Itron, Inc.(c)		2,457,789
	43,023	j2 Global, Inc.		3,769,675
	87,551	KEMET Corp.		1,564,536
	8,936	KLA-Tencor Corp.		1,139,161
	175,690	Knowles Corp.(c)		3,317,027
	90,070	Kulicke & Soffa Industries, Inc. (Singapore)		2,095,929
	56,537	Lattice Semiconductor Corp.(c)		732,154
	100,644	Limelight Networks, Inc.(c)		298,913
	13,812	Littelfuse, Inc.		2,776,903
	13,018	LivePerson, Inc.(c)		381,818
	40,059	LiveRamp Holdings, Inc.(c)		2,336,641
	41,224	LogMeIn, Inc.		3,396,858
	38,673	Lumentum Holdings, Inc.(c)		2,396,566

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

37

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	18,008	Luxoft Holding, Inc.(c)	$	1,052,027
	62,261	MACOM Technology Solutions Holdings, Inc.(c)		864,805
	78,752	MagnaChip Semiconductor Corp. (South Korea)(b)(c)		696,955
	27,803	Manhattan Associates, Inc.(c)		1,875,312
	38,366	ManTech International Corp., Class A		2,378,308
	47,995	MAXIMUS, Inc.		3,534,832
	32,088	MaxLinear, Inc.(c)		863,488
	48,657	Maxwell Technologies, Inc.(b)(c)		213,604
	18,923	Mellanox Technologies Ltd.(c)		2,276,437
	64,540	Methode Electronics, Inc.		1,904,575
	10,203	MicroStrategy, Inc., Class A(c)		1,527,389
	43,740	MKS Instruments, Inc.		3,980,777
	328,251	MoneyGram International, Inc.(c)		1,086,511
	9,651	Monolithic Power Systems, Inc.		1,502,757
	48,661	Monotype Imaging Holdings, Inc.		838,916
	28,227	MTS Systems Corp.		1,551,920
	17,411	Nanometrics, Inc.(c)		518,674
	82,367	National Instruments Corp.		3,879,486
	54,884	NeoPhotonics Corp.(c)		374,858
	236,020	Net 1 UEPS Technologies, Inc. (South Africa)(b)(c)		842,591
	44,815	NETGEAR, Inc.(c)		1,390,609
	132,838	NetScout Systems, Inc.(c)		3,905,437
	3,039	New Relic, Inc.(c)		319,824
	62,237	NIC, Inc.		1,074,211
	11,834	Novanta, Inc.(c)		1,029,795
	8,014	Nutanix, Inc., Class A(c)		346,125
	3,246	NVE Corp.		310,999
	3,171	Okta, Inc.(c)		329,879
	29,320	OneSpan, Inc.(c)		543,593
	21,410	OSI Systems, Inc.(c)		1,929,683
	22,693	Pagseguro Digital Ltd., Class A (Brazil)(c)		591,380
	7,631	Palo Alto Networks, Inc.(c)		1,898,822
	8,114	PAR Technology Corp.(b)(c)		192,383
	56,233	Park Electrochemical Corp.		925,033
	2,938	Paycom Software, Inc.(c)		595,033
	2,337	Paylocity Holding Corp.(c)		225,637
	27,013	PC Connection, Inc.		1,003,803
	35,600	PCM, Inc.(c)		982,204
	30,858	PDF Solutions, Inc.(c)		400,537
	10,171	Pegasystems, Inc.		762,927
	39,031	Perficient, Inc.(c)		1,149,073
	160,881	Photronics, Inc.(c)		1,502,629
	31,179	Plantronics, Inc.		1,605,095
	17,360	Power Integrations, Inc.		1,371,787
	109,963	Presidio, Inc.		1,651,644
	25,788	Progress Software Corp.		1,176,191
	3,972	Proofpoint, Inc.(c)		498,168
	32,026	PTC, Inc.(c)		2,897,392
	34,765	Pure Storage, Inc., Class A(c)		794,728
	2,871	Q2 Holdings, Inc.(c)		216,531
	5,406	QAD, Inc., Class A		253,379
	7,747	Qualys, Inc.(c)		699,244
	15,721	Quantenna Communications, Inc.(c)		382,806
	24,162	Radware Ltd. (Israel)(c)		630,387

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	140,408	Rambus, Inc.(c)	$	1,609,076
	16,751	RealPage, Inc.(c)		1,092,333
	82,728	Ribbon Communications, Inc.(c)		443,422
	3,776	RingCentral, Inc., Class A(c)		439,413
	15,107	Rogers Corp.(c)		2,530,725
	32,763	Rudolph Technologies, Inc.(c)		792,537
	13,973	SailPoint Technologies Holding, Inc.(c)		394,877
	98,235	ScanSource, Inc.(c)		3,698,548
	31,067	Semtech Corp.(c)		1,673,579
	6,788	ServiceNow, Inc.(c)		1,843,010
	248,813	ServiceSource International, Inc.(c)		263,742
	8,291	Silicom Ltd. (Israel)(c)		254,368
	24,340	Silicon Laboratories, Inc.(c)		2,620,444
	14,693	SMART Global Holdings, Inc.(c)		319,426
	18,661	SolarEdge Technologies, Inc.(c)		826,682
	14,113	Splunk, Inc.(c)		1,948,159
	4,816	SPS Commerce, Inc.(c)		499,612
	19,053	Square, Inc., Class A(c)		1,387,439
	61,810	Stratasys Ltd.(c)		1,437,083
	157,792	SunPower Corp.(b)(c)		1,139,258
	18,056	Switch, Inc., Class A(b)		196,269
	88,475	Sykes Enterprises, Inc.(c)		2,455,181
	68,610	Synaptics, Inc.(c)		2,584,539
	9,143	Tableau Software, Inc., Class A(c)		1,113,709
	49,267	Telaria, Inc.(c)		355,215
	267,271	TiVo Corp.		2,504,329
	3,230	Trade Desk, Inc. (The), Class A(c)		715,380
	249,492	Travelport Worldwide Ltd.		3,912,035
	20,207	TTEC Holdings, Inc.		736,747
	317,634	TTM Technologies, Inc.(c)		4,205,474
	4,143	Tucows, Inc., Class A(c)		365,371
	4,030	Twilio, Inc., Class A(c)		552,674
	11,980	Tyler Technologies, Inc.(c)		2,778,282
	2,977	Ubiquiti Networks, Inc.		507,430
	4,454	Ultimate Software Group, Inc. (The)(c)		1,472,715
	83,723	Ultra Clean Holdings, Inc.(c)		1,002,164
	279,279	Unisys Corp.(c)		3,130,718
	8,156	Universal Display Corp.		1,301,698
	4,134	Varonis Systems, Inc.(c)		294,134
	111,236	Veeco Instruments, Inc.(c)		1,354,854
	58,735	Verint Systems, Inc.(c)		3,547,007
	18,618	VeriSign, Inc.(c)		3,676,124
	43,334	Versum Materials, Inc.		2,261,168
	137,027	Viavi Solutions, Inc.(c)		1,822,459
	25,629	Virtusa Corp.(c)		1,423,691
	12,277	Vishay Precision Group, Inc.(c)		464,930
	10,011	Workday, Inc., Class A(c)		2,058,562
	78,141	Xperi Corp.		1,941,804
	8,806	Yext, Inc.(c)		192,939
	7,097	Zendesk, Inc.(c)		622,975
				293,484,939
		Materials—5.9%
	44,161	A. Schulman, Inc., CVR(c)(d)		23,096
	13,871	Advanced Emissions Solutions, Inc.(b)		156,742
	80,339	AdvanSix, Inc.(c)		2,428,648
	115,746	AgroFresh Solutions, Inc.(b)(c)		369,230

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

38

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	39,017	American Vanguard Corp.	$	614,128
	51,366	Ampco-Pittsburgh Corp.(c)		165,399
	17,933	Balchem Corp.		1,820,379
	128,183	Boise Cascade Co.		3,549,387
	178,653	Century Aluminum Co.(c)		1,502,472
	93,356	Clearwater Paper Corp.(c)		1,882,991
	269,422	Coeur Mining, Inc.(c)		972,613
	46,376	Eagle Materials, Inc.		4,216,042
	118,133	Ferro Corp.(c)		2,111,037
	475,006	Ferroglobe PLC		1,021,263
	261,589	Flotek Industries, Inc.(b)(c)		933,873
	63,394	Forterra, Inc.(b)(c)		294,148
	49,496	FutureFuel Corp.		727,096
	106,054	GCP Applied Technologies, Inc.(c)		3,053,295
	86,821	Gold Resource Corp.		317,765
	82,268	Greif, Inc., Class A		3,251,231
	75,429	H.B. Fuller Co.		3,693,758
	16,862	Hawkins, Inc.		622,376
	27,526	Haynes International, Inc.		889,365
	786,600	Hecla Mining Co.		1,651,860
	20,420	Ingevity Corp.(c)		2,348,504
	63,209	Innophos Holdings, Inc.		2,034,698
	29,967	Innospec, Inc.		2,541,801
	133,654	Intrepid Potash, Inc.(c)		497,193
	23,071	Kaiser Aluminum Corp.		2,270,186
	66,000	Koppers Holdings, Inc.(c)		1,764,840
	96,103	Kraton Corp.(c)		3,154,100
	47,447	Kronos Worldwide, Inc.		645,279
	93,133	LSB Industries, Inc.(c)		544,828
	27,899	Materion Corp.		1,618,979
	255,346	McEwen Mining, Inc.(b)		352,377
	74,016	Mercer International, Inc. (Canada)		1,048,067
	57,498	Minerals Technologies, Inc.		3,609,149
	58,676	Myers Industries, Inc.		1,049,714
	25,293	Neenah, Inc.		1,716,130
	7,722	NewMarket Corp.		3,239,997
	109,626	Nexa Resourses S.A. (Peru)		1,297,972
	49,256	Olympic Steel, Inc.		798,932
	46,033	Orion Engineered Carbons S.A. (Luxembourg)		933,089
	190,434	PH Glatfelter Co.		3,005,049
	65,141	PQ Group Holdings, Inc.(c)		1,029,879
	7,520	Quaker Chemical Corp.		1,683,126
	147,552	Rayonier Advanced Materials, Inc.		2,189,672
	356,251	Resolute Forest Products, Inc.		2,817,945
	109,670	Ryerson Holding Corp.(c)		948,646
	87,812	Schnitzer Steel Industries, Inc.		2,082,901
	75,953	Schweitzer-Mauduit International, Inc., Class A		2,701,648
	56,175	Sensient Technologies Corp.		3,938,991
	89,102	Southern Copper Corp. (Peru)		3,423,299
	28,523	Stepan Co.		2,639,518
	243,379	Summit Materials, Inc., Class A(c)		4,264,000
	213,743	SunCoke Energy, Inc.(c)		1,840,327
	119,769	TimkenSteel Corp.(c)		1,214,458
	61,904	Tredegar Corp.		1,115,510
	308,372	Tronox Holdings PLC, Class A		4,360,380

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	26,251	Universal Stainless & Alloy Products, Inc.(c)	$	377,752
	41,118	US Concrete, Inc.(b)(c)		1,937,891
	52,679	Valhi, Inc.		132,224
	157,993	Valvoline, Inc.		2,922,871
	237,582	Venator Materials PLC(c)		1,439,747
	121,631	Verso Corp., Class A(c)		2,714,804
	45,232	W.R. Grace & Co.		3,418,635
	89,054	Worthington Industries, Inc.		3,573,737
				123,507,039
		Real Estate—7.0%
	103,674	Acadia Realty Trust		2,927,754
	19,498	Agree Realty Corp.		1,276,534
	154,606	Alexander & Baldwin, Inc. REIT		3,651,794
	2,426	Alexanders, Inc.		920,982
	50,448	Altisource Portfolio Solutions S.A.(c)		1,194,104
	42,544	American Assets Trust, Inc.		1,965,107
	37,250	Americold Realty Trust		1,192,373
	71,517	Armada Hoffler Properties, Inc.		1,155,000
	491,031	Ashford Hospitality Trust, Inc.		2,705,581
	51,466	Bluerock Residential Growth REIT, Inc.		576,934
	79,099	Braemar Hotels & Resorts, Inc.		1,099,476
	13,901	BRT Apartments Corp.		195,031
	58,526	CareTrust REIT, Inc.		1,419,256
	81,486	CatchMark Timber Trust, Inc., Class A		814,860
	289,260	Cedar Realty Trust, Inc.		888,028
	92,338	Chatham Lodging Trust		1,818,135
	113,007	Chesapeake Lodging Trust		3,220,700
	48,739	City Office REIT, Inc.		565,372
	4,632	Community Healthcare Trust, Inc.		168,975
	22,817	CorEnergy Infrastructure Trust, Inc.(b)		862,254
	173,081	CorePoint Lodging, Inc. REIT		2,163,513
	16,635	CoreSite Realty Corp.		1,820,035
	66,958	Cushman & Wakefield PLC(c)		1,315,055
	56,161	Easterly Government Properties, Inc.		1,010,898
	25,263	EastGroup Properties, Inc.		2,888,319
	176,883	Empire State Realty Trust, Inc., Class A		2,734,611
	12,525	Essential Properties Realty Trust, Inc.		259,017
	76,963	Farmland Partners, Inc.(b)		504,877
	103,492	First Industrial Realty Trust, Inc.		3,650,163
	19,131	Forestar Group, Inc.(c)		368,654
	36,436	Four Corners Property Trust, Inc.		1,036,240
	343,584	Franklin Street Properties Corp.		2,700,570
	143,766	Front Yard Residential Corp. REIT		1,424,721
	34,711	Getty Realty Corp.		1,125,678
	41,667	Gladstone Commercial Corp.		906,257
	18,264	Global Medical REIT, Inc.		186,293
	122,694	Global NET Lease, Inc.		2,339,775
	36,226	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		963,249
	104,681	Hersha Hospitality Trust		1,943,926
	40,246	HFF, Inc., Class A		1,915,307
	125,432	Independence Realty Trust, Inc.		1,328,325
	17,040	Industrial Logistics Properties Trust		338,244
	72,822	InfraREIT, Inc.(c)		1,532,903
	32,245	Investors Real Estate Trust		1,943,729

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

39

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	141,164	iStar, Inc.	$	1,223,892
	93,068	JBG SMITH Properties		3,960,043
	11,668	Jernigan Capital, Inc.		245,845
	141,506	Kennedy-Wilson Holdings, Inc.		3,048,039
	211,915	Kite Realty Group Trust		3,346,138
	38,804	LTC Properties, Inc.		1,748,508
	17,248	Marcus & Millichap, Inc.(c)		743,389
	62,246	MedEquities Realty Trust, Inc.		666,655
	74,874	Monmouth Real Estate Investment Corp.		1,028,769
	34,071	National Health Investors, Inc.		2,569,976
	32,165	National Storage Affiliates Trust		941,148
	404,484	New Senior Investment Group, Inc.		2,261,066
	14,694	NexPoint Residential Trust, Inc.		550,878
	62,869	NorthStar Realty Europe Corp.		1,120,954
	108,756	Office Properties Income Trust		2,951,638
	23,118	One Liberty Properties, Inc. REIT		654,239
	118,842	Pebblebrook Hotel Trust		3,869,496
	322,278	Pennsylvania Real Estate Investment Trust(b)		1,940,114
	189,727	Physicians Realty Trust		3,426,470
	62,741	PotlatchDeltic Corp.		2,425,567
	114,321	Preferred Apartment Communities, Inc., Class A		1,787,980
	16,517	PS Business Parks, Inc.		2,537,342
	53,558	QTS Realty Trust, Inc., Class A		2,428,855
	15,448	RE/MAX Holdings, Inc., Class A		669,362
	21,061	Redfin Corp.(b)(c)		435,542
	150,886	Retail Opportunity Investments Corp.		2,648,049
	7,227	Retail Value, Inc. REIT		242,105
	50,132	Rexford Industrial Realty, Inc.		1,899,502
	2,623	RMR Group, Inc. (The), Class A		151,714
	186,449	RPT Realty		2,261,626
	10,960	Safehold, Inc.		276,521
	14,133	Saul Centers, Inc.		753,996
	44,143	Seritage Growth Properties, Class A(b)		1,968,336
	167,862	Spirit MTA REIT		1,131,390
	51,829	St. Joe Co. (The)(c)		883,166
	91,457	STAG Industrial, Inc.		2,632,132
	220,858	Summit Hotel Properties, Inc.		2,564,161
	174,406	Tanger Factory Outlet Centers, Inc.(b)		3,149,772
	20,949	Tejon Ranch Co.(c)		361,370
	39,576	Terreno Realty Corp.		1,767,068
	69,271	Tier REIT, Inc.		1,963,140
	48,905	UMH Properties, Inc. REIT		687,115
	9,034	Universal Health Realty Income Trust		731,935
	141,676	Urban Edge Properties		2,630,923
	47,224	Urstadt Biddle Properties, Inc., Class A		1,035,622
	129,393	Washington REIT		3,654,058
	71,957	Whitestone REIT		923,208
				145,917,423
		Utilities—1.8%
	29,335	American States Water Co.		2,087,772
	11,648	AquaVenture Holdings Ltd.(c)		226,554
	10,279	Artesian Resources Corp., Class A		372,922
	167,141	Atlantica Yield PLC (Spain)		3,424,719
	45,422	California Water Service Group		2,288,815

Number of Shares				Value
			Common Stocks & Other Equity Interests (continued)
			Utilities (continued)
	16,645		Chesapeake Utilities Corp.	$	1,541,993
	66,274		Clearway Energy, Inc., Class A		1,018,631
	137,251		Clearway Energy, Inc., Class C		2,178,173
	10,497		Connecticut Water Service, Inc.		719,779
	22,672		Consolidated Water Co. Ltd. (Cayman Islands)		287,028
	70,041		El Paso Electric Co.		4,280,206
	39,760		MGE Energy, Inc.		2,695,330
	12,500		Middlesex Water Co.		724,875
	44,945		Northwest Natural Holding Co.		3,006,371
	38,609		Ormat Technologies, Inc.		2,253,221
	54,195		Otter Tail Corp.		2,780,204
	160,568		Pattern Energy Group, Inc., Class A		3,712,332
	14,886		SJW Group		923,825
	26,588		Spark Energy, Inc., Class A(b)		251,522
	111,525		TerraForm Power, Inc., Class A		1,512,279
	25,200		Unitil Corp.		1,434,132
					37,720,683
			Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,962,113,112)—100.0%		2,094,562,556
		��
			Investments Purchased with Cash Collateral from Securities on Loan
			Money Market Funds—3.4%
	53,947,133		Invesco Government & Agency Portfolio—Institutional Class, 2.34%(e)(f)		53,947,133
	18,006,829		Invesco Liquid Assets Portfolio— Institutional Class, 2.48%(e)(f)		18,012,231
			Total Money Market Funds (Cost $71,959,364)		71,959,364
			Total Investments in Securities (Cost $2,034,072,476)—103.4%		2,166,521,920
			Other assets less liabilities—(3.4)%		(71,690,801	)
			Net Assets—100.0%	$	2,094,831,119

Abbreviations:

REIT—Real Estate Investment Trust

CVR—Contingent Value Rights

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

40

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

April 30, 2019

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at April 30, 2019.

^(c)  Non-income producing security.

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

^(e)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

41

Statements of Assets and Liabilities

April 30, 2019

	Invesco DWA NASDAQ Momentum ETF (DWAQ)			Invesco Dynamic Market ETF (PWC)			Invesco FTSE RAFI US 1000 ETF (PRF)		Invesco FTSE RAFI US 1500Small-Mid ETF (PRFZ)
Assets:
Unaffiliated investments in securities, at value(a)	$	44,956,316		$	157,925,759		$	5,582,892,651	$	2,094,562,556
Affiliated investments in securities, at value		3,000,114			5,918,510			32,273,315		71,959,364
Cash		—			—			41,702		693,051
Receivable for:
Dividends		1,985			105,257			6,821,043		838,632
Securities lending		2,115			7,376			22,009		157,136
Investments sold		—			—			—		9,752,800
Fund shares sold		—			—			—		23,371
Foreign tax reclaims		1,180			—			—		—
Total assets		47,961,710			163,956,902			5,622,050,720		2,177,986,910
Liabilities:
Payable for:
Investments purchased		—			—			—		1,652,296
Collateral upon return of securities loaned		2,862,822			5,742,839			24,584,551		71,959,364
Collateral upon receipt of securitiesin-kind		—			—			—		24,540
Fund shares repurchased		—			—			—		6,642,394
Accrued advisory fees		10,753			64,439			1,343,043		490,851
Accrued trustees’ and officer’s fees		35,045			58,305			272,473		103,686
Accrued expenses		125,895			116,567			5,826,102		2,282,660
Total liabilities		3,034,515			5,982,150			32,026,169		83,155,791
Net Assets	$	44,927,195		$	157,974,752		$	5,590,024,551	$	2,094,831,119
Net assets consist of:
Shares of beneficial interest	$	65,380,107		$	281,785,078		$	4,914,322,968	$	2,145,069,326
Distributable earnings		(20,452,912	)		(123,810,326	)		675,701,583		(50,238,207	)
Net Assets	$	44,927,195		$	157,974,752		$	5,590,024,551	$	2,094,831,119
Shares outstanding (unlimited amount authorized, $0.01 par value)		400,000			1,600,000			47,450,000		15,850,000
Net asset value	$	112.32		$	98.73		$	117.81	$	132.17
Market price	$	112.25		$	98.63		$	117.82	$	132.22
Unaffiliated investments in securities, at cost	$	37,608,125		$	154,060,357		$	4,753,783,131	$	1,962,113,112
Affiliated investments in securities, at cost	$	3,000,114		$	5,918,510		$	33,212,125	$	71,959,364
(a)  Includes securities on loan with an aggregate value of	$	2,879,858		$	5,668,996		$	23,488,938	$	68,637,237

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

42

Statements of Operations

For the year ended April 30, 2019

	Invesco DWA NASDAQ Momentum ETF (DWAQ)			Invesco Dynamic Market ETF (PWC)			Invesco FTSE RAFI US 1000 ETF (PRF)			Invesco FTSE RAFI US 1500Small-Mid ETF (PRFZ)
Investment income:
Unaffiliated dividend income	$	140,868		$	2,186,670		$	128,214,580		$	29,734,636
Affiliated dividend income		2,334			3,827			347,572			39,012
Non-cash dividend income		—			228,055			2,556,700			3,001,586
Securities lending income		11,400			24,405			405,167			2,463,109
Foreign witholding tax		—			(2,396	)		(9,517	)		(56,274	)
Total investment income		154,602			2,440,561			131,514,502			35,182,069
Expenses:
Advisory fees		245,212			813,705			15,160,982			5,925,397
Sub-licensing fees		48,787			48,957			4,718,009			1,843,949
Accounting & administration fees		29,562			35,466			380,113			155,284
Professional fees		24,344			26,008			66,197			39,668
Custodian & transfer agent fees		5,856			10,660			94,880			72,540
Trustees’ and officer’s fees		7,268			9,101			66,107			28,610
Other expenses		16,315			20,925			178,987			85,828
Total expenses		377,344			964,822			20,665,275			8,151,276
Less: Waivers		(83,295	)		(329	)		(281,921	)		(186,219	)
Net expenses		294,049			964,493			20,383,354			7,965,057
Net investment income (loss)		(139,447	)		1,476,068			111,131,148			27,217,012
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(7,297,768	)		(23,420,179	)		(27,009,374	)		(66,790,105	)
Affiliated investment securities		—			—			(8,025	)		—
Unaffiliatedin-kind redemptions		10,393,574			31,578,369			280,926,314			184,454,445
Affiliatedin-kind redemptions		—			—			20,007			—
Foreign currencies		—			—			—			59
Net realized gain		3,095,806			8,158,190			253,928,922			117,664,399
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		129,608			(6,019,994	)		101,139,478			(67,887,495	)
Affiliated investment securities		—			—			(540,396	)		—
Change in unrealized appreciation (depreciation)		129,608			(6,019,994	)		100,599,082			(67,887,495	)
Net realized and unrealized gain		3,225,414			2,138,196			354,528,004			49,776,904
Net increase in net assets resulting from operations	$	3,085,967		$	3,614,264		$	465,659,152		$	76,993,916

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

43

Statements of Changes in Net Assets

For the years ended April 30, 2019 and 2018

	Invesco DWA NASDAQ Momentum ETF (DWAQ)						Invesco Dynamic Market ETF (PWC)
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	(139,447	)	$	(49,936	)	$	1,476,068		$	3,449,899
Net realized gain		3,095,806			7,061,616			8,158,190			20,829,508
Change in net unrealized appreciation (depreciation)		129,608			531,713			(6,019,994	)		(470,940	)
Net increase in net assets resulting from operations		3,085,967			7,543,393			3,614,264			23,808,467
Distributions to Shareholders from:
Distributable earnings		—			(52,590	)		(1,826,550	)		(3,141,857	)
Shareholder Transactions:
Proceeds from shares sold		55,298,250			45,322,131			247,458,643			219,756,077
Value of shares repurchased		(65,497,189	)		(35,342,392	)		(246,405,339	)		(228,340,706	)
Net increase (decrease) in net assets resulting from share transactions		(10,198,939	)		9,979,739			1,053,304			(8,584,629	)
Net increase (decrease) in net assets		(7,112,972	)		17,470,542			2,841,018			12,081,981
Net assets:
Beginning of year		52,040,167			34,569,625			155,133,734			143,051,753
End of year	$	44,927,195		$	52,040,167		$	157,974,752		$	155,133,734
Changes in Shares Outstanding:
Shares sold		500,000			450,000			2,450,000			2,400,000
Shares repurchased		(600,000	)		(350,000	)		(2,450,000	)		(2,500,000	)
Shares outstanding, beginning of year		500,000			400,000			1,600,000			1,700,000
Shares outstanding, end of year		400,000			500,000			1,600,000			1,600,000

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

44

Invesco FTSE RAFI US 1000 ETF (PRF)						Invesco FTSE RAFI US 1500Small-Mid ETF (PRFZ)
2019			2018			2019			2018
$	111,131,148		$	101,981,304		$	27,217,012		$	20,340,584
	253,928,922			352,123,324			117,664,399			176,707,427
	100,599,082			38,529,597			(67,887,495	)		(1,012,950	)
	465,659,152			492,634,225			76,993,916			196,035,061
	(107,823,504	)		(97,645,991	)		(25,325,031	)		(18,546,404	)
	892,856,882			745,176,748			678,476,197			559,752,314
	(785,088,112	)		(912,832,186	)		(524,646,991	)		(480,435,328	)
	107,768,770			(167,655,438	)		153,829,206			79,316,986
	465,604,418			227,332,796			205,498,091			256,805,643
	5,124,420,133			4,897,087,337			1,889,333,028			1,632,527,385
$	5,590,024,551		$	5,124,420,133		$	2,094,831,119		$	1,889,333,028
	8,250,000			6,650,000			5,400,000			4,300,000
	(6,950,000	)		(8,200,000	)		(4,050,000	)		(3,650,000	)
	46,150,000			47,700,000			14,500,000			13,850,000
	47,450,000			46,150,000			15,850,000			14,500,000

45

Financial Highlights

Invesco DWA NASDAQ Momentum ETF (DWAQ)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	104.08		$	86.42		$	69.83		$	75.06		$	64.34
Net investment income (loss)(a)		(0.30	)		(0.11	)		0.07			(0.06	)		0.06
Net realized and unrealized gain (loss) on investments		8.54			17.88			16.65			(5.11	)		10.66
Total from investment operations		8.24			17.77			16.72			(5.17	)		10.72
Distributions to shareholders from:
Net investment income		—			(0.11	)		(0.06	)		(0.05	)		—
Return of capital		—			—			(0.07	)		(0.01	)		—
Total distributions		—			(0.11	)		(0.13	)		(0.06	)		—
Net asset value at end of year	$	112.32		$	104.08		$	86.42		$	69.83		$	75.06
Market price at end of year(b)	$	112.25		$	104.23		$	86.38		$	69.82		$	75.10
Net Asset Value Total Return(c)		7.92	%		20.56	%		23.98	%		(6.90	)%		16.66	%
Market Price Total Return(c)		7.72	%		20.79	%		23.95	%		(6.96	)%		16.76	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	44,927		$	52,040		$	34,570		$	34,913		$	30,023
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.77	%		0.82	%		0.85	%		0.81	%		0.96	%
Net investment income (loss), after Waivers		(0.28	)%		(0.11	)%		0.09	%		(0.09	)%		0.09	%
Portfolio turnover rate(d)		156	%		80	%		89	%		118	%		154	%

^(a)  Based on average shares outstanding.

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

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

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

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

46

Financial Highlights(continued)

Invesco Dynamic Market ETF (PWC)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	96.96		$	84.15		$	71.56		$	73.46		$	70.27
Net investment income(a)		0.90			2.11	(b)		0.43			0.82			0.68
Net realized and unrealized gain (loss) on investments		1.99			12.64			12.98			(1.91	)		3.25
Total from investment operations		2.89			14.75			13.41			(1.09	)		3.93
Distributions to shareholders from:
Net investment income		(1.12	)		(1.94	)		(0.82	)		(0.81	)		(0.74	)
Net asset value at end of year	$	98.73		$	96.96		$	84.15		$	71.56		$	73.46
Market price at end of year(c)	$	98.63		$	96.98		$	84.16		$	71.55		$	73.40
Net Asset Value Total Return(d)		3.00	%		17.67	%		18.88	%		(1.50	)%		5.58	%
Market Price Total Return(d)		2.89	%		17.68	%		18.91	%		(1.43	)%		5.49	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	157,975		$	155,134		$	143,052		$	143,122		$	168,950
Ratio to average net assets of:
Expenses, after Waivers		0.59	%		0.60	%		0.60	%		0.60	%		0.59	%
Expenses, prior to Waivers		0.59	%		0.61	%		0.61	%		0.60	%		0.59	%
Net investment income, after Waivers		0.91	%		2.30	%(b)		0.56	%		1.13	%		0.93	%
Portfolio turnover rate(e)		240	%		215	%		231	%		231	%		237	%

^(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 $1.10 and 1.19%, respectively.

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

Invesco FTSE RAFI US 1000 ETF (PRF)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	111.04		$	102.66		$	90.15		$	92.45		$	85.42
Net investment income(a)		2.40			2.18			1.86			1.93			1.72
Net realized and unrealized gain (loss) on investments		6.72			8.29			12.56			(2.23	)		6.93
Total from investment operations		9.12			10.47			14.42			(0.30	)		8.65
Distributions to shareholders from:
Net investment income		(2.35	)		(2.09	)		(1.91	)		(2.00	)		(1.62	)
Net asset value at end of year	$	117.81		$	111.04		$	102.66		$	90.15		$	92.45
Market price at end of year(b)	$	117.82		$	111.12		$	102.67		$	90.13		$	92.43
Net Asset Value Total Return(c)		8.40	%		10.26	%		16.16	%		(0.23	)%		10.19	%
Market Price Total Return(c)		8.32	%		10.33	%		16.19	%		(0.24	)%		10.23	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	5,590,025		$	5,124,420		$	4,897,087		$	4,142,401		$	4,558,017
Ratio to average net assets of:
Expenses, after Waivers		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers		0.40	%		0.41	%		0.41	%		0.41	%		0.41	%
Net investment income, after Waivers		2.13	%		2.00	%		1.93	%		2.19	%		1.92	%
Portfolio turnover rate(d)		10	%		9	%		11	%		12	%		10	%

^(a)  Based on average shares outstanding.

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

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

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

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

47

Financial Highlights(continued)

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

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	130.30		$	117.87		$	97.56		$	103.44		$	96.35
Net investment income(a)		1.76			1.44			1.30			1.25			1.38
Net realized and unrealized gain (loss) on investments		1.75			12.31			20.46			(5.93	)		7.04
Total from investment operations		3.51			13.75			21.76			(4.68	)		8.42
Distributions to shareholders from:
Net investment income		(1.64	)		(1.32	)		(1.45	)		(1.20	)		(1.33	)
Net asset value at end of year	$	132.17		$	130.30		$	117.87		$	97.56		$	103.44
Market price at end of year(b)	$	132.22		$	130.51		$	117.82		$	97.55		$	103.45
Net Asset Value Total Return(c)		2.75	%		11.73	%		22.44	%		(4.49	)%		8.80	%
Market Price Total Return(c)		2.60	%		11.96	%		22.40	%		(4.52	)%		8.78	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	2,094,831		$	1,889,333		$	1,632,527		$	1,107,295		$	1,158,510
Ratio to average net assets of:
Expenses, after Waivers		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers		0.40	%		0.41	%		0.41	%		0.41	%		0.42	%
Net investment income, after Waivers		1.33	%		1.15	%		1.20	%		1.30	%		1.39	%
Portfolio turnover rate(d)		24	%		26	%		29	%		28	%		26	%

^(a)  Based on average shares outstanding.

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

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

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

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

48

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2019

NOTE 1—Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-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 DWA NASDAQ Momentum ETF (DWAQ)	“DWA NASDAQ Momentum ETF”
Invesco Dynamic Market ETF (PWC)	“Dynamic Market ETF”
Invesco FTSE RAFI US 1000 ETF (PRF)	“FTSE RAFI US 1000 ETF”
Invesco FTSE RAFI US 1500Small-Mid ETF (PRFZ)	“FTSE RAFI US 1500Small-Mid 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. “Shares of Dynamic Market ETF and FTSE RAFI US 1000 ETF are listed and traded on NYSE Arca, Inc., and Shares of DWA NASDAQ Momentum ETF and FTSE RAFI US 1500Small-Mid ETF are listed and traded on The Nasdaq Stock Market.

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

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

Fund	Underlying Index
DWA NASDAQ Momentum ETF	Dorsey Wright®NASDAQ Technical Leaders Index
Dynamic Market ETF	Dynamic Market IntellidexSMIndex
FTSE RAFI US 1000 ETF	FTSE RAFITMUS 1000 Index
FTSE RAFI US 1500Small-Mid ETF	FTSE RAFITMUS 1500 Mid Small 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 (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in theover-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such asinstitution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of

49

issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions 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.

B. Other Risks

Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or Sella security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for Funds that invest innon-U.S. securities, which may have lower trading volumes.

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

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investor sentiment toward particular industries will become negative. 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.

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 faces 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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

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

Momentum Investing Risk. Certain Funds employ a “momentum “style of investing that is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.

Small- andMid-Capitalization Company Risk. For certain Funds, investing in securities of small- andmid-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- andmid-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.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the 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 the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gain distributions to the Fund’s shareholders, the Fund will seek to utilize anin-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

C. 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 the accrual basis from settlement date.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each 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.

D. 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

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Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders— Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end.

F. 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 forin-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.

G. Expenses— Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that 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.

Each Fund is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions,sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.

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.

H. 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 theperiod-end date and before the date the financial statements are released to print.

I. Indemnifications— Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending— During the fiscal year ended April 30, 2019, each Fund participated in securities lending. Each Fund loaned portfolio securities having a market value up toone-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 generally invested in an affiliated money market fund 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.

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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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

K. Distributions from Distributable Earnings— In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.

For the year ended April 30, 2018, distributions from distributable earnings consisted of distributions from net investment income.

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 that Investment Advisory Agreement, each of DWA NASDAQ Momentum ETF and Dynamic Market ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets, and each of FTSE RAFI US 1000 ETF and FTSE RAFI US 1500Small-Mid ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund. For the FTSE RAFI US 1000 ETF and the FTSE RAFI US 1500Small-Mid ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2021. For the DWA NASDAQ Momentum ETF and the Dynamic Market ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund from exceeding 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2021. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2021. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Dynamic Market ETF.

Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

DWA NASDAQ Momentum ETF	$	83,295
Dynamic Market ETF		329
FTSE RAFI US 1000 ETF		281,921
FTSE RAFI US 1500Small-Mid ETF		186,219

For FTSE RAFI US 1000 ETF and FTSE RAFI US 1500Small-Mid ETF, the fees waived and/or expenses borne by the Adviser are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. For DWA NASDAQ Momentum ETF and Dynamic Market ETF, the expenses borne by the Adviser are not subject to recapture.

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For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at April 30, 2019 are as follows:

	Total Potential Recapture Amounts		Potential Recapture Amounts Expiring
			4/30/20		4/30/21		4/30/22
FTSE RAFI US 1000 ETF	$	2,060,825	$	803,840	$	984,797	$	272,188
FTSE RAFI US 1500Small-Mid ETF		884,042		297,485		403,807		182,750

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
DWA NASDAQ Momentum ETF	Dorsey Wright & Associates, LLC
Dynamic Market ETF	ICE Data Indices, LLC
FTSE RAFI US 1000 ETF	FTSE International Limited and Research Affiliates LLC
FTSE RAFI US 1500Small-Mid ETF	FTSE International Limited and Research Affiliates 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’ssub-licensing agreement with the Adviser. The Funds are required to pay thesub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, 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.

NOTE 4—Investments in Affiliates

The Adviser and Invesco Mortgage Capital, Inc. are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. are considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the fiscal year ended April 30, 2019.

FTSE RAFI US 1000 ETF

	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value April 30, 2019		Dividend Income
Invesco Ltd.	$	3,399,369	$	2,309,560	$	(229,973	)	$	(545,429	)	$	5,615	$	4,939,142	$	140,733
Invesco Mortgage Capital, Inc.		915,583		153,827		(173,385	)		5,033			6,367		907,425		95,284
Total Investments in Affiliates	$	4,314,952	$	2,463,387	$	(403,358	)	$	(540,396	)	$	11,982	$	5,846,567	$	236,017

NOTE 5—Additional Valuation Information

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

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

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

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Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Fund listed below, as of April 30, 2019, all of the securities in each Fund 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
FTSE RAFI US 1500Small-Mid ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	2,094,539,460	$	—	$	23,096	$	2,094,562,556
Money Market Funds		71,959,364		—		—		71,959,364
Total Investments	$	2,166,498,824	$	—	$	23,096	$	2,166,521,920

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2019 and 2018:

	2019		2018
	Ordinary Income		Ordinary Income
DWA NASDAQ Momentum ETF	$	—	$	52,590
Dynamic Market ETF		1,826,550		3,141,857
FTSE RAFI US 1000 ETF		107,823,504		97,645,991
FTSE RAFI US 1500Small-Mid ETF		25,325,031		18,546,404

Tax Components of Net Assets at FiscalYear-End:

	Undistributed Ordinary Income			Temporary Book/Tax Differences				Net Unrealized Appreciation— Investments			Capital Loss Carryforwards				Late-Year Ordinary Loss Deferral				Shares of Beneficial Interest			Total Net Assets
DWA NASDAQ Momentum ETF		$	—		$	(32,622	)		$	7,084,088		$	(27,453,889	)		$	(50,489	)		$	65,380,107		$	44,927,195
Dynamic Market ETF			205,408			(55,254	)			2,400,187			(126,360,667	)			—				281,785,078			157,974,752
FTSE RAFI US 1000 ETF			16,666,809			(248,217	)			743,649,699			(84,366,708	)			—				4,914,322,968			5,590,024,551
FTSE RAFI US 1500Small-Mid ETF			5,931,548			(93,869	)			71,953,566			(128,029,452	)			—				2,145,069,326			2,094,831,119

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 following table presents available capital loss carryforwards for each Fund as of April 30, 2019:

	Post-effective/no expiration
	Short-Term		Long-Term		Total*
DWA NASDAQ Momentum ETF	$	27,453,889	$	—	$	27,453,889
Dynamic Market ETF		125,076,065		1,284,602		126,360,667
FTSE RAFI US 1000 ETF		1,133,273		83,233,435		84,366,708
FTSE RAFI US 1500Small-Mid ETF		30,484,499		97,544,953		128,029,452

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

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NOTE 7—Investment Transactions

For the fiscal year ended April 30, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:

	Purchases		Sales
DWA NASDAQ Momentum ETF	$	81,977,981	$	85,297,268
Dynamic Market ETF		388,218,392		385,608,929
FTSE RAFI US 1000 ETF		520,093,014		508,320,165
FTSE RAFI US 1500Small-Mid ETF		500,156,625		489,848,435

For the fiscal year ended April 30, 2019,in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
DWA NASDAQ Momentum ETF	$	55,341,561	$	62,339,842
Dynamic Market ETF		247,134,217		248,701,439
FTSE RAFI US 1000 ETF		891,457,935		786,222,372
FTSE RAFI US 1500Small-Mid ETF		674,519,907		524,507,026

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

At April 30, 2019, 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 reportingperiod-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)		Cost
DWA NASDAQ Momentum ETF	$	7,731,885	$	(647,797)	$	7,084,088	$	40,872,342
Dynamic Market ETF		9,510,369		(7,110,182)		2,400,187		161,444,082
FTSE RAFI US 1000 ETF		1,089,477,560		(345,827,861)		743,649,699		4,871,516,267
FTSE RAFI US 1500Small-Mid ETF		282,439,947		(210,486,381)		71,953,566		2,094,568,354

NOTE 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment ofin-kind transactions and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2019, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
DWA NASDAQ Momentum ETF		$	195,145			$	(6,539,596)		$	6,344,451
Dynamic Market ETF			(47,480	)			(15,518,348)			15,565,828
FTSE RAFI US 1000 ETF			—				(233,350,030)			233,350,030
FTSE RAFI US 1500Small-Mid ETF			72				(175,977,790)			175,977,718

NOTE 9—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The 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 his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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.

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NOTE 10—Capital

Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

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

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

57

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco DWA NASDAQ Momentum ETF, Invesco Dynamic Market ETF, Invesco FTSE RAFI US 1000 ETF and Invesco FTSE RAFI US 1500Small-Mid ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco DWA NASDAQ Momentum ETF, Invesco Dynamic Market ETF, Invesco FTSE RAFI US 1000 ETF and Invesco FTSE RAFI US 1500Small-Mid ETF (four of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2019, the related statements of operations for the year ended April 30, 2019, the statements of changes in net assets for each of the two years in the period ended April 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2019, and each of the financial highlights for each of the five years in the period ended April 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2019

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

58

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. 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 through thesix-month period ended April 30, 2019.

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 theSix-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco DWA NASDAQ Momentum ETF (DWAQ)
Actual	$	1,000.00	$	1,134.80		0.60	%	$	3.18
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60			3.01
Invesco Dynamic Market ETF (PWC)
Actual		1,000.00		1,019.50		0.59			2.95
Hypothetical (5% return before expenses)		1,000.00		1,021.87		0.59			2.96
Invesco FTSE RAFI US 1000 ETF (PRF)
Actual		1,000.00		1,066.80		0.39			2.00
Hypothetical (5% return before expenses)		1,000.00		1,022.86		0.39			1.96
Invesco FTSE RAFI US 1500Small-Mid ETF (PRFZ)
Actual		1,000.00		1,037.30		0.39			1.97
Hypothetical (5% return before expenses)		1,000.00		1,022.86		0.39			1.96

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended April 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recentsix-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

59

Tax Information

Form1099-DIV, Form1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2019:

	Qualified Business Income*			Qualified Dividend Income*			Dividends-Received Deduction*
Invesco DWA NASDAQ Momentum ETF		0	%		0	%		0	%
Invesco Dynamic Market ETF		0	%		100	%		100	%
Invesco FTSE RAFI US 1000 ETF		0	%		100	%		100	%
Invesco FTSE RAFI US 1500Small-Mid ETF		20	%		100	%		89	%

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

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Trustees and Officers

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

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	241	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007), and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	241	None.
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club For Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	241	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

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

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

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Trustees and Officers(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	241	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	241	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (advisory services to the financial sector) (2010-Present); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	241	Director, Penfield Children’s Center (2004-present); Board Chairman, Gracebridge Alliance, Inc. (2015-present).

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

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

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Trustees and Officers(continued)

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

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008–Present), Invesco North American Holdings, Inc.; Executive Vice President (2008–Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012–Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014–Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008–2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2018); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	241	None

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

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

63

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

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

64

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

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

65

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Manager, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

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

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

66

Board Considerations Regarding Continuation of Investment Advisory Agreement

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 53 series (each, a “Fund” and collectively, the “Funds”):

Invesco Aerospace & Defense ETF

Invesco BRIC ETF

Invesco BuyBack Achievers^TM ETF

Invesco Cleantech^TM ETF

Invesco Dividend Achievers^TM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA NASDAQ Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Retail ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend Achievers^TM ETF

Invesco Insider Sentiment ETF

Invesco International Dividend Achievers^TM ETF

Invesco Russell 2000 Pure Growth ETF

Invesco Russell 2000 Pure Value ETF

Invesco Russell Midcap Equal Weight ETF

Invesco Russell Midcap Pure Growth ETF

Invesco Russell Midcap Pure Value ETF

Invesco Russell Top 200 Equal Weight ETF

Invesco Russell Top 200 Pure Growth ETF

Invesco Russell Top 200 Pure Value ETF

Invesco S&P 500^® Quality ETF

Invesco S&PSpin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF Invesco ZacksMid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for theday-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for theone-year, three-year, five-year,ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance

67

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

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

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees also compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”),open-end(non-ETF) index funds andopen-end(non-ETF) actively-managed funds, as applicable. The Trustees noted that the annual contractual advisory fee charged to each Fund is:

● 0.50% of the Fund’s average daily net assets for each Fund other than Invesco Dividend Achievers^TM ETF, Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco High Yield Equity Dividend Achievers^TM ETF, Invesco International Dividend Achievers^TM ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Equal Weight ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Equal Weight ETF, Invesco Russell Top 200 Pure Growth ETF, Invesco Russell Top 200 Pure Value ETF and Invesco S&P 500^® Quality ETF (The net advisory fee, after giving effect to the Expense Cap, as defined below, was-0.16% for Invesco Dynamic Retail ETF.);

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

● 0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Pure Growth ETF and Invesco Russell Top 200 Pure Value ETF;

● 0.25% of the Fund’s average daily net assets for each of Invesco Russell Midcap Equal Weight ETF and Invesco Russell Top 200 Equal Weight ETF (The net advisory fee, after giving effect to the Expense Cap, as defined below, was-0.17% for Invesco Russell Midcap Equal Weight ETF.); and

● 0.15% of the Fund’s average daily net assets for Invesco S&P 500^® Quality ETF (The Trustees noted that, prior to September 24, 2018, the Fund’s advisory fee was 0.29%.).

The Trustees also noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2021, as set forth below:

● 0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco DWA NASDAQ Momentum ETF and Invesco Dynamic Market ETF;

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

● 0.50%, excluding interest expenses,sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Pure Growth ETF and Invesco Russell Top 200 Pure Value ETF;

68

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

● 0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco Russell Midcap Equal Weight ETF and Invesco Russell Top 200 Equal Weight ETF;

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

● 0.60%, excluding interest expenses,sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each other Fund.

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it providessub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to thesub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF andopen-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower than Open-End Active Fund Median
Invesco Aerospace & Defense ETF			X
Invesco BRIC ETF			X
Invesco Buyback AchieversTM ETF			X
Invesco CleantechTM ETF			X
Invesco Dividend AchieversTM ETF			X
Invesco DWA Basic Materials Momentum ETF			X
Invesco DWA Consumer Cyclicals Momentum ETF			X
Invesco DWA Consumer Staples Momentum ETF			X
Invesco DWA Energy Momentum ETF			X
Invesco DWA Financial Momentum ETF			X
Invesco DWA Healthcare Momentum ETF			X
Invesco DWA Industrials Momentum ETF			X
Invesco DWA Momentum ETF	X		X
Invesco DWA NASDAQ Momentum ETF			X
Invesco DWA Technology Momentum ETF			X
Invesco DWA Utilities Momentum ETF			X
Invesco Dynamic Biotechnology & Genome ETF			X
Invesco Dynamic Building & Construction ETF			X
Invesco Dynamic Energy Exploration & Production ETF			X
Invesco Dynamic Food & Beverage ETF			X
Invesco Dynamic Large Cap Growth ETF			X
Invesco Dynamic Large Cap Value ETF			X
Invesco Dynamic Leisure and Entertainment ETF			X
Invesco Dynamic Market ETF			X
Invesco Dynamic Media ETF			X
Invesco Dynamic Networking ETF			X
Invesco Dynamic Oil & Gas Services ETF		N/A	X
Invesco Dynamic Pharmaceuticals ETF			X

69

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower than Open-End Active Fund Median
Invesco Dynamic Retail ETF			X
Invesco Dynamic Semiconductors ETF			X
Invesco Dynamic Software ETF			X
Invesco Financial Preferred ETF		N/A	X
Invesco FTSE RAFI US 1000 ETF			X
Invesco FTSE RAFI US 1500Small-Mid ETF			X
Invesco Global Listed Private Equity ETF		N/A	X
Invesco Golden Dragon China ETF	X	N/A	X
Invesco High Yield Equity Dividend AchieversTM ETF			X
Invesco Insider Sentiment ETF			X
Invesco International Dividend AchieversTM ETF	X		X
Invesco Russell 2000 Pure Growth ETF		X	X
Invesco Russell 2000 Pure Value ETF		X	X
Invesco Russell Midcap Equal Weight ETF			X
Invesco Russell Midcap Pure Growth ETF	X		X
Invesco Russell Midcap Pure Value ETF	X		X
Invesco Russell Top 200 Equal Weight ETF	X		X
Invesco Russell Top 200 Pure Growth ETF			X
Invesco Russell Top 200 Pure Value ETF			X
Invesco S&P 500® Quality ETF	X		X
Invesco S&PSpin-Off			X
Invesco Water Resources ETF			X
Invesco WilderHill Clean Energy ETF			X
Invesco ZacksMid-Cap ETF			X
Invesco Zacks Multi-Asset Income ETF			X

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

The Trustees determined that the contractual advisory fees were reasonable, noting the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF andopen-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower than Open-End Active Fund Median
Invesco Aerospace & Defense ETF			X
Invesco BRIC ETF			X
Invesco Buyback AchieversTM ETF			X
Invesco CleantechTM ETF			X
Invesco Dividend AchieversTM ETF		X	X
Invesco DWA Basic Materials Momentum ETF			X
Invesco DWA Consumer Cyclicals Momentum ETF			X
Invesco DWA Consumer Staples Momentum ETF			X

70

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower than Open-End Active Fund Median
Invesco DWA Energy Momentum ETF			X
Invesco DWA Financial Momentum ETF			X
Invesco DWA Healthcare Momentum ETF			X
Invesco DWA Industrials Momentum ETF			X
Invesco DWA Momentum ETF		X	X
Invesco DWA NASDAQ Momentum ETF			X
Invesco DWA Technology Momentum ETF			X
Invesco DWA Utilities Momentum ETF			X
Invesco Dynamic Biotechnology & Genome ETF			X
Invesco Dynamic Building & Construction ETF			X
Invesco Dynamic Energy Exploration & Production ETF			X
Invesco Dynamic Food & Beverage ETF			X
Invesco Dynamic Large Cap Growth ETF			X
Invesco Dynamic Large Cap Value ETF			X
Invesco Dynamic Leisure and Entertainment ETF			X
Invesco Dynamic Market ETF			X
Invesco Dynamic Media ETF			X
Invesco Dynamic Networking ETF			X
Invesco Dynamic Oil & Gas Services ETF		N/A	X
Invesco Dynamic Pharmaceuticals ETF			X
Invesco Dynamic Retail ETF			X
Invesco Dynamic Semiconductors ETF			X
Invesco Dynamic Software ETF			X
Invesco Financial Preferred ETF		N/A	X
Invesco FTSE RAFI US 1000 ETF			X
Invesco FTSE RAFI US 1500Small-Mid ETF			X
Invesco Global Listed Private Equity ETF		N/A	X
Invesco Golden Dragon China ETF		N/A	X
Invesco High Yield Equity Dividend AchieversTM ETF		X	X
Invesco Insider Sentiment ETF			X
Invesco International Dividend AchieversTM ETF			X
Invesco Russell 2000 Pure Growth ETF		X	X
Invesco Russell 2000 Pure Value ETF		X	X
Invesco Russell Midcap Equal Weight ETF			X
Invesco Russell Midcap Pure Growth ETF			X
Invesco Russell Midcap Pure Value ETF			X
Invesco Russell Top 200 Equal Weight ETF	X		X
Invesco Russell Top 200 Pure Growth ETF			X
Invesco Russell Top 200 Pure Value ETF			X
Invesco S&P 500® Quality ETF	X		X
Invesco S&PSpin-Off ETF			X
Invesco Water Resources ETF			X
Invesco WilderHill Clean Energy ETF			X
Invesco ZacksMid-Cap ETF			X
Invesco Zacks Multi-Asset Income ETF			X

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

71

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Large Cap Growth ETF and Invesco WilderHill Clean Energy ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.

The Trustees noted that a significant component of thenon-advisory fee expenses was the license fees paid by the Funds, and noted those Funds for which license fees are included in the Funds’ Expense Caps. The Trustees also noted that the Adviser has agreed to reimburse certain Funds in the amount equal to the licensing fee paid that causes that Fund’s annual operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed a percentage of that Fund’s average daily net assets through April 6, 2020 (May 18, 2020 for Invesco BRIC ETF) as set forth below:

Invesco BRIC ETF	0.64	%
Invesco Insider Sentiment ETF	0.60	%
Invesco S&PSpin-Off ETF	0.64	%
Invesco ZacksMid-Cap ETF	0.65	%
Invesco Zacks Multi-Asset Income ETF	0.65	%

The Board concluded that the advisory fee and expense ratio of each Fund (giving effect to the Fund’s Expense Cap) were reasonable and appropriate in light of the services provided.

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

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

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

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

72

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 atwww.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’sForm N-PX on the Commission’s website atwww.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 onForm N-Q (or any successor Form). The Trust’sForms N-Q (or any successor Form) are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.

©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-AR-2 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2019

PWB	Invesco Dynamic Large Cap Growth ETF
PWV	Invesco Dynamic Large Cap Value ETF
PXSG	Invesco Russell 2000 Pure Growth ETF
PXSV	Invesco Russell 2000 Pure Value ETF
EQWM	Invesco Russell Midcap Equal Weight ETF
PXMG	Invesco Russell Midcap Pure Growth ETF
PXMV	Invesco Russell Midcap Pure Value ETF
EQWL	Invesco Russell Top 200 Equal Weight ETF
PXLG	Invesco Russell Top 200 Pure Growth ETF
PXLV	Invesco Russell Top 200 Pure Value ETF
CZA	Invesco Zacks Mid-Cap ETF
CVY	Invesco Zacks Multi-Asset Income ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Style Portfolios
Schedules of Investments
Invesco Dynamic Large Cap Growth ETF (PWB)	37
Invesco Dynamic Large Cap Value ETF (PWV)	38
Invesco Russell 2000 Pure Growth ETF (PXSG)	39
Invesco Russell 2000 Pure Value ETF (PXSV)	43
Invesco Russell Midcap Equal Weight ETF (EQWM)	47
Invesco Russell Midcap Pure Growth ETF (PXMG)	55
Invesco Russell Midcap Pure Value ETF (PXMV)	57
Invesco Russell Top 200 Equal Weight ETF (EQWL)	60
Invesco Russell Top 200 Pure Growth ETF (PXLG)	63
Invesco Russell Top 200 Pure Value ETF (PXLV)	65
Invesco Zacks Mid-Cap ETF (CZA)	66
Invesco Zacks Multi-Asset Income ETF (CVY)	68
Statements of Assets and Liabilities	72
Statements of Operations	74
Statements of Changes in Net Assets	76
Financial Highlights	82
Notes to Financial Statements	90
Report of Independent Registered Public Accounting Firm	102
Fund Expenses	103
Tax Information	105
Trustees and Officers	106
Board Considerations Regarding Continuation of Investment Advisory Agreement	112

2

The Market Environment

Domestic Equity

The fiscal year proved to be an increasingly volatile time for U.S. equities. Throughout the summer, U.S. equities moved higher as corporate profits surged amid the benefit of corporate tax cuts and improving global economic growth. Several U.S. equity indexes reached new highs despite potential headwinds, including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. After a relatively quiet summer, market volatility noticeably rose in October 2018, as U.S. equity markets suffered a sharpsell-off throughyear-end 2018, amid ongoing trade concerns between the U.S. and China, fears of a global economic slowdown and lower oil prices from a supply glut, with oil prices plummeting from near $75 per barrel in early October 2018 to around $45 per barrel in late December 2018.¹ In this environment, there was a flight to safety, as investors fled to defensive areas of the markets, such as health care, utilities and U.S. Treasuries.

Given signs of a strong economy, the U.S. Federal Reserve (the “Fed”) raised interest rates three times during the fiscal year: in June, September and December 2018. Following December’s Fed meeting, the Fed raised interest rates by 25 basis points to a targeted range of 2.25% to 2.50%, which signaled a slightly more dovish stance than expected.² In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.

Equity markets rebounded at the start of 2019, fueled by optimism about a potential U.S.-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as U.S. economic data were mixed and overseas growth appeared to be slowing. By the end of the fiscal year, the U.S. equity market generally recovered the losses from fourth quarter 2018, backed by improving investor sentiment, low unemployment and a growing economy.

¹  Source: Bloomberg

²  Source: U.S. Federal Reserve

3

PWB	Manager’s Analysis
	Invesco Dynamic Large Cap Growth ETF (PWB)

As an index fund, the Invesco Dynamic Large Cap Growth ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Growth Intellidex^SMIndex (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of large capitalization companies that comprise the Index.

Ice Data Indices, LLC (the “Index Provider”) considers a company to be a large capitalization company if it falls within the Index model. The Index for the Fund is composed of 50 large capitalization U.S. growth stocks that, strictly in accordance with its guidelines and mandated procedures, the Index Provider includes principally on the basis of their capital appreciation potential. The Index Provider ranks the 2,000 largest U.S. stocks (by market capitalization) traded on the New York Stock Exchange (“NYSE”), NYSE American and The Nasdaq Stock Market for investment potential using a proprietary Index Provider Intellidex model.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 13.57%. On a net asset value (“NAV”) basis, the Fund returned 13.69%. During the same time period, the Index returned 14.31%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell 1000^® Growth Index (the “Benchmark Index”) returned 17.43%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 550 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large cap growth market.

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

Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the information technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection of companies in the consumer staples and consumer discretionary sectors.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and health care sectors, respectively. The consumer staples and real estate sectors were the only detracting sectors.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Mastercard Inc., Class A, an information technology company (portfolio average weight of 2.61%) and Microsoft Corp., an information technology company (portfolio average weight of 3.05%). Positions that detracted most significantly from the Fund’s return during this period included Humana Inc., a health care company (portfolio average weight of 1.68%) and Emerson Electric Co., an industrials company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Health Care	33.9
Consumer Discretionary	20.6
Information Technology	16.5
Industrials	9.1
Energy	6.1
Financials	4.8
Communication Services	4.5
Materials	3.0
Consumer Staples	1.5
Money Market Fund Plus Other Assets Less Liabilities	(0.0)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Accenture PLC, Class A	3.7
Roper Technologies, Inc.	3.7
Thermo Fisher Scientific, Inc.	3.5
TJX Cos., Inc. (The)	3.5
Lowe’s Cos., Inc.	3.4
Home Depot, Inc. (The)	3.4
Abbott Laboratories	3.4
Berkshire Hathaway, Inc., Class B	3.4
Baxter International, Inc.	3.3
Agilent Technologies, Inc.	3.2
Total	34.5

* Excluding money market fund holdings.

4

Invesco Dynamic Large Cap Growth ETF (PWB)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Large Cap Growth IntellidexSM Index		14.31	%		18.20	%		65.12	%		15.26	%		103.39	%		17.65	%		408.21	%		10.13	%		292.04	%
Russell 1000® Growth Index		17.43			18.62			66.93			14.50			96.84			16.96			379.00			10.38			304.88
Fund
NAV Return		13.69			17.49			62.17			14.57			97.41			16.90			376.55			9.42			257.95
Market Price Return		13.57			17.52			62.29			14.58			97.48			16.90			376.75			9.41			257.38

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.57%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

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

Notes Regarding Indexes and Fund Performance History:

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

5

PWV	Manager’s Analysis
	Invesco Dynamic Large Cap Value ETF (PWV)

As an index fund, the Invesco Dynamic Large Cap Value ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Value Intellidex^SMIndex (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of large capitalization companies that comprise the Index.

ICE Data Indices, LLC (the “Index Provider”) considers a company to be a large capitalization company if it falls within the Index model. The Index for the Fund is composed of 50 large capitalization U.S. value stocks that, strictly in accordance with its guidelines and mandated procedures, the Index Provider includes principally on the basis of their capital appreciation potential. The Index Provider ranks the 2,000 largest U.S. stocks (by market capitalization) traded on the New York Stock Exchange (“NYSE”), NYSE American and The Nasdaq Stock Market for investment potential using a proprietary Index Provider Intellidex model. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 4.26%. On a net asset value (“NAV”) basis, the Fund returned 4.32%. During the same time period, the Index returned 4.72%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses including trading expenses. Securities lending was able to offset some of those costs that the Fund incurred during the period.

During this same time period, the Russell 1000^® Value Index (the “Benchmark Index”) returned 9.06%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 710 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large cap value market.

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

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the energy sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection of companies in the information technology and health care sectors.

For the fiscal year ended April 30, 2019, the consumer staples sector contributed most significantly to the Fund’s return followed by the consumer discretionary sector. The health care sector detracted most significantly from the Fund’s return followed by the financial sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Procter & Gamble Co., a consumer staples company (no longer held as of fiscalyear-end) and Walt Disney Co. (The), a communication services company (portfolio average weight of 2.37%). Positions that detracted most significantly from the Fund’s return during this period included Biogen Inc. a health care company (portfolio average weight of 0.93%), and QUALCOMM Inc., an information technology company (no longer held as of fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	24.7
Industrials	17.5
Information Technology	17.2
Health Care	14.3
Communication Services	8.2
Consumer Staples	6.8
Energy	5.5
Utilities	4.4
Consumer Discretionary	1.4
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Apple, Inc.	3.8
Comcast Corp., Class A	3.7
Travelers Cos., Inc. (The)	3.6
CSX Corp.	3.6
Mondelez International, Inc., Class A	3.4
Johnson & Johnson	3.4
Walmart, Inc.	3.4
Southwest Airlines Co.	3.3
Intel Corp.	3.2
M&T Bank Corp.	3.2
Total	34.6

* Excluding money market fund holdings.

6

Invesco Dynamic Large Cap Value ETF (PWV)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Large Cap Value IntellidexSM Index		4.72	%		9.93	%		32.85	%		7.39	%		42.84	%		13.74	%		262.32	%		9.52	%		262.55	%
Russell 1000® Value Index		9.06			10.97			36.65			8.27			48.77			13.76			262.89			7.28			170.31
Fund
NAV Return		4.32			9.35			30.75			6.79			38.85			13.03			240.38			8.82			231.10
Market Price Return		4.26			9.37			30.82			6.80			38.98			13.03			240.23			8.82			230.74

Fund Inception: March 3, 2005

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

7

PXSG	Manager’s Analysis
	Invesco Russell 2000 Pure Growth ETF (PXSG)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell 2000 Pure Growth ETF to Invesco S&P SmallCap Momentum ETF and the underlying index changed from Russell 2000^® Pure Growth Index (the “Previous Index”) to S&P SmallCap 600 Momentum Index (the “Index”). At that time, the Fund also changed its ticker symbol from PXSG to XSMO and changed its investment objective and investment policies. The discussion that follows pertains to the Fund’s performance tracking the Previous Index for the fiscal year ended April 30, 2019.

As an index fund, the Invesco Russell 2000 Pure Growth ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the component securities that comprise the Index and, through June 21, 2019, the Previous Index.

The Previous Index is composed of a subset of securities from the Russell 2000^® Index, which is composed of the smallest 2,000 securities of the Russell 3000^® Index, an index designed to measure the performance of the largest 3,000 companies in the U.S. equity market.

Frank Russell Company (the “Index Provider”) first identifies securities in the Russell 2000^® Index with higherprice-to-book ratios and higher forecasting growth values. The Previous Index’s constituent securities are then assigned a Composite Value Score (“CVS”), which is calculated based on three characteristics (book to price (a value characteristic), sales per share growth (a growth characteristic) and medium-term growth forecast (a growth characteristic)) to identify whether they are growth or value securities. In general, stocks with lower CVS are considered growth stocks. The Previous Index then weights securities in proportion to their CVS, giving greatest weight to the securities demonstrating the most growth characteristics.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 12.41%. On a net asset value (“NAV”) basis, the Fund returned 12.55%. During the same time period, the Previous Index returned 12.55%. During the fiscal year, the Fund fully replicated the components of the Previous Index; the Fund’s performance, on a NAV basis, matched the return of the Previous Index. Revenue generated through the Fund’s securities lending program, partially offset by fees and operating expenses that the Fund incurred during the period affected the return of the Fund.

During this same time period, the Russell 2000^® Growth Index (the “Benchmark Index”) returned 6.91%. The Benchmark Index

is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,230 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. small cap growth market.

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

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the real estate sector during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection in the health care sector as well as revenue generated through the Fund’s securities lending program, partially offset by fees and operating expenses that the Fund incurred.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and consumer discretionary sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the materials sector.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included Tandem Diabetes Care, Inc., a health care company (portfolio average weight of 1.14%) and NeoGenomics, Inc., a health care company (portfolio average weight of 0.95%). Positions that detracted most significantly from the Fund’s return during this period included Cutera, Inc., a health care company (portfolio average weight of 0.43%) and Profire Energy, Inc., an energy company (portfolio average weight of 0.32%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Health Care	29.8
Information Technology	24.6
Industrials	17.0
Consumer Discretionary	13.7
Financials	5.0
Communication Services	3.8
Consumer Staples	3.1
Sector Types Each Less than 3%	3.0
Money Market Funds Plus Other Assets Less Liabilities	0.0

8

Invesco Russell 2000 Pure Growth ETF (PXSG)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Tandem Diabetes Care, Inc.	2.0
Paylocity Holding Corp.	1.4
NeoGenomics, Inc.	1.3
LendingTree, Inc.	1.2
HubSpot, Inc.	1.1
Five Below, Inc.	1.0
Pacira Biosciences, Inc.	1.0
AppFolio, Inc., Class A	1.0
Shenandoah Telecommunications Co.	0.9
Energy Recovery, Inc.	0.9
Total	11.8

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—Russell 2000® Pure Growth Index		12.55	%		17.49	%		62.19	%		10.03	%		61.27	%		14.59	%		290.32	%		7.47	%		177.15	%
Russell 2000® Growth Index		6.91			15.64			54.65			10.22			62.66			15.24			313.21			9.10			243.08
Fund
NAV Return		12.55			17.51			62.26			9.93			60.53			14.13			275.07			6.99			160.37
Market Price Return		12.41			17.48			62.14			9.95			60.68			14.15			275.61			6.98			160.01

9

Invesco Russell 2000 Pure Growth ETF (PXSG)(continued)

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.59% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—Russell 2000^® Pure Growth Index is comprised of the performance of the Dynamic Small Cap Growth Intellidex^SM Index, the Fund’s underlying index from Fund inception through the conversion date, June 16, 2011, followed by the performance of the RAFI^® Fundamental Small Growth Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Index for the period May 22, 2015 through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

10

PXSV	Manager’s Analysis
	Invesco Russell 2000 Pure Value ETF (PXSV)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell 2000 Pure Value ETF to Invesco S&P SmallCap Value with Momentum ETF and the underlying index changed from Russell 2000^® Pure Value Index (the “Previous Index”) to S&P 600 High Momentum Value Index (the “Index”). At that time, the Fund also changed its ticker symbol from PXSV to XSVM and changed its investment objective and investment policies. The discussion that follows pertains to the Fund’s performance tracking the Previous Index for the fiscal year ended April 30, 2019.

As an index fund, the Invesco Russell 2000 Pure Value ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the component securities that comprise the Index and, through June 21, 2019, the Previous Index.

The Previous Index is composed of a subset of securities from the Russell 2000^® Index, which is composed of the smallest 2,000 securities of the Russell 3000^® Index, an index designed to measure the performance of the largest 3,000 companies in the U.S. equity market.

Frank Russell Company (the “Index Provider”) first identifies securities in the Russell 2000^® Index with lowerprice-to-book ratios and lower forecasting growth values. The Previous Index’s constituent securities are then assigned a Composite Value Score (“CVS”), which is calculated based on three characteristics (book to price (a value characteristic), sales per share growth (a growth characteristic) and medium-term growth forecast (a growth characteristic)) to identify whether they are growth or value securities. In general, stocks with higher CVS are considered value stocks. The Previous Index then weights securities in proportion to their CVS, giving greatest weight to the securities demonstrating the most value characteristics.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 2.00%. On a net asset value (“NAV”) basis, the Fund returned 2.13%. During the same time period, the Previous Index returned 2.40%. During the fiscal year, the Fund fully replicated the components of the Previous Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Previous Index primarily due fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the Russell 2000^® Value Index (the “Benchmark Index”) returned 2.19%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1360 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. small cap value market.

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

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the information technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight exposure to and security selection in the information technology sector.

For the fiscal year ended April 30, 2019, the financials sector contributed most significantly to the Fund’s return, followed by the information technology and real estate sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the health care sector.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included Iridium Communications, Inc., a communication services company (portfolio average weight 1.03%) and Fluent, Inc., a communication services company (portfolio average weight of 0.48%). Positions that detracted most significantly from the Fund’s return during this period included Cloud Peak Energy, Inc., an energy company (no longer held at fiscalyear-end), and Dean Foods Co., a consumer staples company (portfolio average weight of 0.37%).

11

Invesco Russell 2000 Pure Value ETF (PXSV)(continued)

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	28.1
Real Estate	15.7
Information Technology	9.9
Industrials	9.2
Consumer Discretionary	9.2
Energy	8.7
Communication Services	5.7
Utilities	5.3
Health Care	3.3
Consumer Staples	3.0
Materials	1.8
Money Market Funds Plus Other Assets Less Liabilities	0.1

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Iridium Communications, Inc.	1.4
Fluent, Inc.	1.1
MGIC Investment Corp.	1.0
DHT Holdings, Inc.	1.0
PDL BioPharma, Inc.	1.0
Knowles Corp.	1.0
World Fuel Services Corp.	0.9
Frontline Ltd. (Norway)	0.9
NorthWestern Corp.	0.9
Cooper Tire & Rubber Co.	0.9
Total	10.1

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—Russell 2000® Pure Value Index		2.40	%		10.99	%		36.72	%		6.70	%		38.28	%		13.69	%		260.83	%		7.30	%		171.10	%
Russell 2000® Value Index		2.19			11.46			38.46			6.94			39.84			12.87			235.50			7.03			161.65
Fund
NAV Return		2.13			10.70			35.66			6.44			36.60			13.23			246.50			6.77			152.92
Market Price Return		2.00			10.67			35.56			6.42			36.51			13.25			247.07			6.76			152.55

12

Invesco Russell 2000 Pure Value ETF (PXSV)(continued)

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.46% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—Russell 2000^® Pure Value Index is comprised of the performance of the Dynamic Small Cap Value Intellidex^SM Index, the Fund’s underlying index from Fund inception through the conversion date, June 16, 2011, followed by the performance of the RAFI^® Fundamental Small Value Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Index for the period May 22, 2015 through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

13

EQWM	Manager’s Analysis
	Invesco Russell Midcap Equal Weight ETF (EQWM)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell Midcap Equal Weight ETF to Invesco S&P MidCap Quality ETF and the underlying index changed from Russell Midcap^® Equal Weight Index (the “Previous Index”) to S&P MidCap 400 Quality Index (the “Index”). At that time, the Fund also changed its ticker symbol from EQWM to XMHQ and changed its investment objective and investment policies. The discussion that follows pertains to the Fund’s performance tracking the Previous Index for the fiscal year ended April 30, 2019.

As an index fund, the Invesco Russell Midcap Equal Weight ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the component securities that comprise the Index, and through June 21, 2019, the Previous Index.

The Previous Index is designed to measure the performance of approximately 800 equally-weighted securities of mid-capitalization U.S. companies. The Previous Index generally is composed of all of the securities included in the Russell Midcap^® Index, which is composed of the smallest 800 securities of the Russell 1000^® Index, an index designed to measure the performance of the largest 1,000 companies in the U.S. equity market.

Each quarter, Frank Russell Company (the “Index Provider”) groups each component security in the Russell Midcap^® Index based on the Russell Global Sectors (“RGS”) classification system. The RGS classification system is composed of nine economic sectors: consumer discretionary, consumer staples, energy, financial services, health care, materials & processing, producer durables, technology and utilities. Once the component securities are grouped, the Index Provider allocates an equal weight to each sector and then assigns an equal weight to each constituent security within each sector.

The Index Provider applies a “capacity screen” to the Index to eliminate securities of companies with limited “free float”—that is, with a limited number of outstanding shares readily available in the market. A potential constituent will be eligible for inclusion in the Previous Index only if the number of shares of the component security does not exceed 5% of the float-adjusted outstanding shares of that company.

Unlike the Russell Midcap^® Index, which employs a market capitalization weighted methodology, the Previous Index’s equal weighting methodology provides equal exposure to the smallest components and underweighted sectors of the Russell Midcap^® Index.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 8.78%. On a net asset value (“NAV”) basis, the Fund returned 8.85%. During the same time period, the Previous Index returned 9.09%. During the fiscal year, the Fund fully replicated the components of the Previous Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Previous Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell Midcap^® Index (the “Benchmark Index”) returned 10.69%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 770 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. mid-cap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an index that employs an equal weight methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the financials sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the energy sector and the Fund’s underweight allocation to the information technology sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the industrials sector. The energy sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included TreeHouse Foods, Inc., a consumer staples company (portfolio average weight of 0.35%) and Church & Dwight Co., Inc., a consumer staples company (portfolio average weight of 0.37%). Positions that detracted most significantly from the Fund’s return during this period included Antero Resources Corp., an energy company (portfolio average weight of 0.23%) and Extraction Oil & Gas, Inc., an energy company (portfolio average weight of 0.23%).

14

Invesco Russell Midcap Equal Weight ETF (EQWM)(continued)

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Industrials	13.2
Information Technology	13.2
Consumer Staples	11.6
Health Care	11.2
Energy	10.2
Utilities	9.5
Consumer Discretionary	8.6
Materials	8.4
Financials	6.0
Communication Services	4.0
Real Estate	4.0
Money Market Funds Plus Other Assets Less Liabilities	0.1

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Conagra Brands, Inc.	0.5
Pilgrim’s Pride Corp.	0.4
JM Smucker Co. (The)	0.4
Tyson Foods, Inc., Class A	0.4
Church & Dwight Co., Inc.	0.4
Seaboard Corp.	0.4
McCormick & Co., Inc.	0.4
Post Holdings, Inc.	0.4
TreeHouse Foods, Inc.	0.4
Spectrum Brands Holdings, Inc.	0.4
Total	4.1

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—Russell Midcap® Equal Weight Index		9.09	%		10.99	%		36.73	%		8.68	%		51.62	%		13.92	%		267.98	%		7.46	%		144.33	%
Russell Midcap® Index		10.69			12.82			43.60			9.75			59.22			15.65			328.05			8.60			178.52
Fund
NAV Return		8.85			10.75			35.86			8.42			49.79			13.44			252.99			6.98			131.00
Market Price Return		8.78			10.78			35.94			8.44			49.96			13.45			253.07			6.98			131.01

15

Invesco Russell Midcap Equal Weight ETF (EQWM)(continued)

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.66% and the net annual operating expense ratio was indicated as 0.25%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—Russell Midcap^® Equal Weight Index is comprised of the performance of the Dynamic Mid Cap Intellidex^SM Index, the Fund’s underlying index from Fund inception through the conversion date, June 16, 2011, followed by the performance of the RAFI^® Fundamental Mid Core Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Index for the period May 22, 2015 through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

16

PXMG	Manager’s Analysis
	Invesco Russell Midcap Pure Growth ETF (PXMG)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell Midcap Pure Growth ETF to Invesco S&P MidCap Momentum ETF and the underlying index changed from Russell Midcap^® Pure Growth Index (the “Previous Index”) to S&P MidCap 400 Momentum Index (the “Index”). At that time, the Fund also changed its ticker symbol from PXMG to XMMO and changed its investment objective and investment policies. The discussion that follows pertains to the Fund’s performance tracking the Previous Index for the fiscal year ended April 30, 2019.

As an index fund, the Invesco Russell Midcap Pure Growth ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Index, and through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the component securities that comprise the Index, and through June 21, 2019, the Previous Index.

The Previous Index is composed of a subset of securities from the Russell Midcap^® Index, which is composed of the smallest 800 securities of the Russell 1000^® Index, an index designed to measure the performance of the largest 1,000 companies in the U.S. equity market.

Frank Russell Company (the “Index Provider”) first identifies securities in the Russell Midcap^® Index with higher price-to-book ratios and higher forecasting growth values. The Previous Index’s constituent securities are then assigned a Composite Value Score (“CVS”), which is calculated based on three characteristics (book to price (a value characteristic), sales per share growth (a growth characteristic) and medium-term growth forecast (a growth characteristic)) to identify whether they are growth or value securities. In general, stocks with lower CVS are considered growth stocks. The Previous Index then weights securities in proportion to their CVS, giving greatest weight to the securities demonstrating the most growth characteristics.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 29.48%. On a net asset value (“NAV”) basis, the Fund returned 29.72%. During the same time period, the Previous Index returned 30.14%. During the fiscal year, the Fund fully replicated the components of the Previous Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Previous Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell Midcap^® Growth Index (the “Benchmark Index”) returned 17.64%. The Benchmark Index

is an unmanaged index weighted by market capitalization based on the average performance of approximately 420 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. mid-cap growth market.

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

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the industrials sector during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight exposure to and stock selection in the information technology sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and health care sectors, respectively. The consumer staples services sector was the only detracting sector.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included Paycom Software, Inc., an information technology company (portfolio average weight of 1.98%) and Chipotle Mexican Grill, Inc., a consumer discretionary company (portfolio average weight of 2.39%). Positions that detracted most significantly from the Fund’s return during this period included GrubHub, Inc., a consumer discretionary company (portfolio average weight of 1.21%) and Alliance Data Systems Corp., an information technology company (portfolio average weight of 1.17%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Information Technology	46.1
Consumer Discretionary	21.2
Health Care	12.3
Industrials	10.7
Financials	6.5
Communication Services	3.1
Materials	0.0
Money Market Funds Plus Other Assets Less Liabilities	0.1

17

Invesco Russell Midcap Pure Growth ETF (PXMG)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Chipotle Mexican Grill, Inc.	3.0
Paycom Software, Inc.	2.9
Ulta Beauty, Inc.	2.6
Square, Inc., Class A	2.5
Universal Display Corp.	2.4
RingCentral, Inc., Class A	2.3
ServiceNow, Inc.	2.2
Ubiquiti Networks, Inc.	2.1
Fortinet, Inc.	2.1
O’Reilly Automotive, Inc.	2.1
Total	24.2

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—Russell Midcap® Pure Growth Index		30.14	%		27.22	%		105.92	%		15.48	%		105.35	%		16.78	%		371.61	%		11.23	%		351.20	%
Russell Midcap® Growth Index		17.64			16.78			59.25			12.20			77.80			16.56			363.00			10.13			292.10
Fund
NAV Return		29.72			26.79			103.82			15.07			101.73			16.25			350.66			10.65			318.98
Market Price Return		29.48			26.83			104.03			15.10			102.00			16.27			351.47			10.64			318.58

18

Invesco Russell Midcap Pure Growth ETF (PXMG)(continued)

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.43% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—Russell Midcap^® Pure Growth Index is comprised of the performance of the Dynamic Mid Cap Growth Intellidex^SM Index, the Fund’s underlying index from Fund inception through the conversion date, June 16, 2011, followed by the performance of the RAFI^® Fundamental Mid Growth Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Index for the period May 22, 2015 through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

19

PXMV	Manager’s Analysis
	Invesco Russell Midcap Pure Value ETF (PXMV)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell Midcap Pure Value ETF to Invesco S&P MidCap Value with Momentum ETF and the underlying index changed from Russell Midcap^® Pure Value Index (the “Previous Index”) to S&P 400 High Momentum Value Index (the “Index”). At that time, the Fund also changed its ticker symbol from PXMV to XMVM and changed its investment objective and investment policies. The discussion that follows pertains to the Fund’s performance tracking the Previous Index for the fiscal year ended April 30, 2019.

As an index fund, the Invesco Russell Midcap Pure Value ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the component securities that comprise the Index and, through June 21, 2019, the Previous Index.

The Previous Index is composed of a subset of securities from the Russell Midcap^® Index, which is composed of the smallest 800 securities of the Russell 1000^® Index, an index designed to measure the performance of the largest 1,000 companies in the U.S. equity market.

Frank Russell Company (the “Index Provider”) first identifies securities in the Russell Midcap^® Index with lower price-to-book ratios and lower forecasting growth values. The Previous Index’s constituent securities are then assigned a Composite Value Score (“CVS”), which is calculated based on three characteristics (book to price (a value characteristic), sales per share growth (a growth characteristic) and medium-term growth forecast (a growth characteristic)) to identify whether they are growth or value securities. In general, stocks with higher CVS are considered value stocks. The Previous Index then weights securities in proportion to their CVS, giving greatest weight to the securities demonstrating the most value characteristics.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 8.30%. On a net asset value (“NAV”) basis, the Fund returned 8.36%. During the same time period, the Previous Index returned 8.76%. During the fiscal year, the Fund fully replicated the components of the Previous Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Previous Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell Midcap^® Value Index (the “Benchmark Index”) returned 5.76%. The Benchmark Index is an unmanaged index weighted by market capitalization based

on the average performance of approximately 590 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. mid-cap value market.

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

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the energy sector during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight exposure to and stock selection in the real estate sector.

For the fiscal year ended April 30, 2019, the real estate sector contributed most significantly to the Fund’s return, followed by the utilities and industrials sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the energy sector.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included Endo International PLC, a health care company (no longer held at fiscal year-end), and Avnet, Inc., an information technology company (portfolio average weight of 1.43%). Positions that detracted most significantly from the Fund’s return during this period included Adient PLC, a consumer discretionary company (portfolio average weight of 0.68%) and Perrigo Co. PLC, a health care company (portfolio average weight of 0.85%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Real Estate	22.3
Utilities	20.7
Financials	14.1
Industrials	8.3
Information Technology	7.4
Communication Services	6.8
Consumer Discretionary	6.0
Materials	5.4
Consumer Staples	5.0
Sector Types Each Less than 3%	3.9
Money Market Funds Plus Other Assets Less Liabilities	0.1

20

Invesco Russell Midcap Pure Value ETF (PXMV)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Evergy, Inc.	1.6
Avnet, Inc.	1.6
Ashland Global Holdings, Inc.	1.3
DISH Network Corp., Class A	1.3
Brixmor Property Group, Inc.	1.3
Annaly Capital Management, Inc.	1.2
Arconic, Inc.	1.2
MFA Financial, Inc.	1.2
HCP, Inc.	1.2
New York Community Bancorp, Inc.	1.2
Total	13.1

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—Russell Midcap® Pure Value Index		8.76	%		9.01	%		29.54	%		7.37	%		42.73	%		14.00	%		270.74	%		8.07	%		200.04	%
Russell Midcap® Value Index		5.76			9.91			32.77			7.83			45.75			14.98			303.87			8.65			223.81
Fund
NAV Return		8.36			8.61			28.10			6.99			40.20			13.44			252.92			7.47			177.35
Market Price Return		8.30			8.60			28.07			6.99			40.17			13.47			253.70			7.46			176.86

21

Invesco Russell Midcap Pure Value ETF (PXMV)(continued)

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.51% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—Russell Midcap^® Pure Value Index is comprised of the performance of the Dynamic Mid Cap Value Intellidex^SM Index, the Fund’s underlying index from Fund inception through the conversion date, June 16, 2011, followed by the performance of the RAFI^® Fundamental Mid Value Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Index for the period May 22, 2015 through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

22

EQWL	Manager’s Analysis
	Invesco Russell Top 200 Equal Weight ETF (EQWL)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell Top 200 Equal Weight ETF to Invesco S&P 100 Equal Weight ETF and the underlying index changed from Russell Top 200^® Equal Weight Index (the “Previous Index”) to S&P 100 Equal Weight Index (the “Index”). At that time, the Fund also changed its investment objective and investment policies. The discussion that follows pertains to the Fund’s performance tracking the Previous Index for the fiscal year ended April 30, 2019.

As an index fund, the Invesco Russell Top 200 Equal Weight ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the component securities that comprise the Index, and through June 21, 2019, the Previous Index.

The Previous Index is designed to provide measure the performance of approximately 200 equally-weighted securities of large U.S. companies. The Previous Index generally is composed of all of the securities included in the Russell Top 200^® Index, which is composed of the largest 200 securities of the Russell 3000^® Index, an index designed to measure the performance of the largest 3,000 companies in the U.S. equity market.

Each quarter, Frank Russell Company (the “Index Provider”) groups each component security in the Russell Top 200^® Index based on the Russell Global Sectors (“RGS”) classification system. The RGS classification system is composed of nine economic sectors: consumer discretionary, consumer staples, energy, financial services, health care, materials & processing, producer durables, technology and utilities. Once the component securities are grouped, the Index Provider allocates an equal weight to each sector and then assigns an equal weight to each constituent security within each sector.

The Index Provider applies a “capacity screen” to the Index to eliminate securities of companies with limited “free float”—that is, with a limited number of outstanding shares readily available in the market. A potential constituent will be eligible for inclusion in the Index only if the number of shares of the component security does not exceed 5% of the float-adjusted outstanding shares of that company.

Unlike the Russell Top 200^® Index, which employs a market capitalization-weighted methodology, the Previous Index’s methodology equally weighed the smallest components and underweighted sectors of the Russell Top 200^® Index.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through

June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 10.98%. On a net asset value (“NAV”) basis, the Fund returned 11.04%. During the same time period, the Index returned 11.32%. During the fiscal year, the Fund fully replicated the components of the Previous Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Previous Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell 1000^® Index (the “Benchmark Index”) returned 13.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 970 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large cap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weight methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the materials and energy sectors and most underweight in the information technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s relative underweight allocation to the information technology sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the financials and energy sectors, respectively. The telecommunication services sector and consumer staples sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Air Products and Chemicals, Inc., a materials company (portfolio average weight of 1.40%) and Sherwin-Williams Co., a materials company (portfolio average weight of 1.40%). Positions that detracted most significantly from the Fund’s return during this period included Halliburton Co., an energy company (portfolio average weight of 0.68%) and Kraft Heinz Co., a consumer staples company (portfolio average weight of 0.80%).

23

Invesco Russell Top 200 Equal Weight ETF (EQWL)(continued)

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Consumer Staples	11.8
Information Technology	11.6
Materials	11.3
Energy	11.1
Health Care	11.1
Industrials	10.3
Financials	8.6
Consumer Discretionary	7.8
Communication Services	7.5
Utilities	7.2
Real Estate	1.7
Money Market Funds Plus Other Assets Less Liabilities	0.0

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Air Products & Chemicals, Inc.	1.5
Sherwin-Williams Co. (The)	1.5
Ecolab, Inc.	1.4
Linde PLC	1.4
Southern Copper Corp.	1.4
PPG Industries, Inc.	1.4
LyondellBasell Industries NV, Class A	1.3
Anadarko Petroleum Corp.	1.3
Southern Co. (The)	1.2
American Electric Power Co., Inc.	1.2
Total	13.6

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—Russell Top 200® Equal Weight Index		11.32	%		15.13	%		52.59	%		11.34	%		71.09	%		15.16	%		310.13	%		9.18	%		197.40	%
Russell 1000® Index		13.33			14.82			51.38			11.41			71.63			15.39			318.55			8.54			176.57
Fund
NAV Return		11.04			14.82			51.39			11.02			68.69			14.68			293.42			8.66			180.53
Market Price Return		10.98			14.87			51.56			11.01			68.60			14.69			293.70			8.66			180.35

24

Invesco Russell Top 200 Equal Weight ETF (EQWL)(continued)

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.47% and the net annual operating expense ratio was indicated as 0.25%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—Russell Top 200^® Equal Weight Index is comprised of the performance of the Dynamic Large Cap Intellidex^SM Index, the Fund’s underlying index from Fund inception through the conversion date, June 16, 2011, followed by the performance of the RAFI^® Fundamental Large Core Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Index for the period May 22, 2015 through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

25

PXLG	Manager’s Analysis
	Invesco Russell Top 200 Pure Growth ETF (PXLG)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell Top 200 Pure Growth ETF to Invesco S&P 500 GARP ETF and the underlying index changed from Russell Top 200^® Pure Growth Index (the “Previous Index”) to S&P 500 Growth at a Reasonable Price Index (the “Index”). At that time, the Fund also changed its ticker symbol from PXLG to SPGP and changed its investment objective and investment policies. The discussion that follows pertains to the Fund’s performance tracking the Previous Index for the fiscal year ended April 30, 2019.

As an index fund, the Invesco Russell Top 200 Pure Growth ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the component securities that comprise the Index, and through June 21, 2019, the Previous Index.

The Previous Index is composed of a subset of securities from the Russell Top 200^® Index, which is composed of the largest 200 securities of the Russell 3000^® Index, an index designed to measure the performance of the largest 3,000 companies in the U.S. equity market.

Frank Russell Company (the “Index Provider”) first identifies securities in the Russell Top 200^® Index with higher price-to-book ratios and higher forecasting growth values. The Previous Index’s constituent securities are then assigned a Composite Value Score (“CVS”), which is calculated based on three characteristics (book to price (a value characteristic), sales per share growth (a growth characteristic) and medium-term growth forecast (a growth characteristic)) to identify whether they are growth or value securities. In general, stocks with lower CVS are considered growth stocks. The Previous Index then weights securities in proportion to their CVS, giving greatest weight to the securities demonstrating the most growth characteristics.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 16.20%. On a net asset value (“NAV”) basis, the Fund returned 16.35%. During the same time period, the Previous Index returned 16.74%. During the fiscal year, the Fund fully replicated the components of the Previous Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Previous Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell 1000^® Growth Index (the “Benchmark Index”) returned 17.43%. The Benchmark Index

is an unmanaged index weighted by market capitalization based on the average performance of approximately 550 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large cap growth market.

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

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the industrials sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight exposure to and stock selection in the consumer staples sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and health care sectors, respectively. The energy sector was the only detracting sector.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included Mastercard Inc., Class A, an information technology company (portfolio average weight of 3.93%) and salesforce.com, Inc., an information technology company (portfolio average weight of 4.06%). Positions that detracted most significantly from the Fund’s return during this period included NVIDIA Corp., an information technology (portfolio average weight of 2.34%) and Tesla Inc., a consumer discretionary company (portfolio average weight of 1.91%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Information Technology	33.3
Consumer Discretionary	22.3
Health Care	16.1
Communication Services	7.8
Consumer Staples	5.4
Industrials	5.2
Financials	3.4
Real Estate	3.4
Materials	3.1
Energy	0.0
Money Market Funds Plus Other Assets Less Liabilities	0.0

26

Invesco Russell Top 200 Pure Growth ETF (PXLG)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Mastercard, Inc., Class A	4.5
salesforce.com, Inc.	4.3
Amazon.com, Inc.	4.0
Visa, Inc., Class A	3.8
Adobe, Inc.	3.6
Vertex Pharmaceuticals, Inc.	3.5
Netflix, Inc.	3.5
PayPal Holdings, Inc.	3.4
Lowe’s Cos., Inc.	3.4
TJX Cos., Inc. (The)	3.0
Total	37.0

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Blended—Russell Top 200® Pure Growth Index		16.74	%		20.31	%		74.13	%		14.94	%		100.57	%		15.90	%		219.60	%
Russell 1000® Growth Index		17.43			18.62			66.93			14.50			96.84			15.40			208.84
Fund
NAV Return		16.35			19.86			72.21			14.50			96.82			15.46			210.14
Market Price Return		16.20			19.85			72.14			14.50			96.81			15.47			210.34

27

Invesco Russell Top 200 Pure Growth ETF (PXLG)(continued)

Fund Inception: June 16, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—Russell Top 200^® Pure Growth Index performance is comprised of the performance of the RAFI^® Fundamental Large Growth Index from Fund inception through the conversion date, May 22, 2015, followed by the performance of the Index starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

28

PXLV	Manager’s Analysis
	Invesco Russell Top 200 Pure Value ETF (PXLV)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell Top 200 Pure Value ETF to Invesco S&P 500 Value with Momentum ETF and the underlying index changed from Russell Top 200^® Pure Value Index (the “Previous Index”) to S&P 500 High Momentum Value Index (the “Index”). At that time, the Fund also changed its ticker symbol from PXLV to SPVM and changed its investment objective and investment policies. The discussion that follows pertains to the Fund’s performance tracking the Previous Index for the fiscal year ended April 30, 2019.

As an index fund, the Invesco Russell Top 200 Pure Value ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the component securities that comprise the Index and, through June 21, 2019, the Previous Index.

The Previous Index is composed of a subset of securities from the Russell Top 200^® Index, which is composed of the largest 200 securities of the Russell 3000^® Index, an index designed to measure the performance of the largest 3,000 companies in the U.S. equity market.

Frank Russell Company (the “Index Provider”) first identifies securities in the Russell Top 200^® Index with lower price-to-book ratios and lower forecasting growth values. The Previous Index’s constituent securities are then assigned a Composite Value Score (“CVS”), which is calculated based on three characteristics (book to price (a value characteristic), sales per share growth (a growth characteristic) and medium-term growth forecast (a growth characteristic)) to identify whether they are growth or value securities. In general, stocks with higher CVS are considered value stocks. The Previous Index then weights securities in proportion to their CVS, giving greatest weight to the securities demonstrating the most value characteristics.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 8.31%. On a net asset value (“NAV”) basis, the Fund returned 8.40%. During the same time period, the Previous Index returned 8.79%. During the fiscal year, the Fund fully replicated the components of the Previous Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Previous Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell 1000^® Value Index (the “Benchmark Index”) returned 9.06%. The Benchmark Index is an

unmanaged index weighted by market capitalization based on the average performance of approximately 720 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large cap value market.

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

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the health care sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight exposure to and stock selection in the information technology sector.

For the fiscal year ended April 30, 2019, the utilities sector contributed most significantly to the Fund’s return, followed by the consumer staples and financials sectors, respectively. There were no sectors that detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included Danaher Corp., a health care company (portfolio average weight of 2.48%) and Mondelez International, Inc., Class A, a consumer staples company (portfolio average weight of 2.83%). Positions that detracted most significantly from the Fund’s return during this period included Allergan PLC, a health care company (portfolio average weight of 3.25%) and General Electric Co., an industrials company (portfolio average weight of 1.86%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	25.4
Utilities	16.6
Health Care	10.1
Consumer Staples	8.8
Industrials	8.7
Consumer Discretionary	8.0
Energy	6.9
Communication Services	5.3
Information Technology	4.8
Materials	3.3
Real Estate	2.0
Money Market Funds Plus Other Assets Less Liabilities	0.1

29

Invesco Russell Top 200 Pure Value ETF (PXLV)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
AT&T, Inc.	3.5
Mondelez International, Inc., Class A	3.5
Prudential Financial, Inc.	3.4
American Electric Power Co., Inc.	3.4
Duke Energy Corp.	3.3
Aflac, Inc.	3.2
Allergan PLC	3.2
Danaher Corp.	3.1
Eaton Corp. PLC	3.1
Hewlett Packard Enterprise Co.	3.0
Total	32.7

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Blended—Russell Top 200® Pure Value Index		8.79	%		13.89	%		47.74	%		9.44	%		56.98	%		12.43	%		151.60	%
Russell 1000® Value Index		9.06			10.97			36.65			8.27			48.77			11.58			136.87
Fund
NAV Return		8.40			13.44			45.99			9.02			54.02			12.01			144.20
Market Price Return		8.31			13.47			46.10			9.02			54.03			12.03			144.50

30

Invesco Russell Top 200 Pure Value ETF (PXLV)(continued)

Fund Inception: June 16, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.44% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—Russell Top 200^® Pure Value Index performance is comprised of the performance of the RAFI^® Fundamental Large Value Index from Fund inception through the conversion date, May 22, 2015, followed by the performance of the Index starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

31

CZA	Manager’s Analysis
	Invesco ZacksMid-Cap ETF (CZA)

As an index fund, the Invesco ZacksMid-Cap ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the ZacksMid-Cap Core Index (the “Index”). The Fund will invest at least 90% of its total assets in securities that comprise the Index and depositary receipts representing securities that comprise the Index (or underlying securities representing American Depositary Receipts (“ADRs”) that comprise the Index).

Securities in the Index are selected by Zacks Investment Research, Inc. (the “Index Provider”). As of June 30, 2018, the Index was composed of 100 securities selected, according to the investment and other creiteria in the Index medthodology, from a universe ofmid-capitalization securities including common stocks, master limited partnerships (“MLPs”), ADRs, real estate investment trusts (“REITS”) and business development companies (“BDCs”). The depositary receipts included in the Index may be sponsored or unsponsored. The Index Provider, (in accordance with the Index methodology, seeks to identify companies with potentially superior risk-return profiles by using a proprietary strategy that evaluates stocks on multiple factors, including their high long-term earnings growth rate, price earnings ratio and short interest. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 10.72%. On a net asset value (“NAV”) basis, the Fund returned 10.68%. During the same time period, the Index returned 11.43%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell Midcap^® Index (the “Benchmark Index”) returned 10.69%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 780 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S.mid-cap equity market.

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

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the

Fund’s underweight exposure to and security selection in the information technology sector.

For the fiscal year ended April 30, 2019, the industrials sector contributed most significantly to the Fund’s return, followed by the financials and real estate sectors, respectively. The health care sector detracted most significantly from the Fund’s return, followed by the materials sector.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included Parker-Hannifin Corp., an industrials company (portfolio average weight of 1.16%) and Discover Financial Services, a financials company (portfolio average weight of 0.71%). Positions that detracted most significantly from the Fund’s return during this period included TechnipFMC PLC, an energy company (no longer held at fiscalyear-end) and SVB Financial Group, a financials company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	27.3
Real Estate	21.0
Industrials	12.9
Utilities	10.2
Materials	7.8
Consumer Discretionary	7.7
Information Technology	5.3
Energy	4.0
Health Care	3.8
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Discover Financial Services	2.5
IHS Markit Ltd.	2.3
Willis Towers Watson PLC	2.2
M&T Bank Corp.	2.2
Parker-Hannifin Corp.	2.2
Cintas Corp.	2.1
Aptiv PLC	2.0
Ventas, Inc.	2.0
Northern Trust Corp.	2.0
Boston Properties, Inc.	2.0
Total	21.5

* Excluding money market fund holdings.

32

Invesco Zacks Mid-Cap ETF (CZA)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Zacks Mid-Cap Core Index		11.43	%		14.63	%		50.62	%		10.92	%		67.91	%		17.02	%		381.65	%		10.80	%		245.01	%
Russell Midcap® Index		10.69			12.82			43.60			9.75			59.22			15.65			328.05			8.40			164.82
Fund
NAV Return		10.68			13.83			47.49			10.21			62.59			16.19			348.54			9.95			214.28
Market Price Return		10.72			13.87			47.66			10.25			62.91			16.19			348.51			9.95			214.61

Guggenheim Mid-Cap Core ETF (Predecessor Fund) Inception: April 2, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.77% including acquired fund fees and expenses of 0.03%, and the net annual operating expense ratio was indicated as 0.68%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

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

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

Notes Regarding Indexes and Fund Performance History:

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

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

33

CVY	Manager’s Analysis
	Invesco Zacks Multi-Asset Income ETF (CVY)

As an index fund, the Invesco Zacks Multi-Asset Income ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Zacks Multi-Asset Income Index (the “Index”). The Fund will invest at least 90% of its total assets in securities that comprise the Index and depositary receipts representing securities that comprise the Index (or underlying securities representing American Depositary Receipts (“ADRs“) that comprise the Index).

The securities comprising the Index include stocks of large, medium andsmall-sized companies from a universe of domestic and international companies listed on a major U.S. exchange. The universe of securities within the Index includes U.S. listed common stocks and ADRs paying dividends, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”),closed-end funds and traditional preferred stocks. The ADRs included in the Index may be sponsored or unsponsored. The companies in the universe are selected using a proprietary methodology developed by Zacks Investment Research, Inc. (the “Index Provider”). The Index Provider seeks to identify companies with potentially greater yield and superior risk-return profiles by using a proprietary strategy that evaluates stocks on multiple factors, including dividend yield and market capitalization. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 5.76%. On a net asset value (“NAV”) basis, the Fund returned 5.67%. During the same time period, the Index returned 6.37%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. stock market.

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

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information

technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight exposure to and stock selection in the energy sector.

For the fiscal year ended April 30, 2019, the real estate sector contributed most significantly to the Fund’s return, followed by the financials and consumer discretionary sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the communication services sector.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included Companhia Energetica de Minas Gerais SA Sponsored ADR, a utilities company (no longer held at fiscalyear-end), and Broadcom Inc., an information technology company (portfolio average weight of 1.05%). Positions that detracted most significantly from the Fund’s return during this period includedHi-Crush Partners LP, an energy company (no longer held at fiscalyear-end), and CVR Refining LP an energy company, (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	34.5
Energy	14.2
Real Estate	10.1
Closed-End Funds	10.1
Consumer Discretionary	8.3
Materials	6.9
Industrials	4.4
Communication Services	3.6
Information Technology	3.4
Sector Types Each Less than 3%	4.2
Money Market Funds Plus Other Assets Less Liabilities	0.3

34

Invesco Zacks Multi-Asset Income ETF (CVY)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
USA Compression Partners LP	1.5
Best Buy Co., Inc.	1.2
NGL Energy Partners LP	1.2
Broadcom, Inc.	1.1
First Trust Intermediate Duration Preferred & Income Fund	1.1
Bank of America Corp., 5.88%, Series HH	1.1
PIMCO Dynamic Credit and Mortgage Income Fund	1.1
Citigroup, Inc., 6.88%, 02/15/2166, Series K	1.1
PNC Financial Services Group, Inc. (The)	1.1
Prudential Financial, Inc.	1.1
Total	11.6

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Zacks Multi-Asset Income Index		6.37	%		10.58	%		35.21	%		2.70	%		14.22	%		11.67	%		201.48	%		5.37	%		93.33	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.86			191.62
Fund
NAV Return		5.67			9.80			32.38			2.08			10.84			10.84			179.91			4.52			74.71
Market Price Return		5.76			9.89			32.70			2.08			10.85			10.86			180.27			4.53			74.80

35

Invesco Zacks Multi-Asset Income ETF (CVY)(continued)

Guggenheim MultiAsset Income ETF (Predecessor Fund) Inception: September 21, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.97%, including acquired fund fees and expenses of 0.23%, and the net annual operating expense ratio was indicated as 0.88%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

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

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

Notes Regarding Indexes and Fund Performance History:

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

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

36

Schedule of Investments^(a)

Invesco Dynamic Large Cap Growth ETF (PWB)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—4.5%
	248,326	Activision Blizzard, Inc.	$	11,971,796
	9,425	Alphabet, Inc., Class A(b)		11,300,198
	29,767	Charter Communications, Inc., Class A(b)		11,049,213
				34,321,207
		Consumer Discretionary—20.6%
	5,457	Booking Holdings, Inc.(b)		10,122,681
	87,840	Dollar General Corp.		11,075,746
	126,572	Home Depot, Inc. (The)		25,782,716
	230,087	Lowe’s Cos., Inc.		26,032,043
	81,693	Marriott International, Inc., Class A		11,144,559
	123,945	NIKE, Inc., Class B		10,886,089
	147,175	Starbucks Corp.		11,432,554
	484,322	TJX Cos., Inc. (The)		26,579,591
	121,274	VF Corp.		11,449,478
	109,666	Yum! Brands, Inc.		11,448,034
				155,953,491
		Consumer Staples—1.5%
	214,941	Brown-Forman Corp., Class B		11,454,206
		Energy—6.1%
	237,347	Anadarko Petroleum Corp.		17,290,729
	109,128	EOG Resources, Inc.		10,481,744
	331,590	Halliburton Co.		9,393,945
	156,238	Occidental Petroleum Corp.		9,199,293
				46,365,711
		Financials—4.8%
	118,246	Berkshire Hathaway, Inc., Class B(b)		25,625,091
	58,955	CME Group, Inc.		10,547,049
				36,172,140
		Health Care—33.9%
	323,115	Abbott Laboratories		25,707,029
	311,709	Agilent Technologies, Inc.		24,469,156
	81,579	Alexion Pharmaceuticals, Inc.(b)		11,105,349
	327,959	Baxter International, Inc.		25,023,272
	42,010	Becton, Dickinson and Co.		10,113,487
	163,835	Centene Corp.(b)		8,447,333
	54,231	Cigna Corp.		8,614,052
	197,841	Eli Lilly & Co.		23,155,311
	170,967	HCA Healthcare, Inc.		21,752,131
	78,939	Humana, Inc.		20,161,810
	73,264	IQVIA Holdings, Inc.(b)		10,176,370
	58,006	Regeneron Pharmaceuticals, Inc.(b)		19,904,179
	96,559	Thermo Fisher Scientific, Inc.		26,790,295
	91,137	UnitedHealth Group, Inc.		21,241,301
				256,661,075
		Industrials—9.1%
	24,984	Boeing Co. (The)		9,436,207
	74,923	Caterpillar, Inc.		10,445,765
	63,895	Deere & Co.		10,582,929
	129,082	Fortive Corp.		11,144,940
	77,126	Roper Technologies, Inc.		27,742,222
				69,352,063

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology—16.5%
	152,191	Accenture PLC, Class A	$	27,800,730
	111,499	Amphenol Corp., Class A		11,100,841
	68,916	Automatic Data Processing, Inc.		11,329,101
	145,855	Cognizant Technology Solutions Corp., Class A		10,641,581
	47,443	Mastercard, Inc., Class A		12,061,908
	95,114	Microsoft Corp.		12,421,889
	75,187	Motorola Solutions, Inc.		10,895,348
	198,764	QUALCOMM, Inc.		17,119,543
	72,259	Visa, Inc., Class A		11,881,547
				125,252,488
		Materials—3.0%
	58,238	Air Products & Chemicals, Inc.		11,984,798
	23,666	Sherwin-Williams Co. (The)		10,764,007
				22,748,805
		Total Investments in Securities (Cost $709,156,831)—100.0%		758,281,186
		Other assets less liabilities—(0.0)%		(224,619	)
		Net Assets—100.0%	$	758,056,567

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.

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

37

Schedule of Investments^(a)

Invesco Dynamic Large Cap Value ETF (PWV)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—8.2%
	472,535	AT&T, Inc.	$	14,629,684
	883,596	Comcast Corp., Class A		38,462,934
	259,423	Verizon Communications, Inc.		14,836,401
	127,455	Walt Disney Co. (The)		17,457,511
				85,386,530
		Consumer Discretionary—1.4%
	367,699	General Motors Co.		14,321,876
		Consumer Staples—6.8%
	702,173	Mondelez International, Inc., Class A		35,705,497
	342,007	Walmart, Inc.		35,172,000
				70,877,497
		Energy—5.5%
	122,257	Chevron Corp.		14,678,176
	207,391	ConocoPhillips		13,090,520
	150,496	Phillips 66		14,187,258
	172,446	Valero Energy Corp.		15,633,954
				57,589,908
		Financials—24.7%
	297,927	Aflac, Inc.		15,009,562
	338,724	American International Group, Inc.		16,113,101
	497,370	Bank of America Corp.		15,209,575
	226,510	Citigroup, Inc.		16,014,257
	204,565	Discover Financial Services		16,670,002
	138,103	JPMorgan Chase & Co.		16,026,853
	196,407	M&T Bank Corp.		33,402,938
	325,465	MetLife, Inc.		15,013,700
	154,170	Prudential Financial, Inc.		16,297,311
	218,558	SunTrust Banks, Inc.		14,311,178
	458,415	Synchrony Financial		15,893,248
	261,824	Travelers Cos., Inc. (The)		37,637,200
	285,373	US Bancorp		15,216,088
	293,959	Wells Fargo & Co.		14,230,555
				257,045,568
		Health Care—14.3%
	183,249	Amgen, Inc.		32,860,211
	109,175	Anthem, Inc.		28,716,300
	105,820	Biogen, Inc.(b)		24,258,177
	250,992	Johnson & Johnson		35,440,070
	110,392	McKesson Corp.		13,164,246
	345,686	Pfizer, Inc.		14,038,308
				148,477,312
		Industrials—17.5%
	468,400	CSX Corp.		37,298,692
	84,865	General Dynamics Corp.		15,167,073
	101,734	Illinois Tool Works, Inc.		15,832,862
	138,034	Ingersoll-Rand PLC		16,924,349
	210,627	PACCAR, Inc.		15,095,637
	187,628	Republic Services, Inc.		15,539,351
	625,870	Southwest Airlines Co.		33,940,930
	304,166	United Parcel Service, Inc., Class B		32,308,513
				182,107,407

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology—17.2%
	198,732	Apple, Inc.	$	39,879,550
	262,273	Dell Technologies, Inc., Class C(b)		17,679,823
	897,582	Hewlett Packard Enterprise Co.		14,190,771
	1,453,248	HP, Inc.		28,992,298
	661,188	Intel Corp.		33,747,036
	105,702	International Business Machines Corp.		14,826,820
	350,762	Micron Technology, Inc.(b)		14,753,050
	279,559	Oracle Corp.		15,467,999
				179,537,347
		Utilities—4.4%
	206,559	Eversource Energy		14,802,018
	300,421	Exelon Corp.		15,306,450
	256,000	Public Service Enterprise Group, Inc.		15,270,400
				45,378,868
		Total Common Stocks (Cost $1,006,646,422)		1,040,722,313
		Money Market Funds—0.1%
	1,227,488	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(c) (Cost $1,227,488)		1,227,488
		Total Investments in Securities (Cost $1,007,873,910)—100.1%		1,041,949,801
		Other assets less liabilities—(0.1)%		(587,800	)
		Net Assets—100.0%	$	1,041,362,001

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)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

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

38

Schedule of Investments^(a)

Invesco Russell 2000 Pure Growth ETF (PXSG)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—3.8%
	10,462	Boingo Wireless, Inc.(b)	$	237,906
	9,188	Cargurus, Inc.(b)		374,319
	535	Cogent Communications Holdings, Inc.		29,548
	12,173	Glu Mobile, Inc.(b)		133,173
	91	Loral Space & Communications, Inc.(b)		3,351
	15,202	Ooma, Inc.(b)		205,075
	3,446	QuinStreet, Inc.(b)		49,174
	20,331	Shenandoah Telecommunications Co.		840,280
	19,574	TechTarget, Inc.(b)		326,690
	35,275	TrueCar, Inc.(b)		227,171
	80	Vonage Holdings Corp.(b)		778
	6,701	World Wrestling Entertainment, Inc., Class A		561,879
	9,902	Yelp, Inc.(b)		396,674
				3,386,018
		Consumer Discretionary—13.7%
	615	Asbury Automotive Group, Inc.(b)		49,311
	3,497	At Home Group, Inc.(b)		82,144
	8,676	BJ’s Restaurants, Inc.		433,019
	13,552	Boot Barn Holdings, Inc.(b)		390,162
	24,452	Camping World Holdings, Inc., Class A(c)		364,824
	1,061	Cavco Industries, Inc.(b)		132,381
	84	Chegg, Inc.(b)		2,995
	3,676	Churchill Downs, Inc.		370,725
	8,159	Crocs, Inc.(b)		227,228
	3,264	Deckers Outdoor Corp.(b)		516,397
	2,918	Dorman Products, Inc.(b)		255,821
	15,254	Duluth Holdings, Inc., Class B(b)		242,844
	10,742	Eldorado Resorts, Inc.(b)		530,332
	2,816	Etsy, Inc.(b)		190,193
	6,305	Five Below, Inc.(b)		922,989
	6,949	Fox Factory Holding Corp.(b)		539,242
	34,919	Funko, Inc., Class A(b)		692,444
	38,457	GoPro, Inc., Class A(b)		227,281
	123,465	Groupon, Inc.(b)		434,597
	7,110	Hudson Ltd., Class A(b)		109,067
	12,125	Installed Building Products, Inc.(b)		582,364
	2,305	iRobot Corp.(b)(c)		238,660
	2,913	LCI Industries		255,907
	9,273	Lindblad Expeditions Holdings, Inc.(b)		150,315
	318	Malibu Boats, Inc., Class A(b)		13,235
	12,349	MasterCraft Boat Holdings, Inc.(b)		305,514
	2,302	Monro, Inc.		192,977
	13,267	National Vision Holdings, Inc.(b)		358,209
	3,659	Ollie’s Bargain Outlet Holdings, Inc.(b)		349,947
	2,208	Overstock.com, Inc.(b)(c)		29,101
	13,356	PlayAGS, Inc.(b)		322,147
	32,106	Remark Holdings, Inc.(b)(c)		40,454
	7,018	Shake Shack, Inc., Class A(b)		430,203
	5,317	Shutterfly, Inc.(b)		233,044
	9,536	Shutterstock, Inc.		385,731
	1,351	Skyline Champion Corp.		28,520
	22,404	Sleep Number Corp.(b)		779,659
	6,763	Sotheby’s(b)		285,263
	686	Tailored Brands, Inc.		5,591
	3,757	Texas Roadhouse, Inc.		202,916
	1,906	TopBuild Corp.(b)		135,764
	5,250	Turtle Beach Corp.(b)(c)		53,760

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	20,146	ZAGG, Inc.(b)	$	166,003
				12,259,280
		Consumer Staples—3.1%
	88,351	22nd Century Group, Inc.(b)(c)		193,489
	4,457	Calavo Growers, Inc.(c)		427,025
	15,403	Chefs’ Warehouse, Inc. (The)(b)		503,370
	1,027	Coca-Cola Consolidated, Inc.		333,806
	14,808	Freshpet, Inc.(b)		661,325
	4,604	National Beverage Corp.(c)		257,824
	20,144	Primo Water Corp.(b)		317,268
	738	Turning Point Brands, Inc.		31,564
	1,048	USANA Health Sciences, Inc.(b)		87,466
				2,813,137
		Energy—1.4%
	1,470	Cactus, Inc., Class A(b)		53,361
	59,409	Evolution Petroleum Corp.		417,645
	9,299	Jagged Peak Energy, Inc.(b)(c)		98,291
	11,756	Key Energy Services, Inc.(b)(c)		49,140
	1,624	Liberty Oilfield Services, Inc., Class A(c)		24,214
	7,508	Penn Virginia Corp.(b)		337,109
	140,793	Profire Energy, Inc.(b)		222,453
	1,200	Solaris Oilfield Infrastructure, Inc., Class A		20,388
	4,765	Zion Oil & Gas, Inc.(b)		2,660
				1,225,261
		Financials—5.0%
	2,025	Axos Financial, Inc.(b)		66,258
	11,531	Curo Group Holdings Corp.(b)		153,593
	1,129	Diamond Hill Investment Group, Inc.		163,118
	6,078	Elevate Credit, Inc.(b)		27,229
	1,731	FirstCash, Inc.		169,084
	14,057	Hamilton Lane, Inc., Class A		686,825
	21,407	Health Insurance Innovations, Inc., Class A(b)(c)		499,211
	7,313	Kinsale Capital Group, Inc.		530,924
	2,727	LendingTree, Inc.(b)(c)		1,049,404
	3,629	Moelis & Co., Class A		148,608
	4,686	ServisFirst Bancshares, Inc.		159,043
	8,527	Trupanion, Inc.(b)(c)		279,686
	3,053	Westwood Holdings Group, Inc.		95,528
	66,902	WisdomTree Investments, Inc.		481,694
				4,510,205
		Health Care—29.8%
	17,317	ACADIA Pharmaceuticals, Inc.(b)		416,474
	15,613	Accelerate Diagnostics, Inc.(b)(c)		304,453
	5,774	Addus HomeCare Corp.(b)		392,055
	56,449	ADMA Biologics, Inc.(b)(c)		261,359
	14,580	Agenus, Inc.(b)		37,471
	2,082	Amicus Therapeutics, Inc.(b)		27,774
	5,964	AMN Healthcare Services, Inc.(b)		310,486
	7,361	ANI Pharmaceuticals, Inc.(b)		522,484
	118,666	Antares Pharma, Inc.(b)		319,212
	15,563	Array BioPharma, Inc.(b)		351,879
	29,102	Arrowhead Pharmaceuticals, Inc.(b)		523,254
	114	Atrion Corp.		100,320
	12,109	Avid Bioservices, Inc.(b)		58,002

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

39

Invesco Russell 2000 Pure Growth ETF (PXSG)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	5,190	AxoGen, Inc.(b)	$	121,861
	9,106	BioSpecifics Technologies Corp.(b)		610,102
	10,068	BioTelemetry, Inc.(b)		547,699
	67,207	ChromaDex Corp.(b)(c)		299,071
	3,119	Coherus Biosciences, Inc.(b)		49,654
	26,680	Corcept Therapeutics, Inc.(b)		330,298
	7,216	CorVel Corp.(b)		518,109
	29,228	CryoPort, Inc.(b)(c)		411,238
	13,079	Cutera, Inc.(b)		232,021
	1,144	Cyclerion Therapeutics, Inc.(b)		17,423
	27,819	CytoSorbents Corp.(b)		200,297
	1,490	Eloxx Pharmaceuticals, Inc.(b)		17,791
	9,120	Ensign Group, Inc. (The)		469,862
	658	Esperion Therapeutics, Inc.(b)(c)		28,360
	770	Evolus, Inc.(b)(c)		18,773
	248	FibroGen, Inc.(b)		11,589
	29,602	Fluidigm Corp.(b)		406,731
	27,177	GenMark Diagnostics, Inc.(b)		196,761
	10,389	Genomic Health, Inc.(b)		668,324
	77,221	Geron Corp.(b)(c)		140,542
	4,554	Glaukos Corp.(b)		328,480
	94	Global Blood Therapeutics, Inc.(b)		5,208
	9,994	HealthEquity, Inc.(b)		677,094
	16,077	Horizon Pharma PLC(b)		410,446
	14,984	Idera Pharmaceuticals, Inc.(b)		45,102
	17,118	ImmunoGen, Inc.(b)		40,912
	23,185	Innoviva, Inc.(b)		325,286
	62,382	Inovio Pharmaceuticals, Inc.(b)(c)		234,556
	839	Intercept Pharmaceuticals, Inc.(b)(c)		72,305
	6,045	Intersect ENT, Inc.(b)		196,402
	3,120	IntriCon Corp.(b)		72,914
	751	iRhythm Technologies, Inc.(b)		57,309
	11,444	Ironwood Pharmaceuticals, Inc.(b)		136,069
	807	LeMaitre Vascular, Inc.		23,306
	35,589	Lexicon Pharmaceuticals, Inc.(b)(c)		206,416
	3,216	LHC Group, Inc.(b)		357,330
	3,565	Ligand Pharmaceuticals, Inc.(b)		448,655
	7,749	Medidata Solutions, Inc.(b)		700,045
	4,400	Merit Medical Systems, Inc.(b)		247,192
	2,682	Mesa Laboratories, Inc.		634,803
	10,958	Momenta Pharmaceuticals, Inc.(b)		153,302
	5,934	Neogen Corp.(b)		359,956
	54,818	NeoGenomics, Inc.(b)		1,141,859
	2,368	Nevro Corp.(b)		146,129
	4,493	Novocure Ltd.(b)		198,007
	30,903	Ocular Therapeutix, Inc.(b)(c)		115,886
	8,395	Omnicell, Inc.(b)		674,622
	351	Optinose, Inc.(b)(c)		3,496
	22,204	Oxford Immunotec Global PLC(b)		360,371
	19,092	Pacific Biosciences of California, Inc.(b)		141,090
	22,476	Pacira Biosciences, Inc.(b)		894,994
	9,223	PTC Therapeutics, Inc.(b)		345,125
	231	Puma Biotechnology, Inc.(b)		7,420
	3,447	Quanterix Corp.(b)		78,316
	10,902	Quidel Corp.(b)		697,074
	7,680	Radius Health, Inc.(b)		169,114

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	13,640	RadNet, Inc.(b)	$	165,180
	5,531	Revance Therapeutics, Inc.(b)		73,230
	17,037	Simulations Plus, Inc.		383,844
	374	Spark Therapeutics, Inc.(b)(c)		39,902
	15,718	Stemline Therapeutics, Inc.(b)		235,770
	13,613	Supernus Pharmaceuticals, Inc.(b)		500,005
	27,777	T2 Biosystems, Inc.(b)(c)		71,387
	7,218	Tabula Rasa HealthCare, Inc.(b)		384,431
	805	Tactile Systems Technology, Inc.(b)		40,057
	28,586	Tandem Diabetes Care, Inc.(b)		1,755,466
	78,228	Teligent, Inc.(b)(c)		76,656
	65,601	TherapeuticsMD, Inc.(b)(c)		282,084
	13,156	Theravance Biopharma, Inc.(b)(c)		313,771
	37,104	TransEnterix, Inc.(b)(c)		74,208
	1,639	US Physical Therapy, Inc.		190,927
	19,452	Vanda Pharmaceuticals, Inc.(b)		316,873
	31,038	Veracyte, Inc.(b)		709,839
	23,936	Vericel Corp.(b)		406,673
	62,208	ViewRay, Inc.(b)(c)		432,968
	12,235	Vocera Communications, Inc.(b)		389,685
	5,889	Xencor, Inc.(b)		180,851
				26,652,127
		Industrials—17.0%
	11,917	AAON, Inc.		598,352
	13,531	Advanced Drainage Systems, Inc.		379,545
	13,262	Aerojet Rocketdyne Holdings, Inc.(b)		449,051
	10,192	Air Transport Services Group, Inc.(b)		239,818
	471	Allegiant Travel Co.		69,180
	7,714	Allied Motion Technologies, Inc.		282,410
	4,641	American Woodmark Corp.(b)		417,365
	3,009	ASGN, Inc.(b)		189,687
	10,996	Atkore International Group, Inc.(b)		272,261
	6,089	Avis Budget Group, Inc.(b)		216,464
	11,744	Axon Enterprise, Inc.(b)		745,744
	3,052	Barrett Business Services, Inc.		222,369
	25,989	BG Staffing, Inc.		607,363
	39,592	Builders FirstSource, Inc.(b)		545,578
	2,667	Cimpress N.V. (Netherlands)(b)		241,097
	5,885	Comfort Systems USA, Inc.		318,378
	4,398	Douglas Dynamics, Inc.		166,068
	2,937	Dycom Industries, Inc.(b)		145,646
	23,035	Energous Corp.(b)(c)		116,787
	84,935	Energy Recovery, Inc.(b)(c)		826,418
	16,232	Evoqua Water Technologies Corp.(b)		221,080
	3,224	Forward Air Corp.		204,144
	4,382	Franklin Covey Co.(b)		124,931
	481	Generac Holdings, Inc.(b)		26,450
	62,824	HC2 Holdings, Inc.(b)(c)		134,443
	8,971	Healthcare Services Group, Inc.		303,668
	1,636	Heidrick & Struggles International, Inc.		58,536
	5,201	Insperity, Inc.		621,832
	14,337	JELD-WEN Holding, Inc.(b)		283,156
	1,471	John Bean Technologies Corp.		161,501
	16,887	Kforce, Inc.		608,270
	110	Lindsay Corp.		9,350
	4,688	Omega Flex, Inc.		396,886

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

40

Invesco Russell 2000 Pure Growth ETF (PXSG)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	7,937	Patrick Industries, Inc.(b)	$	395,818
	32,914	PGT Innovations, Inc.(b)		482,519
	3,649	Proto Labs, Inc.(b)		400,624
	1,619	RBC Bearings, Inc.(b)		222,693
	618	Saia, Inc.(b)		39,793
	3,809	Simpson Manufacturing Co., Inc.		242,557
	9,432	SiteOne Landscape Supply, Inc.(b)(c)		634,774
	15,140	Spartan Motors, Inc.		140,802
	4,569	Tennant Co.		303,290
	16,169	TPI Composites, Inc.(b)		500,431
	3,744	Trex Co., Inc.(b)		259,347
	12,162	TriNet Group, Inc.(b)		758,179
	430	Universal Logistics Holdings, Inc.		10,501
	8,645	US Ecology, Inc.		527,431
	2,770	Willdan Group, Inc.(b)		109,498
				15,232,085
		Information Technology—24.6%
	54,353	A10 Networks, Inc.(b)		351,120
	23,558	ACM Research, Inc., Class A(b)		405,904
	68,306	Aerohive Networks, Inc.(b)		230,874
	8,035	Alarm.com Holdings, Inc.(b)		569,521
	9,583	Altair Engineering, Inc., Class A(b)		377,953
	2,859	Alteryx, Inc., Class A(b)		253,422
	34,671	Amber Road, Inc.(b)		313,426
	9,110	AppFolio, Inc., Class A(b)		884,672
	7,280	Asure Software, Inc.(b)(c)		50,669
	3,154	Badger Meter, Inc.		174,984
	1,889	Benefitfocus, Inc.(b)		76,939
	3,595	Blackbaud, Inc.		285,047
	2,196	Blackline, Inc.(b)		112,172
	2,492	Bottomline Technologies (DE), Inc.(b)		126,020
	13,914	Box, Inc., Class A(b)		286,907
	13,935	Carbonite, Inc.(b)		341,826
	20,526	Cision Ltd.(b)		247,544
	33,915	Cloudera, Inc.(b)		377,474
	3,523	CommVault Systems, Inc.(b)		185,310
	12,656	Cornerstone OnDemand, Inc.(b)		691,650
	1,870	Coupa Software, Inc.(b)		193,227
	57,250	Eastman Kodak Co.(b)(c)		140,835
	3,447	Ebix, Inc.		174,005
	31,374	Endurance International Group Holdings, Inc.(b)		173,498
	10,052	Entegris, Inc.		410,725
	7,937	Envestnet, Inc.(b)		563,448
	2,106	ePlus, Inc.(b)		198,575
	8,086	Everbridge, Inc.(b)		597,474
	57,933	Extreme Networks, Inc.(b)		463,464
	10,485	Five9, Inc.(b)		556,439
	3,951	ForeScout Technologies, Inc.(b)		166,100
	4,221	GTT Communications, Inc.(b)(c)		177,071
	5,187	HubSpot, Inc.(b)		956,950
	5,553	Ichor Holdings Ltd.(b)		139,824
	22,213	Immersion Corp.(b)		209,913
	4,184	Impinj, Inc.(b)		122,466
	10,204	Instructure, Inc.(b)		439,588
	49,693	Iteris, Inc.(b)		215,668
	36,051	Lattice Semiconductor Corp.(b)		466,860

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	12,105	LivePerson, Inc.(b)	$	355,040
	30,086	Mitek Systems, Inc.(b)		358,023
	82,745	MobileIron, Inc.(b)		490,678
	9,585	Nanometrics, Inc.(b)		285,537
	3,476	New Relic, Inc.(b)		365,814
	6,244	Novanta, Inc.(b)		543,353
	3,261	OneSpan, Inc.(b)		60,459
	868	Park City Group, Inc.(b)		6,710
	13,065	Paylocity Holding Corp.(b)		1,261,426
	4,180	Plantronics, Inc.		215,186
	1,579	Progress Software Corp.		72,018
	10,867	Q2 Holdings, Inc.(b)		819,589
	1,757	Quantenna Communications, Inc.(b)		42,783
	11,624	Rapid7, Inc.(b)		631,648
	1,236	Rudolph Technologies, Inc.(b)		29,899
	4,264	ShotSpotter, Inc.(b)(c)		224,713
	11,057	SMART Global Holdings, Inc.(b)		240,379
	6,831	SPS Commerce, Inc.(b)		708,648
	1,401	Trade Desk, Inc. (The), Class A(b)		310,293
	8,541	Tucows, Inc., Class A(b)		753,231
	2,712	Upland Software, Inc.(b)		126,081
	24,006	USA Technologies, Inc.(b)(c)		136,114
	4,691	Varonis Systems, Inc.(b)		333,765
	5,003	Veritone, Inc.(b)(c)		30,969
	7,862	Virtusa Corp.(b)		436,734
	4,109	Workiva, Inc.(b)		218,352
	8,029	Yext, Inc.(b)		175,915
	2,731	Zix Corp.(b)		22,258
				21,965,179
		Materials—1.5%
	279	Balchem Corp.		28,321
	2,695	Chase Corp.		252,441
	77,943	Forterra, Inc.(b)(c)		361,655
	11,550	Summit Materials, Inc., Class A(b)		202,356
	11,204	US Concrete, Inc.(b)		528,045
				1,372,818
		Real Estate—0.1%
	6,282	Newmark Group, Inc., Class A		53,523
		Utilities—0.0%
	2,053	Spark Energy, Inc., Class A(c)		19,421
		Total Common Stocks & Other Equity Interests (Cost $90,546,376)		89,489,054
		Money Market Funds—0.2%
	142,181	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $142,181)		142,181
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $90,688,557)—100.2%		89,631,235

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

41

Invesco Russell 2000 Pure Growth ETF (PXSG)(continued)

April 30, 2019

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—7.7%
	5,200,518	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)	$	5,200,518
	1,732,987	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		1,733,506
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,934,024)		6,934,024
		Total Investments in Securities (Cost $97,622,581)—107.9%		96,565,259
		Other assets less liabilities—(7.9)%		(7,070,750	)
		Net Assets—100.0%	$	89,494,509

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

42

Schedule of Investments^(a)

Invesco Russell 2000 Pure Value ETF (PXSV)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Communication Services—5.7%
	4,521	AMC Entertainment Holdings, Inc., Class A(b)	$	68,538
	8,416	ATN International, Inc.		513,797
	5,802	Cars.com, Inc.(c)		120,740
	36,449	Consolidated Communications Holdings, Inc.(b)		188,077
	9,110	E.W. Scripps Co. (The), Class A		207,617
	3,471	Emerald Expositions Events, Inc.		48,768
	118,313	Fluent, Inc.(c)		831,740
	34,761	Gannett Co., Inc.		324,320
	275	Gray Television, Inc.(c)		6,443
	41,436	Iridium Communications, Inc.(c)		1,137,833
	13,900	National CineMedia, Inc.		97,022
	13,160	Scholastic Corp.		524,821
	30,864	Spok Holdings, Inc.		427,466
				4,497,182
		Consumer Discretionary—9.2%
	3,454	Abercrombie & Fitch Co., Class A		103,240
	1,082	Acushnet Holdings Corp.		27,277
	10,473	Adtalem Global Education, Inc.(c)		516,528
	7,943	American Axle & Manufacturing Holdings, Inc.(c)		117,159
	6,439	Ascena Retail Group, Inc.(c)		7,662
	88,575	Barnes & Noble, Inc.		445,532
	30,659	Big 5 Sporting Goods Corp.		80,633
	10,160	Cato Corp. (The), Class A		154,026
	4,006	Chico’s FAS, Inc.		14,021
	25,364	Container Store Group, Inc. (The)(b)(c)		219,145
	22,763	Cooper Tire & Rubber Co.		679,703
	20,611	Del Taco Restaurants, Inc.(c)		207,141
	894	Dillard’s, Inc., Class A(b)		61,194
	27,877	El Pollo Loco Holdings, Inc.(c)		356,268
	7,319	Ethan Allen Interiors, Inc.		161,750
	5,890	Express, Inc.(c)		21,675
	26,271	GameStop Corp., Class A(b)		227,244
	731	Genesco, Inc.(c)		32,756
	4,190	Haverty Furniture Cos., Inc.		99,806
	2,338	International Speedway Corp., Class A		103,153
	258,787	J.C. Penney Co., Inc.(b)(c)		354,538
	23,882	Motorcar Parts of America, Inc.(c)		493,402
	189,883	Office Depot, Inc.		455,719
	64,720	Pier 1 Imports, Inc.(b)(c)		58,695
	10,972	Red Lion Hotels Corp.(c)		86,898
	23,499	Regis Corp.(c)		439,901
	2,622	Rocky Brands, Inc.		66,887
	30,769	Speedway Motorsports, Inc.		564,611
	4,887	Superior Industries International, Inc.		24,191
	6,063	Tower International, Inc.		141,511
	10,363	Unifi, Inc.(c)		209,333
	38,520	Vera Bradley, Inc.(c)		473,026
	5,999	Weyco Group, Inc.		205,826
				7,210,451
		Consumer Staples—3.0%
	1,052	Andersons, Inc. (The)		34,400
	60,890	Dean Foods Co.		103,513
	13,715	Edgewell Personal Care Co.(c)		565,470
	45,509	Natural Grocers by Vitamin Cottage, Inc.(c)		563,402
	12,381	Pyxus International, Inc.(b)(c)		282,658
	1,689	Rite AID Corp.(b)(c)		15,471

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Staples (continued)
	2,356	Sanderson Farms, Inc.	$	357,240
	36,256	Smart & Final Stores, Inc.(c)		236,752
	61	SpartanNash Co.		986
	3,232	Universal Corp.		174,076
	1,602	Weis Markets, Inc.		67,364
				2,401,332
		Energy—8.7%
	26,208	Approach Resources, Inc.(c)		8,958
	3,218	Basic Energy Services, Inc.(b)(c)		8,109
	14,291	Bristow Group, Inc.(b)(c)		7,217
	105,790	Clean Energy Fuels Corp.(c)		332,181
	152,457	DHT Holdings, Inc.		812,596
	34,963	Diamond Offshore Drilling, Inc.(b)(c)		339,491
	16,161	Era Group, Inc.(c)		155,792
	87,131	Frontline Ltd. (Norway)(c)		713,603
	3,453	Green Plains, Inc.		59,979
	10,880	Gulfport Energy Corp.(c)		71,264
	18,344	Halcon Resources Corp.(b)(c)		23,847
	11,235	HighPoint Resources Corp.(c)		30,784
	20,150	International Seaways, Inc.(c)		359,073
	28,529	McDermott International, Inc.(c)		230,800
	6,042	Midstates Petroleum Co., Inc.(c)		77,156
	41,885	Noble Corp. PLC(c)		110,158
	164,492	Nordic American Tankers Ltd.		352,013
	138,071	Overseas Shipholding Group, Inc., Class A(c)		251,289
	5,325	Peabody Energy Corp.		153,200
	3,798	Scorpio Tankers, Inc. (Monaco)		97,912
	3,703	SEACOR Holdings, Inc.(c)		164,932
	7,764	SEACOR Marine Holdings, Inc.(c)		105,435
	6,874	SemGroup Corp., Class A		89,774
	40,054	Ship Finance International Ltd. (Norway)(b)		511,089
	8,267	SilverBow Resources, Inc.(c)		149,963
	659	Talos Energy, Inc.(c)		19,572
	53,909	Teekay Corp. (Bermuda)		224,261
	27,846	Tidewater, Inc.(c)		626,535
	31,324	Ultra Petroleum Corp.(c)		13,169
	3,714	Unit Corp.(c)		50,362
	23,673	World Fuel Services Corp.		730,312
				6,880,826
		Financials—28.1%
	8,782	American Equity Investment Life Holding Co.		258,279
	117,969	Anworth Mortgage Asset Corp.		494,290
	23,598	Arbor Realty Trust, Inc.(b)		322,349
	30,779	Arlington Asset Investment Corp., Class A		241,615
	16,771	ARMOUR Residential REIT, Inc.		319,991
	1,373	Associated Capital Group, Inc., Class A(b)		56,719
	7,259	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		157,012
	14,638	Bancorp, Inc. (The)(c)		149,454
	188	BankFinancial Corp.		2,822
	9,133	Berkshire Hills Bancorp, Inc.		273,899
	8,362	Boston Private Financial Holdings, Inc.		95,745
	16,560	Cannae Holdings, Inc.(c)		425,095
	10,805	Capitol Federal Financial, Inc.		149,109
	67,430	Capstead Mortgage Corp.		579,224

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

43

Invesco Russell 2000 Pure Value ETF (PXSV)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	5,162	CBTX, Inc.	$	163,635
	8,042	Civista Bancshares, Inc.		176,924
	2,084	CNO Financial Group, Inc.		34,490
	4,085	Community Bank System, Inc.		271,489
	7,213	Community Trust Bancorp, Inc.		304,749
	28,424	Dime Community Bancshares, Inc.		572,744
	76,057	Dynex Capital, Inc.		463,948
	7,968	eHealth, Inc.(c)		483,976
	10,319	Employers Holdings, Inc.		442,891
	58,304	Exantas Capital Corp.		638,429
	25,447	EZCORP, Inc., Class A(c)		276,609
	2,181	FBL Financial Group, Inc., Class A		136,247
	28,740	FGL Holdings		245,152
	5,206	Financial Institutions, Inc.		143,165
	3,981	First Bancshares, Inc. (The)		122,933
	1,508	First Commonwealth Financial Corp.		20,524
	3,217	First Community Bancshares, Inc.		111,823
	7,822	First Financial Corp.		322,032
	4,116	First Internet Bancorp		90,099
	6,423	First MID Bancshares, Inc.		221,529
	8,998	First United Corp.(b)		170,242
	4,586	Flagstar Bancorp, Inc.		163,949
	9,230	Flushing Financial Corp.		208,598
	368	Franklin Financial Network, Inc.		10,175
	867	Fulton Financial Corp.		14,956
	178,639	Genworth Financial, Inc., Class A(c)		677,042
	8,190	Great Southern Bancorp, Inc.		474,610
	2,979	Heartland Financial USA, Inc.		133,757
	19,815	HomeStreet, Inc.(c)		557,594
	4,843	Hope Bancorp, Inc.		68,093
	92	Horace Mann Educators Corp.		3,549
	5,239	Horizon Bancorp, Inc.		85,239
	1,507	IBERIABANK Corp.		119,806
	1,850	International Bancshares Corp.		76,719
	13,978	Invesco Mortgage Capital, Inc.(d)		228,121
	12,227	Lakeland Bancorp, Inc.		202,479
	27,892	Luther Burbank Corp.		293,703
	5,812	Mercantile Bank Corp.		196,446
	56,357	MGIC Investment Corp.(c)		825,066
	7,787	Mr Cooper Group, Inc.(c)		66,968
	861	National Western Life Group, Inc., Class A		229,646
	4,611	NBT Bancorp, Inc.		175,310
	4,566	Nelnet, Inc., Class A		265,056
	101,403	New York Mortgage Trust, Inc.		638,839
	6,342	Nicolet Bankshares, Inc.(c)		387,179
	23,950	Northwest Bancshares, Inc.		417,449
	46,453	Ocwen Financial Corp.(c)		78,506
	7,805	OFG Bancorp		157,505
	17,496	Old National Bancorp		298,832
	9,047	Oppenheimer Holdings, Inc., Class A		237,484
	63,903	Orchid Island Capital, Inc.(b)		419,843
	24,384	Oritani Financial Corp.		423,062
	7,675	Parke Bancorp, Inc.		175,604
	19,949	PennyMac Financial Services, Inc.		444,863
	18,762	PennyMac Mortgage Investment Trust		394,002
	5,152	Peoples Bancorp, Inc.		168,367

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	4,539	ProAssurance Corp.	$	170,349
	9,679	Provident Financial Services, Inc.		256,687
	11,123	Radian Group, Inc.		260,501
	35,860	Redwood Trust, Inc.		586,670
	991	Safety Insurance Group, Inc.		92,084
	137	SmartFinancial, Inc.(c)		2,848
	3,577	Towne Bank		93,288
	5,241	TPG RE Finance Trust, Inc.		103,300
	24,307	TrustCo Bank Corp. NY		194,456
	10,450	Trustmark Corp.		375,782
	1,420	Union Bankshares Corp.		51,830
	10,699	United Bankshares, Inc.		419,829
	6,800	United Community Financial Corp.		62,628
	280	United Financial Bancorp, Inc.		3,693
	8,563	Univest Financial Corp.		215,959
	15,601	Waddell & Reed Financial, Inc., Class A(b)		292,207
	7,852	Washington Federal, Inc.		260,215
	11,828	WesBanco, Inc.		476,905
				22,176,881
		Health Care—3.3%
	13,313	AngioDynamics, Inc.(c)		273,449
	9,207	Ardelyx, Inc.(c)		31,304
	3,745	Avanos Medical, Inc.(c)		157,103
	3,077	Brookdale Senior Living, Inc.(c)		19,016
	57,672	Chimerix, Inc.(c)		155,714
	4,890	Concert Pharmaceuticals, Inc.(c)		50,269
	12,418	Five Prime Therapeutics, Inc.(c)		137,591
	18,162	Invacare Corp.		134,399
	36,149	Mallinckrodt PLC(c)		558,864
	235,071	PDL BioPharma, Inc.(c)		768,682
	24,089	Prothena Corp. PLC (Ireland)(c)		250,526
	51,274	Tetraphase Pharmaceuticals, Inc.(c)		54,350
				2,591,267
		Industrials—9.2%
	4,606	ABM Industries, Inc.		174,890
	131,026	Acacia Research Corp.(c)		416,663
	10,750	ACCO Brands Corp.		98,255
	22,608	Aircastle Ltd.		450,351
	10,362	Ameresco, Inc., Class A(c)		156,052
	1,642	Atlas Air Worldwide Holdings, Inc.(c)		79,292
	47,095	Babcock & Wilcox Enterprises, Inc.(c)		16,441
	20,240	Briggs & Stratton Corp.		246,928
	3,815	CBIZ, Inc.(c)		73,668
	3,845	CECO Environmental Corp.(c)		29,837
	49,349	Costamare, Inc. (Monaco)		298,068
	86,708	Eagle Bulk Shipping, Inc.(c)		472,559
	5,929	Encore Wire Corp.		351,530
	9,236	Ennis, Inc.		186,382
	5,862	FreightCar America, Inc.(c)		40,565
	948	FTI Consulting, Inc.(c)		80,561
	2,127	GATX Corp.		164,056
	27,512	Genco Shipping & Trading Ltd.(c)		277,871
	4,849	Great Lakes Dredge & Dock Corp.(c)		49,605
	18,429	Hertz Global Holdings, Inc.(c)		335,039
	10,289	Huron Consulting Group, Inc.(c)		497,267

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

44

Invesco Russell 2000 Pure Value ETF (PXSV)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	12,085	Kelly Services, Inc., Class A	$	269,012
	24,929	LSC Communications, Inc.(b)		174,254
	8,963	Manitowoc Co., Inc. (The)(c)		160,079
	91	Navigant Consulting, Inc.		2,078
	14,913	Northwest Pipe Co.(c)		357,465
	4,308	NOW, Inc.(c)		62,983
	1,721	Park-Ohio Holdings Corp.		63,040
	27,532	PICO Holdings, Inc.(c)		314,691
	13,294	Powell Industries, Inc.		388,849
	119	Preformed Line Products Co.		6,710
	4,804	Quanex Building Products Corp.		80,323
	12,674	RR Donnelley & Sons Co.		58,554
	140,348	Safe Bulkers, Inc. (Greece)(c)		251,223
	1,987	Scorpio Bulkers, Inc.		10,690
	17,864	Titan Machinery, Inc.(c)		307,261
	6,773	Triumph Group, Inc.		160,723
	1,747	Veritiv Corp.(c)		48,724
				7,212,539
		Information Technology—9.9%
	11,949	ADTRAN, Inc.		204,806
	8,946	Alpha & Omega Semiconductor Ltd.(c)		110,930
	2,558	Anixter International, Inc.(c)		160,821
	17,114	Avaya Holdings Corp.(c)		326,535
	28,855	AVX Corp.		470,625
	17,077	Benchmark Electronics, Inc.		461,591
	14,689	Ciena Corp.(c)		563,470
	45,709	Digi International, Inc.(c)		588,275
	24,259	Finisar Corp.(c)		584,884
	64,585	Harmonic, Inc.(c)		365,551
	25,763	KBR, Inc.		572,454
	2,738	Kimball Electronics, Inc.(c)		41,426
	40,033	Knowles Corp.(c)		755,823
	7,984	ManTech International Corp., Class A		494,928
	13,400	Maxwell Technologies, Inc.(b)(c)		58,826
	43,712	NeoPhotonics Corp.(c)		298,553
	5,507	NetScout Systems, Inc.(c)		161,906
	54,308	Ribbon Communications, Inc.(c)		291,091
	8,515	Sanmina Corp.(c)		288,829
	13,714	Stratasys Ltd.(c)		318,851
	3,532	Sykes Enterprises, Inc.(c)		98,013
	1,684	Tech Data Corp.(c)		179,531
	31,796	TiVo Corp.		297,929
	1,028	ViaSat, Inc.(c)		93,363
				7,789,011
		Materials—1.8%
	36,573	AgroFresh Solutions, Inc.(b)(c)		116,668
	12,142	Clearwater Paper Corp.(c)		244,904
	1,886	FutureFuel Corp.		27,705
	63,605	Intrepid Potash, Inc.(c)		236,611
	24,541	LSB Industries, Inc.(c)		143,565
	32	Materion Corp.		1,857
	6,148	Olympic Steel, Inc.		99,721
	17,867	P.H. Glatfelter Co.		281,941
	1,093	Stepan Co.		101,146
	10,187	SunCoke Energy, Inc.(c)		87,710

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	9,158	TimkenSteel Corp.(c)	$	92,862
				1,434,690
		Real Estate—15.7%
	15,780	Acadia Realty Trust		445,627
	5,732	Agree Realty Corp.		375,274
	2,445	Alexander & Baldwin, Inc.		57,751
	29,591	Ashford Hospitality Trust, Inc.		163,046
	46,281	Braemar Hotels & Resorts, Inc.		643,306
	29,451	CatchMark Timber Trust, Inc., Class A		294,510
	115,765	CBL & Associates Properties, Inc.(b)		116,923
	104,134	Cedar Realty Trust, Inc.		319,691
	15,132	Chatham Lodging Trust		297,949
	1,518	Chesapeake Lodging Trust		43,263
	14,252	CoreCivic, Inc.		296,584
	15,855	CorEnergy Infrastructure Trust, Inc.(b)		599,160
	48,816	Cousins Properties, Inc.		467,169
	33,156	DiamondRock Hospitality Co.		360,074
	41,271	Franklin Street Properties Corp.		324,390
	33,773	Front Yard Residential Corp.		334,690
	3,261	Getty Realty Corp.		105,754
	59,824	Global Medical REIT, Inc.		610,205
	12,931	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		343,835
	9,473	Healthcare Realty Trust, Inc.		292,526
	62,575	Independence Realty Trust, Inc.		662,669
	9,207	Industrial Logistics Properties Trust		182,759
	4,200	Investors Real Estate Trust		253,176
	10,706	Kite Realty Group Trust		169,048
	34,568	Lexington Realty Trust		313,532
	18,144	Mack-Cali Realty Corp.		422,392
	24,804	MedEquities Realty Trust, Inc.		265,651
	10,710	NorthStar Realty Europe Corp.		190,959
	9,579	Office Properties Income Trust		259,974
	7,925	Piedmont Office Realty Trust, Inc., Class A		164,999
	1,155	RLJ Lodging Trust		21,264
	31,598	RPT Realty		383,284
	13,787	Sabra Health Care REIT, Inc.		269,674
	16,920	Safehold, Inc.		426,892
	3,267	Seritage Growth Properties, Class A(b)		145,676
	31,952	Summit Hotel Properties, Inc.		370,963
	33,352	Sunstone Hotel Investors, Inc.		480,269
	3,427	Tejon Ranch Co.(c)		59,116
	15,624	Tier REIT, Inc.		442,784
	56,756	Washington Prime Group, Inc.(b)		252,564
	8,279	Whitestone		106,220
	1,693	Xenia Hotels & Resorts, Inc.		36,653
				12,372,245
		Utilities—5.3%
	1,584	ALLETE, Inc.		129,017
	17,278	AquaVenture Holdings Ltd.(c)		336,057
	102,870	Atlantic Power Corp.(c)		237,630
	9,584	Avista Corp.		413,454
	5,764	Black Hills Corp.		419,389
	3,522	Clearway Energy, Inc., Class C		55,894
	10,286	Consolidated Water Co. Ltd. (Cayman Islands)		130,221

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

45

Invesco Russell 2000 Pure Value ETF (PXSV)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities (continued)
	757	El Paso Electric Co.	$	46,260
	2,498	Northwest Natural Holding Co.		167,091
	9,958	NorthWestern Corp.		695,566
	574	ONE Gas, Inc.		50,810
	641	Ormat Technologies, Inc.		37,409
	200	Pattern Energy Group, Inc., Class A		4,624
	6,601	PNM Resources, Inc.		306,550
	11,728	Portland General Electric Co.		613,492
	6,342	Spire, Inc.		533,933
				4,177,397
		Total Common Stocks & Other Equity Interests (Cost $78,868,965)		78,743,821
		Money Market Funds—0.2%
	125,271	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(e) (Cost $125,271)		125,271
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $78,994,236)—100.1%		78,869,092
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—5.0%
	2,936,817	Invesco Government & Agency Portfolio—Institutional Class 2.34%(e)(f)		2,936,817
	978,646	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(e)(f)		978,939
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,915,756)		3,915,756
		Total Investments in Securities (Cost $82,909,992)—105.1%		82,784,848
		Other assets less liabilities—(5.1)%		(3,991,206	)
		Net Assets—100.0%	$	78,793,642

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 April 30, 2019.

^(c)  Non-income producing security.

^(d)  Affiliated company. See Note 4.

^(e)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

46

Schedule of Investments^(a)

Invesco Russell Midcap Equal Weight ETF (EQWM)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Communication Services—4.0%
	350	AMC Networks, Inc., Class A(b)	$	20,443
	24	Cable One, Inc.		25,453
	442	CBS Corp., Class B		22,661
	6,216	CenturyLink, Inc.		70,987
	568	Cinemark Holdings, Inc.		23,884
	764	Discovery, Inc., Class A(b)		23,608
	675	DISH Network Corp., Class A(b)		23,706
	405	GCI Liberty, Inc., Class A(b)		24,146
	129	IAC/InterActiveCorp.(b)		29,004
	972	Interpublic Group of Cos., Inc. (The)		22,356
	485	John Wiley & Sons, Inc., Class A		22,397
	245	Liberty Broadband Corp., Class C(b)		24,184
	649	Liberty Media Corp.-Liberty Formula One, Class C(b)		25,188
	536	Liberty Media Corp.-Liberty SiriusXM, Class C(b)		21,526
	1,324	Lions Gate Entertainment Corp., Class A		19,317
	357	Live Nation Entertainment, Inc.(b)		23,326
	74	Madison Square Garden Co. (The), Class A(b)		23,121
	502	Match Group, Inc.		30,321
	1,683	News Corp., Class A		20,903
	292	Omnicom Group, Inc.		23,369
	3,625	Sirius XM Holdings, Inc.(c)		21,061
	11,776	Sprint Corp.(b)		65,710
	305	Take-Two Interactive Software, Inc.(b)		29,533
	2,418	Telephone & Data Systems, Inc.		77,086
	469	Tribune Media Co., Class A		21,668
	425	TripAdvisor, Inc.(b)		22,623
	896	Twitter, Inc.(b)		35,759
	1,633	United States Cellular Corp.(b)		78,547
	745	Viacom, Inc., Class B		21,538
	2,731	Zayo Group Holdings, Inc.(b)		85,453
	334	Zillow Group, Inc., Class C(b)		11,156
	5,310	Zynga, Inc., Class A(b)		30,055
				1,020,089
		Consumer Discretionary—8.6%
	1,404	Adient PLC		32,432
	141	Advance Auto Parts, Inc.		23,451
	264	Aptiv PLC		22,625
	725	Aramark		22,533
	644	AutoNation, Inc.(b)		27,003
	23	AutoZone, Inc.(b)		23,651
	321	Best Buy Co., Inc.		23,886
	562	BorgWarner, Inc.		23,475
	176	Bright Horizons Family Solutions, Inc.(b)		22,554
	417	Brunswick Corp.		21,355
	147	Burlington Stores, Inc.(b)		24,830
	2,531	Caesars Entertainment Corp.(b)		23,690
	486	Capri Holdings Ltd.(b)		21,423
	364	CarMax, Inc.(b)		28,341
	232	Carter’s, Inc.		24,571
	36	Chipotle Mexican Grill, Inc.(b)		24,769
	276	Choice Hotels International, Inc.		22,919
	214	Columbia Sportswear Co.		21,394
	535	D.R. Horton, Inc.		23,706
	200	Darden Restaurants, Inc.		23,520
	574	Dick’s Sporting Goods, Inc.		21,238
	183	Dollar General Corp.		23,074

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	210	Dollar Tree, Inc.(b)	$	23,369
	88	Domino’s Pizza, Inc.		23,811
	303	Dunkin’ Brands Group, Inc.		22,613
	176	Expedia Group, Inc.		22,852
	1,169	Extended Stay America, Inc.		20,937
	567	Floor & Decor Holdings, Inc., Class A(b)		27,227
	350	Foot Locker, Inc.		20,023
	594	frontdoor, Inc.(b)		20,933
	813	Gap, Inc. (The)		21,203
	262	Garmin Ltd.		22,464
	1,057	Gentex Corp.		24,343
	203	Genuine Parts Co.		20,816
	1,212	Goodyear Tire & Rubber Co. (The)		23,283
	32	Graham Holdings Co., Class B		23,790
	188	Grand Canyon Education, Inc.(b)		21,787
	366	GrubHub, Inc.(b)		24,445
	899	H&R Block, Inc.		24,462
	1,185	Hanesbrands, Inc.		21,413
	580	Harley-Davidson, Inc.		21,593
	250	Hasbro, Inc.		25,465
	678	Hilton Grand Vacations, Inc.(b)		21,723
	262	Hilton Worldwide Holdings, Inc.		22,791
	297	Hyatt Hotels Corp., Class A		22,789
	1,513	International Game Technology PLC		22,135
	315	Kohl’s Corp.		22,396
	826	L Brands, Inc.		21,179
	149	Lear Corp.		21,307
	490	Leggett & Platt, Inc.		19,286
	457	Lennar Corp., Class A		23,778
	781	LKQ Corp.(b)		23,508
	147	Lululemon Athletica, Inc.(b)		25,923
	932	Macy’s, Inc.		21,939
	1,492	Mattel, Inc.(b)(c)		18,187
	821	MGM Resorts International		21,863
	1,666	Michaels Cos., Inc. (The)(b)		18,726
	168	Mohawk Industries, Inc.(b)		22,890
	1,401	Newell Brands, Inc.		20,146
	485	Nordstrom, Inc.		19,895
	397	Norwegian Cruise Line Holdings Ltd.(b)		22,387
	8	NVR, Inc.(b)		25,220
	59	O’Reilly Automotive, Inc.(b)		22,336
	514	Penske Automotive Group, Inc.		23,603
	253	Polaris Industries, Inc.		24,389
	138	Pool Corp.		25,356
	789	PulteGroup, Inc.		24,822
	197	PVH Corp.		25,411
	1,263	Qurate Retail, Inc.(b)		21,534
	176	Ralph Lauren Corp.		23,158
	235	Ross Stores, Inc.		22,950
	188	Royal Caribbean Cruises Ltd.		22,737
	544	Service Corp. International		22,636
	455	ServiceMaster Global Holdings, Inc.(b)		22,309
	423	Six Flags Entertainment Corp.		22,457
	663	Skechers U.S.A., Inc., Class A(b)		20,991
	635	Tapestry, Inc.		20,491
	380	Tempur Sealy International, Inc.(b)		23,332

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

47

Invesco Russell Midcap Equal Weight ETF (EQWM)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	343	Thor Industries, Inc.	$	22,593
	230	Tiffany & Co.		24,799
	611	Toll Brothers, Inc.		23,279
	235	Tractor Supply Co.		24,322
	71	Ulta Beauty, Inc.(b)		24,778
	1,003	Under Armour, Inc., Class A(b)		23,159
	733	Urban Outfitters, Inc.(b)		21,792
	107	Vail Resorts, Inc.		24,487
	255	VF Corp.		24,075
	273	Visteon Corp.(b)		18,023
	133	Wayfair, Inc., Class A(b)(c)		21,566
	1,320	Wendy’s Co. (The)		24,565
	158	Whirlpool Corp.		21,934
	376	Williams-Sonoma, Inc.(c)		21,496
	283	Wyndham Destinations, Inc.		12,327
	416	Wyndham Hotels & Resorts, Inc.		23,180
	183	Wynn Resorts Ltd.		26,434
	531	Yum China Holdings, Inc. (China)		25,244
				2,197,902
		Consumer Staples—11.6%
	2,065	Archer-Daniels-Midland Co.		92,099
	1,749	Brown-Forman Corp., Class B		93,204
	1,721	Bunge Ltd.		90,198
	2,422	Campbell Soup Co.(c)		93,707
	664	Casey’s General Stores, Inc.		87,880
	1,326	Church & Dwight Co., Inc.		99,384
	554	Clorox Co. (The)		88,490
	3,884	Conagra Brands, Inc.		119,549
	1,999	Coty, Inc., Class A(c)		21,629
	1,965	Energizer Holdings, Inc.		94,104
	4,298	Flowers Foods, Inc.		93,439
	4,039	Hain Celestial Group, Inc. (The)(b)		88,131
	1,544	Herbalife Nutrition Ltd.(b)		81,600
	779	Hershey Co. (The)		97,258
	2,005	Hormel Foods Corp.		80,080
	952	Ingredion, Inc.		90,202
	848	JM Smucker Co. (The)		103,990
	1,605	Kellogg Co.		96,781
	3,280	Keurig Dr Pepper, Inc.(c)		95,350
	3,406	Kroger Co. (The)		87,807
	1,237	Lamb Weston Holdings, Inc.		86,652
	641	McCormick & Co., Inc.		98,695
	1,450	Molson Coors Brewing Co., Class B		93,075
	1,519	Nu Skin Enterprises, Inc., Class A		77,272
	4,364	Pilgrim’s Pride Corp.(b)		117,435
	874	Post Holdings, Inc.(b)		98,570
	22	Seaboard Corp.		98,903
	1,595	Spectrum Brands Holdings, Inc.		98,204
	3,813	Sprouts Farmers Market, Inc.(b)		81,674
	1,471	TreeHouse Foods, Inc.(b)		98,528
	1,357	Tyson Foods, Inc., Class A		101,789
	2,546	US Foods Holding Corp.(b)		93,056
				2,938,735

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy—10.2%
	7,661	Antero Resources Corp.(b)	$	55,542
	1,940	Apache Corp.		63,845
	1,608	Apergy Corp.(b)		63,822
	2,571	Cabot Oil & Gas Corp.		66,563
	7,417	Centennial Resource Development, Inc., Class A(b)		78,101
	953	Cheniere Energy, Inc.(b)		61,326
	21,411	Chesapeake Energy Corp.(b)(c)		62,306
	891	Cimarex Energy Co.		61,176
	6,085	CNX Resources Corp.(b)		54,522
	621	Concho Resources, Inc.		71,651
	1,547	Continental Resources, Inc.(b)		71,147
	2,296	Devon Energy Corp.		73,793
	659	Diamondback Energy, Inc.		70,111
	3,420	EQT Corp.		69,939
	3,399	Equitrans Midstream Corp.		70,801
	16,650	Extraction Oil & Gas, Inc.(b)(c)		78,255
	1,181	Helmerich & Payne, Inc.		69,112
	1,139	Hess Corp.		73,033
	1,276	HollyFrontier Corp.		60,903
	10,597	Kosmos Energy Ltd. (Ghana)		70,894
	3,772	Marathon Oil Corp.		64,275
	2,120	Murphy Oil Corp.		57,749
	19,361	Nabors Industries Ltd.		67,764
	2,430	National Oilwell Varco, Inc.		63,520
	2,847	Noble Energy, Inc.		77,040
	965	ONEOK, Inc.		65,552
	3,594	Parsley Energy, Inc., Class A(b)		71,736
	4,980	Patterson-UTI Energy, Inc.		67,678
	2,134	PBF Energy, Inc., Class A		71,660
	8,700	QEP Resources, Inc.(b)		65,424
	6,162	Range Resources Corp.		55,704
	6,535	RPC, Inc.(c)		67,245
	4,084	SM Energy Co.		65,058
	1,586	Targa Resources Corp.		63,678
	7,707	Transocean Ltd.(b)		60,577
	97,500	Weatherford International PLC(b)		53,947
	2,698	Whiting Petroleum Corp.(b)		73,898
	2,397	Williams Cos., Inc. (The)		67,907
	5,400	WPX Energy, Inc.(b)		75,006
				2,602,260
		Financials—6.0%
	121	Affiliated Managers Group, Inc.		13,421
	709	AGNC Investment Corp.		12,613
	20	Alleghany Corp.(b)		13,138
	480	Ally Financial, Inc.		14,261
	130	American Financial Group, Inc.		13,459
	87	American National Insurance Co.		9,856
	100	Ameriprise Financial, Inc.		14,677
	1,241	Annaly Capital Management, Inc.		12,522
	389	Arch Capital Group Ltd.(b)		13,140
	160	Arthur J. Gallagher & Co.		13,379
	562	Associated Banc-Corp.		12,752
	125	Assurant, Inc.		11,875
	287	Assured Guaranty Ltd.		13,690
	299	Athene Holding Ltd., Class A(b)		13,503

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

48

Invesco Russell Midcap Equal Weight ETF (EQWM)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	637	AXA Equitable Holdings, Inc.	$	14,454
	225	Axis Capital Holdings Ltd.		12,791
	155	Bank of Hawaii Corp.		12,769
	406	Bank OZK		13,256
	357	BankUnited, Inc.		13,059
	2,219	BGC Partners, Inc., Class A		11,983
	145	BOK Financial Corp.		12,635
	334	Brighthouse Financial, Inc.(b)		13,958
	431	Brown & Brown, Inc.		13,684
	135	Cboe Global Markets, Inc.		13,717
	675	Chimera Investment Corp.		12,940
	148	Cincinnati Financial Corp.		14,235
	257	CIT Group, Inc.		13,690
	359	Citizens Financial Group, Inc.		12,996
	293	CNA Financial Corp.		13,575
	151	Comerica, Inc.		11,867
	208	Commerce Bancshares, Inc.		12,569
	29	Credit Acceptance Corp.(b)		14,390
	124	Cullen/Frost Bankers, Inc.		12,610
	179	Discover Financial Services		14,587
	265	E*TRADE Financial Corp.		13,425
	240	East West Bancorp, Inc.		12,355
	313	Eaton Vance Corp.		13,011
	69	Erie Indemnity Co., Class A		13,063
	142	Evercore, Inc., Class A		13,835
	57	Everest Re Group Ltd.		13,424
	1,079	F.N.B. Corp.		13,088
	54	FactSet Research Systems, Inc.		14,897
	357	Fidelity National Financial, Inc.		14,262
	471	Fifth Third Bancorp		13,574
	250	First American Financial Corp.		14,265
	30	First Citizens BancShares, Inc., Class A		13,448
	481	First Hawaiian, Inc.		13,300
	845	First Horizon National Corp.		12,751
	123	First Republic Bank		12,991
	401	Franklin Resources, Inc.		13,871
	106	Hanover Insurance Group, Inc. (The)		12,785
	261	Hartford Financial Services Group, Inc. (The)		13,653
	916	Huntington Bancshares, Inc.		12,751
	234	Interactive Brokers Group, Inc., Class A		12,692
	672	Invesco Ltd.(d)		14,764
	664	Jefferies Financial Group, Inc.		13,658
	751	KeyCorp		13,180
	355	Lazard Ltd., Class A		13,802
	454	Legg Mason, Inc.		15,186
	208	Lincoln National Corp.		13,878
	268	Loews Corp.		13,746
	171	LPL Financial Holdings, Inc.		12,669
	75	M&T Bank Corp.		12,755
	13	Markel Corp.(b)		13,930
	56	MarketAxess Holdings, Inc.		15,586
	245	Mercury General Corp.		13,176
	1,729	MFA Financial, Inc.		12,985
	74	Moody’s Corp.		14,550
	104	Morningstar, Inc.		14,919
	69	MSCI, Inc.		15,551

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	146	Nasdaq, Inc.	$	13,461
	1,087	Navient Corp.		14,685
	764	New Residential Investment Corp.		12,843
	1,026	New York Community Bancorp, Inc.		11,932
	139	Northern Trust Corp.		13,698
	610	Old Republic International Corp.		13,640
	388	OneMain Holdings, Inc.		13,180
	319	PacWest Bancorp		12,616
	733	People’s United Financial, Inc.		12,674
	221	Pinnacle Financial Partners, Inc.		12,833
	239	Popular, Inc.		13,793
	251	Principal Financial Group, Inc.		14,347
	173	Prosperity Bancshares, Inc.		12,740
	156	Raymond James Financial, Inc.		14,285
	813	Regions Financial Corp.		12,626
	87	Reinsurance Group of America, Inc.		13,181
	88	RenaissanceRe Holdings Ltd. (Bermuda)		13,672
	612	Santander Consumer USA Holdings, Inc.		13,066
	251	SEI Investments Co.		13,667
	94	Signature Bank		12,415
	1,186	SLM Corp.		12,050
	563	Starwood Property Trust, Inc.		12,977
	653	Sterling Bancorp		13,987
	198	SunTrust Banks, Inc.		12,965
	52	SVB Financial Group(b)		13,089
	398	Synchrony Financial		13,799
	331	Synovus Financial Corp.		12,201
	130	T. Rowe Price Group, Inc.		13,975
	583	TCF Financial Corp.		12,902
	213	Texas Capital Bancshares, Inc.(b)		13,787
	754	TFS Financial Corp.		12,547
	154	Torchmark Corp.		13,500
	903	Two Harbors Investment Corp.		12,516
	715	Umpqua Holdings Corp.		12,412
	348	Unum Group		12,848
	497	Virtu Financial, Inc., Class A		12,216
	255	Voya Financial, Inc.		13,997
	226	W.R. Berkley Corp.		13,854
	227	Webster Financial Corp.		12,061
	286	Western Alliance Bancorp(b)		13,665
	14	White Mountains Insurance Group Ltd.		13,147
	74	Willis Towers Watson PLC		13,641
	177	Wintrust Financial Corp.		13,487
	257	Zions Bancorp NA		12,678
				1,519,482
		Health Care—11.2%
	126	ABIOMED, Inc.(b)		34,954
	1,399	Acadia Healthcare Co., Inc.(b)(c)		44,796
	506	Agilent Technologies, Inc.		39,721
	632	Agios Pharmaceuticals, Inc.(b)		35,341
	173	Align Technology, Inc.(b)		56,170
	1,222	Alkermes PLC(b)		37,051
	478	Alnylam Pharmaceuticals, Inc.(b)		42,705
	522	AmerisourceBergen Corp.		39,025
	437	BioMarin Pharmaceutical, Inc.(b)		37,377
	132	Bio-Rad Laboratories, Inc., Class A(b)		39,723

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

49

Invesco Russell Midcap Equal Weight ETF (EQWM)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	209	Bio-Techne Corp.	$	42,759
	285	Bluebird Bio, Inc.(b)		40,422
	1,058	Bruker Corp.		40,839
	608	Cantel Medical Corp.		41,916
	839	Cardinal Health, Inc.		40,868
	936	Catalent, Inc.(b)		41,952
	706	Centene Corp.(b)		36,401
	720	Cerner Corp.(b)		47,844
	288	Charles River Laboratories International, Inc.(b)		40,455
	123	Chemed Corp.		40,194
	138	Cooper Cos., Inc. (The)		40,009
	834	Covetrus, Inc.(b)		27,414
	789	DaVita, Inc.(b)		43,584
	827	DENTSPLY SIRONA, Inc.		42,284
	279	DexCom, Inc.(b)		33,779
	233	Edwards Lifesciences Corp.(b)		41,024
	1,361	Elanco Animal Health, Inc., Class W(b)		42,871
	676	Encompass Health Corp.		43,568
	472	Exact Sciences Corp.(b)		46,582
	1,723	Exelixis, Inc.(b)		33,874
	378	Henry Schein, Inc.(b)		24,215
	385	Hill-Rom Holdings, Inc.		39,047
	852	Hologic, Inc.(b)		39,516
	172	ICU Medical, Inc.(b)		39,130
	196	IDEXX Laboratories, Inc.(b)		45,472
	483	Incyte Corp.(b)		37,094
	428	Insulet Corp.(b)(c)		36,915
	726	Integra LifeSciences Holdings Corp.(b)		37,890
	571	Ionis Pharmaceuticals, Inc.(b)		42,442
	289	IQVIA Holdings, Inc.(b)		40,142
	293	Jazz Pharmaceuticals PLC(b)		38,023
	273	Laboratory Corp. of America Holdings(b)		43,658
	307	Masimo Corp.(b)		39,956
	1,322	MEDNAX, Inc.(b)		36,976
	40	Mettler-Toledo International, Inc.(b)		29,810
	1,936	Moderna, Inc.(b)(c)		50,394
	306	Molina Healthcare, Inc.(b)		39,667
	1,486	Mylan N.V.(b)		40,107
	1,113	Nektar Therapeutics(b)		35,638
	517	Neurocrine Biosciences, Inc.(b)		37,348
	287	Penumbra, Inc.(b)(c)		38,601
	428	PerkinElmer, Inc.		41,020
	856	Perrigo Co. PLC		41,020
	391	PRA Health Sciences, Inc.(b)		37,857
	1,186	Premier, Inc., Class A(b)		39,411
	1,024	QIAGEN N.V.(b)		39,895
	479	Quest Diagnostics, Inc.		46,166
	397	ResMed, Inc.		41,490
	265	Sage Therapeutics, Inc.(b)(c)		44,581
	298	Sarepta Therapeutics, Inc.(b)(c)		34,848
	579	Seattle Genetics, Inc.(b)		39,245
	333	STERIS PLC		43,616
	139	Teleflex, Inc.		39,779
	359	United Therapeutics Corp.(b)		36,823
	308	Universal Health Services, Inc., Class B		39,076
	300	Varian Medical Systems, Inc.(b)		40,851

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	350	Veeva Systems, Inc., Class A(b)	$	48,954
	110	Waters Corp.(b)		23,489
	169	WellCare Health Plans, Inc.(b)		43,661
	389	West Pharmaceutical Services, Inc.		48,154
	328	Zimmer Biomet Holdings, Inc.		40,396
				2,837,875
		Industrials—13.2%
	516	A.O. Smith Corp.		27,126
	336	Acuity Brands, Inc.		49,167
	3,454	ADT, Inc.(c)		22,762
	868	AECOM(b)		29,425
	395	AGCO Corp.		27,958
	750	Air Lease Corp.		28,920
	468	Alaska Air Group, Inc.		28,969
	298	Allegion PLC		29,571
	565	Allison Transmission Holdings, Inc.		26,476
	59	AMERCO		22,017
	813	American Airlines Group, Inc.		27,788
	332	AMETEK, Inc.		29,272
	1,429	Arconic, Inc.		30,695
	1,915	Arcosa, Inc.		59,614
	608	Armstrong World Industries, Inc.		52,695
	531	BWX Technologies, Inc.		27,134
	299	C.H. Robinson Worldwide, Inc.		24,219
	215	Carlisle Cos., Inc.		30,405
	129	Cintas Corp.		28,011
	382	Clean Harbors, Inc.(b)		29,032
	1,009	Colfax Corp.(b)		30,442
	316	Copa Holdings SA, Class A (Panama)		26,310
	449	Copart, Inc.(b)		30,227
	59	CoStar Group, Inc.(b)		29,279
	315	Crane Co.		26,791
	170	Cummins, Inc.		28,269
	226	Curtiss-Wright Corp.		25,750
	538	Donaldson Co., Inc.		28,805
	290	Dover Corp.		28,432
	115	Equifax, Inc.		14,484
	352	Expeditors International of Washington, Inc.		27,956
	724	Fastenal Co.		51,078
	608	Flowserve Corp.		29,810
	720	Fluor Corp.		28,606
	323	Fortive Corp.		27,888
	472	Fortune Brands Home & Security, Inc.		24,912
	1,004	Gardner Denver Holdings, Inc.(b)		33,885
	1,706	Gates Industrial Corp. PLC(b)		27,433
	323	Genesee & Wyoming, Inc., Class A(b)		28,634
	553	Graco, Inc.		28,341
	3,607	GrafTech International Ltd.		41,300
	167	Harris Corp.		28,140
	609	HD Supply Holdings, Inc.(b)		27,825
	289	HEICO Corp.		30,498
	632	Hexcel Corp.		44,689
	219	Hubbell, Inc.		27,944
	130	Huntington Ingalls Industries, Inc.		28,935
	182	IDEX Corp.		28,512
	510	IHS Markit Ltd.(b)		29,203

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

50

Invesco Russell Midcap Equal Weight ETF (EQWM)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	426	Ingersoll-Rand PLC	$	52,232
	460	ITT, Inc.		27,853
	257	J.B. Hunt Transport Services, Inc.		24,281
	363	Jacobs Engineering Group, Inc.		28,292
	1,617	JetBlue Airways Corp.(b)		29,995
	234	Kansas City Southern		28,815
	449	KAR Auction Services, Inc.		25,360
	365	Kirby Corp.(b)		29,828
	796	Knight-Swift Transportation Holdings, Inc.		26,547
	126	L3 Technologies, Inc.		27,541
	248	Landstar System, Inc.		27,022
	185	Lennox International, Inc.		50,218
	307	Lincoln Electric Holdings, Inc.		26,792
	667	Macquarie Infrastructure Corp.		27,020
	322	ManpowerGroup, Inc.		30,925
	1,142	Masco Corp.		44,607
	212	Middleby Corp. (The)(b)		28,012
	314	MSC Industrial Direct Co., Inc., Class A		26,266
	831	Nielsen Holdings PLC		21,215
	197	Nordson Corp.		28,752
	971	nVent Electric PLC		27,140
	186	Old Dominion Freight Line, Inc.		27,766
	336	Oshkosh Corp.		27,750
	946	Owens Corning		48,501
	390	PACCAR, Inc.		27,951
	154	Parker-Hannifin Corp.		27,886
	627	Pentair PLC		24,447
	748	Quanta Services, Inc.		30,369
	327	Regal Beloit Corp.		27,821
	334	Republic Services, Inc.		27,662
	400	Robert Half International, Inc.		24,836
	149	Rockwell Automation, Inc.		26,926
	655	Rollins, Inc.		25,329
	82	Roper Technologies, Inc.		29,495
	436	Ryder System, Inc.		27,468
	1,247	Schneider National, Inc., Class B		26,062
	535	Sensata Technologies Holding PLC(b)		26,718
	163	Snap-on, Inc.		27,430
	272	Spirit AeroSystems Holdings, Inc., Class A		23,637
	200	Stanley Black & Decker, Inc.		29,320
	550	Stericycle, Inc.(b)		32,115
	114	Teledyne Technologies, Inc.(b)		28,330
	771	Terex Corp.		25,697
	504	Textron, Inc.		26,712
	1,043	Timken Co. (The)		50,012
	389	Toro Co. (The)		28,455
	63	TransDigm Group, Inc.(b)		30,399
	196	TransUnion		13,651
	1,167	Trinity Industries, Inc.		25,161
	317	United Continental Holdings, Inc.(b)		28,169
	207	United Rentals, Inc.(b)		29,170
	1,952	Univar, Inc.(b)		43,588
	329	Valmont Industries, Inc.		44,362
	207	Verisk Analytics, Inc.		29,216
	88	W.W. Grainger, Inc.		24,816
	157	WABCO Holdings, Inc.(b)		20,793

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	376	Wabtec Corp.(c)	$	27,850
	316	Watsco, Inc.		50,077
	1,695	Welbilt, Inc.(b)		28,527
	500	WESCO International, Inc.(b)		28,620
	550	XPO Logistics, Inc.(b)(c)		37,444
	348	Xylem, Inc.		29,023
				3,353,908
		Information Technology—13.2%
	320	2U, Inc.(b)		19,360
	1,222	Advanced Micro Devices, Inc.(b)		33,764
	383	Akamai Technologies, Inc.(b)		30,663
	76	Alliance Data Systems Corp.		12,168
	498	Amdocs Ltd.		27,430
	289	Amphenol Corp., Class A		28,773
	255	Analog Devices, Inc.		29,641
	151	ANSYS, Inc.(b)		29,566
	98	Arista Networks, Inc.(b)		30,604
	348	Arrow Electronics, Inc.(b)		29,409
	275	Aspen Technology, Inc.(b)		33,525
	259	Atlassian Corp. PLC, Class A(b)		28,529
	177	Autodesk, Inc.(b)		31,543
	641	Avnet, Inc.		31,159
	521	Black Knight, Inc.(b)		29,395
	496	Booz Allen Hamilton Holding Corp.		29,408
	127	Broadridge Financial Solutions, Inc.		15,003
	459	Cadence Design Systems, Inc.(b)		31,845
	467	CDK Global, Inc.		28,169
	294	CDW Corp.		31,046
	559	Ceridian HCM Holding, Inc.(b)		29,711
	262	Citrix Systems, Inc.		26,452
	518	Cognex Corp.		26,123
	206	Coherent, Inc.(b)		30,490
	1,220	CommScope Holding Co., Inc.(b)		30,232
	1,885	Conduent, Inc.(b)		24,185
	341	CoreLogic, Inc.(b)		13,848
	794	Corning, Inc.		25,289
	1,825	Cypress Semiconductor Corp.		31,353
	508	Dell Technologies, Inc., Class C(b)		34,244
	486	DocuSign, Inc.(b)		27,542
	423	Dolby Laboratories, Inc., Class A		27,364
	419	DXC Technology Co.		27,545
	720	EchoStar Corp., Class A(b)		28,692
	318	Elastic N.V.(b)		27,205
	169	EPAM Systems, Inc.(b)		30,312
	92	Euronet Worldwide, Inc.(b)		13,790
	170	F5 Networks, Inc.(b)		26,673
	51	Fair Isaac Corp.(b)		14,267
	119	Fidelity National Information Services, Inc.		13,796
	1,668	FireEye, Inc.(b)		26,721
	495	First Data Corp., Class A(b)		12,801
	1,281	First Solar, Inc.(b)		78,820
	147	Fiserv, Inc.(b)		12,824
	55	FleetCor Technologies, Inc.(b)		14,352
	523	FLIR Systems, Inc.		27,688
	327	Fortinet, Inc.(b)		30,548
	190	Gartner, Inc.(b)		30,204

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

51

Invesco Russell Midcap Equal Weight ETF (EQWM)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	787	Genpact Ltd.	$	28,568
	97	Global Payments, Inc.		14,169
	368	GoDaddy, Inc., Class A(b)		29,992
	299	Guidewire Software, Inc.(b)		31,843
	182	IPG Photonics Corp.(b)		31,801
	992	Jabil, Inc.		29,968
	96	Jack Henry & Associates, Inc.		14,310
	1,040	Juniper Networks, Inc.		28,881
	310	Keysight Technologies, Inc.(b)		26,979
	235	KLA-Tencor Corp.		29,958
	161	Lam Research Corp.		33,396
	432	Leidos Holdings, Inc.		31,743
	139	Littelfuse, Inc.		27,946
	335	LogMeIn, Inc.		27,604
	503	Manhattan Associates, Inc.(b)		33,927
	1,407	Marvell Technology Group Ltd.		35,203
	515	Maxim Integrated Products, Inc.		30,900
	319	Microchip Technology, Inc.		31,865
	342	MKS Instruments, Inc.		31,125
	201	Monolithic Power Systems, Inc.		31,298
	193	Motorola Solutions, Inc.		27,968
	581	National Instruments Corp.		27,365
	1,005	NCR Corp.(b)		29,095
	425	NetApp, Inc.		30,961
	1,641	Nuance Communications, Inc.(b)		27,618
	772	Nutanix, Inc., Class A(b)		33,343
	332	Okta, Inc.(b)		34,538
	1,265	ON Semiconductor Corp.(b)		29,171
	115	Palo Alto Networks, Inc.(b)		28,615
	344	Paychex, Inc.		29,003
	153	Paycom Software, Inc.(b)		30,987
	419	Pegasystems, Inc.		31,429
	932	Pluralsight, Inc., Class A(b)		33,077
	238	Proofpoint, Inc.(b)		29,850
	301	PTC, Inc.(b)		27,231
	1,376	Pure Storage, Inc., Class A(b)		31,455
	395	Qorvo, Inc.(b)		29,866
	459	RealPage, Inc.(b)		29,931
	150	Red Hat, Inc.(b)		27,380
	266	RingCentral, Inc., Class A(b)		30,954
	1,271	Sabre Corp.		26,386
	116	ServiceNow, Inc.(b)		31,495
	339	Skyworks Solutions, Inc.		29,893
	1,507	Solarwinds Corp.(b)		29,462
	219	Splunk, Inc.(b)		30,231
	169	Square, Inc., Class A(b)		12,307
	443	SS&C Technologies Holdings, Inc.		29,973
	3,322	Switch, Inc., Class A(c)		36,110
	1,232	Symantec Corp.		29,827
	261	Synopsys, Inc.(b)		31,602
	218	Tableau Software, Inc., Class A(b)		26,555
	567	Teradata Corp.(b)		25,781
	694	Teradyne, Inc.		34,006
	135	Total System Services, Inc.		13,802
	682	Trimble, Inc.(b)		27,839
	234	Twilio, Inc., Class A(b)		32,091

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	135	Tyler Technologies, Inc.(b)	$	31,308
	193	Ubiquiti Networks, Inc.		32,897
	81	Ultimate Software Group, Inc. (The)(b)		26,783
	182	Universal Display Corp.(c)		29,047
	152	VeriSign, Inc.(b)		30,012
	917	Versum Materials, Inc.		47,849
	574	Western Digital Corp.		29,343
	708	Western Union Co. (The)		13,764
	72	WEX, Inc.(b)		15,142
	148	Workday, Inc., Class A(b)		30,433
	132	Worldpay, Inc., Class A(b)		15,472
	866	Xerox Corp.		28,890
	225	Xilinx, Inc.		27,032
	130	Zebra Technologies Corp., Class A(b)		27,448
	355	Zendesk, Inc.(b)		31,162
				3,349,326
		Materials—8.4%
	526	Albemarle Corp.		39,482
	1,627	Alcoa Corp.(b)		43,408
	446	AptarGroup, Inc.		49,613
	3,421	Ardagh Group SA		47,483
	573	Ashland Global Holdings, Inc.		46,144
	243	Avery Dennison Corp.		26,888
	1,721	Axalta Coating Systems Ltd.(b)		46,433
	814	Ball Corp.		48,791
	843	Bemis Co., Inc.		48,405
	861	Berry Global Group, Inc.(b)		50,627
	967	Cabot Corp.		43,882
	438	Celanese Corp.		47,256
	1,105	CF Industries Holdings, Inc.		49,482
	1,166	Chemours Co. (The)		41,988
	824	Crown Holdings, Inc.(b)		47,899
	890	Domtar Corp.		43,521
	565	Eagle Materials, Inc.		51,364
	557	Eastman Chemical Co.		43,936
	4,047	Element Solutions, Inc.(b)		43,950
	572	FMC Corp.		45,222
	3,616	Freeport-McMoRan, Inc.		44,513
	3,631	Graphic Packaging Holding Co.		50,398
	1,879	Huntsman Corp.		41,789
	358	International Flavors & Fragrances, Inc.(c)		49,329
	971	International Paper Co.		45,453
	226	Martin Marietta Materials, Inc.		50,149
	1,594	Mosaic Co. (The)		41,619
	100	NewMarket Corp.		41,958
	1,340	Newmont Goldcorp Corp.		41,620
	754	Nucor Corp.		43,031
	1,833	Olin Corp.		39,758
	2,275	Owens-Illinois, Inc.		44,954
	456	Packaging Corp. of America		45,217
	509	Reliance Steel & Aluminum Co.		46,808
	510	Royal Gold, Inc.		44,401
	782	RPM International, Inc.		47,428
	548	Scotts Miracle-Gro Co. (The)		46,591
	1,000	Sealed Air Corp.		46,620
	1,566	Silgan Holdings, Inc.		46,886

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

52

Invesco Russell Midcap Equal Weight ETF (EQWM)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	766	Sonoco Products Co.	$	48,304
	1,235	Steel Dynamics, Inc.		39,125
	2,226	United States Steel Corp.		34,726
	3,366	Valvoline, Inc.		62,271
	390	Vulcan Materials Co.		49,183
	578	W.R. Grace & Co.		43,685
	646	Westlake Chemical Corp.		45,059
	1,190	WestRock Co.		45,672
				2,132,321
		Real Estate—4.0%
	92	Alexandria Real Estate Equities, Inc.		13,100
	275	American Campus Communities, Inc.		12,980
	570	American Homes 4 Rent, Class A		13,669
	261	Apartment Investment & Management Co., Class A		12,883
	770	Apple Hospitality REIT, Inc.		12,666
	64	AvalonBay Communities, Inc.		12,859
	95	Boston Properties, Inc.		13,074
	808	Brandywine Realty Trust		12,435
	732	Brixmor Property Group, Inc.		13,088
	642	Brookfield Property REIT, Inc., Class A		13,373
	127	Camden Property Trust		12,783
	251	CBRE Group, Inc., Class A(b)		13,070
	2,407	Colony Capital, Inc.		12,372
	571	Columbia Property Trust, Inc.		12,967
	124	CoreSite Realty Corp.		13,567
	481	Corporate Office Properties Trust		13,410
	412	CubeSmart		13,147
	247	CyrusOne, Inc.		13,755
	111	Digital Realty Trust, Inc.		13,066
	320	Douglas Emmett, Inc.		13,181
	423	Duke Realty Corp.		13,164
	784	Empire State Realty Trust, Inc., Class A		12,121
	170	EPR Properties		13,406
	382	Equity Commonwealth		12,148
	112	Equity LifeStyle Properties, Inc.		13,070
	171	Equity Residential		13,068
	47	Essex Property Trust, Inc.		13,277
	129	Extra Space Storage, Inc.		13,376
	95	Federal Realty Investment Trust		12,716
	353	Gaming and Leisure Properties, Inc.		14,254
	412	HCP, Inc.		12,269
	446	Healthcare Trust of America, Inc., Class A		12,301
	281	Highwoods Properties, Inc.		12,527
	476	Hospitality Properties Trust		12,376
	647	Host Hotels & Resorts, Inc.		12,448
	115	Howard Hughes Corp. (The)(b)		12,765
	378	Hudson Pacific Properties, Inc.		13,177
	537	Invitation Homes, Inc.		13,350
	360	Iron Mountain, Inc.		11,693
	311	JBG SMITH Properties		13,233
	79	Jones Lang LaSalle, Inc.		12,211
	170	Kilroy Realty Corp.		13,075
	721	Kimco Realty Corp.		12,538
	161	Lamar Advertising Co., Class A		13,310
	262	Liberty Property Trust		13,006

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	131	Life Storage, Inc.	$	12,483
	295	Macerich Co. (The)		11,841
	691	Medical Properties Trust, Inc.		12,065
	119	Mid-America Apartment Communities, Inc.		13,020
	241	National Retail Properties, Inc.		12,681
	348	Omega Healthcare Investors, Inc.(c)		12,316
	563	Outfront Media, Inc.		13,416
	881	Paramount Group, Inc.		12,766
	404	Park Hotels & Resorts, Inc.		12,960
	434	Rayonier, Inc.		13,797
	1,011	Realogy Holdings Corp.(c)		13,163
	181	Realty Income Corp.		12,672
	196	Regency Centers Corp.		13,165
	1,039	Retail Properties of America, Inc., Class A		12,769
	403	Retail Value, Inc.		13,500
	68	SBA Communications Corp. (b)		13,854
	1,055	Senior Housing Properties Trust		8,472
	972	SITE Centers Corp.		12,869
	139	SL Green Realty Corp.		12,279
	334	Spirit Realty Capital, Inc.		13,514
	387	STORE Capital Corp.		12,895
	108	Sun Communities, Inc.		13,293
	242	Taubman Centers, Inc.		11,931
	281	UDR, Inc.		12,631
	1,509	Uniti Group, Inc.		16,584
	203	Ventas, Inc.		12,405
	1,565	VEREIT, Inc.		12,927
	599	VICI Properties, Inc.		13,657
	186	Vornado Realty Trust		12,860
	460	Weingarten Realty Investors		13,312
	167	Welltower, Inc.		12,446
	515	Weyerhaeuser Co.		13,802
	168	WP Carey, Inc.		13,326
				1,007,995
		Utilities—9.5%
	4,259	AES Corp.		72,914
	1,629	Alliant Energy Corp.		76,938
	1,042	Ameren Corp.		75,826
	740	American Water Works Co., Inc.		80,061
	2,125	Aqua America, Inc.		83,002
	757	Atmos Energy Corp.		77,471
	1,560	Avangrid, Inc.		79,888
	2,500	CenterPoint Energy, Inc.		77,500
	1,387	CMS Energy Corp.		77,048
	901	Consolidated Edison, Inc.		77,630
	606	DTE Energy Co.		76,180
	1,210	Edison International		77,162
	815	Entergy Corp.		78,973
	1,355	Evergy, Inc.		78,346
	1,082	Eversource Energy		77,536
	1,845	FirstEnergy Corp.		77,545
	1,922	Hawaiian Electric Industries, Inc.		79,725
	2,817	MDU Resources Group, Inc.		73,665
	1,254	National Fuel Gas Co.		74,249
	2,754	NiSource, Inc.		76,506
	1,825	NRG Energy, Inc.		75,135

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

53

Invesco Russell Midcap Equal Weight ETF (EQWM)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities (continued)
	1,788	OGE Energy Corp.	$	75,704
	3,940	PG&E Corp.(b)		88,729
	811	Pinnacle West Capital Corp.		77,264
	2,348	PPL Corp.		73,281
	1,273	Public Service Enterprise Group, Inc.		75,934
	610	Sempra Energy		78,050
	1,380	UGI Corp.		75,224
	3,016	Vistra Energy Corp.		82,186
	966	WEC Energy Group, Inc.		75,763
	1,353	Xcel Energy, Inc.		76,445
				2,401,880
		Total Common Stocks & Other Equity Interests (Cost $21,358,379)		25,361,773
		Money Market Funds—0.5%
	118,097	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(e) (Cost $118,097)		118,097
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $21,476,476)—100.4%		25,479,870
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—3.5%
	669,789	Invesco Government & Agency Portfolio—Institutional Class 2.34%(e)(f)		669,789
	223,196	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(e)(f)		223,263
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $893,052)		893,052
		Total Investments in Securities (Cost $22,369,528)—103.9%		26,372,922
		Other assets less liabilities—(3.9)%		(1,000,633	)
		Net Assets—100.0%	$	25,372,289

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 April 30, 2019.

^(d)  Affiliated company. See Note 4.

^(e)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

54

Schedule of Investments^(a)

Invesco Russell Midcap Pure Growth ETF (PXMG)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Communication Services—3.1%
	15,207	IAC/InterActiveCorp.(b)	$	3,419,142
	184,498	Match Group, Inc.		11,143,679
	9,934	TripAdvisor, Inc.(b)		528,787
	104,111	Twitter, Inc.(b)		4,155,070
				19,246,678
		Consumer Discretionary—21.2%
	27,193	Chipotle Mexican Grill, Inc.(b)		18,709,872
	23,955	Domino’s Pizza, Inc.		6,481,744
	248,887	Floor & Decor Holdings, Inc., Class A(b)		11,951,554
	80,405	GrubHub, Inc.(b)(c)		5,370,250
	45,131	Hilton Grand Vacations, Inc.(b)		1,445,997
	65,499	Lululemon Athletica, Inc.(b)		11,550,749
	2,584	NVR, Inc.(b)		8,146,008
	34,127	O’Reilly Automotive, Inc.(b)		12,919,458
	87,286	Polaris Industries, Inc.		8,414,370
	62,050	Pool Corp.		11,401,067
	48,300	Ross Stores, Inc.		4,716,978
	23,556	Tractor Supply Co.		2,438,046
	47,108	Ulta Beauty, Inc.(b)		16,439,750
	22,202	Vail Resorts, Inc.		5,080,928
	76,268	Wyndham Destinations, Inc.		3,322,234
	76,268	Wyndham Hotels & Resorts, Inc.		4,249,653
				132,638,658
		Financials—6.5%
	50,418	Evercore, Inc., Class A		4,912,226
	2,533	FactSet Research Systems, Inc.		698,778
	28,386	LPL Financial Holdings, Inc.		2,103,119
	10,963	MarketAxess Holdings, Inc.		3,051,332
	37,131	Moody’s Corp.		7,300,697
	56,666	MSCI, Inc.		12,771,383
	56,805	SEI Investments Co.		3,093,032
	273,274	Virtu Financial, Inc., Class A		6,717,075
				40,647,642
		Health Care—12.3%
	31,858	ABIOMED, Inc.(b)		8,837,728
	25,604	Align Technology, Inc.(b)		8,313,107
	44,750	Alkermes PLC(b)		1,356,820
	13,633	BioMarin Pharmaceutical, Inc.(b)		1,166,030
	41,360	Cantel Medical Corp.		2,851,358
	3,387	Chemed Corp.		1,106,804
	44,110	DexCom, Inc.(b)		5,340,398
	63,329	Edwards Lifesciences Corp.(b)		11,150,337
	63,011	Exact Sciences Corp.(b)		6,218,556
	566,032	Exelixis, Inc.(b)		11,128,189
	21,151	Insulet Corp.(b)		1,824,274
	66,078	Ionis Pharmaceuticals, Inc.(b)		4,911,578
	22,919	Nektar Therapeutics(b)		733,866
	6,323	Neurocrine Biosciences, Inc.(b)		456,773
	50,838	PRA Health Sciences, Inc.(b)		4,922,135
	101,341	Seattle Genetics, Inc.(b)		6,868,893
				77,186,846
		Industrials—10.7%
	124,599	Allison Transmission Holdings, Inc.		5,838,709
	15,916	C.H. Robinson Worldwide, Inc.		1,289,196
	41,749	Cintas Corp.		9,065,378

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	179,586	Copart, Inc.(b)	$	12,089,730
	11,848	CoStar Group, Inc.(b)		5,879,570
	117,399	Graco, Inc.		6,016,699
	84,097	HEICO Corp.		8,874,756
	42,180	J.B. Hunt Transport Services, Inc.		3,985,166
	54,976	Landstar System, Inc.		5,990,185
	26,459	Old Dominion Freight Line, Inc.		3,949,800
	23,925	Robert Half International, Inc.		1,485,503
	5,139	United Rentals, Inc.(b)		724,188
	7,577	W.W. Grainger, Inc.		2,136,714
				67,325,594
		Information Technology—46.1%
	13,129	2U, Inc.(b)		794,305
	33,553	Alliance Data Systems Corp.		5,371,835
	23,807	Arista Networks, Inc.(b)		7,434,688
	47,734	Atlassian Corp. PLC, Class A(b)		5,257,900
	68,219	Broadridge Financial Solutions, Inc.		8,058,711
	36,674	EPAM Systems, Inc.(b)		6,577,849
	39,847	Fair Isaac Corp.(b)		11,147,198
	47,693	Fiserv, Inc.(b)		4,160,737
	9,391	FleetCor Technologies, Inc.(b)		2,450,581
	139,509	Fortinet, Inc.(b)		13,032,931
	31,628	Gartner, Inc.(b)		5,027,903
	131,846	GoDaddy, Inc., Class A(b)		10,745,449
	5,883	IPG Photonics Corp.(b)		1,027,937
	11,049	Lam Research Corp.		2,291,894
	55,993	Monolithic Power Systems, Inc.		8,718,670
	6,968	NetApp, Inc.		507,619
	30,713	Nutanix, Inc., Class A(b)		1,326,495
	29,423	Okta, Inc.(b)		3,060,875
	32,237	Palo Alto Networks, Inc.(b)		8,021,533
	89,254	Paycom Software, Inc.(b)		18,076,613
	112,936	Pegasystems, Inc.		8,471,329
	80,388	Proofpoint, Inc.(b)		10,082,263
	144,370	RealPage, Inc.(b)		9,414,368
	16,161	Red Hat, Inc.(b)		2,949,867
	124,067	RingCentral, Inc., Class A(b)		14,437,677
	51,049	ServiceNow, Inc.(b)		13,860,314
	61,283	Splunk, Inc.(b)		8,459,505
	213,050	Square, Inc., Class A(b)		15,514,301
	74,679	Total System Services, Inc.		7,635,181
	27,824	Twilio, Inc., Class A(b)		3,815,783
	13,075	Tyler Technologies, Inc.(b)		3,032,223
	79,443	Ubiquiti Networks, Inc.		13,541,059
	34,351	Ultimate Software Group, Inc. (The)(b)		11,358,158
	93,488	Universal Display Corp.		14,920,685
	53,445	Workday, Inc., Class A(b)		10,989,895
	46,016	Zebra Technologies Corp., Class A(b)		9,715,818
	81,248	Zendesk, Inc.(b)		7,131,949
				288,422,098
		Materials—0.0%
	1,660	Packaging Corp. of America		164,606
		Total Common Stocks & Other Equity Interests (Cost $556,969,342)		625,632,122

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

55

Invesco Russell Midcap Pure Growth ETF (PXMG)(continued)

April 30, 2019

Number of Shares			Value
		Money Market Funds—0.1%
	652,119	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $652,119)	$	652,119
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $557,621,461)—100.0%		626,284,241
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.3%
	1,281,604	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		1,281,604
	427,077	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		427,205
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,708,809)		1,708,809
		Total Investments in Securities (Cost $559,330,270)—100.3%		627,993,050
		Other assets less liabilities—(0.3)%		(2,094,166	)
		Net Assets—100.0%	$	625,898,884

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

56

Schedule of Investments^(a)

Invesco Russell Midcap Pure Value ETF (PXMV)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Communication Services—6.8%
	21,819	CenturyLink, Inc.	$	249,173
	5,652	Cinemark Holdings, Inc.		237,667
	19,174	DISH Network Corp., Class A(b)		673,391
	883	GCI Liberty, Inc., Class A(b)		52,644
	3,410	John Wiley & Sons, Inc., Class A		157,474
	5,686	Liberty Broadband Corp., Class C(b)		561,265
	14,444	Liberty Media Corp.-Liberty Formula One, Class C(b)		560,572
	5,791	Liberty Media Corp.-Liberty SiriusXM, Class C(b)		232,566
	16,125	News Corp., Class A		200,272
	28,958	Sprint Corp.(b)		161,586
	15,019	Viacom, Inc., Class B		434,199
				3,520,809
		Consumer Discretionary—6.0%
	12,397	Adient PLC		286,371
	4,798	Garmin Ltd.		411,380
	13,659	Goodyear Tire & Rubber Co. (The)		262,389
	802	Graham Holdings Co., Class B		596,231
	58	Kohl’s Corp.		4,124
	4,972	Macy’s, Inc.		117,041
	32	Mohawk Industries, Inc.(b)		4,360
	780	Newell Brands, Inc.		11,216
	6,944	Norwegian Cruise Line Holdings Ltd.(b)		391,572
	1,063	PVH Corp.		137,116
	20,491	Qurate Retail, Inc.(b)		349,372
	3,022	Ralph Lauren Corp.		397,635
	607	Royal Caribbean Cruises Ltd.		73,411
	545	Whirlpool Corp.		75,657
				3,117,875
		Consumer Staples—5.0%
	5,104	Archer-Daniels-Midland Co.		227,638
	3,121	Casey’s General Stores, Inc.		413,064
	16,648	Coty, Inc., Class A(c)		180,131
	952	Ingredion, Inc.		90,202
	3,617	JM Smucker Co. (The)		443,553
	14,673	Pilgrim’s Pride Corp.(b)		394,851
	83	Seaboard Corp.		373,133
	4,159	Spectrum Brands Holdings, Inc.		256,070
	3,094	Tyson Foods, Inc., Class A		232,081
				2,610,723
		Energy—1.8%
	98,404	Chesapeake Energy Corp.(b)(c)		286,356
	361	CNX Resources Corp.(b)		3,235
	744	Helmerich & Payne, Inc.		43,539
	91	Hess Corp.		5,835
	6,950	Nabors Industries Ltd.		24,325
	1,373	National Oilwell Varco, Inc.		35,890
	2,371	Patterson-UTI Energy, Inc.		32,222
	17,801	Williams Cos., Inc. (The)		504,302
				935,704
		Financials—14.1%
	1,567	Affiliated Managers Group, Inc.		173,812
	1,170	American National Insurance Co.		132,549
	63,038	Annaly Capital Management, Inc.		636,053
	1,965	Bank of Hawaii Corp.		161,877

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	1,648	BankUnited, Inc.	$	60,284
	561	BOK Financial Corp.		48,886
	4,566	Cincinnati Financial Corp.		439,158
	12,455	CNA Financial Corp.		577,040
	25,173	F.N.B. Corp.		305,349
	7,395	Fidelity National Financial, Inc.		295,430
	6,132	Fifth Third Bancorp		176,724
	1,408	First American Financial Corp.		80,341
	14,858	Franklin Resources, Inc.		513,938
	12,485	Invesco Ltd.(d)		274,295
	16,892	Jefferies Financial Group, Inc.		347,468
	382	Legg Mason, Inc.		12,778
	5,840	Loews Corp.		299,534
	627	M&T Bank Corp.		106,634
	83,443	MFA Financial, Inc.		626,657
	16,848	Navient Corp.		227,616
	52,929	New York Community Bancorp, Inc.		615,564
	2,533	PacWest Bancorp		100,180
	318	Principal Financial Group, Inc.		18,177
	3,279	Prosperity Bancshares, Inc.		241,466
	938	Reinsurance Group of America, Inc.		142,116
	2,925	SunTrust Banks, Inc.		191,529
	721	TFS Financial Corp.		11,997
	4,623	Two Harbors Investment Corp.		64,075
	14	White Mountains Insurance Group Ltd.		13,147
	2,255	Willis Towers Watson PLC		415,687
				7,310,361
		Health Care—2.1%
	10,346	DENTSPLY SIRONA, Inc.		528,991
	375	IQVIA Holdings, Inc.(b)		52,087
	7,905	Perrigo Co. PLC		378,808
	1,034	STERIS PLC		135,433
				1,095,319
		Industrials—8.3%
	18,663	ADT, Inc.(c)		122,989
	3,383	AGCO Corp.		239,449
	137	AMERCO		51,124
	29,349	Arconic, Inc.		630,417
	6,261	Arcosa, Inc.		194,905
	1,206	Colfax Corp.(b)		36,385
	2,911	Copa Holdings SA, Class A (Panama)		242,370
	4,312	Dover Corp.		422,748
	337	Fluor Corp.		13,389
	3,282	JetBlue Airways Corp.(b)		60,881
	4,331	Macquarie Infrastructure Corp.		175,449
	7,235	Nielsen Holdings PLC		184,710
	639	PACCAR, Inc.		45,797
	14,486	Pentair PLC		564,809
	5,583	Regal Beloit Corp.		475,002
	439	Ryder System, Inc.		27,657
	18,588	Trinity Industries, Inc.		400,757
	1,975	United Continental Holdings, Inc.(b)		175,498
	387	Valmont Industries, Inc.		52,183
	2,963	WESCO International, Inc.(b)		169,602
				4,286,121

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

57

Invesco Russell Midcap Pure Value ETF (PXMV)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology—7.4%
	197	Arrow Electronics, Inc.(b)	$	16,648
	16,634	Avnet, Inc.		808,579
	9,949	Conduent, Inc.(b)		127,646
	8,545	First Solar, Inc.(b)		525,774
	5,649	Leidos Holdings, Inc.		415,088
	17,533	Marvell Technology Group Ltd.		438,676
	26,773	Nuance Communications, Inc.(b)		450,589
	20,203	Symantec Corp.		489,115
	16,261	Xerox Corp.		542,467
				3,814,582
		Materials—5.4%
	2,474	Albemarle Corp.		185,698
	59	Alcoa Corp.(b)		1,574
	8,405	Ashland Global Holdings, Inc.		676,855
	2,265	Bemis Co., Inc.		130,056
	1,258	Cabot Corp.		57,088
	180	Domtar Corp.		8,802
	1,951	Eastman Chemical Co.		153,895
	19,430	Freeport-McMoRan, Inc.		239,183
	5,468	Huntsman Corp.		121,608
	5,707	Mosaic Co. (The)		149,010
	15,984	Newmont Goldcorp Corp.		496,463
	10,951	Owens-Illinois, Inc.		216,392
	37	Sonoco Products Co.		2,333
	18,427	Valvoline, Inc.		340,900
				2,779,857
		Real Estate—22.3%
	6,650	Apple Hospitality REIT, Inc.		109,392
	17,815	Brandywine Realty Trust		274,173
	36,450	Brixmor Property Group, Inc.		651,726
	2,580	Camden Property Trust		259,677
	82	CyrusOne, Inc.		4,567
	14,607	Duke Realty Corp.		454,570
	16,848	Empire State Realty Trust, Inc., Class A		260,470
	1,618	EPR Properties		127,595
	14,844	Equity Commonwealth		472,039
	4,921	Equity Residential		376,063
	20,939	HCP, Inc.		623,563
	3,734	Highwoods Properties, Inc.		166,462
	6,373	Hospitality Properties Trust		165,698
	21,219	Host Hotels & Resorts, Inc.		408,254
	3,870	Invitation Homes, Inc.		96,208
	8,934	JBG SMITH Properties		380,142
	2,148	Kilroy Realty Corp.		165,203
	27,209	Kimco Realty Corp.		473,164
	8,229	Liberty Property Trust		408,488
	2,287	Macerich Co. (The)		91,800
	5,448	Mid-America Apartment Communities, Inc.		596,066
	8,621	National Retail Properties, Inc.		453,637
	19,316	Outfront Media, Inc.		460,300
	14,279	Park Hotels & Resorts, Inc.		458,070
	11,211	Rayonier, Inc.		356,398
	4,738	Realogy Holdings Corp.(c)		61,689
	6,754	Realty Income Corp.		472,848
	12,209	Retail Properties of America, Inc., Class A		150,049

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	3,009	Retail Value, Inc.	$	100,801
	29,639	SITE Centers Corp.		392,420
	9,434	Ventas, Inc.		576,512
	36,055	VEREIT, Inc.		297,814
	15,914	Weingarten Realty Investors		460,551
	4,904	Welltower, Inc.		365,495
	4,940	WP Carey, Inc.		391,841
				11,563,745
		Utilities—20.7%
	21,924	AES Corp.		375,339
	5,310	Alliant Energy Corp.		250,791
	7,110	Ameren Corp.		517,395
	475	American Water Works Co., Inc.		51,390
	4,044	Atmos Energy Corp.		413,863
	1,078	Avangrid, Inc.		55,204
	10,690	CenterPoint Energy, Inc.		331,390
	4,909	CMS Energy Corp.		272,695
	6,289	Consolidated Edison, Inc.		541,860
	783	DTE Energy Co.		98,431
	8,032	Edison International		512,201
	4,258	Entergy Corp.		412,600
	14,751	Evergy, Inc.		852,903
	7,204	Eversource Energy		516,239
	13,838	FirstEnergy Corp.		581,611
	10,509	Hawaiian Electric Industries, Inc.		435,913
	5,921	MDU Resources Group, Inc.		154,834
	6,934	National Fuel Gas Co.		410,562
	13,795	NiSource, Inc.		383,225
	13,266	OGE Energy Corp.		561,683
	9,562	PG&E Corp.(b)		215,336
	5,845	Pinnacle West Capital Corp.		556,853
	11,395	PPL Corp.		355,638
	6,453	Public Service Enterprise Group, Inc.		384,922
	3,544	Sempra Energy		453,455
	6,477	UGI Corp.		353,061
	1,400	WEC Energy Group, Inc.		109,802
	9,877	Xcel Energy, Inc.		558,051
				10,717,247
		Total Common Stocks & Other Equity Interests (Cost $49,708,510)		51,752,343
		Money Market Funds—0.3%
	142,559	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(e) (Cost $142,559)		142,559
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $49,851,069)—100.2%		51,894,902

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

58

Invesco Russell Midcap Pure Value ETF (PXMV)(continued)

April 30, 2019

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—1.2%
	473,759	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(e)(f)	$	473,759
	157,721	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(e)(f)		157,769
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $631,528)		631,528
		Total Investments in Securities (Cost $50,482,597)—101.4%		52,526,430
		Other assets less liabilities—(1.4)%		(717,713	)
		Net Assets—100.0%	$	51,808,717

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 April 30, 2019.

^(d)  Affiliated company. See Note 4.

^(e)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

59

Schedule of Investments^(a)

Invesco Russell Top 200 Equal Weight ETF (EQWL)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—7.5%
	6,321	Activision Blizzard, Inc.	$	304,735
	227	Alphabet, Inc., Class C(b)		269,785
	23,223	AT&T, Inc.		718,984
	704	Charter Communications, Inc., Class A(b)		261,318
	6,239	Comcast Corp., Class A		271,584
	2,611	Electronic Arts, Inc.(b)		247,131
	1,534	Facebook, Inc., Class A(b)		296,675
	1,577	Fox Corp., Class A(b)		61,487
	679	Netflix, Inc.(b)		251,597
	9,739	T-Mobile US, Inc.(b)		710,850
	12,342	Verizon Communications, Inc.		705,839
	2,906	Walt Disney Co. (The)		398,035
				4,498,020
		Consumer Discretionary—7.8%
	149	Amazon.com, Inc.(b)		287,051
	140	Booking Holdings, Inc.(b)		259,699
	4,324	Carnival Corp.		237,215
	6,613	eBay, Inc.		256,254
	28,237	Ford Motor Co.		295,077
	15,429	Garrett Motion, Inc. (Switzerland)(b)		290,065
	6,295	General Motors Co.		245,190
	1,312	Home Depot, Inc. (The)		267,254
	3,992	Las Vegas Sands Corp.		267,664
	2,378	Lowe’s Cos., Inc.		269,047
	1,960	Marriott International, Inc., Class A		267,383
	1,327	McDonald’s Corp.		262,175
	2,808	NIKE, Inc., Class B		246,627
	3,391	Starbucks Corp.		263,413
	3,143	Target Corp.		243,331
	866	Tesla, Inc.(b)(c)		206,705
	4,627	TJX Cos., Inc. (The)		253,930
	2,480	Yum! Brands, Inc.		258,887
				4,676,967
		Consumer Staples—11.8%
	7,631	Altria Group, Inc.		414,592
	9,224	Coca-Cola Co. (The)		452,529
	6,392	Colgate-Palmolive Co.		465,274
	2,490	Constellation Brands, Inc., Class A		527,058
	1,115	Costco Wholesale Corp.		273,766
	1,541	Estee Lauder Cos., Inc. (The), Class A		264,759
	8,998	General Mills, Inc.		463,127
	3,625	Kimberly-Clark Corp.		465,377
	13,098	Kraft Heinz Co. (The)		435,378
	8,922	Mondelez International, Inc., Class A		453,684
	6,789	Monster Beverage Corp.(b)		404,624
	3,597	PepsiCo, Inc.		460,596
	4,805	Philip Morris International, Inc.		415,921
	4,237	Procter & Gamble Co. (The)		451,156
	6,342	Sysco Corp.		446,287
	6,985	Walgreens Boots Alliance, Inc.		374,186
	2,457	Walmart, Inc.		252,678
				7,020,992
		Energy—11.1%
	10,345	Anadarko Petroleum Corp.		753,633
	17,168	Baker Hughes a GE Co.		412,375
	3,669	Chevron Corp.		440,500

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy (continued)
	6,585	ConocoPhillips	$	415,645
	4,897	EOG Resources, Inc.		470,357
	5,581	Exxon Mobil Corp.		448,043
	16,014	Halliburton Co.		453,677
	22,552	Kinder Morgan, Inc.		448,108
	7,602	Marathon Petroleum Corp.		462,734
	6,805	Occidental Petroleum Corp.		400,678
	4,638	Phillips 66		437,224
	3,281	Pioneer Natural Resources Co.		546,155
	10,529	Schlumberger Ltd.		449,378
	5,551	Valero Energy Corp.		503,254
				6,641,761
		Financials—8.6%
	3,283	Aflac, Inc.		165,398
	1,712	Allstate Corp. (The)		169,591
	1,480	American Express Co.		173,500
	3,818	American International Group, Inc.		181,622
	982	Aon PLC		176,897
	5,592	Bank of America Corp.		171,003
	3,116	Bank of New York Mellon Corp. (The)		154,741
	3,223	BB&T Corp.		165,018
	801	Berkshire Hathaway, Inc., Class B(b)		173,585
	377	BlackRock, Inc.		182,935
	1,964	Capital One Financial Corp.		182,318
	3,626	Charles Schwab Corp. (The)		165,998
	1,203	Chubb Ltd.		174,676
	2,579	Citigroup, Inc.		182,335
	926	CME Group, Inc.		165,661
	829	Goldman Sachs Group, Inc. (The)		170,708
	2,168	Intercontinental Exchange, Inc.		176,367
	1,550	JPMorgan Chase & Co.		179,878
	1,777	Marsh & McLennan Cos., Inc.		167,553
	3,601	MetLife, Inc.		166,114
	3,877	Morgan Stanley		187,065
	1,267	PNC Financial Services Group, Inc. (The)		173,490
	2,211	Progressive Corp. (The)		172,790
	1,696	Prudential Financial, Inc.		179,284
	812	S&P Global, Inc.		179,176
	2,335	State Street Corp.		157,986
	2,924	TD Ameritrade Holding Corp.		153,744
	1,214	Travelers Cos., Inc. (The)		174,513
	3,150	US Bancorp		167,958
	3,213	Wells Fargo & Co.		155,541
				5,147,445
		Health Care—11.1%
	2,615	Abbott Laboratories		208,049
	2,567	AbbVie, Inc.		203,794
	1,567	Alexion Pharmaceuticals, Inc.(b)		213,316
	1,404	Allergan PLC		206,388
	1,106	Amgen, Inc.		198,328
	689	Anthem, Inc.		181,228
	2,688	Baxter International, Inc.		205,094
	814	Becton, Dickinson and Co.		195,962
	637	Biogen, Inc.(b)		146,026
	5,072	Boston Scientific Corp.(b)		188,273

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

60

Invesco Russell Top 200 Equal Weight ETF (EQWL)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	3,899	Bristol-Myers Squibb Co.	$	181,031
	2,342	Celgene Corp.(b)		221,694
	1,226	Cigna Corp.		194,738
	7,975	CVS Health Corp.		433,680
	1,613	Danaher Corp.		213,626
	1,589	Eli Lilly & Co.		185,977
	3,212	Gilead Sciences, Inc.		208,908
	1,583	HCA Healthcare, Inc.		201,405
	748	Humana, Inc.		191,047
	696	Illumina, Inc.(b)		217,152
	377	Intuitive Surgical, Inc.(b)		192,507
	1,453	Johnson & Johnson		205,164
	1,789	McKesson Corp.		213,338
	2,205	Medtronic PLC		195,826
	2,496	Merck & Co., Inc.		196,460
	4,852	Pfizer, Inc.		197,040
	491	Regeneron Pharmaceuticals, Inc.(b)		168,482
	1,074	Stryker Corp.		202,889
	801	Thermo Fisher Scientific, Inc.		222,237
	849	UnitedHealth Group, Inc.		197,876
	1,124	Vertex Pharmaceuticals, Inc.(b)		189,934
	2,170	Zoetis, Inc.		220,993
				6,598,462
		Industrials—10.3%
	1,198	3M Co.		227,033
	567	Boeing Co. (The)		214,150
	1,803	Caterpillar, Inc.		251,374
	3,325	CSX Corp.		264,770
	1,516	Deere & Co.		251,095
	4,829	Delta Air Lines, Inc.		281,482
	2,995	Eaton Corp. PLC		248,046
	3,558	Emerson Electric Co.		252,582
	1,385	FedEx Corp.		262,402
	1,439	General Dynamics Corp.		257,178
	25,339	General Electric Co.		257,698
	1,570	Honeywell International, Inc.		272,599
	1,701	Illinois Tool Works, Inc.		264,727
	6,713	Johnson Controls International PLC		251,738
	790	Lockheed Martin Corp.		263,331
	1,340	Norfolk Southern Corp.		273,387
	866	Northrop Grumman Corp.		251,062
	1,329	Raytheon Co.		236,017
	12,630	Resideo Technologies, Inc.(b)		286,701
	4,567	Southwest Airlines Co.		247,668
	1,452	Union Pacific Corp.		257,062
	2,241	United Parcel Service, Inc., Class B		238,039
	1,924	United Technologies Corp.		274,382
	2,402	Waste Management, Inc.		257,831
				6,142,354
		Information Technology—11.6%
	1,480	Accenture PLC, Class A		270,352
	1,016	Adobe, Inc.(b)		293,878
	1,517	Apple, Inc.		304,416
	6,905	Applied Materials, Inc.		304,303
	1,592	Automatic Data Processing, Inc.		261,709

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	986	Broadcom, Inc.	$	313,942
	5,058	Cisco Systems, Inc.		282,995
	3,586	Cognizant Technology Solutions Corp., Class A		261,635
	16,555	Hewlett Packard Enterprise Co.		261,735
	13,784	HP, Inc.		274,991
	4,932	Intel Corp.		251,729
	1,917	International Business Machines Corp.		268,898
	1,057	Intuit, Inc.		265,370
	718	Mastercard, Inc., Class A		182,544
	6,857	Micron Technology, Inc.(b)		288,405
	2,350	Microsoft Corp.		306,910
	1,752	NVIDIA Corp.		317,112
	2,758	NXP Semiconductors N.V. (Netherlands)		291,300
	4,934	Oracle Corp.		272,998
	1,659	PayPal Holdings, Inc.(b)		187,086
	4,801	QUALCOMM, Inc.		413,510
	1,668	salesforce.com, Inc.(b)		275,804
	2,495	Texas Instruments, Inc.		293,986
	1,087	Visa, Inc., Class A		178,735
	1,535	VMware, Inc., Class A		313,340
				6,937,683
		Materials—11.3%
	4,349	Air Products & Chemicals, Inc.		894,981
	4,777	Dow, Inc.(b)		270,999
	14,332	DowDuPont, Inc.		551,065
	4,607	Ecolab, Inc.		848,057
	4,665	Linde PLC (United Kingdom)		840,913
	8,970	LyondellBasell Industries N.V., Class A		791,423
	7,114	PPG Industries, Inc.		835,895
	1,887	Sherwin-Williams Co. (The)		858,264
	21,838	Southern Copper Corp. (Peru)		839,016
				6,730,613
		Real Estate—1.7%
	878	American Tower Corp.		171,473
	1,322	Crown Castle International Corp.		166,281
	374	Equinix, Inc.		170,058
	2,297	Prologis, Inc.		176,111
	745	Public Storage		164,779
	911	Simon Property Group, Inc.		158,241
				1,006,943
		Utilities—7.2%
	8,531	American Electric Power Co., Inc.		729,827
	9,126	Dominion Energy, Inc.		710,642
	7,755	Duke Energy Corp.		706,635
	14,307	Exelon Corp.		728,942
	3,697	NextEra Energy, Inc.		718,845
	13,757	Southern Co. (The)		732,147
				4,327,038
		Total Common Stocks & Other Equity Interests (Cost $50,990,030)		59,728,278

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

61

Invesco Russell Top 200 Equal Weight ETF (EQWL)(continued)

April 30, 2019

Number of Shares			Value
		Money Market Funds—0.1%
	83,718	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $83,718)	$	83,718
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $51,073,748)—100.1%		59,811,996
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.3%
	144,018	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		144,018
	47,992	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		48,006
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $192,024)		192,024
		Total Investments in Securities (Cost $51,265,772)—100.4%		60,004,020
		Other assets less liabilities—(0.4)%		(255,294	)
		Net Assets—100.0%	$	59,748,726

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

62

Schedule of Investments^(a)

Invesco Russell Top 200 Pure Growth ETF (PXLG)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—7.8%
	25,243	Activision Blizzard, Inc.	$	1,216,965
	913	Alphabet, Inc., Class C(b)		1,085,082
	16,977	Electronic Arts, Inc.(b)		1,606,873
	30,779	Facebook, Inc., Class A(b)		5,952,659
	21,781	Netflix, Inc.(b)		8,070,732
				17,932,311
		Consumer Discretionary—22.3%
	4,725	Amazon.com, Inc.(b)		9,102,807
	1,743	Booking Holdings, Inc.(b)		3,233,248
	25,943	Home Depot, Inc. (The)		5,284,589
	68,483	Lowe’s Cos., Inc.		7,748,167
	42,946	Marriott International, Inc., Class A		5,858,693
	42,874	NIKE, Inc., Class B		3,765,623
	73,628	Starbucks Corp.		5,719,423
	14,061	Tesla, Inc.(b)(c)		3,356,220
	126,950	TJX Cos., Inc. (The)		6,967,016
				51,035,786
		Consumer Staples—5.4%
	3,814	Altria Group, Inc.		207,215
	2,848	Constellation Brands, Inc., Class A		602,836
	1,928	Costco Wholesale Corp.		473,382
	24,352	Estee Lauder Cos., Inc. (The), Class A		4,183,917
	62,942	Monster Beverage Corp.(b)		3,751,343
	45,923	Sysco Corp.		3,231,601
				12,450,294
		Energy—0.0%
	1,806	Halliburton Co.		51,164
		Financials—3.4%
	10,929	Aon PLC		1,968,750
	50,643	Charles Schwab Corp. (The)		2,318,437
	4,233	Progressive Corp. (The)		330,809
	6,558	S&P Global, Inc.		1,447,088
	34,333	TD Ameritrade Holding Corp.		1,805,229
				7,870,313
		Health Care—16.1%
	65,798	AbbVie, Inc.		5,223,703
	64,939	Celgene Corp.(b)		6,147,126
	18,655	Illumina, Inc.(b)		5,820,360
	8,061	Intuitive Surgical, Inc.(b)		4,116,188
	2,363	Regeneron Pharmaceuticals, Inc.(b)		810,840
	2,187	Stryker Corp.		413,146
	11,067	UnitedHealth Group, Inc.		2,579,386
	47,770	Vertex Pharmaceuticals, Inc.(b)		8,072,175
	35,047	Zoetis, Inc.		3,569,186
				36,752,110
		Industrials—5.2%
	15,659	Boeing Co. (The)		5,914,248
	4,472	Deere & Co.		740,697
	2,410	FedEx Corp.		456,599
	5,642	Illinois Tool Works, Inc.		878,064
	2,697	Northrop Grumman Corp.		781,887
	7,084	Raytheon Co.		1,258,048
	16,525	United Parcel Service, Inc., Class B		1,755,286
				11,784,829

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology—33.3%
	14,373	Accenture PLC, Class A	$	2,625,516
	28,846	Adobe, Inc.(b)		8,343,706
	26,138	Apple, Inc.		5,245,112
	123,498	Applied Materials, Inc.		5,442,557
	3,929	Automatic Data Processing, Inc.		645,888
	27,252	Intuit, Inc.		6,841,887
	40,169	Mastercard, Inc., Class A		10,212,567
	23,121	NVIDIA Corp.		4,184,901
	69,675	PayPal Holdings, Inc.(b)		7,857,250
	59,809	salesforce.com, Inc.(b)		9,889,418
	12,847	Texas Instruments, Inc.		1,513,762
	52,139	Visa, Inc., Class A		8,573,216
	23,949	VMware, Inc., Class A		4,888,709
				76,264,489
		Materials—3.1%
	12,076	Sherwin-Williams Co. (The)		5,492,527
	41,507	Southern Copper Corp. (Peru)		1,594,699
				7,087,226
		Real Estate—3.4%
	17,072	American Tower Corp.		3,334,162
	5,265	Equinix, Inc.		2,393,995
	9,466	Public Storage		2,093,690
				7,821,847
		Total Common Stocks & Other Equity Interests (Cost $209,953,328)		229,050,369
		Money Market Funds—0.0%
	72,452	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $72,452)		72,452
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $210,025,780)—100.0%		229,122,821
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—2.1%
	3,583,972	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		3,583,972
	1,194,320	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		1,194,678
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,778,650)		4,778,650
		Total Investments in Securities (Cost $214,804,430)—102.1%		233,901,471
		Other assets less liabilities—(2.1)%		(4,813,362	)
		Net Assets—100.0%	$	229,088,109

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

63

Invesco Russell Top 200 Pure Growth ETF (PXLG)(continued)

April 30, 2019

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

64

Schedule of Investments^(a)

Invesco Russell Top 200 Pure Value ETF (PXLV)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Communication Services—5.3%
	109,649	AT&T, Inc.	$	3,394,733
	6,427	Comcast Corp., Class A		279,768
	9,116	Fox Corp., Class A(b)		355,433
	18,696	Verizon Communications, Inc.		1,069,224
	101	Walt Disney Co. (The)		13,834
				5,112,992
		Consumer Discretionary—8.0%
	21,623	Carnival Corp.		1,186,238
	236,072	Ford Motor Co.		2,466,952
	59,763	General Motors Co.		2,327,769
	21,493	Target Corp.		1,663,988
				7,644,947
		Consumer Staples—8.8%
	13,933	Kraft Heinz Co. (The)		463,133
	65,418	Mondelez International, Inc., Class A		3,326,505
	12,852	Philip Morris International, Inc.		1,112,469
	21,303	Procter & Gamble Co. (The)		2,268,344
	10,255	Walgreens Boots Alliance, Inc.		549,360
	7,441	Walmart, Inc.		765,233
				8,485,044
		Energy—6.9%
	34,753	Baker Hughes a GE Co.		834,767
	8,600	Chevron Corp.		1,032,516
	3,768	ConocoPhillips		237,836
	8,921	Exxon Mobil Corp.		716,178
	98,290	Kinder Morgan, Inc.		1,953,022
	3,592	Marathon Petroleum Corp.		218,645
	829	Occidental Petroleum Corp.		48,812
	7,044	Phillips 66		664,038
	4,812	Schlumberger Ltd.		205,376
	7,755	Valero Energy Corp.		703,068
				6,614,258
		Financials—25.4%
	60,803	Aflac, Inc.		3,063,255
	7,152	Allstate Corp. (The)		708,477
	38,940	Bank of America Corp.		1,190,785
	21,219	Bank of New York Mellon Corp. (The)		1,053,736
	28,344	BB&T Corp.		1,451,213
	416	BlackRock, Inc.		201,860
	970	Chubb Ltd.		140,844
	27,010	Citigroup, Inc.		1,909,607
	8,608	Goldman Sachs Group, Inc. (The)		1,772,559
	15,230	JPMorgan Chase & Co.		1,767,441
	29,750	MetLife, Inc.		1,372,368
	23,063	Morgan Stanley		1,112,790
	9,954	PNC Financial Services Group, Inc. (The)		1,363,001
	30,906	Prudential Financial, Inc.		3,267,073
	39,365	US Bancorp		2,098,942
	40,198	Wells Fargo & Co.		1,945,985
				24,419,936
		Health Care—10.1%
	6,083	Abbott Laboratories		483,963
	20,763	Allergan PLC		3,052,161
	1,190	Anthem, Inc.		313,006
	5,723	CVS Health Corp.		311,217
	22,747	Danaher Corp.		3,012,613

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	15,501	Medtronic PLC	$	1,376,644
	27,189	Pfizer, Inc.		1,104,145
				9,653,749
		Industrials—8.7%
	35,613	Eaton Corp. PLC		2,949,469
	190,617	General Electric Co.		1,938,575
	44,509	Johnson Controls International PLC		1,669,087
	4,355	Norfolk Southern Corp.		888,507
	6,456	United Technologies Corp.		920,690
				8,366,328
		Information Technology—4.8%
	10,794	Cisco Systems, Inc.		603,924
	181,540	Hewlett Packard Enterprise Co.		2,870,147
	1,028	HP, Inc.		20,509
	8,197	Intel Corp.		418,375
	8,270	QUALCOMM, Inc.		712,295
				4,625,250
		Materials—3.3%
	8,838	Air Products & Chemicals, Inc.		1,818,772
	7,843	Dow, Inc.(b)		444,933
	23,528	DowDuPont, Inc.		904,652
				3,168,357
		Real Estate—2.0%
	24,403	Prologis, Inc.		1,870,978
		Utilities—16.6%
	37,706	American Electric Power Co., Inc.		3,225,748
	34,969	Dominion Energy, Inc.		2,723,036
	35,391	Duke Energy Corp.		3,224,828
	45,275	Exelon Corp.		2,306,761
	8,801	NextEra Energy, Inc.		1,711,267
	52,109	Southern Co. (The)		2,773,241
				15,964,881
		Total Common Stocks & Other Equity Interests (Cost $90,328,864)		95,926,720
		Money Market Funds—0.1%
	65,834	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(c) (Cost $65,834)		65,834
		Total Investments in Securities (Cost $90,394,698)—100.0%		95,992,554
		Other assets less liabilities—0.0%		16,563
		Net Assets—100.0%	$	96,009,117

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)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

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

65

Schedule of Investments^(a)

Invesco Zacks Mid-Cap ETF (CZA)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Consumer Discretionary—7.7%
	62,940	Aptiv PLC	$	5,393,958
	50,799	BorgWarner, Inc.		2,121,874
	16,641	Columbia Sportswear Co.		1,663,601
	55,206	Norwegian Cruise Line Holdings Ltd.(b)		3,113,067
	884	NVR, Inc.(b)		2,786,792
	18,316	PVH Corp.		2,362,581
	29,404	Tractor Supply Co.		3,043,314
				20,485,187
		Energy—4.0%
	60,862	Andeavor Logistics LP		2,040,703
	63,088	Equitrans Midstream Corp.		1,314,123
	127,511	Pembina Pipeline Corp. (Canada)		4,559,793
	31,254	Phillips 66 Partners LP		1,548,011
	55,500	Shell Midstream Partners LP		1,116,105
				10,578,735
		Financials—27.3%
	21,870	American Financial Group, Inc.		2,264,201
	49,717	Apollo Global Management LLC, Class A		1,625,249
	100,284	Arch Capital Group Ltd.(b)		3,387,594
	105,937	Ares Capital Corp.		1,906,866
	45,823	Arthur J. Gallagher & Co.		3,831,719
	20,811	Axis Capital Holdings Ltd.		1,183,105
	17,263	BOK Financial Corp.		1,504,298
	68,681	Brown & Brown, Inc.		2,180,622
	67,499	CNA Financial Corp.		3,127,229
	19,863	Credicorp Ltd. (Peru)		4,705,545
	81,292	Discover Financial Services		6,624,485
	60,342	E*TRADE Financial Corp.		3,056,926
	35,425	East West Bancorp, Inc.		1,823,679
	24,732	Essent Group Ltd.(b)		1,173,533
	27,188	First American Financial Corp.		1,551,347
	88,259	Hartford Financial Services Group, Inc. (The)		4,616,828
	50,397	Lincoln National Corp.		3,362,488
	33,992	M&T Bank Corp.		5,781,019
	87,655	MGIC Investment Corp.(b)		1,283,269
	53,708	Northern Trust Corp.		5,292,923
	34,074	OneMain Holdings, Inc.		1,157,494
	52,546	Radian Group, Inc.		1,230,627
	37,765	SEI Investments Co.		2,056,304
	13,464	Signature Bank		1,778,191
	31,534	Willis Towers Watson PLC		5,812,978
				72,318,519
		Health Care—3.8%
	35,992	Catalent, Inc.(b)		1,613,161
	71,753	Hologic, Inc.(b)		3,327,904
	21,198	Integra LifeSciences Holdings Corp.(b)		1,106,324
	25,003	Laboratory Corp. of America Holdings(b)		3,998,480
				10,045,869
		Industrials—12.9%
	25,335	Cintas Corp.		5,501,242
	14,697	Crane Co.		1,249,980
	35,364	Dover Corp.		3,467,087
	40,267	Graco, Inc.		2,063,684
	42,356	HD Supply Holdings, Inc.(b)		1,935,246
	13,460	Hubbell, Inc.		1,717,496

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	18,523	IDEX Corp.	$	2,901,813
	107,973	IHS Markit Ltd.(b)		6,182,534
	13,677	MSC Industrial Direct Co., Inc., Class A		1,144,081
	31,744	Parker-Hannifin Corp.		5,748,203
	8,851	Teledyne Technologies, Inc.(b)		2,199,562
				34,110,928
		Information Technology—5.3%
	28,619	Broadridge Financial Solutions, Inc.		3,380,763
	6,068	CACI International, Inc., Class A(b)		1,182,896
	46,267	Genpact Ltd.		1,679,492
	40,552	Logitech International SA (Switzerland)		1,570,173
	156,226	Symantec Corp.		3,782,232
	61,376	Trimble, Inc.(b)		2,505,368
				14,100,924
		Materials—7.8%
	15,391	AptarGroup, Inc.		1,712,095
	20,503	Avery Dennison Corp.		2,268,657
	32,159	Celanese Corp.		3,469,634
	34,826	Eastman Chemical Co.		2,747,075
	324,235	Israel Chemicals Ltd. (Israel)(c)		1,711,961
	22,791	Packaging Corp. of America		2,259,956
	16,413	Reliance Steel & Aluminum Co.		1,509,339
	32,360	RPM International, Inc.		1,962,634
	55,268	Steel Dynamics, Inc.		1,750,890
	16,541	W.R. Grace & Co.		1,250,169
				20,642,410
		Real Estate—21.0%
	73,062	American Homes 4 Rent, Class A		1,752,027
	35,524	Apartment Investment & Management Co., Class A		1,753,465
	38,009	Boston Properties, Inc.		5,230,799
	72,473	Brixmor Property Group, Inc.		1,295,817
	23,605	Camden Property Trust		2,375,843
	82,433	CBRE Group, Inc., Class A(b)		4,292,286
	41,622	Douglas Emmett, Inc.		1,714,410
	88,931	Duke Realty Corp.		2,767,533
	22,094	Equity LifeStyle Properties, Inc.		2,578,370
	16,195	Essex Property Trust, Inc.		4,575,087
	30,878	First Industrial Realty Trust, Inc.		1,089,067
	52,700	Gaming and Leisure Properties, Inc.		2,128,026
	25,860	Highwoods Properties, Inc.		1,152,839
	37,984	Hudson Pacific Properties, Inc.		1,324,122
	36,048	Liberty Property Trust		1,789,423
	27,941	Mid-America Apartment Communities, Inc.		3,057,025
	40,984	Regency Centers Corp.		2,752,895
	12,542	Ryman Hospitality Properties, Inc.		998,343
	20,878	SL Green Realty Corp.		1,844,363
	21,305	Sun Communities, Inc.		2,622,219
	87,245	Ventas, Inc.		5,331,542
	47,039	Vornado Realty Trust		3,252,276
				55,677,777

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

66

Invesco Zacks Mid-Cap ETF (CZA)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities—10.2%
	28,778	Atmos Energy Corp.	$	2,945,140
	76,105	Avangrid, Inc.		3,897,337
	85,154	Brookfield Infrastructure Partners LP (Canada)(c)		3,523,673
	62,752	Evergy, Inc.		3,628,321
	105,755	Fortis, Inc. (Canada)(c)		3,912,935
	48,005	MDU Resources Group, Inc.		1,255,331
	12,925	ONE Gas, Inc.		1,144,121
	141,754	PG&E Corp.(b)		3,192,300
	21,885	Portland General Electric Co.		1,144,804
	42,632	UGI Corp.		2,323,870
				26,967,832
		Total Common Stocks & Other Equity Interests (Cost $241,049,676)		264,928,181
		Money Market Funds—0.1%
	308,843	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $308,843)		308,843
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $241,358,519)-100.1%		265,237,024
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—1.2%
	2,387,283	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)		2,387,283
	734,740	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		734,961
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,122,244)		3,122,244
		Total Investments in Securities (Cost $244,480,763)—101.3%		268,359,268
		Other assets less liabilities—(1.3)%		(3,340,654	)
		Net Assets—100.0%	$	265,018,614

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

67

Schedule of Investments^(a)

Invesco Zacks Multi-Asset Income ETF (CVY)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—79.6%
		Communication Services—3.6%
	37,008	Chunghwa Telecom Co. Ltd. ADR (Taiwan)	$	1,333,768
	63,884	Interpublic Group of Cos., Inc. (The)		1,469,332
	69,613	PLDT, Inc. ADR (Philippines)		1,646,348
	174,388	Telefonica SA ADR (Spain)		1,447,420
	39,912	Verizon Communications, Inc.		2,282,567
				8,179,435
		Consumer Discretionary—8.3%
	71,267	Adient PLC		1,646,268
	89,720	Bed Bath & Beyond, Inc.(b)		1,499,221
	37,427	Best Buy Co., Inc.		2,784,943
	47,125	Big Lots, Inc.		1,751,165
	52,571	Designer Brands, Inc., Class A		1,169,705
	56,459	General Motors Co.		2,199,078
	75,242	Goodyear Tire & Rubber Co. (The)		1,445,399
	79,352	Hanesbrands, Inc.		1,433,891
	25,529	MDC Holdings, Inc.		780,166
	17,359	Penske Automotive Group, Inc.		797,125
	32,310	PetMed Express, Inc.(b)		705,973
	55,854	Signet Jewelers Ltd.		1,294,696
	10,442	Whirlpool Corp.		1,449,558
				18,957,188
		Energy—14.2%
	126,846	Alliance Resource Partners LP(b)		2,444,322
	50,165	BP PLC ADR (United Kingdom)		2,193,715
	40,593	Delek US Holdings, Inc.		1,504,377
	57,098	Ecopetrol SA ADR (Colombia)		1,055,742
	118,018	Enable Midstream Partners LP		1,642,811
	47,676	Enterprise Products Partners LP		1,364,964
	52,548	Eqm Midstream Partners LP		2,417,208
	48,921	MPLX LP		1,578,191
	185,646	NGL Energy Partners LP		2,647,312
	75,203	NuStar Energy LP(b)		2,044,770
	23,295	Phillips 66		2,196,020
	28,833	Phillips 66 Partners LP		1,428,098
	45,401	Plains All American Pipeline LP		1,051,033
	29,942	Royal Dutch Shell PLC, Class A ADR (Netherlands)		1,902,215
	69,944	RPC, Inc.		719,724
	28,471	TOTAL SA ADR (France)		1,584,981
	194,641	USA Compression Partners LP(b)		3,297,219
	49,206	Western Midstream Partners LP		1,553,925
				32,626,627
		Financials—24.5%
	32,012	Associated Banc-Corp.		726,352
	40,118	Banco Santander Chile ADR (Chile)		1,123,304
	9,099	Bank of Hawaii Corp.		749,576
	20,075	Bank of Montreal (Canada)		1,585,323
	44,209	BB&T Corp.		2,263,501
	24,378	Berkshire Hills Bancorp, Inc.		731,096
	5,163	BlackRock, Inc.		2,505,294
	74,903	Cadence BanCorp		1,704,043
	19,133	Cathay General Bancorp		703,903
	16,193	Chemical Financial Corp.		711,359
	61,184	Citizens Financial Group, Inc.		2,214,861
	17,486	CNA Financial Corp.		810,126

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	19,893	Columbia Banking System, Inc.	$	746,783
	81,816	Fifth Third Bancorp		2,357,937
	96,233	First Horizon National Corp.		1,452,156
	18,111	First Interstate BancSystem, Inc., Class A		765,371
	46,516	Franklin Resources, Inc.		1,608,988
	157,380	Huntington Bancshares, Inc.		2,190,730
	21,358	JPMorgan Chase & Co.		2,478,596
	128,691	KeyCorp		2,258,527
	41,642	Ladder Capital Corp.		724,571
	25,610	Legg Mason, Inc.		856,655
	440,771	Lloyds Banking Group PLC ADR (United Kingdom)(b)		1,432,506
	87,435	Manulife Financial Corp. (Canada)		1,609,678
	50,072	MetLife, Inc.		2,309,821
	60,004	Navient Corp.		810,654
	24,831	Pacific Premier Bancorp, Inc.		721,837
	18,322	PNC Financial Services Group, Inc. (The)		2,508,831
	28,459	Principal Financial Group, Inc.		1,626,716
	23,716	Prudential Financial, Inc.		2,507,018
	138,441	Regions Financial Corp.		2,149,989
	37,211	Santander Consumer USA Holdings, Inc.		794,455
	167,007	Sumitomo Mitsui Financial Group, Inc. ADR (Japan)(b)		1,217,481
	19,760	Sun Life Financial, Inc. (Canada)		820,633
	23,100	T. Rowe Price Group, Inc.		2,483,250
	40,354	Unum Group		1,489,870
	43,912	US Bancorp		2,341,388
				56,093,179
		Health Care—1.7%
	28,226	AbbVie, Inc.		2,240,862
	42,051	GlaxoSmithKline PLC ADR (United Kingdom)		1,729,558
				3,970,420
		Industrials—4.4%
	37,141	Aircastle Ltd.		739,849
	16,682	Copa Holdings SA, Class A (Panama)		1,388,943
	14,522	Cummins, Inc.		2,414,863
	7,407	Lockheed Martin Corp.		2,468,975
	17,647	MSC Industrial Direct Co., Inc., Class A		1,476,172
	23,914	Ryder System, Inc.		1,506,582
				9,995,384
		Information Technology—3.4%
	8,137	Broadcom, Inc.		2,590,821
	48,788	Canon, Inc. ADR (Japan)(b)		1,350,452
	44,126	Western Digital Corp.		2,255,721
	47,994	Xerox Corp.		1,601,080
				7,798,074
		Materials—6.9%
	41,718	Braskem SA ADR (Brazil)		1,020,005
	44,672	Commercial Metals Co.		772,379
	28,947	Domtar Corp.		1,415,508
	17,884	Eastman Chemical Co.		1,410,690
	47,622	International Paper Co.		2,229,186
	25,582	LyondellBasell Industries N.V., Class A		2,257,100
	50,364	Mercer International, Inc. (Canada)		713,154

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

68

Invesco Zacks Multi-Asset Income ETF (CVY)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	15,181	Packaging Corp. of America	$	1,505,348
	30,171	Schnitzer Steel Industries, Inc., Class A		715,656
	19,020	Schweitzer-Mauduit International, Inc.		676,541
	41,427	Ternium SA ADR (Luxembourg)		1,021,176
	14,649	Trinseo SA		658,473
	38,085	WestRock Co.		1,461,702
				15,856,918
		Real Estate—10.1%
	17,801	Four Corners Property Trust, Inc.		506,260
	24,859	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		661,001
	73,581	HCP, Inc.		2,191,242
	35,906	Kennedy-Wilson Holdings, Inc.		773,415
	80,054	Lexington Realty Trust		726,090
	10,269	LTC Properties, Inc.		462,721
	122,966	Medical Properties Trust, Inc.		2,146,986
	10,812	National Health Investors, Inc.		815,549
	76,929	Newmark Group, Inc., Class A		655,435
	63,161	Omega Healthcare Investors, Inc.(b)		2,235,268
	59,127	Physicians Realty Trust		1,067,834
	32,654	Realty Income Corp.		2,286,107
	69,817	STORE Capital Corp.		2,326,302
	164,495	Uniti Group, Inc.		1,807,800
	35,707	Ventas, Inc.		2,182,055
	30,460	Welltower, Inc.		2,270,184
				23,114,249
		Telecommunication Services—0.8%
	161,620	Telefonica Brasil SA (Preference Shares) ADR (Brazil)		1,923,278
		Utilities—1.7%
	48,366	Brookfield Renewable Partners LP (Canada)(b)		1,524,496
	24,514	Entergy Corp.		2,375,407
				3,899,903
		Total Common Stocks & Other Equity Interests (Cost $178,042,155)		182,414,655
		Closed-End Funds—10.1%
	119,004	AllianceBernstein Global High Income Fund, Inc.		1,398,297
	39,442	Barings Global Short Duration High Yield Fund		732,043
	63,317	BlackRock Multi-Sector Income Trust		1,078,288
	99,896	Blackstone/GSO Strategic Credit Fund		1,440,500
	116,096	First Trust Intermediate Duration Preferred & Income Fund		2,588,941
	288,645	Gamco Global Gold Natural Resources & Income Trust		1,255,606
	52,543	KKR Income Opportunities Fund		837,535
	166,817	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		1,097,656
	45,756	Nexpoint Strategic Opportunities Fund		920,611
	45,756	Nexpoint Strategic Opportunities Fund Rts. expiring 06/22/19(c)		9,461
	29,809	Nuveen Global High Income Fund		468,896

Number of Shares			Value
		Closed-End Funds (continued)
	162,468	Nuveen Preferred & Income Opportunities Fund	$	1,564,567
	34,809	Nuveen Preferred & Income Term Fund		810,353
	75,191	PGIM Global High Yield Fund, Inc.		1,067,712
	66,273	PGIM High Yield Bond Fund, Inc.		962,947
	108,737	PIMCO Dynamic Credit and Mortgage Income Fund		2,560,756
	107,939	Templeton Emerging Markets Income Fund		1,093,422
	109,098	Wells Fargo Income Opportunities Fund		882,603
	88,756	Western Asset Global High Income Fund, Inc.		861,821
	134,981	Western Asset High Income Fund II, Inc.		903,023
	38,133	Western Asset High Yield Defined Opportunity Fund, Inc.		568,182
		Total Closed-End Funds (Cost $22,892,693)		23,103,220
		Preferred Stocks—10.0%
		Financials—10.0%
	98,029	Bank of America Corp., 5.88%, Series HH		2,572,281
	48,864	Bank of America Corp., 6.50%, Series Y		1,256,782
	92,160	Citigroup, Inc., 6.88%, Series K		2,554,675
	61,512	Citigroup, Inc., 7.13%, Series J		1,704,498
	85,098	Hartford Financial Services Group, Inc. (The), 6.00%, Series G		2,235,524
	44,773	JPMorgan Chase & Co., 6.15%, Series BB		1,180,664
	71,077	KeyCorp, 5.65%, Series F		1,786,876
	64,498	MetLife, Inc., 5.63%, Series E		1,684,688
	79,007	Morgan Stanley, 5.85%, Series K		2,074,724
	81,183	PNC Financial Services Group, Inc. (The), 6.13%, Series P		2,160,280
	47,721	Wells Fargo & Co., 6.63%, Series R		1,329,984
	1,912	Wells Fargo & Co., 7.50%, Series L		2,499,825
		Total Preferred Stocks (Cost $22,267,235)		23,040,801
		Money Market Funds—0.1%
	319,271	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $319,271)		319,271
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $223,521,354)—99.8%		228,877,947

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

69

Invesco Zacks Multi-Asset Income ETF (CVY)(continued)

April 30, 2019

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—5.7%
	9,407,906	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)	$	9,407,906
	3,645,525	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		3,646,618
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,054,524)		13,054,524
		Total Investments in Securities (Cost $236,575,878)—105.5%		241,932,471
		Other assets less liabilities—(5.5)%		(12,712,159	)
		Net Assets—100.0%	$	229,220,312

Investment Abbreviations:

ADR—American Depositary Receipt

Rts.—Rights

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at April 30, 2019.

^(c)  Non-income producing security.

^(d)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

70

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71

Statements of Assets and Liabilities

April 30, 2019

	Invesco Dynamic Large Cap Growth ETF (PWB)			Invesco Dynamic Large Cap Value ETF (PWV)			Invesco Russell 2000 Pure Growth ETF (PXSG)			Invesco Russell 2000 Pure Value ETF (PXSV)
Assets:
Unaffiliated investments in securities, at value(a)	$	758,281,186		$	1,040,722,313		$	89,489,054		$	78,515,700
Affiliated investments in securities, at value		—			1,227,488			7,076,205			4,269,148
Cash		—			—			26			—
Receivable for:
Dividends		717,476			495,199			2,282			76,225
Securities lending		—			—			23,427			5,208
Investments sold		—			1,835,303			—			—
Fund shares sold		2,437,481			—			—			—
Foreign tax reclaims		24,998			—			—			—
Total assets		761,461,141			1,044,280,303			96,590,994			82,866,281
Liabilities:
Due to custodian		304,795			—			—			3
Payable for:
Fund shares repurchased		—			1,836,617			—			—
Investments purchased		2,438,733			—			—			—
Collateral upon return of securities loaned		—			—			6,934,024			3,915,756
Accrued advisory fees		304,564			429,485			16,784			14,782
Accrued trustees’ and officer’s fees		68,182			96,889			34,011			37,409
Accrued expenses		288,300			555,311			111,666			104,689
Total liabilities		3,404,574			2,918,302			7,096,485			4,072,639
Net Assets	$	758,056,567		$	1,041,362,001		$	89,494,509		$	78,793,642
Net assets consist of:
Shares of beneficial interest	$	805,056,124		$	1,364,945,065		$	105,350,037		$	100,103,457
Distributable earnings		(46,999,557	)		(323,583,064	)		(15,855,528	)		(21,309,815	)
Net Assets	$	758,056,567		$	1,041,362,001		$	89,494,509		$	78,793,642
Shares outstanding (unlimited amount authorized, $0.01 par value)		15,550,000			28,350,000			2,400,000			2,600,000
Net asset value	$	48.75		$	36.73		$	37.29		$	30.31
Market price	$	48.77		$	36.74		$	37.31		$	30.30
Unaffiliated investments in securities, at cost	$	709,156,831		$	1,006,646,422		$	90,546,376		$	78,647,934
Affiliated investments in securities, at cost	$	—		$	1,227,488		$	7,076,205		$	4,262,058
(a)  Includes securities on loan with an aggregate value of	$	—		$	—		$	6,647,932		$	3,699,526

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

72

Invesco Russell Midcap Equal Weight ETF (EQWM)			Invesco Russell Midcap Pure Growth ETF (PXMG)		Invesco Russell Midcap Pure Value ETF (PXMV)			Invesco Russell Top 200 Equal Weight ETF (EQWL)		Invesco Russell Top 200 Pure Growth ETF (PXLG)		Invesco Russell Top 200 Pure Value ETF (PXLV)		Invesco Zacks Mid-Cap ETF (CZA)			Invesco Zacks Multi-Asset Income ETF (CVY)
$	25,347,009		$	625,632,122	$	51,478,048		$	59,728,278	$	229,050,369	$	95,926,720	$	264,928,181		$	228,558,676
	1,025,913			2,360,928		1,048,382			275,742		4,851,102		65,834		3,431,087			13,373,795
	21			—		—			—		—		—		—			10,707
	13,848			19,823		44,498			70,944		242,970		185,374		204,163			636,837
	862			351		145			22		595		—		3,860			31,148
	—			—		—			—		121,439,843		—		26,410			1,191,384
	—			—		—			—		—		—		—			—
	—			—		—			—		—		—		—			81,445
	26,387,653			628,013,224		52,571,073			60,074,986		355,584,879		96,177,928		268,593,701			243,883,992
	—			—		—			39		—		36		—			—
	—			—		—			—		121,444,299		—		—			1,112,637
	—			—		—			—		—		—		—			—
	893,052			1,708,809		631,528			192,024		4,778,650		—		3,122,244			13,054,524
	7,527			164,527		8,145			2,631		77,015		20,741		98,101			72,185
	32,281			46,326		35,092			33,559		30,273		25,652		4,658			4,686
	82,504			194,678		87,591			98,007		166,533		122,382		350,084			419,648
	1,015,364			2,114,340		762,356			326,260		126,496,770		168,811		3,575,087			14,663,680
$	25,372,289		$	625,898,884	$	51,808,717		$	59,748,726	$	229,088,109	$	96,009,117	$	265,018,614		$	229,220,312
$	26,058,041		$	581,179,209	$	62,838,378		$	53,435,557	$	224,864,900	$	95,438,913	$	300,467,040		$	630,083,515
	(685,752	)		44,719,675		(11,029,661	)		6,313,169		4,223,209		570,204		(35,448,426	)		(400,863,203	)
$	25,372,289		$	625,898,884	$	51,808,717		$	59,748,726	$	229,088,109	$	96,009,117	$	265,018,614		$	229,220,312
	500,000			10,600,000		1,600,000			1,050,000		4,150,000		2,400,000		3,750,000			10,300,800
$	50.74		$	59.05	$	32.38		$	56.90	$	55.20	$	40.00	$	70.67		$	22.25
$	50.72		$	59.07	$	32.36		$	56.91	$	55.18	$	39.99	$	70.75		$	22.27
$	21,337,642		$	556,969,342	$	49,372,753		$	50,990,030	$	209,953,328	$	90,328,864	$	241,049,676		$	223,202,083
$	1,031,886		$	2,360,928	$	1,109,844		$	275,742	$	4,851,102	$	65,834	$	3,431,087		$	13,373,795
$	862,720		$	1,703,412	$	586,037		$	185,940	$	4,627,245	$	—	$	3,046,290		$	12,656,717

73

Statements of Operations

For the year ended April 30, 2019

	Invesco Dynamic Large Cap Growth ETF (PWB)			Invesco Dynamic Large Cap Value ETF (PWV)			Invesco Russell 2000 Pure Growth ETF (PXSG)			Invesco Russell 2000 Pure Value ETF (PXSV)
Investment income:
Unaffiliated dividend income	$	10,417,722		$	33,390,404		$	266,284		$	1,555,722
Affiliated dividend income		7,031			18,624			2,548			23,187
Non-cash dividend income		—			—			—			—
Securities lending income		248,422			2,699,481			340,611			112,067
Foreign withholding tax		—			—			—			(177	)
Total investment income		10,673,175			36,108,509			609,443			1,690,799
Expenses:
Advisory fees		3,314,831			6,255,455			233,272			215,742
Sub-licensing fees		198,886			375,320			29,980			15,796
Accounting & administration fees		63,668			120,124			28,100			29,740
Professional fees		28,273			35,580			24,743			25,129
Trustees’ and officer’s fees		13,938			21,862			7,264			7,402
Custodian & transfer agent fees		9,376			46,439			11,611			13,293
Pricing fees		7,000			9,500			7,000			7,000
Recapture (Note 3)		—			—			—			—
Other expenses		36,196			73,077			9,623			11,949
Total expenses		3,672,168			6,937,357			351,593			326,051
Less: Waivers		(653	)		(1,706	)		(38,107	)		(36,121	)
Net expenses		3,671,515			6,935,651			313,486			289,930
Net investment income		7,001,660			29,172,858			295,957			1,400,869
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(35,600,044	)		(155,980,326	)		(2,723,525	)		(3,054,165	)
Affiliated investment securities		—			—			—			(1,788	)
Unaffiliatedin-kind redemptions		141,573,150			169,379,075			13,332,823			8,868,039
Affiliatedin-kind redemptions		—			—			—			17,586
Net realized gain (loss)		105,973,106			13,398,749			10,609,298			5,829,672
Change in net unrealized appreciation (depreciation) on:
Unaffiliated investment securities		(35,132,757	)		(6,337,818	)		(8,272,119	)		(4,265,412	)
Affiliated investment securities		—			—			—			(10,764	)
Change in net unrealized appreciation (depreciation)		(35,132,757	)		(6,337,818	)		(8,272,119	)		(4,276,176	)
Net realized and unrealized gain		70,840,349			7,060,931			2,337,179			1,553,496
Net increase in net assets resulting from operations	$	77,842,009		$	36,233,789		$	2,633,136		$	2,954,365

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

74

Invesco Russell Midcap Equal Weight ETF (EQWM)			Invesco Russell Midcap Pure Growth ETF (PXMG)			Invesco Russell Midcap Pure Value ETF (PXMV)			Invesco Russell Top 200 Equal Weight ETF (EQWL)			Invesco Russell Top 200 Pure Growth ETF (PXLG)			Invesco Russell Top 200 Pure Value ETF (PXLV)			Invesco Zacks Mid-Cap ETF (CZA)			Invesco Zacks Multi-Asset Income ETF (CVY)
$	375,964		$	1,410,459		$	1,411,721		$	1,430,417		$	3,191,191		$	3,041,381		$	5,102,775		$	10,644,174
	2,513			6,652			12,279			1,923			4,423			2,521			4,857			47,241
	3,653			—			80,651			13,879			—			80,596			—			312,534
	8,802			137,505			2,143			659			27,122			—			23,106			596,262
	(353	)		—			(582	)		(362	)		—			—			(32,113	)		(169,333	)
	390,579			1,554,616			1,506,212			1,446,516			3,222,736			3,124,498			5,098,625			11,430,878
	60,624			887,750			139,938			151,948			732,879			293,128			1,265,401			1,311,014
	4,244			113,228			9,804			15,522			74,760			37,662			354,623			368,307
	26,865			33,661			28,145			29,003			38,729			31,906			48,370			52,637
	23,543			24,334			24,573			24,881			25,318			23,904			26,114			27,041
	6,739			9,199			7,077			7,157			8,645			7,198			6,996			7,162
	12,816			3,559			6,093			7,161			5,447			8,231			23,485			41,141
	7,000			7,000			7,000			7,000			7,000			7,000			3,000			4,000
	—			101,969			—			—			—			—			—			—
	6,991			13,280			10,379			9,557			12,878			9,869			32,629			37,426
	148,822			1,193,980			233,009			252,229			905,656			418,898			1,760,618			1,848,728
	(88,365	)		(578	)		(44,978	)		(100,450	)		(369	)		(24,914	)		(115,956	)		(145,107	)
	60,457			1,193,402			188,031			151,779			905,287			393,984			1,644,662			1,703,621
	330,122			361,214			1,318,181			1,294,737			2,317,449			2,730,514			3,453,963			9,727,257
	(775,933	)		(3,333,194	)		(2,478,450	)		(507,916	)		(2,718,833	)		(3,059,067	)		(21,409,153	)		(36,306,192	)
	(208	)		—			—			—			—			—			—			(678,712	)
	910,447			33,411,393			3,589,282			2,657,267			67,316,374			9,264,861			32,035,794			36,556,710
	—			—			224			—			—			—			—			(6,083	)
	134,306			30,078,199			1,111,056			2,149,351			64,597,541			6,205,794			10,626,641			(434,277	)
	1,536,508			48,819,462			1,705,959			2,515,237			(28,437,893	)		(688,220	)		12,178,808			1,500,608
	(2,505	)		—			(61,462	)		—			—			—			—			198,754
	1,534,003			48,819,462			1,644,497			2,515,237			(28,437,893	)		(688,220	)		12,178,808			1,699,362
	1,668,309			78,897,661			2,755,553			4,664,588			36,159,648			5,517,574			22,805,449			1,265,085
$	1,998,431		$	79,258,875		$	4,073,734		$	5,959,325		$	38,477,097		$	8,248,088		$	26,259,412		$	10,992,342

75

Statements of Changes in Net Assets

For the years ended April 30, 2019 and 2018

	Invesco Dynamic Large Cap Growth ETF (PWB)						Invesco Dynamic Large Cap Value ETF (PWV)
	Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2019			Year Ended April 30, 2018
Operations:
Net investment income	$	7,001,660		$	3,454,223		$	29,172,858		$	27,337,906
Net realized gain		105,973,106			74,740,094			13,398,749			98,655,316
Net change in unrealized appreciation (depreciation)		(35,132,757	)		28,967,508			(6,337,818	)		(67,600,380	)
Net increase in net assets resulting from operations		77,842,009			107,161,825			36,233,789			58,392,842
Distributions to Shareholders from:
Distributable earnings		(6,443,887	)		(3,410,983	)		(30,425,316	)		(26,977,108	)
Shareholder Transactions:
Proceeds from shares sold		1,092,157,365			522,513,512			1,132,813,955			1,289,401,199
Value of shares repurchased		(975,214,347	)		(497,601,512	)		(1,470,780,669	)		(1,204,269,368	)
Net increase (decrease) in net assets resulting from shares transactions		116,943,018			24,912,000			(337,966,714	)		85,131,831
Increase (Decrease) in Net Assets		188,341,140			128,662,842			(332,158,241	)		116,547,565
Net Assets:
Beginning of year		569,715,427			441,052,585			1,373,520,242			1,256,972,677
End of year	$	758,056,567		$	569,715,427		$	1,041,362,001		$	1,373,520,242
Changes in Shares Outstanding:
Shares sold		23,450,000			12,950,000			30,700,000			34,550,000
Shares repurchased		(21,050,000	)		(12,400,000	)		(40,400,000	)		(32,150,000	)
Shares outstanding, beginning of year		13,150,000			12,600,000			38,050,000			35,650,000
Shares outstanding, end of year		15,550,000			13,150,000			28,350,000			38,050,000

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

76

Invesco Russell 2000 Pure Growth ETF (PXSG)						Invesco Russell 2000 Pure Value ETF (PXSV)						Invesco Russell Midcap Equal Weight ETF (EQWM)						Invesco Russell Midcap Pure Growth ETF (PXMG)
Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2019			Year Ended April 30, 2018
$	295,957		$	183,573		$	1,400,869		$	1,625,876		$	330,122		$	336,422		$	361,214		$	42,737
	10,609,298			2,708,602			5,829,672			5,732,044			134,306			1,358,337			30,078,199			14,998,112
	(8,272,119	)		3,386,657			(4,276,176	)		(2,921,729	)		1,534,003			652,263			48,819,462			9,275,479
	2,633,136			6,278,832			2,954,365			4,436,191			1,998,431			2,347,022			79,258,875			24,316,328
	(300,605	)		(179,332	)		(1,557,211	)		(1,477,472	)		(332,865	)		(331,455	)		(462,502	)		(96,720	)
	95,646,223			19,931,622			35,535,262			31,417,370			4,602,453			2,399,353			563,499,131			83,105,211
	(56,698,990	)		(12,011,668	)		(31,021,428	)		(44,908,556	)		(4,540,537	)		(7,012,532	)		(148,655,440	)		(43,033,101	)
	38,947,233			7,919,954			4,513,834			(13,491,186	)		61,916			(4,613,179	)		414,843,691			40,072,110
	41,279,764			14,019,454			5,910,988			(10,532,467	)		1,727,482			(2,597,612	)		493,640,064			64,291,718
	48,214,745			34,195,291			72,882,654			83,415,121			23,644,807			26,242,419			132,258,820			67,967,102
$	89,494,509		$	48,214,745		$	78,793,642		$	72,882,654		$	25,372,289		$	23,644,807		$	625,898,884		$	132,258,820
	2,550,000			650,000			1,150,000			1,100,000			100,000			50,000			10,700,000			2,000,000
	(1,600,000	)		(400,000	)		(950,000	)		(1,550,000	)		(100,000	)		(150,000	)		(3,000,000	)		(1,050,000	)
	1,450,000			1,200,000			2,400,000			2,850,000			500,000			600,000			2,900,000			1,950,000
	2,400,000			1,450,000			2,600,000			2,400,000			500,000			500,000			10,600,000			2,900,000

77

Statements of Changes in Net Assets(continued)

For the years ended April 30, 2019 and 2018

	Invesco Russell Midcap Pure Value ETF (PXMV)						Invesco Russell Top 200 Equal Weight ETF (EQWL)
	Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2019			Year Ended April 30, 2018
Operations:
Net investment income	$	1,318,181		$	1,232,927		$	1,294,737		$	919,893
Net realized gain		1,111,056			332,256			2,149,351			4,223,541
Net change in unrealized appreciation (depreciation)		1,644,497			(936,467	)		2,515,237			1,488,025
Net increase (decrease) in net assets resulting from operations		4,073,734			628,716			5,959,325			6,631,459
Distributions to Shareholders from:
Distributable earnings		(1,232,093	)		(1,357,922	)		(1,304,748	)		(870,869	)
Shareholder Transactions:
Proceeds from shares sold		22,829,725			18,033,951			7,797,449			29,975,273
Value of shares repurchased		(19,891,008	)		(39,479,696	)		(12,935,448	)		(15,207,146	)
Net increase (decrease) in net assets resulting from shares transactions		2,938,717			(21,445,745	)		(5,137,999	)		14,768,127
Increase (Decrease) in Net Assets		5,780,358			(22,174,951	)		(483,422	)		20,528,717
Net Assets:
Beginning of year		46,028,359			68,203,310			60,232,148			39,703,431
End of year	$	51,808,717		$	46,028,359		$	59,748,726		$	60,232,148
Changes in Shares Outstanding:
Shares sold		750,000			600,000			150,000			600,000
Shares repurchased		(650,000	)		(1,300,000	)		(250,000	)		(300,000	)
Shares outstanding, beginning of year		1,500,000			2,200,000			1,150,000			850,000
Shares outstanding, end of year		1,600,000			1,500,000			1,050,000			1,150,000

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

78

Invesco Russell Top 200 Pure Growth ETF (PXLG)
Year Ended April 30, 2019			Year Ended April 30, 2018
$	2,317,449		$	1,492,860
	64,597,541			13,199,033
	(28,437,893	)		26,852,828
	38,477,097			41,544,721
	(2,249,583	)		(1,352,332	)
	185,270,437			77,741,709
	(200,765,120	)		(55,834,444	)
	(15,494,683	)		21,907,265
	20,732,831			62,099,654
	208,355,278			146,255,624
$	229,088,109		$	208,355,278
	3,550,000			1,850,000
	(3,750,000	)		(1,300,000	)
	4,350,000			3,800,000
	4,150,000			4,350,000

79

Statements of Changes in Net Assets(continued)

For the years ended April 30, 2019 and 2018^(a)

	Invesco Russell Top 200 Pure Value ETF (PXLV)
	Year Ended April 30, 2019			Year Ended April 30, 2018
Operations:
Net investment income	$	2,730,514		$	2,180,032
Net realized gain (loss)		6,205,794			5,606,647
Net change in unrealized appreciation (depreciation)		(688,220	)		(792,954	)
Net increase in net assets resulting from operations		8,248,088			6,993,725
Distributions to Shareholders from:
Distributable earnings		(2,896,174	)		(1,878,389	)
Return of capital		—			—
Total distributions to shareholders		(2,896,174	)		(1,878,389	)
Shareholder Transactions:
Proceeds from shares sold		37,879,375			60,840,213
Value of shares repurchased		(51,760,892	)		(36,187,259	)
Net increase (decrease) in net assets resulting from shares transactions		(13,881,517	)		24,652,954
Increase (Decrease) in Net Assets		(8,529,603	)		29,768,290
Net Assets:
Beginning of period		104,538,720			74,770,430
End of period	$	96,009,117		$	104,538,720
Changes in Shares Outstanding:
Shares sold		1,000,000			1,650,000
Shares repurchased		(1,350,000	)		(1,000,000	)
Shares outstanding, beginning of period		2,750,000			2,100,000
Shares outstanding, end of period		2,400,000			2,750,000

^(a)  Effective April 30, 2018, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF changed their fiscal year end to April 30.

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

80

Invesco Zacks Mid-Cap ETF (CZA)									Invesco Zacks Multi-Asset Income ETF (CVY)
Year Ended April 30, 2019			Eight Months Ended April 30, 2018			Year Ended August 31, 2017			Year Ended April 30, 2019			Eight Months Ended April 30, 2018			Year Ended August 31, 2017
$	3,453,963		$	1,959,915		$	2,340,703		$	9,727,257		$	7,301,169		$	15,348,687
	10,626,641			15,590,695			19,406,979			(434,277	)		19,533,870			28,526,178
	12,178,808			(4,347,151	)		6,190,483			1,699,362			(3,774,891	)		(879,948	)
	26,259,412			13,203,459			27,938,165			10,992,342			23,060,148			42,994,917
	(2,835,826	)		(2,665,110	)		(2,792,900	)		(9,787,271	)		(8,796,889	)		(11,665,472	)
	—			—			—			—			(1,180,314	)		(5,893,641	)
	(2,835,826	)		(2,665,110	)		(2,792,900	)		(9,787,271	)		(9,977,203	)		(17,559,113	)
	255,472,076			158,343,390			192,593,073			300,491,601			80,564,691			200,977,596
	(269,461,073	)		(116,581,724	)		(157,554,788	)		(358,936,477	)		(153,331,824	)		(307,926,999	)
	(13,988,997	)		41,761,666			35,038,285			(58,444,876	)		(72,767,133	)		(106,949,403	)
	9,434,589			52,300,015			60,183,550			(57,239,805	)		(59,684,188	)		(81,513,599	)
	255,584,025			203,284,010			143,100,460			286,460,117			346,144,305			427,657,904
$	265,018,614		$	255,584,025		$	203,284,010		$	229,220,312		$	286,460,117		$	346,144,305
	3,800,000			2,450,000			3,400,000			13,550,000			3,700,000			9,800,000
	(4,000,000	)		(1,800,000	)		(2,800,000	)		(16,350,000	)		(7,000,000	)		(15,050,000	)
	3,950,000			3,300,000			2,700,000			13,100,800			16,400,800			21,650,800
	3,750,000			3,950,000			3,300,000			10,300,800			13,100,800			16,400,800

81

Financial Highlights

Invesco Dynamic Large Cap Growth ETF (PWB)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	43.32		$	35.00		$	30.82		$	30.19		$	25.62
Net investment income(a)		0.48			0.27			0.24			0.19			0.18
Net realized and unrealized gain on investments		5.39			8.32			4.19			0.62			4.56
Total from investment operations		5.87			8.59			4.43			0.81			4.74
Distributions to shareholders from:
Net investment income		(0.44	)		(0.27	)		(0.25	)		(0.18	)		(0.17	)
Net asset value at end of year	$	48.75		$	43.32		$	35.00		$	30.82		$	30.19
Market price at end of year(b)	$	48.77		$	43.38		$	35.02		$	30.81		$	30.17
Net Asset Value Total Return(c)		13.69	%		24.63	%		14.46	%		2.70	%		18.52	%
Market Price Total Return(c)		13.57	%		24.73	%		14.57	%		2.73	%		18.44	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	758,057		$	569,715		$	441,053		$	443,752		$	327,579
Ratio to average net assets of:
Expenses, after Waivers		0.55	%		0.57	%		0.57	%		0.57	%		0.58	%
Expenses, prior to Waivers		0.55	%		0.57	%		0.57	%		0.57	%		0.58	%
Net investment income, after Waivers		1.06	%		0.68	%		0.74	%		0.64	%		0.63	%
Portfolio turnover rate(d)		181	%		119	%		116	%		97	%		143	%

^(a)  Based on average shares outstanding.

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

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

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

Invesco Dynamic Large Cap Value ETF (PWV)

	��	Years Ended April 30,
		2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year		$	36.10		$	35.26		$	30.01		$	31.43		$	29.51
Net investment income(a)			0.84			0.73			0.67			0.73			0.64
Net realized and unrealized gain (loss) on investments			0.68			0.83			5.28			(1.43	)		1.88
Total from investment operations			1.52			1.56			5.95			(0.70	)		2.52
Distributions to shareholders from:
Net investment income			(0.89	)		(0.72	)		(0.70	)		(0.72	)		(0.60	)
Net asset value at end of year		$	36.73		$	36.10		$	35.26		$	30.01		$	31.43
Market price at end of year(b)		$	36.74		$	36.13		$	35.27		$	30.00		$	31.42
Net Asset Value Total Return(c)			4.32	%		4.39	%		20.06	%		(2.17	)%		8.56	%
Market Price Total Return(c)			4.26	%		4.44	%		20.14	%		(2.18	)%		8.60	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	1,041,362		$	1,373,520		$	1,256,973		$	975,299		$	1,087,343
Ratio to average net assets of:
Expenses, after Waivers			0.55	%		0.56	%		0.56	%		0.57	%		0.57	%
Expenses, prior to Waivers			0.55	%		0.56	%		0.56	%		0.57	%		0.57	%
Net investment income, after Waivers			2.33	%		1.96	%		2.04	%		2.44	%		2.10	%
Portfolio turnover rate(d)			189	%		128	%		118	%		98	%		82	%

^(a)  Based on average shares outstanding.

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

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

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

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

82

Financial Highlights(continued)

Invesco Russell 2000 Pure Growth ETF (PXSG)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	33.25		$	28.50		$	23.23		$	25.22		$	23.90
Net investment income(a)		0.13			0.14			0.07			0.06			0.25
Net realized and unrealized gain (loss) on investments		4.04			4.75			5.27			(1.93	)		1.39
Total from investment operations		4.17			4.89			5.34			(1.87	)		1.64
Distributions to shareholders from:
Net investment income		(0.13	)		(0.14	)		(0.07	)		(0.12	)		(0.32	)
Net asset value at end of year	$	37.29		$	33.25		$	28.50		$	23.23		$	25.22
Market price at end of year(b)	$	37.31		$	33.31		$	28.49		$	23.26		$	25.21
Net Asset Value Total Return(c)		12.55	%		17.18	%		23.02	%		(7.47	)%		6.92	%
Market Price Total Return(c)		12.41	%		17.43	%		22.82	%		(7.31	)%		6.92	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	89,495		$	48,215		$	34,195		$	26,719		$	32,791
Ratio to average net assets of:
Expenses, after Waivers		0.39	%		0.39	%		0.39	%		0.39	%(d)		0.39	%(d)
Expenses, prior to Waivers		0.44	%		0.59	%		0.65	%		0.67	%(d)		0.69	%(d)
Net investment income, after Waivers		0.37	%		0.47	%		0.29	%		0.27	%		1.02	%
Portfolio turnover rate(e)		44	%		43	%		55	%		144	%		6	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 at the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(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. For the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

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

83

Financial Highlights(continued)

Invesco Russell 2000 Pure Value ETF (PXSV)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	30.37		$	29.27		$	23.87		$	25.75		$	24.67
Net investment income(a)		0.58			0.63			0.52			0.63			0.42
Net realized and unrealized gain (loss) on investments		0.03			1.04			5.55			(1.91	)		1.03
Total from investment operations		0.61			1.67			6.07			(1.28	)		1.45
Distributions to shareholders from:
Net investment income		(0.67	)		(0.57	)		(0.67	)		(0.60	)		(0.37	)
Net asset value at end of year	$	30.31		$	30.37		$	29.27		$	23.87		$	25.75
Market price at end of year(b)	$	30.30		$	30.40		$	29.26		$	23.88		$	25.75
Net Asset Value Total Return(c)		2.13	%		5.73	%		25.64	%		(4.93	)%		5.91	%
Market Price Total Return(c)		2.00	%		5.87	%		25.54	%		(4.90	)%		5.87	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	78,794		$	72,883		$	83,415		$	59,668		$	72,093
Ratio to average net assets of:
Expenses, after Waivers		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers		0.44	%		0.46	%		0.46	%		0.50	%		0.55	%
Net investment income, after Waivers		1.88	%		2.12	%		1.90	%		2.67	%		1.65	%
Portfolio turnover rate(d)		52	%		56	%		50	%		137	%		5	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

Invesco Russell Midcap Equal Weight ETF (EQWM)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	47.29		$	43.74		$	38.93		$	40.34		$	36.31
Net investment income(a)		0.66			0.60			0.54			0.56			0.50
Net realized and unrealized gain (loss) on investments		3.46			3.53			4.86			(1.41	)		4.03
Total from investment operations		4.12			4.13			5.40			(0.85	)		4.53
Distributions to shareholders from:
Net investment income		(0.67	)		(0.58	)		(0.59	)		(0.56	)		(0.50	)
Net asset value at end of year	$	50.74		$	47.29		$	43.74		$	38.93		$	40.34
Market price at end of year(b)	$	50.72		$	47.30		$	43.74		$	38.89		$	40.35
Net Asset Value Total Return(c)		8.85	%		9.50	%		14.00	%		(2.02	)%		12.52	%
Market Price Total Return(c)		8.78	%		9.52	%		14.11	%		(2.14	)%		12.73	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	25,372		$	23,645		$	26,242		$	23,357		$	34,292
Ratio to average net assets of:
Expenses, after Waivers		0.25	%		0.25	%		0.25	%		0.26	%		0.39	%
Expenses, prior to Waivers		0.61	%		0.66	%		0.68	%		0.69	%		0.66	%
Net investment income, after Waivers		1.36	%		1.31	%		1.32	%		1.50	%		1.31	%
Portfolio turnover rate(d)		30	%		28	%		36	%		135	%		5	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

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

84

Financial Highlights(continued)

Invesco Russell Midcap Pure Growth ETF (PXMG)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	45.61		$	34.85		$	29.14		$	31.95		$	30.02
Net investment income(a)		0.06			0.02			0.09			0.07			0.47
Net realized and unrealized gain (loss) on investments		13.47			10.79			5.70			(2.72	)		1.92
Total from investment operations		13.53			10.81			5.79			(2.65	)		2.39
Distributions to shareholders from:
Net investment income		(0.09	)		(0.05	)		(0.08	)		(0.16	)		(0.46	)
Net asset value at end of year	$	59.05		$	45.61		$	34.85		$	29.14		$	31.95
Market price at end of year(b)	$	59.07		$	45.71		$	34.85		$	29.12		$	31.95
Net Asset Value Total Return(c)		29.72	%		31.05	%		19.89	%		(8.34	)%		7.98	%
Market Price Total Return(c)		29.48	%		31.34	%		19.98	%		(8.40	)%		8.09	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	625,899		$	132,259		$	67,967		$	67,015		$	87,870
Ratio to average net assets of:
Expenses, after Waivers		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers		0.39	%		0.43	%		0.46	%		0.44	%		0.46	%
Net investment income, after Waivers		0.12	%		0.05	%		0.30	%		0.25	%		1.51	%
Portfolio turnover rate(d)		30	%		29	%		49	%		147	%		3	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

Invesco Russell Midcap Pure Value ETF (PXMV)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	30.69		$	31.00		$	27.22		$	27.55		$	25.88
Net investment income(a)		0.84			0.69			0.68			0.68			0.43
Net realized and unrealized gain (loss) on investments		1.64			(0.26	)		3.80			(0.37	)		1.63
Total from investment operations		2.48			0.43			4.48			0.31			2.06
Distributions to shareholders from:
Net investment income		(0.79	)		(0.74	)		(0.70	)		(0.64	)		(0.39	)
Net asset value at end of year	$	32.38		$	30.69		$	31.00		$	27.22		$	27.55
Market price at end of year(b)	$	32.36		$	30.69		$	31.00		$	27.21		$	27.53
Net Asset Value Total Return(c)		8.36	%		1.39	%		16.60	%		1.35	%		7.98	%
Market Price Total Return(c)		8.30	%		1.39	%		16.64	%		1.39	%		7.94	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	51,809		$	46,028		$	68,203		$	50,364		$	52,338
Ratio to average net assets of:
Expenses, after Waivers		0.39	%		0.39	%		0.39	%		0.39	%(d)		0.39	%(d)
Expenses, prior to Waivers		0.48	%		0.51	%		0.49	%		0.54	%(d)		0.56	%(d)
Net investment income, after Waivers		2.73	%		2.24	%		2.28	%		2.62	%		1.58	%
Portfolio turnover rate(e)		49	%		52	%		39	%		131	%		4	%

^(a)  Based on average shares outstanding.

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

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

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(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. For the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

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

85

Financial Highlights(continued)

Invesco Russell Top 200 Equal Weight ETF (EQWL)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	52.38		$	46.71		$	39.77		$	40.24		$	37.06
Net investment income(a)		1.14			0.88			0.74			0.78			0.75
Net realized and unrealized gain (loss) on investments		4.52			5.63			6.95			(0.48	)		3.14
Total from investment operations		5.66			6.51			7.69			0.30			3.89
Distributions to shareholders from:
Net investment income		(1.14	)		(0.84	)		(0.75	)		(0.77	)		(0.71	)
Net asset value at end of year	$	56.90		$	52.38		$	46.71		$	39.77		$	40.24
Market price at end of year(b)	$	56.91		$	52.42		$	46.75		$	39.73		$	40.21
Net Asset Value Total Return(c)		11.04	%		14.02	%		19.58	%		0.81	%		10.52	%
Market Price Total Return(c)		10.98	%		14.01	%		19.80	%		0.78	%		10.38	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	59,749		$	60,232		$	39,703		$	33,805		$	42,249
Ratio to average net assets of:
Expenses, after Waivers		0.25	%		0.25	%		0.25	%		0.26	%		0.39	%
Expenses, prior to Waivers		0.41	%		0.47	%		0.54	%		0.54	%		0.57	%
Net investment income, after Waivers		2.13	%		1.74	%		1.74	%		1.99	%		1.92	%
Portfolio turnover rate(d)		24	%		32	%		27	%		101	%		3	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

Invesco Russell Top 200 Pure Growth ETF (PXLG)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	47.90		$	38.49		$	32.92		$	33.84		$	29.53
Net investment income(a)		0.47			0.35			0.29			0.28			0.55
Net realized and unrealized gain (loss) on investments		7.29			9.38			5.61			(0.91	)		4.29
Total from investment operations		7.76			9.73			5.90			(0.63	)		4.84
Distributions to shareholders from:
Net investment income		(0.46	)		(0.32	)		(0.33	)		(0.29	)		(0.53	)
Net asset value at end of year	$	55.20		$	47.90		$	38.49		$	32.92		$	33.84
Market price at end of year(b)	$	55.18		$	47.94		$	38.50		$	32.92		$	33.82
Net Asset Value Total Return(c)		16.35	%		25.36	%		18.06	%		(1.89	)%		16.49	%
Market Price Total Return(c)		16.20	%		25.44	%		18.09	%		(1.83	)%		16.46	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	229,088		$	208,355		$	146,256		$	151,415		$	145,502
Ratio to average net assets of:
Expenses, after Waivers		0.36	%		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers		0.36	%		0.39	%		0.39	%		0.39	%		0.43	%
Net investment income, after Waivers		0.92	%		0.80	%		0.84	%		0.85	%		1.73	%
Portfolio turnover rate(d)		17	%		19	%		30	%		105	%		2	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

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

86

Financial Highlights(continued)

Invesco Russell Top 200 Pure Value ETF (PXLV)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	38.01		$	35.60		$	29.58		$	30.63		$	29.40
Net investment income(a)		1.03			0.93			0.73			0.80			0.72
Net realized and unrealized gain (loss) on investments		2.06			2.28			6.13			(1.09	)		1.16
Total from investment operations		3.09			3.21			6.86			(0.29	)		1.88
Distributions to shareholders from:
Net investment income		(1.10	)		(0.80	)		(0.84	)		(0.76	)		(0.65	)
Net asset value at end of year	$	40.00		$	38.01		$	35.60		$	29.58		$	30.63
Market price at end of year(b)	$	39.99		$	38.03		$	35.63		$	29.55		$	30.62
Net Asset Value Total Return(c)		8.40	%		9.07	%		23.47	%		(0.84	)%		6.41	%
Market Price Total Return(c)		8.31	%		9.04	%		23.69	%		(0.92	)%		6.41	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	96,009		$	104,539		$	74,770		$	68,029		$	41,348
Ratio to average net assets of:
Expenses, after Waivers		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers		0.41	%		0.44	%		0.46	%		0.55	%		0.62	%
Net investment income, after Waivers		2.70	%		2.49	%		2.23	%		2.78	%		2.37	%
Portfolio turnover rate(d)		32	%		25	%		28	%		77	%		2	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

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

87

Financial Highlights(continued)

Invesco Zacks Mid-Cap ETF (CZA)

	Year Ended April 30, 2019			Eight Months Ended April 30, 2018			Years Ended August 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	64.70		$	61.60		$	53.00		$	49.05		$	49.97		$	40.44
Net investment income(a)		0.90			0.53			0.81			0.87			0.50			0.41
Net realized and unrealized gain (loss) on investments		5.82			3.29			8.81			3.73			(1.05	)		9.58
Total from investment operations		6.72			3.82			9.62			4.60			(0.55	)		9.99
Distributions to shareholders from:
Net investment income		(0.75	)		(0.72	)		(1.02	)		(0.65	)		(0.37	)		(0.46	)
Net asset value at end of period	$	70.67		$	64.70		$	61.60		$	53.00		$	49.05		$	49.97
Market price at end of period	$	70.75	(b)	$	64.75	(b)	$	61.67		$	52.94		$	49.09		$	50.04
Net Asset Value Total Return(c)		10.68	%		6.19	%		18.40	%		9.53	%		(1.11	)%		24.81	%
Market Price Total Return(c)		10.72	%		6.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	265,019		$	255,584		$	203,284		$	143,100		$	149,597		$	132,428
Ratio to average net assets of:
Expenses, after Waivers		0.65	%(e)		0.65	%(d)		0.65	%		0.65	%		0.65	%		0.66	%
Expenses, prior to Waivers		0.70	%(e)		0.74	%(d)		0.74	%		0.74	%		0.73	%		0.73	%
Net investment income, after Waivers		1.36	%		1.23	%(d)		1.43	%		1.78	%		1.01	%		0.89	%
Portfolio turnover rate(f)		170	%		136	%		181	%		172	%		164	%		175	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Annualized.

^(e)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(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.

88

Financial Highlights(continued)

Invesco Zacks Multi-Asset Income ETF (CVY)

	Year Ended April 30, 2019			Eight Months Ended April 30, 2018			Years Ended August 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	21.87		$	21.11		$	19.75		$	19.92		$	26.06		$	23.34
Net investment income(a)		0.81			0.49			0.80			0.87			1.30			1.38
Net realized and unrealized gain (loss) on investments		0.38			0.94			1.46			(0.06	)		(6.10	)		2.57
Total from investment operations		1.19			1.43			2.26			0.81			(4.80	)		3.95
Distributions to shareholders from:
Net investment income		(0.81	)		(0.59	)		(0.60	)		(0.98	)		(1.31	)		(1.23	)
Return of capital		—			(0.08	)		(0.30	)		—			(0.03	)		—
Total distributions		(0.81	)		(0.67	)		(0.90	)		(0.98	)		(1.34	)		(1.23	)
Net asset value at end of period	$	22.25		$	21.87		$	21.11		$	19.75		$	19.92		$	26.06
Market price at end of period	$	22.27	(b)	$	21.87	(b)	$	21.08		$	19.74		$	19.89		$	26.05
Net Asset Value Total Return(c)		5.67	%		6.83	%		11.73	%		4.49	%		(18.90	)%		17.29	%
Market Price Total Return(c)		5.76	%		6.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	229,220		$	286,460		$	346,144		$	427,658		$	647,321		$	1,485,282
Ratio to average net assets of:
Expenses, after Waivers		0.65	%(e)		0.65	%(d)(e)		0.65	%		0.65	%		0.65	%		0.66	%
Expenses, prior to Waivers		0.71	%(e)		0.74	%(d)(e)		0.72	%		0.73	%		0.71	%		0.71	%
Net investment income, after Waivers		3.71	%		3.38	%(d)		3.93	%		4.62	%		5.68	%		5.54	%
Portfolio turnover rate(f)		196	%		142	%		203	%		228	%		213	%		180	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Annualized.

^(e)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2019

Note 1—Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-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 Dynamic Large Cap Growth ETF (PWB)	“Dynamic Large Cap Growth ETF”
Invesco Dynamic Large Cap Value ETF (PWV)	“Dynamic Large Cap Value ETF”
Invesco Russell 2000 Pure Growth ETF (PXSG)	“Russell 2000 Pure Growth ETF”
Invesco Russell 2000 Pure Value ETF (PXSV)	“Russell 2000 Pure Value ETF”
Invesco Russell Midcap Equal Weight ETF (EQWM)	“Russell Midcap Equal Weight ETF”
Invesco Russell Midcap Pure Growth ETF (PXMG)	“Russell Midcap Pure Growth ETF”
Invesco Russell Midcap Pure Value ETF (PXMV)	“Russell Midcap Pure Value ETF”
Invesco Russell Top 200 Equal Weight ETF (EQWL)	“Russell Top 200 Equal Weight ETF”
Invesco Russell Top 200 Pure Growth ETF (PXLG)	“Russell Top 200 Pure Growth ETF”
Invesco Russell Top 200 Pure Value ETF (PXLV)	“Russell Top 200 Pure Value ETF”
Invesco ZacksMid-Cap ETF (CZA)	“ZacksMid-Cap ETF”
Invesco Zacks Multi-Asset Income ETF (CVY)	“Zacks Multi-Asset Income ETF”

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

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

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

Fund	Underlying Index
Dynamic Large Cap Growth ETF	Dynamic Large Cap Growth IntellidexSM Index
Dynamic Large Cap Value ETF	Dynamic Large Cap Value IntellidexSM Index
Russell 2000 Pure Growth ETF	Russell 2000® Pure Growth Index
Russell 2000 Pure Value ETF	Russell 2000® Pure Value Index
Russell Midcap Equal Weight ETF	Russell Midcap® Equal Weight Index
Russell Midcap Pure Growth ETF	Russell Midcap® Pure Growth Index
Russell Midcap Pure Value ETF	Russell Midcap® Pure Value Index
Russell Top 200 Equal Weight ETF	Russell Top 200® Equal Weight Index
Russell Top 200 Pure Growth ETF	Russell Top 200® Pure Growth Index
Russell Top 200 Pure Value ETF	Russell Top 200® Pure Value Index
ZacksMid-Cap ETF	ZacksMid-Cap Core Index
Zacks Multi-Asset Income ETF	Zacks Multi-Asset Income 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.

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

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

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

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

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

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

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments. Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions 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.

B. Other Risks

Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

Authorized Participant Concentration Risk.Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no

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obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for Funds that invest innon-U.S. securities, which may have lower trading volumes.

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 particular industries will become negative. 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.

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 faces 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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Non-Diversified Fund Risk. ZacksMid-Cap ETF and Zacks Multi-Asset Income ETF arenon-diversified and can invest a greater portion of their assets in securities of individual issuers than diversified funds. As a result, 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.

Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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 Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.

REIT Risk.For certain Funds, in addition to the risks pertaining to real estate investments more generally, REITs are subject to additional risks. The value of a REIT can depend on the structure of and cash flow generated by the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. REITs are also subject to certain requirements under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and each Fund and its shareholders will incur its pro rata share of the underlying expenses.

Small- andMid-Capitalization Securities Risk.For certain Funds, investing in securities of small- andmid-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- andmid-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.

Growth Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Thus, the value of each Fund’s investments will vary and at times may be lower or higher than that of other types of investments.

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

Investment in Investment Companies Risk.For certain Funds, investing in other investment companies, including exchange-traded funds (“ETFs”), business development companies andclosed-end funds, subjects each Fund to those risks affecting the investment company, including the possibility that the value of the underlying securities held by the investment company could decrease or the portfolio becomes illiquid. Moreover, each Fund and its shareholders will incur its pro rata share of the underlying

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investment companies’ expenses, which will reduce each Fund’s performance, and the purchase of shares of some investment companies (in the case ofclosed-end investment companies) may sometimes require the payment of substantial premiums above the value of such companies’ portfolio securities or NAVs. In addition, investments by each Fund in another ETF orclosed-end fund are subject to, among other risks, the risk that the ETF’s or closed end fund’s shares may trade at a discount or premium relative to the NAV of the shares and the listing exchange may halt trading of the ETF’s orclosed-end fund’s shares.

Depositary Receipt Risk.Certain Funds may hold the securities ofnon-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in each Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of each Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.

Portfolio Turnover Risk.For certain Funds, each may engage in active and frequent trading of its portfolio securities to reflect the rebalancing of its 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 gain distributions to a Fund’s shareholders, each Fund will seek to utilize thein-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

C. 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 the accrual basis from settlement date.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each 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.

D. Country Determination — For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders — Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly (except for ZacksMid-Cap ETF, which declare and pay dividends from net investment income, if any, to shareholders annually) and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end.

F. 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.

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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 forin-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.

G. Expenses — Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that 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.

Each Fund is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions,sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”), or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.

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.

H. 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 theperiod-end date and before the date the financial statements are released to print.

I. 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 his 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. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending — During the fiscal year ended April 30, 2019, each Fund (except Invesco Russell Top 200 Pure Value ETF) participated in securities lending. Each Fund loaned portfolio securities having a market value up toone-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 generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

K. Distributions from Distributable Earnings — In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.

For the year ended April 30, 2018, distributions from distributable earnings consisted of distributions from net investment income. For the year ended August 31, 2017, distributions from distributable earnings for ZacksMid-Cap ETF and Zacks Multi-Asset Income ETF consisted of distributions from net investment income.

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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 of Russell 2000 Pure Growth ETF, Russell 2000 Pure Value ETF, Russell Midcap Pure Growth ETF, Russell Midcap Pure Value ETF, Russell Top 200 Pure Growth ETF and Russell Top 200 Pure Value ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets. Each of Russell Midcap Equal Weight ETF and Russell Top 200 Equal Weight ETF accrues daily and pays monthly to the Adviser an annual fee of 0.25% of the Fund’s average daily net assets. Each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, ZacksMid-Cap ETF, and Zacks Multi-Asset Income ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each of Russell 2000 Pure Growth ETF, Russell 2000 Pure Value ETF, Russell Midcap Pure Growth ETF, Russell Midcap Pure Value ETF, Russell Top 200 Pure Growth ETF and Russell Top 200 Pure Value ETF from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2021. The Expense Cap for each of Russell Midcap Equal Weight ETF and Russell Top 200 Equal Weight ETF is 0.25% of the Fund’s average daily net assets per year, through at least August 31, 2021. The Expense Cap for each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, ZacksMid-Cap ETF, and Zacks Multi-Asset Income ETF is 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2021 andsub-licensing fees are excluded from the expenses subject to the Expense Cap for these Funds in addition to the excluded expenses above. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2021. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the fiscal year ended April 30, 2019 under this Expense Cap for Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, Russell Mid Cap Pure Growth ETF and Russell Top 200 Pure Growth ETF.

Further, the Adviser agrees to reimburse ZacksMid-Cap ETF and Zacks Multi-Asset Income ETF in the amount equal to the licensing fees that each Fund pays that cause the Fund’s operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed 0.65% through at least April 6, 2020.

Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

Dynamic Large Cap Growth ETF	$	653
Dynamic Large Cap Value ETF		1,706
Russell 2000 Pure Growth ETF		38,107
Russell 2000 Pure Value ETF		36,121
Russell Midcap Equal Weight ETF		88,365
Russell Midcap Pure Growth ETF		578
Russell Midcap Pure Value ETF		44,978
Russell Top 200 Equal Weight ETF		100,450
Russell Top 200 Pure Growth ETF		369
Russell Top 200 Pure Value ETF		24,914
ZacksMid-Cap ETF		115,956
Zacks Multi-Asset Income ETF		145,107

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

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For the following Funds, the amounts available for potential recapture by the Adviser under the Expense Agreement and the expiration schedule at April 30, 2019 are as follows:

	Total Potential Recapture Amounts		Potential Recapture Amounts Expiring
			4/30/20		4/30/21		4/30/22
Russell 2000 Pure Growth ETF	$	191,015	$	74,308	$	78,817	$	37,890
Russell 2000 Pure Value ETF		138,413		48,568		53,922		35,923
Russell Midcap Equal Weight ETF		300,486		106,293		105,995		88,198
Invesco Russell Midcap Pure Growth ETF		21,413		—		21,413		—
Invesco Russell Midcap Pure Value ETF		164,022		54,220		64,988		44,814
Invesco Russell Top 200 Equal Weight ETF		315,118		97,104		117,735		100,279
Invesco Russell Top 200 Pure Value ETF		114,664		45,267		44,708		24,689
Invesco Zacks Mid-Cap ETF		151,783		—		36,226		115,557
Invesco Zacks Multi-Asset Income ETF		199,252		—		54,833		144,419

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
Dynamic Large Cap Growth ETF	ICE Data Indices, LLC
Dynamic Large Cap Value ETF	ICE Data Indices, LLC
Russell 2000 Pure Growth ETF	Frank Russell Company
Russell 2000 Pure Value ETF	Frank Russell Company
Russell Midcap Equal Weight ETF	Frank Russell Company
Russell Midcap Pure Growth ETF	Frank Russell Company
Russell Midcap Pure Value ETF	Frank Russell Company
Russell Top 200 Equal Weight ETF	Frank Russell Company
Russell Top 200 Pure Growth ETF	Frank Russell Company
Russell Top 200 Pure Value ETF	Frank Russell Company
ZacksMid-Cap ETF	Zacks Investment Research, Inc.
Zacks Multi-Asset Income ETF	Zacks Investment Research, Inc.

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’ssub-licensing agreement with the Adviser. Each Fund is required to pay thesub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, 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.

Note 4—Investments in Affiliates

The Adviser and Invesco Mortgage Capital, Inc. are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. are considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the fiscal year ended April 30, 2019.

Russell 2000 Pure Value ETF

	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value April 30, 2019		Dividend Income
Invesco Mortgage Capital, Inc.	$	407,568	$	180,480	$	(364,961	)	$	(10,764	)	$	15,798	$	228,121	$	20,957

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Russell Midcap Equal Weight ETF

	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2019		Dividend Income
Invesco Ltd.	$	10,748	$	6,927	$	(198	)	$	(2,505	)	$	(208	)	$	14,764	$	626

Russell Midcap Pure Value ETF

	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value April 30, 2019		Dividend Income
Invesco Ltd.	$	—	$	355,875	$	(20,342	)	$	(61,462	)	$	224	$	274,295	$	10,473

Zacks Multi-Asset Income ETF

	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value April 30, 2019		Dividend Income
Invesco Ltd.*	$	1,693,818	$	2,725,911	$	(3,933,688	)	$	198,754	$	(684,795	)	$	—	$	39,843

* At April 30, 2019, this security was no longer held.

Note 5—Additional Valuation Information

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

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

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

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Fund listed below, as of April 30, 2019, all of the securities in each Fund 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
Zacks Multi-Asset Income ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	228,549,215	$	9,461	$	—	$	228,558,676
Money Market Funds		13,373,795		—		—		13,373,795
Total Investments	$	241,923,010	$	9,461	$	—	$	241,932,471

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Note 6—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2019 and 2018:

	2019		2018
	Ordinary Income		Ordinary Income
Dynamic Large Cap Growth ETF	$	6,443,887	$	3,410,983
Dynamic Large Cap Value ETF		30,425,316		26,977,108
Russell 2000 Pure Growth ETF		300,605		179,332
Russell 2000 Pure Value ETF		1,557,211		1,477,472
Russell Midcap Equal Weight ETF		332,865		331,455
Russell Midcap Pure Growth ETF		462,502		96,720
Russell Midcap Pure Value ETF		1,232,093		1,357,922
Russell Top 200 Equal Weight ETF		1,304,748		870,869
Russell Top 200 Pure Growth ETF		2,249,583		1,352,332
Russell Top 200 Pure Value ETF		2,896,174		1,878,389

Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended April 30, 2019, Period September 1, 2017 to April 30, 2018 and Year Ended August 31, 2017:

	2019				2018				2017
	Ordinary Income		Return of Capital		Ordinary Income		Return of Capital		Ordinary Income		Return of Capital
ZacksMid-Cap ETF	$	2,835,826		—	$	2,665,110	$	—	$	2,792,900	$	—
Zacks Multi-Asset Income ETF		9,787,271		—		8,796,889		1,180,314		11,665,472		5,893,641

Tax Components of Net Assets at FiscalYear-End:

	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation— Investment Securities			Net Unrealized Appreciation (Depreciation)— Other Investments		Capital Loss Carryforwards			Late Year Ordinary Loss Deferral			Shares of Beneficial Interest		Total Net Assets
Dynamic Large Cap Growth ETF	$	1,236,089	$	(63,717	)	$	47,516,721		$	—	$	(95,688,650	)	$	—		$	805,056,124	$	758,056,567
Dynamic Large Cap Value ETF		1,731,019		(89,512	)		25,941,892			—		(351,166,463	)		—			1,364,945,065		1,041,362,001
Russell 2000 Pure Growth ETF		50,902		(31,537	)		(1,765,954	)		—		(14,108,939	)		—			105,350,037		89,494,509
Russell 2000 Pure Value ETF		305,854		(34,869	)		(1,548,683	)		—		(20,032,117	)		—			100,103,457		78,793,642
Russell Midcap Equal Weight ETF		53,458		(29,944	)		3,449,526			—		(4,158,792	)		—			26,058,041		25,372,289
Russell Midcap Pure Growth ETF		—		(43,306	)		67,438,031			—		(22,622,657	)		(52,393	)		581,179,209		625,898,884
Russell Midcap Pure Value ETF		285,294		(32,621	)		1,150,847			—		(12,433,181	)		—			62,838,378		51,808,717
Russell Top 200 Equal Weight ETF		139,562		(31,070	)		8,161,254			—		(1,956,577	)		—			53,435,557		59,748,726
Russell Top 200 Pure Growth ETF		378,248		(27,188	)		18,324,429			—		(14,452,280	)		—			224,864,900		229,088,109
Russell Top 200 Pure Value ETF		293,866		(23,078	)		4,859,786			—		(4,560,370	)		—			95,438,913		96,009,117
ZacksMid-Cap ETF		1,604,330		(1,011,033	)		23,269,180			—		(59,310,903	)		—			300,467,040		265,018,614
Zacks Multi-Asset Income ETF		—		(677,322	)		2,582,440			—		(402,768,321	)		—			630,083,515		229,220,312

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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.

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The following table presents available capital loss carryforwards for each Fund as of April 30, 2019:

	Post-effective/no expiration
	Short-Term		Long-Term		Total*
Dynamic Large Cap Growth ETF	$	95,688,650	$	—	$	95,688,650
Dynamic Large Cap Value ETF		312,854,755		38,311,708		351,166,463
Russell 2000 Pure Growth ETF		8,216,975		5,891,964		14,108,939
Russell 2000 Pure Value ETF		10,105,893		9,926,224		20,032,117
Russell Midcap Equal Weight ETF		1,624,887		2,533,905		4,158,792
Russell Midcap Pure Growth ETF		13,336,653		9,286,004		22,622,657
Russell Midcap Pure Value ETF		8,307,220		4,125,961		12,433,181
Russell Top 200 Equal Weight ETF		818,579		1,137,998		1,956,577
Russell Top 200 Pure Growth ETF		4,627,302		9,824,978		14,452,280
Russell Top 200 Pure Value ETF		2,671,757		1,888,613		4,560,370
ZacksMid-Cap ETF		55,638,018		3,672,885		59,310,903
Zacks Multi-Asset Income ETF		332,268,698		70,499,623		402,768,321

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

Note 7—Investment Transactions

For the fiscal year ended April 30, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:

	Purchases		Sales
Dynamic Large Cap Growth ETF	$	1,198,577,837	$	1,199,169,248
Dynamic Large Cap Value ETF		2,336,706,515		2,336,050,198
Russell 2000 Pure Growth ETF		34,752,255		35,008,103
Russell 2000 Pure Value ETF		38,816,455		38,272,340
Russell Midcap Equal Weight ETF		7,165,231		9,216,808
Russell Midcap Pure Growth ETF		93,536,742		92,154,641
Russell Midcap Pure Value ETF		23,565,796		24,188,201
Russell Top 200 Equal Weight ETF		14,719,297		16,986,158
Russell Top 200 Pure Growth ETF		44,171,214		42,681,892
Russell Top 200 Pure Value ETF		32,985,979		32,530,133
ZacksMid-Cap ETF		428,571,359		427,297,381
Zacks Multi-Asset Income ETF		534,499,677		507,783,536

For the fiscal year ended April 30, 2019,in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
Dynamic Large Cap Growth ETF	$	1,091,075,846	$	971,740,286
Dynamic Large Cap Value ETF		1,131,147,036		1,471,258,435
Russell 2000 Pure Growth ETF		95,572,493		56,354,023
Russell 2000 Pure Value ETF		34,910,499		30,524,211
Russell Midcap Equal Weight ETF		4,600,813		2,400,241
Russell Midcap Pure Growth ETF		562,248,056		149,123,592
Russell Midcap Pure Value ETF		22,841,353		19,031,763
Russell Top 200 Equal Weight ETF		7,768,900		10,616,485
Russell Top 200 Pure Growth ETF		183,300,487		199,912,766
Russell Top 200 Pure Value ETF		37,870,225		52,309,255
ZacksMid-Cap ETF		255,251,708		268,435,443
Zacks Multi-Asset Income ETF		270,092,855		351,724,303

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

At April 30, 2019, 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 reportingperiod-end:

	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)			Cost
Dynamic Large Cap Growth ETF	$	66,427,557	$	(18,910,836	)	$	47,516,721		$	710,764,465
Dynamic Large Cap Value ETF		58,987,631		(33,045,739	)		25,941,892			1,016,007,909
Russell 2000 Pure Growth ETF		10,283,697		(12,049,651	)		(1,765,954	)		98,331,213
Russell 2000 Pure Value ETF		8,173,736		(9,722,419	)		(1,548,683	)		84,333,531
Russell Midcap Equal Weight ETF		4,990,238		(1,540,712	)		3,449,526			22,923,396
Russell Midcap Pure Growth ETF		81,537,607		(14,099,576	)		67,438,031			560,555,019
Russell Midcap Pure Value ETF		5,017,564		(3,866,717	)		1,150,847			51,375,583
Russell Top 200 Equal Weight ETF		10,480,476		(2,319,222	)		8,161,254			51,842,766
Russell Top 200 Pure Growth ETF		24,893,463		(6,569,034	)		18,324,429			215,577,042
Russell Top 200 Pure Value ETF		9,456,413		(4,596,627	)		4,859,786			91,132,768
ZacksMid-Cap ETF		26,345,207		(3,076,027	)		23,269,180			245,090,088
Zacks Multi-Asset Income ETF		5,917,163		(3,334,723	)		2,582,440			239,350,031

Note 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment ofin-kind transactions, foreign currency transactions, the use of a portion of the proceeds from redemptions as distributions and passive foreign investment companies, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2019, the reclassifications were as follows:

	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Dynamic Large Cap Growth ETF	$	—		$	(123,739,503	)	$	123,739,503
Dynamic Large Cap Value ETF		(412,501	)		(138,934,933	)		139,347,434
Russell 2000 Pure Growth ETF		—			(8,383,459	)		8,383,459
Russell 2000 Pure Value ETF		59,554			(3,100,072	)		3,040,518
Russell Midcap Equal Weight ETF		208			(136,970	)		136,762
Russell Midcap Pure Growth ETF		14,083			(20,809,720	)		20,795,637
Russell Midcap Pure Value ETF		—			(509,440	)		509,440
Russell Top 200 Equal Weight ETF		—			(880,460	)		880,460
Russell Top 200 Pure Growth ETF		—			(66,490,989	)		66,490,989
Russell Top 200 Pure Value ETF		—			(8,052,459	)		8,052,459
ZacksMid-Cap ETF		(313,658	)		(30,526,542	)		30,840,200
Zacks Multi-Asset Income ETF		(303,322	)		(31,116,850	)		31,420,172

Note 9—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The 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 his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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.

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Note 10—Capital

Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

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

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

Note 11—Subsequent Events

Effective as of the close of markets on June 21, 2019, each Fund below changed its name, ticker, index provider, underlying index, investment objective and principal investment strategy. The new name, ticker and underlying index are as follows:

Current Fund Name	New Fund Name	Current Ticker Symbol	New Ticker Symbol	Current Underlying Index	New Underlying Index
Invesco Russell Top 200 Equal Weight ETF	Invesco S&P 100 Equal Weight ETF	EQWL	No Change	Russell Top 200® Equal Weight Index	S&P 100 Equal Weight Index
Invesco Russell Midcap Equal Weight ETF	Invesco S&P MidCap Quality ETF	EQWM	XMHQ	Russell Midcap® Equal Weight Index	S&P MidCap 400 Quality Index
Invesco Russell Top 200 Pure Growth ETF	Invesco S&P 500 GARP ETF	PXLG	SPGP	Russell Top 200® Pure Growth Index	S&P 500 Growth at a Reasonable Price Index
Invesco Russell Midcap Pure Growth ETF	Invesco S&P MidCap Momentum ETF	PXMG	XMMO	Russell Midcap® Pure Growth Index	S&P MidCap 400 Momentum Index
Invesco Russell 2000 Pure Growth ETF	Invesco S&P SmallCap Momentum ETF	PXSG	XSMO	Russell 2000® Pure Growth Index	S&P SmallCap 600 Momentum Index
Invesco Russell Top 200 Pure Value ETF	Invesco S&P 500 Value with Momentum ETF	PXLV	SPVM	Russell Top 200® Pure Value Index	S&P 500 High Momentum Value Index
Invesco Russell Midcap Pure Value ETF	Invesco S&P MidCap Value with Momentum ETF	PXMV	XMVM	Russell Midcap® Pure Value Index	S&P 400 High Momentum Value Index
Invesco Russell 2000 Pure Value ETF	Invesco S&P SmallCap Value with Momentum ETF	PXSV	XSVM	Russell 2000® Pure Value Index	S&P 600 High Momentum Value Index

101

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF, Invesco S&P MidCap Quality ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P 100 Equal Weight ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco ZacksMid-Cap ETF and Invesco Zacks Multi-Asset Income ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Equal Weight ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Equal Weight ETF, Invesco Russell Top 200 Pure Growth ETF, Invesco Russell Top 200 Pure Value ETF, Invesco ZacksMid-Cap ETF and Invesco Zacks Multi-Asset Income ETF (twelve of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2019, the related statements of operations for the year ended April 30, 2019, the statements of changes in net assets for each of the two years in the period ended April 30, 2019 (or for Invesco ZacksMid-Cap ETF and Invesco Zacks Multi-Asset Income ETF, for the year ended April 30, 2019 and for the eight months ended April 30, 2018), including the related notes,and the financial highlights for each of the five years in the period ended April 30, 2019 (or for Invesco ZacksMid-Cap ETF and Invesco Zacks Multi-Asset Income ETF, for the year ended April 30, 2019 and for the eight months ended April 30, 2018) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2019 (or for Invesco ZacksMid-Cap ETF and Invesco Zacks Multi-Asset Income ETF, for the year ended April 30, 2019 and for the eight months ended April 30, 2018), and each of the financial highlights for each of the five years in the period ended April 30, 2019 (or for Invesco ZacksMid-Cap ETF and Invesco Zacks Multi-Asset Income ETF, for the year ended April 30, 2019 and for the eight months ended April 30, 2018), in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco ZacksMid-Cap ETF (Predecessor Fund GuggenheimMid-Cap Core ETF ) and Invesco Zacks Multi-Asset Income ETF (Predecessor Fund Guggenheim Multi-Asset Income ETF ) as of and for the year ended August 31, 2017 and the financial highlights for each of the periods ended on or prior to August 31, 2017 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated October 30, 2017, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2019

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

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. 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 through thesix-month period ended April 30, 2019.

In addition to the fees and expenses which the Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF (collectively, the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return.

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 theSix-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month  Period(1)
Invesco Dynamic Large Cap Growth ETF (PWB)
Actual	$	1,000.00	$	1,103.70		0.55	%	$	2.87
Hypothetical (5% return before expenses)		1,000.00		1,022.07		0.55			2.76
Invesco Dynamic Large Cap Value ETF (PWV)
Actual		1,000.00		1,045.70		0.54			2.74
Hypothetical (5% return before expenses)		1,000.00		1,022.12		0.54			2.71
Invesco Russell 2000 Pure Growth ETF (PXSG)
Actual		1,000.00		1,074.70		0.39			2.01
Hypothetical (5% return before expenses)		1,000.00		1,022.86		0.39			1.96
Invesco Russell 2000 Pure Value ETF (PXSV)
Actual		1,000.00		1,011.20		0.39			1.94
Hypothetical (5% return before expenses)		1,000.00		1,022.86		0.39			1.96

103

Calculating your ongoing Fund expenses(continued)

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month  Period(1)
Invesco Russell Midcap Equal Weight ETF (EQWM)
Actual	$	1,000.00	$	1,092.80		0.25	%	$	1.30
Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25			1.25
Invesco Russell Midcap Pure Growth ETF (PXMG)
Actual		1,000.00		1,241.40		0.39			2.17
Hypothetical (5% return before expenses)		1,000.00		1,022.86		0.39			1.96
Invesco Russell Midcap Pure Value ETF (PXMV)
Actual		1,000.00		1,098.70		0.39			2.03
Hypothetical (5% return before expenses)		1,000.00		1,022.86		0.39			1.96
Invesco Russell Top 200 Equal Weight ETF (EQWL)
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 Russell Top 200 Pure Growth ETF (PXLG)
Actual		1,000.00		1,133.60		0.36			1.90
Hypothetical (5% return before expenses)		1,000.00		1,023.01		0.36			1.81
Invesco Russell Top 200 Pure Value ETF (PXLV)
Actual		1,000.00		1,091.20		0.39			2.02
Hypothetical (5% return before expenses)		1,000.00		1,022.86		0.39			1.96
Invesco ZacksMid-Cap ETF (CZA)
Actual		1,000.00		1,133.19		0.65			3.44
Hypothetical (5% return before expenses)		1,000.00		1,021.57		0.65			3.26
Invesco Zacks Multi-Asset Income ETF (CVY)
Actual		1,000.00		1,089.58		0.65			3.37
Hypothetical (5% return before expenses)		1,000.00		1,021.57		0.65			3.26

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended April 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

104

Tax Information

Form1099-DIV, Form1042-S and otheryear-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2019:

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends-Received Deduction*
Invesco Dynamic Large Cap Growth ETF		0	%		100	%		100	%
Invesco Dynamic Large Cap Value ETF		0	%		100	%		100	%
Invesco Russell 2000 Pure Growth ETF		0	%		76	%		76	%
Invesco Russell 2000 Pure Value ETF		37	%		75	%		69	%
Invesco Russell Midcap Equal Weight ETF		0	%		100	%		100	%
Invesco Russell Midcap Pure Growth ETF		0	%		100	%		100	%
Invesco Russell Midcap Pure Value ETF		42	%		86	%		81	%
Invesco Russell Top 200 Equal Weight ETF		0	%		100	%		100	%
Invesco Russell Top 200 Pure Growth ETF		0	%		100	%		100	%
Invesco Russell Top 200 Pure Value ETF		0	%		100	%		100	%
Invesco Zacks Mid-Cap ETF		0	%		100	%		88	%
Invesco Zacks Multi-Asset Income ETF		0	%		89	%		72	%

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

105

Trustees and Officers

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

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	241	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007), and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	241	None.
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club For Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	241	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

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

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

106

Trustees and Officers(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	241	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	241	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (advisory services to the financial sector) (2010-Present); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	241	Director, Penfield Children’s Center (2004-present); Board Chairman, Gracebridge Alliance, Inc. (2015-present).

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

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

107

Trustees and Officers(continued)

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

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008–Present), Invesco North American Holdings, Inc.; Executive Vice President (2008–Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012–Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014–Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008–2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2018); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	241	None

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

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

108

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

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

109

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

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

110

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Manager, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

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

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

111

Board Considerations Regarding Continuation of Investment Advisory Agreement

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 53 series (each, a “Fund” and collectively, the “Funds”):

Invesco Aerospace & Defense ETF

Invesco BRIC ETF

Invesco BuyBack Achievers^TM ETF

Invesco Cleantech^TM ETF

Invesco Dividend Achievers^TM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA NASDAQ Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Retail ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend Achievers^TM ETF

Invesco Insider Sentiment ETF

Invesco International Dividend Achievers^TM ETF

Invesco Russell 2000 Pure Growth ETF

Invesco Russell 2000 Pure Value ETF

Invesco Russell Midcap Equal Weight ETF

Invesco Russell Midcap Pure Growth ETF

Invesco Russell Midcap Pure Value ETF

Invesco Russell Top 200 Equal Weight ETF

Invesco Russell Top 200 Pure Growth ETF

Invesco Russell Top 200 Pure Value ETF

Invesco S&P 500^® Quality ETF

Invesco S&PSpin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco ZacksMid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for theday-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for theone-year, three-year, five-year,ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase

112

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

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

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees also compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”),open-end(non-ETF) index funds andopen-end(non-ETF) actively-managed funds, as applicable. The Trustees noted that the annual contractual advisory fee charged to each Fund is:

● 0.50% of the Fund’s average daily net assets for each Fund other than Invesco Dividend Achievers^TM ETF, Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco High Yield Equity Dividend Achievers^TM ETF, Invesco International Dividend Achievers^™ ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Equal Weight ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Equal Weight ETF, Invesco Russell Top 200 Pure Growth ETF, Invesco Russell Top 200 Pure Value ETF and Invesco S&P 500^® Quality ETF (The net advisory fee, after giving effect to the Expense Cap, as defined below, was-0.16% for Invesco Dynamic Retail ETF.);

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

● 0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Pure Growth ETF and Invesco Russell Top 200 Pure Value ETF;

● 0.25% of the Fund’s average daily net assets for each of Invesco Russell Midcap Equal Weight ETF and Invesco Russell Top 200 Equal Weight ETF (The net advisory fee, after giving effect to the Expense Cap, as defined below, was-0.17% for Invesco Russell Midcap Equal Weight ETF.); and

● 0.15% of the Fund’s average daily net assets for Invesco S&P 500^® Quality ETF (The Trustees noted that, prior to September 24, 2018, the Fund’s advisory fee was 0.29%.).

The Trustees also noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2021, as set forth below:

● 0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco DWA NASDAQ Momentum ETF and Invesco Dynamic Market ETF;

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

● 0.50%, excluding interest expenses,sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US

113

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

1500Small-Mid ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Pure Growth ETF and Invesco Russell Top 200 Pure Value ETF;

● 0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco Russell Midcap Equal Weight ETF and Invesco Russell Top 200 Equal Weight ETF;

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

● 0.60%, excluding interest expenses,sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each other Fund.

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it providessub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to thesub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF andopen-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median		Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower than Open-End Active Fund Median
Invesco Aerospace & Defense ETF					X
Invesco BRIC ETF					X
Invesco Buyback AchieversTM ETF					X
Invesco CleantechTM ETF					X
Invesco Dividend AchieversTM ETF					X
Invesco DWA Basic Materials Momentum ETF					X
Invesco DWA Consumer Cyclicals Momentum ETF					X
Invesco DWA Consumer Staples Momentum ETF					X
Invesco DWA Energy Momentum ETF					X
Invesco DWA Financial Momentum ETF					X
Invesco DWA Healthcare Momentum ETF					X
Invesco DWA Industrials Momentum ETF					X
Invesco DWA Momentum ETF		X			X
Invesco DWA NASDAQ Momentum ETF					X
Invesco DWA Technology Momentum ETF					X
Invesco DWA Utilities Momentum ETF					X
Invesco Dynamic Biotechnology & Genome ETF					X
Invesco Dynamic Building & Construction ETF					X
Invesco Dynamic Energy Exploration & Production ETF					X
Invesco Dynamic Food & Beverage ETF					X
Invesco Dynamic Large Cap Growth ETF					X
Invesco Dynamic Large Cap Value ETF					X
Invesco Dynamic Leisure and Entertainment ETF					X
Invesco Dynamic Market ETF					X
Invesco Dynamic Media ETF					X
Invesco Dynamic Networking ETF					X

114

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median		Equal to/Lower than Open-End Index Fund Median*		Equal to/Lower than Open-End Active Fund Median
Invesco Dynamic Oil & Gas Services ETF				N/A		X
Invesco Dynamic Pharmaceuticals ETF						X
Invesco Dynamic Retail ETF						X
Invesco Dynamic Semiconductors ETF						X
Invesco Dynamic Software ETF						X
Invesco Financial Preferred ETF				N/A		X
Invesco FTSE RAFI US 1000 ETF						X
Invesco FTSE RAFI US 1500Small-Mid ETF						X
Invesco Global Listed Private Equity ETF				N/A		X
Invesco Golden Dragon China ETF		X		N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF						X
Invesco Insider Sentiment ETF						X
Invesco International Dividend AchieversTM ETF		X				X
Invesco Russell 2000 Pure Growth ETF				X		X
Invesco Russell 2000 Pure Value ETF				X		X
Invesco Russell Midcap Equal Weight ETF						X
Invesco Russell Midcap Pure Growth ETF		X				X
Invesco Russell Midcap Pure Value ETF		X				X
Invesco Russell Top 200 Equal Weight ETF		X				X
Invesco Russell Top 200 Pure Growth ETF						X
Invesco Russell Top 200 Pure Value ETF						X
Invesco S&P 500® Quality ETF		X				X
Invesco S&PSpin-Off						X
Invesco Water Resources ETF						X
Invesco WilderHill Clean Energy ETF						X
Invesco ZacksMid-Cap ETF						X
Invesco Zacks Multi-Asset Income ETF						X

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

The Trustees determined that the contractual advisory fees were reasonable, noting the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF andopen-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*		Equal to/Lower than Open-End Active Fund Median
Invesco Aerospace & Defense ETF					X
Invesco BRIC ETF					X
Invesco Buyback AchieversTM ETF					X
Invesco CleantechTM ETF					X
Invesco Dividend AchieversTM ETF			X		X
Invesco DWA Basic Materials Momentum ETF					X

115

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median		Equal to/Lower than Open-End Index Fund Median*		Equal to/Lower than Open-End Active Fund Median
Invesco DWA Consumer Cyclicals Momentum ETF						X
Invesco DWA Consumer Staples Momentum ETF						X
Invesco DWA Energy Momentum ETF						X
Invesco DWA Financial Momentum ETF						X
Invesco DWA Healthcare Momentum ETF						X
Invesco DWA Industrials Momentum ETF						X
Invesco DWA Momentum ETF				X		X
Invesco DWA NASDAQ Momentum ETF						X
Invesco DWA Technology Momentum ETF						X
Invesco DWA Utilities Momentum ETF						X
Invesco Dynamic Biotechnology & Genome ETF						X
Invesco Dynamic Building & Construction ETF						X
Invesco Dynamic Energy Exploration & Production ETF						X
Invesco Dynamic Food & Beverage ETF						X
Invesco Dynamic Large Cap Growth ETF						X
Invesco Dynamic Large Cap Value ETF						X
Invesco Dynamic Leisure and Entertainment ETF						X
Invesco Dynamic Market ETF						X
Invesco Dynamic Media ETF						X
Invesco Dynamic Networking ETF						X
Invesco Dynamic Oil & Gas Services ETF				N/A		X
Invesco Dynamic Pharmaceuticals ETF						X
Invesco Dynamic Retail ETF						X
Invesco Dynamic Semiconductors ETF						X
Invesco Dynamic Software ETF						X
Invesco Financial Preferred ETF				N/A		X
Invesco FTSE RAFI US 1000 ETF						X
Invesco FTSE RAFI US 1500Small-Mid ETF						X
Invesco Global Listed Private Equity ETF				N/A		X
Invesco Golden Dragon China ETF				N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF				X		X
Invesco Insider Sentiment ETF						X
Invesco International Dividend AchieversTM ETF						X
Invesco Russell 2000 Pure Growth ETF				X		X	��
Invesco Russell 2000 Pure Value ETF				X		X
Invesco Russell Midcap Equal Weight ETF						X
Invesco Russell Midcap Pure Growth ETF						X
Invesco Russell Midcap Pure Value ETF						X
Invesco Russell Top 200 Equal Weight ETF		X				X
Invesco Russell Top 200 Pure Growth ETF						X
Invesco Russell Top 200 Pure Value ETF						X
Invesco S&P 500® Quality ETF		X				X

116

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower than Open-End Active Fund Median
Invesco S&PSpin-Off ETF				X
Invesco Water Resources ETF				X
Invesco WilderHill Clean Energy ETF				X
Invesco ZacksMid-Cap ETF				X
Invesco Zacks Multi-Asset Income ETF				X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Large Cap Growth ETF and Invesco WilderHill Clean Energy ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.

The Trustees noted that a significant component of thenon-advisory fee expenses was the license fees paid by the Funds, and noted those Funds for which license fees are included in the Funds’ Expense Caps. The Trustees also noted that the Adviser has agreed to reimburse certain Funds in the amount equal to the licensing fee paid that causes that Fund’s annual operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed a percentage of that Fund’s average daily net assets through April 6, 2020 (May 18, 2020 for Invesco BRIC ETF) as set forth below:

Invesco BRIC ETF	0.64	%
Invesco Insider Sentiment ETF	0.60	%
Invesco S&PSpin-Off ETF	0.64	%
Invesco ZacksMid-Cap ETF	0.65	%
Invesco Zacks Multi-Asset Income ETF	0.65	%

The Board concluded that the advisory fee and expense ratio of each Fund (giving effect to the Fund’s Expense Cap) were reasonable and appropriate in light of the services provided.

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

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

117

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

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

118

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 atwww.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’sForm N-PX on the Commission’s website atwww.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 onForm N-Q (or any successor Form). The Trust’sForms N-Q (or any successor Form) are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.

©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-AR-5 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2019

PPA	Invesco Aerospace & Defense ETF
EEB	Invesco BRIC ETF
PZD	Invesco CleantechTM ETF
PDP	Invesco DWA Momentum ETF
PSP	Invesco Global Listed Private Equity ETF
PGJ	Invesco Golden Dragon China ETF
NFO	Invesco Insider Sentiment ETF
RYJ	Invesco Raymond James SB-1 Equity ETF
PBP	Invesco S&P 500 BuyWrite ETF
SPHQ	Invesco S&P 500® Quality ETF
CSD	Invesco S&P Spin-Off ETF
PHO	Invesco Water Resources ETF
PBW	Invesco WilderHill Clean Energy ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Specialty Portfolios
Schedules of Investments
Invesco Aerospace & Defense ETF (PPA)	35
Invesco BRIC ETF (EEB)	36
Invesco CleantechTM ETF (PZD)	38
Invesco DWA Momentum ETF (PDP)	40
Invesco Global Listed Private Equity ETF (PSP)	42
Invesco Golden Dragon China ETF (PGJ)	44
Invesco Insider Sentiment ETF (NFO)	46
Invesco Raymond James SB-1 Equity ETF (RYJ)	48
Invesco S&P 500 BuyWrite ETF (PBP)	50
Invesco S&P 500® Quality ETF (SPHQ)	56
Invesco S&P Spin-Off ETF (CSD)	58
Invesco Water Resources ETF (PHO)	59
Invesco WilderHill Clean Energy ETF (PBW)	60
Statements of Assets and Liabilities	62
Statements of Operations	64
Statements of Changes in Net Assets	66
Financial Highlights	70
Notes to Financial Statements	78
Report of Independent Registered Public Accounting Firm	95
Fund Expenses	97
Tax Information	99
Trustees and Officers	100
Board Considerations Regarding Continuation of Investment Advisory Agreement	106

2

The Market Environment

Domestic Equity

The fiscal year proved to be an increasingly volatile time for U.S. equities. Throughout the summer, U.S. equities moved higher as corporate profits surged amid the benefit of corporate tax cuts and improving global economic growth. Several U.S. equity indexes reached new highs despite potential headwinds, including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. After a relatively quiet summer, market volatility noticeably rose in October 2018, as U.S. equity markets suffered a sharpsell-off throughyear-end 2018, amid ongoing trade concerns between the U.S. and China, fears of a global economic slowdown and lower oil prices from a supply glut, with oil prices plummeting from near $75 per barrel in early October 2018 to around $45 per barrel in late December 2018.¹ In this environment, there was a flight to safety, as investors fled to defensive areas of the markets, such as health care, utilities and U.S. Treasuries.

Given signs of a strong economy, the U.S. Federal Reserve (the “Fed”) raised interest rates three times during the fiscal year: in June, September and December 2018. Following December’s Fed meeting, the Fed raised interest rates by 25 basis points to a targeted range of 2.25% to 2.50%, which signaled a slightly more dovish stance than expected.² In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.

Equity markets rebounded at the start of 2019, fueled by optimism about a potential U.S.-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as U.S. economic data were mixed and overseas growth appeared to be slowing. By the end of the fiscal year, the U.S. equity market generally recovered the losses from fourth quarter 2018, backed by improving investor sentiment, low unemployment and a growing economy.

¹  Source: Bloomberg

²  Source: U.S. Federal Reserve

Global Equity

The fiscal year began with significant market and currency volatility. While most domestic equity indexes delivered positive performance at the beginning of the fiscal year, most major international indexes had negative results. Many international stocks struggled as investors worried that heightened global trade tensions would derail economic growth. Other concerns, such as geopolitical uncertainty and the potential impact of higher interest rates, also weakened investor sentiment. In this environment, developed markets held up better than emerging markets. After a relatively quiet summer, market volatility markedly rose again in October 2018. Global equity markets (particularly the U.S.) declined sharply in the fourth quarter of 2018 amid rising interest rates and concerns that higher inflation could result in a more restrictive monetary policy. Investors also had concerns over the Brexit negotiations, ongoing U.S.-China trade tensions, declining oil prices and fears of slowing economic growth, particularly in the eurozone.

Following the sharpsell-off in the later part of 2018, global equities rebounded in the beginning of 2019, fueled by accommodative central bank policy and the potential for a U.S.-China trade deal. Central bank policy provided a supportive environment for equities and fixed income, even as global economic growth appeared to be slowing. In January, China’s central bank initiated a stimulus program to counteract its slowing economy, while the European Central Bank and U.S. Federal Reserve later indicated they would not raise interest rates for the remainder of 2019. Lack of consensus on a deal for the U.K.’s withdrawal from the European Union prompted additional concerns for the U.K. and eurozone economies, though equity markets across the region posted gains. U.S. and Chinese equities also delivered robust gains. Both emerging and developed markets had positive returns for the first quarter of 2019.

Despite concerns over a decline in global growth for 2019¹, global equity indexes, in general, ended the fiscal year in positive territory, with developed markets outperforming emerging markets.

¹  Source: International Monetary Fund World

3

PPA	Manager’s Analysis
	Invesco Aerospace & Defense ETF (PPA)

As an index fund, the Invesco Aerospace & Defense ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the SPADE® Defense Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index. These companies are engaged principally in the development, manufacture, operation and support of U.S. defense, military, homeland security and space operations. These may include, for example, companies that provide the following products or services: defense electronics, aircraft, naval vessels, missiles, spacecraft and launch vehicles, ground vehicles, communications, sensors, information technology and network centric warfare, unmanned vehicles, satellite-based services and ground-based equipment and electronics, products or services.

Strictly in accordance with its guidelines and mandated procedures, SPADE Indexes, LLC (the “Index Provider”) identifies common stocks for inclusion in the Index and weights them according to its modified market capitalization methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 12.27%. On a net asset value (“NAV”) basis, the Fund returned 12.33%. During the same time period, the Index returned 12.97%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Aerospace & Defense Index (the “Benchmark Index”) returned 8.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 30 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors due primarily to its exposure to the aerospace and defense industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that limits its constituents to companies that are involved in U.S. defense, military, homeland security and space operations, whereas the Benchmark Index includes companies that are involved in the commercial aerospace industry as well.

Relative to the Benchmark Index, the Fund was most overweight in the IT consulting & other services industry and most underweight in the aerospace & defense industry during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the overweight allocation to the

industrial conglomerates, metal & glass containers and IT consulting & other services industries.

For the fiscal year ended April 30, 2019, the aerospace & defense industry contributed most significantly to the Fund’s return, followed by the industrial conglomerates and metal & glass containers industries, respectively. The systems software detracted most significantly from the Fund’s return, followed by the diversified support services industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included TransDigm Group Inc., an aerospace & defense company (portfolio average weight of 4.12%) and Honeywell International Inc., an industrial conglomerates company (portfolio average weight of 7.01%). Positions that detracted most significantly from the Fund’s return during this period included Raytheon Co., an aerospace & defense company (portfolio average weight of 5.62%) and General Dynamics Corp., an aerospace & defense company (portfolio average weight of 5.67%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Aerospace & Defense	71.2
IT Services	9.1
Industrial Conglomerates	7.3
Containers & Packaging	3.8
Machinery	3.1
Industry Type Each Less Than 3%	5.5
Money Market Funds Plus Other Assets Less Liabilities	(0.0)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
United Technologies Corp.	7.4
Lockheed Martin Corp.	7.4
Honeywell International, Inc.	7.3
Boeing Co. (The)	6.6
General Dynamics Corp.	5.5
Raytheon Co.	5.3
Northrop Grumman Corp.	5.3
TransDigm Group, Inc.	4.0
L3 Technologies, Inc.	3.9
Harris Corp.	3.9
Total	56.6

* Excluding money market fund holdings.

4

Invesco Aerospace & Defense ETF (PPA)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
SPADE® Defense Index		12.97	%		21.40	%		78.93	%		15.98	%		109.89	%		18.78	%		458.80	%		12.99	%		421.05	%
S&P Composite 1500® Aerospace & Defense Index		8.66			22.00			81.60			16.43			113.97			19.97			517.39			14.31			509.62
Fund
NAV Return		12.33			20.69			75.79			15.28			103.63			18.02			424.16			12.28			378.16
Market Price Return		12.27			20.71			75.87			15.29			103.71			18.03			424.65			12.28			378.58

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

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

Notes Regarding Indexes and Fund Performance History:

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

5

EEB	Manager’s Analysis
	Invesco BRIC ETF (EEB)

As an index fund, the Invesco BRIC ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P/BNY Mellon BRIC Select DR Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider” or “S&P DJI”) compiles, maintains, and calculates the Index, which is comprised of exchange-listed American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities of companies from Brazil, Russia, India and China and, when appropriate, ChinaH-shares (securities issued by companies incorporated in mainland China and listed on the Hong Kong Stock Exchange). The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from August 31 to April 30. For the fiscal period from September 1, 2018 to April 30, 2019, on a market price basis, the Fund returned 8.47%. On a net asset value (“NAV”) basis, the Fund returned 8.34%. During the same time period, the Index returned 8.71%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

During this same time period, the MSCI Emerging Markets Index^SM (Net) (the “Benchmark Index”) returned 3.30%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,140 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging market equities.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the information technology sector during the fiscal period ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to stock selection in the financials sector.

For the fiscal period ended April 30, 2019, the financials sector contributed most significantly to the Fund’s return, followed by the energy and materials sectors, respectively. The real estate sector was the greatest detractor from the Fund’s return, followed by the health care sector.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended April 30, 2019, included Reliance Banco Bradesco S.A. Sponsored ADR Pfd, a financials company (portfolio average weight of 2.25%), and Itau Unibanco Holding S.A. Sponsored ADR Pfd, a financials company (portfolio average

weight of 2.94%). Positions that detracted most significantly from the Fund’s return during this period included Baidu, Inc. Sponsored ADR, Class A, a communication services company (portfolio average weight of 3.21%), and China Petroleum & Chemical Corp., Class H, an energy company (portfolio average weight of 1.67%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Energy	21.2
Financials	19.9
Consumer Discretionary	17.4
Communication Services	15.7
Materials	8.3
Information Technology	5.1
Industrials	4.5
Consumer Staples	3.6
Sector Type Each Less Than 3%	4.3
Money Market Funds Plus Other Assets Less Liabilities	(0.0)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Alibaba Group Holding Ltd. ADR	9.3
HDFC Bank Ltd. ADR	4.5
Reliance Industries Ltd. GDR	3.8
China Mobile Ltd.	3.2
Baidu, Inc. ADR	2.9
Itau Unibanco Holding SA (Preference Shares) ADR	2.7
Infosys Ltd. ADR	2.7
Vale SA ADR	2.6
Sberbank of Russia PJSC ADR	2.6
Banco Bradesco SA ADR	2.4
Total	36.7

* Excluding money market fund holdings.

6

Invesco BRIC ETF (EEB)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—S&P/BNY Mellon BRIC Select DR Index (Net)		1.78	%		14.71	%		50.94	%		5.87	%		33.02	%		6.27	%		83.75	%		6.48	%		120.68	%
MSCI Emerging Markets IndexSM (Net)		(5.04	)		11.25			37.69			4.04			21.91			7.50			106.18			5.07			86.66
Fund
NAV Return		1.14			13.89			47.72			5.14			28.50			5.60			72.40			5.72			101.64
Market Price Return		1.32			14.14			48.70			5.22			29.00			5.59			72.24			5.73			101.93

Guggenheim BRIC ETF (the “Predecessor Fund”) Inception: September 21, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.73% and the net annual operating expense ratio was indicated as 0.64%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—BNY Mellon BRIC Select DR Index (Net) performance is comprised of the performance of the BNY Mellon BRIC Select ADR Index (Net) the Fund’s previous underlying index, prior to the conversion date, October 31, 2013, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

7

PZD	Manager’s Analysis
	Invesco CleantechTM ETF (PZD)

As an index fund, the Invesco Cleantech^TM ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of The Cleantech Index^TM (the “Index”). The Fund generally will invest at least 90% of its total assets in securities (including American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”)) that comprise the Index, which is designed to track the performance of publicly traded clean technology (or “cleantech”) companies.

Strictly in accordance with its guidelines and mandated procedures, Cleantech Indices LLC (the “Index Provider”) identifies securities for inclusion in the Index. The Index Provider considers a company to be a cleantech company when it derives at least 50% of its revenues or operating profits from cleantech businesses, which are defined as: businesses that provide knowledge-based products (or services) that add economic value by reducing cost and raising productivity and/or product performance, while reducing the consumption of resources and the negative impact on the environment and public health. The Index focuses on companies that are leaders in the innovation and commercial deployment of cleantech products/services across a broad range of industries, including, but not limited to, clean energy, energy efficiency and transmission, clean water, advanced materials,eco-friendly agriculture, transportation, manufacturing efficiency, recycling and pollution prevention/remediation. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 7.55%. On a net asset value “NAV”) basis, the Fund returned 7.48%. During the same time period, the Index returned 7.97%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates. Performance compared to the Index was also negatively impacted as a result of differences in the valuation of certain holdings as part of the Fund’s fair valuation policies.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 securities. The Benchmark Index was selected for its recognition in the marketplace and because its performance comparison is a useful measure for investors of a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas

the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the electrical components & equipment industry and most underweight in the interactive media & services industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its significant overweight position in the semiconductor equipment industry and underweight position in the systems software industry.

For the fiscal year ended April 30, 2019, the industrial machinery industry contributed most significantly to the Fund’s return, followed by the semiconductors and heavy electrical equipment industries, respectively. The semiconductor equipment industry was the largest detracting industry, followed by the electrical components & equipment and specialty chemicals industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Cree, Inc., a semiconductors company (portfolio average weight of 2.57%), and Vestas Wind Systems A/S, a heavy electrical equipment company (portfolio average weight of 3.05%). Positions that detracted most significantly from the Fund’s return during this period included Umicore, a specialty chemicals company (portfolio average weight of 2.86%) and SMA Solar Technology AG, a semiconductor equipment company (portfolio average weight of 0.85%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Electrical Equipment	20.7
Machinery	11.6
Electronic Equipment, Instruments & Components	10.1
Semiconductors & Semiconductor Equipment	9.4
Professional Services	7.4
Chemicals	7.1
Software	6.2
Building Products	6.0
Industrial Conglomerates	4.4
Auto Components	3.1
Life Sciences Tools & Services	3.1
Industry Type Each Less Than 3%	10.9
Money Market Funds Plus Other Assets Less Liabilities	0.0

8

Invesco Cleantech^TM ETF (PZD)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Autodesk, Inc.	3.2
Intertek Group PLC	3.2
Kingspan Group PLC	3.2
Siemens Gamesa Renewable Energy SA	3.1
BorgWarner, Inc.	3.1
Eurofins Scientific SE	3.1
Schneider Electric SE	3.1
Roper Technologies, Inc.	3.0
ANSYS, Inc.	3.0
ABB Ltd.	3.0
Total	31.0

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
The Cleantech Index™		7.97	%		15.79	%		55.24	%		8.72	%		51.91	%		10.51	%		171.61	%		6.30	%		114.81	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.53			178.75
Fund
NAV Return		7.48			14.96			51.93			8.02			47.04			9.67			151.72			5.53			96.19
Market Price Return		7.55			15.26			53.13			8.09			47.52			9.66			151.44			5.56			96.98

9

Invesco Cleantech^TM ETF (PZD)(continued)

Fund Inception: October 24, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.68% and the net annual operating expense ratio was indicated as 0.67%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

10

PDP	Manager’s Analysis
	Invesco DWA Momentum ETF (PDP)

As an index fund, the Invesco DWA Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index. The Index is composed of approximately 100 securities from an eligible universe of approximately 1,000 securities of the largest constituents by market capitalization within the NASDAQ US Benchmark Index.

Dorsey, Wright & Associates, LLC (the “Index Provider”) selects securities for the Index pursuant to a proprietary selection methodology that is designed to identify companies that demonstrate powerful relative strength characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period, or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index. Strictly in accordance with its guidelines and mandated procedures, the Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark index. After giving each eligible security a momentum score, the Index Provider selects approximately 100 securities with the highest momentum scores from the universe of eligible securities for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 11.70%. On a net asset value (“NAV”) basis, the Fund returned 11.81%. During the same time period, the Index returned 12.45%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell 3000® Growth Index (the “Benchmark Index”) returned 16.61%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,777 securities. The Benchmark Index was selected for its recognition in the

marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. growth equity market.

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

Relative to the Benchmark Index, the Fund was overweight in the industrials sector and underweight in the information technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight and security selection in the information technology sector and security selection in the consumer discretionary sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the industrials and materials sectors, respectively. The consumer staples sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included O’Reilly Automotive, Inc., a consumer discretionary company (portfolio average weight of 2.90%) and ABIOMED, Inc., a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included NVIDIA Corp., an information technology company (no longer held at fiscalyear-end) and Nektar Therapeutics, a health care company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Information Technology	25.6
Consumer Discretionary	17.2
Industrials	15.3
Health Care	14.3
Materials	6.9
Financials	5.8
Real Estate	5.5
Consumer Staples	4.1
Sector Type Each Less Than 3%	5.4
Money Market Funds Plus Other Assets Less Liabilities	(0.1)

11

Invesco DWA Momentum ETF (PDP)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
American Tower Corp.	2.9
Domino’s Pizza, Inc.	2.9
Mastercard, Inc., Class A	2.8
O’Reilly Automotive, Inc.	2.8
Roper Technologies, Inc.	2.4
Credit Acceptance Corp.	2.4
Ball Corp.	2.4
Church & Dwight Co., Inc.	2.3
Rollins, Inc.	2.3
W.R. Berkley Corp.	2.2
Total	25.4

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—Dorsey Wright Technical Leaders Index		12.45	%		14.41	%		49.77	%		10.83	%		67.22	%		16.03	%		342.28	%		8.26	%		162.62	%
Russell 3000® Growth Index		16.61			18.40			65.98			14.17			93.99			16.83			373.62			10.58			239.75
Fund
NAV Return		11.81			13.69			46.95			10.12			61.92			15.78			332.88			8.05			156.51
Market Price Return		11.70			13.71			47.01			10.14			62.08			15.79			333.25			8.03			156.02

12

Invesco DWA Momentum ETF (PDP)(continued)

Fund Inception: March 1, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—Dorsey Wright^® Technical Leaders Index is comprised of price only returns from Fund inception through the conversion date, December 31, 2013, and total returns starting at the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

13

PSP	Manager’s Analysis
	Invesco Global Listed Private Equity ETF (PSP)

As an index fund, the Invesco Global Listed Private Equity ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Red Rocks Global Listed Private Equity Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities (including American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”)) that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Red Rocks Capital LLC (the “Index Provider”) includes securities in the Index pursuant to a proprietary selection methodology. The Index is comprised of securities, ADRs and GDRs of 40 to 75 private equity companies, including business development companies, master limited partnerships and other vehicles that are listed on a nationally recognized exchange, all of whose principal businesses are to invest in, lend capital to, or provide services to privately held companies. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 2.36%. On a net asset value (“NAV”) basis, the Fund returned 2.28%. During the same time period, the Index returned 2.81%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as slippage around the reinvestment of dividends received from the underlying portfolio holdings and trading costs incurred around portfolio rebalances.

During the same time period, the MSCI All Country World Index (Net) (the “Benchmark Index”) returned 5.06%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,636 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the global developed equity markets. The Fund has elected to use the Benchmark Index to represent its broad-based index rather than the MSCI EAFE^® Index (Net) because the Benchmark Index more closely reflects the performance of the types of securities in which the Fund invests.

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

Relative to the Benchmark Index, the Fund was most overweight in the asset management & custody industry and most underweight in the diversified banks industry during the fiscal year ended April 30, 2019. The majority of the Fund’s

underperformance relative to the Benchmark Index during that period can be attributed to its overweight allocation to the multi-sector holdings and asset management & custody industries.

For the fiscal year ended April 30, 2019, the interactive media & services industry contributed most significantly to the Fund’s return, followed by the cable & satellite and wireless telecommunication services industries, respectively. The multi-sector holdings and industrial conglomerates industries were the largest detracting industries.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included IAC/ InterActiveCorp., an interactive media & services company (portfolio average weight 4.99%) and Naspers Ltd., Class N, an internet & direct marketing company (portfolio average weight 4.37%). Positions that detracted most significantly from the Fund’s return during this period included Brait SE, a capital markets company (portfolio average weight of 1.14%) and Fosun International Ltd., an industrial conglomerate company (portfolio average weight of 2.52%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Capital Markets	49.6
Diversified Financial Services	15.4
Internet & Direct Marketing Retail	7.6
Interactive Media & Services	5.3
Electrical Equipment	3.6
Industry Type Each Less Than 3%	4.9
Money Market Funds Plus Other Assets Less Liabilities	13.6
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Naspers Ltd., Class N	5.9
IAC/InterActiveCorp.	5.3
3i Group PLC	3.9
Melrose Industries PLC	3.5
Partners Group Holding AG	3.3
Ares Capital Corp.	3.2
Apollo Global Management LLC, Class A	2.7
Wendel SA	2.3
Kinnevik AB, Class B	2.1
Onex Corp.	2.0
Total	34.2

* Excluding money market fund holdings.

14

Invesco Global Listed Private Equity ETF (PSP)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—Red Rocks Global Listed Private Equity Index		2.81	%		12.78	%		43.46	%		7.37	%		42.69	%		14.74	%		295.47	%		2.25	%		32.15	%
MSCI EAFE® Index (Net)		(3.22	)		7.24			23.34			2.60			13.70			7.95			114.91			2.77			40.76
MSCI All Country World Index (Net)		5.06			11.36			38.10			6.96			39.99			11.11			186.76			5.50			95.43
Fund
NAV Return		2.28			11.79			39.70			6.52			37.12			12.81			233.65			0.19			2.42
Market Price Return		2.36			12.09			40.85			6.46			36.77			12.84			234.72			0.20			2.57

Fund Inception: October 24, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 2.05%, including acquired fund fees and expenses of 1.40% and the net annual operating expense ratio was indicated as 2.03%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—Red Rocks Global Listed Private Equity Index is comprised of the Red Rocks Capital Listed Private Equity Index from Fund inception until September 30, 2009, followed by the performance of the Red Rocks Global Listed Private Equity Index from September 30, 2009 through April 30, 2019.

- Net returns reflect invested dividends net of withholding taxes.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

15

PGJ	Manager’s Analysis
	Invesco Golden Dragon China ETF (PGJ)

As an index fund, the Invesco Golden Dragon China ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the NASDAQ Golden Dragon China Index (the “Index”). The Fund generally will invest at least 90% of its total assets in equity securities that comprise the Index. The Index is composed of U.S. exchange-listed companies that are headquartered or incorporated in the People’s Republic of China.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes securities in the Index to seek to provide access to the unique economic opportunities taking place in China while still providing investors with the transparency offered with U.S. exchange listed securities. Securities in the Index may include common stocks, ordinary shares, American depository receipts (“ADRs”), shares of beneficial interest, limited partnership interests or tracking stocks. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned (7.39)%. On a net asset value (“NAV”) basis, the Fund returned (7.46)%. During the same time period, the Index returned (7.04)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the FTSE China 50 Index (the “Benchmark Index”) returned (3.06)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 50 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of equity exposure to Chinese companies.

The performance of the Fund differed from the Benchmark Index primarily because the Fund seeks to track an Index that has substantially different individual company components and sector weightings. Additionally, the Fund invests in Chinese companies, as defined by the Index methodology, listed on U.S. exchanges, whereas the Benchmark Index is composed of Chinese stocks listed on the Hong Kong stock exchange. A comparison to the Benchmark Index is still relevant as the Fund and Benchmark Index both represent exposure to Chinese companies.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the financials sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the

Benchmark Index during that period can be attributed to the Fund’s underweight position and stock selection in the communication services sector.

For the fiscal year ended April 30, 2019, the industrials sector contributed most significantly to the Fund’s return followed by the consumer discretionary and communication services sectors, respectively. The information technology sector detracted most significantly from the Fund’s return, followed by the financials and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included New Oriental Education & Technology Group, Inc. Sponsored ADR, a consumer discretionary company (portfolio average weight of 4.50%) and NetEase, Inc. Sponsored ADR, a communication services company (portfolio average weight of 8.81%). Positions that detracted most significantly from the Fund’s return during this period included Baidu, Inc. Sponsored ADR, Class A, a communication services company (portfolio average weight of 7.87%) and Weibo Corp Sponsored ADR, Class A, a communication services company (portfolio average weight of 2.86%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Consumer Discretionary	42.1
Communication Services	42.0
Industrials	5.4
Information Technology	3.2
Sector Type Each Less Than 3%	7.3
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Ctrip.com International Ltd. ADR	9.6
NetEase, Inc. ADR	9.5
JD.com, Inc. ADR	8.2
Baidu, Inc. ADR	7.6
Alibaba Group Holding Ltd. ADR	7.6
New Oriental Education & Technology Group, Inc. ADR	4.3
TAL Education Group ADR	4.0
58.com, Inc. ADR	3.7
ZTO Express Cayman, Inc. ADR	3.7
Autohome, Inc. ADR	3.3
Total	61.5

* Excluding money market fund holdings.

16

Invesco Golden Dragon China ETF (PGJ)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
NASDAQ Golden Dragon China Index		(7.04	)%		13.31	%		45.48	%		10.35	%		63.66	%		11.03	%		184.81	%		9.40	%		264.16	%
FTSE China 50 Index		(3.06	)		13.70			46.98			8.91			53.26			6.98			96.28			9.55			271.62
Fund
NAV Return		(7.46	)		12.91			43.95			9.96			60.78			10.58			173.34			8.92			241.83
Market Price Return		(7.39	)		12.96			44.14			10.02			61.18			10.58			173.40			8.90			241.16

Fund Inception: December 9, 2004

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived

fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.70%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

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

Notes Regarding Indexes and Fund Performance History:

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

17

NFO	Manager’s Analysis
	Invesco Insider Sentiment ETF (NFO)

As an index fund, the Invesco Insider Sentiment ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Nasdaq US Insider Sentiment Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index and depositary receipts representing common stocks included in the Index (or underlying securities representing depositary receipts included in the Index).

The Index is designed to provide exposure to U.S. companies that Nasdaq, Inc. (the “Index Provider”), strictly in accordance with its guidelines and mandated procedures, has selected for inclusion in the Index based on a company’s corporate insider buying trends. The companies eligible for the Index are derived from its starting universe, the Nasdaq US Large Mid Cap Index, which is designed to track the performance ofmid-to large-capitalization U.S. companies. The Index Provider selects securities for the Index using a rules-based selection criteria designed to increase the Index’s exposure, relative to the starting universe, to securities that reflect favorable corporate insider buying trends by considering the following factors: insider buying trends, momentum and volatility. Eligible securities are ranked based on the above three factors and the top 100 ranking securities are selected for inclusion in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 7.56%. On a net asset value (“NAV”) basis, the Fund returned 7.70%. During the same time period, the Index returned 8.36%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

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

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the information

technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the consumer discretionary sector and the underweight allocation to the information technology sector.

For the fiscal year ended April 30, 2019, the utilities sector contributed most significantly to the Fund’s return, followed by the information technology and industrials sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the consumer discretionary sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Twilio, Inc., Class A, an information technology company (portfolio average weight of 0.65%) and Fair Isaac Corp., an information technology company (portfolio average weight of 1.10%). Positions that detracted most significantly from the Fund’s return during this period included Oasis Petroleum Inc., an energy company (no longer held at fiscalyear-end) and Tapestry, Inc., a consumer discretionary company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Utilities	20.6
Information Technology	17.8
Health Care	13.1
Real Estate	12.7
Industrials	11.5
Financials	7.3
Communication Services	6.1
Consumer Staples	4.0
Consumer Discretionary	4.0
Materials	3.0
Money Market Funds Plus Other Assets Less Liabilities	(0.1)

18

Invesco Insider Sentiment ETF (NFO)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Okta, Inc.	1.2
Carlisle Cos., Inc.	1.1
Dell Technologies, Inc., Class C	1.1
Ingersoll-Rand PLC	1.1
Trade Desk, Inc. (The), Class A	1.1
US Bancorp	1.1
United Technologies Corp.	1.1
Fastenal Co.	1.1
Arrow Electronics, Inc.	1.1
Honeywell International, Inc.	1.0
Total	11.0

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—Nasdaq US Insider Sentiment Index		8.36	%		14.80	%		51.31	%		9.60	%		58.16	%		15.47	%		321.33	%		10.41	%		248.47	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.86			191.62
Fund
NAV Return		7.70			14.09			48.51			8.98			53.71			14.79			297.07			9.64			219.23
Market Price Return		7.56			14.02			48.22			8.96			53.62			14.78			296.98			9.63			218.90

19

Invesco Insider Sentiment ETF (NFO)(continued)

Guggenheim Insider Sentiment ETF (the “Predecessor Fund”) Inception: September 21, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.73% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—Nasdaq US Insider Sentiment Index performance is comprised of the performance of the Sabrient Insider Sentiment Index, the Fund’s previous underlying index, prior to the conversion date, October 24, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

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

20

RYJ	Manager’s Analysis
	Invesco Raymond JamesSB-1 Equity ETF (RYJ)

As an index fund, the Invesco Raymond JamesSB-1 Equity ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Raymond JamesSB-1 Equity Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Raymond James Research Services, LLC (the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of U.S.-listed equity securities that are rated Strong Buy 1(“SB-1”) by an affiliate of the Index Provider (together, the affiliate and the Index Provider are referred to as “Raymond James”). The Index will include equity securities of all market capitalizations, including common stocks, sponsored American depositary receipts (“ADRs”), real estate investment trusts (“REITs”) and master limited partnerships (“MLPs”) and business development companies (“BDCs”) that are ratedSB-1 by Raymond James. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

The Board of Trustees approved a change in the fiscal year end for the Fund from August 31 to April 30. For the fiscal period from September 1, 2018 to April 30, 2019, on a market price basis, the Fund returned (6.51)%. On a net asset value (“NAV”) basis, the Fund returned (6.60)%. During the same time period, the Index returned (6.17)%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

During this same time period, the S&P MidCap 400® Index (the “Benchmark Index”) returned (2.56)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S.mid-cap equity market.

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

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the materials sector during the fiscal period ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to the energy sector.

For the fiscal period ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the industrials and health care sectors, respectively. The energy sector detracted most significantly to the Fund’s return, followed by the financials sector and real estate sector, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended April 30, 2019, included Spark Therapeutics, Inc., a health care company (no longer held at fiscalyear-end) and Loxo Oncology Inc., a health care company (no longer held at fiscalyear-end). Positions that detracted most significantly from the Fund’s return during this period included Internap Corp., an information technology company (portfolio average weight of 0.58%) and Nabors Industries Ltd., an energy company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	21.1
Information Technology	16.7
Energy	15.8
Health Care	15.6
Industrials	11.3
Consumer Discretionary	9.4
Real Estate	5.7
Communication Services	4.3
Money Market Funds Plus Other Assets Less Liabilities	0.1
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Bancorp, Inc. (The)	0.7
G1 Therapeutics, Inc.	0.7
Meta Financial Group, Inc.	0.7
Cadence BanCorp	0.7
ServiceNow, Inc.	0.7
Knoll, Inc.	0.7
Rent-A-Center, Inc.	0.7
Itron, Inc.	0.7
Acadia Healthcare Co., Inc.	0.7
ConnectOne Bancorp, Inc.	0.7
Total	7.0

* Excluding money market fund holdings.

21

Invesco Raymond JamesSB-1 Equity ETF (RYJ)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Raymond JamesSB-1 Equity Index		3.81	%		12.53	%		42.50	%		8.05	%		47.27	%		15.62	%		326.93	%		N/A			N/A
S&P MidCap 400® Index		6.99			12.26			41.47			9.49			57.35			15.13			309.20			9.24	%		214.01	%
Fund
NAV Return		3.07			11.79			39.70			7.33			42.43			14.88			300.40			8.14			175.45
Market Price Return		3.02			11.80			39.75			7.34			42.51			14.92			301.75			7.85			165.97

Guggenheim Raymond James SB-1 Equity ETF (the “Predecessor Fund”) Inception: May 19, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

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

22

PBP	Manager’s Analysis
	Invesco S&P 500 BuyWrite ETF (PBP)

As an index fund, the Invesco S&P 500 BuyWrite ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the CBOE S&P 500 BuyWrite Index^SM (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index and will write (sell) call options thereon. The Index is a total return benchmark index that is designed to track the performance of a hypothetical“buy-write” strategy on the S&P 500^® Index.

Strictly in accordance with its guidelines and mandated procedures, the Chicago Board Options Exchange, Incorporated (the “Index Provider”) compiles, calculates and maintains the Index. The Index is based on (1) buying an S&P 500 stock index portfolio, and (2) “writing” (or selling) the near-term S&P 500^® Index “covered” call option, generally on the third Friday of each month. A“buy-write,” also called a covered call, generally is considered an investment strategy in which an investor buys a stock or basket of stocks, and sells call options that correspond to the stock or basket of stocks. In return for a premium, the Fund gives the right to the purchaser of the option written by the Fund to receive a cash payment equal to the difference between the value of the S&P 500^® Index and exercise price, if the value on the expiration date is above the exercise price. In addition, covered call options partially hedge against a decline in the price of the securities on which they are written to the extent of the premium the Fund receives. The Fund will write options that are traded on national securities exchanges. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 2.97%. On a net asset value (“NAV”) basis, the Fund returned 3.16%. During the same time period, the Index returned 3.53%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market that does not contain a covered call component.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs abuy-write strategy on the S&P 500^® Index whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the covered call feature of the Fund during the months of January, September and April. The sale of call options during a period of rising markets, while providing benefit in the form of cash flow to the Fund, resulted in the call options being exercised, with the impact of the exercise being underperformance versus the Benchmark Index.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and real estate sectors, respectively. Energy was the only sector that detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included SPX 12/21/2018 call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end) and Microsoft Corp., an information technology company (portfolio average weight of 3.59%). Positions that detracted most significantly from the Fund’s return during this period included SPX 1/18/2019 call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end) and Schlumberger NV, an energy company (portfolio average weight of 0.25%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Information Technology	22.1
Health Care	13.9
Financials	13.6
Communication Services	10.5
Consumer Discretionary	10.5
Industrials	9.7
Consumer Staples	7.4
Energy	5.3
Utilities	3.3
Real Estate	3.0
Materials	2.7
Other Assets Less Liabilities	(2.0)

23

Invesco S&P 500 BuyWrite ETF (PBP)(continued)

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of April 30, 2019
Security
Microsoft Corp.	4.2
Apple, Inc.	3.7
Amazon.com, Inc.	3.3
Facebook, Inc., Class A	1.9
Berkshire Hathaway, Inc., Class B	1.7
JPMorgan Chase & Co.	1.6
Johnson & Johnson	1.6
Alphabet, Inc., Class C	1.5
Alphabet, Inc., Class A	1.5
Exxon Mobil Corp.	1.4
Total	22.4

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
CBOE S&P 500 BuyWrite IndexSM		3.53	%		7.82	%		25.33	%		6.07	%		34.24	%		8.72	%		130.72	%		4.62	%		67.07	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.67			157.12
Fund
NAV Return		3.16			7.14			23.00			5.33			29.67			7.90			113.82			3.82			53.10
Market Price Return		2.97			7.21			23.23			5.29			29.42			7.86			113.10			3.82			53.06

24

Invesco S&P 500 BuyWrite ETF (PBP)(continued)

Fund Inception: December 20, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.49% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See

invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

25

SPHQ	Manager’s Analysis
	Invesco S&P 500® Quality ETF (SPHQ)

As an index fund, the Invesco S&P 500^® Quality ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Quality Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is constructed from the constituents of the S&P 500^® Index. In selecting constituent securities for the Index, the Index Provider first calculates the quality score of each security in the S&P 500^® Index. The quality score of each component stock is derived by the Index Provider from each component stock’sreturn-on-equity, accruals ratio and financial leverage ratio. Return on equity is calculated as the company’s trailing12-month earnings per share divided by the company’s latest book value per share. Accruals ratio is computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years. Financial leverage is calculated as the company’s latest total debt divided by the company’s book value. The Index Provider then selects the 100 stocks with the highest quality score for inclusion in the Index. The Index Provider weights each component stock of the Index by the total quality score multiplied by its market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 14.59%. On a net asset value (“NAV”) basis, the Fund returned 14.63%. During the same time period, the Index returned 14.86%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 securities. The Benchmark Index was selected for its recognition in the market place, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that selects stocks based primarily upon quality scores as computed by the Index Provider, while the Benchmark Index does not.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the financials sector during the fiscal year ended April 30, 2019.

The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to and stock selection in the consumer staples sector, as well as the Fund’s underweight exposure to and stock selection in the financials sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and consumer staples sectors, respectively. The materials sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Procter & Gamble Co., a consumer staples company (portfolio average weight of 4.44%) and Mastercard, Inc., Class A, an information technology company (portfolio average weight of 4.32%). Positions that detracted most significantly from the Fund’s return during this period included NVIDIA Corp., an information technology company (portfolio average weight of 3.08%) and Activision Blizzard, Inc., a communication services company (portfolio average weight of 0.78%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Information Technology	42.6
Health Care	10.4
Consumer Discretionary	10.1
Consumer Staples	9.8
Industrials	8.1
Energy	6.7
Communication Services	5.9
Financials	4.3
Sector Types Each Less Than 3%	2.0
Money Market Funds Plus Other Assets Less Liabilities	0.1

26

Invesco S&P 500^® Quality ETF (SPHQ)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Microsoft Corp.	4.7
Apple, Inc.	4.6
Visa, Inc., Class A	4.4
Procter & Gamble Co. (The)	4.4
Cisco Systems, Inc.	4.4
Mastercard, Inc., Class A	4.1
Chevron Corp.	3.9
Walt Disney Co. (The)	3.6
Merck & Co., Inc.	3.6
NIKE, Inc., Class B	2.6
Total	40.3

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—S&P 500® Quality Index		14.86	%		12.74	%		43.30	%		12.07	%		76.82	%		15.41	%		319.06	%		7.32	%		157.67	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.78			208.76
Fund
NAV Return		14.63			12.44			42.16			11.76			74.37			15.07			306.89			7.14			151.97
Market Price Return		14.59			12.45			42.20			11.78			74.50			15.07			306.98			7.10			150.88

27

Invesco S&P 500^® Quality ETF (SPHQ)(continued)

Fund Inception: December 6, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.23% and the net annual operating expense ratio was indicated as 0.15%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P 500^® Quality Index is comprised of the performance of the Value Line Timeliness Select Index, the Fund’s underlying index from Fund inception through the conversion date, June 29, 2010, followed by the performance of the S&P 500^® High Quality Rankings Index, the Fund’s underlying index for the period June 29, 2010 through March 18, 2016, followed by the performance of the Index for the period March 18, 2016 through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

28

CSD	Manager’s Analysis
	Invesco S&PSpin-Off ETF (CSD)

As an index fund, the Invesco S&PSpin-Off ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P U.S.Spin-Off Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

The Index is designed to measure the performance of U.S. companies that have been spun off from larger corporations within the past four years. The Index is comprised of equity securities of U.S. companies added to the S&P U.S. BMI, a countrysub-index of the S&P Global BMI, that have been spun off and have a float-adjusted market capitalization of at least $1 billion. S&P Dow Jones Indices LLC (the “Index Provider”) defines aspin-off company as any company resulting from one of the following events:spin-off,carve-out orsplit-off. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 0.78%. On a net asset value (“NAV”) basis, the Fund returned 0.71%. During the same time period, the Index returned 1.34%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the Russell Midcap® Index (the “Benchmark Index”) returned 10.69%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 780 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. midcap equity market.

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

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the health care sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to and stock selection in the materials sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the industrials and financials sectors,

respectively. The materials sector detracted most significantly from the Fund’s return, followed by the energy sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included PayPal Holdings Inc, an information technology company (portfolio average weight of 7.70%) and Fortive Corp., an industrials company (portfolio average weight of 7.64%). Positions that detracted most significantly from the Fund’s return during this period included Alcoa Corp., a materials company (portfolio average weight of 3.04%) and Adient PLC, a consumer discretionary company (portfolio average weight of 1.29%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Information Technology	20.3
Materials	15.9
Industrials	13.8
Consumer Discretionary	12.2
Financials	10.2
Communication Services	9.1
Real Estate	6.5
Consumer Staples	6.2
Energy	3.7
Health Care	2.1
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Synchrony Financial	7.9
PayPal Holdings, Inc.	7.8
Dow, Inc.	7.6
Fortive Corp.	7.5
Hewlett Packard Enterprise Co.	7.2
Lamb Weston Holdings, Inc.	4.8
Park Hotels & Resorts, Inc.	3.0
Chemours Co. (The)	2.8
Versum Materials, Inc.	2.7
Wyndham Hotels & Resorts, Inc.	2.5
Total	53.8

* Excluding money market fund holdings.

29

Invesco S&PSpin-Off ETF (CSD)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—S&P U.S.Spin-Off Index		1.34	%		11.91	%		40.16	%		5.20	%		28.83	%		16.95	%		378.59	%		8.07	%		161.21	%
Russell Midcap® Index		10.69			12.82			43.60			9.75			59.22			15.65			328.05			8.51			174.88
Fund
NAV Return		0.71			11.31			37.90			4.72			25.95			16.24			350.47			7.40			141.89
Market Price Return		0.78			11.35			38.04			4.72			25.93			16.08			344.01			7.39			141.75

Guggenheim S&P Spin-Off ETF (the “Predecessor Fund”) Inception: December 15, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.65% and the net annual operating expense ratio was indicated as 0.64%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P U.S.Spin-Off Index performance is comprised of the performance of the BeaconSpin-Off Index, the Fund’s previous underlying index, prior to the conversion date, May 20, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

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

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

30

PHO	Manager’s Analysis
	Invesco Water Resources ETF (PHO)

As an index fund, the Invesco Water Resources ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the NASDAQ OMX US Water Index^SM (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of companies in the water industry that comprise the Index.

The Index seeks to track the performance of U.S. exchange-listed companies that create products designed to conserve and purify water for homes, businesses and industries. The Index may include common stocks, ordinary shares, American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”), shares of beneficial interest or limited partnership interests and tracking stocks. Nasdaq, Inc. (the “Index Provider”) compiles the Index strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 15.84%. On a net asset value (“NAV”) basis, the Fund returned 15.74%. During the same time period, the Index returned 16.34%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

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

Relative to the Benchmark Index, the Fund was most overweight in the industrial machinery industry and most underweight in the interactive media & services industry during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the overweight allocation in the water utilities industry.

For the fiscal year ended April 30, 2019, the water utilities industry contributed most significantly to the Fund’s return, followed by the industrial conglomerates and health care equipment industries, respectively. The electronic equipment &

instruments and the construction & engineering industries were the only detracting industries.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Roper Technologies, Inc., an industrial conglomerates company (portfolio average weight of 8.05%) and Danaher Corp., a health care equipment company (portfolio average weight of 8.10%). Positions that detracted most significantly from the Fund’s return during this period included Evoqua Water Technologies Corp., an industrial machinery company (portfolio average weight of 2.19%) and Itron, Inc., an electronic equipment & instruments company (portfolio average weight of 2.63%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Machinery	26.8
Water Utilities	23.0
Industrial Conglomerates	8.6
Chemicals	8.4
Health Care Equipment & Supplies	8.0
Life Sciences Tools & Services	6.8
Building Products	5.1
Trading Companies & Distributors	4.1
Commercial Services & Supplies	3.5
Industry Types Each Less Than 3%	5.6
Money Market Funds Plus Other Assets Less Liabilities	0.1
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Roper Technologies, Inc.	8.6
Ecolab, Inc.	8.4
American Water Works Co., Inc.	8.2
Danaher Corp.	8.0
Waters Corp.	6.8
Cia de Saneamento Basico do Estado de Sao Paulo ADR	4.4
Xylem, Inc.	4.2
IDEX Corp.	4.2
Aqua America, Inc.	4.2
Toro Co. (The)	4.1
Total	61.1

* Excluding money market fund holdings.

31

Invesco Water Resources ETF (PHO)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—NASDAQ OMX US Water IndexSM		16.34	%		15.88	%		55.59	%		7.21	%		41.63	%		10.81	%		179.17	%		8.01	%		180.89	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.78			208.76
Fund
NAV Return		15.74			15.17			52.75			6.54			37.24			10.12			162.14			6.92			145.09
Market Price Return		15.84			15.22			52.94			6.56			37.41			10.14			162.76			6.84			142.63

Fund Inception: December 6, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.62%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—NASDAQ OMX US Water Index^SM is comprised of the performance of the Palisades Water Index, from Fund inception through the conversion date, March 1, 2012, followed by the performance of the NASDAQ OMX US Water Index^SM starting at the conversion date and through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

32

PBW	Manager’s Analysis
	Invesco WilderHill Clean Energy ETF (PBW)

As an index fund, the Invesco WilderHill Clean Energy ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the WilderHill Clean Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of companies that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, WilderShares (the “Index Provider”) includes stocks in the Index based on its evaluation that such companies will substantially benefit from a societal transition toward the use of cleaner energy and conservation. At its discretion, the Index Provider reviews the Index’s component stocks quarterly. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 16.70%. On a net asset value (“NAV”) basis, the Fund returned 16.76%. During the same time period, the Index returned 15.41%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to income received from the securities lending program in which the Fund participates, partially offset by fees and operating expenses that the Fund incurred during the period.

During this same time period, the NASDAQ Composite Index (Price Only) (the “Benchmark Index”) returned 14.56%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,639 securities. The Benchmark Index performance is price only, and does not reflect dividends paid by the holdings in the Benchmark Index. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the equity market.

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

Relative to the Benchmark Index, the Fund was most overweight in the electrical components & equipment industry and most underweight in the interactive media & services industry during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the overweight allocation to electrical components & equipment industry.

For the fiscal year ended April 30, 2019, the electrical components & equipment industry contributed most significantly to the Fund’s return, followed by the semiconductors and oil & gas

refining & marketing industries, respectively. The semiconductor equipment industry detracted most significantly from the Fund’s return, followed by the fertilizer & agriculture chemicals industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Enphase Energy, Inc. an electrical components & equipment company (portfolio average weight of 3.29%) and Renewable Energy Group, Inc., an oil & gas refining & marketing company (portfolio average weight of 2.97%). Positions that detracted most significantly from the Fund’s return during this period included Bloom Energy Corp., Class A, a heavy electrical equipment company (portfolio average weight of 1.38%) and Sociedad Quimica Y Minera De Chile S.A. Sponsored ADR Pfd, Class B, a fertilizer & agricultural chemicals company (portfolio average weight of 2.85%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Semiconductors & Semiconductor Equipment	31.9
Electrical Equipment	20.9
Independent Power & Renewable Electricity Producers	11.0
Chemicals	8.2
Construction & Engineering	7.7
Automobiles	5.3
Aerospace & Defense	3.1
Auto Components	3.0
Industry Types Each Less Than 3%	8.8
Money Market Funds Plus Other Assets Less Liabilities	0.1
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
First Solar, Inc.	3.5
SunPower Corp.	3.4
Daqo New Energy Corp. ADR	3.4
JinkoSolar Holding Co. Ltd. ADR	3.3
Enphase Energy, Inc.	3.2
Canadian Solar, Inc.	3.2
TPI Composites, Inc.	3.1
Ormat Technologies, Inc.	3.1
Advanced Energy Industries, Inc.	3.1
SolarEdge Technologies, Inc.	3.1
Total	32.4

* Excluding money market fund holdings.

33

Invesco WilderHill Clean Energy ETF (PBW)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
WilderHill Clean Energy Index		15.41	%		12.14	%		41.02	%		(2.42	)%		(11.54	)%		(3.71	)%		(31.50	)%		(6.58	)%		(61.86	)%
NASDAQ Composite Index (Price Only)		14.56			19.24			69.52			14.49			96.75			16.77			371.40			10.15			293.29
Fund
NAV Return		16.76			13.15			44.87			(1.11	)		(5.44	)		(2.86	)		(25.16	)		(5.72	)		(56.60	)
Market Price Return		16.70			13.17			44.92			(1.11	)		(5.41	)		(2.81	)		(24.81	)		(5.72	)		(56.55	)

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.77% and the net annual operating expense ratio was indicated as 0.70%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay

on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- Returns of the Benchmark Index are price only, and do not reflect dividends paid by the holdings in the Benchmark Index.

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

34

Schedule of Investments^(a)

Invesco Aerospace & Defense ETF (PPA)

April 30, 2019

Number of Shares			Value
		Common Stocks—100.0%
		Aerospace & Defense—71.2%
	80,493	AAR Corp.	$	2,718,249
	176,216	Aerojet Rocketdyne Holdings, Inc.(b)		5,966,674
	55,435	Aerovironment, Inc.(b)		3,800,624
	136,358	Axon Enterprise, Inc.(b)		8,658,733
	165,247	Boeing Co. (The)		62,412,139
	220,840	BWX Technologies, Inc.		11,284,924
	63,196	Cubic Corp.		3,588,269
	99,171	Curtiss-Wright Corp.		11,299,544
	26,472	Ducommun, Inc.(b)		1,074,234
	99,127	Elbit Systems Ltd. (Israel)(c)		13,849,033
	287,731	General Dynamics Corp.		51,423,284
	216,602	Harris Corp.		36,497,437
	308,213	HEICO Corp.		32,525,718
	196,618	Hexcel Corp.		13,902,859
	97,151	Huntington Ingalls Industries, Inc.		21,623,869
	115,923	KeyW Holding Corp. (The)(b)		1,314,567
	240,594	Kratos Defense & Security Solutions, Inc.(b)		3,820,633
	167,911	L3 Technologies, Inc.		36,701,986
	208,141	Lockheed Martin Corp.		69,379,639
	137,727	Maxar Technologies, Inc.(c)		678,994
	108,798	Mercury Systems, Inc.(b)		7,944,430
	80,681	Moog, Inc., Class A		7,554,969
	170,034	Northrop Grumman Corp.		49,294,557
	281,056	Raytheon Co.		49,912,735
	83,671	Teledyne Technologies, Inc.(b)		20,793,080
	546,264	Textron, Inc.		28,951,992
	77,404	TransDigm Group, Inc.(b)		37,348,978
	115,164	Triumph Group, Inc.		2,732,842
	488,183	United Technologies Corp.		69,619,778
	26,122	Vectrus, Inc.(b)		1,059,247
				667,734,017
		Communications Equipment—1.4%
	55,244	Comtech Telecommunications Corp.		1,299,891
	136,579	ViaSat, Inc.(b)		12,404,105
				13,703,996
		Containers & Packaging—3.8%
	595,422	Ball Corp.		35,689,595
		Diversified Telecommunication Services—0.7%
	319,967	Intelsat SA(b)(c)		6,476,132
		Electronic Equipment, Instruments & Components—2.2%
	314,208	FLIR Systems, Inc.		16,634,172
	43,334	OSI Systems, Inc.(b)		3,905,693
				20,539,865
		Industrial Conglomerates—7.3%
	392,602	Honeywell International, Inc.		68,167,485
		IT Services—9.1%
	332,597	Booz Allen Hamilton Holding Corp.		19,719,676
	57,281	CACI International, Inc., Class A(b)		11,166,358
	326,690	KBR, Inc.		7,259,052
	338,515	Leidos Holdings, Inc.		24,874,083
	92,190	ManTech International Corp., Class A		5,714,858
	384,189	Perspecta, Inc.		8,867,082
	99,700	Science Applications International Corp.		7,472,515
				85,073,624

Number of Shares			Value
		Common Stocks (continued)
		Machinery—3.1%
	167,800	Oshkosh Corp.	$	13,858,602
	143,192	Woodward, Inc.		15,593,609
				29,452,211
		Software—0.8%
	462,819	FireEye, Inc.(b)		7,414,360
		Trading Companies & Distributors—0.4%
	64,622	Kaman Corp.		4,000,748
		Total Common Stocks (Cost $740,289,097)		938,252,033
		Money Market Funds—0.1%
	537,146	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $537,146)		537,146
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $740,826,243)—100.1%		938,789,179
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.7%
	5,459,377	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)		5,459,377
	1,819,247	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		1,819,792
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,279,169)		7,279,169
		Total Investments in Securities (Cost $748,105,412)—100.8%		946,068,348
		Other assets less liabilities—(0.8)%		(7,822,494	)
		Net Assets—100.0%	$	938,245,854

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2M.

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

35

Schedule of Investments^(a)

Invesco BRIC ETF (EEB)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—15.7%
	6,533	58.com, Inc. ADR (China)(b)	$	469,004
	4,156	Autohome, Inc. ADR (China)(b)		479,976
	12,748	Baidu, Inc. ADR (China)(b)		2,119,100
	18,288	Bilibili, Inc. ADR (China)(b)		325,526
	11,164	Bitauto Holdings Ltd. ADR (China)(b)(c)		143,346
	11,064	Changyou.com Ltd. ADR (China)(b)		215,195
	244,056	China Mobile Ltd. (China)		2,325,335
	951,371	China Telecom Corp. Ltd., H-Shares (China)		492,335
	402,100	China Unicom Hong Kong Ltd. (China)		477,165
	17,226	HUYA, Inc. ADR (China)(b)(c)		411,529
	10,359	iQIYI, Inc. ADR (China)(b)(c)		229,038
	8,863	Mail.Ru Group Ltd. GDR (Russia)(b)(d)		204,735
	38,136	Mobile TeleSystems PJSC ADR (Russia)		300,512
	10,386	Momo, Inc. ADR (China)		364,237
	4,209	NetEase, Inc. ADR (China)		1,197,587
	31,592	Rostelecom PJSC ADR (Russia)		217,037
	71,259	Sistema PJSFC GDR (Russia)(d)		187,554
	31,184	Sogou, Inc. ADR (China)(b)(c)		177,437
	10,223	Sohu.com Ltd. ADR (China)(b)		211,309
	13,947	TIM Participacoes SA ADR (Brazil)		206,555
	4,884	Weibo Corp. ADR (China)(b)		334,554
	3,839	YY, Inc. ADR (China)(b)		324,818
				11,413,884
		Consumer Discretionary—17.4%
	36,415	Alibaba Group Holding Ltd. ADR (China)(b)		6,757,532
	5,361	Baozun, Inc. ADR (China)(b)(c)		260,009
	22,061	Ctrip.com International Ltd. ADR (China)(b)		971,787
	8,421	Huazhu Group Ltd. ADR (China)		357,050
	43,661	JD.com, Inc. ADR (China)(b)		1,321,618
	60,430	Mahindra & Mahindra Ltd. GDR (India)(d)		552,935
	7,596	New Oriental Education & Technology Group, Inc. ADR (China)(b)		725,114
	26,162	NIO, Inc. ADR (China)(b)(c)		126,886
	8,013	Pinduoduo, Inc. ADR (China)(b)(c)		178,129
	21,681	TAL Education Group ADR (China)(b)		834,068
	17,138	Tata Motors Ltd. ADR (India)(b)		263,925
	34,335	Vipshop Holdings Ltd. ADR (China)(b)		295,624
				12,644,677
		Consumer Staples—3.6%
	247,325	Ambev SA ADR (Brazil)		1,164,901
	59,506	BRF SA ADR (Brazil)(b)		465,932
	12,487	Cia Brasileira de Distribuicao ADR (Brazil)		306,681
	24,300	Magnit PJSC GDR (Russia)(d)		346,518
	9,404	X5 Retail Group NV GDR (Russia)(d)		285,411
				2,569,443
		Energy—21.2%
	1,387,244	China Petroleum & Chemical Corp., H-Shares (China)		1,066,240
	8,310	CNOOC Ltd. ADR (China)		1,509,761
	8,374	Gazprom Neft PJSC ADR (Russia)		236,984
	311,199	Gazprom PJSC ADR (Russia)		1,554,128
	18,734	LUKOIL PJSC ADR (Russia)		1,588,269
	5,015	Novatek PJSC GDR (Russia)(d)		966,390
	1,262,183	PetroChina Co. Ltd., H-Shares (China)		801,192
	80,104	Petroleo Brasileiro SA ADR (Brazil)		1,219,984
	110,522	Petroleo Brasileiro SA (Preference Shares) ADR (Brazil)		1,525,204

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy (continued)
	68,736	Reliance Industries Ltd. GDR (India)(d)	$	2,752,877
	80,845	Rosneft Oil Co. PJSC GDR (Russia)(d)		537,781
	72,453	Surgutneftegas PJSC ADR (Russia)		271,119
	14,763	Tatneft PJSC ADR (Russia)		1,037,248
	62,922	Ultrapar Participacoes SA ADR (Brazil)		337,262
				15,404,439
		Financials—19.9%
	20,017	Axis Bank Ltd. GDR (India)(b)(d)		1,088,925
	195,695	Banco Bradesco SA ADR (Brazil)		1,772,997
	28,982	Banco Santander Brasil SA ADR (Brazil)		331,844
	406,483	China Life Insurance Co. Ltd., H-Shares (China)		1,150,218
	28,384	HDFC Bank Ltd. ADR (India)		3,254,225
	90,559	ICICI Bank Ltd. ADR (India)		1,036,900
	226,432	Itau Unibanco Holding SA (Preference Shares) ADR (Brazil)		1,958,637
	17,821	LexinFintech Holdings Ltd. ADR (China)(b)		229,891
	36,838	Qudian, Inc. ADR (China)(b)		259,339
	133,152	Sberbank of Russia PJSC ADR (Russia)		1,903,408
	22,098	State Bank of India GDR (India)(b)(c)(d)		987,781
	11,332	TCS Group Holding PLC GDR (Russia)(d)		225,507
	211,922	VTB Bank PJSC GDR (Russia)(d)		236,505
				14,436,177
		Health Care—1.2%
	2,830	BeiGene Ltd. ADR (China)(b)		351,571
	6,700	Dr Reddy’s Laboratories Ltd. ADR (India)		280,663
	7,484	Zai Lab Ltd. ADR (China)(b)		199,448
				831,682
		Industrials—4.5%
	7,267	Azul SA ADR (Brazil)(b)		188,651
	321,979	China Eastern Airlines Corp. Ltd., H-Shares (China)		228,596
	251,434	China Southern Airlines Co. Ltd., H-Shares (China)		219,212
	14,162	Embraer SA ADR (Brazil)		283,382
	21,168	Globaltrans Investment PLC GDR (Russia)(d)		204,695
	15,196	GOL Linhas Aereas Inteligentes SA ADR (Brazil)(b)		171,867
	9,521	Guangshen Railway Co. Ltd. ADR (China)(c)		174,710
	65,955	Larsen & Toubro Ltd. GDR (India)(c)(d)		1,268,974
	25,252	ZTO Express Cayman, Inc. ADR (China)		503,272
				3,243,359
		Information Technology—5.1%
	24,188	21Vianet Group, Inc. ADR (China)(b)		190,118
	5,935	Daqo New Energy Corp. ADR (China)(b)(c)		219,892
	5,985	GDS Holdings Ltd. ADR (China)(b)(c)		234,193
	180,680	Infosys Ltd. ADR (India)		1,944,117
	12,508	JinkoSolar Holding Co. Ltd. ADR (China)(b)(c)		243,405
	255,293	Semiconductor Manufacturing International Corp. (China)(b)(c)		273,014
	78,124	Wipro Ltd. ADR (India)		357,027
	4,282	WNS Holdings Ltd. ADR (India)(b)		244,716
				3,706,482

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

36

Invesco BRIC ETF (EEB)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials—8.3%
	483,168	Aluminum Corp. of China Ltd., H-Shares (China)(b)	$	189,069
	8,079	Braskem SA ADR (Brazil)		197,532
	54,224	Cia Siderurgica Nacional SA ADR (Brazil)(b)		197,918
	81,351	Gerdau SA (Preference Shares) ADR (Brazil)		291,237
	24,358	Magnitogorsk Iron & Steel Works PJSC GDR (Russia)(d)		215,812
	36,281	MMC Norilsk Nickel PJSC ADR (Russia)		805,438
	8,307	Novolipetsk Steel PJSC GDR (Russia)(d)		218,806
	15,560	PhosAgro PJSC GDR (Russia)(d)		195,900
	5,305	Polyus PJSC GDR (Russia)(d)		207,956
	16,018	Severstal PJSC GDR (Russia)(d)		259,331
	396,075	Sinopec Shanghai Petrochemical Co. Ltd., H-Shares (China)		179,222
	20,515	Suzano SA ADR (Brazil)		423,430
	49,723	Tata Steel Ltd. GDR (India)(c)(d)		397,784
	149,613	Vale SA ADR (Brazil)		1,912,054
	32,426	Vedanta Ltd. ADR (India)		309,993
				6,001,482
		Telecommunication Services—0.5%
	31,101	Telefonica Brasil SA (Preference Shares) ADR (Brazil)		370,102
		Utilities—2.6%
	26,464	Centrais Eletricas Brasileiras SA ADR (Brazil)(b)		224,415
	27,598	Cia de Saneamento Basico do Estado de Sao Paulo ADR (Brazil)		330,072
	78,324	Cia Energetica de Minas Gerais ADR (Brazil)		289,799
	22,887	Cia Paranaense de Energia ADR (Brazil)		238,482
	11,301	GAIL India Ltd. GDR (India)(c)(d)		345,811
	361,384	Huaneng Power International, Inc., H-Shares (China)		231,237
	298,289	RusHydro PJSC ADR (Russia)		235,052
				1,894,868
		Total Common Stocks & Other Equity Interests (Cost $63,165,236)		72,516,595
		Money Market Funds—0.1%
	77,034	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(e) (Cost $77,034)		77,034
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $63,242,270)—100.1%		72,593,629

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—5.8%
	3,160,485	Invesco Government & Agency Portfolio—Institutional Class 2.34%(e)(f)	$	3,160,485
	1,053,179	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(e)(f)		1,053,495
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,213,980)		4,213,980
		Total Investments in Securities (Cost $67,456,250)—105.9%		76,807,609
		Other assets less liabilities—(5.9)%		(4,291,191	)
		Net Assets—100.0%	$	72,516,418

Abbreviations:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2019 was $11,687,988, which represented 16.12% of the Fund’s Net Assets.

^(e)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2M.

This Fund has holdings greater than 10% of net assets in the following countries:

China	42.1	%
India	20.8
Brazil	19.9
Russia	17.2

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

37

Schedule of Investments^(a)

Invesco Cleantech^™ ETF (PZD)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Aerospace & Defense—2.6%
	65,724	Hexcel Corp.	$	4,647,344
		Auto Components—3.1%
	134,588	BorgWarner, Inc.		5,621,741
		Building Products—6.0%
	137,574	Johnson Controls International PLC		5,159,025
	108,163	Kingspan Group PLC (Ireland)		5,682,716
				10,841,741
		Capital Markets—0.5%
	31,387	Invesco India ETF (India)(b)		800,368
		Chemicals—7.1%
	1,104	Gurit Holding AG (Switzerland)		1,191,756
	105,233	Novozymes A/S, Class B (Denmark)		4,900,179
	150,754	PQ Group Holdings, Inc.(c)		2,383,421
	109,166	Umicore SA (Belgium)		4,220,813
				12,696,169
		Commercial Services & Supplies—2.7%
	159,429	Tomra Systems ASA (Norway)		4,789,784
		Communications Equipment—0.6%
	81,153	Digi International, Inc.(c)		1,044,439
		Electrical Equipment—20.7%
	263,516	ABB Ltd. (Switzerland)		5,422,895
	48,623	EnerSys		3,364,225
	65,747	Schneider Electric SE (France)		5,560,097
	108,140	Sensata Technologies Holding PLC(c)		5,400,512
	192,247	SGL Carbon SE (Germany)(c)(d)		1,714,993
	315,197	Siemens Gamesa Renewable Energy SA (Spain)		5,648,331
	186,292	Sunrun, Inc.(c)		2,833,501
	61,137	TPI Composites, Inc.(c)		1,892,190
	59,982	Vestas Wind Systems A/S (Denmark)		5,420,453
				37,257,197
		Electronic Equipment, Instruments & Components—10.1%
	48,803	Badger Meter, Inc.		2,707,591
	91,445	Hollysys Automation Technologies Ltd. (China)		1,913,944
	61,007	Horiba Ltd. (Japan)		3,670,006
	54,952	Itron, Inc.(c)		2,948,724
	1,415,225	Opus Group AB (Sweden)(d)		745,811
	124,687	Trimble, Inc.(c)		5,089,723
	55,353	Vaisala OYJ, Class A (Finland)		1,199,740
				18,275,539
		Equity REITs—1.7%
	112,117	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		2,981,191
		Independent Power & Renewable Electricity Producers—2.8%
	59,428	Ormat Technologies, Inc.		3,468,218
	173,033	Scatec Solar ASA (Norway)(e)		1,636,785
				5,105,003

Number of Shares				Value
		Common Stocks & Other Equity Interests (continued)
		Industrial Conglomerates—4.4%
	64,489	Raven Industries, Inc.		$	2,509,267
	15,223	Roper Technologies, Inc.			5,475,713
					7,984,980
		Life Sciences Tools & Services—3.1%
	12,169	Eurofins Scientific SE (Luxembourg)(d)			5,564,225
		Machinery—11.6%
	91,688	Donaldson Co., Inc.			4,908,976
	20,036	Kadant, Inc.			1,965,331
	67,750	Kornit Digital Ltd. (Israel)(c)			1,953,232
	19,917	Lindsay Corp.			1,692,945
	46,669	Woodward, Inc.			5,082,254
	64,160	Xylem, Inc.			5,350,944
					20,953,682
		Professional Services—7.4%
	81,546	Intertek Group PLC (United Kingdom)			5,687,449
	127,956	Ricardo PLC (United Kingdom)			1,281,100
	1,962	SGS SA (Switzerland)			5,177,446
	30,228	Willdan Group, Inc.(c)			1,194,913
					13,340,908
		Semiconductors & Semiconductor Equipment—9.4%
	55,461	Advanced Energy Industries, Inc.(c)			3,203,427
	76,294	Cree, Inc.(c)			5,042,271
	1,653,749	Meyer Burger Technology AG (Switzerland)(c)			1,135,228
	39,773	Power Integrations, Inc.			3,142,862
	54,009	SMA Solar Technology AG (Germany)(d)			1,227,506
	72,425	SolarEdge Technologies, Inc.(c)(d)			3,208,428
					16,959,722
		Software—6.2%
	27,888	ANSYS, Inc.(c)			5,460,470
	32,015	Autodesk, Inc.(c)			5,705,393
			��
					11,165,863
		Total Common Stocks & Other Equity Interests (Cost $128,213,097)			180,029,896
		Money Market Funds—0.0%
	74,602	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(f) (Cost $74,602)			74,602
		Total Investments in Securities(excluding investments purchased with cash collateral from securities on loan) (Cost $128,287,699)—100.0%			180,104,498

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

38

Invesco Cleantech^™ ETF (PZD)(continued)

April 30, 2019

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—6.7%
	8,996,556	Invesco Government & Agency Portfolio— Institutional Class 2.34%(f)(g)	$	8,996,556
	2,997,953	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(f)(g)		2,998,852
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,995,408)		11,995,408
		Total Investments in Securities (Cost $140,283,107)—106.7%		192,099,906
		Other assets less liabilities—(6.7)%		(11,979,217	)
		Net Assets—100.0%	$	180,120,689

Abbreviations:

ETF—Exchange-Traded Fund

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)  Affiliated company. See Note 4.

^(c)  Non-income producing security.

^(d)  All or a portion of this security was out on loan at April 30, 2019.

^(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 April 30, 2019 represented less than 1% of the Fund’s Net Assets.

^(f)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2M.

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

39

Schedule of Investments^(a)

Invesco DWA Momentum ETF (PDP)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Communication Services—2.4%
	22,631	Charter Communications, Inc., Class A(b)	$	8,400,401
	122,300	Live Nation Entertainment, Inc.(b)		7,991,082
	139,726	Match Group, Inc.		8,439,450
	143,063	World Wrestling Entertainment, Inc., Class A		11,995,833
				36,826,766
		Consumer Discretionary—17.2%
	10,400	AutoZone, Inc.(b)		10,694,424
	485,430	Chegg, Inc.(b)		17,305,579
	165,930	Domino’s Pizza, Inc.		44,897,339
	455,414	Eldorado Resorts, Inc.(b)		22,483,789
	205,061	Etsy, Inc.(b)		13,849,820
	41,804	Home Depot, Inc. (The)		8,515,475
	338,412	NIKE, Inc., Class B		29,722,726
	95,868	Ollie’s Bargain Outlet Holdings, Inc.(b)		9,168,816
	112,444	O’Reilly Automotive, Inc.(b)		42,567,925
	114,801	Planet Fitness, Inc., Class A(b)		8,690,436
	51,426	Pool Corp.		9,449,013
	280,191	Service Corp. International		11,658,748
	164,075	TJX Cos., Inc. (The)		9,004,436
	219,650	VF Corp.		20,737,156
	46,150	Wayfair, Inc., Class A(b)		7,483,223
				266,228,905
		Consumer Staples—4.1%
	481,761	Church & Dwight Co., Inc.		36,107,987
	32,518	Costco Wholesale Corp.		7,984,145
	51,105	Estee Lauder Cos., Inc. (The), Class A		8,780,350
	269,997	Hormel Foods Corp.		10,783,680
				63,656,162
		Energy—0.8%
	201,667	Cheniere Energy, Inc.(b)		12,977,271
		Financials—5.8%
	74,506	Credit Acceptance Corp.(b)		36,971,367
	23,395	LendingTree, Inc.(b)		9,002,864
	45,989	MSCI, Inc.		10,365,001
	552,609	W.R. Berkley Corp.		33,874,932
				90,214,164
		Health Care—14.3%
	62,326	Align Technology, Inc.(b)		20,236,006
	108,828	Amedisys, Inc.(b)		13,910,395
	41,374	Becton, Dickinson and Co.		9,960,377
	203,100	Boston Scientific Corp.(b)		7,539,072
	58,523	Cooper Cos., Inc. (The)		16,966,988
	163,542	Danaher Corp.		21,659,502
	41,417	Edwards Lifesciences Corp.(b)		7,292,291
	40,603	IDEXX Laboratories, Inc.(b)		9,419,896
	63,619	Masimo Corp.(b)		8,280,013
	28,795	Mettler-Toledo International, Inc.(b)		21,459,762
	252,721	Novocure Ltd.(b)		11,137,414
	74,726	PRA Health Sciences, Inc.(b)		7,234,971
	51,983	Sage Therapeutics, Inc.(b)		8,745,100
	61,725	Sarepta Therapeutics, Inc.(b)(c)		7,218,122
	67,788	Veeva Systems, Inc., Class A(b)		9,481,508

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	35,697	Waters Corp.(b)	$	7,622,737
	258,790	West Pharmaceutical Services, Inc.		32,035,614
				220,199,768
		Industrials—15.3%
	21,924	Boeing Co. (The)		8,280,476
	25,498	CoStar Group, Inc.(b)		12,653,382
	104,149	HEICO Corp.		10,990,844
	100,004	IDEX Corp.		15,666,627
	93,992	Insperity, Inc.		11,237,684
	31,115	Lennox International, Inc.		8,446,167
	918,629	Rollins, Inc.		35,523,383
	103,846	Roper Technologies, Inc.		37,353,406
	82,460	Teledyne Technologies, Inc.(b)		20,492,135
	114,288	Toro Co. (The)		8,360,167
	54,687	TransDigm Group, Inc.(b)		26,387,571
	232,511	Trex Co., Inc.(b)		16,106,037
	141,074	Union Pacific Corp.		24,975,741
				236,473,620
		Information Technology—25.6%
	32,107	Adobe, Inc.(b)		9,286,950
	265,346	Amphenol Corp., Class A		26,417,848
	25,575	Arista Networks, Inc.(b)		7,986,817
	100,668	Aspen Technology, Inc.(b)		12,272,436
	34,105	Broadcom, Inc.		10,859,032
	294,343	Cadence Design Systems, Inc.(b)		20,421,517
	45,254	EPAM Systems, Inc.(b)		8,116,757
	58,167	Euronet Worldwide, Inc.(b)		8,718,651
	49,997	Fair Isaac Corp.(b)		13,986,661
	280,905	Fiserv, Inc.(b)		24,506,152
	119,849	Gartner, Inc.(b)		19,052,395
	46,675	HubSpot, Inc.(b)		8,611,071
	42,362	Intuit, Inc.		10,635,404
	63,364	Jack Henry & Associates, Inc.		9,445,038
	168,928	Mastercard, Inc., Class A		42,948,255
	147,603	MAXIMUS, Inc.		10,870,961
	79,824	Monolithic Power Systems, Inc.		12,429,395
	144,011	Paycom Software, Inc.(b)		29,166,548
	88,801	Paylocity Holding Corp.(b)		8,573,736
	134,578	RingCentral, Inc., Class A(b)		15,660,842
	37,121	ServiceNow, Inc.(b)		10,078,723
	160,662	Square, Inc., Class A(b)		11,699,407
	123,579	SS&C Technologies Holdings, Inc.		8,361,355
	78,178	Trade Desk, Inc. (The), Class A(b)		17,314,863
	70,091	Twilio, Inc., Class A(b)		9,612,280
	55,326	Ubiquiti Networks, Inc.		9,430,317
	53,167	Universal Display Corp.(c)		8,485,453
	62,265	Visa, Inc., Class A		10,238,234
				395,187,098
		Materials—6.9%
	89,939	AptarGroup, Inc.		10,004,814
	615,229	Ball Corp.		36,876,826
	70,756	Ecolab, Inc.		13,024,765
	20,138	NewMarket Corp.		8,449,502
	131,953	RPM International, Inc.		8,002,949

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

40

Invesco DWA Momentum ETF (PDP)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	65,785	Sherwin-Williams Co. (The)	$	29,920,992
				106,279,848
		Real Estate—5.5%
	229,995	American Tower Corp. REIT		44,918,023
	338,731	CubeSmart REIT		10,808,906
	84,645	Equity LifeStyle Properties, Inc. REIT		9,878,072
	98,737	Extra Space Storage, Inc. REIT		10,238,040
	48,025	SBA Communications Corp. REIT(b)		9,784,133
				85,627,174
		Utilities—2.2%
	153,663	CMS Energy Corp.		8,535,980
	47,321	NextEra Energy, Inc.		9,201,095
	287,481	UGI Corp.		15,670,589
				33,407,664
		Total Common Stocks & Other Equity Interests (Cost $1,221,060,112)		1,547,078,440
		Money Market Funds—0.1%
	973,358	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $973,358)		973,358
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,222,033,470)—100.2%		1,548,051,798
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.4%
	4,835,006	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)		4,835,006
	1,611,204	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		1,611,687
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,446,693)		6,446,693
		Total Investments in Securities (Cost $1,228,480,163)—100.6%		1,554,498,491
		Other assets less liabilities—(0.6)%		(8,551,262	)
		Net Assets—100.0%	$	1,545,947,229

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 April 30, 2019.

^(d)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2M.

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

41

Schedule of Investments^(a)

Invesco Global Listed Private Equity ETF (PSP)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—86.4%
		Capital Markets—49.6%
	680,865	3i Group PLC (United Kingdom)	$	9,501,862
	148,517	Alaris Royalty Corp. (Canada)(b)		2,001,645
	1,718,808	Allied Minds PLC (United Kingdom)(c)		1,454,230
	96,809	Altamir (France)		1,712,685
	200,643	Apollo Global Management LLC, Class A		6,559,020
	151,616	Apollo Investment Corp.		2,369,758
	439,717	Ares Capital Corp.		7,914,906
	63,079	AURELIUS Equity Opportunities SE & Co. KGaA (Germany)(b)		3,128,858
	191,727	BlackRock Capital Investment Corp.		1,192,542
	1,325,741	Brait SE (South Africa)(c)		2,126,919
	147,467	Bure Equity AB (Sweden)		2,736,271
	212,069	Carlyle Group LP (The)(b)		4,442,845
	60,981	Deutsche Beteiligungs AG (Germany)		2,419,287
	663,335	FS KKR Capital Corp.		4,198,911
	123,531	Georgia Capital PLC (Georgia)(c)		1,629,737
	49,247	Gimv NV (Belgium)		2,958,245
	83,734	Goldman Sachs BDC, Inc.(b)		1,733,294
	129,825	Golub Capital BDC, Inc.(b)		2,392,675
	1,655,248	Gozde Girisim Sermayesi Yatirim Ortakligi As (Turkey)(c)		923,356
	78,967	GSV Capital Corp.(b)(c)		560,666
	53,108	Hamilton Lane, Inc., Class A		2,594,857
	17,346	HBM Healthcare Investments AG, Class A (Switzerland)		2,839,365
	186,464	Hercules Capital, Inc.(b)		2,422,167
	286,738	Intermediate Capital Group PLC (United Kingdom)		4,418,387
	2,270,963	IP Group PLC (United Kingdom)(c)		2,960,541
	78,976	JAFCO Co. Ltd. (Japan)		2,967,583
	76,702	Main Street Capital Corp.(b)		3,027,428
	173,330	New Mountain Finance Corp.(b)		2,437,020
	336,075	Oaktree Specialty Lending Corp.		1,774,476
	91,574	Oxford Square Capital Corp.(b)		590,652
	10,577	Partners Group Holding AG (Switzerland)		7,967,522
	162,827	Portman Ridge Finance Corp.(b)		496,622
	214,400	Princess Private Equity Holding Ltd. (Guernsey)		2,408,789
	437,249	Prospect Capital Corp.(b)		2,951,431
	1,108,309	Ratos AB, Class B (Sweden)		2,513,479
	82,385	Solar Capital Ltd.		1,764,687
	994,248	Syncona Ltd. (United Kingdom)		3,311,667
	409,329	Tamburi Investment Partners SpA (Italy)		2,908,381
	115,999	TCG BDC, Inc.		1,735,345
	116,600	TPG Specialty Lending, Inc.		2,365,814
	264,034	VinaCapital Vietnam Opportunity Fund Ltd. (Vietnam)		1,147,933
	3,312,066	Woodford Patient Capital Trust PLC (The) Fund (United Kingdom)(b)(c)		3,579,436
				121,141,294
		Diversified Financial Services—15.4%
	26,270	Ackermans & van Haaren NV (Belgium)		4,221,811
	1,209,094	Apax Global Alpha Ltd. (Guernsey)(d)		2,356,472
	123,357	Cannae Holdings, Inc.(c)		3,166,574
	144,692	Compass Diversified Holdings LP		2,393,206
	59,394	Eurazeo SE (France)		4,656,074

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Diversified Financial Services (continued)
	101,456	HgCapital Trust PLC (United Kingdom)	$	2,870,110
	175,498	Kinnevik AB, Class B (Sweden)(b)		5,104,262
	159,382	NB Private Equity Partners Ltd. (United Kingdom)		2,295,951
	83,853	Onex Corp. (Canada)(b)		4,844,051
	40,554	Wendel SA (France)		5,608,393
				37,516,904
		Diversified Telecommunication Services—0.8%
	31,351	ATN International, Inc.		1,913,979
		Electrical Equipment—3.6%
	3,291,930	Melrose Industries PLC (United Kingdom)		8,677,463
		Food Products—1.1%
	37,735	Schouw & Co. A/S (Denmark)		2,680,447
		Industrial Conglomerates—1.8%
	2,894,749	Fosun International Ltd. (China)		4,486,724
		Interactive Media & Services—5.3%
	58,077	IAC/InterActiveCorp.(c)		13,058,033
		Internet & Direct Marketing Retail—7.6%
	57,082	Naspers Ltd., Class N (South Africa)		14,553,347
	155,657	Rocket Internet SE (Germany)(c)(d)		4,099,455
				18,652,802
		IT Services—1.2%
	103,520	Digital Garage, Inc. (Japan)		3,002,196
		Total Common Stocks & Other Equity Interests (Cost $191,058,508)		211,129,842
		Money Market Funds—10.3%
	25,144,739	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(e) (Cost $25,144,739)		25,144,739
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $216,203,247)—96.7%		236,274,581
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—10.4%
	19,183,307	Invesco Government & Agency Portfolio—Institutional Class 2.34%(e)(f)		19,183,307
	6,392,540	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(e)(f)		6,394,458
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,577,765)		25,577,765
		Total Investments in Securities (Cost $241,781,012)—107.1%		261,852,346
		Other assets less liabilities—(7.1)%		(17,409,557	)
		Net Assets—100.0%	$	244,442,789

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

42

Invesco Global Listed Private Equity ETF (PSP)(continued)

April 30, 2019

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at April 30, 2019.

^(c)  Non-income producing security.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2019 was $6,455,927, which represented 2.64% of the Fund’s Net Assets.

^(e)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2M.

This Fund has holdings greater than 10% of net assets in the following country:

United Kingdom 16.0 % 

Open Over-The-Counter Total Return Swap Agreements
Counterparty	Pay/Receive	Reference Entity	Rate	Payment Frequency	Maturity Date		Notional Value(a)		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Equity Risk
Citibank, N.A.	Receive	KKR & Co. LP	1-Month LIBOR plus 65 basis points	Monthly		October-2019	$	8,114,165	$	—	$	112,282		$	112,282
Subtotal—Appreciation										—		112,282			112,282
Equity Risk
Citibank, N.A.	Receive	Brookfield Business Partners LP	1-Month CDOR plus 65 basis points	Monthly		October-2019	CAD	5,347,486		—		(66,605	)		(66,605	)
Morgan Stanley Capital Services LLC	Receive	Riverstone Energy Ltd.	1-Month LIBOR plus 85 basis points	Monthly		August-2020	GBP	1,691,244		—		(2,861	)		(2,861	)
Citibank, N.A.	Receive	The Blackstone Group LP	1-Month LIBOR plus 65 basis points	Monthly		October-2019	$	9,666,023		—		(77,150	)		(77,150	)
Subtotal—Depreciation										—		(146,616	)		(146,616	)
Total Over-The-Counter Total Return Swap Agreements									$	—	$	(34,334	)	$	(34,334	)

Investment Abbreviations:

CAD—Canadian Dollar

CDOR—Canadian Dollar Offered Rate

GBP—Pound Sterling

LIBOR—London Interbank Offered Rate

^(a)  Notional Value is denominated in U.S. Dollars unless otherwise noted.

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

43

Schedule of Investments^(a)

Invesco Golden Dragon China ETF (PGJ)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—42.0%
	110,891	58.com, Inc. ADR (China)(b)	$	7,960,865
	61,756	Autohome, Inc. ADR (China)(b)		7,132,200
	99,484	Baidu, Inc. ADR (China)(b)		16,537,225
	95,228	Bilibili, Inc. ADR (China)(b)		1,695,058
	35,027	Bitauto Holdings Ltd. ADR (China)(b)(c)		449,747
	21,447	Changyou.com Ltd. ADR (China)(b)		417,144
	126,701	China Mobile Ltd. ADR (China)		6,039,837
	6,858	China Telecom Corp. Ltd. ADR (China)		355,519
	41,680	China Unicom Hong Kong Ltd. ADR (China)		494,742
	326,159	Fang Holdings Ltd. ADR (China)(b)		495,762
	297,681	iQIYI, Inc. ADR (China)(b)(c)		6,581,727
	171,925	Momo, Inc. ADR (China)		6,029,410
	72,439	NetEase, Inc. ADR (China)		20,611,069
	35,701	Phoenix New Media Ltd. ADR (China)(b)(c)		155,299
	15,127	Qutoutiao, Inc. ADR (China)(b)(c)		100,141
	78,344	SINA Corp. (China)(b)		4,930,971
	43,335	Sohu.com Ltd. ADR (China)(b)		895,734
	81,760	Weibo Corp. ADR (China)(b)		5,600,560
	54,274	YY, Inc. ADR (China)(b)		4,592,123
				91,075,133
		Consumer Discretionary—42.1%
	33,142	500.com Ltd., Class A ADR (China)(b)(c)		422,229
	88,347	Alibaba Group Holding Ltd. ADR (China)(b)		16,394,553
	47,491	Baozun, Inc. ADR (China)(b)(c)		2,303,313
	29,870	Bright Scholar Education Holdings Ltd. ADR (China)(b)		362,024
	473,779	Ctrip.com International Ltd. ADR (China)(b)		20,869,965
	3,252	Hailiang Education Group, Inc. ADR (China)(b)(c)		187,283
	159,829	Huazhu Group Ltd. ADR (China)		6,776,750
	583,547	JD.com, Inc. ADR (China)(b)		17,663,968
	110,305	Jumei International Holding Ltd. ADR (China)(b)		268,041
	56,433	Kandi Technologies Group, Inc. (China)(b)(c)		297,966
	98,527	New Oriental Education & Technology Group, Inc. ADR (China)(b)		9,405,387
	100,556	Pinduoduo, Inc. ADR (China)(b)(c)		2,235,360
	26,045	RISE Education Cayman Ltd. ADR (China)(b)(c)		263,836
	227,108	TAL Education Group ADR (China)(b)		8,736,845
	39,394	Tarena International, Inc. ADR (China)(c)		200,122
	39,035	Tuniu Corp. ADR (China)(b)		179,561
	128,233	Uxin Ltd. ADR (China)(b)(c)		357,770
	511,538	Vipshop Holdings Ltd. ADR (China)(b)		4,404,342
				91,329,315
		Energy—1.9%
	17,692	China Petroleum & Chemical Corp. ADR (China)		1,357,684
	11,489	CNOOC Ltd. ADR (China)		2,087,322
	8,714	PetroChina Co. Ltd. ADR (China)		551,509
	26,179	Sino Clean Energy, Inc. (China)(b)(d)		0
				3,996,515
		Financials—2.8%
	30,176	China Life Insurance Co. Ltd. ADR (China)		427,292

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	28,854	CM Seven Star Acquisiton Corp. (Hong Kong)(b)	$	143,982
	39,589	Fanhua, Inc. ADR (China)(c)		1,028,522
	74,860	LexinFintech Holdings Ltd. ADR (China)(b)		965,694
	34,316	Noah Holdings Ltd. ADR (China)(b)(c)		1,864,731
	193,718	Qudian, Inc. ADR (China)(b)		1,363,775
	17,615	Yintech Investment Holdings Ltd. ADR (China)(b)(c)		102,343
	14,018	Yirendai Ltd. ADR (China)(c)		222,045
				6,118,384
		Health Care—2.3%
	43,146	China Biologic Products Holdings, Inc. (China)(b)(c)		4,325,818
	22,783	Zai Lab Ltd. ADR (China)(b)		607,167
				4,932,985
		Industrials—5.4%
	39,138	51job, Inc. ADR (China)(b)		3,614,003
	20,092	China Customer Relations Center, Inc. (China)(b)(c)		255,771
	396,384	ZTO Express Cayman, Inc. ADR (China)		7,899,933
				11,769,707
		Information Technology—3.2%
	68,267	21Vianet Group, Inc. ADR (China)(b)		536,579
	64,215	Canadian Solar, Inc. (Canada)(b)(c)		1,283,016
	49,489	Cheetah Mobile, Inc. ADR (China)(b)		311,781
	11,041	Daqo New Energy Corp. ADR (China)(b)		409,069
	58,710	GDS Holdings Ltd. ADR (China)(b)(c)		2,297,322
	66,144	Hollysys Automation Technologies Ltd. (China)		1,384,394
	15,610	Huami Corp. ADR (China)(b)		157,036
	31,275	JinkoSolar Holding Co. Ltd. ADR (China)(b)(c)		608,611
				6,987,808
		Materials—0.1%
	4,407	Sinopec Shanghai Petrochemical Co. Ltd. ADR (China)		197,786
		Real Estate—0.1%
	40,166	Xinyuan Real Estate Co. Ltd. ADR (China)		178,739
		Utilities—0.1%
	5,265	Huaneng Power International, Inc. ADR (China)		133,889
		Total Common Stocks & Other Equity Interests (Cost $200,941,214)		216,720,261
		Money Market Funds—0.1%
	219,325	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(e) (Cost $219,325)		219,325
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $201,160,539)—100.1%		216,939,586

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

44

Invesco Golden Dragon China ETF (PGJ)(continued)

April 30, 2019

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—8.6%
	13,993,774	Invesco Government & Agency Portfolio— Institutional Class 2.34%(e)(f)	$	13,993,774
	4,663,192	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(e)(f)		4,664,591
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $18,658,365)		18,658,365
		Total Investments in Securities (Cost $219,818,904)—108.7%		235,597,951
		Other assets less liabilities—(8.7)%		(18,868,167	)
		Net Assets—100.0%	$	216,729,784

Abbreviations:

ADR—American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

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

^(e)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2M.

This Fund has holdings greater than 10% of net assets in the following country:

China 99.3 % 

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

45

Schedule of Investments^(a)

Invesco Insider Sentiment ETF (NFO)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Communication Services—6.1%
	7,526	Liberty Broadband Corp., Class A(b)	$	740,483
	24,686	Liberty Media Corp.-Liberty Braves, Class A(b)		700,095
	2,353	Madison Square Garden Co. (The), Class A(b)		735,171
	12,184	Match Group, Inc.		735,914
	11,665	Verizon Communications, Inc.		667,122
	129,405	Zynga, Inc., Class A(b)		732,432
				4,311,217
		Consumer Discretionary—4.0%
	5,781	Dollar General Corp.		728,926
	6,157	Genuine Parts Co.		631,339
	3,632	McDonald’s Corp.		717,574
	7,055	Tractor Supply Co.		730,193
				2,808,032
		Consumer Staples—4.0%
	4,298	Clorox Co. (The)		686,520
	13,817	Mondelez International, Inc., Class A		702,594
	5,628	PepsiCo, Inc.		720,665
	6,305	Post Holdings, Inc.(b)		711,078
				2,820,857
		Financials—7.3%
	15,524	Assured Guaranty Ltd.		740,495
	3,864	Erie Indemnity Co., Class A		731,533
	6,866	First Republic Bank		725,187
	13,872	Hartford Financial Services Group, Inc. (The)		725,644
	3,276	S&P Global, Inc.		722,882
	30,860	Starwood Property Trust, Inc. REIT		711,323
	14,313	US Bancorp		763,169
				5,120,233
		Health Care—13.1%
	8,581	Agilent Technologies, Inc.		673,608
	28,291	Array BioPharma, Inc.(b)		639,660
	8,483	Baxter International, Inc.		647,253
	2,762	Becton, Dickinson and Co.		664,924
	13,909	DENTSPLY SIRONA, Inc.		711,167
	14,251	Hologic, Inc.(b)		660,961
	8,497	Ionis Pharmaceuticals, Inc.(b)		631,582
	4,934	Johnson & Johnson		696,681
	8,293	Merck & Co., Inc.		652,742
	16,240	Pfizer, Inc.		659,506
	13,325	Syneos Health, Inc.(b)		625,342
	5,156	Universal Health Services, Inc., Class B		654,142
	21,931	Wright Medical Group NV(b)		648,500
	6,851	Zoetis, Inc.		697,706
				9,263,774
		Industrials—11.5%
	5,625	Carlisle Cos., Inc.		795,488
	10,725	Fastenal Co.		756,649
	4,340	Honeywell International, Inc.		753,554
	4,545	IDEX Corp.		712,020
	4,805	Illinois Tool Works, Inc.		747,802
	6,389	Ingersoll-Rand PLC		783,355
	8,581	Republic Services, Inc.		710,678
	7,536	Spirit AeroSystems Holdings, Inc., Class A		654,878
	1,519	TransDigm Group, Inc.(b)		732,948

Number of Shares				Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	5,351	United Technologies Corp.		$	763,106
	5,186	Verisk Analytics, Inc.			731,952
					8,142,430
		Information Technology—17.8%
	3,918	Accenture PLC, Class A			715,701
	20,983	ACI Worldwide, Inc.(b)			745,316
	8,951	Arrow Electronics, Inc.(b)			756,449
	4,318	Automatic Data Processing, Inc.			709,836
	2,294	Broadcom, Inc.			730,410
	11,752	Dell Technologies, Inc., Class C(b)			792,202
	2,539	Fair Isaac Corp.(b)			710,285
	2,797	FleetCor Technologies, Inc.(b)			729,877
	5,052	Global Payments, Inc.			737,946
	7,965	j2 Global, Inc.			697,893
	4,971	Jack Henry & Associates, Inc.			740,977
	9,717	MAXIMUS, Inc.			715,657
	8,337	Okta, Inc.(b)			867,298
	15,801	Teradata Corp.(b)			718,472
	3,484	Trade Desk, Inc. (The), Class A(b)			771,636
	5,339	Twilio, Inc., Class A(b)			732,191
	3,576	Workday, Inc., Class A(b)			735,333
					12,607,479
		Materials—3.0%
	3,612	Air Products & Chemicals, Inc.			743,313
	3,907	Ecolab, Inc.			719,201
	8,838	W.R. Grace & Co.			667,976
					2,130,490
		Real Estate—12.7%
	4,838	Alexandria Real Estate Equities, Inc. REIT			688,883
	14,496	American Campus Communities, Inc. REIT			684,211
	30,358	American Homes 4 Rent, Class A REIT			727,985
	3,500	American Tower Corp. REIT			683,550
	13,715	Apartment Investment & Management Co., Class A REIT			676,973
	5,796	Digital Realty Trust, Inc. REIT			682,247
	8,969	EPR Properties REIT			707,295
	21,099	Equity Commonwealth REIT			670,948
	2,385	Essex Property Trust, Inc. REIT			673,763
	17,882	Gaming and Leisure Properties, Inc. REIT			722,075
	8,702	Lamar Advertising Co., Class A REIT			719,394
	20,589	STORE Capital Corp. REIT			686,026
	15,172	UDR, Inc. REIT			681,981
					9,005,331
		Utilities—20.6%
	38,149	AES Corp.			653,111
	8,388	ALLETE, Inc.			683,203
	9,378	Ameren Corp.			682,437
	8,236	American Electric Power Co., Inc.			704,590
	6,615	American Water Works Co., Inc.			715,677
	18,928	Aqua America, Inc.			739,328
	8,997	Dominion Energy, Inc.			700,596
	5,529	DTE Energy Co.			695,051
	7,664	Duke Energy Corp.	��		698,344
	7,212	Entergy Corp.			698,843

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

46

Invesco Insider Sentiment ETF (NFO)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities (continued)
	13,759	Exelon Corp.	$	701,021
	16,576	FirstEnergy Corp.		696,689
	15,996	OGE Energy Corp.		677,271
	7,747	ONE Gas, Inc.		685,764
	14,570	PNM Resources, Inc.		676,631
	13,305	Portland General Electric Co.		695,985
	21,731	PPL Corp.		678,224
	5,480	Sempra Energy		701,166
	13,346	Southern Co. (The)		710,274
	8,722	WEC Energy Group, Inc.		684,066
	12,271	Xcel Energy, Inc.		693,311
				14,571,582
		Total Common Stocks & Other Equity Interests (Cost $64,569,489)		70,781,425
		Money Market Funds—0.1%
	40,087	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(c) (Cost $40,087)		40,087
		Total Investments in Securities (Cost $64,609,576)—100.2%		70,821,512
		Other assets less liabilities—(0.2)%		(125,920	)
		Net Assets—100.0%	$	70,695,592

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)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

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

47

Schedule of Investments^(a)

Invesco Raymond James SB-1 Equity ETF (RYJ)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Communication Services—4.3%
	3,011	Charter Communications, Inc., Class A(b)	$	1,117,653
	40,538	Iridium Communications, Inc.(b)		1,113,173
	2,857	Netflix, Inc.(b)		1,058,633
	147,511	ORBCOMM, Inc.(b)		1,067,980
	7,933	Spotify Technology SA(b)		1,077,063
	14,627	T-Mobile US, Inc.(b)		1,067,625
	119,150	WideOpenWest, Inc.(b)		952,009
				7,454,136
		Consumer Discretionary—9.4%
	20,761	Aaron’s, Inc.		1,156,180
	5,817	Alibaba Group Holding Ltd. ADR (China)(b)		1,079,461
	64,492	Bed Bath & Beyond, Inc.(c)		1,077,661
	14,853	Best Buy Co., Inc.		1,105,212
	12,227	Dine Brands Global, Inc.		1,084,046
	8,727	Dollar General Corp.		1,100,387
	103,485	Everi Holdings, Inc.(b)		1,064,861
	12,266	Hilton Worldwide Holdings, Inc.		1,067,019
	26,326	Malibu Boats, Inc., Class A(b)		1,095,688
	56,933	MarineMax, Inc.(b)		984,372
	45,383	MasterCraft Boat Holdings, Inc.(b)		1,122,775
	2,742	O’Reilly Automotive, Inc.(b)		1,038,039
	10,896	Polaris Industries, Inc.		1,050,374
	47,088	Rent-A-Center, Inc.(b)		1,173,904
	17,835	Tempur Sealy International, Inc.(b)		1,095,069
				16,295,048
		Energy—15.8%
	27,333	Cactus, Inc., Class A(b)		992,188
	77,856	Carrizo Oil & Gas, Inc.(b)		998,114
	8,968	Concho Resources, Inc.		1,034,728
	20,810	Continental Resources, Inc.(b)		957,052
	28,228	Delek US Holdings, Inc.		1,046,130
	69,211	Energy Transfer Equity LP		1,046,470
	36,739	Enterprise Products Partners LP		1,051,838
	39,294	Green Plains Partners LP(c)		629,490
	34,683	Halliburton Co.		982,569
	39,743	Kimbell Royalty Partners LP		707,028
	57,418	Marathon Oil Corp.		978,403
	17,639	Marathon Petroleum Corp.		1,073,686
	120,346	Newpark Resources, Inc.(b)		878,526
	49,036	Nine Energy Service, Inc.(b)		987,095
	153,386	Oasis Petroleum, Inc.(b)		935,655
	17,103	Occidental Petroleum Corp.		1,007,025
	56,963	Oil States International, Inc.(b)		1,100,525
	49,532	Parsley Energy, Inc., Class A(b)		988,659
	66,727	Patterson-UTI Energy, Inc.		906,820
	6,131	Pioneer Natural Resources Co.		1,020,566
	44,356	Plains All American Pipeline LP		1,026,841
	43,851	Plains GP Holdings LP, Class A		1,034,884
	133,453	QEP Resources, Inc.(b)		1,003,566
	161,908	SRC Energy, Inc.(b)		995,734
	31,483	Viper Energy Partners LP		1,058,458
	36,739	Whiting Petroleum Corp.(b)		1,006,281
	70,801	WPX Energy, Inc.(b)		983,426
	74,831	YPF SA ADR (Argentina)		1,012,463
				27,444,220

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials—21.1%
	22,205	Aflac, Inc.	$	1,118,688
	30,011	Allegiance Bancshares, Inc.(b)		1,037,480
	11,108	Allstate Corp. (The)		1,100,358
	17,874	American National Bankshares, Inc.		675,995
	70,386	Ares Commercial Real Estate Corp. REIT		1,069,867
	14,692	Argo Group International Holdings Ltd.		1,147,004
	34,795	Axos Financial, Inc.(b)		1,138,492
	130,704	Bancorp, Inc. (The)(b)		1,334,488
	196,771	BGC Partners, Inc., Class A		1,062,563
	53,276	Cadence BanCorp		1,212,029
	25,259	Chemical Financial Corp.		1,109,628
	53,276	ConnectOne Bancorp, Inc.		1,163,015
	52,866	FedNat Holding Co.		860,130
	70,111	Fidus Investment Corp.		1,100,743
	13,483	FVCBankcorp, Inc.(b)		221,121
	52,755	Goldman Sachs BDC, Inc.(c)		1,092,029
	56,308	Granite Point Mortgage Trust, Inc. REIT		1,082,803
	12,765	Kemper Corp.		1,147,318
	63,654	Ladder Capital Corp. REIT		1,107,580
	47,989	Meta Financial Group, Inc.		1,236,197
	51,569	Old Republic International Corp.		1,153,083
	31,659	Origin Bancorp, Inc.		1,103,000
	27,777	PacWest Bancorp		1,098,580
	23,275	Preferred Bank		1,144,897
	14,462	Progressive Corp. (The)		1,130,205
	70,755	Regions Financial Corp.		1,098,825
	15,427	State Street Corp.		1,043,791
	4,444	SVB Financial Group(b)		1,118,644
	30,256	Synovus Financial Corp.		1,115,236
	50,153	TCF Financial Corp.		1,109,886
	31,165	Union Bankshares Corp.		1,137,523
	6,083	Willis Towers Watson PLC		1,121,340
	14,305	Wintrust Financial Corp.		1,090,041
	23,085	Zions Bancorp NA		1,138,783
				36,621,362
		Health Care—15.6%
	36,380	Acadia Healthcare Co., Inc.(b)(c)		1,164,888
	15,671	ANI Pharmaceuticals, Inc.(b)		1,112,327
	392,111	Antares Pharma, Inc.(b)		1,054,779
	4,792	Becton, Dickinson and Co.		1,153,626
	7,957	Bluebird Bio, Inc.(b)		1,128,541
	30,871	Boston Scientific Corp.(b)		1,145,931
	41,827	CareDx, Inc.(b)		1,138,113
	87,101	ChemoCentryx, Inc.(b)		1,155,830
	20,566	CVS Health Corp.		1,118,379
	105,406	Flexion Therapeutics, Inc.(b)(c)		1,117,304
	58,224	G1 Therapeutics, Inc.(b)		1,245,994
	9,433	Galapagos NV ADR (Belgium)(b)		1,084,795
	17,428	Gilead Sciences, Inc.		1,133,517
	4,778	ICU Medical, Inc.(b)		1,086,995
	14,639	Incyte Corp.(b)		1,124,275
	12,393	Intercept Pharmaceuticals, Inc.(b)(c)		1,068,029
	294,619	Ocular Therapeutix, Inc.(b)(c)		1,104,821
	17,906	Quidel Corp.(b)		1,144,910
	50,720	Ra Pharmaceuticals, Inc.(b)		1,125,984

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

48

Invesco Raymond James SB-1 Equity ETF (RYJ)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	21,399	REGENXBIO, Inc.(b)	$	1,078,510
	13,304	Sol-Gel Technologies Ltd. (Israel)(b)		96,321
	3,928	Teleflex, Inc.		1,124,115
	4,748	UnitedHealth Group, Inc.		1,106,616
	123,659	Viking Therapeutics, Inc.(b)(c)		968,250
	54,792	Voyager Therapeutics, Inc.(b)		1,156,111
				26,938,961
		Industrials—11.3%
	17,882	Alaska Air Group, Inc.		1,106,896
	17,753	Axon Enterprise, Inc.(b)		1,127,316
	30,341	Casella Waste Systems, Inc., Class A(b)		1,132,326
	54,924	Construction Partners, Inc., Class A(b)		719,504
	62,366	Covanta Holding Corp.		1,126,954
	77,354	Evoqua Water Technologies Corp.(b)		1,053,561
	15,382	Fastenal Co.		1,085,200
	82,947	Foundation Building Materials, Inc.(b)		1,127,250
	62,474	GMS, Inc.(b)		1,100,792
	8,694	Kansas City Southern		1,070,579
	54,432	Knoll, Inc.		1,188,795
	125,093	Mesa Air Group, Inc.(b)		1,143,350
	18,338	SkyWest, Inc.		1,129,437
	19,377	Spirit Airlines, Inc.(b)		1,053,721
	66,235	Steelcase, Inc., Class A		1,145,203
	6,068	Union Pacific Corp.		1,074,279
	9,490	United Parcel Service, Inc., Class B		1,008,028
	12,143	Waste Connections, Inc.		1,126,506
				19,519,697
		Information Technology—16.7%
	15,677	Alarm.com Holdings, Inc.(b)		1,111,186
	12,883	Arrow Electronics, Inc.(b)		1,088,742
	23,416	Avnet, Inc.		1,138,252
	22,316	Bottomline Technologies (DE), Inc.(b)		1,128,520
	83,331	Carbon Black, Inc.(b)		1,144,968
	41,489	CommScope Holding Co., Inc.(b)		1,028,097
	26,991	EchoStar Corp., Class A(b)		1,075,591
	15,388	Envestnet, Inc.(b)		1,092,394
	9,610	Fidelity National Information Services, Inc.		1,114,087
	27,635	GDS Holdings Ltd. ADR (China)(b)(c)		1,081,358
	240,157	Internap Corp.(b)(c)		946,219
	6,108	IPG Photonics Corp.(b)		1,067,251
	21,744	Itron, Inc.(b)		1,166,783
	35,067	Jabil, Inc.		1,059,374
	17,898	Lumentum Holdings, Inc.(b)		1,109,139
	8,713	Microsoft Corp.		1,137,918
	64,646	MiX Telematics Ltd. ADR (South Africa)		1,162,982
	43,480	nLight, Inc.(b)		1,136,132
	21,172	Rapid7, Inc.(b)		1,150,486
	9,950	RingCentral, Inc., Class A(b)		1,157,882
	6,792	salesforce.com, Inc.(b)		1,123,057
	4,444	ServiceNow, Inc.(b)		1,206,590
	16,584	SS&C Technologies Holdings, Inc.		1,122,073
	100,028	Switch, Inc., Class A(c)		1,087,304
	10,229	SYNNEX Corp.		1,103,505
	9,569	Worldpay, Inc., Class A(b)		1,121,583
				28,861,473

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate—5.7%
	16,731	Agree Realty Corp. REIT	$	1,095,378
	46,599	CareTrust REIT, Inc. REIT		1,130,026
	21,349	CBRE Group, Inc., Class A(b)		1,111,642
	19,242	CyrusOne, Inc. REIT		1,071,587
	2,411	Equinix, Inc. REIT		1,096,282
	44,948	Invitation Homes, Inc. REIT		1,117,407
	65,432	Landmark Infrastructure Partners LP(c)		1,064,579
	63,956	Retail Opportunity Investments Corp. REIT		1,122,428
	41,860	Weyerhaeuser Co. REIT		1,121,848
				9,931,177
		Total Common Stocks & Other Equity Interests (Cost $155,302,064)		173,066,074
		Money Market Funds—0.1%
	106,382	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $106,382)		106,382
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $155,408,446)—100.0%		173,172,456
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—4.3%
	5,540,732	Invesco Government & Agency Portfolio— Institutional Class 2.34%(d)(e)		5,540,732
	1,846,784	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		1,847,338
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,388,070)		7,388,070
		Total Investments in Securities (Cost $162,796,516)—104.3%		180,560,526
		Other assets less liabilities—(4.3)%		(7,404,465	)
		Net Assets—100.0%	$	173,156,061

Abbreviations:

ADR—American Depositary Receipt

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 April 30, 2019.

^(d)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2M.

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

49

Schedule of Investments^(a)

Invesco S&P 500 BuyWrite ETF (PBP)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—102.0%(b)
		Communication Services—10.5%
	10,176	Activision Blizzard, Inc.	$	490,585
	3,988	Alphabet, Inc., Class A(c)		4,781,452
	4,095	Alphabet, Inc., Class C(c)		4,866,826
	97,048	AT&T, Inc.		3,004,606
	4,632	CBS Corp., Class B		237,483
	12,669	CenturyLink, Inc.		144,680
	2,311	Charter Communications, Inc., Class A(c)		857,820
	60,171	Comcast Corp., Class A		2,619,244
	2,092	Discovery, Inc., Class A(c)		64,643
	4,802	Discovery, Inc., Class C(c)		138,105
	3,057	DISH Network Corp., Class A(c)		107,362
	3,992	Electronic Arts, Inc.(c)		377,843
	31,781	Facebook, Inc., Class A(c)		6,146,445
	4,700	Fox Corp., Class A(c)		183,253
	2,162	Fox Corp., Class B(c)		83,237
	5,128	Interpublic Group of Cos., Inc. (The)		117,944
	5,817	Netflix, Inc.(c)		2,155,431
	5,133	News Corp., Class A		63,752
	1,649	News Corp., Class B		20,596
	2,980	Omnicom Group, Inc.		238,489
	1,508	Take-Two Interactive Software, Inc.(c)		146,020
	1,369	TripAdvisor, Inc.(c)		72,872
	9,706	Twitter, Inc.(c)		387,366
	55,048	Verizon Communications, Inc.		3,148,195
	4,712	Viacom, Inc., Class B		136,224
	23,264	Walt Disney Co. (The)		3,186,470
				33,776,943
		Consumer Discretionary—10.5%
	954	Advance Auto Parts, Inc.		158,669
	5,497	Amazon.com, Inc.(c)		10,590,080
	3,464	Aptiv PLC		296,865
	333	AutoZone, Inc.(c)		342,427
	3,119	Best Buy Co., Inc.		232,085
	600	Booking Holdings, Inc.(c)		1,112,994
	2,767	BorgWarner, Inc.		115,578
	2,033	Capri Holdings Ltd.(c)		89,615
	2,266	CarMax, Inc.(c)		176,431
	5,335	Carnival Corp.		292,678
	325	Chipotle Mexican Grill, Inc.(c)		223,613
	4,527	D.R. Horton, Inc.		200,591
	1,645	Darden Restaurants, Inc.		193,452
	3,502	Dollar General Corp.		441,567
	3,171	Dollar Tree, Inc.(c)		352,869
	11,457	eBay, Inc.		443,959
	1,558	Expedia Group, Inc.		202,291
	1,504	Foot Locker, Inc.		86,044
	52,060	Ford Motor Co.		544,027
	2,845	Gap, Inc. (The)		74,198
	1,616	Garmin Ltd.		138,556
	17,464	General Motors Co.		680,223
	1,944	Genuine Parts Co.		199,338
	2,738	H&R Block, Inc.		74,501
	4,815	Hanesbrands, Inc.		87,007
	2,125	Harley-Davidson, Inc.		79,114
	1,542	Hasbro, Inc.		157,068
	3,902	Hilton Worldwide Holdings, Inc.		339,435
	15,048	Home Depot, Inc. (The)		3,065,278

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	2,200	Kohl’s Corp.	$	156,420
	3,042	L Brands, Inc.		77,997
	1,746	Leggett & Platt, Inc.		68,722
	3,810	Lennar Corp., Class A		198,234
	4,194	LKQ Corp.(c)		126,239
	10,671	Lowe’s Cos., Inc.		1,207,317
	4,097	Macy’s, Inc.		96,443
	3,756	Marriott International, Inc., Class A		512,393
	4,602	Mattel, Inc.(c)		56,098
	10,196	McDonald’s Corp.		2,014,424
	6,796	MGM Resorts International		180,977
	819	Mohawk Industries, Inc.(c)		111,589
	5,182	Newell Brands, Inc.		74,517
	16,770	NIKE, Inc., Class B		1,472,909
	1,428	Nordstrom, Inc.		58,577
	2,900	Norwegian Cruise Line Holdings Ltd.(c)		163,531
	1,044	O’Reilly Automotive, Inc.(c)		395,227
	3,397	PulteGroup, Inc.		106,870
	1,009	PVH Corp.		130,151
	703	Ralph Lauren Corp.		92,501
	4,937	Ross Stores, Inc.		482,147
	2,285	Royal Caribbean Cruises Ltd.		276,348
	16,568	Starbucks Corp.		1,287,002
	3,863	Tapestry, Inc.		124,659
	6,952	Target Corp.		538,224
	1,445	Tiffany & Co.		155,800
	16,487	TJX Cos., Inc. (The)		904,807
	1,616	Tractor Supply Co.		167,256
	750	Ulta Beauty, Inc.(c)		261,735
	2,501	Under Armour, Inc., Class A(c)		57,748
	2,565	Under Armour, Inc., Class C(c)		53,147
	4,321	VF Corp.		407,946
	847	Whirlpool Corp.		117,580
	1,290	Wynn Resorts Ltd.		186,340
	4,082	Yum! Brands, Inc.		426,120
				33,738,548
		Consumer Staples—7.4%
	24,972	Altria Group, Inc.		1,356,729
	7,462	Archer-Daniels-Midland Co.		332,805
	2,215	Brown-Forman Corp., Class B		118,037
	2,567	Campbell Soup Co.		99,317
	3,276	Church & Dwight Co., Inc.		245,536
	1,708	Clorox Co. (The)		272,819
	51,262	Coca-Cola Co. (The)		2,514,914
	11,480	Colgate-Palmolive Co.		835,629
	6,470	Conagra Brands, Inc.		199,147
	2,218	Constellation Brands, Inc., Class A		469,484
	5,868	Costco Wholesale Corp.		1,440,770
	6,005	Coty, Inc., Class A		64,974
	2,908	Estee Lauder Cos., Inc. (The), Class A		499,623
	7,950	General Mills, Inc.		409,187
	1,852	Hershey Co. (The)		231,222
	3,632	Hormel Foods Corp.		145,062
	1,516	JM Smucker Co. (The)		185,907
	3,345	Kellogg Co.		201,704
	4,588	Kimberly-Clark Corp.		589,007

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

50

Invesco S&P 500 BuyWrite ETF (PBP)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Staples (continued)
	8,285	Kraft Heinz Co. (The)	$	275,393
	10,628	Kroger Co. (The)		273,990
	1,951	Lamb Weston Holdings, Inc.		136,668
	1,633	McCormick & Co., Inc.		251,433
	2,500	Molson Coors Brewing Co., Class B		160,475
	19,240	Mondelez International, Inc., Class A		978,354
	5,210	Monster Beverage Corp.(c)		310,516
	18,713	PepsiCo, Inc.		2,396,200
	20,710	Philip Morris International, Inc.		1,792,658
	33,327	Procter & Gamble Co. (The)		3,548,659
	6,293	Sysco Corp.		442,838
	3,933	Tyson Foods, Inc., Class A		295,014
	10,683	Walgreens Boots Alliance, Inc.		572,288
	18,965	Walmart, Inc.		1,950,361
				23,596,720
		Energy—5.3%
	6,656	Anadarko Petroleum Corp.		484,890
	5,001	Apache Corp.		164,583
	6,840	Baker Hughes a GE Co.		164,297
	5,640	Cabot Oil & Gas Corp.		146,020
	25,314	Chevron Corp.		3,039,199
	1,352	Cimarex Energy Co.		92,828
	2,672	Concho Resources, Inc.		308,295
	15,113	ConocoPhillips		953,933
	5,839	Devon Energy Corp.		187,666
	2,059	Diamondback Energy, Inc.		219,057
	7,728	EOG Resources, Inc.		742,274
	56,447	Exxon Mobil Corp.		4,531,565
	11,625	Halliburton Co.		329,336
	1,458	Helmerich & Payne, Inc.		85,322
	3,391	Hess Corp.		217,431
	2,093	HollyFrontier Corp.		99,899
	25,936	Kinder Morgan, Inc.		515,348
	10,905	Marathon Oil Corp.		185,821
	8,975	Marathon Petroleum Corp.		546,308
	5,108	National Oilwell Varco, Inc.		133,523
	6,443	Noble Energy, Inc.		174,348
	9,986	Occidental Petroleum Corp.		587,976
	5,483	ONEOK, Inc.		372,460
	5,589	Phillips 66		526,875
	2,243	Pioneer Natural Resources Co.		373,370
	18,465	Schlumberger Ltd.		788,086
	5,668	TechnipFMC PLC (United Kingdom)		139,376
	5,564	Valero Energy Corp.		504,432
	16,133	Williams Cos., Inc. (The)		457,048
				17,071,566
		Financials—13.6%
	694	Affiliated Managers Group, Inc.		76,978
	9,997	Aflac, Inc.		503,649
	4,423	Allstate Corp. (The)		438,142
	9,213	American Express Co.		1,080,040
	11,584	American International Group, Inc.		551,051
	1,805	Ameriprise Financial, Inc.		264,920
	3,197	Aon PLC		575,908
	2,452	Arthur J. Gallagher & Co.		205,036

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	822	Assurant, Inc.	$	78,090
	119,671	Bank of America Corp.		3,659,539
	11,703	Bank of New York Mellon Corp. (The)		581,171
	10,174	BB&T Corp.		520,909
	25,906	Berkshire Hathaway, Inc., Class B(c)		5,614,089
	1,621	BlackRock, Inc.		786,574
	6,233	Capital One Financial Corp.		578,609
	1,494	Cboe Global Markets, Inc.		151,805
	15,804	Charles Schwab Corp. (The)		723,507
	6,107	Chubb Ltd.		886,736
	2,019	Cincinnati Financial Corp.		194,187
	31,328	Citigroup, Inc.		2,214,890
	6,133	Citizens Financial Group, Inc.		222,015
	4,766	CME Group, Inc.		852,637
	2,118	Comerica, Inc.		166,454
	4,375	Discover Financial Services		356,519
	3,281	E*TRADE Financial Corp.		166,215
	542	Everest Re Group Ltd.		127,641
	10,255	Fifth Third Bancorp		295,549
	2,195	First Republic Bank		231,836
	3,937	Franklin Resources, Inc.		136,181
	4,563	Goldman Sachs Group, Inc. (The)		939,613
	4,789	Hartford Financial Services Group, Inc. (The)		250,513
	13,946	Huntington Bancshares, Inc.		194,128
	7,574	Intercontinental Exchange, Inc.		616,145
	5,290	Invesco Ltd.(d)		116,221
	3,503	Jefferies Financial Group, Inc.		72,057
	43,621	JPMorgan Chase & Co.		5,062,217
	13,440	KeyCorp		235,872
	2,722	Lincoln National Corp.		181,612
	3,650	Loews Corp.		187,209
	1,845	M&T Bank Corp.		313,779
	6,729	Marsh & McLennan Cos., Inc.		634,477
	12,753	MetLife, Inc.		588,296
	2,213	Moody’s Corp.		435,120
	17,302	Morgan Stanley		834,822
	1,123	MSCI, Inc.		253,102
	1,543	Nasdaq, Inc.		142,265
	2,910	Northern Trust Corp.		286,781
	5,239	People’s United Financial, Inc.		90,582
	6,043	PNC Financial Services Group, Inc. (The)		827,468
	3,448	Principal Financial Group, Inc.		197,088
	7,779	Progressive Corp. (The)		607,929
	5,449	Prudential Financial, Inc.		576,014
	1,692	Raymond James Financial, Inc.		154,936
	13,559	Regions Financial Corp.		210,571
	3,312	S&P Global, Inc.		730,826
	5,044	State Street Corp.		341,277
	5,905	SunTrust Banks, Inc.		386,659
	701	SVB Financial Group(c)		176,456
	8,701	Synchrony Financial		301,664
	3,148	T. Rowe Price Group, Inc.		338,410
	1,351	Torchmark Corp.		118,429
	3,509	Travelers Cos., Inc. (The)		504,419
	2,859	Unum Group		105,554
	20,045	US Bancorp		1,068,799

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

51

Invesco S&P 500 BuyWrite ETF (PBP)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	54,549	Wells Fargo & Co.	$	2,640,717
	1,720	Willis Towers Watson PLC		317,065
	2,480	Zions Bancorp NA		122,338
				43,402,307
		Health Care—13.9%
	23,399	Abbott Laboratories		1,861,624
	19,652	AbbVie, Inc.		1,560,172
	601	ABIOMED, Inc.(c)		166,723
	4,231	Agilent Technologies, Inc.		332,134
	2,977	Alexion Pharmaceuticals, Inc.(c)		405,259
	970	Align Technology, Inc.(c)		314,940
	4,166	Allergan PLC		612,402
	2,081	AmerisourceBergen Corp.		155,576
	8,290	Amgen, Inc.		1,486,563
	3,424	Anthem, Inc.		900,615
	6,351	Baxter International, Inc.		484,581
	3,584	Becton, Dickinson and Co.		862,812
	2,621	Biogen, Inc.(c)		600,838
	18,465	Boston Scientific Corp.(c)		685,421
	21,751	Bristol-Myers Squibb Co.		1,009,899
	3,971	Cardinal Health, Inc.		193,427
	9,357	Celgene Corp.(c)		885,734
	5,504	Centene Corp.(c)		283,786
	4,321	Cerner Corp.(c)		287,130
	5,064	Cigna Corp.		804,366
	657	Cooper Cos., Inc. (The)		190,477
	17,281	CVS Health Corp.		939,741
	8,371	Danaher Corp.		1,108,655
	1,684	DaVita, Inc.(c)		93,024
	2,965	DENTSPLY SIRONA, Inc.		151,600
	2,768	Edwards Lifesciences Corp.(c)		487,362
	11,506	Eli Lilly & Co.		1,346,662
	16,993	Gilead Sciences, Inc.		1,105,225
	3,558	HCA Healthcare, Inc.		452,684
	2,017	Henry Schein, Inc.(c)		129,209
	3,567	Hologic, Inc.(c)		165,438
	1,806	Humana, Inc.		461,271
	1,146	IDEXX Laboratories, Inc.(c)		265,872
	1,958	Illumina, Inc.(c)		610,896
	2,367	Incyte Corp.(c)		181,786
	1,526	Intuitive Surgical, Inc.(c)		779,221
	2,108	IQVIA Holdings, Inc.(c)		292,801
	35,479	Johnson & Johnson		5,009,635
	1,313	Laboratory Corp. of America Holdings(c)		209,975
	2,556	McKesson Corp.		304,803
	17,867	Medtronic PLC		1,586,768
	34,389	Merck & Co., Inc.		2,706,758
	331	Mettler-Toledo International, Inc.(c)		246,681
	6,869	Mylan NV(c)		185,394
	2,319	Nektar Therapeutics(c)		74,254
	1,476	PerkinElmer, Inc.		141,460
	1,665	Perrigo Co. PLC		79,787
	73,964	Pfizer, Inc.		3,003,678
	1,789	Quest Diagnostics, Inc.		172,424
	1,044	Regeneron Pharmaceuticals, Inc.(c)		358,238
	1,909	ResMed, Inc.		199,510

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	4,121	Stryker Corp.	$	778,498
	613	Teleflex, Inc.		175,428
	5,363	Thermo Fisher Scientific, Inc.		1,487,964
	12,783	UnitedHealth Group, Inc.		2,979,334
	1,113	Universal Health Services, Inc., Class B		141,206
	1,209	Varian Medical Systems, Inc.(c)		164,630
	3,406	Vertex Pharmaceuticals, Inc.(c)		575,546
	952	Waters Corp.(c)		203,290
	666	WellCare Health Plans, Inc.(c)		172,061
	2,724	Zimmer Biomet Holdings, Inc.		335,488
	6,378	Zoetis, Inc.		649,536
				44,598,272
		Industrials—9.7%
	7,671	3M Co.		1,453,731
	1,889	A.O. Smith Corp.		99,305
	1,640	Alaska Air Group, Inc.		101,516
	1,259	Allegion PLC		124,931
	5,324	American Airlines Group, Inc.		181,974
	3,026	AMETEK, Inc.		266,802
	5,372	Arconic, Inc.		115,391
	7,000	Boeing Co. (The)		2,643,830
	1,823	C.H. Robinson Worldwide, Inc.		147,663
	7,667	Caterpillar, Inc.		1,068,933
	1,128	Cintas Corp.		244,934
	2,675	Copart, Inc.(c)		180,081
	10,323	CSX Corp.		822,020
	1,928	Cummins, Inc.		320,607
	4,244	Deere & Co.		702,934
	8,231	Delta Air Lines, Inc.		479,785
	1,931	Dover Corp.		189,315
	5,643	Eaton Corp. PLC		467,353
	8,188	Emerson Electric Co.		581,266
	1,608	Equifax, Inc.		202,528
	2,287	Expeditors International of Washington, Inc.		181,634
	3,812	Fastenal Co.		268,937
	3,199	FedEx Corp.		606,083
	1,745	Flowserve Corp.		85,557
	1,859	Fluor Corp.		73,858
	3,923	Fortive Corp.		338,712
	1,873	Fortune Brands Home & Security, Inc.		98,857
	3,610	General Dynamics Corp.		645,179
	115,973	General Electric Co.		1,179,445
	1,571	Harris Corp.		264,714
	9,714	Honeywell International, Inc.		1,686,642
	553	Huntington Ingalls Industries, Inc.		123,087
	4,842	IHS Markit Ltd.(c)		277,253
	4,021	Illinois Tool Works, Inc.		625,788
	3,226	Ingersoll-Rand PLC		395,540
	1,159	J.B. Hunt Transport Services, Inc.		109,502
	1,561	Jacobs Engineering Group, Inc.		121,664
	12,159	Johnson Controls International PLC		455,963
	1,345	Kansas City Southern		165,623
	1,057	L3 Technologies, Inc.		231,039
	3,275	Lockheed Martin Corp.		1,091,656
	3,923	Masco Corp.		153,232
	4,735	Nielsen Holdings PLC		120,885

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

52

Invesco S&P 500 BuyWrite ETF (PBP)(continued)

April 30, 2019

Number of Shares				Value
			Common Stocks & Other Equity Interests (continued)
			Industrials (continued)
	3,563		Norfolk Southern Corp.	$	726,923
	2,261		Northrop Grumman Corp.		655,487
	4,619		PACCAR, Inc.		331,044
	1,724		Parker-Hannifin Corp.		312,182
	2,100		Pentair PLC		81,879
	1,884		Quanta Services, Inc.		76,490
	3,760		Raytheon Co.		667,738
	2,871		Republic Services, Inc.		237,776
	1,586		Robert Half International, Inc.		98,475
	1,592		Rockwell Automation, Inc.		287,690
	1,964		Rollins, Inc.		75,948
	1,380		Roper Technologies, Inc.		496,386
	741		Snap-on, Inc.		124,695
	6,627		Southwest Airlines Co.		359,382
	2,016		Stanley Black & Decker, Inc.		295,546
	3,126		Textron, Inc.		165,678
	648		TransDigm Group, Inc.(c)		312,673
	9,631		Union Pacific Corp.		1,705,072
	2,985		United Continental Holdings, Inc.(c)		265,247
	9,272		United Parcel Service, Inc., Class B		984,872
	1,061		United Rentals, Inc.(c)		149,516
	10,800		United Technologies Corp.		1,540,188
	2,178		Verisk Analytics, Inc.		307,403
	601		W.W. Grainger, Inc.		169,482
	1,860		Wabtec Corp.		137,770
	5,194		Waste Management, Inc.		557,524
	2,392		Xylem, Inc.		199,493
					31,018,308
			Information Technology—22.1%
	8,492	��	Accenture PLC, Class A		1,551,234
	6,497		Adobe, Inc.(c)		1,879,257
	11,737		Advanced Micro Devices, Inc.(c)		324,293
	2,175		Akamai Technologies, Inc.(c)		174,131
	608		Alliance Data Systems Corp.		97,341
	3,972		Amphenol Corp., Class A		395,452
	4,907		Analog Devices, Inc.		570,390
	1,116		ANSYS, Inc.(c)		218,513
	59,678		Apple, Inc.		11,975,584
	12,648		Applied Materials, Inc.		557,397
	697		Arista Networks, Inc.(c)		217,666
	2,918		Autodesk, Inc.(c)		520,017
	5,804		Automatic Data Processing, Inc.		954,120
	5,277		Broadcom, Inc.		1,680,197
	1,541		Broadridge Financial Solutions, Inc.		182,038
	3,735		Cadence Design Systems, Inc.(c)		259,134
	58,646		Cisco Systems, Inc.		3,281,244
	1,667		Citrix Systems, Inc.		168,300
	7,662		Cognizant Technology Solutions Corp., Class A		559,020
	10,482		Corning, Inc.		333,852
	3,574		DXC Technology Co.		234,955
	792		F5 Networks, Inc.(c)		124,265
	4,302		Fidelity National Information Services, Inc.		498,731
	5,217		Fiserv, Inc.(c)		455,131
	1,144		FleetCor Technologies, Inc.(c)		298,527
	1,805		FLIR Systems, Inc.		95,557
	1,932		Fortinet, Inc.(c)		180,487

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	1,195	Gartner, Inc.(c)	$	189,969
	2,100	Global Payments, Inc.		306,747
	18,344	Hewlett Packard Enterprise Co.		290,019
	20,430	HP, Inc.		407,579
	59,911	Intel Corp.		3,057,857
	11,855	International Business Machines Corp.		1,662,901
	3,452	Intuit, Inc.		866,659
	473	IPG Photonics Corp.(c)		82,647
	1,028	Jack Henry & Associates, Inc.		153,234
	4,635	Juniper Networks, Inc.		128,714
	2,501	Keysight Technologies, Inc.(c)		217,662
	2,201	KLA-Tencor Corp.		280,583
	2,033	Lam Research Corp.		421,705
	12,026	Mastercard, Inc., Class A		3,057,490
	3,642	Maxim Integrated Products, Inc.		218,520
	3,157	Microchip Technology, Inc.		315,353
	14,935	Micron Technology, Inc.(c)		628,166
	102,212	Microsoft Corp.		13,348,887
	2,183	Motorola Solutions, Inc.		316,339
	3,290	NetApp, Inc.		239,677
	8,074	NVIDIA Corp.		1,461,394
	33,948	Oracle Corp.		1,878,343
	4,258	Paychex, Inc.		358,992
	15,630	PayPal Holdings, Inc.(c)		1,762,595
	1,636	Qorvo, Inc.(c)		123,698
	16,124	QUALCOMM, Inc.		1,388,760
	2,355	Red Hat, Inc.(c)		429,858
	10,192	salesforce.com, Inc.(c)		1,685,247
	3,415	Seagate Technology PLC		165,013
	2,319	Skyworks Solutions, Inc.		204,489
	8,515	Symantec Corp.		206,148
	1,994	Synopsys, Inc.(c)		241,434
	4,515	TE Connectivity Ltd.		431,860
	12,503	Texas Instruments, Inc.		1,473,228
	2,169	Total System Services, Inc.		221,759
	1,403	VeriSign, Inc.(c)		277,022
	23,317	Visa, Inc., Class A		3,834,014
	3,875	Western Digital Corp.		198,090
	5,807	Western Union Co. (The)		112,888
	2,662	Xerox Corp.		88,804
	3,373	Xilinx, Inc.		405,232
				70,926,409
		Materials—2.7%
	2,926	Air Products & Chemicals, Inc.		602,141
	1,408	Albemarle Corp.		105,684
	1,119	Avery Dennison Corp.		123,817
	4,454	Ball Corp.		266,973
	1,707	Celanese Corp.		184,168
	2,970	CF Industries Holdings, Inc.		132,997
	10,013	Dow, Inc.(c)		568,037
	30,039	DowDuPont, Inc.		1,155,000
	1,862	Eastman Chemical Co.		146,875
	3,375	Ecolab, Inc.		621,270
	1,794	FMC Corp.		141,834
	19,305	Freeport-McMoRan, Inc.		237,645
	1,350	International Flavors & Fragrances, Inc.		186,016

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

53

Invesco S&P 500 BuyWrite ETF (PBP)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	5,333	International Paper Co.	$	249,638
	7,342	Linde PLC (United Kingdom)		1,323,469
	4,055	LyondellBasell Industries NV, Class A		357,773
	832	Martin Marietta Materials, Inc.		184,621
	4,725	Mosaic Co. (The)		123,370
	10,888	Newmont Goldcorp Corp.		338,181
	4,069	Nucor Corp.		232,218
	1,259	Packaging Corp. of America		124,842
	3,142	PPG Industries, Inc.		369,185
	2,074	Sealed Air Corp.		96,690
	1,087	Sherwin-Williams Co. (The)		494,400
	1,756	Vulcan Materials Co.		221,449
	3,402	WestRock Co.		130,569
				8,718,862
		Real Estate—3.0%
	1,501	Alexandria Real Estate Equities, Inc. REIT		213,727
	5,877	American Tower Corp. REIT		1,147,778
	2,071	Apartment Investment & Management Co., Class A REIT		102,225
	1,845	AvalonBay Communities, Inc. REIT		370,716
	2,059	Boston Properties, Inc. REIT		283,360
	4,161	CBRE Group, Inc., Class A(c)		216,663
	5,537	Crown Castle International Corp. REIT		696,444
	2,768	Digital Realty Trust, Inc. REIT		325,821
	4,786	Duke Realty Corp. REIT		148,940
	1,110	Equinix, Inc. REIT		504,717
	4,928	Equity Residential REIT		376,598
	876	Essex Property Trust, Inc. REIT		247,470
	1,696	Extra Space Storage, Inc. REIT		175,858
	991	Federal Realty Investment Trust REIT		132,645
	6,365	HCP, Inc. REIT		189,550
	9,865	Host Hotels & Resorts, Inc. REIT		189,803
	3,815	Iron Mountain, Inc. REIT		123,911
	5,614	Kimco Realty Corp. REIT		97,628
	1,410	Macerich Co. (The) REIT		56,597
	1,518	Mid-America Apartment Communities, Inc. REIT		166,084
	8,398	Prologis, Inc. REIT		643,875
	1,999	Public Storage REIT		442,139
	4,047	Realty Income Corp. REIT		283,331
	2,231	Regency Centers Corp. REIT		149,856
	1,499	SBA Communications Corp. REIT(c)		305,391
	4,116	Simon Property Group, Inc. REIT		714,949
	1,115	SL Green Realty Corp. REIT		98,499
	3,672	UDR, Inc. REIT		165,056
	4,745	Ventas, Inc. REIT		289,967
	2,310	Vornado Realty Trust REIT		159,713
	5,148	Welltower, Inc. REIT		383,681
	9,945	Weyerhaeuser Co. REIT		266,526
				9,669,518
		Utilities—3.3%
	8,824	AES Corp.		151,067
	3,146	Alliant Energy Corp.		148,586
	3,259	Ameren Corp.		237,157
	6,572	American Electric Power Co., Inc.		562,235

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities (continued)
	2,408	American Water Works Co., Inc.	$	260,522
	1,557	Atmos Energy Corp.		159,343
	6,677	CenterPoint Energy, Inc.		206,987
	3,775	CMS Energy Corp.		209,701
	4,278	Consolidated Edison, Inc.		368,593
	10,649	Dominion Energy, Inc.		829,238
	2,424	DTE Energy Co.		304,721
	9,685	Duke Energy Corp.		882,497
	4,341	Edison International		276,826
	2,526	Entergy Corp.		244,769
	3,392	Evergy, Inc.		196,125
	4,223	Eversource Energy		302,620
	12,920	Exelon Corp.		658,274
	6,710	FirstEnergy Corp.		282,021
	6,370	NextEra Energy, Inc.		1,238,583
	4,962	NiSource, Inc.		137,844
	3,743	NRG Energy, Inc.		154,099
	1,494	Pinnacle West Capital Corp.		142,333
	9,604	PPL Corp.		299,741
	6,734	Public Service Enterprise Group, Inc.		401,683
	3,651	Sempra Energy		467,146
	13,783	Southern Co. (The)		733,531
	4,202	WEC Energy Group, Inc.		329,563
	6,850	Xcel Energy, Inc.		387,025
				10,572,830
		Total Investments in Securities (Cost $257,093,108)—102.0%		327,090,283
		Other assets less liabilities—(2.0)%		(6,312,612	)
		Net Assets—100.0%	$	320,777,671

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)  A portion of the securities in the Fund are subject to covered call options written. See Note 2K and Note 6.

^(c)  Non-income producing security.

^(d)  Affiliated company. See Note 4.

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

54

Invesco S&P 500 BuyWrite ETF (PBP)(continued)

April 30, 2019

Open Exchange-Traded Index Options Written
Description	Type of Contract	Expiration Date	Number of Contracts		Exercise Price	Premiums Received			Notional Value*		Value			Unrealized Appreciation (Depreciation)
Equity Risk
S&P 500 Index	Call	05/17/2019		1,109	$2,900	$	(3,786,538	)	$	321,610,000	$	(6,332,390	)	$	(2,545,852	)

* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

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

55

Schedule of Investments^(a)

Invesco S&P 500^® Quality ETF (SPHQ)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Communication Services—5.9%
	215,921	Activision Blizzard, Inc.	$	10,409,551
	119,091	Electronic Arts, Inc.(b)		11,271,963
	58,985	Omnicom Group, Inc.		4,720,570
	26,854	TripAdvisor, Inc.(b)		1,429,439
	155,987	Twitter, Inc.(b)		6,225,441
	387,358	Walt Disney Co. (The)		53,056,425
				87,113,389
		Consumer Discretionary—10.1%
	67,597	Aptiv PLC		5,793,063
	73,349	Best Buy Co., Inc.		5,457,899
	7,097	Chipotle Mexican Grill, Inc.(b)		4,883,020
	33,250	Darden Restaurants, Inc.		3,910,200
	70,627	Dollar General Corp.		8,905,358
	31,974	Foot Locker, Inc.		1,829,232
	53,949	Gap, Inc. (The)		1,406,990
	30,159	Hasbro, Inc.		3,071,996
	78,375	Macy’s, Inc.		1,844,947
	442,058	NIKE, Inc., Class B		38,825,954
	15,598	Ralph Lauren Corp.		2,052,385
	127,801	Ross Stores, Inc.		12,481,046
	306,270	Starbucks Corp.		23,791,054
	131,595	Target Corp.		10,188,085
	370,027	TJX Cos., Inc. (The)		20,307,082
	34,521	Tractor Supply Co.		3,572,923
				148,321,234
		Consumer Staples—9.8%
	531,389	Altria Group, Inc.		28,870,364
	41,791	Brown-Forman Corp., Class B		2,227,042
	106,824	Costco Wholesale Corp.		26,228,497
	65,484	Estee Lauder Cos., Inc. (The), Class A		11,250,806
	33,905	Hershey Co. (The)		4,233,039
	100,631	Monster Beverage Corp.(b)		5,997,608
	607,364	Procter & Gamble Co. (The)		64,672,119
				143,479,475
		Energy—6.7%
	476,656	Chevron Corp.		57,227,319
	388,660	ConocoPhillips		24,532,219
	278,614	Marathon Oil Corp.		4,747,583
	204,899	Occidental Petroleum Corp.		12,064,453
				98,571,574
		Financials—4.3%
	14,392	Affiliated Managers Group, Inc.		1,596,361
	46,759	Ameriprise Financial, Inc.		6,862,818
	61,322	Aon PLC		11,046,545
	84,698	CME Group, Inc.		15,152,472
	10,195	Everest Re Group Ltd.		2,400,923
	110,719	Franklin Resources, Inc.		3,829,770
	67,682	S&P Global, Inc.		14,934,710
	67,578	T. Rowe Price Group, Inc.		7,264,635
				63,088,234
		Health Care—10.4%
	18,772	Align Technology, Inc.(b)		6,094,893
	51,683	Biogen, Inc.(b)		11,847,811
	495,624	Bristol-Myers Squibb Co.		23,011,822

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	35,465	Humana, Inc.	$	9,058,115
	35,057	Intuitive Surgical, Inc.(b)		17,901,156
	667,652	Merck & Co., Inc.		52,550,889
	6,941	Mettler-Toledo International, Inc.(b)		5,172,850
	49,198	Nektar Therapeutics(b)		1,575,320
	36,263	Perrigo Co. PLC		1,737,723
	36,387	ResMed, Inc.		3,802,805
	25,029	Varian Medical Systems, Inc.(b)		3,408,199
	71,496	Vertex Pharmaceuticals, Inc.(b)		12,081,394
	18,539	WellCare Health Plans, Inc.(b)		4,789,551
				153,032,528
		Industrials—8.1%
	34,993	C.H. Robinson Worldwide, Inc.		2,834,433
	51,266	Copart, Inc.(b)		3,451,227
	208,593	CSX Corp.		16,610,261
	50,118	Expeditors International of Washington, Inc.		3,980,372
	83,506	Fastenal Co.		5,891,348
	12,126	Huntington Ingalls Industries, Inc.		2,699,005
	79,188	Illinois Tool Works, Inc.		12,324,028
	236,602	Johnson Controls International PLC		8,872,575
	58,501	Pentair PLC		2,280,954
	75,937	Raytheon Co.		13,485,652
	38,929	Robert Half International, Inc.		2,417,102
	37,485	Rockwell Automation, Inc.		6,773,914
	192,094	Union Pacific Corp.		34,008,322
	13,040	W.W. Grainger, Inc.		3,677,280
				119,306,473
		Information Technology—42.6%
	166,176	Accenture PLC, Class A		30,355,370
	115,637	Adobe, Inc.(b)		33,448,002
	18,186	ANSYS, Inc.(b)		3,560,819
	338,302	Apple, Inc.		67,887,062
	282,028	Applied Materials, Inc.		12,428,974
	103,021	Automatic Data Processing, Inc.		16,935,622
	103,412	Broadcom, Inc.		32,926,381
	25,535	Broadridge Financial Solutions, Inc.		3,016,450
	1,152,004	Cisco Systems, Inc.		64,454,624
	26,195	Citrix Systems, Inc.		2,644,647
	122,667	Cognizant Technology Solutions Corp., Class A		8,949,784
	28,568	FLIR Systems, Inc.		1,512,390
	349,702	Hewlett Packard Enterprise Co.		5,528,789
	70,829	Intuit, Inc.		17,782,329
	47,479	KLA-Tencor Corp.		6,052,623
	60,045	Lam Research Corp.		12,455,134
	236,105	Mastercard, Inc., Class A		60,027,335
	253,759	Micron Technology, Inc.(b)		10,673,104
	524,466	Microsoft Corp.		68,495,260
	69,824	NetApp, Inc.		5,086,678
	207,679	NVIDIA Corp.		37,589,899
	89,430	Paychex, Inc.		7,539,843
	26,959	Qorvo, Inc.(b)		2,038,370
	54,902	Red Hat, Inc.(b)		10,021,262
	249,410	Texas Instruments, Inc.		29,387,980
	396,432	Visa, Inc., Class A		65,185,314

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

56

Invesco S&P 500^® Quality ETF (SPHQ)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	77,682	Xilinx, Inc.	$	9,332,715
				625,316,760
		Materials—0.9%
	411,334	Freeport-McMoRan, Inc.		5,063,522
	95,740	LyondellBasell Industries NV, Class A		8,447,140
				13,510,662
		Real Estate—1.1%
	40,618	Apartment Investment & Management Co., Class A REIT		2,004,905
	41,466	Public Storage REIT		9,171,450
	196,179	Weyerhaeuser Co. REIT		5,257,597
				16,433,952
		Total Common Stocks & Other Equity Interests (Cost $1,251,872,809)		1,468,174,281
		Money Market Funds—0.1%
	1,596,170	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(c) (Cost $1,596,170)		1,596,170
		Total Investments in Securities (Cost $1,253,468,979)—100.0%		1,469,770,451
		Other assets less liabilities—0.0%		14,667
		Net Assets—100.0%	$	1,469,785,118

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)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

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

57

Schedule of Investments^(a)

Invesco S&P Spin-Off ETF (CSD)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—9.1%
	3,399	Cable One, Inc.	$	3,604,741
	42,489	Cars.com, Inc.(b)		884,196
	78,438	Gannett Co., Inc.		731,827
	82,299	Liberty Latin America Ltd., Class C (Chile)(b)		1,715,111
	11,860	Madison Square Garden Co. (The), Class A(b)		3,705,538
	79,779	Zillow Group, Inc., Class C(b)(c)		2,664,619
				13,306,032
		Consumer Discretionary—12.2%
	59,607	Adient PLC		1,376,922
	60,639	Delphi Technologies PLC		1,341,941
	57,930	frontdoor, Inc.(b)		2,041,453
	50,721	Garrett Motion, Inc. (Switzerland)(b)		953,555
	66,406	Hilton Grand Vacations, Inc.(b)		2,127,648
	37,344	Liberty Expedia Holdings, Inc., Class A(b)		1,733,508
	72,860	Penn National Gaming, Inc.(b)		1,578,876
	23,824	TopBuild Corp.(b)		1,696,984
	59,681	Veoneer, Inc. (Sweden)(b)(c)		1,317,160
	67,079	Wyndham Hotels & Resorts, Inc.		3,737,642
				17,905,689
		Consumer Staples—6.2%
	43,572	Energizer Holdings, Inc.		2,086,663
	100,384	Lamb Weston Holdings, Inc.		7,031,899
				9,118,562
		Energy—3.7%
	53,007	Apergy Corp.(b)		2,103,848
	139,390	Equitrans Midstream Corp.		2,903,494
	15,324	KLX Energy Services Holdings, Inc.(b)		429,838
				5,437,180
		Financials—10.2%
	79,949	Brighthouse Financial, Inc.(b)		3,341,069
	335,571	Synchrony Financial		11,634,246
				14,975,315
		Health Care—2.1%
	65,528	Covetrus, Inc.(b)		2,153,905
	26,122	Varex Imaging Corp.(b)		857,847
				3,011,752
		Industrials—13.8%
	33,327	Arcosa, Inc.		1,037,470
	115,836	Babcock & Wilcox Enterprises, Inc.(b)		40,438
	126,966	Fortive Corp.		10,962,244
	37,385	Hertz Global Holdings, Inc.(b)		679,659
	110,513	nVent Electric PLC		3,088,838
	84,264	Resideo Technologies, Inc.(b)		1,912,793
	29,158	SPX FLOW, Inc.(b)		1,047,939
	89,381	Welbilt, Inc.(b)(c)		1,504,282
				20,273,663
		Information Technology—20.3%
	125,965	Conduent, Inc.(b)		1,616,131
	671,346	Hewlett Packard Enterprise Co.		10,613,980
	101,598	PayPal Holdings, Inc.(b)		11,457,207
	96,370	Perspecta, Inc.		2,224,220
	74,768	Versum Materials, Inc.		3,901,394
				29,812,932

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials—15.9%
	127,796	Alcoa Corp.(b)	$	3,409,597
	114,462	Chemours Co. (The)		4,121,777
	196,065	Dow, Inc.(b)		11,122,768
	49,451	GCP Applied Technologies, Inc.(b)		1,423,694
	28,520	Ingevity Corp.(b)		3,280,085
				23,357,921
		Real Estate—6.5%
	27,388	CorePoint Lodging, Inc. REIT		342,350
	81,885	JBG SMITH Properties REIT		3,484,207
	137,882	Park Hotels & Resorts, Inc. REIT		4,423,255
	122,648	Uniti Group, Inc. REIT		1,347,901
				9,597,713
		Total Common Stocks & Other Equity Interests (Cost $135,861,656)		146,796,759
		Money Market Funds—0.2%
	303,919	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $303,919)		303,919
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $136,165,575)—100.2%		147,100,678
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—1.0%
	1,228,487	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)		1,228,487
	309,207	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		309,300
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,537,787)		1,537,787
		Total Investments in Securities (Cost $137,703,362)—101.2%		148,638,465
		Other assets less liabilities—(1.2)%		(1,824,052	)
		Net Assets—100.0%	$	146,814,413

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 April 30, 2019.

^(d)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2M.

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

58

Schedule of Investments^(a)

Invesco Water Resources ETF (PHO)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Building Products—5.1%
	697,682	A.O. Smith Corp.	$	36,677,142
	386,397	Advanced Drainage Systems, Inc.		10,838,436
				47,515,578
		Chemicals—8.4%
	428,983	Ecolab, Inc.		78,967,191
		Commercial Services & Supplies—3.5%
	509,804	Tetra Tech, Inc.		32,994,515
		Construction & Engineering—2.9%
	220,631	Aegion Corp.(b)		4,392,763
	173,210	Valmont Industries, Inc.		23,355,637
				27,748,400
		Electronic Equipment, Instruments & Components—2.7%
	157,180	Badger Meter, Inc.		8,720,346
	319,151	Itron, Inc.(b)		17,125,643
				25,845,989
		Health Care Equipment & Supplies—8.0%
	570,450	Danaher Corp.		75,550,398
		Industrial Conglomerates—8.6%
	223,888	Roper Technologies, Inc.		80,532,513
		Life Sciences Tools & Services—6.8%
	299,168	Waters Corp.(b)		63,884,335
		Machinery—26.8%
	274,844	Energy Recovery, Inc.(b)(c)		2,674,232
	1,167,734	Evoqua Water Technologies Corp.(b)		15,904,537
	173,480	Franklin Electric Co., Inc.		8,476,233
	67,124	Gorman-Rupp Co. (The)		2,235,229
	251,421	IDEX Corp.		39,387,614
	137,042	Lindsay Corp.(c)		11,648,570
	278,028	Mueller Industries, Inc.		8,110,077
	1,325,399	Mueller Water Products, Inc., Class A		14,221,531
	851,671	Pentair PLC		33,206,652
	827,823	Rexnord Corp.(b)		23,675,738
	528,282	Toro Co. (The)		38,643,828
	163,737	Watts Water Technologies, Inc., Class A		14,014,250
	479,549	Xylem, Inc.		39,994,387
				252,192,878
		Trading Companies & Distributors—4.1%
	842,361	HD Supply Holdings, Inc.(b)		38,487,474
		Water Utilities—23.0%
	260,474	American States Water Co.		18,537,935
	713,046	American Water Works Co., Inc.		77,144,447
	1,008,070	Aqua America, Inc.		39,375,214
	104,711	AquaVenture Holdings Ltd.(b)		2,036,629
	19,270	Artesian Resources Corp., Class A		699,116
	292,655	California Water Service Group		14,746,885
	3,483,618	Cia de Saneamento Basico do Estado de Sao Paulo ADR (Brazil)		41,664,071
	48,274	Consolidated Water Co. Ltd. (Cayman Islands)		611,149
	76,591	Middlesex Water Co.		4,441,512

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Water Utilities (continued)
	278,491	SJW Group	$	17,283,151
				216,540,109
		Total Common Stocks & Other Equity Interests (Cost $670,661,110)		940,259,380
		Money Market Funds—0.1%
	1,003,803	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $1,003,803)		1,003,803
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $671,664,913)-100.0%		941,263,183
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.2%
	1,588,060	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)		1,588,060
	529,195	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		529,354
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,117,414)		2,117,414
		Total Investments in Securities (Cost $673,782,327)—100.2%		943,380,597
		Other assets less liabilities—(0.2)%		(2,111,780	)
		Net Assets—100.0%	$	941,268,817

Abbreviations:

ADR—American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2M.

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

59

Schedule of Investments^(a)

Invesco WilderHill Clean Energy ETF (PBW)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Aerospace & Defense—3.1%
	62,708	Hexcel Corp.	$	4,434,083
		Auto Components—3.0%
	102,166	Gentherm, Inc.(b)		4,327,752
		Automobiles—5.3%
	785,456	NIO, Inc. ADR (China)(b)(c)		3,809,462
	16,137	Tesla, Inc.(b)(c)		3,851,740
				7,661,202
		Chemicals—8.2%
	20,058	Air Products & Chemicals, Inc.		4,127,736
	51,502	Albemarle Corp.(c)		3,865,740
	110,251	Sociedad Quimica y Minera de Chile SA ADR (Chile)		3,929,346
				11,922,822
		Commercial Services & Supplies—0.4%
	228,886	Aqua Metals, Inc.(b)(c)		574,504
		Construction & Engineering—7.7%
	222,104	Ameresco, Inc., Class A(b)		3,344,886
	105,060	MYR Group, Inc.(b)		3,797,919
	98,176	Quanta Services, Inc.		3,985,946
				11,128,751
		Electrical Equipment—20.9%
	277,116	American Superconductor Corp.(b)		3,059,361
	1,244,947	Ballard Power Systems, Inc. (Canada)(b)(c)		4,133,224
	319,411	Bloom Energy Corp., Class A(b)(c)		4,350,378
	465,311	Enphase Energy, Inc.(b)(c)		4,671,722
	84,723	Hydrogenics Corp. (Canada)(b)(c)		696,423
	259,697	LSI Industries, Inc.		882,970
	1,593,108	Plug Power, Inc.(b)(c)		3,966,839
	264,145	Sunrun, Inc.(b)		4,017,645
	146,992	TPI Composites, Inc.(b)		4,549,402
				30,327,964
		Electronic Equipment, Instruments & Components—2.8%
	76,538	Itron, Inc.(b)		4,107,029
		Independent Power & Renewable Electricity Producers—11.0%
	191,615	Atlantica Yield PLC (Spain)		3,926,192
	77,456	Ormat Technologies, Inc.		4,520,332
	168,450	Pattern Energy Group, Inc., Class A		3,894,564
	269,904	TerraForm Power, Inc., Class A		3,659,898
				16,000,986
		Oil, Gas & Consumable Fuels—2.8%
	166,634	Renewable Energy Group, Inc.(b)		4,019,212
		Professional Services—2.8%
	102,099	Willdan Group, Inc.(b)		4,035,973
		Semiconductors & Semiconductor Equipment—31.9%
	77,633	Advanced Energy Industries, Inc.(b)		4,484,082
	129,102	Amtech Systems, Inc.(b)		854,655
	228,339	Canadian Solar, Inc. (Canada)(b)(c)		4,562,213
	66,855	Cree, Inc.(b)		4,418,447
	133,374	Daqo New Energy Corp. ADR (China)(b)(c)		4,941,507
	81,763	First Solar, Inc.(b)		5,030,877
	243,717	JinkoSolar Holding Co. Ltd. ADR (China)(b)(c)		4,742,733

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Semiconductors & Semiconductor Equipment (continued)
	100,717	SolarEdge Technologies, Inc.(b)	$	4,461,763
	688,641	SunPower Corp.(b)(c)		4,971,988
	23,334	Universal Display Corp.		3,724,107
	331,632	Veeco Instruments, Inc.(b)		4,039,278
				46,231,650
		Total Common Stocks & Other Equity Interests (Cost $123,125,666)		144,771,928
		Money Market Funds—0.2%
	287,282	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $287,282)		287,282
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $123,412,948)—100.1%		145,059,210
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—24.6%
	26,703,238	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)		26,703,238
	8,898,410	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		8,901,079
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $35,604,317)		35,604,317
		Total Investments in Securities (Cost $159,017,265)—124.7%		180,663,527
		Other assets less liabilities—(24.7)%		(35,806,323	)
		Net Assets—100.0%	$144,857,204

Abbreviations:

ADR—American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised bywholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2M.

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

60

(This Page Intentionally Left Blank)

61

Statements of Assets and Liabilities

April 30, 2019

	Invesco Aerospace & Defense ETF (PPA)		Invesco BRIC ETF (EEB)			Invesco Cleantech™ ETF (PZD)		Invesco DWA Momentum ETF (PDP)			Invesco Global Listed Private Equity ETF (PSP)
Assets:
Unaffiliated investments in securities, at value(a)	$	938,252,033	$	72,516,595		$	179,229,528	$	1,547,078,440		$	211,129,842
Affiliated investments in securities, at value		7,816,315		4,291,014			12,870,378		7,420,051			50,722,504
Other investments:
Unrealized appreciation on swap agreements—OTC		—		—			—		—			112,282
Cash		—		208			—		—			5,887
Cash segregated as collateral		—		—			2,357,158		—			259,051
Foreign currencies, at value		—		—			6,396		—			320,078
Receivable for:
Dividends		565,583		95,417			227,349		184,451			383,458
Securities lending		2,234		8,073			16,433		2,416			25,005
Investments sold		—		8,553			484		—			7,297,434
Fund shares sold		12,386,084		8,462			2,244,912		5,878,126			242,981
Foreign tax reclaims		—		564			261,134		—			669,587
Expenses absorbed		—		20,312			—		—			—
Total assets		959,022,249		76,949,198			197,213,772		1,560,563,484			271,168,109
Liabilities:
Other investments:
Open written options, at value		—		—			—		—			—
Unrealized depreciation on swap agreements—OTC		—		—			—		—			146,616
Payable for swaps		—		—			—		—			2,474
Due to custodian		—		—			—		—			—
Payable for:
Investments purchased		12,385,310		8,462			2,415,026		5,882,897			251,414
Collateral upon return of securities loaned		7,279,169		4,213,980			11,995,408		6,446,693			25,577,765
Fund shares repurchased		—		—			—		—			—
Collateral upon receipt of securitiesin-kind		—		—			2,357,158		—			259,051
Expenses recaptured		—		—			2,794		—			—
Accrued advisory fees		366,994		—			71,589		622,327			93,123
Accrued unitary management fees		—		—			—		—			—
Accrued trustees’ and officer’s fees		54,829		6,302			41,603		120,953			62,405
Accrued expenses		690,093		204,036			209,505		1,543,385			332,472
Total liabilities		20,776,395		4,432,780			17,093,083		14,616,255			26,725,320
Net Assets	$	938,245,854	$	72,516,418		$	180,120,689	$	1,545,947,229		$	244,442,789
Net assets consist of:
Shares of beneficial interest	$	745,215,785	$	235,153,340		$	162,264,645	$	1,638,409,319		$	312,166,724
Distributable earnings		193,030,069		(162,636,922	)		17,856,044		(92,462,090	)		(67,723,935	)
Net Assets	$	938,245,854	$	72,516,418		$	180,120,689	$	1,545,947,229		$	244,442,789
Shares outstanding (unlimited amount authorized, $0.01 par value)		15,150,000		1,950,800			4,000,000		26,300,000			20,200,000
Net asset value	$	61.93	$	37.17		$	45.03	$	58.78		$	12.10
Market price	$	61.94	$	37.21		$	45.21	$	58.79		$	12.13
Unaffiliated investments in securities, at cost	$	740,289,097	$	63,165,236		$	127,419,927	$	1,221,060,112		$	191,058,508
Affiliated investments in securities, at cost	$	7,816,315	$	4,291,014		$	12,863,180	$	7,420,051		$	50,722,504
Foreign currencies, at cost	$	—	$	—		$	6,400	$	—		$	319,777
Premium received on written options	$	—	$	—		$	—	$	—		$	—
(a) Includes securities on loan with an aggregate value of	$	7,029,688	$	4,052,492		$	7,271,617	$	6,234,415		$	24,576,618

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

62

Invesco Golden Dragon China ETF (PGJ)			Invesco Insider Sentiment ETF (NFO)			Invesco Raymond James SB-1 Equity ETF (RYJ)			Invesco S&P 500 BuyWrite ETF (PBP)		Invesco S&P 500® Quality ETF (SPHQ)		Invesco S&PSpin-Off ETF (CSD)			Invesco Water Resources ETF (PHO)			Invesco WilderHill Clean Energy ETF (PBW)
$	216,720,261		$	70,781,425		$	173,066,074		$	326,974,062	$	1,468,174,281	$	146,796,759		$	940,259,380		$	144,771,928
	18,877,690			40,087			7,494,452			116,221		1,596,170		1,841,706			3,121,217			35,891,599
	—			—			—			—		—		—			—			—
	—			—			—			—		—		—			—			—
	—			—			—			—		—		—			—			—
	—			—			—			—		—		—			—			—
	192,790			38,433			87,711			290,718		1,294,495		22,869			1,153,110			21,249
	43,063			33			4,961			—		—		1,543			1,097			137,138
	—			—			12,413,463			—		—		—			—			—
	—			—			—			—		1,664,536		—			—			—
	—			—			6,724			—		—		—			—			—
	—			—			—			—		—		—			—			—
	235,833,804			70,859,978			193,073,385			327,381,001		1,472,729,482		148,662,877			944,534,804			180,821,914
	—			—			—			6,332,390		—		—			—			—
	—			—			—			—		—		—			—			—
	—			—			—			—		—		—			—			—
	—			5			—			143,506		—		—			—			—
	—			—			7,805,129			—		1,663,189		—			—			—
	18,658,365			—			7,388,070			—		—		1,537,787			2,117,414			35,604,317
	—			—			4,541,272			—		—		—			—			—
	—			—			—			—		—		—			—			—
	—			—			—			—		—		81			—			—
	87,316			30,121			—			—		357,801		62,140			384,945			57,786
	—			—			182,853			127,434		—		—			—			—
	65,002			3,663			—			—		69,680		4,270			159,693			82,085
	293,337			130,597			—			—		853,694		244,186			603,935			220,522
	19,104,020			164,386			19,917,324			6,603,330		2,944,364		1,848,464			3,265,987			35,964,710
$	216,729,784		$	70,695,592		$	173,156,061		$	320,777,671	$	1,469,785,118	$	146,814,413		$	941,268,817		$	144,857,204
$	413,084,606		$	124,520,357		$	212,475,776		$	318,434,175	$	1,415,330,921	$	269,561,281		$	964,886,777		$	569,344,166
	(196,354,822	)		(53,824,765	)		(39,319,715	)		2,343,496		54,454,197		(122,746,868	)		(23,617,960	)		(424,486,962	)
$	216,729,784		$	70,695,592		$	173,156,061		$	320,777,671	$	1,469,785,118	$	146,814,413		$	941,268,817		$	144,857,204
	5,150,000			1,050,800			3,822,822			15,000,000		44,150,000		2,800,000			27,150,000			5,118,273
$	42.08		$	67.28		$	45.30		$	21.39	$	33.29	$	52.43		$	34.67		$	28.30
$	42.11		$	67.21		$	45.30		$	21.39	$	33.30	$	52.41		$	34.70		$	28.31
$	200,941,214		$	64,569,489		$	155,302,064		$	256,917,681	$	1,251,872,809	$	135,861,656		$	670,661,110		$	123,125,666
$	18,877,690		$	40,087		$	7,494,452		$	175,427	$	1,596,170	$	1,841,706		$	3,121,217		$	35,891,599
$	—		$	—		$	—		$	—	$	—	$	—		$	—		$	—
$	—		$	—		$	—		$	3,786,538	$	—	$	—		$	—		$	—
$	18,242,335		$	—		$	7,011,892		$	—	$	—	$	1,489,615		$	2,010,198		$	33,917,557

63

Statements of Operations

For the year ended April 30, 2019^(a)

	Invesco Aerospace & Defense ETF (PPA)			Invesco BRIC ETF (EEB)						Invesco Cleantech™ ETF (PZD)			Invesco DWA Momentum ETF (PDP)			Invesco Global Listed Private Equity ETF (PSP)
	Year Ended April 30, 2019			Eight Months Ended April 30,  2019(b)			Year Ended August 31, 2018			Year Ended April 30, 2019			Year Ended April 30, 2019			Year Ended April 30, 2019
Investment Income:
Unaffiliated dividend income	$	13,617,375		$	679,015		$	2,158,356		$	1,895,916		$	11,972,466		$	7,515,184
Affiliated dividend income		16,112			1,759			190			818			25,070			510,449
Non-cash dividend income		—			—			—			—			—			213,480
Securities lending income		4,646			36,403			101,143			113,907			200,913			216,026
Foreign withholding tax		(50,665	)		(45,527	)		(188,145	)		(144,148	)		—			(296,897	)
Total Investment Income		13,587,468			671,650			2,071,544			1,866,493			12,198,449			8,158,242
Expenses:
Unitary management fees		—			—			—			—			—			—
Advisory fees		4,702,920			216,625			390,986			816,552			7,474,101			1,195,293
Sub-licensing fees		564,340			17,330			35,374			122,483			1,494,809			239,057
Accounting & administration fees		94,521			21,325			30,594			36,032			142,080			41,508
Professional fees		33,228			23,220			31,619			25,868			34,169			27,160
Trustees’ and officer’s fees		16,885			3,126			10,732			8,460			25,515			10,091
Custodian & transfer agent fees		11,545			66,766			67,712			18,276			16,815			30,534
Recapture (Note 3)		—			—			—			43,239			—			—
Other expenses		98,960			20,715			25,670			32,968			102,132			23,266
Total expenses		5,522,399			369,107			592,687			1,103,878			9,289,621			1,566,909
Less: Waivers		(1,300	)		(91,952	)		(67,581	)		(80	)		(2,155	)		(46,624	)
Net expenses		5,521,099			277,155			525,106			1,103,798			9,287,466			1,520,285
Net Investment Income		8,066,369			394,495			1,546,438			762,695			2,910,983			6,637,957
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Unaffiliated Investment securities		7,984,505			(8,017,951	)		(8,137,259	)		(1,742,307	)		(108,630,779	)		(8,156,419	)
Affiliated investment securities		—			—			—			—			—			—
Unaffiliated in-kind redemptions		81,858,796			1,497,014			7,203,835			2,156,918			229,283,216			11,048,817
Affiliatedin-kind redemptions		—			—			—			—			—			—
Short sales		—			—			—			—			—			—
Swap agreements		—			—			—			—			—			4,307,709
Foreign currencies		—			(2,024	)		591			384			—			(36,711	)
Written options		—			—			—			—			—			—
Net realized gain (loss)		89,843,301			(6,522,961	)		(932,833	)		414,995			120,652,437			7,163,396
Change in net unrealized appreciation (depreciation) on:
Unaffiliated Investment securities		209,762			10,946,472			440,634			10,918,831			28,031,961			(9,998,711	)
Affiliated investment securities		—			—			—			7,198			—			—
Swap agreements		—			—			—			—			—			58,786
Foreign currencies		—			—			—			(10,408	)		—			(29,643	)
Written options		—			—			—			—			—			—
Net change in unrealized appreciation (depreciation)		209,762			10,946,472			440,634			10,915,621			28,031,961			(9,969,568	)
Net realized and unrealized gain (loss)		90,053,063			4,423,511			(492,199	)		11,330,616			148,684,398			(2,806,172	)
Net increase (decrease) in net assets resulting from operations	$	98,119,432			$ 4,818,006			$ 1,054,239			$12,093,311			$ 151,595,381		$	3,831,785

^(a)  Effective April 30, 2019, Invesco BRIC ETF and Invesco Raymond James SB-1 Equity ETF changed fiscal year end to April 30.

^(b)  For the period September 1, 2018 through April 30, 2019.

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

64

Invesco Golden Dragon China ETF (PGJ)			Invesco Insider Sentiment ETF (NFO)			Invesco Raymond James SB-1 Equity ETF (RYJ)						Invesco S&P 500 BuyWrite ETF (PBP)				Invesco S&P 500® Quality ETF  (SPHQ)			Invesco S&P Spin-Off ETF (CSD)			Invesco Water Resources ETF (PHO)			Invesco WilderHill Clean Energy ETF (PBW)
Year Ended April 30, 2019			Year Ended April 30, 2019			Eight Months Ended April 30,  2019(b)			Year Ended August 31, 2018			Year Ended April 30, 2019				Year Ended April 30, 2019			Year Ended April 30, 2019			Year Ended April 30, 2019			Year Ended April 30, 2019
$	1,499,972		$	1,182,945		$	1,275,199		$	2,193,878		$	6,485,087			$	24,827,504		$	2,162,065		$	9,327,101		$	353,449
	4,641			2,486			5,908			117			10,016				57,441			4,664			19,816			3,337
	—			—			—			—			48,994				—			480,625			—			—
	649,364			632			73,961			302,578			—				—			6,303			30,360			2,245,840
	(81,852	)		—			(1,824	)		(1,408	)		—				—			—			—			(40,677	)
	2,072,125			1,186,063			1,353,244			2,495,165			6,544,097				24,884,945			2,653,657			9,377,277			2,561,949
	—			—			850,297			1,345,917			1,736,106				—			—			—			—
	1,071,033			349,579			—			—			—				2,764,621			905,308			4,215,575			566,379
	214,205			41,949			—			—			—				373,236			90,534			632,339			113,275
	43,433			26,604			—			—			—				119,699			45,618			81,901			32,738
	29,171			25,688			—			—			—				31,966			25,718			27,869			24,006
	10,096			5,404			—			—			—				20,847			6,504			19,634			9,621
	88,361			12,020			—			—			—				34,165			7,355			6,352			25,200
	12,430			—			—			—			—				—			14,562			—			—
	30,754			20,842			—			—			—				80,773			35,046			100,545			38,452
	1,499,483			482,086			850,297			1,345,917			1,736,106				3,425,307			1,130,645			5,084,215			809,671
	(422	)		(62,793	)		(490	)		(12	)		(273	)			(845,827	)		(371	)		(1,681	)		(16,898	)
	1,499,061			419,293			849,807			1,345,905			1,735,833				2,579,480			1,130,274			5,082,534			792,773
	573,064			766,770			503,437			1,149,260			4,808,264				22,305,465			1,523,383			4,294,743			1,769,176
	(24,178,466	)		(1,400,094	)		(11,717,153	)		(9,820,039	)		(4,140,970	)			(129,037,487	)		(8,995,628	)		(11,515,050	)		(4,919,621	)
	—			—			—						(20,205	)			(868,341	)		—			—			—
	36,079,816			3,128,499			10,556,912			34,177,825			24,067,881				152,568,271			18,141,116			56,137,984			10,594,328
	—			—			—			—			(1,092	)			(14,859	)		—			—			—
	—			—			—			—			(195,252	)			—			—			—			—
	—			—			—			—			—				—			—			—			—
	—			—			—			—			—				—			—			—			—
	—			—			—			—			(25,251,191	)			—			—			—			—
	11,901,350			1,728,405			(1,160,241	)		24,357,786			(5,540,829	)			22,647,584			9,145,488			44,622,934			5,674,707
	(33,512,069	)		2,296,044			(14,274,311	)		17,075,286			12,650,501				131,935,043			(14,390,165	)		75,770,242			9,670,394
	—			—			—			—			(21,645	)			712,040			—			—			—
	—			—			—			—			—				—			—			—			—
	—			—			—			—			—				—			—			—			—
	—			—			—			—			(4,728,379	)			—			—			—			—
	(33,512,069	)		2,296,044			(14,274,311	)		17,075,286			7,900,477				132,647,083			(14,390,165	)		75,770,242			9,670,394
	(21,610,719	)		4,024,449			(15,434,552	)		41,433,072			2,359,648				155,294,667			(5,244,677	)		120,393,176			15,345,101
$	(21,037,655	)	$	4,791,219		$	(14,931,115	)	$	42,582,332		$	7,167,912		��	$	177,600,132		$	(3,721,294	)	$	124,687,919		$	17,114,277

65

Statements of Changes in Net Assets

For the year ended April 30, 2019 and 2018^(a)

	Invesco Aerospace & Defense ETF (PPA)						Invesco BRIC ETF (EEB)									Invesco Cleantech™ ETF (PZD)
	Year Ended April 30, 2019			Year Ended April 30, 2018			Eight Months Ended April 30,  2019(b)			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended April 30, 2019			Year Ended April 30, 2018
Operations:
Net investment income	$	8,066,369		$	6,482,073		$	394,495		$	1,546,438		$	1,338,868		$	762,695		$	800,030
Net realized gain (loss)		89,843,301			34,945,173			(6,522,961	)		(932,833	)		(10,451,107	)		414,995			26,168
Change in unrealized appreciation (depreciation)		209,762			121,310,441			10,946,472			440,634			28,431,956			10,915,621			14,324,263
Net increase (decrease) in net assets resulting from operations		98,119,432			162,737,687			4,818,006			1,054,239			19,319,717			12,093,311			15,150,461
Distributions to Shareholders from:
Distributable earnings		(8,051,313	)		(5,890,874	)		(1,731,261	)		(1,588,508	)		(1,048,634	)		(870,880	)		(1,006,758	)
Return of capital		—			—			—			—			—			—			—
Total distributions to shareholders		(8,051,313	)		(5,890,874	)		(1,731,261	)		(1,588,508	)		(1,048,634	)		(870,880	)		(1,006,758	)
Shareholder Transactions:
Proceeds from shares sold		67,402,990			357,161,751			9,001,851			7,466,289			4,620,024			13,011,807			57,512,328
Value of shares repurchased		(225,933,878	)		(76,449,431	)		(8,639,382	)		(24,294,005	)		(10,941,555	)		(4,170,443	)		(4,238,208	)
Net increase (decrease) in net assets resulting from share transactions		(158,530,888	)		280,712,320			362,469			(16,827,716	)		(6,321,531	)		8,841,364			53,274,120
Net increase (decrease) in net assets		(68,462,769	)		437,559,133			3,449,214			(17,361,985	)		11,949,552			20,063,795			67,417,823
Net assets:
Beginning of period		1,006,708,623			569,149,490			69,067,204			86,429,189			74,479,637			160,056,894			92,639,071
End of period	$	938,245,854		$	1,006,708,623		$	72,516,418		$	69,067,204		$	86,429,189		$	180,120,689		$	160,056,894
Changes in Shares Outstanding:
Shares sold		1,150,000			6,850,000			250,000			200,000			150,000			300,000			1,400,000
Shares repurchased		(4,100,000	)		(1,450,000	)		(250,000	)		(650,000	)		(350,000	)		(100,000	)		(100,000	)
Shares outstanding, beginning of period		18,100,000			12,700,000			1,950,800			2,400,800			2,600,800			3,800,000			2,500,000
Shares outstanding, end of period		15,150,000			18,100,000			1,950,800			1,950,800			2,400,800			4,000,000			3,800,000

^(a)  Effective April 30, 2019, Invesco BRIC ETF and Invesco Raymond James SB-1 Equity ETF changed fiscal year end to April 30.

^(b)  For the period September 1, 2018 through April 30, 2019.

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

66

Invesco DWA Momentum ETF (PDP)						Invesco Global Listed Private Equity ETF (PSP)						Invesco Golden Dragon China ETF (PGJ)						Invesco Insider Sentiment ETF (NFO)
Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2019			Eight Months Ended April 30, 2018			Year Ended August 31, 2017
$	2,910,983		$	3,907,326		$	6,637,957		$	8,919,591		$	573,064		$	1,596,220		$	766,770		$	528,856		$	846,653
	120,652,437			123,565,986			7,163,396			11,410,748			11,901,350			15,709,466			1,728,405			10,792,154			8,611,615
	28,031,961			78,799,951			(9,969,568	)		10,322,795			(33,512,069	)		31,163,538			2,296,044			(3,503,720	)		1,141,424
	151,595,381			206,273,263			3,831,785			30,653,134			(21,037,655	)		48,469,224			4,791,219			7,817,290			10,599,692
	(2,302,714	)		(3,926,777	)		(8,142,823	)		(30,958,567	)		(536,515	)		(4,673,478	)		(651,057	)		(1,099,212	)		(1,266,043	)
	—			(231,609	)		—			(1,046,678	)		—			—			—			—			—
	(2,302,714	)		(4,158,386	)		(8,142,823	)		(32,005,245	)		(536,515	)		(4,673,478	)		(651,057	)		(1,099,212	)		(1,266,043	)
	978,754,798			775,260,655			62,756,056			56,982,533			45,958,312			120,208,928			19,121,597			61,785,509			69,469,888
	(1,104,009,298	)		(872,536,302	)		(59,054,014	)		(96,721,963	)		(78,862,572	)		(46,256,021	)		(25,251,063	)		(67,946,474	)		(84,658,617	)
	(125,254,500	)		(97,275,647	)		3,702,042			(39,739,430	)		(32,904,260	)		73,952,907			(6,129,466	)		(6,160,965	)		(15,188,729	)
	24,038,167			104,839,230			(608,996	)		(41,091,541	)		(54,478,430	)		117,748,653			(1,989,304	)		557,113			(5,855,080	)
	1,521,909,062			1,417,069,832			245,051,785			286,143,326			271,208,214			153,459,561			72,684,896			72,127,783			77,982,863
$	1,545,947,229		$	1,521,909,062		$	244,442,789		$	245,051,785		$	216,729,784		$	271,208,214		$	70,695,592		$	72,684,896		$	72,127,783
	18,100,000			15,450,000			5,350,000			4,500,000			950,000			2,700,000			300,000			1,000,000			1,350,000
	(20,700,000	)		(17,450,000	)		(5,250,000	)		(7,750,000	)		(1,750,000	)		(1,050,000	)		(400,000	)		(1,100,000	)		(1,650,000	)
	28,900,000			30,900,000			20,100,000			23,350,000			5,950,000			4,300,000			1,150,800			1,250,800			1,550,800
	26,300,000			28,900,000			20,200,000			20,100,000			5,150,000			5,950,000			1,050,800			1,150,800			1,250,800

67

Statements of Changes in Net Assets(continued)

For the year ended April 30, 2019 and 2018^(a)

	Invesco Raymond James SB-1 Equity ETF (RYJ)									Invesco S&P 500 BuyWrite ETF (PBP)
	Eight Months Ended April 30, 2019(b)			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended April 30, 2019			Year Ended April 30, 2018
Operations:
Net investment income	$	503,437		$	1,149,260		$	564,317		$	4,808,264		$	4,051,094
Net realized gain (loss)		(1,160,241	)		24,357,786			24,322,348			(5,540,829	)		291,784
Change in unrealized appreciation (depreciation)		(14,274,311	)		17,075,286			(6,053,102	)		7,900,477			16,313,957
Net increase (decrease) in net assets resulting from operations		(14,931,115	)		42,582,332			18,833,563			7,167,912			20,656,835
Distributions to Shareholders from:
Distributable earnings		(2,047,360	)		—			(2,566,671	)		(8,385,502	)		(35,632,329	)
Return of capital		—			—			(331,196	)		—			—
Total distributions to shareholders		(2,047,360	)		—			(2,897,867	)		(8,385,502	)		(35,632,329	)
Shareholder Transactions:
Proceeds from shares sold		28,666,826			81,954,730			68,210,447			94,564,629			70,858,906
Value of shares repurchased		(39,092,608	)		(109,778,150	)		(79,129,012	)		(74,865,327	)		(81,183,674	)
Net increase (decrease) in net assets resulting from share transactions		(10,425,782	)		(27,823,420	)		(10,918,565	)		19,699,302			(10,324,768	)
Net increase (decrease) in net assets		(27,404,257	)		14,758,912			5,017,131			18,481,712			(25,300,262	)
Net assets:
Beginning of period		200,560,318			185,801,406			180,784,275			302,295,959			327,596,221
End of period	$	173,156,061		$	200,560,318		$	185,801,406		$	320,777,671		$	302,295,959
Changes in Shares Outstanding:
Shares sold		650,000			1,800,000			1,750,000			4,400,000			3,200,000
Shares repurchased		(900,000	)		(2,450,000	)		(2,050,000	)		(3,600,000	)		(3,750,000	)
Shares outstanding, beginning of period		4,072,822			4,722,822			5,022,822			14,200,000			14,750,000
Shares outstanding, end of period		3,822,822			4,072,822			4,722,822			15,000,000			14,200,000

^(a)  Effective April 30, 2019, Invesco BRIC ETF and Invesco Raymond James SB-1 Equity ETF changed fiscal year end to April 30.

^(b)  For the period September 1, 2018 through April 30, 2019.

^(c)  Changes in shares outstanding have been restated to reflect a one-for-five reverse stock split effective after the close of business on October 20, 2017.

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

68

Invesco S&P 500® Quality ETF (SPHQ)						Invesco S&P Spin-Off ETF (CSD)									Invesco Water Resources ETF (PHO)						Invesco WilderHill Clean Energy ETF (PBW)
Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2019			Eight Months Ended April 30, 2018			Year Ended August 31, 2017			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2019			Year Ended April 30, 2018
$	22,305,465		$	25,754,531		$	1,523,383		$	161,649		$	1,750,605		$	4,294,743		$	2,565,991		$	1,769,176		$	1,389,936
	22,647,584			122,490,848			9,145,488			20,463,166			21,344,035			44,622,934			94,312,738			5,674,707			9,444,312
	132,647,083			(35,985,754	)		(14,390,165	)		(6,277,380	)		11,070,738			75,770,242			6,550,510			9,670,394			7,305,875
	177,600,132			112,259,625			(3,721,294	)		14,347,435			34,165,378			124,687,919			103,429,239			17,114,277			18,140,123
	(21,455,885	)		(26,665,792	)		(1,410,652	)		(836,626	)		(3,264,300	)		(3,503,105	)		(3,090,361	)		(1,768,255	)		(1,382,506	)
	—			—			—			(438,719	)		—			—			—			—			—
	(21,455,885	)		(26,665,792	)		(1,410,652	)		(1,275,345	)		(3,264,300	)		(3,503,105	)		(3,090,361	)		(1,768,255	)		(1,382,506	)
	738,880,207			852,029,039			38,961,813			57,422,266			47,467,855			164,167,797			130,879,008			43,306,082			40,526,760
	(752,396,827	)		(832,688,672	)		(89,549,926	)		(63,168,204	)		(99,479,219	)		(165,631,704	)		(206,816,747	)		(30,057,580	)		(44,198,575	)
	(13,516,620	)		19,340,367			(50,588,113	)		(5,745,938	)		(52,011,364	)		(1,463,907	)		(75,937,739	)		13,248,502			(3,671,815	)
	142,627,627			104,934,200			(55,720,059	)		7,326,152			(21,110,286	)		119,720,907			24,401,139			28,594,524			13,085,802
	1,327,157,491			1,222,223,291			202,534,472			195,208,320			216,318,606			821,547,910			797,146,771			116,262,680			103,176,878
$	1,469,785,118		$	1,327,157,491		$	146,814,413		$	202,534,472		$	195,208,320		$	941,268,817		$	821,547,910		$	144,857,204		$	116,262,680
	24,350,000			29,300,000			750,000			1,100,000			1,050,000			5,000,000			4,550,000			1,600,000			1,630,000	(c)
	(25,150,000	)		(28,600,000	)		(1,800,000	)		(1,200,000	)		(2,200,000	)		(5,150,000	)		(7,100,000	)		(1,200,000	)		(1,861,727	)(c)
	44,950,000			44,250,000			3,850,000			3,950,000			5,100,000			27,300,000			29,850,000			4,718,273			4,950,000	(c)
	44,150,000			44,950,000			2,800,000			3,850,000			3,950,000			27,150,000			27,300,000			5,118,273			4,718,273	(c)

69

Financial Highlights

Invesco Aerospace & Defense ETF (PPA)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	55.62		$	44.81		$	36.43		$	35.73		$	32.16
Net investment income(a)		0.49			0.42			0.60			0.53	(b)		0.32
Net realized and unrealized gain on investments		6.30			10.79			8.43			0.67			3.52
Total from investment operations		6.79			11.21			9.03			1.20			3.84
Distributions to shareholders from:
Net investment income		(0.48	)		(0.40	)		(0.65	)		(0.50	)		(0.27	)
Net asset value at end of year	$	61.93		$	55.62		$	44.81		$	36.43		$	35.73
Market price at end of year(c)	$	61.94		$	55.66		$	44.84		$	36.42		$	35.71
Net Asset Value Total Return(d)		12.33	%		25.13	%		25.06	%		3.43	%		11.99	%
Market Price Total Return(d)		12.27	%		25.14	%		25.18	%		3.46	%		11.96	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	938,246		$	1,006,709		$	569,149		$	298,735		$	262,613
Ratio to average net assets of:
Expenses, after Waivers		0.59	%		0.60	%		0.61	%		0.64	%		0.66	%
Expenses, prior to Waivers		0.59	%		0.60	%		0.61	%		0.64	%		0.66	%
Net investment income, after Waivers		0.86	%		0.80	%		1.47	%		1.50	%(b)		0.94	%
Portfolio turnover rate(e)		15	%		7	%		10	%		16	%		13	%

^(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 year. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.33 and 0.93%, respectively.

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

Invesco BRIC ETF (EEB)

	Eight Months Ended April 30, 2019			Years Ended August 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	35.40		$	36.00		$	28.64		$	24.97		$	37.98		$	31.99
Net investment income(a)		0.21			0.66			0.53			0.36			0.56			0.75
Net realized and unrealized gain (loss) on investments		2.55			(0.62	)		7.24			3.79			(12.54	)		6.10
Total from investment operations		2.76			0.04			7.77			4.15			(11.98	)		6.85
Distributions to shareholders from:
Net investment income		(0.99	)		(0.64	)		(0.41	)		(0.48	)		(1.03	)		(0.86	)
Net asset value at end of period	$	37.17		$	35.40		$	36.00		$	28.64		$	24.97		$	37.98
Market price at end of period	$	37.21	(b)	$	35.39	(b)	$	36.03		$	28.54		$	24.95		$	37.84
Net asset value Total Return(c)		8.34	%		0.01	%		27.49	%		16.97	%		(31.90	)%		21.68	%
Market Price Total Return(c)		8.47	%		(0.10	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	72,516		$	69,067		$	86,429		$	74,480		$	86,177		$	180,427
Ratio to average net assets of:
Expenses, after waivers		0.64	%(d)		0.59	%		0.64	%		0.64	%		0.64	%		0.64	%
Expenses, prior to waivers		0.85	%(d)		0.67	%		0.75	%		0.78	%		0.70	%		0.66	%
Net investment income, after waivers		0.91	%(d)		1.75	%		1.69	%		1.41	%		1.81	%		2.17	%
Portfolio turnover rate(e)		42	%		39	%		41	%		24	%		24	%		68	%

^(a)  Based on average shares outstanding.

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

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

^(d)  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.

70

Financial Highlights(continued)

Invesco Cleantech^TM ETF (PZD)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	42.12		$	37.06		$	30.41		$	30.60		$	31.90
Net investment income(a)		0.19			0.25			0.59	(b)		0.22			0.27
Net realized and unrealized gain (loss) on investments		2.95			5.18			6.41			(0.18	)		(1.33	)
Total from investment operations		3.14			5.43			7.00			0.04			(1.06	)
Distributions to shareholders from:
Net investment income		(0.23	)		(0.37	)		(0.35	)		(0.23	)		(0.24	)
Net asset value at end of year	$	45.03		$	42.12		$	37.06		$	30.41		$	30.60
Market price at end of year(c)	$	45.21		$	42.26		$	37.19		$	30.29		$	30.54
Net Asset Value Total Return(d)		7.48	%		14.74	%		23.21	%		0.15	%		(3.36	)%
Market Price Total Return(d)		7.55	%		14.72	%		24.13	%		(0.05	)%		(3.61	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	180,121		$	160,057		$	92,639		$	71,466		$	76,512
Ratio to average net assets of:
Expenses, after Waivers		0.68	%		0.67	%		0.68	%		0.67	%		0.67	%
Expenses, prior to Waivers		0.68	%		0.68	%		0.73	%		0.73	%		0.72	%
Net investment income, after Waivers		0.47	%		0.61	%		1.81	%(b)		0.76	%		0.89	%
Portfolio turnover rate(e)		21	%		17	%		24	%		25	%		22	%

^(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 year. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.39 and 1.20%, respectively.

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

Invesco DWA Momentum ETF (PDP)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	52.66		$	45.86		$	40.51		$	42.44		$	36.96
Net investment income(a)		0.11			0.13			0.28			0.12			0.16
Net realized and unrealized gain (loss) on investments		6.10			6.81			5.41			(1.94	)		5.43
Total from investment operations		6.21			6.94			5.69			(1.82	)		5.59
Distributions to shareholders from:
Net investment income		(0.09	)		(0.13	)		(0.34	)		(0.11	)		(0.11	)
Return of capital		—			(0.01	)		—			—			—
Total distributions		(0.09	)		(0.14	)		(0.34	)		(0.11	)		(0.11	)
Net asset value at end of year	$	58.78		$	52.66		$	45.86		$	40.51		$	42.44
Market price at end of year(b)	$	58.79		$	52.72		$	45.87		$	40.50		$	42.43
Net Asset Value Total Return(c)		11.81	%		15.17	%		14.12	%		(4.29	)%		15.13	%
Market Price Total Return(c)		11.70	%		15.28	%		14.17	%		(4.29	)%		15.19	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,545,947		$	1,521,909		$	1,417,070		$	1,438,022		$	1,871,780
Ratio to average net assets of:
Expenses, after Waivers		0.62	%		0.63	%		0.63	%		0.64	%		0.63	%(d)
Expenses, prior to Waivers		0.62	%		0.63	%		0.63	%		0.64	%		0.63	%(d)
Net investment income, after Waivers		0.20	%		0.26	%		0.65	%		0.29	%		0.39	%
Portfolio turnover rate(e)		82	%		68	%		68	%		100	%		73	%

^(a)  Based on average shares outstanding.

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

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

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(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.

71

Financial Highlights(continued)

Invesco Global Listed Private Equity ETF (PSP)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	12.19		$	12.25		$	10.45		$	11.95		$	11.79
Net investment income(a)		0.32			0.40	(b)		0.41			0.60	(c)		0.35
Net realized and unrealized gain (loss) on investments		(0.03	)		0.99			1.85			(1.53	)		0.41
Total from investment operations		0.29			1.39			2.26			(0.93	)		0.76
Distributions to shareholders from:
Net investment income		(0.38	)		(1.40	)		(0.46	)		(0.57	)		(0.60	)
Return of capital		—			(0.05	)		—			—			—
Total distributions		(0.38	)		(1.45	)		(0.46	)		(0.57	)		(0.60	)
Net asset value at end of year	$	12.10		$	12.19		$	12.25		$	10.45		$	11.95
Market price at end of year(d)	$	12.13		$	12.21		$	12.29		$	10.39		$	11.93
Net Asset Value Total Return(e)		2.28	%		11.76	%		22.21	%		(8.09	)%		6.79	%
Market Price Total Return(e)		2.36	%		11.57	%		23.32	%		(8.47	)%		6.09	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	244,443		$	245,052		$	286,143		$	325,925		$	476,606
Ratio to average net assets of:
Expenses, after Waivers(f)		0.64	%		0.64	%		0.66	%		0.64	%		0.64	%
Expenses, prior to Waivers(f)		0.66	%		0.65	%		0.67	%		0.66	%		0.66	%
Net investment income, after Waivers		2.79	%		3.16	%(b)		3.77	%		5.51	%(c)		3.04	%
Portfolio turnover rate(g)		64	%		44	%		39	%		35	%		30	%

^(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 dividends are $0.30 and 2.37%, respectively.

^(c)  Net Investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.34 and 3.12%, respectively.

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

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

^(f)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(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.

72

Financial Highlights(continued)

Invesco Golden Dragon China ETF (PGJ)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	45.58		$	35.69		$	30.51		$	33.67		$	27.65
Net investment income(a)		0.11			0.31			0.19			0.06			0.21
Net realized and unrealized gain (loss) on investments		(3.51	)		10.50			5.54			(3.10	)		6.06
Total from investment operations		(3.40	)		10.81			5.73			(3.04	)		6.27
Distributions to shareholders from:
Net investment income		(0.10	)		(0.92	)		(0.55	)		(0.09	)		(0.25	)
Return of capital		—			—			—			(0.03	)		—
Total distributions		(0.10	)		(0.92	)		(0.55	)		(0.12	)		(0.25	)
Net asset value at end of year	$	42.08		$	45.58		$	35.69		$	30.51		$	33.67
Market price at end of year(b)	$	42.11		$	45.58		$	35.69		$	30.49		$	33.62
Net Asset Value Total Return(c)		(7.46	)%		30.46	%		19.23	%		(9.04	)%		22.79	%
Market Price Total Return(c)		(7.39	)%		30.46	%		19.31	%		(8.97	)%		22.83	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	216,730		$	271,208		$	153,460		$	163,248		$	230,631
Ratio to average net assets of:
Expenses, after Waivers		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Expenses, prior to Waivers		0.70	%		0.70	%		0.73	%		0.70	%		0.70	%
Net investment income, after Waivers		0.27	%		0.70	%		0.61	%		0.18	%		0.68	%
Portfolio turnover rate(d)		36	%		25	%		30	%		47	%		25	%

^(a)  Based on average shares outstanding.

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

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

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

Invesco Insider Sentiment ETF (NFO)

	Year Ended April 30, 2019			Eight Months Ended April 30, 2018			Years Ended August 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	63.16		$	57.67		$	50.29		$	47.50		$	49.25		$	41.15
Net investment income(a)		0.70			0.44			0.61			0.69			0.55			0.56
Net realized and unrealized gain (loss) on investments		4.01			5.97			7.67			2.82			(1.72	)		7.98
Total from investment operations		4.71			6.41			8.28			3.51			(1.17	)		8.54
Distributions to shareholders from:
Net investment income		(0.59	)		(0.92	)		(0.90	)		(0.72	)		(0.58	)		(0.44	)
Net asset value at end of period	$	67.28		$	63.16		$	57.67		$	50.29		$	47.50		$	49.25
Market price at end of period	$	67.21	(b)	$	63.18	(b)	$	57.51		$	50.23		$	47.52		$	49.22
Net Asset Value Total Return(c)		7.70	%		11.14	%		16.79	%		7.51	%		(2.40	)%		20.80	%
Market Price Total Return(c)		7.56	%		11.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	70,696		$	72,685		$	72,128		$	77,983		$	123,547		$	184,735
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%(d)		0.61	%		0.65	%		0.65	%		0.66	%
Expenses, prior to Waivers		0.69	%		0.73	%(d)		0.74	%		0.76	%		0.73	%		0.74	%
Net investment income, after Waivers		1.10	%		1.08	%(d)		1.18	%		1.47	%		1.13	%		1.21	%
Portfolio turnover rate(e)		116	%		108	%		189	%		117	%		112	%		106	%

^(a)  Based on average shares outstanding.

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

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

^(d) 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.

73

Financial Highlights(continued)

Invesco Raymond James SB-1 Equity ETF (RYJ)

	Eight Months Ended April 30, 2019			Years Ended August 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	49.24		$	39.34		$	35.99		$	34.24		$	35.26		$	29.06
Net investment income(a)		0.13			0.27			0.12			0.29			0.21			0.12
Net realized and unrealized gain (loss) on investments		(3.55	)		9.63			3.82			1.76			(1.14	)		6.19
Total from investment operations		(3.42	)		9.90			3.94			2.05			(0.93	)		6.31
Distributions to shareholders from:
Net investment income		(0.52	)		—			(0.52	)		(0.30	)		(0.09	)		(0.11	)
Return of capital		—			—			(0.07	)		—			—			—
Total distributions to shareholders		(0.52	)		—			(0.59	)		(0.30	)		(0.09	)		(0.11	)
Net asset value at end of period	$	45.30		$	49.24		$	39.34		$	35.99		$	34.24		$	35.26
Market price at end of period	$	45.30	(b)	$	49.19	(b)	$	39.32		$	36.01		$	34.19		$	35.28
Net asset value Total Return(c)		(6.60	)%		25.16	%		11.00	%		6.08	%		(2.64	)%		21.75	%
Market Price Total Return(c)		(6.51	)%		25.10	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	173,156		$	200,560		$	185,801		$	180,784		$	240,495		$	267,054
Ratio to average net assets of:
Expenses, after waivers		0.75	%(d)(e)		0.71	%		0.75	%		0.75	%		0.75	%		0.76	%
Expenses, prior to waivers		0.75	%(d)(e)		0.71	%		0.75	%		0.75	%		0.75	%		0.76	%
Net investment income, after waivers		0.44	%(e)		0.60	%		0.30	%		0.87	%		0.59	%		0.36	%
Portfolio turnover rate(f)		65	%		82	%		90	%		118	%		95	%		114	%

^(a)  Based on average shares outstanding.

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

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

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(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.

74

Financial Highlights(continued)

Invesco S&P 500 BuyWrite ETF (PBP)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	21.29		$	22.21		$	20.33		$	21.22		$	21.32
Net investment income(a)		0.32			0.28			0.29			0.30			0.28
Net realized and unrealized gain (loss) on investments		0.32			1.16			2.10			(0.11	)		0.65
Total from investment operations		0.64			1.44			2.39			0.19			0.93
Distributions to shareholders from:
Net investment income		(0.31	)		(1.09	)		(0.33	)		(0.34	)		(0.86	)
Net realized gains		(0.23	)		(1.27	)		(0.18	)		(0.74	)		(0.17	)
Total distributions		(0.54	)		(2.36	)		(0.51	)		(1.08	)		(1.03	)
Net asset value at end of year	$	21.39		$	21.29		$	22.21		$	20.33		$	21.22
Market price at end of year(b)	$	21.39		$	21.33		$	22.23		$	20.29		$	21.22
Net Asset Value Total Return(c)		3.16	%		6.59	%		11.86	%		0.90	%		4.48	%
Market Price Total Return(c)		2.97	%		6.68	%		12.18	%		0.67	%		4.32	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	320,778		$	302,296		$	327,596		$	297,895		$	404,270
Ratio to average net assets of:
Expenses		0.53	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		1.47	%		1.25	%		1.37	%		1.47	%		1.33	%
Portfolio turnover rate(d)		15	%		16	%		24	%		43	%		50	%

^(a)  Based on average shares outstanding.

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

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

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

Invesco S&P 500^® Quality ETF (SPHQ)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	29.53		$	27.62		$	24.70		$	23.25		$	20.90
Net investment income(a)		0.51			0.57			0.54			0.45			0.41
Net realized and unrealized gain on investments		3.75			1.89			2.84			1.46			2.33
Total from investment operations		4.26			2.46			3.38			1.91			2.74
Distributions to shareholders from:
Net investment income		(0.50	)		(0.55	)		(0.46	)		(0.46	)		(0.39	)
Net asset value at end of year	$	33.29		$	29.53		$	27.62		$	24.70		$	23.25
Market price at end of year(b)	$	33.30		$	29.55		$	27.63		$	24.70		$	23.24
Net Asset Value Total Return(c)		14.63	%		8.94	%		13.84	%		8.39	%		13.17	%
Market Price Total Return(c)		14.59	%		8.98	%		13.88	%		8.43	%		13.18	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,469,785		$	1,327,157		$	1,222,223		$	899,078		$	533,537
Ratio to average net assets of:
Expenses, after Waivers		0.19	%		0.29	%		0.29	%		0.29	%		0.29	%
Expenses, prior to Waivers		0.26	%		0.37	%		0.38	%		0.38	%		0.38	%
Net investment income, after Waivers		1.67	%		1.95	%		2.10	%		1.92	%		1.83	%
Portfolio turnover rate(d)		73	%		60	%		49	%		102	%		18	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

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

75

Financial Highlights(continued)

Invesco S&P Spin-Off ETF (CSD)

	Year Ended April 30, 2019			Eight Months Ended April 30, 2018			Years Ended August 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	52.61		$	49.42		$	42.42		$	40.90		$	46.47		$	37.96
Net investment income(a)		0.43			0.04			0.39			0.61			0.72			0.45
Net realized and unrealized gain (loss) on investments		(0.19	)		3.46			7.31			1.91			(5.55	)		8.15
Total from investment operations		0.24			3.50			7.70			2.52			(4.83	)		8.60
Distributions to shareholders from:
Net investment income		(0.42	)		(0.20	)		(0.70	)		(1.00	)		(0.74	)		(0.09	)
Return of capital		—			(0.11	)		—			—			—			—
Total distributions to shareholders		(0.42	)		(0.31	)		(0.70	)		(1.00	)		(0.74	)		(0.09	)
Net asset value at end of period	$	52.43		$	52.61		$	49.42		$	42.42		$	40.90		$	46.47
Market price at end of period	$	52.41	(b)	$	52.55	(b)	$	49.34		$	42.42		$	40.85		$	46.46
Net Asset Value Total Return(c)		0.71	%		7.10	%		18.39	%		6.42	%		(10.54	)%		22.65	%
Market Price Total Return(c)		0.78	%		7.15	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	146,814		$	202,534		$	195,208		$	216,319		$	413,092		$	615,693
Ratio to average net assets of:
Expenses, after Waivers		0.62	%		0.64	%(d)		0.64	%		0.65	%		0.65	%		0.66	%
Expenses, prior to Waivers		0.62	%		0.65	%(d)		0.64	%		0.71	%		0.71	%		0.72	%
Net investment income, after Waivers		0.84	%		0.12	%(d)		0.86	%		1.54	%		1.57	%		1.00	%
Portfolio turnover rate(e)		49	%		24	%		44	%		116	%		56	%		81	%

^(a)  Based on average shares outstanding.

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

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

^(d) 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.

Invesco Water Resources ETF (PHO)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	30.09		$	26.71		$	22.99		$	25.19		$	25.92
Net investment income(a)		0.16			0.09			0.16			0.13			0.14
Net realized and unrealized gain (loss) on investments		4.55			3.39			3.68			(2.17	)		(0.72	)
Total from investment operations		4.71			3.48			3.84			(2.04	)		(0.58	)
Distributions to shareholders from:
Net investment income		(0.13	)		(0.10	)		(0.12	)		(0.16	)		(0.15	)
Net asset value at end of year	$	34.67		$	30.09		$	26.71		$	22.99		$	25.19
Market price at end of year(b)	$	34.70		$	30.09		$	26.70		$	22.98		$	25.17
Net Asset Value Total Return(c)		15.74	%		13.07	%		16.73	%		(8.09	)%		(2.25	)%
Market Price Total Return(c)		15.84	%		13.11	%		16.74	%		(8.06	)%		(2.29	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	941,269		$	821,548		$	797,147		$	680,463		$	855,159
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.62	%		0.62	%		0.61	%		0.61	%
Expenses, prior to Waivers		0.60	%		0.62	%		0.62	%		0.61	%		0.61	%
Net investment income, after Waivers		0.51	%		0.31	%		0.64	%		0.58	%		0.56	%
Portfolio turnover rate(d)		31	%		23	%		44	%		89	%		25	%

^(a)  Based on average shares outstanding.

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

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

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

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

76

Financial Highlights(continued)

Invesco WilderHill Clean Energy ETF (PBW)

	Years Ended April 30,
	2019			2018			2017(a)			2016(a)			2015(a)
Per Share Operating Performance:
Net asset value at beginning of year	$	24.64		$	20.85		$	20.55		$	28.80		$	32.95
Net investment income(b)		0.39			0.31			0.30			0.55			0.70
Net realized and unrealized gain (loss) on investments		3.66			3.78			0.40			(8.30	)		(4.10	)
Total from investment operations		4.05			4.09			0.70			(7.75	)		(3.40	)
Distributions to shareholders from:
Net investment income		(0.39	)		(0.30	)		(0.40	)		(0.50	)		(0.75	)
Net asset value at end of year	$	28.30		$	24.64		$	20.85		$	20.55		$	28.80
Market price at end of year(c)	$	28.31		$	24.66		$	20.85		$	20.55		$	28.80
Net Asset Value Total Return(d)		16.76	%		19.78	%		3.60	%		(27.19	)%		(10.36	)%
Market Price Total Return(d)		16.70	%		19.87	%		3.60	%		(27.19	)%		(10.36	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	144,857		$	116,263		$	103,177		$	101,255		$	143,790
Ratio to average net assets of:
Expenses, after Waivers		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Expenses, prior to Waivers		0.71	%		0.77	%		0.76	%		0.76	%		0.72	%
Net investment income, after Waivers		1.56	%		1.30	%		1.59	%		2.37	%		2.39	%
Portfolio turnover rate(e)		40	%		43	%		59	%		60	%		48	%

^(a) Per share amounts have been adjusted to reflect aone-for-five reverse stock split effective after the close of business on October 20, 2017.

^(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 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)  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.

77

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2019

Note 1—Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-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 Aerospace & Defense ETF (PPA)	“Aerospace & Defense ETF”
Invesco BRIC ETF (EEB)	“BRIC ETF”
Invesco CleantechTM ETF (PZD)	“CleantechTM ETF”
Invesco DWA Momentum ETF (PDP)	“DWA Momentum ETF”
Invesco Global Listed Private Equity ETF (PSP)	“Global Listed Private Equity ETF”
Invesco Golden Dragon China ETF (PGJ)	“Golden Dragon China ETF”
Invesco Insider Sentiment ETF (NFO)	“Insider Sentiment ETF”
Invesco Raymond JamesSB-1 Equity ETF (RYJ)	“Raymond JamesSB-1 Equity ETF”
Invesco S&P 500 BuyWrite ETF (PBP)	“S&P 500 BuyWrite ETF”
Invesco S&P 500® Quality ETF (SPHQ)	“S&P 500® Quality ETF”
Invesco S&PSpin-Off ETF (CSD)	“S&PSpin-Off ETF”
Invesco Water Resources ETF (PHO)	“Water Resources ETF”
Invesco WilderHill Clean Energy ETF (PBW)	“WilderHill Clean Energy 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 DWA Momentum ETF, Golden Dragon China ETF and Water Resources ETF, which are listed and traded on The Nasdaq Stock Market.

Effective April 30, 2019, the fiscalyear-end changed for BRIC ETF and Raymond JamesSB-1 Equity ETF from August 31 to April 30.

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

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

Fund	Underlying Index
Aerospace & Defense ETF	SPADE® Defense Index
BRIC ETF	S&P/BNY Mellon BRIC Select DR Index (USD)
CleantechTM ETF	The Cleantech IndexTM
DWA Momentum ETF	Dorsey Wright® Technical Leaders Index
Global Listed Private Equity ETF	Red Rocks Global Listed Private Equity Index
Golden Dragon China ETF	NASDAQ Golden Dragon China Index
Insider Sentiment ETF	Nasdaq US Insider Sentiment Index
Raymond JamesSB-1 Equity ETF	Raymond JamesSB-1 Equity Index
S&P 500 BuyWrite ETF	CBOE S&P 500 BuyWrite IndexSM
S&P 500® Quality ETF	S&P 500® Quality Index
S&PSpin-Off ETF	S&P U.S.Spin-Off Index
Water Resources ETF	NASDAQ OMX US Water IndexSM
WilderHill Clean Energy ETF	WilderHill Clean Energy Index

78

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

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

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

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts (“ADRs”) 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.

Swap agreements are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end of day net present values, spreads, ratings, industry, and company performance. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to

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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 economic conditions, interest rates, investor perceptions 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.

B. Other Risks

Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

Authorized Participant Concentration Risk.Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for Funds that invest innon-U.S. securities, which may have lower trading volumes.

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 particular industries will become negative. 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.

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

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 faces 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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Momentum Investing Risk. Certain Funds employ a “momentum” style of investing that is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.

Non-Diversified Fund Risk. Aerospace & Defense ETF, Golden Dragon China ETF, Insider Sentiment ETF, S&PSpin-Off ETF, and Water Resources ETF arenon-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, 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.

Micro-Capitalization Securities Risk.For certain Funds, micro-capitalization stocks involve substantially greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations.

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Small- andMid-Capitalization Company Risk. For certain Funds, investing in securities of small- andmid-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- andmid-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.

Emerging Markets Investment Risk.For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.

REIT Risk.For certain Funds, in addition to the risks pertaining to real estate investments more generally, REITs are subject to additional risks. The value of a REIT can depend on the structure of and cash flow generated by the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. REITs are also subject to certain requirements under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and each Fund and its shareholders will incur its pro rata share of the underlying expenses.Investment in Investment Companies Risk.For certain Funds, investing in other investment companies, including exchange-traded funds (“ETFs”), business development companies andclosed-end funds, subjects the Fund to those risks affecting the investment company, including the possibility that the value of the underlying securities held by the investment company could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying investment companies’ expenses, which will reduce the Fund’s performance, and the purchase of shares of some investment companies (in the case ofclosed-end investment companies) may sometimes require the payment of substantial premiums above the value of such companies’ portfolio securities or NAVs. In addition, investments by the Fund in another ETF orclosed-end fund are subject to, among other risks, the risk that the ETF’s or closed end fund’s shares may trade at a discount or premium relative to the NAV of the shares and the listing exchange may halt trading of the ETF’s orclosed-end fund’s shares.

Depositary Receipt Risk.Certain Funds may hold the securities ofnon-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in each Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of each Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.

Currency Risk.For certain Funds, because the Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of anon-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Foreign Investment Risk. Investments in the securities ofnon-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. As the Funds may invest in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Funds’ returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.

Risk of Investing in Listed Private Equity Companies. For certain Funds, there are certain risks inherent in investing in listed private equity companies, which encompass business development companies (“BDCs”), and other financial institutions or vehicles whose principal business is to invest in and lend capital to, or provide services to privately held companies. The 1940 Act imposes certain restraints upon the operations of BDCs. For example, BDCs are required to invest at least 70% of their total assets

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primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high quality debt investments that mature in one year or less. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. With investments in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Additionally, a BDC may incur indebtedness only in amounts such that the BDC’s asset coverage equals at least 200% after such incurrence. These limitations on asset mix and leverage may prohibit the way that the BDC raises capital. BDCs generally invest in less mature private companies, which involve greater risk than well-established, publicly-traded companies.

Portfolio Turnover Risk.Certain Funds may engage in active and frequent trading of its portfolio securities to reflect the rebalancing of the Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the 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 the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gain distributions to the Fund’s shareholders, the Fund will seek to utilize thein-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

C. 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 the accrual basis from settlement date.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each 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.

D. Country Determination — For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders — Each Fund (except BRIC ETF, Insider Sentiment ETF, Raymond JamesSB-1 Equity ETF and S&PSpin-Off ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends onex-dividend date. BRIC ETF, Insider Sentiment ETF, Raymond JamesSB-1 Equity ETF and S&PSpin-Off ETF declare and pay dividends from net investment income, if any, to shareholders annually and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end.

F. 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.

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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 forin-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.

G. Expenses — Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that 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.

Each Fund (except for S&P 500 BuyWrite ETF and Raymond JamesSB-1 Equity ETF) is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions,sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees acquired fund fees and expenses, if any, and extraordinary expenses.

S&P 500 BuyWrite ETF and Raymond JamesSB-1 Equity ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

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.

H. 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 theperiod-end date and before the date the financial statements are released to print.

I. Indemnifications — Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.

J. 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 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. The Funds do 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 each 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 fiscalperiod-end, resulting from changes in exchange rates.

The Funds 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 each Fund invests.

K. Option Contracts Written — S&P 500 BuyWrite ETF engaged in certain strategies involving options to manage or minimize the risk of its investments or for investment purposes. A call option gives the purchaser of such option the right to buy, and the writer (the Fund) the obligation to sell, the underlying security at the stated exercise price during the option period. When the Fund writes (sells) call options, the amount of the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently“marked-to-market” to reflect the current value of the option written. The difference between the premium received and the current value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation (depreciation) is reported in the Statements of Operations. If a written call option expires, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to

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such option is extinguished. If a written option is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received.

Writing Covered Call Option Risk. The primary risk in writing a call option is market risk. By writing covered call options in return for the receipt of premiums, the S&P 500 BuyWrite ETF will give up the opportunity to benefit from potential increases in the value of the S&P 500^® Index above the exercise prices of the written options, but will continue to bear the risk of declines in the value of the S&P 500^® Index. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stocks over time. In addition, the Fund’s ability to sell the underlying securities will be limited while the option is in effect unless the Fund extinguishes the option position through the purchase of an offsetting identical option prior to the expiration of the written option. There is also a risk the Fund may not be able to enter into a closing transaction because of an illiquid market. If trading of options is suspended, the Fund may be unable to write options at times that may be desirable or advantageous to the Fund to do so.

L. Swap Agreements — Global Listed Private Equity ETF may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between two parties (“Counterparties”). These agreements may contain, among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain apre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index and currency exchange rate swap agreements aretwo-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statements of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statements of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of the Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statements of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

M. Securities Lending — During the fiscal year ended April 30, 2019, Aerospace & Defense ETF, BRIC ETF, Cleantech^TM ETF, DWA Momentum ETF, Global Listed Private Equity ETF, Golden Dragon China ETF, Insider Sentiment ETF, Raymond JamesSB-1 Equity ETF, S&PSpin-Off ETF, Water Resources ETF, and WilderHill Clean Energy ETF participated in securities lending. Each Fund loaned portfolio securities having a market value up toone-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 generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to Counterparties, are included inSecurities 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.

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N. Distributions from Distributable Earnings — In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.

For the year ended April 30, 2018, distributions from distributable earnings consisted of:

	Distributions to shareholders from net investment income		Distributions to shareholders from net realized gains
Aerospace & Defense ETF	$	5,890,874	$	—
BRIC ETF(1)		1,588,508
CleantechTM ETF		1,006,758		—
DWA Momentum ETF		3,926,777		—
Global Listed Private Equity ETF		30,958,567		—
Golden Dragon China ETF		4,673,478		—
Insider Sentiment ETF(2)		1,099,212		—
Raymond JamesSB-1 Equity ETF(1)		—		—
S&P 500 BuyWrite ETF		15,918,964		19,713,365
S&P 500® Quality ETF		26,665,792		—
S&PSpin-Off ETF(2)		836,626		—
Water Resources ETF		3,090,361		—
WilderHill Clean Energy ETF		1,382,506		—
WilderHill Progressive Energy ETF		140,441		—

⁽¹⁾  For the fiscal period September 1, 2017 to August 31, 2018.

⁽²⁾  For the fiscal period September 1, 2017 to April 30, 2018.

For the fiscal year ended August 31, 2017, distributions from distributable earnings for BRIC ETF, Insider Sentiment ETF, Raymond JamesSB-1 Equity ETF and S&PSpin-Off ETF consisted of distributions from net investment income.

Note 3—Investment Advisory Agreement and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for Raymond JamesSB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500^® Quality ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. S&P 500^® Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.15% of the Fund’s average daily net assets. Prior to August 20, 2018 the advisory fee was 0.29%. Effective August 20, 2018, the Adviser voluntarily agreed to permanently waive a portion of the S&P 500^® Quality ETF’s advisory fee. After giving effect to such waiver, the advisory fee was 0.15%. Effective September 24, 2018, the Adviser contractually reduced S&P 500^® Quality ETF’s advisory fee from 0.29% to 0.15%.

Pursuant to another Investment Advisory Agreement, Raymond JamesSB-1 Equity ETF and S&P 500 BuyWrite ETF accrue daily and pay monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.75% and 0.49%, respectively, of the Fund’s average daily net assets. Prior to July 1, 2018, S&P 500 BuyWrite ETF’s unitary fee was 0.75% of its average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of Raymond JamesSB-1 Equity ETF and S&P 500 BuyWrite ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Raymond JamesSB-1 Equity ETF and S&P 500 BuyWrite ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses,sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund (except for Raymond JamesSB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500^® Quality ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2021. The Expense Cap (includingsub-licensing fees) for S&P 500^® Quality ETF is 0.15% (0.29% prior to August 20, 2018) of the Fund’s average daily net assets per year through at least August 31, 2021. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2021. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Aerospace & Defense ETF, Cleantech^TM ETF, DWA Momentum ETF, Global Listed Private Equity ETF, Golden Dragon China ETF, S&PSpin-Off ETF and Water Resources ETF.

85

Further, the Adviser agrees to reimburse BRIC ETF, Insider Sentiment ETF and S&PSpin-Off ETF in the amount equal to the licensing fees that each Fund pays that cause the Fund’s operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed 0.64%, 0.60% and 0.64%, respectively, through April 6, 2020 (for Insider Sentiment ETF and S&PSpin-Off ETF) and May 18, 2020 (for BRIC ETF). The Adviser also has agreed to waive a portion of the unitary management fee for Raymond James SB-1 Equity ETF through at least May 18, 2020 to prevent the expenses (excluding interest expenses, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes, and litigation expenses and other extraordinary expenses) from exceeding 0.75%. Neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.

Additionally, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

Aerospace & Defense ETF	$	1,300
BRIC ETF*		91,952
CleantechTM ETF		80
DWA Momentum ETF		2,155
Global Listed Private Equity ETF		46,624
Golden Dragon China ETF		422
Insider Sentiment ETF		62,793
Raymond JamesSB-1 Equity ETF*		490
S&P 500 BuyWrite ETF		273
S&P 500® Quality ETF		845,827
S&PSpin-Off ETF		371
Water Resources ETF		1,681
WilderHill Clean Energy ETF		16,898

* For the period September 1, 2018 through April 30, 2019.

For the period September 1, 2017 to May 18, 2018, Guggenheim Funds Investment Advisor LLC waived fees and/or paid Fund expenses for each Predecessor Fund and for the period after the close of business on May 18, 2018 to August 31, 2018, the Adviser waived fees in the following amounts:

Fund	Period after the close of business May 18, 2018 to August 31,  2018		Period September 1, 2017 to May 18, 2018
BRIC ETF	$	35,321	$	32,260
Raymond James SB-1 Equity ETF		12		—

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

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at April 30, 2019 are as follows:

	Total Potential Recapture Amounts		Potential Recapture Amounts Expiring
			04/30/20		04/30/21		04/30/22
CleantechTM ETF	$	39,193	$	39,193	$	—	$	—
Golden Dragon China ETF		2,056		2,056		—		—
Inside Sentiment ETF		79,804		—		17,225		62,579
S&P 500® Quality ETF		2,825,732		919,351		1,062,417		843,964
WilderHill Clean Energy ETF		143,264		56,660		70,007		16,597

	Total Potential Recapture Amounts		Potential Recapture Amounts Expiring
			08/31/19		08/31/20		08/31/21		04/30/22
BRIC ETF		$126,925		$—		$—		$35,110		$91,815

86

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
Aerospace & Defense ETF	SPADE Indexes
BRIC ETF	The Bank of New York Mellon
CleantechTM ETF	Cleantech Indices LLC
DWA Momentum ETF	Dorsey Wright & Associates, LLC
Global Listed Private Equity ETF	Red Rocks Capital, LLC
Golden Dragon China ETF	Nasdaq, Inc.
Insider Sentiment ETF	Nasdaq, Inc.
Raymond JamesSB-1 Equity ETF	Raymond James Research Services, LLC
S&P 500 BuyWrite ETF	S&P Dow Jones Indices LLC
S&P 500® Quality ETF	S&P Dow Jones Indices LLC
S&PSpin-Off ETF	S&P Dow Jones Indices LLC
Water Resources ETF	Nasdaq, Inc.
WilderHill Clean Energy ETF	WilderHill

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’ssub-licensing agreement with the Adviser. The Funds (except for Raymond JamesSB-1 Equity ETF and S&P 500 BuyWrite ETF) are required to pay thesub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, 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.

Note 4—Investments in Affiliates

The Adviser serves as the adviser for Invesco India ETF, and therefore Invesco India ETF is considered to be affiliated with the Funds. The table below shows Cleantech^TM ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the fiscal year ended April 30, 2019.

Cleantech^TM ETF

	Value April 30, 2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value April 30, 2019		Dividend Income
Invesco India ETF	$	—	$	793,170	$	—	$	7,198	$	—	$	800,368	$	—

The Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the fiscal year ended April 30, 2019.

S&P 500 BuyWrite ETF

	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2019		Dividend Income
Invesco Ltd.	$	156,844	$	60,523	$	(58,204	)	$	(21,645	)	$	(21,297	)	$	116,221	$	6,896

S&P 500^® Quality ETF

	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2019		Dividend Income
Invesco Ltd.*	$	3,553,402	$	832,626	$	(4,214,868	)	$	712,040	$	(883,200	)	$	—	$	36,757

* At April 30, 2019, this security was no longer held.

87

Note 5—Additional Valuation Information

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

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

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

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Funds listed below, as of April 30, 2019, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The value on options held in S&P 500 BuyWrite ETF was based on Level 1 inputs. 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
Global Listed Private Equity ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	211,129,842	$	—		$	—	$	211,129,842
Money Market Funds		50,722,504		—			—		50,722,504
Total Investments	$	261,852,346	$	—		$	—	$	261,852,346
Other Investments-Assets*
Swap Agreements		—		112,282			—		112,282
Other Investments-Liabilites*
Swap Agreements		—		(146,616	)		—		(146,616	)
Total Other Investments		—		(34,334	)		—		(34,334	)
Total Investments	$	261,852,346	$	(34,334	)	$	—	$	261,818,012
Golden Dragon China ETF
Investments in Securities
Common Stocks and Other Equity Interests	$	216,720,261	$	—		$	0	$	216,720,261
Money Market Funds		18,877,690		—			—		18,877,690
Total Investments	$	235,597,951	$	—		$	0	$	235,597,951

* Unrealized appreciation (depreciation)

Note 6—Derivative Investments

The Funds may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions andclose-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

88

Value of Derivative Investments at FiscalYear-End

The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2019:

	Value
	Global Listed Private Equity ETF			S&P 500 BuyWrite ETF
Derivative Assets	Equity Risk
Unrealized appreciation on swap agreements—OTC	$	112,282		$	—
Derivatives not subject to master netting agreements		—			—
Total Derivative Assets subject to master netting agreements	$	112,282		$	—
Derivative Liabilities	Equity Risk
Options written, at value—Exchange-Traded	$	—		$	(6,332,390	)
Unrealized depreciation on swap agreements—OTC		(146,616	)		—
Total Derivative Liabilities		(146,616	)		(6,332,390	)
Derivatives not subject to master netting agreements		—			6,332,390
Total Derivative Liabilities subject to master netting agreements	$	(146,616	)	$	—

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2019:

Global Listed Private Equity ETF

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/ Pledged
Counterparty	Swap agreements		Swap agreements			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Citibank, N.A.	$	112,282	$	(143,755	)	$	(31,473	)	$	—	$	—	$	(31,473	)
Morgan Stanley Capital Services LLC		—		(2,861	)		(2,861	)		—		—		(2,861	)
Total	$	112,282	$	(146,616	)	$	(34,334	)	$	—	$	—	$	(34,334	)

Effect of Derivative Investments for the Fiscal Year Ended April 30, 2019

The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statements of Operations
	Global Listed Private Equity ETF		S&P 500 BuyWrite ETF
	Equity Risk
Realized Gain (Loss):
Options written	$	—	$	(25,251,191	)
Swap agreements		4,307,709		—
Change in Net Unrealized Appreciation (Depreciation):
Options written		—		(4,728,379	)
Swap agreements		58,786		—
Total	$	4,366,495	$	(29,979,570	)

89

The table below summarizes the average notional value of derivatives held during the period.

	Average Notional Value
	Global Listed Private Equity ETF		S&P 500 BuyWrite ETF
Options written	$	—	$	327,746,308
Swap agreements		24,791,843		—

Note 7—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2019 and 2018:

	2019						2018
	Ordinary Income		Long-Term Capital Gains		Return of Capital		Ordinary Income		Long-Term Capital Gains		Return of Capital
Aerospace & Defense ETF	$	8,051,313	$	—	$	—	$	5,890,874	$	—	$	—
CleantechTM ETF		870,880		—		—		1,006,758		—		—
DWA Momentum ETF		2,302,714		—		—		3,926,777		—		231,609
Global Listed Private Equity ETF		8,142,823		—		—		30,958,567		—		1,046,678
Golden Dragon China ETF		536,515		—		—		4,673,478		—		—
S&P 500 BuyWrite ETF		5,929,392		2,456,110		—		33,621,824		2,010,505		—
S&P 500® Quality ETF		21,455,885		—		—		26,665,792		—		—
Water Resources ETF		3,503,105		—		—		3,090,361		—		—
WilderHill Clean Energy ETF		1,768,255		—		—		1,382,506		—		—

Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended April 30, 2019, the Period September 1, 2017 to April 30, 2018 and Year Ended August 31, 2017:

	2019						2018						2017
	Ordinary Income		Long-Term Capital Gains		Return of Capital		Ordinary Income		Long-Term Capital Gains		Return of Capital		Ordinary Income		Long-Term Capital Gains		Return of Capital
Insider Sentiment ETF	$	651,057	$	—	$	—	$	1,099,212	$	—	$	—	$	1,266,043	$	—	$	—
S&PSpin-Off ETF		1,410,652		—		—		836,626		—		438,719		3,264,300		—		—

Tax Character of Distributions to Shareholders Paid During the Period September 1, 2018 to April 30, 2019 and Years Ended August 31, 2018 and 2017:

	2019						2018						2017
	Ordinary Income		Long-Term Capital Gains		Return of Capital		Ordinary Income		Long-Term Capital Gains		Return of Capital		Ordinary Income		Long-Term Capital Gains		Return of Capital
BRIC ETF	$	1,731,261	$	—	$	—	$	1,588,508	$	—	$	—	$	1,048,634	$	—	$	—
Raymond JamesSB-1 Equity ETF		2,047,360		—		—		—		—		—		2,566,671		—		331,196

90

Tax Components of Net Assets at FiscalYear-End:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)— Investments			Net Unrealized Appreciation (Depreciation)— Foreign Currencies			Capital Loss Carryforwards			Late-Year Ordinary Loss Deferral			Shares of Beneficial Interest		Total Net Assets
Aerospace & Defense ETF	$	824,571	$	—	$	(49,576	)	$	192,255,074		$	—		$	—		$	—		$	745,215,785	$	938,245,854
BRIC ETF		204,014		—		(1,408	)		7,924,664			—			(170,764,192	)		—			235,153,340		72,516,418
CleantechTM ETF		520,208		—		(38,777	)		49,170,247			(9,371	)		(31,786,263	)		—			162,264,645		180,120,689
DWA Momentum ETF		619,251		—		(113,456	)		313,365,552			—			(406,333,437	)		—			1,638,409,319		1,545,947,229
Global Listed Private Equity ETF		4,574,535		—		(58,371	)		(1,609,354	)		(51,789	)		(70,578,956	)		—			312,166,724		244,442,789
Golden Dragon China ETF		—		—		(61,713	)		3,927,660			—			(200,155,899	)		(64,870	)		413,084,606		216,729,784
Insider Sentiment ETF		216,058		—		(1,781	)		6,179,645			—			(60,218,687	)		—			124,520,357		70,695,592
Raymond JamesSB-1 Equity ETF		—		—		(1,045,074	)		9,204,335			—			(46,814,053	)		(664,923	)		212,475,776		173,156,061
S&P 500 BuyWrite ETF		1,868,128		475,368		—			—			—			—			—			318,434,175		320,777,671
S&P 500® Quality ETF		3,337,786		—		(62,577	)		197,921,852			—			(146,742,864	)		—			1,415,330,921		1,469,785,118
S&PSpin-Off ETF		114,753		—		(2,116	)		8,454,676			—			(131,314,181	)		—			269,561,281		146,814,413
Water Resources ETF		1,662,418		—		(153,384	)		261,920,584			—			(287,047,578	)		—			964,886,777		941,268,817
WilderHill Clean Energy ETF		484,910		—		(79,408	)		16,178,201			—			(441,070,665	)		—			569,344,166		144,857,204

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 following table presents available capital loss carryforwards for each Fund as of April 30, 2019:

	Post-effective/ no expiration
	Short-Term		Long-Term		Total*
Aerospace & Defense ETF	$	—	$	—	$	—
BRIC ETF		2,851,241		167,912,951		170,764,192
CleantechTM ETF		1,261,711		30,524,552		31,786,263
DWA Momentum ETF		403,707,292		2,626,145		406,333,437
Global Listed Private Equity ETF		17,346,934		53,232,022		70,578,956
Golden Dragon China ETF		31,264,781		168,891,118		200,155,899
Insider Sentiment ETF		50,437,272		9,781,415		60,218,687
Raymond JamesSB-1 Equity ETF		30,644,498		16,169,555		46,814,053
S&P 500 BuyWrite ETF		—		—		—
S&P 500® Quality ETF		94,847,255		51,895,609		146,742,864
S&PSpin-Off ETF		58,176,176		73,138,005		131,314,181
Water Resources ETF		163,791,855		123,255,723		287,047,578
WilderHill Clean Energy ETF		85,090,913		355,979,752		441,070,665

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

91

Note 8—Investment Transactions

For the fiscal year ended April 30, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:

	Purchases		Sales
Aerospace & Defense ETF	$	145,560,489	$	144,803,563
BRIC ETF*		27,822,020		29,006,229
CleantechTM ETF		34,133,278		34,559,211
DWA Momentum ETF		1,270,187,306		1,266,837,033
Global Listed Private Equity ETF		141,464,778		135,423,418
Golden Dragon China ETF		79,817,502		78,580,717
Insider Sentiment ETF		82,728,130		81,352,048
Raymond JamesSB-1 Equity ETF*		114,075,384		112,456,627
S&P 500 BuyWrite ETF		48,550,975		77,600,483
S&P 500® Quality ETF		984,560,185		979,196,001
S&PSpin-Off ETF		87,884,194		88,900,531
Water Resources ETF		260,662,758		261,786,748
WilderHill Clean Energy ETF		46,901,091		46,084,123

* For the period September 1, 2018 through April 30, 2019.

For the fiscal year ended April 30, 2019,in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
Aerospace & Defense ETF	$	67,400,337	$	226,733,530
BRIC ETF*		8,996,621		8,629,794
CleantechTM ETF		13,011,912		4,170,485
DWA Momentum ETF		973,478,866		1,100,451,872
Global Listed Private Equity ETF		53,384,461		53,005,185
Golden Dragon China ETF		45,922,441		79,742,068
Insider Sentiment ETF		19,119,828		26,296,943
Raymond JamesSB-1 Equity ETF*		28,601,824		41,572,066
S&P 500 BuyWrite ETF		95,715,698		76,037,074
S&P 500® Quality ETF		738,044,959		756,495,680
S&PSpin-Off ETF		38,951,395		88,090,197
Water Resources ETF		164,065,859		164,837,359
WilderHill Clean Energy ETF		43,281,754		30,150,671

* For the period September 1, 2018 through April 30, 2019.

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

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At April 30, 2019, 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 reportingperiod-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Aerospace & Defense ETF	$	203,924,383	$	(11,669,309	)	$	192,255,074		$	753,813,274
BRIC ETF		15,484,380		(7,559,716	)		7,924,664			68,882,945
CleantechTM ETF		53,169,156		(3,998,909	)		49,170,247			142,929,659
DWA Momentum ETF		318,355,397		(4,989,845	)		313,365,552			1,241,132,939
Global Listed Private Equity ETF		20,015,689		(21,625,043	)		(1,609,354	)		263,427,366
Golden Dragon China ETF		28,509,725		(24,582,065	)		3,927,660			231,670,291
Insider Sentiment ETF		6,369,245		(189,600	)		6,179,645			64,641,867
Raymond JamesSB-1 Equity ETF		18,143,091		(8,938,756	)		9,204,335			171,356,191
S&P 500 BuyWrite ETF		—		—			—			320,757,893
S&P 500® Quality ETF		245,186,189		(47,264,337	)		197,921,852			1,271,848,599
S&PSpin-Off ETF		23,847,388		(15,392,712	)		8,454,676			140,183,789
Water Resources ETF		265,661,036		(3,740,452	)		261,920,584			681,460,013
WilderHill Clean Energy ETF		23,720,510		(7,542,309	)		16,178,201			164,485,326

Note 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment ofin-kind transactions, foreign currency transactions, the use of a portion of the proceeds from redemptions as distributions and passive foreign investment companies, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2019, the reclassifications were as follows:

	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Aerospace & Defense ETF	$	—		$	(78,475,935	)	$	78,475,935
BRIC ETF		13,939			7,543,282			(7,557,221	)
CleantechTM ETF		384			10,066,902			(10,067,286	)
DWA Momentum ETF		(26,011	)		(211,632,532	)		211,658,543
Global Listed Private Equity ETF		8,561,525			(13,200,043	)		4,638,518
Golden Dragon China ETF		2,367,821			2,650,834			(5,018,655	)
Insider Sentiment ETF		(3,412	)		1,295,162			(1,291,750	)
Raymond JamesSB-1 Equity ETF		372,182			(6,875,293	)		6,503,111
S&P 500 BuyWrite ETF		44			(44	)		—
S&P 500® Quality ETF		—			(126,624,657	)		126,624,657
S&PSpin-Off ETF		(94	)		(13,941,169	)		13,941,263
Water Resources ETF		—			(21,573,310	)		21,573,310
WilderHill Clean Energy ETF		—			232,317,594			(232,317,594	)

Note 10—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Raymond JamesSB-1 Equity ETF and S&P 500 BuyWrite ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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.

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Note 11—Capital

Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

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

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

94

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Aerospace & Defense ETF, Invesco BRIC ETF, Invesco Cleantech^TM ETF, Invesco DWA Momentum ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco Insider Sentiment ETF, Invesco Raymond JamesSB-1 Equity ETF, Invesco S&P 500 BuyWrite ETF, Invesco S&P 500^® Quality ETF, Invesco S&PSpin-Off ETF, Invesco Water Resources ETF and Invesco WilderHill Clean Energy ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (thirteen of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2019, the related statements of operations and changes in net assets for each of periods indicated in the table below, including the related notes,and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2019, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Fund Name

Invesco Aerospace & Defense ETF⁽¹⁾

Invesco BRIC ETF⁽²⁾

Invesco Cleantech^TM ETF⁽¹⁾

Invesco DWA Momentum ETF⁽¹⁾

Invesco Global Listed Private Equity ETF⁽¹⁾

Invesco Golden Dragon China ETF⁽¹⁾

Invesco Insider Sentiment ETF⁽³⁾

Invesco Raymond JamesSB-1 Equity ETF⁽²⁾

Invesco S&P 500 BuyWrite ETF⁽¹⁾

Invesco S&P 500^® Quality ETF⁽¹⁾

Invesco S&PSpin-Off ETF⁽³⁾

Invesco Water Resources ETF⁽¹⁾

Invesco WilderHill Clean Energy ETF⁽¹⁾

⁽¹⁾ Statements of operations for the year ended April 30, 2019, the statements of changes in net assets for each of the two years in the period ended April 30, 2019 and the financial highlights for each of the five years in the period ended April 30, 2019

⁽²⁾ Statements of operations and changes in net assets and the financial highlights for the eight months ended April 30, 2019 and for the year ended August 31, 2018

⁽³⁾  Statements of operations for the year ended April 30, 2019 and statements of changes in net assets and the financial highlights for the year ended April 30, 2019 and the eight months ended April 30, 2018

The financial statements of Invesco BRIC ETF (Predecessor Fund Guggenheim BRIC ETF), Invesco Insider Sentiment ETF (Predecessor Fund Guggenheim Insider Sentiment ETF), Invesco Raymond JamesSB-1 Equity ETF (Predecessor Fund Guggenheim Raymond JamesSB-1 Equity ETF) and Invesco S&PSpin-Off ETF (Predecessor Fund Guggenheim S&PSpin-Off ETF) as of and for the year ended August 31, 2017 and the financial highlights for each of the periods ended on or prior to August 31, 2017 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated October 30, 2017, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

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

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

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Report of Independent Registered Public Accounting Firm(continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2019

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

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco S&P 500 BuyWrite ETF and Invesco Raymond James SB-1 Equity ETF), you incur advisory fees and other Fund expenses. As a shareholder of Invesco S&P 500 BuyWrite ETF or Invesco Raymond James SB-1 Equity ETF, 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. 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 through thesix-month period ended April 30, 2019.

In addition to the fees and expenses which the Invesco Global Listed Private Equity ETF and Invesco Raymond James SB-1 Equity ETF (the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly are included in the Portfolios total returns.

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 theSix-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value May 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco Aerospace & Defense ETF (PPA)
Actual	$	1,000.00	$	1,141.90		0.58	%	$	3.08
Hypothetical (5% return before expenses)		1,000.00		1,021.92		0.58			2.91
Invesco BRIC ETF (EEB)
Actual		1,000.00		1,132.68		0.64			3.38
Hypothetical (5% return before expenses)		1,000.00		1,021.62		0.64			3.21
Invesco CleantechTM ETF (PZD)
Actual		1,000.00		1,159.90		0.68			3.64
Hypothetical (5% return before expenses)		1,000.00		1,021.42		0.68			3.41

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Calculating your ongoing Fund expenses(continued)

	Beginning Account Value May 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco DWA Momentum ETF (PDP)
Actual	$	1,000.00	$	1,110.50		0.61	%	$	3.19
Hypothetical (5% return before expenses)		1,000.00		1,021.77		0.61			3.06
Invesco Global Listed Private Equity ETF (PSP)
Actual		1,000.00		1,091.10		0.63			3.27
Hypothetical (5% return before expenses)		1,000.00		1,021.67		0.63			3.16
Invesco Golden Dragon China ETF (PGJ)
Actual		1,000.00		1,244.20		0.70			3.90
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70			3.51
Invesco Insider Sentiment ETF (NFO)
Actual		1,000.00		1,109.92		0.60			3.14
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60			3.01
Invesco Raymond James SB-1 Equity ETF (RYJ)
Actual		1,000.00		1,064.87		0.75			3.84
Hypothetical (5% return before expenses)		1,000.00		1,021.08		0.75			3.76
Invesco S&P 500 BuyWrite ETF (PBP)
Actual		1,000.00		1,022.10		0.49			2.46
Hypothetical (5% return before expenses)		1,000.00		1,022.36		0.49			2.46
Invesco S&P 500® Quality ETF (SPHQ)
Actual		1,000.00		1,100.70		0.15			0.78
Hypothetical (5% return before expenses)		1,000.00		1,024.05		0.15			0.75
Invesco S&P Spin-Off ETF (CSD)
Actual		1,000.00		1,062.86		0.63			3.22
Hypothetical (5% return before expenses)		1,000.00		1,021.67		0.63			3.16
Invesco Water Resources ETF (PHO)
Actual		1,000.00		1,199.80		0.59			3.22
Hypothetical (5% return before expenses)		1,000.00		1,021.87		0.59			2.96
Invesco WilderHill Clean Energy ETF (PBW)
Actual		1,000.00		1,224.70		0.70			3.86
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70			3.51

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

98

Tax Information

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2019:

	Qualified Business Income*			Qualified Dividend Income*			Dividends Received Deduction*			Long-Term Capital Gains
Aerospace & Defense ETF		0	%		100	%		100	%		$	—
BRIC ETF		0	%		80	%		0	%			—
CleantechTM ETF		0	%		100	%		35	%			—
DWA Momentum ETF		7	%		100	%		100	%			—
Global Listed Private Equity ETF		0	%		42	%		12	%			—
Golden Dragon China ETF		0	%		53	%		0	%			—
Insider Sentiment ETF		0	%		100	%		100	%			—
Raymond James SB-1 Equity ETF		0	%		100	%		96	%			—
S&P 500 BuyWrite ETF		0	%		0	%		0	%			2,456,110
S&P 500® Quality ETF		0	%		100	%		100	%			—
S&P Spin-Off ETF		0	%		100	%		90	%			—
Water Resources ETF		0	%		100	%		100	%			—
WilderHill Clean Energy ETF		0	%		26	%		15	%			—

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

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Trustees and Officers

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

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	241	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007), and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	241	None.
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club For Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	241	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

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

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

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Trustees and Officers(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	241	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	241	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (advisory services to the financial sector) (2010-Present); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	241	Director, Penfield Children’s Center (2004-present); Board Chairman, Gracebridge Alliance, Inc. (2015-present).

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

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

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Trustees and Officers(continued)

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

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008–Present), Invesco North American Holdings, Inc.; Executive Vice President (2008–Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012–Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014–Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008–2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2018); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	241	None

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

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

102

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

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

103

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

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

104

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Manager, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

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

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

105

Board Considerations Regarding Continuation of Investment Advisory Agreement

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 53 series (each, a “Fund” and collectively, the “Funds”):

Invesco Aerospace & Defense ETF

Invesco BRIC ETF

Invesco BuyBack Achievers^TM ETF

Invesco Cleantech^TM ETF

Invesco Dividend Achievers^TM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA NASDAQ Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Retail ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend Achievers^TM ETF

Invesco Insider Sentiment ETF

Invesco International Dividend Achievers^TM ETF

Invesco Russell 2000 Pure Growth ETF

Invesco Russell 2000 Pure Value ETF

Invesco Russell Midcap Equal Weight ETF

Invesco Russell Midcap Pure Growth ETF

Invesco Russell Midcap Pure Value ETF

Invesco Russell Top 200 Equal Weight ETF

Invesco Russell Top 200 Pure Growth ETF

Invesco Russell Top 200 Pure Value ETF

Invesco S&P 500^® Quality ETF

Invesco S&PSpin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco ZacksMid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for theday-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for theone-year, three-year, five-year,ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase

106

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

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

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees also compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”),open-end(non-ETF) index funds andopen-end(non-ETF) actively-managed funds, as applicable. The Trustees noted that the annual contractual advisory fee charged to each Fund is:

● 0.50% of the Fund’s average daily net assets for each Fund other than Invesco Dividend Achievers^TM ETF, Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco High Yield Equity Dividend Achievers^TM ETF, Invesco International Dividend Achievers^TM ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Equal Weight ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Equal Weight ETF, Invesco Russell Top 200 Pure Growth ETF, Invesco Russell Top 200 Pure Value ETF and Invesco S&P 500^® Quality ETF (The net advisory fee, after giving effect to the Expense Cap, as defined below, was-0.16% for Invesco Dynamic Retail ETF.);

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

● 0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Pure Growth ETF and Invesco Russell Top 200 Pure Value ETF;

● 0.25% of the Fund’s average daily net assets for each of Invesco Russell Midcap Equal Weight ETF and Invesco Russell Top 200 Equal Weight ETF (The net advisory fee, after giving effect to the Expense Cap, as defined below, was -0.17% for Invesco Russell Midcap Equal Weight ETF.); and

● 0.15% of the Fund’s average daily net assets for Invesco S&P 500^® Quality ETF (The Trustees noted that, prior to September 24, 2018, the Fund’s advisory fee was 0.29%.).

The Trustees also noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2021, as set forth below:

● 0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco DWA NASDAQ Momentum ETF and Invesco Dynamic Market ETF;

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

● 0.50%, excluding interest expenses,sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Pure

107

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Pure Growth ETF and Invesco Russell Top 200 Pure Value ETF;

● 0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco Russell Midcap Equal Weight ETF and Invesco Russell Top 200 Equal Weight ETF;

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

● 0.60%, excluding interest expenses,sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each other Fund.

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it providessub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to thesub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF andopen-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower than Open-End Active Fund Median
Invesco Aerospace & Defense ETF			X
Invesco BRIC ETF			X
Invesco Buyback AchieversTM ETF			X
Invesco CleantechTM ETF			X
Invesco Dividend AchieversTM ETF			X
Invesco DWA Basic Materials Momentum ETF			X
Invesco DWA Consumer Cyclicals Momentum ETF			X
Invesco DWA Consumer Staples Momentum ETF			X
Invesco DWA Energy Momentum ETF			X
Invesco DWA Financial Momentum ETF			X
Invesco DWA Healthcare Momentum ETF			X
Invesco DWA Industrials Momentum ETF			X
Invesco DWA Momentum ETF	X		X
Invesco DWA NASDAQ Momentum ETF			X
Invesco DWA Technology Momentum ETF			X
Invesco DWA Utilities Momentum ETF			X
Invesco Dynamic Biotechnology & Genome ETF			X
Invesco Dynamic Building & Construction ETF			X
Invesco Dynamic Energy Exploration & Production ETF			X
Invesco Dynamic Food & Beverage ETF			X
Invesco Dynamic Large Cap Growth ETF			X
Invesco Dynamic Large Cap Value ETF			X
Invesco Dynamic Leisure and Entertainment ETF			X
Invesco Dynamic Market ETF			X
Invesco Dynamic Media ETF			X
Invesco Dynamic Networking ETF			X

108

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower than Open-End Active Fund Median
Invesco Dynamic Oil & Gas Services ETF		N/A	X
Invesco Dynamic Pharmaceuticals ETF			X
Invesco Dynamic Retail ETF			X
Invesco Dynamic Semiconductors ETF			X
Invesco Dynamic Software ETF			X
Invesco Financial Preferred ETF		N/A	X
Invesco FTSE RAFI US 1000 ETF			X
Invesco FTSE RAFI US 1500Small-Mid ETF			X
Invesco Global Listed Private Equity ETF		N/A	X
Invesco Golden Dragon China ETF	X	N/A	X
Invesco High Yield Equity Dividend AchieversTM ETF			X
Invesco Insider Sentiment ETF			X
Invesco International Dividend AchieversTM ETF	X		X
Invesco Russell 2000 Pure Growth ETF		X	X
Invesco Russell 2000 Pure Value ETF		X	X
Invesco Russell Midcap Equal Weight ETF			X
Invesco Russell Midcap Pure Growth ETF	X		X
Invesco Russell Midcap Pure Value ETF	X		X
Invesco Russell Top 200 Equal Weight ETF	X		X
Invesco Russell Top 200 Pure Growth ETF			X
Invesco Russell Top 200 Pure Value ETF			X
Invesco S&P 500® Quality ETF	X		X
Invesco S&PSpin-Off			X
Invesco Water Resources ETF			X
Invesco WilderHill Clean Energy ETF			X
Invesco ZacksMid-Cap ETF			X
Invesco Zacks Multi-Asset Income ETF			X

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

The Trustees determined that the contractual advisory fees were reasonable, noting the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF andopen-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower thanOpen-End Index Fund Median*	Equal to/Lower thanOpen-End Active Fund Median
Invesco Aerospace & Defense ETF			X
Invesco BRIC ETF			X
Invesco Buyback AchieversTM ETF			X
Invesco CleantechTM ETF			X
Invesco Dividend AchieversTM ETF		X	X
Invesco DWA Basic Materials Momentum ETF			X

109

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund		Equal to/Lower than ETF Median	Equal to/Lower thanOpen-End Index Fund Median*	Equal to/Lower thanOpen-End Active Fund Median
Invesco DWA Consumer Cyclicals Momentum ETF				X
Invesco DWA Consumer Staples Momentum ETF				X
Invesco DWA Energy Momentum ETF				X
Invesco DWA Financial Momentum ETF				X
Invesco DWA Healthcare Momentum ETF				X
Invesco DWA Industrials Momentum ETF				X
Invesco DWA Momentum ETF			X	X
Invesco DWA NASDAQ Momentum ETF				X
Invesco DWA Technology Momentum ETF				X
Invesco DWA Utilities Momentum ETF				X
Invesco Dynamic Biotechnology & Genome ETF				X
Invesco Dynamic Building & Construction ETF				X
Invesco Dynamic Energy Exploration & Production ETF				X
Invesco Dynamic Food & Beverage ETF				X
Invesco Dynamic Large Cap Growth ETF				X
Invesco Dynamic Large Cap Value ETF	��			X
Invesco Dynamic Leisure and Entertainment ETF				X
Invesco Dynamic Market ETF				X
Invesco Dynamic Media ETF				X
Invesco Dynamic Networking ETF				X
Invesco Dynamic Oil & Gas Services ETF			N/A	X
Invesco Dynamic Pharmaceuticals ETF				X
Invesco Dynamic Retail ETF				X
Invesco Dynamic Semiconductors ETF				X
Invesco Dynamic Software ETF				X
Invesco Financial Preferred ETF			N/A	X
Invesco FTSE RAFI US 1000 ETF				X
Invesco FTSE RAFI US 1500Small-Mid ETF				X
Invesco Global Listed Private Equity ETF			N/A	X
Invesco Golden Dragon China ETF			N/A	X
Invesco High Yield Equity Dividend AchieversTM ETF			X	X
Invesco Insider Sentiment ETF				X
Invesco International Dividend AchieversTM ETF				X
Invesco Russell 2000 Pure Growth ETF			X	X
Invesco Russell 2000 Pure Value ETF			X	X
Invesco Russell Midcap Equal Weight ETF				X
Invesco Russell Midcap Pure Growth ETF				X
Invesco Russell Midcap Pure Value ETF				X
Invesco Russell Top 200 Equal Weight ETF		X		X
Invesco Russell Top 200 Pure Growth ETF				X
Invesco Russell Top 200 Pure Value ETF				X
Invesco S&P 500® Quality ETF		X		X
Invesco S&PSpin-Off ETF				X
Invesco Water Resources ETF				X

110

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower thanOpen-End Index Fund Median*	Equal to/Lower thanOpen-End Active Fund Median
Invesco WilderHill Clean Energy ETF			X
Invesco ZacksMid-Cap ETF			X
Invesco Zacks Multi-Asset Income ETF			X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Large Cap Growth ETF and Invesco WilderHill Clean Energy ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.

The Trustees noted that a significant component of thenon-advisory fee expenses was the license fees paid by the Funds, and noted those Funds for which license fees are included in the Funds’ Expense Caps. The Trustees also noted that the Adviser has agreed to reimburse certain Funds in the amount equal to the licensing fee paid that causes that Fund’s annual operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed a percentage of that Fund’s average daily net assets through April 6, 2020 (May 18, 2020 for Invesco BRIC ETF) as set forth below:

Invesco BRIC ETF	0.64	%
Invesco Insider Sentiment ETF	0.60	%
Invesco S&PSpin-Off ETF	0.64	%
Invesco ZacksMid-Cap ETF	0.65	%
Invesco Zacks Multi-Asset Income ETF	0.65	%

The Board concluded that the advisory fee and expense ratio of each Fund (giving effect to the Fund’s Expense Cap) were reasonable and appropriate in light of the services provided.

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

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

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

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

�� 111

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 24 series (each, a “Fund” and together, the “Funds”):

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Raymond JamesSB-1 Equity ETF

Invesco S&P 500 BuyWrite ETF

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

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

Invesco S&P 500^®Equal Weight Energy ETF

Invesco S&P 500^®Equal Weight ETF

Invesco S&P 500^®Equal Weight Financials ETF

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

Invesco S&P 500^®Equal Weight Industrials ETF

Invesco S&P 500^®Equal Weight Materials ETF

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

Invesco S&P 500^®Equal Weight Technology ETF

Invesco S&P 500^®Equal Weight Utilities ETF

Invesco S&P 500^®Pure Growth ETF

Invesco S&P 500^®Pure Value ETF

Invesco S&P 500^®Top 50 ETF

Invesco S&P MidCap 400^® Equal Weight ETF

Invesco S&P MidCap 400^® Pure Growth ETF

Invesco S&P MidCap 400^® Pure Value ETF

Invesco S&P SmallCap 600^® Equal Weight ETF

Invesco S&P SmallCap 600^® Pure Growth ETF

Invesco S&P SmallCap 600^® Pure Value ETF

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for theday-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees also reviewed information on the performance of the Funds and their underlying indexes for theone-year, three-year, five-year,ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between the Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance prior to the closing of the Transaction on April 6, 2018 is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

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

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”),open-end(non-ETF) index funds andopen-end(non-ETF) actively-managed funds. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with the Adviser paying all

112

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

other operating expenses of each Fund, except that each Fund pays its own distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:

● 0.75% of the Fund’s average daily net assets for Invesco Raymond JamesSB-1 Equity ETF;

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

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF (The Trustees noted that prior to July 1, 2018, the Fund’s annual unitary advisory fee was 0.75%.);

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

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

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF (The Trustees noted that prior to September 24, 2018, the Fund’s annual unitary advisory fee was 0.30%.); and

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

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it providessub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to thesub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF andopen-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower thanOpen-End Index Fund Median	Equal to/Lower thanOpen-End Active Fund Median
Invesco Dow Jones Industrial Average Dividend ETF	X	X	X
Invesco NASDAQ Internet ETF			X
Invesco Raymond JamesSB-1 Equity ETF			X
Invesco S&P 500 BuyWrite ETF	X	X	X
Invesco S&P 500®Equal Weight Consumer Discretionary ETF	X		X
Invesco S&P 500®Equal Weight Consumer Staples ETF	X		X
Invesco S&P 500®Equal Weight Energy ETF	X		X
Invesco S&P 500®Equal Weight ETF	X	X	X
Invesco S&P 500®Equal Weight Financials ETF	X		X
Invesco S&P 500®Equal Weight Health Care ETF	X		X
Invesco S&P 500®Equal Weight Industrials ETF	X		X
Invesco S&P 500®Equal Weight Materials ETF	X		X
Invesco S&P 500®Equal Weight Real Estate ETF	X		X
Invesco S&P 500®Equal Weight Technology ETF	X		X
Invesco S&P 500®Equal Weight Utilities ETF	X	X	X
Invesco S&P 500®Pure Growth ETF	X	X	X
Invesco S&P 500®Pure Value ETF			X
Invesco S&P 500®Top 50 ETF	X	X	X
Invesco S&P MidCap 400® Equal Weight ETF			X
Invesco S&P MidCap 400® Pure Growth ETF		X	X
Invesco S&P MidCap 400® Pure Value ETF		X	X
Invesco S&P SmallCap 600® Equal Weight ETF			X

113

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower thanOpen-End Index Fund Median	Equal to/Lower thanOpen-End Active Fund Median
Invesco S&P SmallCap 600® Pure Growth ETF		X	X
Invesco S&P SmallCap 600® Pure Value ETF		X	X

The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged to each Fund was reasonable and appropriate in light of the services provided.

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

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

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

114

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 atwww.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’sForm N-PX on the Commission’s website atwww.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 onForm N-Q (or any successor Form). The Trust’sForms N-Q (or any successor Form) are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.

©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-AR-4 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2019

PKW	Invesco BuyBack AchieversTM ETF
PFM	Invesco Dividend AchieversTM ETF
DJD	Invesco Dow Jones Industrial Average Dividend ETF
PGF	Invesco Financial Preferred ETF
PEY	Invesco High Yield Equity Dividend AchieversTM ETF
PID	Invesco International Dividend AchieversTM ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Dividend Income Portfolios
Schedules of Investments
Invesco BuyBack AchieversTM ETF (PKW)	18
Invesco Dividend AchieversTM ETF (PFM)	21
Invesco Dow Jones Industrial Average Dividend ETF (DJD)	24
Invesco Financial Preferred ETF (PGF)	25
Invesco High Yield Equity Dividend AchieversTM ETF (PEY)	27
Invesco International Dividend AchieversTM ETF (PID)	29
Statements of Assets and Liabilities	31
Statements of Operations	32
Statements of Changes in Net Assets	34
Financial Highlights	37
Notes to Financial Statements	41
Report of Independent Registered Public Accounting Firm	51
Fund Expenses	52
Tax Information	54
Trustees and Officers	55
Board Considerations Regarding Continuation of Investment Advisory Agreement	61

2

The Market Environment

Domestic Equity

The fiscal year proved to be an increasingly volatile time for U.S. equities. Throughout the summer, U.S. equities moved higher as corporate profits surged amid the benefit of corporate tax cuts and improving global economic growth. Several U.S. equity indexes reached new highs despite potential headwinds, including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. After a relatively quiet summer, market volatility noticeably rose in October 2018, as U.S. equity markets suffered a sharpsell-off throughyear-end 2018, amid ongoing trade concerns between the U.S. and China, fears of a global economic slowdown and lower oil prices from a supply glut, with oil prices plummeting from near $75 per barrel in early October 2018 to around $45 per barrel in late December 2018.¹ In this environment, there was a flight to safety, as investors fled to defensive areas of the markets, such as health care, utilities and U.S. Treasuries.

Given signs of a strong economy, the U.S. Federal Reserve (the “Fed”) raised interest rates three times during the fiscal year: in June, September and December 2018. Following December’s Fed meeting, the Fed raised interest rates by 25 basis points to a targeted range of 2.25% to 2.50%, which signaled a slightly more dovish stance than expected.² In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.

Equity markets rebounded at the start of 2019, fueled by optimism about a potential U.S.-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as U.S. economic data were mixed and overseas growth appeared to be slowing. By the end of the fiscal year, the U.S. equity market generally recovered the losses from fourth quarter 2018, backed by improving investor sentiment, low unemployment and a growing economy.

¹  Source: Bloomberg

²  Source: U.S. Federal Reserve

Global Equity

The fiscal year began with significant market and currency volatility. While most domestic equity indexes delivered positive performance at the beginning of the fiscal year, most major international indexes had negative results. Many international stocks struggled as investors worried that heightened global trade tensions would derail economic growth. Other concerns, such as geopolitical uncertainty and the potential impact of higher interest rates, also weakened investor sentiment. In this environment, developed markets held up better than emerging markets. After a relatively quiet summer, market volatility markedly rose again in October 2018. Global equity markets (particularly the U.S.) declined sharply in the fourth quarter of 2018 amid rising interest rates and concerns that higher inflation could result in a more restrictive monetary policy. Investors also had concerns over the Brexit negotiations, ongoing U.S.-China trade tensions, declining oil prices and fears of slowing economic growth, particularly in the eurozone.

Following the sharpsell-off in the later part of 2018, global equities rebounded in the beginning of 2019, fueled by accommodative central bank policy and the potential for a U.S.-China trade deal. Central bank policy provided a supportive environment for equities and fixed income, even as global economic growth appeared to be slowing. In January, China’s central bank initiated a stimulus program to counteract its slowing economy, while the European Central Bank and U.S. Federal Reserve later indicated they would not raise interest rates for the remainder of 2019. Lack of consensus on a deal for the U.K.’s withdrawal from the European Union prompted additional concerns for the U.K. and eurozone economies, though equity markets across the region posted gains. U.S. and Chinese equities also delivered robust gains. Both emerging and developed markets had positive returns for the first quarter of 2019.

Despite concerns over a decline in global growth for 2019¹, global equity indexes, in general, ended the fiscal year in positive territory, with developed markets outperforming emerging markets.

¹  Source: International Monetary Fund World

3

PKW	Manager’s Analysis
	Invesco BuyBack AchieversTM ETF (PKW)

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

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

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 13.16%. On a net asset value (“NAV”) basis, the Fund returned 13.16%. During the same time period, the Index returned 13.86%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^®Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified market capitalization weighting methodology and stock selection methodology based on stock buybacks, whereas the Benchmark Index selects and weights stocks based on market capitalization and does not have a buyback methodology.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the information technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to and stock selection in the financials sector as well as the stock selection in the consumer discretionary sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s

return, followed by the consumer discretionary and industrials sectors, respectively. The financials sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included QUALCOMM, Inc., an information technology company (portfolio average weight of 0.67%) and Procter & Gamble Co. (The), a consumer staples company (no longer held at fiscalyear-end). Positions that detracted most significantly from the Fund’s return during this period included Goldman Sachs Group, Inc. (The), a financials company (no longer held at fiscalyear-end) and American International Group, Inc., Class A, a financials company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Information Technology	26.9
Consumer Discretionary	18.7
Financials	17.5
Industrials	13.3
Health Care	10.5
Energy	4.9
Communication Services	3.9
Sector Types Each Less Than 3%	4.3
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Citigroup, Inc.	5.3
Apple, Inc.	5.0
Cisco Systems, Inc.	4.9
Oracle Corp.	4.8
Union Pacific Corp.	4.8
AbbVie, Inc.	4.4
Amgen, Inc.	4.1
QUALCOMM, Inc.	3.9
Starbucks Corp.	3.6
Charter Communications, Inc., Class A	3.1
Total	43.9

* Excluding money market fund holdings.

4

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

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
NASDAQ US BuyBack AchieversTM Index		13.86	%		13.70	%		46.98	%		9.90	%		60.35	%		16.69	%		367.94	%		9.68	%		213.33	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.33			168.79
Fund
NAV Return		13.16			12.99			44.24			9.22			55.41			15.91			337.71			8.92			187.54
Market Price Return		13.16			13.02			44.36			9.23			55.46			15.91			337.58			8.91			187.19

Fund Inception: December 20, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

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

Notes Regarding Indexes and Fund Performance History:

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

5

PFM	Manager’s Analysis
	Invesco Dividend AchieversTM ETF (PFM)

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

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

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 15.53%. On a net asset value (“NAV”) basis, the Fund returned 15.63%. During the same time period, the Index returned 16.20%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell 3000® Value Index (the “Benchmark Index”) returned 8.58%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,080 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the value segment of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified market capitalization weighting methodology and stock selection methodology based on dividend-paying stocks, whereas the Benchmark Index selects and weights stocks based on market capitalization and focuses on stocks of companies with lowerprice-to-book and lower forecasted growth values.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the financials sector during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to and stock selection in the information technology sector as well as the overweight exposure to and stock selection in the consumer staples sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s

return, followed by the consumer staples and consumer discretionary sectors, respectively. There were no sectors that detracted from the Fund’s performance.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Microsoft Corp., an information technology company (portfolio average weight of 4.06%) and Procter & Gamble Co. (The), a consumer staples company (portfolio average weight of 2.88%). Positions that detracted most significantly from the Fund’s return during this period included FedEx Corp., an industrials company (portfolio average weight of 0.75%) and CVS Health Corp., a health care company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Consumer Staples	19.7
Information Technology	15.3
Industrials	14.9
Health Care	9.3
Energy	8.7
Communication Services	7.6
Consumer Discretionary	7.2
Utilities	6.9
Financials	6.0
Materials	3.0
Real Estate	1.4
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Microsoft Corp.	4.4
Johnson & Johnson	3.9
Exxon Mobil Corp.	3.9
Walmart, Inc.	3.4
Visa, Inc., Class A	3.3
Procter & Gamble Co. (The)	3
Verizon Communications, Inc.	2.7
Chevron Corp.	2.6
AT&T, Inc.	2.6
Coca-Cola Co. (The)	2.4
Total	32.2

* Excluding money market fund holdings.

6

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

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
NASDAQ US Broad Dividend AchieversTM Index		16.20	%		12.51	%		42.41	%		9.78	%		59.48	%		13.90	%		267.49	%		7.85	%		180.02	%
Russell 3000® Value Index		8.58			11.03			36.86			8.17			48.11			13.69			260.83			7.29			160.73
Fund
NAV Return		15.63			11.90			40.11			9.19			55.22			13.24			246.83			7.22			158.38
Market Price Return		15.53			11.90			40.11			9.19			55.22			13.24			246.82			7.22			158.37

Fund Inception: September 15, 2005

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

7

DJD	Manager’s Analysis
	Invesco Dow Jones Industrial Average Dividend ETF (DJD)

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

The Index is designed to provide exposure to dividend-paying equity securities of companies included in the Dow Jones Industrial Average™ (the “Benchmark Index”), which is a price-weighted index of 30 U.S. blue-chip companies that meet certain size, listing and liquidity requirements. The Index includes all constituents of the Benchmark Index that pay dividends. The Index is calculated using a yield-weighted methodology that weights all dividend-paying constituents of the Benchmark Index by their twelve-month dividend yield over the prior twelve months.

The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 14.25%. On a net asset value (“NAV”) basis, the Fund returned 14.24%. During the same time period, the Index returned 14.37%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the Benchmark Index returned 12.63%. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

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

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the industrials sector during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to and stock selection in the health care sector as well as the Fund’s underweight exposure to and stock selection in the financials sector.

For the fiscal year ended April 30, 2019, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and consumer staples sectors,

respectively. The materials sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included Procter & Gamble Co. (The), a consumer staples company (portfolio average weight of 4.93%) and Merck & Co., Inc., a health care company (portfolio average weight of 4.70%). Positions that detracted most significantly from the Fund’s return during this period included Walgreens Boots Alliance, Inc., a consumer staples company (portfolio average weight of 2.19%) and General Electric Co., an industrials company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Information Technology	19.1
Consumer Staples	14.9
Health Care	13.2
Industrials	12.6
Financials	12.1
Energy	10.6
Consumer Discretionary	9.3
Communication Services	8.0
Money Market Funds Plus Other Assets Less Liabilities	0.2
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
International Business Machines Corp.	6.2
Verizon Communications, Inc.	5.6
Exxon Mobil Corp.	5.5
Chevron Corp.	5.1
Coca-Cola Co. (The)	5.0
JPMorgan Chase & Co.	4.5
Home Depot, Inc. (The)	4.3
Pfizer, Inc.	4.3
Procter & Gamble Co. (The)	4.1
Cisco Systems, Inc.	3.9
Total	48.5

* Excluding money market fund holdings.

8

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

Growth of a $10,000 Investment Since Inception

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index										Average Annualized			Cumulative
Dow Jones Industrial Average Yield Weighted		14.37	%		15.65	%		54.69	%		15.24	%		61.36	%
Dow Jones Industrial Average™		12.63			17.16			60.80			15.45			62.34
Fund
NAV Return		14.24			15.33			53.42			14.90			59.79
Market Price Return		14.25			14.80			51.31			14.94			59.95

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

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

9

PGF	Manager’s Analysis
	Invesco Financial Preferred ETF (PGF)

As an index fund, the Invesco Financial Preferred ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Wells Fargo^®Hybrid and Preferred Securities Financial Index (the “Index”). The Fund generally will invest at least 90% of its total assets in preferred securities of financial institutions that comprise the Index.

The Index is a market capitalization weighted index designed to track the performance of preferred securities and securities that Wells Fargo Securities, LLC (together with Wells Fargo & Company, the “Index Provider”) believes are functionally equivalent to preferred securities, including, but not limited to, depositary preferred securities, perpetual subordinated debt and certain capital securities. The Index is composed of preferred and equivalent securities with either fixed or fixed to floating rate dividends or coupons, issued by the financial institutions that have received an industry sector classification of “financial” from the Bloomberg Professional Service® and that are traded in the U.S. market. Strictly in accordance with its guidelines and mandated procedures, the Index Provider includes securities in the Index pursuant to a proprietary selection methodology.

In general, preferred stock is a class of equity security that pays distributions to preferred stockholders. Preferred stockholders have priority over common stockholders in the payment of specified dividends, such that preferred stockholders receive dividends before any dividends are paid to common stockholders. In addition, preferred stock takes precedence over common stock in receiving proceeds from an issuer in the event of the issuer’s liquidation, but is generally junior to debt, including senior and subordinated debt.

The Index may include fixed or variable rate securities, meaning that dividends and coupons (as applicable) may be paid either on a fixed rate or a floating rate percentage of the fixed par value at which the preferred stock or other securities are issued. Floating rate preferred securities are securities that pay interest at rates that adjust whenever a specified benchmark interest rate (e.g., the LIBOR or aT-Bill rate) changes, float at a fixed margin above a generally recognized base lending rate, or are reset orre-determined on specified dates (such as the last day of a month or calendar quarter). Preferred stocks often have a liquidation value that equals the original purchase price of the stock at the time of issuance.

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

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 5.97%. On a net asset value (“NAV”) basis, the Fund returned 5.79%. During the same time period, the Index returned 6.41%. The Fund’s performance, on a NAV basis,

differed from the return of the Index primarily due to the fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned 5.69%. The Benchmark Index is an unmanaged index weighted by modified market capitalization based on the average performance of approximately 300 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. preferred stock market.

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

Relative to the Benchmark Index, the majority of the Fund’s outperformance during the period can be primarily attributed to under-performingnon-financial sector preferred securities that were included in the Benchmark Index but not held by the Fund.

For the fiscal year ended April 30, 2019, the banks industry contributed most significantly to the Fund’s return, followed by the capital markets and insurance industries, respectively. There were no industries that detracted from the Fund’s performance.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included JPMorgan Chase & Co., 5.75%, Series DD, a banks company (portfolio average weight of 1.61%), BB&T Corp., 5.63%, Series E, a banks company (portfolio average weight of 3.06%), and Bank of America Corp., 6.00%, Series GG, a banks company (portfolio average weight of 1.76%). Positions that detracted most significantly from the Fund’s return during this period included HSBC Holdings PLC, 8.00%, Series 2 (United Kingdom), a banks company (no longer held at fiscal year-end), and HSBC Holdings PLC, 8.13%, (United Kingdom), a banks company (no longer held at fiscal year-end).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Banks	63.1
Capital Markets	18.1
Insurance	13.6
Consumer Finance	4.6
Industry Types Each Less Than 3%	0.9
Money Market Funds Plus Other Assets Less Liabilities	(0.3)

10

Invesco Financial Preferred ETF (PGF)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
BB&T Corp., Series E, Pfd., 5.63%	3.1
JPMorgan Chase & Co., Series DD, Pfd., 5.75%	3.0
PNC Financial Services Group, Inc. (The), Series P, Pfd., 6.13%	2.9
Wells Fargo & Co., Series Q, Pfd., 5.85%	2.9
JPMorgan Chase & Co., Series BB, Pfd., 6.15%	2.6
JPMorgan Chase & Co., Series EE, Pfd., 6.00%	2.3
JPMorgan Chase & Co., Series Y, Pfd., 6.13%	2.3
JPMorgan Chase & Co., Series AA, Pfd., 6.10%	2.2
Bank of America Corp., Series GG, Pfd., 6.00%	2.0
Wells Fargo & Co., Series X, Pfd., 5.50%	1.9
Total	25.2

* Excluding money market fund holdings.    

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Wells Fargo® Hybrid and Preferred Securities Financial Index		6.41	%		5.14	%		16.24	%		6.60	%		37.65	%		12.67	%		229.72	%		5.16	%		86.77	%
S&P U.S. Preferred Stock Index		5.69			4.38			13.73			5.12			28.36			11.01			184.19			4.81			79.15
Fund
NAV Return		5.79			4.75			14.93			6.18			34.97			11.74			203.42			4.33			69.29
Market Price Return		5.97			4.73			14.87			6.22			35.19			11.75			203.73			4.28			68.19

11

Invesco Financial Preferred ETF (PGF)(continued)

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

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

Notes Regarding Indexes and Fund Performance History:

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

12

PEY	Manager’s Analysis
	Invesco High Yield Equity Dividend AchieversTM ETF (PEY)

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

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes common stocks in the Index that have a consistent record of dividend increases, principally on the basis of dividend yield and consistent growth in dividends. To qualify for inclusion in the Index, an issuer must have increased its annual regular cash dividend payments for each of its last ten or more calendar or fiscal years, and must have a minimum market capitalization of $1 billion.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 10.86%. On a net asset value (“NAV”) basis, the Fund returned 10.79%. During the same time period, the Index returned 11.37%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the security lending program in which the Fund participates.

During this same time period, the Dow Jones U.S. Select Dividend Index (the “Benchmark Index”) returned 9.04%. The Benchmark Index is an unmanaged index weighted by indicated dividend yield based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. dividend-paying equity securities market.

The performance of the Fund differed from the Benchmark Index primarily because the selection methodology of the Index that the Fund tracks, which selects the top fifty highest yielding stocks that have increased their dividend every year for the past ten years, differs from the selection methodology of the Benchmark Index which uses several fundamental factors.

Relative to the Benchmark Index, the Fund was most overweight in the tobacco industry and most underweight in the electric utilities industry during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s stock selection in the diversified telecommunications services industry as well as the Fund’s overweight exposure and stock selection in the household products industry.

For the fiscal year ended April 30, 2019, the multi-utilities industry contributed most significantly to the Fund’s return, followed by the electric utilities industry and the insurance industry, respectively. The tobacco industry detracted most significantly from the Fund’s return, followed by the health care providers & services industry.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included QUALCOMM, Inc., a semiconductors & semiconductor equipment company (portfolio average weight of 1.68%) and Procter & Gamble Co. (The), a household products company (no longer held at fiscalyear-end). Positions that detracted most significantly from the Fund’s return during this period included Vector Group Ltd., a tobacco company (portfolio average weight of 3.57%) and Owens & Minor, Inc., a health care company (no longer held at fiscalyear-end).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Electric Utilities	13.3
Tobacco	10.0
Multi-Utilities	9.3
Oil, Gas & Consumable Fuels	8.3
Insurance	8.2
Food Products	7.5
Capital Markets	7.1
Banks	5.2
Diversified Telecommunication Services	5.0
Semiconductors & Semiconductor Equipment	4.4
Beverages	3.6
Industry Types Each Less Than 3%	18.0
Money Market Funds Plus Other Assets Less Liabilities	0.1

13

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

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Invesco Ltd.	3.3
Vector Group Ltd.	3.2
AT&T, Inc.	3
Dominion Energy, Inc.	2.9
Helmerich & Payne, Inc.	2.7
QUALCOMM, Inc.	2.6
Altria Group, Inc.	2.6
ONEOK, Inc.	2.6
Southern Co. (The)	2.4
PPL Corp.	2.3
Total	27.6

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
NASDAQ US Dividend AchieversTM 50 Index		11.37	%		11.49	%		38.57	%		12.68	%		81.68	%		16.56	%		362.99	%		6.09	%		134.14	%
Dow Jones U.S. Select Dividend Index		9.04			11.20			37.51			10.17			62.28			15.59			325.78			8.05			204.83
Fund
NAV Return		10.79			10.94			36.54			12.12			77.15			15.93			338.63			5.61			119.36
Market Price Return		10.86			10.94			36.53			12.13			77.24			15.94			338.83			5.62			119.62

14

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

Fund Inception: December 9, 2004

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.54%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

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

Notes Regarding Indexes and Fund Performance History:

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

15

PID	Manager’s Analysis
	Invesco International Dividend AchieversTM ETF (PID)

As an index fund, the Invesco International Dividend Achievers^TMETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the NASDAQ International Dividend Achievers™ Index (the “Index”). The Fund generally will invest at least 90% of its total assets in dividend-paying common stocks and other securities that comprise the Index. The Index is composed of Global Depositary Receipts (“GDRs”) and American Depository Receipts (“ADRs”) that are listed on the London Stock Exchange or the London International Exchange, in addition to ADRs andnon-U.S. common or ordinary stocks traded on the New York Stock Exchange, The NASDAQ Stock Market LLC or NYSE American.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes stock in the Index pursuant to a proprietary selection methodology that identifies companies that have increased their aggregate annual regular cash dividend payments consistently for at least each of the last five consecutive years. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 7.13%. On a net asset value (“NAV”) basis, the Fund returned 7.06%. During the same time period, the Index returned 7.23%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (3.22)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 920 securities. The Benchmark Index also was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall international developed equity market.

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

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the consumer discretionary sector during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to and stock selection in the energy sector as well as the underweight exposure to and stock selection in the financials sector.

For the fiscal year ended April 30, 2019, the energy sector contributed most significantly to the Fund’s return, followed by the financials and health care sectors, respectively. The communication services sector most significantly detracted from the Fund’s return followed by the consumer discretionary sector.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2019, included Enbridge, Inc., an energy company (portfolio average weight of 3.26%) and Micro Focus International PLC, ADR, an information technology company (portfolio average weight of 1.89%). Positions that detracted most significantly from the Fund’s return during this period included Vodafone Group PLC, ADR, a communication services company (portfolio average weight of 3.51%) and Hon Hai Precision Industry Co., Ltd. GDR, an information technology company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	18.4
Communication Services	13.5
Industrials	13.2
Energy	11.7
Materials	10.9
Information Technology	9.8
Utilities	8.8
Health Care	4.3
Real Estate	3.2
Consumer Staples	3.0
Consumer Discretionary	2.8
Money Market Funds Plus Other Assets Less Liabilities	0.4
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Novolipetsk Steel PJSC, GDR, REGS	4.3
Severstal PJSC, GDR, REGS	4
Vodafone Group PLC, ADR	4
WPP PLC, ADR	3.8
Brookfield Property Partners L.P.	3.3
Grupo Aeroportuario del Pacifico S.A.B. de C.V., ADR	2.8
Enbridge, Inc.	2.7
National Grid PLC, ADR	2.5
BCE, Inc.	2.5
Nielsen Holdings PLC	2.4
Total	32.3

* Excluding money market fund holdings.    

16

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

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			��	Fund Inception
Index																							Average Annualized			Cumulative
Blended-NASDAQ International Dividend AchieversTM Index (Net)		7.23	%		8.11	%		26.36	%		1.33	%		6.81	%		9.05	%		137.76	%			4.60	%		84.46	%
MSCI EAFE® Index (Net)		(3.22	)		7.24			23.34			2.60			13.70			7.95			114.91				4.21			75.43
Fund
NAV Return		7.06			7.91			25.66			1.08			5.52			8.57			127.64				4.05			71.67
Market Price Return		7.13			7.94			25.75			1.06			5.42			8.56			127.36				4.05			71.65

Fund Inception: September 15, 2005

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

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-NASDAQ International Dividend Achievers^TM Index (Net) is comprised of gross total returns of the Index from Fund inception through the conversion date, March 9, 2015, and net returns of the Index starting at the conversion date through April 30, 2019.

- Net returns reflect invested dividends net of withholding taxes.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

17

Schedule of Investments^(a)

Invesco BuyBack Achievers^TM ETF (PKW)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—3.9%
	25,061	AMC Entertainment Holdings, Inc.(b)	$	379,925
	21,860	AMC Networks, Inc., Class A(c)		1,276,843
	169,606	CBS Corp., Class B		8,695,700
	109,750	Charter Communications, Inc., Class A(c)		40,738,102
				51,090,570
		Consumer Discretionary—18.7%
	3,280	America’s Car-Mart, Inc.(c)		324,884
	9,485	Asbury Automotive Group, Inc.(c)		760,507
	12,145	AutoZone, Inc.(c)		12,488,825
	38,515	BBX Capital Corp.		213,373
	130,433	Best Buy Co., Inc.		9,705,520
	21,950	Booking Holdings, Inc.(c)		40,717,030
	18,635	Brinker International, Inc.		797,019
	7,264	Build-A-Bear Workshop, Inc.(c)		40,678
	7,836	Children’s Place, Inc. (The)		884,057
	19,763	Churchill Downs, Inc.		1,993,099
	6,252	Citi Trends, Inc.		115,725
	18,731	Dave & Buster’s Entertainment, Inc.		1,064,670
	14,088	Deckers Outdoor Corp.(c)		2,228,862
	35,726	Dick’s Sporting Goods, Inc.		1,321,862
	10,933	Dillard’s, Inc., Class A(b)		748,364
	40,028	Dunkin’ Brands Group, Inc.		2,987,290
	446,287	eBay, Inc.		17,293,621
	33,128	Express, Inc.(c)		121,911
	54,724	Foot Locker, Inc.		3,130,760
	126,968	Gentex Corp.		2,924,073
	112,971	Goodyear Tire & Rubber Co. (The)		2,170,173
	9,267	Group 1 Automotive, Inc.		725,699
	142,569	Hilton Worldwide Holdings, Inc.		12,402,077
	19,194	Hyatt Hotels Corp., Class A		1,472,756
	12,452	Jack in the Box, Inc.		960,049
	7,219	Kirkland’s, Inc.(c)		42,448
	30,456	Lear Corp.		4,355,208
	10,892	Lithia Motors, Inc., Class A		1,236,460
	164,248	Marriott International, Inc., Class A		22,406,712
	261,896	MGM Resorts International		6,974,290
	76,449	Michaels Cos., Inc. (The)		859,287
	15,671	Murphy USA, Inc.(c)		1,339,400
	38,253	O’Reilly Automotive, Inc.(c)		14,481,438
	15,297	Papa John’s International, Inc.(b)		782,595
	58,420	Sally Beauty Holdings, Inc.(c)		1,034,034
	7,466	Shoe Carnival, Inc.(b)		266,238
	25,138	Signet Jewelers Ltd.		582,699
	16,018	Sleep Number Corp.(c)		557,426
	22,460	Sotheby’s(b)(c)		947,363
	606,619	Starbucks Corp.		47,122,164
	70,553	Toll Brothers, Inc.		2,688,069
	68,900	TRI Pointe Group, Inc.(c)		899,145
	14,012	Visteon Corp.		925,072
	30,929	Whirlpool Corp.		4,293,564
	149,469	Yum! Brands, Inc.		15,603,069
	13,153	Zovio Inc.(c)		79,181
				245,068,746

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Staples—1.1%
	75,581	Herbalife Nutrition Ltd.(c)	$	3,994,456
	389,418	Kroger Co. (The)		10,039,196
				14,033,652
		Energy—4.9%
	244,525	Anadarko Petroleum Corp.		17,813,646
	9,057	Arch Coal, Inc., Class A		878,348
	206,512	Cabot Oil & Gas Corp.		5,346,596
	98,383	CNX Resources Corp.(c)		881,512
	213,810	Devon Energy Corp.		6,871,853
	17,373	Dril-Quip, Inc.(c)		756,768
	83,470	Gulfport Energy Corp.(c)		546,729
	147,820	Hess Corp.		9,478,218
	51,126	Keane Group, Inc.(c)		536,312
	221,642	Phillips 66		20,894,191
				64,004,173
		Financials—17.5%
	25,504	Affiliated Managers Group, Inc.		2,828,904
	195,646	Ally Financial, Inc.		5,812,643
	66,054	Ameriprise Financial, Inc.		9,694,745
	51,149	Assured Guaranty Ltd.		2,439,807
	8,187	BankFinancial Corp.		122,887
	43,804	Capstead Mortgage Corp.		376,276
	49,769	CIT Group, Inc.		2,651,195
	990,853	Citigroup, Inc.		70,053,307
	77,048	Comerica, Inc.		6,055,202
	14,135	Cowen, Inc., Class A(c)		236,761
	159,122	Discover Financial Services		12,966,852
	119,594	E*TRADE Financial Corp.		6,058,632
	6,106	Ellington Residential Mortgage REIT		72,173
	378,223	Fifth Third Bancorp		10,900,387
	21,200	FirstCash, Inc.		2,070,816
	248,404	Franklin Resources, Inc.		8,592,294
	9,922	Greenhill & Co., Inc.		205,485
	4,406	HCI Group, Inc.		187,784
	147,452	Jefferies Financial Group, Inc.		3,033,088
	41,433	Legg Mason, Inc.		1,385,934
	152,279	Loews Corp.		7,810,390
	67,558	M&T Bank Corp.		11,489,589
	466,961	MetLife, Inc.		21,540,911
	9,339	Och-Ziff Capital Management Group LLC, Class A(b)		137,096
	23,448	Oxford Square Capital Corp.(b)		151,239
	59,002	PacWest Bancorp		2,333,529
	33,050	PennyMac Mortgage Investment Trust		694,050
	496,437	Regions Financial Corp.		7,709,667
	216,233	SunTrust Banks, Inc.		14,158,937
	346,246	Synchrony Financial		12,004,349
	45,611	Third Point Reinsurance Ltd. (Bermuda)(c)		529,544
	72,031	Voya Financial, Inc.		3,953,781
	37,841	Waddell & Reed Financial, Inc., Class A(b)		708,762
	1,545	White Mountains Insurance Group Ltd.		1,450,817
				230,417,833
		Health Care—10.5%
	721,035	AbbVie, Inc.		57,242,969
	15,460	Amedisys, Inc.(c)		1,976,097

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

18

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	303,540	Amgen, Inc.	$	54,430,793
	144,540	Cardinal Health, Inc.		7,040,543
	80,588	DaVita, Inc.(c)		4,451,681
	48,937	Innoviva, Inc.(c)		686,586
	93,587	McKesson Corp.		11,160,250
	17,294	Medpace Holdings, Inc.(c)		971,404
	50,145	PDL BioPharma, Inc.(c)		163,974
				138,124,297
		Industrials—13.3%
	61,101	Allison Transmission Holdings, Inc.		2,863,193
	24,010	Armstrong World Industries, Inc.		2,080,947
	22,800	Atkore International Group, Inc.(c)		564,528
	37,425	Avis Budget Group, Inc.(c)		1,330,459
	396,426	CSX Corp.		31,567,402
	70,915	Dover Corp.		6,952,506
	68,532	Fortune Brands Home & Security, Inc.		3,617,119
	27,438	Genesee & Wyoming, Inc., Class A(c)		2,432,379
	23,884	Hawaiian Holdings, Inc.		673,767
	20,312	Huntington Ingalls Industries, Inc.		4,521,045
	25,118	InnerWorkings, Inc.(c)		84,899
	29,871	ManpowerGroup, Inc.		2,868,811
	20,547	Navigant Consulting, Inc.		469,088
	10,258	PICO Holdings, Inc.(c)		117,249
	68,954	Quanta Services, Inc.		2,799,532
	58,332	Rockwell Automation, Inc.		10,541,176
	269,603	Southwest Airlines Co.		14,620,571
	51,387	Spirit AeroSystems Holdings, Inc., Class A		4,465,530
	35,630	Terex Corp.		1,187,548
	114,060	Textron, Inc.		6,045,180
	7,467	UniFirst Corp.		1,180,757
	352,619	Union Pacific Corp.		62,427,668
	130,105	United Continental Holdings, Inc.(c)		11,561,130
				174,972,484
		Information Technology—26.9%
	324,574	Apple, Inc.		65,132,265
	463,089	Applied Materials, Inc.		20,408,332
	53,805	Avnet, Inc.		2,615,461
	21,030	Benchmark Electronics, Inc.		568,441
	60,821	CDK Global, Inc.		3,668,723
	29,035	Cirrus Logic, Inc.(c)		1,381,485
	1,141,908	Cisco Systems, Inc.		63,889,753
	64,271	Citrix Systems, Inc.		6,488,800
	383,003	Corning, Inc.		12,198,645
	668,432	Hewlett Packard Enterprise Co.		10,567,910
	748,014	HP, Inc.		14,922,879
	76,496	Jabil, Inc.		2,310,944
	170,114	Juniper Networks, Inc.		4,724,066
	31,623	Manhattan Associates, Inc.(c)		2,132,971
	11,747	Nanometrics, Inc.(c)		349,943
	120,483	NetApp, Inc.		8,777,187
	37,652	NetScout Systems, Inc.(c)		1,106,969
	1,147,844	Oracle Corp.		63,510,208
	15,165	Plexus Corp.(c)		912,630
	39,915	Presidio, Inc.		599,523
	21,751	Progress Software Corp.		992,063
	590,353	QUALCOMM, Inc.		50,847,104

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	33,085	Sanmina Corp.(c)	$	1,122,243
	20,573	Synchronoss Technologies, Inc.(c)		110,683
	85,515	Teradyne, Inc.		4,190,235
	34,340	Ubiquiti Networks, Inc.		5,853,253
	112,816	Xerox Corp.		3,763,542
				353,146,258
		Materials—1.7%
	9,021	Advanced Emissions Solutions, Inc.		101,937
	81,095	Chemours Co. (The)		2,920,231
	115,173	PPG Industries, Inc.		13,532,827
	76,045	Sealed Air Corp.		3,545,218
	91,261	Valvoline, Inc.		1,688,329
	27,960	Worthington Industries, Inc.		1,122,035
				22,910,577
		Real Estate—1.1%
	237,594	Colony Capital, Inc.		1,221,233
	19,074	Hersha Hospitality Trust		354,204
	24,138	NorthStar Realty Europe Corp.		430,381
	97,625	Park Hotels & Resorts, Inc.		3,131,810
	62,097	Piedmont Office Realty Trust, Inc., Class A		1,292,860
	57,062	Realogy Holdings Corp.(b)		742,947
	104,391	Retail Properties of America, Inc., Class A		1,282,965
	41,312	SL Green Realty Corp.		3,649,502
	41,587	Spirit Realty Capital, Inc.		1,682,610
	29,370	St. Joe Co. (The)(c)		500,465
				14,288,977
		Utilities—0.4%
	136,061	NRG Energy, Inc.		5,601,631
	25,507	Star Group L.P.		242,062
				5,843,693
		Total Common Stocks & Other Equity Interests (Cost $1,216,380,478)		1,313,901,260
		Money Market Funds—0.1%
	1,523,148	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $1,523,148)		1,523,148
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,217,903,626)—100.1%		1,315,424,408
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.3%
	2,413,794	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		2,413,794

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

19

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

April 30, 2019

Number of Shares			Value
		Money Market Funds (continued)
	804,361	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)	$	804,602
		Total Money Market Funds (Cost $3,218,396)		3,218,396
		Total Investments in Securities (Cost $1,221,122,022)—100.4%		1,318,642,804
		Other assets less liabilities—(0.4)%		(5,239,252	)
		Net Assets—100.0%	$	1,313,403,552

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 April 30, 2019.

^(c)  Non-income producing security.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

20

Schedule of Investments^(a)

Invesco Dividend Achievers^TM ETF (PFM)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—7.6%
	248,902	AT&T, Inc.	$	7,706,006
	154,340	Comcast Corp., Class A		6,718,420
	1,636	John Wiley & Sons, Inc., Class A		75,551
	1,371	Meredith Corp.		80,889
	3,640	Telephone & Data Systems, Inc.		116,043
	141,178	Verizon Communications, Inc.		8,073,970
				22,770,879
		Consumer Discretionary—7.2%
	2,289	Aaron’s, Inc.		127,474
	9,175	Best Buy Co., Inc.		682,712
	2,327	Columbia Sportswear Co.		232,630
	817	Cracker Barrel Old Country Store, Inc.		137,861
	4,968	Genuine Parts Co.		509,419
	4,301	Hasbro, Inc.		438,100
	816	International Speedway Corp., Class A		36,002
	4,476	Leggett & Platt, Inc.		176,175
	27,387	Lowe’s Cos., Inc.		3,098,565
	26,165	McDonald’s Corp.		5,169,419
	1,138	Monro, Inc.		95,398
	42,925	NIKE, Inc., Class B		3,770,103
	2,076	Polaris Industries, Inc.		200,126
	12,645	Ross Stores, Inc.		1,234,911
	17,793	Target Corp.		1,377,534
	4,150	Tiffany & Co.		447,453
	42,198	TJX Cos., Inc. (The)		2,315,826
	13,493	VF Corp.		1,273,874
	2,733	Williams-Sonoma, Inc.(b)		156,246
				21,479,828
		Consumer Staples—19.7%
	64,093	Altria Group, Inc.		3,482,173
	1,115	Andersons, Inc. (The)		36,460
	19,093	Archer-Daniels-Midland Co.		851,548
	10,499	Brown-Forman Corp., Class B		559,492
	4,809	Bunge Ltd.		252,040
	1,246	Casey’s General Stores, Inc.		164,908
	8,386	Church & Dwight Co., Inc.		628,531
	4,364	Clorox Co. (The)		697,062
	146,077	Coca-Cola Co. (The)		7,166,538
	29,374	Colgate-Palmolive Co.		2,138,133
	15,066	Costco Wholesale Corp.		3,699,155
	7,196	Flowers Foods, Inc.		156,441
	20,341	General Mills, Inc.		1,046,951
	18,220	Hormel Foods Corp.		727,707
	642	J & J Snack Foods Corp.		100,910
	3,885	JM Smucker Co. (The)		476,418
	11,720	Kellogg Co.		706,716
	11,746	Kimberly-Clark Corp.		1,507,951
	27,189	Kroger Co. (The)		700,932
	945	Lancaster Colony Corp.		140,531
	4,177	McCormick & Co., Inc.		643,133
	1,887	Nu Skin Enterprises, Inc., Class A		95,992
	48,009	PepsiCo, Inc.		6,147,552
	53,162	Philip Morris International, Inc.		4,601,703
	85,457	Procter & Gamble Co. (The)		9,099,461
	17,514	Sysco Corp.		1,232,460
	1,364	Tootsie Roll Industries, Inc.		52,964

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Staples (continued)
	853	Universal Corp.	$	45,943
	4,801	Vector Group Ltd.		45,753
	32,169	Walgreens Boots Alliance, Inc.		1,723,293
	99,253	Walmart, Inc.		10,207,178
				59,136,029
		Energy—8.7%
	64,911	Chevron Corp.		7,793,215
	89,308	Energy Transfer L.P.		1,350,337
	74,428	Enterprise Products Partners L.P.		2,130,874
	144,129	Exxon Mobil Corp.		11,570,676
	3,724	Helmerich & Payne, Inc.		217,928
	3,598	Holly Energy Partners L.P.		97,830
	7,789	Magellan Midstream Partners, L.P.		482,996
	25,546	Occidental Petroleum Corp.		1,504,148
	14,038	ONEOK, Inc.		953,601
				26,101,605
		Financials—6.0%
	885	1st Source Corp.		41,445
	25,583	Aflac, Inc.		1,288,872
	3,077	American Equity Investment Life Holding Co.		90,495
	3,037	American Financial Group, Inc.		314,421
	4,619	Ameriprise Financial, Inc.		677,931
	2,104	Assurant, Inc.		199,880
	2,846	Axis Capital Holdings Ltd.		161,795
	1,120	BancFirst Corp.		63,168
	482	Bank of Marin Bancorp		20,413
	4,394	Bank OZK		143,464
	2,221	BOK Financial Corp.		193,538
	9,546	Brown & Brown, Inc.		303,085
	15,638	Chubb Ltd.		2,270,638
	5,564	Cincinnati Financial Corp.		535,145
	3,789	Commerce Bancshares, Inc.		228,969
	1,753	Community Bank System, Inc.		116,504
	603	Community Trust Bancorp, Inc.		25,477
	2,153	Cullen/Frost Bankers, Inc.		218,939
	3,971	Eaton Vance Corp.		165,074
	1,568	Erie Indemnity Co., Class A		296,854
	1,389	Evercore, Inc., Class A		135,330
	1,309	FactSet Research Systems, Inc.		361,114
	872	First of Long Island Corp. (The)		20,291
	17,363	Franklin Resources, Inc.		600,586
	1,376	Hanover Insurance Group, Inc. (The)		165,959
	13,544	Invesco Ltd.(c)		297,562
	3,747	Lazard Ltd., Class A		145,683
	1,886	Mercury General Corp.		101,429
	10,326	Old Republic International Corp.		230,889
	12,878	People’s United Financial, Inc.		222,661
	9,493	Principal Financial Group, Inc.		542,620
	2,390	Prosperity Bancshares, Inc.		176,000
	13,954	Prudential Financial, Inc.		1,475,077
	1,437	RenaissanceRe Holdings Ltd. (Bermuda)		223,252
	1,523	RLI Corp.		123,866
	8,488	S&P Global, Inc.		1,872,962
	5,238	SEI Investments Co.		285,209
	1,156	Southside Bancshares, Inc.		40,610
	8,064	T. Rowe Price Group, Inc.		866,880

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

21

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	528	Tompkins Financial Corp.	$	42,594
	3,805	Torchmark Corp.		333,546
	8,978	Travelers Cos., Inc. (The)		1,290,587
	1,703	UMB Financial Corp.		118,972
	3,511	United Bankshares, Inc.		137,772
	7,313	Unum Group		269,996
	6,238	W.R. Berkley Corp.		382,389
	926	Westamerica Bancorp		59,468
	315	Westwood Holdings Group, Inc.		9,856
				17,889,267
		Health Care—9.3%
	60,064	Abbott Laboratories		4,778,692
	7,204	AmerisourceBergen Corp.		538,571
	76	Atrion Corp.		66,880
	9,209	Becton, Dickinson and Co.		2,216,975
	10,170	Cardinal Health, Inc.		495,381
	534	Chemed Corp.		174,500
	1,791	Ensign Group, Inc. (The)		92,272
	83,369	Johnson & Johnson		11,771,703
	6,543	McKesson Corp.		780,253
	45,908	Medtronic PLC		4,077,089
	528	National HealthCare Corp.		39,827
	4,634	Perrigo Co. PLC		222,061
	12,700	Stryker Corp.		2,399,157
	2,530	West Pharmaceutical Services, Inc.		313,189
				27,966,550
		Industrials—14.9%
	19,642	3M Co.		3,722,355
	4,835	A.O. Smith Corp.		254,176
	2,251	ABM Industries, Inc.		85,471
	1,678	Brady Corp., Class A		81,870
	4,671	C.H. Robinson Worldwide, Inc.		378,351
	1,964	Carlisle Cos., Inc.		277,749
	19,633	Caterpillar, Inc.		2,737,233
	3,568	Cintas Corp.		774,756
	27,824	CSX Corp.		2,215,625
	5,361	Cummins, Inc.		891,481
	4,354	Donaldson Co., Inc.		233,113
	4,939	Dover Corp.		484,220
	20,948	Emerson Electric Co.		1,487,099
	5,850	Expeditors International of Washington, Inc.		464,607
	9,767	Fastenal Co.		689,062
	8,909	FedEx Corp.		1,687,899
	1,570	Franklin Electric Co., Inc.		76,710
	9,821	General Dynamics Corp.		1,755,209
	897	Gorman-Rupp Co. (The)		29,870
	5,631	Graco, Inc.		288,589
	4,025	Harris Corp.		678,213
	2,515	Healthcare Services Group, Inc.(b)		85,133
	1,813	HEICO Corp.		191,326
	2,136	Hillenbrand, Inc.		91,891
	1,858	Hubbell, Inc.		237,081
	11,199	Illinois Tool Works, Inc.		1,742,900
	2,989	ITT, Inc.		180,984
	3,698	J.B. Hunt Transport Services, Inc.		349,387
	2,163	Lincoln Electric Holdings, Inc.		188,765

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	361	Lindsay Corp.	$	30,685
	9,662	Lockheed Martin Corp.		3,220,634
	1,091	Matthews International Corp., Class A		43,705
	826	McGrath RentCorp.		51,212
	1,320	MSA Safety, Inc.		145,081
	1,548	MSC Industrial Direct Co., Inc., Class A		129,490
	1,973	Nordson Corp.		287,959
	5,821	Northrop Grumman Corp.		1,687,566
	9,618	Raytheon Co.		1,708,061
	1,464	Regal Beloit Corp.		124,557
	10,971	Republic Services, Inc.		908,618
	4,077	Robert Half International, Inc.		253,141
	11,163	Rollins, Inc.		431,673
	3,538	Roper Technologies, Inc.		1,272,619
	1,801	Ryder System, Inc.		113,463
	5,149	Stanley Black & Decker, Inc.		754,843
	616	Tennant Co.		40,890
	3,627	Toro Co. (The)		265,315
	24,659	Union Pacific Corp.		4,365,629
	29,471	United Technologies Corp.		4,202,859
	1,899	W.W. Grainger, Inc.		535,518
	14,447	Waste Management, Inc.		1,550,741
				44,485,384
		Information Technology—15.3%
	21,742	Accenture PLC, Class A		3,971,611
	12,561	Analog Devices, Inc.		1,460,091
	14,846	Automatic Data Processing, Inc.		2,440,534
	994	Badger Meter, Inc.		55,147
	3,938	Broadridge Financial Solutions, Inc.		465,196
	513	Cass Information Systems, Inc.		25,306
	30,417	International Business Machines Corp.		4,266,593
	2,624	Jack Henry & Associates, Inc.		391,133
	9,331	Maxim Integrated Products, Inc.		559,860
	8,086	Microchip Technology, Inc.		807,711
	101,672	Microsoft Corp.		13,278,363
	41,270	QUALCOMM, Inc.		3,554,585
	32,013	Texas Instruments, Inc.		3,772,092
	59,783	Visa, Inc., Class A.		9,830,119
	8,636	Xilinx, Inc.		1,037,529
				45,915,870
		Materials—3.0%
	7,482	Air Products and Chemicals, Inc.		1,539,721
	3,610	Albemarle Corp.(b)		270,967
	2,151	AptarGroup, Inc.		239,277
	1,107	Balchem Corp.		112,372
	9,848	Ecolab, Inc.		1,812,820
	1,740	H.B. Fuller Co.		85,208
	357	Hawkins, Inc.		13,177
	3,643	International Flavors & Fragrances, Inc.		501,969
	10,400	Nucor Corp.		593,528
	8,050	PPG Industries, Inc.		945,875
	459	Quaker Chemical Corp.		102,733
	2,226	Royal Gold, Inc.		193,795
	4,498	RPM International, Inc.		272,804
	1,438	Sensient Technologies Corp.		100,832
	3,171	Sherwin-Williams Co. (The)		1,442,266

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

22

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	3,763	Silgan Holdings, Inc.	$	112,664
	3,415	Sonoco Products Co.		215,350
	769	Stepan Co.		71,163
	4,376	Westlake Chemical Corp.		305,226
				8,931,747
		Real Estate—1.4%
	7,078	Digital Realty Trust, Inc.		833,151
	3,066	Equity LifeStyle Properties, Inc.		357,802
	2,239	Essex Property Trust, Inc.		632,517
	2,537	Federal Realty Investment Trust		339,577
	1,465	National Health Investors, Inc.		110,505
	5,523	National Retail Properties, Inc.		290,620
	6,967	Omega Healthcare Investors, Inc.(b)		246,562
	10,373	Realty Income Corp.		726,214
	3,209	Tanger Factory Outlet Centers, Inc.(b)		57,955
	476	Universal Health Realty Income Trust		38,566
	1,016	Urstadt Biddle Properties, Inc., Class A		22,281
	5,671	WP Carey, Inc.		449,824
				4,105,574
		Utilities—6.9%
	8,067	Alliant Energy Corp.		381,004
	1,253	American States Water Co.		89,176
	6,171	American Water Works Co., Inc.		667,640
	3,173	AmeriGas Partners L.P.		115,053
	6,077	Aqua America, Inc.		237,368
	3,986	Atmos Energy Corp.		407,927
	2,043	Black Hills Corp.		148,649
	9,456	Brookfield Infrastructure Partners L.P.
		(Canada)		391,289
	1,640	California Water Service Group		82,640
	17,101	CenterPoint Energy, Inc.		530,131
	551	Chesapeake Utilities Corp.		51,045
	9,668	CMS Energy Corp.		537,057
	10,952	Consolidated Edison, Inc.		943,624
	27,244	Dominion Energy, Inc.		2,121,490
	24,789	Duke Energy Corp.		2,258,774
	11,105	Edison International		708,166
	8,690	Evergy, Inc.		502,456
	10,822	Eversource Energy		775,504
	6,681	MDU Resources Group, Inc.		174,708
	1,172	MGE Energy, Inc.		79,450
	550	Middlesex Water Co.		31,894
	2,942	National Fuel Gas Co.		174,196
	3,037	New Jersey Resources Corp.		152,093
	16,360	NextEra Energy, Inc.		3,181,038
	975	Northwest Natural Holding Co.		65,218
	1,725	NorthWestern Corp.		120,491
	6,821	OGE Energy Corp.		288,801
	3,038	Portland General Electric Co.		158,918
	24,580	PPL Corp.		767,142
	959	SJW Group		59,516
	3,147	South Jersey Industries, Inc.		101,082
	35,270	Southern Co. (The)		1,877,069
	1,809	Southwest Gas Holdings, Inc.		150,491
	1,740	Spire, Inc.		146,491
	5,933	UGI Corp.		323,408

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities (continued)
	10,761	WEC Energy Group, Inc.	$	843,985
	17,528	Xcel Energy, Inc.		990,332
				20,635,316
		Total Common Stocks & Other Equity Interests (Cost $220,461,325)		299,418,049
		Money Market Funds—0.0%
	6,176	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $6,176)		6,176
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $220,467,501)—100.0%		299,424,225
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.2%
	506,680	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		506,680
	168,843	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		168,893
		Total Money Market Funds (Cost $675,573)		675,573
		Total Investments in Securities (Cost $221,143,074)—100.2%		300,099,798
		Other assets less liabilities—(0.2)%		(624,800	)
		Net Assets—100.0%	$	299,474,998

Notes to Schedule of Investments:

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

^(b) All or a portion of this security was out on loan at April 30, 2019.

^(c)  Affiliated company. See Note 4.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

23

Schedule of Investments^(a)

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.8%
		Communication Services—8.0%
	72,184	Verizon Communications, Inc.	$	4,128,203
	13,207	Walt Disney Co. (The)		1,808,963
				5,937,166
		Consumer Discretionary—9.3%
	15,627	Home Depot, Inc. (The)		3,183,220
	13,552	McDonald’s Corp.		2,677,469
	11,667	NIKE, Inc., Class B		1,024,712
				6,885,401
		Consumer Staples—14.9%
	75,845	Coca-Cola Co. (The)		3,720,956
	28,509	Procter & Gamble Co. (The)		3,035,638
	39,774	Walgreens Boots Alliance, Inc.		2,130,693
	21,150	Walmart, Inc.		2,175,066
				11,062,353
		Energy—10.6%
	31,544	Chevron Corp.		3,787,173
	50,625	Exxon Mobil Corp.		4,064,175
				7,851,348
		Financials—12.1%
	12,923	American Express Co.		1,514,963
	8,031	Goldman Sachs Group, Inc. (The)		1,653,744
	28,687	JPMorgan Chase & Co.		3,329,126
	17,045	Travelers Cos., Inc. (The)		2,450,219
				8,948,052
		Health Care—13.2%
	18,392	Johnson & Johnson		2,596,950
	32,684	Merck & Co., Inc.		2,572,558
	78,290	Pfizer, Inc.		3,179,357
	6,037	UnitedHealth Group, Inc.		1,407,043
				9,755,908
		Industrials—12.6%
	13,323	3M Co.		2,524,842
	4,263	Boeing Co. (The)		1,610,092
	18,376	Caterpillar, Inc.		2,561,982
	18,177	United Technologies Corp.		2,592,222
				9,289,138
		Information Technology—19.1%
	9,399	Apple, Inc.		1,886,097
	51,032	Cisco Systems, Inc.		2,855,240
	43,689	Intel Corp.		2,229,887
	32,435	International Business Machines Corp.		4,549,658
	14,323	Microsoft Corp.		1,870,584
	4,414	Visa, Inc., Class A		725,794
				14,117,260
		Total Common Stocks & Other Equity Interests (Cost $71,465,472)		73,846,626

Number of Shares			Value
		Money Market Funds—0.1%
	40,519	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(b) (Cost $40,519)	$	40,519
		Total Investments in Securities (Cost $71,505,991)—99.9%		73,887,145
		Other assets less liabilities—0.1%		80,334
		Net Assets—100.0%	$	73,967,479

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) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

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

24

Schedule of Investments^(a)

Invesco Financial Preferred ETF (PGF)

April 30, 2019

Number of Shares			Value
		Preferred Stocks—100.3%
		Banks—63.1%
	835,142	Bank of America Corp., 5.88%, Series HH, Pfd.	$	21,914,126
	686,125	Bank of America Corp., 6.00%, Series EE, Pfd.(b)		18,010,781
	1,061,204	Bank of America Corp., 6.00%, Series GG, Pfd.(b)		28,312,923
	891,122	Bank of America Corp., 6.20%, Series CC, Pfd.		23,418,686
	853,807	Bank of America Corp., 6.50%, Series Y, Pfd.		21,959,916
	862,596	Bank of America Corp., 6.63%, Series W, Pfd.		22,185,969
	59,138	BB&T Corp., 5.20%, Series G, Pfd.(b)		1,467,214
	1,660,813	BB&T Corp., 5.63%, Series E, Pfd.		42,350,732
	399,157	BB&T Corp., 5.63%, Series H, Pfd.(b)		10,390,057
	428,232	BB&T Corp., 5.85%, Series D, Pfd.		10,898,504
	674,421	Citigroup, Inc., 6.30%, Series S, Pfd.(b)		17,710,295
	943,999	Citigroup, Inc., 6.88%, Series K, Pfd.(b)		26,167,652
	612,758	Citigroup, Inc., 7.13%, Series J, Pfd.(b)		16,979,524
	248,959	Citizens Financial Group, Inc., 6.35%, Series D, Pfd.		6,570,028
	402,939	Fifth Third Bancorp, 6.63%, Series I, Pfd.		11,576,437
	254,748	First Republic Bank, 5.50%, Series I, Pfd.		6,450,219
	77,003	HSBC Holdings PLC, 6.20%, Series A, Pfd. (United Kingdom)		1,994,378
	526,683	Huntington Bancshares, Inc., 6.25%, Series D, Pfd.(b)		13,704,292
	578,024	ING Groep N.V., 6.13%, Pfd. (Netherlands)(b)		14,774,293
	881,050	ING Groep N.V., 6.38%, Pfd. (Netherlands)		22,281,755
	774,583	JPMorgan Chase & Co., 5.45%, Series P, Pfd.		19,984,241
	1,577,863	JPMorgan Chase & Co., 5.75%, Series DD, Pfd.(b)		41,829,148
	1,184,603	JPMorgan Chase & Co., 6.00%, Series EE, Pfd.		31,652,592
	1,171,166	JPMorgan Chase & Co., 6.10%, Series AA, Pfd.		30,719,684
	1,217,817	JPMorgan Chase & Co., 6.13%, Series Y, Pfd.(b)		31,565,817
	1,389,127	JPMorgan Chase & Co., 6.15%, Series BB, Pfd.(b)		36,631,279
	150,921	JPMorgan Chase & Co., 6.30%, Series W, Pfd.		3,907,345
	73,000	KeyCorp, 5.63%, Series G, Pfd.		1,825,000
	350,114	KeyCorp, 5.65%, Series F, Pfd.		8,801,866
	434,758	KeyCorp, 6.13%, Series E, Pfd.		11,864,546
	207,864	People’s United Financial, Inc., 5.63%, Series A, Pfd.(b)		5,362,891
	139,473	PNC Financial Services Group, Inc. (The), 5.38%, Series Q, Pfd.		3,506,351
	1,525,880	PNC Financial Services Group, Inc. (The), 6.13%, Series P, Pfd.(b)		40,603,667
	190,000	Regions Financial Corp., 5.70%, Series C, Pfd.		4,826,000
	398,647	Regions Financial Corp., 6.38%, Series A, Pfd.		10,213,336

Number of Shares			Value
		Preferred Stocks (continued)
		Banks (continued)
	444,529	Regions Financial Corp., 6.38%, Series B, Pfd.(b)	$	12,349,016
	427,796	US Bancorp, 5.15%, Pfd.(b)		10,801,849
	575,721	US Bancorp, 5.50%, Series K, Pfd.(b)		14,945,717
	875,233	US Bancorp, 6.50%, Series F, Pfd.		23,412,483
	877,101	Wells Fargo & Co., 5.20%, Pfd.(b)		21,901,212
	428,225	Wells Fargo & Co., 5.25%, Series P, Pfd.(b)		10,735,601
	1,049,435	Wells Fargo & Co., 5.50%, Series X, Pfd.		26,855,042
	605,552	Wells Fargo & Co., 5.63%, Series Y, Pfd.		15,514,242
	861,771	Wells Fargo & Co., 5.70%, Series W, Pfd.		22,199,221
	1,526,726	Wells Fargo & Co., 5.85%, Series Q, Pfd.		40,152,894
	514,956	Wells Fargo & Co., 6.00%, Series T, Pfd.		13,254,967
	785,139	Wells Fargo & Co., 6.00%, Series V, Pfd.(b)		20,680,561
	667,772	Wells Fargo & Co., 6.63%, Series R, Pfd.(b)		18,610,806
				873,825,155
		Capital Markets—18.1%
	512,538	Bank of New York Mellon Corp. (The), 5.20%, Pfd.(b)		12,839,077
	657,957	Charles Schwab Corp. (The), 5.95%, Series D, Pfd.		17,185,837
	519,483	Charles Schwab Corp. (The), 6.00%, Series C, Pfd.		13,626,039
	914,811	Goldman Sachs Group, Inc. (The), 5.50%, Series J, Pfd.		23,785,086
	485,491	Goldman Sachs Group, Inc. (The), 6.30%, Series N, Pfd.(b)		12,676,170
	618,440	Goldman Sachs Group, Inc. (The), 6.38%, Series K, Pfd.(b)		16,679,327
	825,465	Morgan Stanley, 5.85%, Series K, Pfd.		21,676,711
	793,974	Morgan Stanley, 6.38%, Series I, Pfd.		21,492,876
	354,729	Morgan Stanley, 6.63%, Series G, Pfd.		9,034,948
	678,703	Morgan Stanley, 6.88%, Series F, Pfd.		18,705,055
	706,168	Morgan Stanley, 7.13%, Series E, Pfd.(b)		19,596,162
	330,782	Northern Trust Corp., 5.85%, Series C, Pfd.(b)		8,418,402
	489,425	State Street Corp., 5.25%, Series C, Pfd.		12,206,259
	357,206	State Street Corp., 5.35%, Series G, Pfd.		9,187,338
	769,749	State Street Corp., 5.90%, Series D, Pfd.		20,259,794
	496,982	State Street Corp., 6.00%, Series E, Pfd.		12,752,558
				250,121,639
		Insurance—13.6%
	783,427	Aegon N.V., 6.38%, Pfd. (Netherlands)(b)		20,094,903
	308,261	Aegon N.V., 6.50%, Pfd. (Netherlands)		7,805,168
	303,389	Allstate Corp. (The), 5.63%, Series A, Pfd.		7,812,267
	483,681	Allstate Corp. (The), 5.63%, Series G, Pfd.		12,406,418
	124,270	Allstate Corp. (The), 6.25%, Series F, Pfd.(b)		3,216,108
	677,755	Allstate Corp. (The), 6.63%, Series E, Pfd.		17,214,977
	369,473	American International Group, Inc., 5.85%, Series A, Pfd.		9,606,298
	379,979	Arch Capital Group Ltd., 5.25%, Series E, Pfd.(b)		8,899,108
	259,084	Arch Capital Group Ltd., 5.45%, Series F, Pfd.(b)		6,337,195
	217,873	Aspen Insurance Holdings Ltd., 5.63%, Pfd. (Bermuda)(b)		5,422,859

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

25

Invesco Financial Preferred ETF (PGF)(continued)

April 30, 2019

Number of Shares			Value
		Preferred Stocks (continued)
		Insurance (continued)
	231,181	Aspen Insurance Holdings Ltd., 5.95%, Pfd. (Bermuda)(b)	$	6,098,555
	451,865	AXIS Capital Holdings Ltd., 5.50%, Series E, Pfd.(b)		11,084,248
	235,047	Brighthouse Financial, Inc., 6.60%, Series A, Pfd.		6,207,591
	331,502	Enstar Group Ltd., 7.00%, Series D, Pfd. (Bermuda)		8,569,327
	282,511	Hartford Financial Services Group, Inc. (The), 6.00%, Series G, Pfd.(b)		7,421,564
	687,140	MetLife, Inc., 5.63%, Series E, Pfd.		17,948,097
	280,591	PartnerRe Ltd., 7.25%, Series H, Pfd. (Bermuda)		7,497,391
	324,750	Prudential PLC, 6.50%, Pfd. (United Kingdom)		8,547,420
	185,246	Prudential PLC, 6.75%, Pfd. (United Kingdom)		4,844,183
	265,368	RenaissanceRe Holdings Ltd., 5.38%, Series E, Pfd. (Bermuda)		6,591,741
	190,675	RenaissanceRe Holdings Ltd., 5.75%, Series F, Pfd. (Bermuda)		4,833,611
				188,459,029
		Consumer Finance—4.6%
	426,662	Capital One Financial Corp., 5.20%, Series G, Pfd.(b)		10,628,150
	654,007	Capital One Financial Corp., 6.00%, Series B, Pfd.		16,598,698
	353,542	Capital One Financial Corp., 6.00%, Series H, Pfd.(b)		9,223,911
	421,763	Capital One Financial Corp., 6.20%, Series F, Pfd.		10,978,491
	379,018	Capital One Financial Corp., 6.25%, Series C, Pfd.		9,672,539
	269,560	Capital One Financial Corp., 6.70%, Series D, Pfd.		6,957,344
				64,059,133
		Thrifts & Mortgage Finance—0.8%
	442,010	New York Community Bancorp, Inc., 6.38%, Series A, Pfd.		11,735,365
		Trading Companies & Distributors—0.1%
	59,840	Air Lease Corp., 6.15%, Series A, Pfd.		1,570,800
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,372,895,644)—100.3%		1,389,771,121
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.6%
	6,870,852	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(c)(d)		6,870,852

Number of Shares			Value
		Money Market Funds (continued)
	2,289,601	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(c)(d)	$	2,290,288
		Total Money Market Funds (Cost $9,161,140)		9,161,140
		Total Investments in Securities (Cost $1,382,056,784)—100.9%		1,398,932,261
		Other assets less liabilities—(0.9)%		(13,158,786	)
		Net Assets—100.0%	$	1,385,773,475

Abbreviations:

Pfd.—Preferred

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at April 30, 2019.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(d)  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 2J.

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

26

Schedule of Investments^(a)

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

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Banks—5.2%
	872,831	People’s United Financial, Inc.	$	15,091,248
	391,506	Southside Bancshares, Inc.		13,753,606
	362,928	United Bankshares, Inc.		14,241,294
				43,086,148
		Beverages—3.6%
	281,405	Coca-Cola Co. (The)		13,805,729
	125,202	PepsiCo, Inc.		16,032,116
				29,837,845
		Capital Markets—7.1%
	296,414	Eaton Vance Corp.		12,321,930
	1,260,483	Invesco Ltd.(b)		27,692,812
	494,074	Lazard Ltd., Class A		19,209,597
				59,224,339
		Diversified Telecommunication Services—5.0%
	816,271	AT&T, Inc.		25,271,750
	289,520	Verizon Communications, Inc.		16,557,649
				41,829,399
		Electric Utilities—13.3%
	254,213	Alliant Energy Corp.		12,006,480
	179,674	Duke Energy Corp.		16,371,895
	266,175	Edison International		16,973,980
	218,293	Evergy, Inc.		12,621,701
	303,463	OGE Energy Corp.		12,848,623
	623,247	PPL Corp.		19,451,539
	382,287	Southern Co. (The)		20,345,314
				110,619,532
		Energy Equipment & Services—2.6%
	378,885	Helmerich & Payne, Inc.		22,172,350
		Food Products—7.5%
	257,966	Bunge Ltd.		13,519,998
	787,634	Flowers Foods, Inc.		17,123,163
	327,213	General Mills, Inc.		16,841,653
	257,746	Kellogg Co.		15,542,084
				63,026,898
		Gas Utilities—2.0%
	529,100	South Jersey Industries, Inc.		16,994,692
		Health Care Providers & Services—1.5%
	251,908	Cardinal Health, Inc.		12,270,439
		Hotels, Restaurants & Leisure—1.5%
	74,190	Cracker Barrel Old Country Store, Inc.(c)		12,518,821
		Household Durables—1.3%
	269,629	Leggett & Platt, Inc.		10,612,597
		Household Products—1.7%
	108,673	Kimberly-Clark Corp.		13,951,440
		Insurance—8.2%
	350,779	Mercury General Corp.		18,864,895
	704,990	Old Republic International Corp.		15,763,576
	298,061	Principal Financial Group, Inc.		17,037,167
	158,392	Prudential Financial, Inc.		16,743,618
				68,409,256

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		IT Services—2.2%
	129,451	International Business Machines Corp.	$	18,158,092
		Media—1.9%
	265,006	Meredith Corp.		15,635,354
		Multiline Retail—1.7%
	189,321	Target Corp.		14,657,232
		Multi-Utilities—9.3%
	484,899	CenterPoint Energy, Inc.		15,031,869
	166,912	Consolidated Edison, Inc.		14,381,138
	305,039	Dominion Energy, Inc.		23,753,387
	447,939	MDU Resources Group, Inc.		11,713,605
	184,186	NorthWestern Corp.		12,865,392
				77,745,391
		Oil, Gas & Consumable Fuels—8.3%
	125,145	Chevron Corp.		15,024,909
	206,542	Exxon Mobil Corp.		16,581,192
	278,625	Occidental Petroleum Corp.		16,405,440
	317,640	ONEOK, Inc.		21,577,285
				69,588,826
		Road & Rail—1.6%
	217,825	Ryder System, Inc.		13,722,975
		Semiconductors & Semiconductor Equipment—4.4%
	238,952	Maxim Integrated Products, Inc.		14,337,120
	256,633	QUALCOMM, Inc.		22,103,800
				36,440,920
		Tobacco—10.0%
	405,006	Altria Group, Inc.		22,003,976
	220,281	Philip Morris International, Inc.		19,067,523
	294,873	Universal Corp.		15,881,860
	2,759,520	Vector Group Ltd.		26,298,226
				83,251,585
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $800,103,817)—99.9%		833,754,131
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—1.0%
	6,067,476	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		6,067,476
	2,021,887	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		2,022,494
		Total Money Market Funds (Cost $8,089,970)		8,089,970
		Total Investments in Securities (Cost $808,193,787)—100.9%		841,844,101
		Other assets less liabilities—(0.9)%		(7,620,463	)
		Net Assets—100.0%	$	834,223,638

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

27

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

April 30, 2019

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)  Affiliated company. See Note 4.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

28

Schedule of Investments

Invesco International Dividend Achievers^TM ETF (PID)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.6%
		Argentina—0.4%
	139,012	Grupo Financiero Galicia S.A., ADR	$	3,027,681
		Brazil—1.1%
	978,078	Banco Bradesco S.A., ADR		8,861,387
		Canada—42.6%
	1,463,185	Algonquin Power & Utilities Corp.(a)		16,680,309
	174,707	Bank of Montreal(a)		13,796,612
	295,720	Bank of Nova Scotia (The)(a)		16,282,343
	418,518	BCE, Inc.		18,724,495
	107,366	Brookfield Asset Management, Inc., Class A		5,173,967
	428,830	Brookfield Infrastructure Partners L.P.(a)		17,744,985
	233,921	CAE, Inc.		5,448,020
	203,153	Canadian Imperial Bank of Commerce(a)		17,109,546
	67,452	Canadian National Railway Co.		6,258,197
	455,472	Canadian Natural Resources Ltd.(a)		13,655,050
	551,082	Enbridge, Inc.		20,356,969
	369,382	Fortis Inc.		13,667,134
	60,025	Franco-Nevada Corp.(a)		4,302,592
	126,447	Gildan Activewear, Inc.		4,662,101
	274,085	Imperial Oil Ltd.(a)		7,970,392
	170,489	Magna International, Inc.		9,486,008
	907,254	Manulife Financial Corp.		16,702,546
	149,023	Methanex Corp.		8,184,343
	184,613	Open Text Corp.		7,098,370
	460,446	Pembina Pipeline Corp.(a)		16,465,549
	181,315	Ritchie Bros. Auctioneers, Inc.		6,307,949
	172,511	Royal Bank of Canada(a)		13,747,402
	333,930	Suncor Energy, Inc.		11,019,690
	435,796	Telus Corp.		16,054,725
	138,956	Thomson Reuters Corp.(a)		8,593,039
	224,762	Toronto-Dominion Bank (The)		12,804,691
	375,267	TransCanada Corp.		17,922,752
				326,219,776
		Colombia—1.4%
	207,102	Bancolombia S.A., ADR		10,504,213
		France—2.1%
	371,583	Sanofi, ADR		16,249,325
		Germany—1.7%
	145,824	Fresenius Medical Care AG& Co. KGaA, ADR(a)		6,150,856
	51,773	SAP S.E., ADR		6,671,469
				12,822,325
		India—2.3%
	19,898	HDFC Bank Ltd., ADR		2,281,306
	765,437	Infosys Ltd., ADR		8,236,102
	249,223	Larsen & Toubro Ltd., GDR, REGS(a)(b)		4,795,051
	52,290	Reliance Industries Ltd., GDR(b)		2,094,214
				17,406,673
		Mexico—4.8%
	568,190	America Movil S.A.B. de C.V., Class L, ADR		8,392,166

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Mexico—(continued)
	211,183	Grupo Aeroportuario del Pacifico S.A.B. de C.V., ADR	$	21,407,621
	41,187	Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR		6,777,321
				36,577,108
		Netherlands—0.5%
	18,152	ASML Holding N.V., New York Shares		3,790,501
		Russia—8.3%
	1,248,298	Novolipetsk Steel PJSC, GDR, REGS(b)		32,880,169
	1,925,368	Severstal PJSC, GDR, REGS(b)		31,171,708
				64,051,877
		South Korea—1.1%
	8,617	Samsung Electronics Co. Ltd., GDR, REGS(b)		8,496,362
		Switzerland—4.2%
	745,068	ABB Ltd., ADR		15,393,105
	175,564	Logitech International S.A.(a)		6,797,838
	126,703	Novartis AG, ADR		10,418,788
				32,609,731
		Taiwan—1.8%
	308,765	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		13,530,082
		United Kingdom—19.6%
	52,015	Diageo PLC, ADR		8,771,810
	110,926	InterContinental Hotels Group PLC, ADR(a)		7,333,318
	39,487	Linde PLC		7,117,927
	556,692	Micro Focus International PLC, ADR		13,967,402
	351,238	National Grid PLC, ADR		19,219,743
	258,599	Prudential PLC, ADR(a)		11,805,044
	358,736	RELX PLC, ADR		8,229,404
	224,665	Unilever N.V., New York Shares		13,594,479
	1,666,495	Vodafone Group PLC, ADR		30,863,488
	471,701	WPP PLC, ADR(a)		29,386,972
				150,289,587
		United States—7.7%
	116,294	Amdocs Ltd.		6,405,474
	19,529	Aon PLC		3,517,954
	1,191,889	Brookfield Property Partners L.P.(a)		24,874,723
	727,194	Nielsen Holdings PLC		18,565,263
	29,127	Willis Towers Watson PLC		5,369,271
				58,732,685
		Total Common Stocks & Other Equity Interests (Cost $716,999,367)		763,169,313
		Money Market Funds—0.1%
	349,120	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(c) (Cost $349,119)		349,119
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $717,348,486)—99.7%		763,518,432

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

29

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

April 30, 2019

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—7.3%
	42,104,110	Invesco Government & Agency Portfolio— Institutional Class, 2.34%(c)(d)	$	42,104,110
	14,030,503	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(c)(d)		14,034,712
		Total Money Market Funds (Cost $56,138,822)		56,138,822
		Total Investments in Securities (Cost $773,487,308)—107.0%		819,657,254
		Other assets less liabilities—(7.0)%		(53,374,180	)
		Net Assets—100.0%	$	766,283,074

Abbreviations:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

REGS—Regulation S

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at April 30, 2019.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2019 was $79,437,504, which represented 10.37% of the Fund’s Net Assets.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(d)  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 2J.

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

30

Statements of Assets and Liabilities

April 30, 2019

	Invesco BuyBack AchieversTM ETF (PKW)			Invesco Dividend AchieversTM ETF (PFM)		Invesco Dow Jones Industrial Average Dividend ETF ETF (DJD)		Invesco Financial Preferred ETF (PGF)			Invesco High Yield Equity Dividend AchieversTM ETF (PEY)			Invesco International Dividend AchieversTM ETF  (PID)
Assets:
Unaffiliated investments in securities, at value(a)	$	1,313,901,260		$	299,120,487	$	73,846,626	$	1,389,771,121		$	806,061,319		$	763,169,313
Affiliated investments in securities, at value		4,741,544			979,311		40,519		9,161,140			35,782,782			56,487,941
Cash		747			—		—		—			—			278,520
Foreign currencies, at value		—			—		—		—			—			205
Receivable for:
Dividends		658,780			470,353		84,436		1,849,489			1,673,836			3,644,791
Securities lending		1,950			128		—		43,788			847			52,387
Investments sold		28,508,710			34,973		—		1,687,351			—			—
Fund shares sold		124,026,365			—		—		—			1,825,434			—
Foreign tax reclaims		—			—		—		—			—			817,248
Total assets		1,471,839,356			300,605,252		73,971,581		1,402,512,889			845,344,218			824,450,405
Liabilities:
Due to custodian		—			303		—		2,401,969			231,421			—
Payable for:
Investments purchased		137,687,096			—		—		3,322,750			1,824,808			871,751
Collateral upon return of securities loaned		3,218,396			675,573		—		9,161,140			8,089,970			56,138,822
Fund shares repurchased		15,900,816			—		—		—			—			—
Accrued unitary management fees		—			—		4,102		—			—			—
Accrued advisory fees		480,860			97,247		—		571,062			268,561			250,169
Accrued trustees’ and officer’s fees		125,998			54,258		—		177,800			69,729			111,023
Accrued expenses		1,022,638			302,873		—		1,104,693			636,091			795,566
Total liabilities		158,435,804			1,130,254		4,102		16,739,414			11,120,580			58,167,331
Net Assets	$	1,313,403,552		$	299,474,998	$	73,967,479	$	1,385,773,475		$	834,223,638		$	766,283,074
Net assets consist of:
Shares of beneficial interest	$	1,574,618,946		$	226,232,842	$	72,187,355	$	1,389,449,370		$	866,782,349		$	1,054,208,489
Distributable earnings		(261,215,394	)		73,242,156		1,780,124		(3,675,895	)		(32,558,711	)		(287,925,415	)
Net Assets	$	1,313,403,552		$	299,474,998	$	73,967,479	$	1,385,773,475		$	834,223,638		$	766,283,074
Shares outstanding (unlimited amount authorized, $0.01 par value)		20,650,000			10,500,000		2,000,000		75,600,000			45,700,000			46,600,000
Net asset value	$	63.60		$	28.52	$	36.98	$	18.33		$	18.25		$	16.44
Market price	$	63.62		$	28.52	$	37.02	$	18.35		$	18.26		$	16.45
Unaffiliated investments in securities, at cost	$	1,216,380,478		$	219,908,740	$	71,465,472	$	1,372,895,644		$	769,825,548		$	716,999,367
Affiliated investments in securities, at cost	$	4,741,544		$	1,234,334	$	40,519	$	9,161,140		$	38,368,239		$	56,487,941
Foreign currencies, at cost	$	—		$	—	$	—	$	—		$	—		$	206
(a)Includes securities on loan with an aggregate value of	$	3,098,171		$	661,346	$	—	$	8,936,321		$	7,795,788		$	54,379,909

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

31

Statements of Operations

For the year ended April 30, 2019

	Invesco BuyBack AchieversTM ETF (PKW)			Invesco Dividend AchieversTM ETF (PFM)			Invesco Dow Jones Industrial Average Dividend ETF ETF (DJD)			Invesco Financial Preferred ETF (PGF)			Invesco High Yield Equity Dividend AchieversTM ETF (PEY)			Invesco International Dividend AchieversTM ETF (PID)
Investment income:
Unaffiliated dividend income	$	23,543,043		$	8,246,270		$	1,092,100		$	87,625,717		$	30,088,375		$	33,945,260
Affiliated dividend income		22,803			25,481			728			128,192			896,569			12,520
Securities lending income		369,964			11,939			—			571,654			262,863			1,563,306
Foreign witholding tax		—			—			—			—			—			(3,104,518	)
Total investment income		23,935,810			8,283,690			1,092,828			88,325,563			31,247,807			32,416,568
Expenses:
Unitary management fees		—			—			41,367			—			—			—
Advisory fees		6,378,251			1,199,023			—			7,405,390			3,043,464			3,059,855
Sub-licensing fees		1,275,641			299,753			—			1,399,600			760,859			764,957
Accounting & administration fees		116,305			45,570			—			134,700			78,546			84,746
Custodian & transfer agent fees		25,388			14,944			—			39,765			9,169			95,623
Trustees’ and officer’s fees		22,361			10,281			—			27,342			15,369			17,364
Other expenses		118,453			57,033			—			144,634			95,353			126,272
Total expenses		7,936,399			1,626,604			41,367			9,151,431			4,002,760			4,148,817
Less: Waivers		(2,143	)		(548	)		(3,250	)		(10,761	)		(1,114	)		(1,122	)
Net expenses		7,934,256			1,626,056			38,117			9,140,670			4,001,646			4,147,695
Net investment income		16,001,554			6,657,634			1,054,711			79,184,893			27,246,161			28,268,873
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(88,721,400	)		(3,349,485	)		(725,160	)		(12,839,230	)		(32,775,509	)		(24,175,328	)
Affiliated investment securities		—			(60,122	)		—			—			(746,171	)		—
Unaffiliatedin-kind redemptions		89,712,802			29,114,520			8,058,327			7,637,157			35,373,769			44,164,628
Affiliatedin-kind redemptions		—			(6,095	)		—			—			(66,562	)		—
Foreign currencies		—			—			—			—			—			(6,104	)
Net realized gain (loss)		991,402			25,698,818			7,333,167			(5,202,073	)		1,785,527			19,983,196
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		118,531,883			11,221,422			2,541,208			6,995,137			51,087,838			(308,311	)
Affiliated investment securities		—			(49,454	)		—			—			(1,666,544	)		—
Foreign currencies		—			—			—			—			—			79
Change in unrealized appreciation (depreciation)		118,531,883			11,171,968			2,541,208			6,995,137			49,421,294			(308,232	)
Net realized and unrealized gain		119,523,285			36,870,786			9,874,375			1,793,064			51,206,821			19,674,964
Net increase in net assets resulting from operations	$	135,524,839		$	43,528,420		$	10,929,086		$	80,977,957		$	78,452,982		$	47,943,837

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

32

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33

Statements of Changes in Net Assets

For the years ended April 30, 2019 and 2018

	Invesco BuyBack AchieversTMETF (PKW)						Invesco Dividend AchieversTMETF (PFM)
	Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2019			Year Ended April 30, 2018
Operations:
Net investment income	$	16,001,554		$	13,267,600		$	6,657,634		$	6,685,551
Net realized gain (loss)		991,402			249,704,569			25,698,818			21,153,016
Change in net unrealized appreciation (depreciation)		118,531,883			(139,578,006	)		11,171,968			(4,876,150	)
Net increase in net assets resulting from operations		135,524,839			123,394,163			43,528,420			22,962,417
Distributions to Shareholders from:
Distributable earnings		(15,899,340	)		(10,919,625	)		(6,637,686	)		(6,412,491	)
Shareholder Transactions:
Proceeds from shares sold		1,084,354,865			958,997,388			52,293,807			13,896,875
Value of shares repurchased		(1,202,800,609	)		(1,121,628,783	)		(74,719,434	)		(59,331,995	)
Net increase (decrease) in net assets resulting from share transactions		(118,445,744	)		(162,631,395	)		(22,425,627	)		(45,435,120	)
Net increase (decrease) in net assets		1,179,755			(50,156,857	)		14,465,107			(28,885,194	)
Net assets:
Beginning of period		1,312,223,797			1,362,380,654			285,009,891			313,895,085
End of period	$	1,313,403,552		$	1,312,223,797		$	299,474,998		$	285,009,891
Changes in Shares Outstanding:
Shares sold		18,500,000			15,550,000			1,950,000			550,000
Shares repurchased		(20,900,000	)		(18,600,000	)		(2,750,000	)		(2,350,000	)
Shares outstanding, beginning of period		23,050,000			26,100,000			11,300,000			13,100,000
Shares outstanding, end of period		20,650,000			23,050,000			10,500,000			11,300,000

^(a)  Effective April 30, 2018, Invesco Dow Jones Industrial Average Dividend ETF changed its fiscal year end to April 30.

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

34

Invesco Dow Jones Industrial Average Dividend ETF (DJD)									Invesco Financial Preferred ETF (PGF)						Invesco High Yield Equity Dividend AchieversTMETF (PEY)
Year Ended April 30, 2019			Eight Months Ended April 30, 2018(a)			Year Ended August 31, 2017			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2019			Year Ended April 30, 2018
$	1,054,711		$	216,978		$	216,986		$	79,184,893		$	86,951,689		$	27,246,161		$	32,035,935
	7,333,167			1,371,474			742,195			(5,202,073	)		11,224,994			1,785,527			71,633,983
	2,541,208			(622,353	)		314,764			6,995,137			(58,826,997	)		49,421,294			(62,327,335	)
	10,929,086			966,099			1,273,945			80,977,957			39,349,686			78,452,982			41,342,583
	(954,129	)		(270,380	)		(179,295	)		(82,129,730	)		(88,485,717	)		(29,155,112	)		(32,704,666	)
	160,409,817			11,633,151			17,361,187			265,291,213			119,697,181			308,878,877			325,187,706
	(111,411,587	)		(8,209,794	)		(10,335,307	)		(443,394,426	)		(178,444,080	)		(287,352,611	)		(555,151,325	)
	48,998,230			3,423,357			7,025,880			(178,103,213	)		(58,746,899	)		21,526,266			(229,963,619	)
	58,973,187			4,119,076			8,120,530			(179,254,986	)		(107,882,930	)		70,824,136			(221,325,702	)
	14,994,292			10,875,216			2,754,686			1,565,028,461			1,672,911,391			763,399,502			984,725,204
$	73,967,479		$	14,994,292		$	10,875,216		$	1,385,773,475		$	1,565,028,461		$	834,223,638		$	763,399,502
	4,750,000			350,000			600,000			14,750,000			6,350,000			17,650,000			18,800,000
	(3,200,000	)		(250,000	)		(350,000	)		(24,600,000	)		(9,550,000	)		(16,550,000	)		(32,100,000	)
	450,000			350,000			100,000			85,450,000			88,650,000			44,600,000			57,900,000
	2,000,000			450,000			350,000			75,600,000			85,450,000			45,700,000			44,600,000

35

Statements of Changes in Net Assets(continued)

For the years ended April 30, 2019 and 2018

	Invesco International Dividend AchieversTMETF (PID)
	Year Ended April 30, 2019			Year Ended April 30, 2018
Operations:
Net investment income	$	28,268,873		$	30,423,840
Net realized gain		19,983,196			24,745,208
Change in net unrealized appreciation (depreciation)		(308,232	)		21,204,927
Net increase in net assets resulting from operations		47,943,837			76,373,975
Distributions to Shareholders from:
Distributable earnings		(26,698,616	)		(32,348,073	)
Shareholder Transactions:
Proceeds from shares sold		118,365,179			215,195,308
Value of shares repurchased		(236,205,371	)		(208,123,145	)
Net increase (decrease) in net assets resulting from share transactions		(117,840,192	)		7,072,163
Net increase (decrease) in net assets		(96,594,971	)		51,098,065
Net assets:
Beginning of year		862,878,045			811,779,980
End of year	$	766,283,074		$	862,878,045
Changes in Shares Outstanding:
Shares sold		7,500,000			13,500,000
Shares repurchased		(15,100,000	)		(13,100,000	)
Shares outstanding, beginning of year		54,200,000			53,800,000
Shares outstanding, end of year		46,600,000			54,200,000

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

36

Financial Highlights

Invesco BuyBack Achievers^TMETF (PKW)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	56.93		$	52.20		$	45.67		$	48.78		$	43.42
Net investment income(a)		0.73			0.55			0.51			0.56			0.51
Net realized and unrealized gain (loss) on investments		6.67			4.64			6.70			(3.08	)		5.38
Total from investment operations.		7.40			5.19			7.21			(2.52	)		5.89
Distributions to shareholders from:
Net investment income		(0.73	)		(0.46	)		(0.68	)		(0.59	)		(0.53	)
Net asset value at end of year	$	63.60		$	56.93		$	52.20		$	45.67		$	48.78
Market price at end of year(b)	$	63.62		$	56.95		$	52.19		$	45.65		$	48.77
Net Asset Value Total Return(c)		13.16	%		9.95	%		15.92	%		(5.18	)%		13.63	%
Market Price Total Return(c)		13.16	%		10.02	%		15.96	%		(5.20	)%		13.61	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,313,404		$	1,312,224		$	1,362,381		$	1,639,434		$	2,970,924
Ratio to average net assets of:
Expenses		0.62	%		0.63	%		0.63	%		0.63	%(d)		0.63	%(d)
Net investment income		1.25	%		0.99	%		1.05	%		1.21	%		1.09	%
Portfolio turnover rate(e)		76	%		66	%		57	%		53	%		68	%

^(a)  Based on average shares outstanding.

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

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

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(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.

Invesco Dividend Achievers^TMETF (PFM)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	25.22		$	23.96		$	21.75		$	21.42		$	20.50
Net investment income(a)		0.59			0.54			0.50			0.49			0.44
Net realized and unrealized gain on investments		3.29			1.24			2.25			0.33			0.90
Total from investment operations		3.88			1.78			2.75			0.82			1.34
Distributions to shareholders from:
Net investment income		(0.58	)		(0.52	)		(0.54	)		(0.49	)		(0.42	)
Net asset value at end of year	$	28.52		$	25.22		$	23.96		$	21.75		$	21.42
Market price at end of year(b)	$	28.52		$	25.24		$	23.99		$	21.75		$	21.40
Net Asset Value Total Return(c)		15.63	%		7.42	%		12.80	%		3.98	%		6.54	%
Market Price Total Return(c)		15.53	%		7.37	%		12.94	%		4.08	%		6.44	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	299,475		$	285,010		$	313,895		$	287,052		$	343,819
Ratio to average net assets of:
Expenses		0.54	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		2.22	%		2.15	%		2.17	%		2.35	%		2.07	%
Portfolio turnover rate(d)		13	%		5	%		6	%		7	%		20	%

^(a)  Based on average shares outstanding.

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

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

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

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

37

Financial Highlights(continued)

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

	Year Ended April 30, 2019			Eight Months Ended April 30, 2018			Year Ended August 31, 2017			For the Period December 16,  2016(a) Through August 31, 2016
Per Share Operating Performance:
Net asset value at beginning of period	$	33.32		$	31.07		$	27.55		$	25.35
Net investment income(b)		0.91			0.49			0.83			0.53
Net realized and unrealized gain on investments		3.74			2.37			3.55			2.05
Total from investment operations		4.65			2.86			4.38			2.58
Distributions to shareholders from:
Net investment income.		(0.99	)		(0.53	)		(0.86	)		(0.38	)
Net realized gains		—			(0.08	)		—			—
Total distributions		(0.99	)		(0.61	)		(0.86	)		(0.38	)
Net asset value at end of period	$	36.98		$	33.32		$	31.07		$	27.55
Market price at end of period	$	37.02	(c)	$	33.35	(c)	$	31.10		$	27.52
Net Asset Value Total Return(d)		14.24	%		9.23	%		16.13	%		10.27	%
Market Price Total Return(d)		14.25	%		9.22	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	73,967		$	14,994		$	10,875		$	2,755
Ratio to average net assets of:
Expenses, after Waivers		0.09	%		0.30	%(e)		0.30	%		0.30	%(e)
Expenses, prior to Waivers		0.10	%		0.30	%(e)		0.30	%		0.30	%(e)
Net investment income, after Waivers		2.62	%		2.25	%(e)		2.80	%		2.86	%(e)
Portfolio turnover rate(f)		20	%		19	%		3	%		0	%

^(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 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)  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.

38

Financial Highlights(continued)

Invesco Financial Preferred ETF (PGF)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	18.32		$	18.87		$	18.80		$	18.45		$	17.99
Net investment income(a)		0.97			0.99			1.03			1.06			1.07
Net realized and unrealized gain (loss) on investments		0.05			(0.53	)		0.07			0.36			0.45
Total from investment operations		1.02			0.46			1.10			1.42			1.52
Distributions to shareholders from:
Net investment income		(1.01	)		(1.01	)		(1.03	)		(1.07	)		(1.06	)
Net asset value at end of year	$	18.33		$	18.32		$	18.87		$	18.80		$	18.45
Market price at end of year(b)	$	18.35		$	18.31		$	18.87		$	18.83		$	18.46
Net Asset Value Total Return(c)		5.79	%		2.43	%		6.06	%		8.01	%		8.73	%
Market Price Total Return(c)		5.97	%		2.37	%		5.89	%		8.12	%		8.85	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,385,773		$	1,565,028		$	1,672,911		$	1,636,378		$	1,471,716
Ratio to average net assets of:
Expenses		0.62	%		0.63	%		0.63	%		0.63	%		0.63	%
Net investment income		5.35	%		5.26	%		5.48	%		5.76	%		5.87	%
Portfolio turnover rate(d)		21	%		5	%		8	%		13	%		9	%

^(a)  Based on average shares outstanding.

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

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

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

Invesco High Yield Equity Dividend Achievers^TMETF (PEY)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	17.12		$	17.01		$	14.90		$	13.45		$	12.32
Net investment income(a)		0.63			0.62			0.52			0.48			0.43
Net realized and unrealized gain on investments		1.17			0.14			2.12			1.46			1.13
Total from investment operations		1.80			0.76			2.64			1.94			1.56
Distributions to shareholders from:
Net investment income		(0.67	)		(0.65	)		(0.53	)		(0.49	)		(0.43	)
Net asset value at end of year	$	18.25		$	17.12		$	17.01		$	14.90		$	13.45
Market price at end of year(b)	$	18.26		$	17.12		$	17.02		$	14.91		$	13.45
Net Asset Value Total Return(c)		10.79	%		4.48	%		17.95	%		14.92	%		12.89	%
Market Price Total Return(c)		10.86	%		4.42	%		17.94	%		14.99	%		12.89	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	834,224		$	763,400		$	984,725		$	737,783		$	537,324
Ratio to average net assets of:
Expenses		0.53	%		0.54	%		0.54	%		0.54	%		0.54	%
Net investment income		3.58	%		3.63	%		3.23	%		3.62	%		3.29	%
Portfolio turnover rate(d)		50	%		38	%		49	%		59	%		45	%

^(a)  Based on average shares outstanding.

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

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

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

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

39

Financial Highlights(continued)

Invesco International Dividend Achievers^TMETF (PID)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	15.92		$	15.09		$	14.66		$	18.42		$	18.56
Net investment income(a)		0.58			0.56			0.44			0.56			0.51
Net realized and unrealized gain (loss) on investments		0.48			0.87			0.56			(3.78	)		(0.17	)
Total from investment operations.		1.06			1.43			1.00			(3.22	)		0.34
Distributions to shareholders from:
Net investment income		(0.54	)		(0.60	)		(0.57	)		(0.54	)		(0.48	)
Net asset value at end of year	$	16.44		$	15.92		$	15.09		$	14.66		$	18.42
Market price at end of year(b)	$	16.45		$	15.91		$	15.09		$	14.65		$	18.43
Net Asset Value Total Return(c)		6.99	%		9.57	%		7.12	%		(17.53	)%		1.83	%
Market Price Total Return(c)		7.13	%		9.50	%		7.19	%		(17.63	)%		1.77	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	766,283		$	862,878		$	811,780		$	701,684		$	1,571,846
Ratio to average net assets of:
Expenses		0.54	%		0.55	%		0.56	%		0.58	%		0.55	%
Net investment income		3.70	%		3.52	%		3.01	%		3.62	%		2.77	%
Portfolio turnover rate(d)		47	%		55	%		61	%		61	%		66	%

^(a)  Based on average shares outstanding.

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

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

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

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

40

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2019

NOTE 1—Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco BuyBack AchieversTMETF (PKW)	“BuyBack AchieversTMETF”
Invesco Dividend AchieversTMETF (PFM)	“Dividend AchieversTMETF”
Invesco Dow Jones Industrial Average Dividend ETF (DJD)	“Dow Jones Industrial Average Dividend ETF”
Invesco Financial Preferred ETF (PGF)	“Financial Preferred ETF”
Invesco High Yield Equity Dividend AchieversTMETF (PEY)	“High Yield Equity Dividend AchieversTMETF”
Invesco International Dividend AchieversTMETF (PID)	“International Dividend AchieversTMETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market, except for Shares of Dow Jones Industrial Average Dividend ETF and Financial Preferred ETF, which are listed and traded on NYSE Arca, Inc.

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

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

Fund	Underlying Index
BuyBack AchieversTMETF	NASDAQ US BuyBack AchieversTMIndex
Dividend AchieversTMETF	NASDAQ US Broad Dividend AchieversTMIndex
Dow Jones Industrial Average Dividend ETF	Dow Jones Industrial Average Yield Weighted
Financial Preferred ETF	Wells Fargo®Hybrid and Preferred Securities Financial Index
High Yield Equity Dividend AchieversTMETF	NASDAQ US Dividend AchieversTM50 Index
International Dividend AchieversTMETF	NASDAQ International Dividend AchieversTMIndex

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

41

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

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

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

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

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

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions 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.

B. Other Risks

Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each

42

Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for Funds that invest innon-U.S. securities, which may have lower trading volumes.

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 particular industries will become negative. 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.

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 faces 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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Non-Diversified Fund Risk. Dow Jones Industrial Average Dividend ETF and Financial Preferred ETF arenon-diversified and can invest a greater portion of their assets in securities of individual issuers than diversified funds. As a result, 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.

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

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

Small- andMid-Capitalization Company Risk. For certain Funds, investing in securities of small- andmid-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- andmid-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.

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

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

Foreign Securities Risk. Investments in foreign securities involve risks in addition to the risks associated with domestic securities. In general, foreign companies are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign companies often are subject to less stringent requirements regarding accounting, auditing, financial reporting and record-keeping than are U.S. companies. Therefore, not all material information regarding these companies will be available.

ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing

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directly the underlying foreign securities in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

High Yield Securities Risk. High yield securities typically involve greater risk and are less liquid than higher grade issues. Changes in general economic conditions, changes in the financial condition of the issuers and changes in interest rates may adversely impact the ability of issuers of high yield securities to make timely payments of interest and principal.

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

C. 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 the accrual basis from settlement date.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each 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.

D. Country Determination — For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders — Each Fund (except for Financial Preferred ETF and High Yield Equity Dividend Achievers^™ ETF, which declare and pay dividends from net investment income, if any, monthly) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end.

F. 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

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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 forin-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.

G. Expenses — Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that 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.

Each Fund (except for Dow Jones Industrial Average Dividend ETF) is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions,sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”), or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.

Dow Jones Industrial Average Dividend ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

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.

H. 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 theperiod-end date and before the date the financial statements are released to print.

I. Indemnifications — Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending — During the fiscal year ended April 30, 2019, each Fund (except for Dow Jones Industrial Average Dividend ETF) participated in securities lending. Each Fund loaned portfolio securities having a market value up toone-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 generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

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K. Distributions from Distributable Earnings — In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.

For the year ended April 30, 2018 (the eight months ended April 30, 2018, for the Dow Jones Industrial Average Dividend ETF) distributions from distributable earnings consisted of:

	Distributions to Shareholders from net investment income		Distributions to Shareholders from net realized gains
BuyBack AchieversTMETF	$	10,919,625	$	—
Dividend AchieversTMETF		6,412,491		—
Dow Jones Industrial Average Dividend ETF*		238,620		31,760
Financial Preferred ETF		88,485,717		—
High Yield Equity Dividend AchieversTMETF		32,704,666		—
International Dividend AchieversTMETF		32,348,073		—

* For the fiscal year ended August 31, 2017, distributions from distributable earnings consisted of distributions from net investment income.

NOTE 3—Investment Advisory Agreement and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except Dow Jones Industrial Average Dividend ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.40% of the Fund’s average daily net assets, except for BuyBack Achievers^TM ETF and Financial Preferred ETF, each of which accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, Dow Jones Industrial Average Dividend ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.07% of the Fund’s average daily net assets. Prior to August 20, 2018, the Fund’s annual unitary management fee was 0.30%. For the period August 20, 2018 to September 24, 2018, the Adviser voluntarily agreed to permanently waive a portion of the Fund’s unitary management fee. After giving effect to such waiver, the net unitary management fee was 0.07%. Effective September 24, 2018, the Adviser contractually reduced the Fund’s unitary management fee from 0.30% to 0.07%. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Dow Jones Industrial Average Dividend ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Dow Jones Industrial Average Dividend ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses,sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund (except for BuyBack Achievers^™ ETF and Financial Preferred ETF) from exceeding 0.50% of the Fund’s average daily net assets per year (0.60% of the Fund’s average daily net assets per year for BuyBack Achievers^™ ETF and Financial Preferred ETF) (the “Expense Cap”), through at least August 31, 2021. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2021. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. For each Fund (excluding the Dow Jones Industrial Average Dividend ETF), the Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap.

Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

BuyBack AchieversTMETF	$	2,143
Dividend AchieversTMETF		548
Dow Jones Industrial Average Dividend ETF		3,250
Financial Preferred ETF		10,761
High Yield Equity Dividend AchieversTMETF		1,114
International Dividend AchieversTMETF		1,122

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

For the fiscal year ended April 30, 2019, there were no amounts available for potential recapture by the Adviser under the Expense Agreement.

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
BuyBack AchieversTMETF	Nasdaq, Inc.
Dividend AchieversTMETF	Nasdaq, Inc.
Dow Jones Industrial Average Dividend ETF	S&P Dow Jones Indices LLC
Financial Preferred ETF	Wells Fargo & Company
High Yield Equity Dividend AchieversTMETF	Nasdaq, Inc.
International Dividend AchieversTMETF	Nasdaq, Inc.

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’ssub-licensing agreement with the Adviser. The Funds (except for Dow Jones Industrial Average Dividend ETF) are required to pay thesub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, 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.

NOTE 4—Investments in Affiliates

The Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the fiscal year ended April 30, 2019.

Dividend Achievers^TM ETF

	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2019		Dividend Income
Invesco Ltd.	$	462,014	$	64,434	$	(113,215	)	$	(49,454	)	$	(66,217	)	$	297,562	$	19,384

High Yield Equity Dividend Achievers^TMETF

	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2019		Dividend Income
Invesco Ltd.	$	12,024,665	$	20,866,622	$	(2,719,198	)	$	(1,666,544	)	$	(812,733	)	$	27,692,812	$	883,335

NOTE 5—Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the fiscal year ended April 30, 2019, the following Fund engaged in transactions with affiliates as listed below:

	Securities Purchases		Securities Sales		Net Realized Gain (Loss)
Financial Preferred ETF	$	2,322,057	$	11,332,750	$	(682,700	)

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NOTE 6—Additional Valuation Information

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

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

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

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of April 30, 2019, all of the securities in each Fund 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.

NOTE 7—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Years Ended April 30, 2019 and April 30, 2018 (for the eight months ended April 30, 2018 and the fiscal year ended August 31, 2017 for the Dow Jones Industrial Average Dividend ETF):

	2019		2018				2017
	Ordinary Income		Ordinary Income		Long-Term Capital Gains		Ordinary Income
BuyBack AchieversTMETF	$	15,899,340	$	10,919,625	$	—	$	—
Dividend AchieversTMETF		6,637,686		6,412,491		—		—
Dow Jones Industrial Average Dividend ETF		954,129		269,203		1,177		179,295
Financial Preferred ETF		82,129,730		88,485,717		—		—
High Yield Equity Dividend AchieversTMETF		29,155,112		32,704,666		—		—
International Dividend AchieversTMETF		26,698,616		32,348,073		—		—

Tax Components of Net Assets at FiscalYear-End:

	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation— Investments		Net Unrealized Appreciation— Other Investments		Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
BuyBack AchieversTM ETF	$	2,521,655	$	(116,704	)	$	74,946,966	$	—	$	(338,567,311	)	$	1,574,618,946	$	1,313,403,552
Dividend AchieversTM ETF		853,347		(50,835	)		75,636,134		—		(3,196,490	)		226,232,842		299,474,998
Dow Jones Industrial Average Dividend ETF		121,536		—			2,194,532		—		(535,944	)		72,187,355		73,967,479
Financial Preferred ETF		—		(168,793	)		14,068,469		—		(17,575,571	)		1,389,449,370		1,385,773,475
High Yield Equity Dividend AchieversTMETF		—		(65,063	)		18,283,451		—		(50,777,099	)		866,782,349		834,223,638
International Dividend AchieversTMETF		6,501,617		(104,491	)		36,087,118		130		(330,409,789	)		1,054,208,489		766,283,074

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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.

48

The following table presents available capital loss carryforwards for each Fund as of April 30, 2019:

	Post-effective/no expiration
	Short-Term		Long-Term		Total*
BuyBack AchieversTMETF	$	246,203,824	$	92,363,487	$	338,567,311
Dividend AchieversTMETF		384,638		2,811,852		3,196,490
Dow Jones Industrial Average Dividend ETF		229,761		306,183		535,944
Financial Preferred ETF		3,095,153		14,480,418		17,575,571
High Yield Equity Dividend AchieversTMETF		—		50,777,099		50,777,099
International Dividend AchieversTMETF		145,230,681		185,179,108		330,409,789

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

NOTE 8—Investment Transactions

For the fiscal year ended April 30, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:

	Purchases		Sales
BuyBack AchieversTMETF	$	1,006,396,527	$	960,874,066
Dividend AchieversTMETF		40,019,975		38,776,203
Dow Jones Industrial Average Dividend ETF		8,168,644		9,147,177
Financial Preferred ETF		304,259,554		325,270,150
High Yield Equity Dividend AchieversTMETF		380,245,147		379,694,679
International Dividend AchieversTMETF		362,015,182		361,988,269

For the fiscal year ended April 30, 2019,in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
BuyBack AchieversTMETF	$	949,817,649	$	1,113,248,733
Dividend AchieversTMETF		52,209,112		75,243,894
Dow Jones Industrial Average Dividend ETF		160,161,046		110,197,945
Financial Preferred ETF		249,129,675		413,839,205
High Yield Equity Dividend AchieversTMETF		308,021,253		286,246,053
International Dividend AchieversTMETF		118,338,553		236,097,222

Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At April 30, 2019, 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 reportingperiod-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)		Cost
BuyBack AchieversTMETF	$	107,194,992	$	(32,248,026	)	$	74,946,966	$	1,243,695,838
Dividend AchieversTMETF		80,651,873		(5,015,739	)		75,636,134		224,463,664
Dow Jones Industrial Average Dividend ETF		4,097,604		(1,903,072	)		2,194,532		71,692,613
Financial Preferred ETF		23,619,314		(9,550,845	)		14,068,469		1,384,863,792
High Yield Equity Dividend AchieversTMETF		56,210,785		(37,927,334	)		18,283,451		823,560,650
International Dividend AchieversTMETF		59,902,854		(23,815,736	)		36,087,118		783,570,136

49

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment ofin-kind transactions and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2019, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
BuyBack AchieversTMETF	$	—		$	(70,642,817	)	$	70,642,817
Dividend AchieversTMETF		(119,194	)		(25,833,576	)		25,952,770
Dow Jones Industrial Average Dividend ETF		—			(8,003,236	)		8,003,236
Financial Preferred ETF		2,891,955			(6,613,337	)		3,721,382
High Yield Equity Dividend AchieversTMETF		1,887,452			(28,352,121	)		26,464,669
International Dividend AchieversTMETF		1,466,777			(30,117,675	)		28,650,898

NOTE 10—Trustees’ and Officer’s Fees

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

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 11—Capital

Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

50

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco BuyBack Achievers^TM ETF, Invesco Dividend Achievers^TM ETF, Invesco Dow Jones Industrial Average Dividend ETF, Invesco Financial Preferred ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF (six of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2019, the related statements of operations for the year ended April 30, 2019, the statements of changes in net assets for each of the two years in the period ended April 30, 2019 (or for Invesco Dow Jones Industrial Average Dividend ETF, for the year ended April 30, 2019 and for the eight months ended April 30, 2018), including the related notes, and the financial highlights for each of the five years in the period ending April 30, 2019 (or for Invesco Dow Jones Industrial Average Dividend ETF, for the year ended April 30, 2019 and for the eight months ended April 30, 2018) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2019 (or for Invesco Dow Jones Industrial Average Dividend ETF, for the year ended April 30, 2019 and for the eight months ended April 30, 2018), and each of the financial highlights for each of the five years in the period ended April 30, 2019 (or for Invesco Dow Jones Industrial Average Dividend ETF, for the year ended April 30, 2019 and for the eight months ended April 30, 2018), in conformity with accounting principles generally accepted in the United States of America.

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

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2019

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

51

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Dow Jones Industrial Average Dividend ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Dow Jones Industrial Average Dividend ETF, you incur a unitary management fee. In addition to the 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. 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 through thesix-month period ended April 30, 2019.

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 theSix-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco BuyBack AchieversTMETF (PKW)
Actual	$	1,000.00	$	1,105.90		0.61	%	$	3.19
Hypothetical (5% return before expenses)		1,000.00		1,021.77		0.61			3.06
Invesco Dividend AchieversTMETF (PFM)
Actual		1,000.00		1,100.10		0.54			2.81
Hypothetical (5% return before expenses)		1,000.00		1,022.12		0.54			2.71
Invesco Dow Jones Industrial Average Dividend ETF (DJD)
Actual		1,000.00		1,079.40		0.07			0.36
Hypothetical (5% return before expenses)		1,000.00		1,024.45		0.07			0.35
Invesco Financial Preferred ETF (PGF)
Actual		1,000.00		1,056.20		0.61			3.11
Hypothetical (5% return before expenses)		1,000.00		1,021.77		0.61			3.06
Invesco High Yield Equity Dividend AchieversTMETF (PEY)
Actual		1,000.00		1,089.50		0.51			2.64
Hypothetical (5% return before expenses)		1,000.00		1,022.27		0.51			2.56

52

Calculating your ongoing Fund expenses (continued)

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco International Dividend AchieversTMETF (PID)
Actual	$	1,000.00	$	1,132.10		0.53	%	$	2.80
Hypothetical (5% return before expenses)		1,000.00		1,022.17		0.53			2.66

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended April 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recentsix-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

53

Tax Information

Form1099-DIV, Form1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2019:

	Qualified Dividend Income*			Dividends-Received Deduction*
Invesco BuyBack AchieversTMETF		100	%		100	%
Invesco Dividend AchieversTMETF		100	%		100	%
Invesco Dow Jones Industrial Average Dividend ETF		87	%		89	%
Invesco Financial Preferred ETF		100	%		91	%
Invesco High Yield Equity Dividend AchieversTMETF		100	%		100	%
Invesco International Dividend AchieversTMETF		61	%		0	%

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

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

	Gross Foreign Income			Foreign Taxes Paid
Invesco International Dividend AchieversTMETF		$	21,811,746		$	2,013,017

54

Trustees and Officers

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

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	241	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007), and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	241	None.
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club For Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	241	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

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

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

55

Trustees and Officers(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	241	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	241	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (advisory services to the financial sector) (2010-Present); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	241	Director, Penfield Children’s Center (2004-present); Board Chairman, Gracebridge Alliance, Inc. (2015-present).

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

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

56

Trustees and Officers(continued)

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

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008–Present), Invesco North American Holdings, Inc.; Executive Vice President (2008–Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012–Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014–Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008–2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2018); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	241	None

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

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

57

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

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

58

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

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

59

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Manager, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

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

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

60

Board Considerations Regarding Continuation of Investment Advisory Agreement

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 53 series (each, a “Fund” and collectively, the “Funds”):

Invesco Aerospace & Defense ETF

Invesco BRIC ETF

Invesco BuyBack Achievers^TM ETF

Invesco Cleantech^TM ETF

Invesco Dividend Achievers^TM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA NASDAQ Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Retail ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend Achievers^TM ETF

Invesco Insider Sentiment ETF

Invesco International Dividend Achievers^TM ETF

Invesco Russell 2000 Pure Growth ETF

Invesco Russell 2000 Pure Value ETF

Invesco Russell Midcap Equal Weight ETF

Invesco Russell Midcap Pure Growth ETF

Invesco Russell Midcap Pure Value ETF

Invesco Russell Top 200 Equal Weight ETF

Invesco Russell Top 200 Pure Growth ETF

Invesco Russell Top 200 Pure Value ETF

Invesco S&P 500^® Quality ETF

Invesco S&PSpin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco ZacksMid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for theday-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for theone-year, three-year, five-year,ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to

general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance

61

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

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

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees also compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”),open-end(non-ETF) index funds andopen-end(non-ETF) actively-managed funds, as applicable. The Trustees noted that the annual contractual advisory fee charged to each Fund is:

● 0.50% of the Fund’s average daily net assets for each Fund other than Invesco Dividend Achievers^TM ETF, Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco High Yield Equity Dividend Achievers^TM ETF, Invesco International Dividend Achievers^TM ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Equal Weight ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Equal Weight ETF, Invesco Russell Top 200 Pure Growth ETF, Invesco Russell Top 200 Pure Value ETF and Invesco S&P 500^® Quality ETF (The net advisory fee, after giving effect to the Expense Cap, as defined below, was-0.16% for Invesco Dynamic Retail ETF.);

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

● 0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Pure Growth ETF and Invesco Russell Top 200 Pure Value ETF;

● 0.25% of the Fund’s average daily net assets for each of Invesco Russell Midcap Equal Weight ETF and Invesco Russell Top 200 Equal Weight ETF (The net advisory fee, after giving effect to the Expense Cap, as defined below, was-0.17% for Invesco Russell Midcap Equal Weight ETF.); and

● 0.15% of the Fund’s average daily net assets for Invesco S&P 500^® Quality ETF (The Trustees noted that, prior to September 24, 2018, the Fund’s advisory fee was 0.29%.).

The Trustees also noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2021, as set forth below:

● 0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco DWA NASDAQ Momentum ETF and Invesco Dynamic Market ETF;

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

● 0.50%, excluding interest expenses,sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Pure

62

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Pure Growth ETF and Invesco Russell Top 200 Pure Value ETF;

● 0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco Russell Midcap Equal Weight ETF and Invesco Russell Top 200 Equal Weight ETF;

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

● 0.60%, excluding interest expenses,sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each other Fund.

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it providessub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to thesub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF andopen-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower than Open-End Active Fund Median
Invesco Aerospace & Defense ETF			X
Invesco BRIC ETF			X
Invesco Buyback AchieversTM ETF			X
Invesco CleantechTM ETF			X
Invesco Dividend AchieversTM ETF			X
Invesco DWA Basic Materials Momentum ETF			X
Invesco DWA Consumer Cyclicals Momentum ETF			X
Invesco DWA Consumer Staples Momentum ETF			X
Invesco DWA Energy Momentum ETF			X
Invesco DWA Financial Momentum ETF			X
Invesco DWA Healthcare Momentum ETF			X
Invesco DWA Industrials Momentum ETF			X
Invesco DWA Momentum ETF	X		X
Invesco DWA NASDAQ Momentum ETF			X
Invesco DWA Technology Momentum ETF			X
Invesco DWA Utilities Momentum ETF			X
Invesco Dynamic Biotechnology & Genome ETF			X
Invesco Dynamic Building & Construction ETF			X
Invesco Dynamic Energy Exploration & Production ETF			X
Invesco Dynamic Food & Beverage ETF			X
Invesco Dynamic Large Cap Growth ETF			X
Invesco Dynamic Large Cap Value ETF			X
Invesco Dynamic Leisure and Entertainment ETF			X
Invesco Dynamic Market ETF			X
Invesco Dynamic Media ETF			X
Invesco Dynamic Networking ETF			X
Invesco Dynamic Oil & Gas Services ETF		N/A	X
Invesco Dynamic Pharmaceuticals ETF			X

63

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower than Open-End Active Fund Median
Invesco Dynamic Retail ETF			X
Invesco Dynamic Semiconductors ETF			X
Invesco Dynamic Software ETF			X
Invesco Financial Preferred ETF		N/A	X
Invesco FTSE RAFI US 1000 ETF			X
Invesco FTSE RAFI US 1500Small-Mid ETF			X
Invesco Global Listed Private Equity ETF		N/A	X
Invesco Golden Dragon China ETF	X	N/A	X
Invesco High Yield Equity Dividend AchieversTM ETF			X
Invesco Insider Sentiment ETF			X
Invesco International Dividend AchieversTM ETF	X		X
Invesco Russell 2000 Pure Growth ETF		X	X
Invesco Russell 2000 Pure Value ETF		X	X
Invesco Russell Midcap Equal Weight ETF			X
Invesco Russell Midcap Pure Growth ETF	X		X
Invesco Russell Midcap Pure Value ETF	X		X
Invesco Russell Top 200 Equal Weight ETF	X		X
Invesco Russell Top 200 Pure Growth ETF			X
Invesco Russell Top 200 Pure Value ETF			X
Invesco S&P 500® Quality ETF	X		X
Invesco S&PSpin-Off			X
Invesco Water Resources ETF			X
Invesco WilderHill Clean Energy ETF			X
Invesco ZacksMid-Cap ETF			X
Invesco Zacks Multi-Asset Income ETF			X

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

The Trustees determined that the contractual advisory fees were reasonable, noting the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF andopen-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower than Open-End Active Fund Median
Invesco Aerospace & Defense ETF			X
Invesco BRIC ETF			X
Invesco Buyback AchieversTM ETF			X
Invesco CleantechTM ETF			X
Invesco Dividend AchieversTM ETF		X	X
Invesco DWA Basic Materials Momentum ETF			X
Invesco DWA Consumer Cyclicals Momentum ETF			X
Invesco DWA Consumer Staples Momentum ETF			X

64

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower than Open-End Active Fund Median
Invesco DWA Energy Momentum ETF			X
Invesco DWA Financial Momentum ETF			X
Invesco DWA Healthcare Momentum ETF			X
Invesco DWA Industrials Momentum ETF			X
Invesco DWA Momentum ETF		X	X
Invesco DWA NASDAQ Momentum ETF			X
Invesco DWA Technology Momentum ETF			X
Invesco DWA Utilities Momentum ETF			X
Invesco Dynamic Biotechnology & Genome ETF			X
Invesco Dynamic Building & Construction ETF			X
Invesco Dynamic Energy Exploration & Production ETF			X
Invesco Dynamic Food & Beverage ETF			X
Invesco Dynamic Large Cap Growth ETF			X
Invesco Dynamic Large Cap Value ETF			X
Invesco Dynamic Leisure and Entertainment ETF			X
Invesco Dynamic Market ETF			X
Invesco Dynamic Media ETF			X
Invesco Dynamic Networking ETF			X
Invesco Dynamic Oil & Gas Services ETF		N/A	X
Invesco Dynamic Pharmaceuticals ETF			X
Invesco Dynamic Retail ETF			X
Invesco Dynamic Semiconductors ETF			X
Invesco Dynamic Software ETF			X
Invesco Financial Preferred ETF		N/A	X
Invesco FTSE RAFI US 1000 ETF			X
Invesco FTSE RAFI US 1500Small-Mid ETF			X
Invesco Global Listed Private Equity ETF		N/A	X
Invesco Golden Dragon China ETF		N/A	X
Invesco High Yield Equity Dividend AchieversTM ETF		X	X
Invesco Insider Sentiment ETF			X
Invesco International Dividend AchieversTM ETF			X
Invesco Russell 2000 Pure Growth ETF		X	X
Invesco Russell 2000 Pure Value ETF		X	X
Invesco Russell Midcap Equal Weight ETF			X
Invesco Russell Midcap Pure Growth ETF			X
Invesco Russell Midcap Pure Value ETF			X
Invesco Russell Top 200 Equal Weight ETF	X		X
Invesco Russell Top 200 Pure Growth ETF			X
Invesco Russell Top 200 Pure Value ETF			X
Invesco S&P 500® Quality ETF	X		X
Invesco S&PSpin-Off ETF			X
Invesco Water Resources ETF			X

65

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower than Open-End Active Fund Median
Invesco WilderHill Clean Energy ETF			X
Invesco ZacksMid-Cap ETF			X
Invesco Zacks Multi-Asset Income ETF			X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Large Cap Growth ETF and Invesco WilderHill Clean Energy ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.

The Trustees noted that a significant component of thenon-advisory fee expenses was the license fees paid by the Funds, and noted those Funds for which license fees are included in the Funds’ Expense Caps. The Trustees also noted that the Adviser has agreed to reimburse certain Funds in the amount equal to the licensing fee paid that causes that Fund’s annual operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed a percentage of that Fund’s average daily net assets through April 6, 2020 (May 18, 2020 for Invesco BRIC ETF) as set forth below:

Invesco BRIC ETF	0.64	%
Invesco Insider Sentiment ETF	0.60	%
Invesco S&PSpin-Off ETF	0.64	%
Invesco ZacksMid-Cap ETF	0.65	%
Invesco Zacks Multi-Asset Income ETF	0.65	%

The Board concluded that the advisory fee and expense ratio of each Fund (giving effect to the Fund’s Expense Cap) were reasonable and appropriate in light of the services provided.

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

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

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

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

66

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 24 series (each, a “Fund” and together, the “Funds”):

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Raymond JamesSB-1 Equity ETF

Invesco S&P 500 BuyWrite ETF

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

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

Invesco S&P 500^®Equal Weight Energy ETF

Invesco S&P 500^®Equal Weight ETF

Invesco S&P 500^®Equal Weight Financials ETF

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

Invesco S&P 500^®Equal Weight Industrials ETF

Invesco S&P 500^®Equal Weight Materials ETF

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

Invesco S&P 500^®Equal Weight Technology ETF

Invesco S&P 500^®Equal Weight Utilities ETF

Invesco S&P 500^®Pure Growth ETF

Invesco S&P 500^®Pure Value ETF

Invesco S&P 500^®Top 50 ETF

Invesco S&P MidCap 400^® Equal Weight ETF

Invesco S&P MidCap 400^® Pure Growth ETF

Invesco S&P MidCap 400^® Pure Value ETF

Invesco S&P SmallCap 600^® Equal Weight ETF

Invesco S&P SmallCap 600^® Pure Growth ETF

Invesco S&P SmallCap 600^® Pure Value ETF

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for theday-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees also reviewed information on the performance of the Funds and their underlying indexes for theone-year, three-year, five-year,ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between the Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance prior to the closing of the Transaction on April 6, 2018 is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

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

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”),open-end(non-ETF) index funds andopen-end(non-ETF) actively-managed funds. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with the Adviser paying all

67

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

other operating expenses of each Fund, except that each Fund pays its own distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:

● 0.75% of the Fund’s average daily net assets for Invesco Raymond JamesSB-1 Equity ETF;

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

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF (The Trustees noted that prior to July 1, 2018, the Fund’s annual unitary advisory fee was 0.75%.);

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

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

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF (The Trustees noted that prior to September 24, 2018, the Fund’s annual unitary advisory fee was 0.30%.); and

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

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it providessub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to thesub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF andopen-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median		Equal to/Lower than Open-End Index Fund Median		Equal to/Lower than Open-End Active Fund Median
Invesco Dow Jones Industrial Average Dividend ETF		X		X		X
Invesco NASDAQ Internet ETF						X
Invesco Raymond JamesSB-1 Equity ETF						X
Invesco S&P 500 BuyWrite ETF		X		X		X
Invesco S&P 500®Equal Weight Consumer Discretionary ETF		X				X
Invesco S&P 500®Equal Weight Consumer Staples ETF		X				X
Invesco S&P 500®Equal Weight Energy ETF		X				X
Invesco S&P 500®Equal Weight ETF		X		X		X
Invesco S&P 500®Equal Weight Financials ETF		X				X
Invesco S&P 500®Equal Weight Health Care ETF		X				X
Invesco S&P 500®Equal Weight Industrials ETF		X				X
Invesco S&P 500®Equal Weight Materials ETF		X				X
Invesco S&P 500®Equal Weight Real Estate ETF		X				X
Invesco S&P 500®Equal Weight Technology ETF		X				X
Invesco S&P 500®Equal Weight Utilities ETF		X		X		X
Invesco S&P 500®Pure Growth ETF		X		X		X
Invesco S&P 500®Pure Value ETF						X
Invesco S&P 500®Top 50 ETF		X		X		X
Invesco S&P MidCap 400® Equal Weight ETF						X
Invesco S&P MidCap 400® Pure Growth ETF				X		X
Invesco S&P MidCap 400® Pure Value ETF				X		X
Invesco S&P SmallCap 600® Equal Weight ETF						X

68

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median		Equal to/Lower than Open-End Active Fund Median
Invesco S&P SmallCap 600® Pure Growth ETF			X		X
Invesco S&P SmallCap 600® Pure Value ETF			X		X

The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged to each Fund was reasonable and appropriate in light of the services provided.

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

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

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

69

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 atwww.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’sForm N-PX on the Commission’s website atwww.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 onForm N-Q (or any successor Form). The Trust’sForms N-Q (or any successor Form) are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.

©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-AR-1 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2019

PBE	Invesco Dynamic Biotechnology & Genome ETF
PKB	Invesco Dynamic Building & Construction ETF
PXE	Invesco Dynamic Energy Exploration & Production ETF
PBJ	Invesco Dynamic Food & Beverage ETF
PEJ	Invesco Dynamic Leisure and Entertainment ETF
PBS	Invesco Dynamic Media ETF
PXQ	Invesco Dynamic Networking ETF
PXJ	Invesco Dynamic Oil & Gas Services ETF
PJP	Invesco Dynamic Pharmaceuticals ETF
PMR	Invesco Dynamic Retail ETF
PSI	Invesco Dynamic Semiconductors ETF
PSJ	Invesco Dynamic Software ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Industry Portfolios
Schedules of Investments
Invesco Dynamic Biotechnology & Genome ETF (PBE)	28
Invesco Dynamic Building & Construction ETF (PKB)	29
Invesco Dynamic Energy Exploration & Production ETF (PXE)	30
Invesco Dynamic Food & Beverage ETF (PBJ)	31
Invesco Dynamic Leisure and Entertainment ETF (PEJ)	32
Invesco Dynamic Media ETF (PBS)	33
Invesco Dynamic Networking ETF (PXQ)	34
Invesco Dynamic Oil & Gas Services ETF (PXJ)	35
Invesco Dynamic Pharmaceuticals ETF (PJP)	36
Invesco Dynamic Retail ETF (PMR)	37
Invesco Dynamic Semiconductors ETF (PSI)	38
Invesco Dynamic Software ETF (PSJ)	39
Statements of Assets and Liabilities	40
Statements of Operations	42
Statements of Changes in Net Assets	44
Financial Highlights	48
Notes to Financial Statements	56
Report of Independent Registered Public Accounting Firm	66
Fund Expenses	67
Tax Information	69
Trustees and Officers	70
Board Considerations Regarding Continuation of Investment Advisory Agreement	76

2

The Market Environment

Domestic Equity

The fiscal year proved to be an increasingly volatile time for U.S. equities. Throughout the summer, U.S. equities moved higher as corporate profits surged amid the benefit of corporate tax cuts and improving global economic growth. Several U.S. equity indexes reached new highs despite potential headwinds, including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. After a relatively quiet summer, market volatility noticeably rose in October 2018, as U.S. equity markets suffered a sharpsell-off throughyear-end 2018, amid ongoing trade concerns between the U.S. and China, fears of a global economic slowdown and lower oil prices from a supply glut, with oil prices plummeting from near $75 per barrel in early October 2018 to around $45 per barrel in late December 2018.¹ In this environment, there was a flight to safety, as investors fled to defensive areas of the markets, such as health care, utilities and U.S. Treasuries.

Given signs of a strong economy, the U.S. Federal Reserve (the “Fed”) raised interest rates three times during the fiscal year: in June, September and December 2018. Following December’s Fed meeting, the Fed raised interest rates by 25 basis points to a targeted range of 2.25% to 2.50%, which signaled a slightly more dovish stance than expected.² In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.

Equity markets rebounded at the start of 2019, fueled by optimism about a potential U.S.-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as U.S. economic data were mixed and overseas growth appeared to be slowing. By the end of the fiscal year, the U.S. equity market generally recovered the losses from fourth quarter 2018, backed by improving investor sentiment, low unemployment and a growing economy.

¹  Source: Bloomberg

²  Source: U.S. Federal Reserve

Global Equity

The fiscal year began with significant market and currency volatility. While most domestic equity indexes delivered positive performance at the beginning of the fiscal year, most major international indexes had negative results. Many international stocks struggled as investors worried that heightened global trade tensions would derail economic growth. Other concerns, such as geopolitical uncertainty and the potential impact of higher interest rates, also weakened investor sentiment. In this environment, developed markets held up better than emerging markets. After a relatively quiet summer, market volatility markedly rose again in October 2018. Global equity markets (particularly the U.S.) declined sharply in the fourth quarter of 2018 amid rising interest rates and concerns that higher inflation could result in a more restrictive monetary policy. Investors also had concerns over the Brexit negotiations, ongoing U.S.-China trade tensions, declining oil prices and fears of slowing economic growth, particularly in the eurozone.

Following the sharpsell-off in the later part of 2018, global equities rebounded in the beginning of 2019, fueled by accommodative central bank policy and the potential for a U.S.-China trade deal. Central bank policy provided a supportive environment for equities and fixed income, even as global economic growth appeared to be slowing. In January, China’s central bank initiated a stimulus program to counteract its slowing economy, while the European Central Bank and U.S. Federal Reserve later indicated they would not raise interest rates for the remainder of 2019. Lack of consensus on a deal for the U.K.’s withdrawal from the European Union prompted additional concerns for the U.K. and eurozone economies, though equity markets across the region posted gains. U.S. and Chinese equities also delivered robust gains. Both emerging and developed markets had positive returns for the first quarter of 2019.

Despite concerns over a decline in global growth for 2019¹, global equity indexes, in general, ended the fiscal year in positive territory, with developed markets outperforming emerging markets.

¹  Source: International Monetary Fund World

3

PBE	Manager’s Analysis
	Invesco Dynamic Biotechnology & Genome ETF (PBE)

As an index fund, the Invesco Dynamic Biotechnology & Genome ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Biotech & Genome Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of biotechnology and genome companies that comprise the Index. These companies are engaged principally in the research, development, manufacture and marketing and distribution of various biotechnological products, services and processes, and are companies that benefit significantly from scientific and technological advances in biotechnology and genetic engineering and research. These companies may include, for example, companies involved in the research, development or production of pharmaceuticals, including veterinary drugs.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) includes common stocks of biotechnology and genome companies in the Index principally on the basis of their capital appreciation potential, which the Index Provider identifies pursuant to a proprietary selection methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 8.62%. On a net asset value (“NAV”) basis, the Fund returned 8.75%. During the same time period, the Index returned 9.08%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by revenue generated through the Fund’s securities lending program.

During this same time period, the S&P Composite 1500^® Biotech Index (the “Benchmark Index”) returned (2.17)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 25 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the biotech industry. It is important to note, however, that the Index includes stocks from its proprietary “Biotechnology & Genome Group Universe” of which approximately 95% are considered pharmaceuticals, biotechnology and life sciences, while the remaining 5% of the Index contains stocks in other industry groups including materials, health care equipment & services, and technology hardware & equipment. The Benchmark Index contains 100% biotechnology companies. This Benchmark Index is relevant as a comparison, but the disparity compared to pure biotechnology exposure may produce potentially significant differences in performance when compared to the Fund.

Relative to the Benchmark Index, the Fund was most overweight in the life sciences tools & services sub-industry and most underweight in the biotechnology sub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection within the biotechnology sub-industry.

For the fiscal year ended April 30, 2019, the biotechnology sub-industry contributed most significantly to the Fund’s return, followed by the life sciences tools & services sub-industry. The pharmaceuticals sub-industry was the only detracting sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Spark Therapeutics, Inc., a biotechnology company (no longer held at fiscal year-end) and Genomic Health, Inc., a biotechnology company (portfolio average weight of 3.04%). Positions that detracted most significantly from the Fund’s return during this period included Nektar Therapeutics, a pharmaceuticals company (no longer held at fiscal year-end) and Neurocrine Biosciences, Inc., a biotechnology company (no longer held at fiscal year-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Biotechnology	80.9
Life Sciences Tools & Services	13.4
Sub-Industry Types Each Less Than 3%	5.8
Money Market Funds Plus Other Assets Less Liabilities	(0.1)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Alnylam Pharmaceuticals, Inc.	6.0
Celgene Corp.	5.4
Illumina, Inc.	5.4
QIAGEN NV	5.1
Amgen, Inc.	4.9
Vertex Pharmaceuticals, Inc.	4.7
Regeneron Pharmaceuticals, Inc.	4.2
Sangamo Therapeutics, Inc.	3.8
Biogen, Inc.	3.6
Veracyte, Inc.	3.4
Total	46.5

* Excluding money market fund holdings.

4

Invesco Dynamic Biotechnology & Genome ETF (PBE)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Biotech & Genome IntellidexSM Index		9.08	%		10.30	%		34.21	%		6.16	%		34.82	%		15.80	%		333.51	%		10.16	%		282.15	%
S&P Composite 1500® Biotech Index		(2.17	)		2.85			8.80			6.48			36.90			16.60			364.64			12.81			430.85
Fund
NAV Return		8.75			10.25			34.02			6.20			35.08			15.37			317.77			9.83			266.36
Market Price Return		8.62			10.26			34.03			6.21			35.18			15.40			318.74			9.82			266.12

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.59%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

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

Notes Regarding Indexes and Fund Performance History:

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

5

PKB	Manager’s Analysis
	Invesco Dynamic Building & Construction ETF (PKB)

As an index fund, the Invesco Dynamic Building & Construction ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Building & Construction Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of building and construction companies that comprise the Index. These companies are engaged primarily in providing construction and related engineering services for building and remodeling residential properties, commercial or industrial buildings, or working on large-scale infrastructure projects, such as highways, tunnels, bridges, dams, power lines and airports. These companies also may include manufacturers of building materials for home improvement and general construction projects and specialized machinery used for building and construction; companies that provide installation, maintenance or repair work; and land developers.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) includes common stocks of building and construction companies in the Index principally on the basis of their capital appreciation potential, which the Index Provider identifies pursuant to a proprietary selection methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned (0.47)%. On a net asset value (“NAV”) basis, the Fund returned (0.47)%. During the same time period, the Index returned 0.22%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Construction & Engineering Index (the “Benchmark Index”) returned 1.91%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 15 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the building & construction industry.

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

Relative to the Benchmark Index, the Fund was most overweight in the building productssub-industry and most underweight in the construction & engineeringsub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s

underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the homebuilding and building productssub-industries.

For the fiscal year ended April 30, 2019, the construction & engineeringsub-industry contributed most significantly to the Fund’s return, followed by the specialty storessub-industry. The building productssub-industry detracted most significantly from the Fund’s return, followed by the homebuilding and office services & suppliessub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Tractor Supply Co., a specialty stores company (portfolio average weight of 5.30%) and Jacobs Engineering Group, Inc., a construction & engineering company (portfolio average weight of 2.42%). Positions that detracted most significantly from the Fund’s return during this period included NCI Building Systems, Inc., a building products company (no longer held at fiscalyear-end) and Interface, Inc., an office services & supplies company (no longer held at fiscalyear-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Building Products	18.6
Construction & Engineering	18.5
Homebuilding	16.1
Construction Materials	13.2
Home Improvement Retail	9.9
Industrial Machinery	8.0
Specialty Stores	5.0
Sub-Industry Types Each Less Than 3%	10.7
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Martin Marietta Materials, Inc.	5.4
Ingersoll-Rand PLC	5.4
Vulcan Materials Co.	5.2
Lennox International, Inc.	5.1
Lowe’s Cos., Inc.	5.0
Tractor Supply Co.	5.0
Home Depot, Inc. (The)	4.9
Jacobs Engineering Group, Inc.	4.9
Armstrong World Industries, Inc.	3.1
EMCOR Group, Inc.	3.0
Total	47.0

* Excluding money market fund holdings.

6

Invesco Dynamic Building & Construction ETF (PKB)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Building & Construction IntellidexSM Index		0.22	%		7.26	%		23.41	%		7.32	%		42.35	%		12.36	%		220.69	%		6.63	%		138.02	%
S&P Composite 1500® Construction & Engineering Index		1.91			7.68			24.86			1.74			9.02			5.95			78.22			6.42			131.81
Fund
NAV Return		(0.47	)		6.56			20.99			6.60			37.65			11.53			197.72			5.78			113.69
Market Price Return		(0.47	)		6.57			21.03			6.60			37.63			11.51			197.28			5.78			113.62

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.58%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

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

Notes Regarding Indexes and Fund Performance History:

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

7

PXE	Manager’s Analysis
	Invesco Dynamic Energy Exploration & Production ETF (PXE)

As an index fund, the Invesco Dynamic Energy Exploration & Production ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Energy Exploration & Production Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of companies engaged in energy exploration and production that comprise the Index. These companies are engaged principally in exploration, extraction and production of crude oil and natural gas from land-based or offshore wells. These companies include petroleum refineries that process the crude oil into finished products, such as gasoline and automotive lubricants, and companies involved in gathering and processing natural gas, and manufacturing natural gas liquid.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) includes common stocks of energy exploration and production companies in the Index principally on the basis of their capital appreciation potential, which the Index Provider identifies pursuant to a proprietary selection methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned (17.96)%. On a net asset value (“NAV”) basis, the Fund returned (17.84)%. During the same time period, the Index returned (17.27)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P Composite 1500^® Oil & Gas Exploration & Production Index (the “Benchmark Index”) returned (12.83)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 64 securities. The Benchmark Index was selected for its recognition in the marketplace and because its performance comparison is a useful measure for investors as a broad representation of the oil & gas exploration & productionsub-industry.

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

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas refining & marketingsub-industry and most underweight in the oil & gas exploration & productionsub-industry

during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s stock selection in the oil & gas exploration & productionsub-industry.

For the fiscal year ended April 30, 2019, the gas utilitiessub-industry contributed most significantly to the Fund’s return. The oil & gas exploration & productionsub-industry detracted most significantly from the Fund’s return, followed by the oil & gas refining & marketingsub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Anadarko Petroleum Corp., an oil & gas exploration & production company (portfolio average weight of 2.07%) and California Resources Corp., an oil & gas exploration & production company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Laredo Petroleum, Inc., an oil & gas exploration & production company (portfolio average weight of 2.47%) and Antero Resources Corp., an oil & gas exploration & production company (portfolio average weight of 2.57%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Oil & Gas Exploration & Production	67.9
Oil & Gas Refining & Marketing	25.6
Integrated Oil & Gas	6.6
Money Market Funds Plus Other Assets Less Liabilities	(0.1)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Anadarko Petroleum Corp.	8.3
Hess Corp.	5.5
Valero Energy Corp.	5.3
EOG Resources, Inc.	5.0
Phillips 66	4.8
Marathon Petroleum Corp.	4.7
ConocoPhillips	4.5
Occidental Petroleum Corp.	4.4
SRC Energy, Inc.	3.5
Chesapeake Energy Corp.	3.0
Total	49.0

* Excluding money market fund holdings.

8

Invesco Dynamic Energy Exploration & Production ETF (PXE)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Energy Exploration & Production IntellidexSM Index		(17.27	)%		(0.89	)%		(2.66	)%		(9.36	)%		(38.83	)%		6.89	%		94.74	%		3.76	%		64.77	%
S&P Composite 1500® Oil & Gas Exploration & Production Index		(12.83	)		(0.75	)		(2.23	)		(9.83	)		(40.40	)		2.49			27.94			1.96			30.05
Fund
NAV Return		(17.84	)		(1.53	)		(4.52	)		(9.82	)		(40.35	)		6.22			82.87			3.15			52.02
Market Price Return		(17.96	)		(1.49	)		(4.42	)		(9.80	)		(40.29	)		6.25			83.35			3.15			52.00

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.77% and the net annual operating expense ratio was indicated as 0.65%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

9

PBJ	Manager’s Analysis
	Invesco Dynamic Food & Beverage ETF (PBJ)

As an index fund, the Invesco Dynamic Food & Beverage ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Food & Beverage Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of food and beverage companies that comprise the Index. These companies are engaged principally in the manufacture, sale or distribution of food and beverage products, agricultural products and products related to the development of new food technologies. These companies may include consumer manufacturing of agricultural inputs like livestock and crops, as well as processed food and beverage products; food and beverage stores such as grocery stores, supermarkets, wholesale distributors of grocery items; and food and beverage services like restaurants, bars, snack bars, coffeehouses and other establishments providing food and refreshment. Companies with focused operations as tobacco growers and manufacturers, or pet supplies stores are specifically excluded from this universe.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) includes common stocks of food and beverage companies in the Index principally on the basis of their capital appreciation potential, which the Index Provider identifies pursuant to a proprietary selection methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 5.47%. On a net asset value (“NAV”) basis, the Fund returned 5.37%. During the same time period, the Index returned 5.84%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses, as well as trading costs around the rebalances that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Food Beverage & Tobacco Index (the “Benchmark Index”) returned 12.76%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 40 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the food & beverage industry.

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

Relative to the Benchmark Index, the Fund was most overweight in the packaged foods & meatssub-industry and most underweight in the tobaccosub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s

underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to the soft drinkssub-industry.

For the fiscal year ended April 30, 2019, the soft drinkssub-industry contributed most significantly to the Fund’s return, followed by the packaged foods & meats and restaurantssub-industries, respectively. The distillers & vintnerssub-industry detracted most significantly from the Fund’s return, followed by the food distributorssub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Mondelez International, Inc., Class A, a packaged foods & meats company (portfolio average weight of 5.09%) and Keurig Dr Pepper, Inc., a soft drinks company (portfolio average weight of 3.35%). Positions that detracted most significantly from the Fund’s return during this period included United Natural Foods, Inc., a food distributors company (no longer held at fiscalyear-end) and Constellation Brands, Inc., Class A, a distillers & vintners company (no longer held at fiscalyear-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Packaged Foods & Meats	40.1
Soft Drinks	16.8
Restaurants	16.3
Food Distributors	10.2
Food Retail	8.9
Agricultural Products	7.6
Money Market Funds Plus Other Assets Less Liabilities	0.1
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Yum! Brands, Inc.	5.3
Starbucks Corp.	5.3
Coca-Cola Co. (The)	5.1
Mondelez International, Inc., Class A	5.0
Archer-Daniels-Midland Co.	5.0
Keurig Dr Pepper, Inc.	5.0
Hormel Foods Corp.	4.6
Kroger Co. (The)	4.4
Coca-Cola Bottling Co. Consolidated, Inc.	3.7
McCormick & Co, Inc.	3.0
Total	46.4

* Excluding money market fund holdings.

10

Invesco Dynamic Food & Beverage ETF (PBJ)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Food & Beverage IntellidexSM Index		5.84	%		3.79	%		11.81	%		6.86	%		39.33	%		12.57	%		226.80	%		8.38	%		204.94	%
S&P Composite 1500® Food Beverage & Tobacco Index		12.76			4.52			14.17			8.95			53.50			14.85			299.19			11.34			342.72
Fund
NAV Return		5.37			3.17			9.82			6.21			35.14			11.82			205.69			7.68			178.64
Market Price Return		5.47			3.16			9.79			6.19			35.02			11.81			205.27			7.67			178.47

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.65% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

11

PEJ	Manager’s Analysis
	Invesco Dynamic Leisure and Entertainment ETF (PEJ)

As an index fund, the Invesco Dynamic Leisure and Entertainment ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Leisure & Entertainment Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of leisure and entertainment companies that comprise the Index. These companies are engaged principally in the design, production or distribution of goods or services in the leisure and entertainment industries. These companies may include hospitality industry companies such as hotels, restaurants and bars, cruise lines, casinos, and all other recreation and amusement businesses, as well as entertainment programming companies engaged in the production of motion pictures, music by recording artists, programming for radio and television, related post-production and movie theaters.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) includes common stocks of leisure companies and entertainment companies in the Index principally on the basis of their capital appreciation potential, which the Index Provider identifies pursuant to a proprietary selection methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 0.12%. On a net asset value (“NAV”) basis, the Fund returned 0.33%. During the same time period, the Index returned 0.87%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Hotels Restaurants & Leisure Index (the “Benchmark Index”) returned 14.45%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 45 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the leisure & entertainment industry.

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

Relative to the Benchmark Index, the Fund was most overweight in the movies & entertainmentsub-industry and most underweight in the restaurantssub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance

relative to the Benchmark Index during that period can be attributed to the Fund’s relative underweight allocation to the restaurantssub-industry.

For the fiscal year ended April 30, 2019, the movies & entertainmentsub-industry contributed most significantly to the Fund’s return, followed by the restaurantssub-industry. The casinos & gaming and internet & direct marketing retailsub-industries were the greatest detractors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included World Wrestling Entertainment, Inc., Class A, a movies & entertainment company (portfolio average weight of 3.13%) and Walt Disney Co. (The), a movies & entertainment company (portfolio average weight of 3.62%). Positions that detracted most significantly from the Fund’s return during this period included Manchester United PLC, Class A, a movies & entertainment company (portfolio average weight of 1.11%) and Wynn Resorts, Ltd., a casinos & gaming company (no longer held at fiscalyear-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Movies & Entertainment	31.3
Restaurants	30.6
Airlines	17.8
Broadcasting	6.9
Internet & Direct Marketing Retail	5.1
Sub-Industry Types Each Less Than 3%	8.3
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Walt Disney Co. (The)	8.3
Chipotle Mexican Grill, Inc.	5.8
Yum! Brands, Inc.	5.6
Starbucks Corp.	5.5
Expedia Group, Inc.	5.1
United Continental Holdings, Inc.	5.1
Southwest Airlines Co.	5.0
Live Nation Entertainment, Inc.	3.2
Cinemark Holdings, Inc.	3.2
Central European Media Enterprises Ltd., Class A	3.1
Total	49.9

* Excluding money market fund holdings.

12

Invesco Dynamic Leisure and Entertainment ETF (PEJ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year																					Average Annualized			Cumulative
Dynamic Leisure & Entertainment IntellidexSM Index		0.87	%		9.38	%		30.88	%		8.17	%		48.08	%		17.13	%		385.85	%		9.91	%		270.23	%
S&P Composite 1500® Hotels Restaurants & Leisure Index		14.45			16.95			59.97			15.00			101.16			18.35			439.04			12.68			422.89
Fund
NAV Return		0.33			8.64			28.21			7.41			42.97			16.18			347.96			9.22			239.46
Market Price Return		0.12			8.63			28.19			7.41			42.95			16.19			348.61			9.22			239.40

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.65% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

13

PBS	Manager’s Analysis
	Invesco Dynamic Media ETF (PBS)

As an index fund, the Invesco Dynamic Media ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Media Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of media companies that comprise the Index. These companies are engaged principally in the development, production, sale and distribution of goods or services used in the media industry. These companies produce and distribute information and entertainment content and may include television and radio stations, broadcast and cable networks, motion picture companies, music producers, print publishers, and providers of content delivered via the internet, as well as direct to home satellite services, traditional cable services, and advertising and related services.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) includes common stocks of media companies in the Index principally on the basis of their capital appreciation potential, which the Index Provider identifies pursuant to a proprietary selection methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 19.73%. On a net asset value (“NAV”) basis, the Fund returned 19.81%. During the same time period, the Index returned 20.35%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Media Index (the “Benchmark Index”) returned 28.73%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 30 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the media industry.

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

Relative to the Benchmark Index, the Fund was most overweight in the interactive media & servicessub-industry and most underweight in the cable & satellitesub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that

period can be attributed to the Fund’s relative underweight allocation to the cable & satellitesub-industry.

For the fiscal year ended April 30, 2019, the interactive media & services sub-industry contributed most significantly to the Fund’s return, followed by the movies & entertainment and broadcasting sub-industries, respectively. The publishing sub-industry detracted most significantly from the Fund’s return, followed by the internet & direct marketing retail and advertising sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included World Wrestling Entertainment, Inc., Class A, a movies & entertainment company (portfolio average weight of 3.05%) and Walt Disney Co. (The), a movies & entertainment company (portfolio average weight of 5.36%). Positions that detracted most significantly from the Fund’s return during this period included Care.com, Inc., an interactive media & services company (portfolio average weight of 0.36%) and Emerald Expositions Events, Inc., an advertising company (no longer held at fiscalyear-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Broadcasting	30.5
Interactive Media & Services	27.0
Movies & Entertainment	22.9
Publishing	9.9
Advertising	5.3
Cable & Satellite	4.5
Money Market Funds Plus Other Assets Less Liabilities	(0.1)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Walt Disney Co. (The)	7.8
Twitter, Inc.	6.2
Facebook, Inc., Class A	5.7
Alphabet, Inc., Class A	5.2
CBS Corp., Class B	4.8
Sirius XM Holdings, Inc.	4.5
Spotify Technology S.A.	4.3
Sinclair Broadcast Group, Inc., Class A	3.6
Gray Television, Inc.	3.4
TEGNA, Inc.	3.3
Total	48.8

* Excluding money market fund holdings.

14

Invesco Dynamic Media ETF (PBS)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Media IntellidexSM Index		20.35	%		12.52	%		42.46	%		9.13	%		54.76	%		17.01	%		381.10	%		7.57	%		174.66	%
S&P Composite 1500® Media Index		28.73			11.13			37.24			9.82			59.72			19.61			499.29			10.18			282.94
Fund
NAV Return		19.81			11.81			39.77			8.42			49.81			16.09			344.56			6.92			152.60
Market Price Return		19.73			11.82			39.83			8.44			49.93			16.08			344.02			6.92			152.60

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.68% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs com to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

15

PXQ	Manager’s Analysis
	Invesco Dynamic Networking ETF (PXQ)

As an index fund, the Invesco Dynamic Networking ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Networking Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of networking companies that comprise the Index. These companies are engaged principally in the development, manufacture, sale or distribution of products, services or technologies that support the flow of electronic information, including voice, data, images and commercial transactions. These companies may include communications equipment companies that offer a broad range of access, transport, and connectivity equipment and devices which span across a diverse set of markets including enterprise networking, home networking, satellite, wireless (terrestrial), wireline wide area networking, and cable (CATV). Such companies also may provide integrated circuits specialized to facilitate communications within a network; software that enables, manages, supports, and secures enterprise networks; and equipment used to build storage networks, which are specialized, high speed networks dedicated to accessing storage data.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) includes common stocks of networking companies in the Index principally on the basis of their capital appreciation potential, which the Index Provider identifies pursuant to a proprietary selection methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 27.81%. On a net asset value (“NAV”) basis, the Fund returned 27.90%. During the same time period, the Index returned 28.42%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P Composite 1500^® Communications Equipment Index (the “Benchmark Index”) returned 26.27%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 20 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the communications equipment industry.

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

Relative to the Benchmark Index, the Fund was most overweight in the systems softwaresub-industry and most underweight in the

communications equipmentsub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative overweight allocations to the systems software and semiconductorssub-industries.

For the fiscal year ended April 30, 2019, the systems softwaresub-industry contributed most significantly to the Fund’s return followed by the communications equipment and semiconductorssub-industries, respectively. The electronic equipment & instrumentssub-industry detracted most significantly from the Fund’s return, followed by the semiconductor equipmentsub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included VMware, Inc., Class A, a systems software company (portfolio average weight of 5.35%) and QUALCOMM, Inc., a semiconductor company (portfolio average weight of 5.06%). Positions that detracted most significantly from the Fund’s return during this period included nLIGHT, Inc., an electronic equipment & instruments company (no longer held at fiscalyear-end) and Varonis Systems, Inc., a systems software company (no longer held at fiscalyear-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Systems Software	43.1
Communications Equipment	35.8
Semiconductors	7.6
Application Software	5.0
Internet Services & Infrastructure	3.2
Sub-Industry Types Each Less Than 3%	5.3
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
QUALCOMM, Inc.	7.6
VMware, Inc., Class A	5.5
Arista Networks, Inc.	5.3
Cisco Systems, Inc.	5.2
Palo Alto Networks, Inc.	5.1
Symantec Corp.	5.0
Motorola Solutions, Inc.	4.8
Check Point Software Technologies Ltd.	4.6
Zscaler, Inc.	3.5
Okta, Inc.	3.2
Total	49.8

* Excluding money market fund holdings.

16

Invesco Dynamic Networking ETF (PXQ)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Networking IntellidexSM Index		28.42	%		24.85	%		94.62	%		16.22	%		112.06	%		17.76	%		412.65	%		11.91	%		375.25	%
S&P Composite 1500® Communications Equipment Index		26.27			27.26			106.10			15.20			102.91			12.84			234.71			8.31			202.29
Fund
NAV Return		27.90			24.43			92.66			15.75			107.79			17.10			384.60			11.27			339.27
Market Price Return		27.81			24.42			92.60			15.75			107.79			17.07			383.73			11.27			339.12

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.83% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

17

PXJ	Manager’s Analysis
	Invesco Dynamic Oil & Gas Services ETF (PXJ)

As an index fund, the Invesco Dynamic Oil & Gas Services ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Oil Services Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of companies that assist in the production, processing and distribution of oil and gas that comprise the Index. The Index may include companies engaged in the drilling of oil and gas wells; manufacturing oil and gas field machinery and equipment; or providing services to the oil and gas industry, such as well analysis, platform and pipeline engineering and construction, logistics and transportation services, oil and gas well emergency management and geophysical data acquisition and processing.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) includes common stocks of oil and gas services companies in the Index principally on the basis of their capital appreciation potential, which the Index Provider identifies pursuant to a proprietary selection methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned (28.69)%. On a net asset value (“NAV”) basis, the Fund returned (28.69)%. During the same time period, the Index returned (28.27)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P Composite 1500^® Energy Equipment & Services Index (the “Benchmark Index”) returned (35.21)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 40 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the oil & gas services industry.

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

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas drillingsub-industry and most underweight in the oil & gas equipment & servicessub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be

attributed to the Fund’s relative overweight allocation to the oil & gas storage & transportationsub-industry, as well as stock selection in the oil & gas equipment & servicessub-industry. For the fiscal year ended April 30, 2019, there were no contributingsub-industries. The oil & gas equipment & servicessub-industry detracted most significantly from the Fund’s return, followed by the oil & gas drillingsub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Cactus, Inc., Class A, an oil & gas equipment & services company (portfolio average weight of 2.21%) and ProPetro Holding Corp., an oil & gas equipment & services company (portfolio average weight of 2.68%). Positions that detracted most significantly from the Fund’s return during this period included Core Laboratories NV, an oil & gas equipment & services company (no longer held at fiscalyear-end) and Transocean Ltd., an oil & gas drilling company (fiscalyear-end weight 4.81%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Oil & Gas Equipment & Services	75.1
Oil & Gas Drilling	25.0
Money Market Funds Plus Other Assets Less Liabilities	(0.1)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
TechnipFMC PLC	5.7
Helmerich & Payne, Inc.	5.5
Patterson-UTI Energy, Inc.	5.1
Schlumberger Ltd.	5.0
Transocean Ltd.	4.9
Baker Hughes, a GE Co., Class A	4.8
National Oilwell Varco, Inc.	4.8
Halliburton Co.	4.7
Ensco Rowan PLC, Class A	4.4
ProPetro Holding Corp.	3.5
Total	48.4

* Excluding money market fund holdings.

18

Invesco Dynamic Oil & Gas Services ETF (PXJ)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Oil Services IntellidexSM Index		(28.27	)%		(17.82	)%		(44.50	)%		(22.89	)%		(72.74	)%		(4.78	)%		(38.69	)%		(5.04	)%		(50.27	)%
S&P Composite 1500® Energy Equipment & Services Index		(35.21	)		(13.41	)		(35.07	)		(15.55	)		(57.05	)		0.36			3.69			(0.86	)		(11.03	)
Fund
NAV Return		(28.69	)		(18.29	)		(45.44	)		(23.36	)		(73.56	)		(5.41	)		(42.65	)		(5.60	)		(54.12	)
Market Price Return		(28.69	)		(18.27	)		(45.40	)		(23.35	)		(73.55	)		(5.42	)		(42.74	)		(5.60	)		(54.13	)

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.86% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

19

PJP	Manager’s Analysis
	Invesco Dynamic Pharmaceuticals ETF (PJP)

As an index fund, the Invesco Dynamic Pharmaceuticals ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Pharmaceutical Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of pharmaceutical companies that comprise the Index. These companies are engaged principally in the research, development, manufacture, sale or distribution of pharmaceuticals and drugs of all types. These companies may include, for example, pharmaceutical companies and other companies involved in the research, development, manufacture, sale or distribution of drugs, including companies that facilitate the testing or regulatory approval of drugs.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) includes common stocks of pharmaceutical companies in the Index principally on the basis of their capital appreciation potential, which the Index Provider identifies pursuant to a proprietary selection methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 2.94%. On a net asset value (“NAV”) basis, the Fund returned 3.02%. During the same time period, the Index returned 3.68%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Pharmaceuticals Index (the “Benchmark Index”) returned 15.51%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 25 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the pharmaceuticals industry.

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

Relative to the Benchmark Index, the Fund was most overweight in the biotechnologysub-industry and most underweight in the pharmaceuticalssub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative underweight allocation to the pharmaceuticalssub-industry.

For the fiscal year ended April 30, 2019, pharmaceuticals was the primary contributingsub-industry. The biotechnologysub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Endo International PLC, a pharmaceuticals company (portfolio average weight of 3.03%) and Eli Lilly and Co., a pharmaceuticals company (portfolio average weight of 5.30%). Positions that detracted most significantly from the Fund’s return during this period included Akorn, Inc., a pharmaceuticals company (no longer held at fiscalyear-end) and Acorda Therapeutics, Inc., a biotechnology company (no longer held at fiscalyear-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Pharmaceuticals	67.5
Biotechnology	27.0
Health Care Equipment	5.5
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Abbott Laboratories	5.5
Johnson & Johnson	5.5
Merck & Co., Inc.	5.2
Amgen, Inc.	5.1
Pfizer, Inc.	5.0
Eli Lilly and Co.	5.0
Bristol-Myers Squibb Co.	4.9
Biogen, Inc.	3.7
Horizon Pharma PLC	3.4
Corcept Therapeutics, Inc.	3.2
Total	46.5

* Excluding money market fund holdings.

20

Invesco Dynamic Pharmaceuticals ETF (PJP)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Pharmaceutical IntellidexSM Index		3.68	%		1.71	%		5.22	%		4.51	%		24.69	%		18.83	%		461.19	%		13.07	%		447.99	%
S&P Composite 1500® Pharmaceuticals Index		15.51			8.11			26.35			7.82			45.74			15.01			304.79			9.01			230.25
Fund
NAV Return		3.02			1.16			3.52			3.94			21.33			18.11			428.15			12.39			404.46
Market Price Return		2.94			1.17			3.54			3.96			21.41			18.10			427.64			12.40			404.69

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.57%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

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

Notes Regarding Indexes and Fund Performance History:

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

21

PMR	Manager’s Analysis
	Invesco Dynamic Retail ETF (PMR)

As an index fund, the Invesco Dynamic Retail ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Retail Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of retail companies that comprise the Index. These companies are engaged principally in operating general merchandise stores such as department stores, discount stores, warehouse clubs and superstores; specialty stores, including apparel, electronics, accessories and footwear stores; and home improvement and home furnishings stores. Dealers of motor vehicles and parts, auction houses or rental companies also may be included.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) includes common stocks of retail companies in the Index principally on the basis of their capital appreciation potential, which the Index Provider identifies pursuant to a proprietary selection methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 5.95%. On a net asset value (“NAV”) basis, the Fund returned 6.09%. During the same time period, the Index returned 6.85%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Retailing Index (the “Benchmark Index”) returned 18.59%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 90 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the retail industry.

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

Relative to the Benchmark Index, the Fund was most overweight in the hypermarkets & super centerssub-industry and most underweight in the internet & direct marketing retailsub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative underweight allocation to the internet & direct marketing retailsub-industry.

For the fiscal year ended April 30, 2019, the automotive retailsub-industry contributed most significantly to the Fund’s return,

followed by the apparel, accessories & luxury goods and general merchandise storessub-industries, respectively. The trading companies & distributorssub-industry detracted most significantly from the Fund’s return, followed by the forest productssub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included lululemon athletica, Inc., an apparel, accessories & luxury goods company (portfolio average weight of 1.73%) and Etsy, Inc., an internet & direct marketing retail company (portfolio average weight of 2.19%). Positions that detracted most significantly from the Fund’s return during this period included Tailored Brands, Inc., an apparel retail company (no longer held at fiscalyear-end) and Stitch Fix, Inc., Class A, an internet & direct marketing retail company (no longer held at fiscalyear-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Apparel Retail	21.5
Automotive Retail	13.2
Hypermarkets & Super Centers	10.4
Specialty Stores	10.2
Food Retail	8.9
Internet & Direct Marketing Retail	6.5
Apparel, Accessories & Luxury Goods	5.7
General Merchandise Stores	5.1
Home Improvement Retail	5.1
Homefurnishing Retail	4.6
Computer & Electronics Retail	3.6
Sub-Industry Types Each Less Than 3%	5.3
Money Market Funds Plus Other Assets Less Liabilities	(0.1)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
lululemon athletica, Inc.	5.7
AutoZone, Inc.	5.4
Dollar General Corp.	5.1
Home Depot, Inc. (The)	5.1
Ross Stores, Inc.	5.0
Walmart, Inc.	5.0
O’Reilly Automotive, Inc.	4.8
Kroger Co. (The)	4.4
Abercrombie & Fitch Co., Class A	3.9
Rent-A-Center, Inc.	3.6
Total	48.0

* Excluding money market fund holdings.

22

Invesco Dynamic Retail ETF (PMR)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Retail IntellidexSM Index		6.85	%		4.25	%		13.29	%		4.67	%		25.65	%		12.13	%		214.08	%		8.85	%		214.56	%
S&P Composite 1500® Retailing Index		18.59			22.80			85.18			22.03			170.56			22.41			655.38			14.49			522.61
Fund
NAV Return		6.09			3.63			11.30			4.03			21.85			11.36			193.35			8.15			188.36
Market Price Return		5.95			3.62			11.27			4.03			21.85			11.36			193.29			8.14			188.10

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 1.27% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

23

PSI	Manager’s Analysis
	Invesco Dynamic Semiconductors ETF (PSI)

As an index fund, the Invesco Dynamic Semiconductors ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Semiconductor Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of semiconductor companies that comprise the Index. These companies are principally engaged in the manufacture of semiconductors. These companies manufacture semiconductors that serve as the core electronic components of virtually all electronic equipment; make or test chips for third parties; and provide equipment or services used in the production of semiconductors and other thin film products like flat panel displays and thin film heads.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) includes common stocks of semiconductor companies in the Index principally on the basis of their capital appreciation potential, which the Index Provider identifies pursuant to a proprietary selection methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 19.53%. On a net asset value (“NAV”) basis, the Fund returned 19.71%. During the same time period, the Index returned 20.49%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as slippage associated with the portfolio’s quarterly rebalances.

During this same time period, the S&P Composite 1500^® Semiconductor Index (the “Benchmark Index”) returned 16.77%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 50 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the semiconductors industry.

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

Relative to the Benchmark Index, the Fund was most overweight in the semiconductor equipmentsub-industry and most underweight in the semiconductorssub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative overweight

allocation to the semiconductor equipmentsub-industry and stock selection in the semiconductorssub-industry.

For the fiscal year ended April 30, 2019, the semiconductorssub-industry contributed most significantly to the Fund’s return, followed by the semiconductor equipment and electric componentssub-industries, respectively. There were no detractingsub-industries.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Xilinx, Inc., a semiconductors company (portfolio average weight of 4.34%) and QUALCOMM, Inc., a semiconductor company (portfolio average weight of 5.16%). Positions that detracted most significantly from the Fund’s return during this period included NVIDIA Corp., a semiconductors company (no longer held at fiscalyear-end) and Nanometrics Inc., a semiconductor equipment company (no longer held at fiscalyear-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Semiconductors	71.1
Semiconductor Equipment	23.7
Electronic Components	5.2
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
QUALCOMM, Inc.	7.7
Lam Research Corp.	5.4
Broadcom, Inc.	5.3
Texas Instruments, Inc.	5.2
Analog Devices, Inc.	5.2
Micron Technology, Inc.	4.7
Xilinx, Inc.	4.7
Intel Corp.	4.7
Cree, Inc.	3.3
Ambarella, Inc.	3.2
Total	49.4

* Excluding money market fund holdings.

24

Invesco Dynamic Semiconductors ETF (PSI)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Semiconductor IntellidexSM Index		20.49	%		35.03	%		146.21	%		24.85	%		203.39	%		20.40	%		539.95	%		11.64	%		359.70	%
S&P Composite 1500® Semiconductor Index		16.77			30.26			121.01			22.28			173.33			19.57			497.37			10.34			290.67
Fund
NAV Return		19.71			34.13			141.31			23.94			192.50			19.52			494.70			10.84			315.95
Market Price Return		19.53			34.13			141.30			23.92			192.24			19.51			494.18			10.83			315.32

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.61%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

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

Notes Regarding Indexes and Fund Performance History:

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

25

PSJ	Manager’s Analysis
	Invesco Dynamic Software ETF (PSJ)

As an index fund, the Invesco Dynamic Software ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dynamic Software Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks of software companies that comprise the Index. These are companies that are principally engaged in the research, design, production or distribution of products or processes that relate to software applications and systems and information-based services. These companies may include companies that design and market computer applications targeted toward various end user markets, including home/office, design/engineering, and IT infrastructure; as well as distributors of third-party software applications, primarily to resellers, retailers, and corporations.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) includes common stocks of software companies in the Index principally on the basis of their capital appreciation potential, which the Index Provider identifies pursuant to a proprietary selection methodology. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 35.58%. On a net asset value (“NAV”) basis, the Fund returned 35.71%. During the same time period, the Index returned 36.62%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as slippage associated with the portfolio’s quarterly rebalances.

During this same time period, the S&P Composite 1500^® Software & Services Index (the “Benchmark Index”) returned 26.44%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the software industry.

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

Relative to the Benchmark Index, the Fund was most overweight in the application softwaresub-industry and most underweight in the data processing & outsourced servicessub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that

period can be attributed to the Fund’s overweight allocation to the application softwaresub-industry.

For the fiscal year ended April 30, 2019, the application softwaresub-industry contributed most significantly to the Fund’s return, followed by the interactive home entertainment and systems softwaresub-industries, respectively. The communications equipmentsub-industry was the only detractingsub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included CyberArk Software Ltd., a systems software company (portfolio average weight of 1.89%) and HubSpot, Inc., an application software company (portfolio average weight of 2.81%). Positions that detracted most significantly from the Fund’s return during this period included Benefitfocus, Inc. an application software company (portfolio average weight of 0.35%) and Blucora, Inc., a management & custody banks company (no longer held at fiscalyear-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Application Software	47.8
Systems Software	22.3
Interactive Home Entertainment	13.6
Health Care Technology	10.0
Alternative Carriers	3.5
IT Consulting & Other Services	2.8
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Cadence Design Systems, Inc.	5.6
VMware, Inc., Class A	5.4
Cerner Corp.	5.2
Activision Blizzard, Inc.	5.2
Atlassian Corp. PLC, Class A	4.8
Intuit, Inc.	4.8
Oracle Corp.	4.8
Red Hat, Inc.	4.5
Trade Desk, Inc. (The), Class A	3.6
Bandwidth, Inc., Class A	3.5
Total	47.4

* Excluding money market fund holdings.

26

Invesco Dynamic Software ETF (PSJ)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Software IntellidexSM Index		36.62	%		32.50	%		132.62	%		24.06	%		193.87	%		20.97	%		571.16	%		15.12	%		603.17	%
S&P Composite 1500® Software & Services Index		26.44			26.24			101.17			21.13			160.82			20.41			540.88			13.33			465.81
Fund
NAV Return		35.71			31.58			127.80			23.19			183.74			20.15			526.93			14.38			543.25
Market Price Return		35.58			31.58			127.81			23.22			184.07			20.15			527.12			14.38			543.02

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder

would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

27

Schedule of Investments^(a)

Invesco Dynamic Biotechnology & Genome ETF (PBE)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Biotechnology—80.9%
	1,062,904	Akebia Therapeutics, Inc.(b)	$	6,419,940
	211,800	Alkermes PLC(b)		6,421,776
	165,945	Alnylam Pharmaceuticals, Inc.(b)		14,825,526
	68,174	Amgen, Inc.		12,224,962
	303,756	Array BioPharma, Inc.(b)		6,867,923
	382,807	Arrowhead Pharmaceuticals, Inc.(b)(c)		6,882,870
	39,378	Biogen, Inc.(b)		9,027,013
	142,657	Celgene Corp.(b)		13,503,912
	108,256	Emergent BioSolutions, Inc.(b)		5,594,670
	70,374	Enanta Pharmaceuticals, Inc.(b)		6,135,909
	325,081	Exelixis, Inc.(b)		6,391,092
	123,427	FibroGen, Inc.(b)		5,767,744
	88,042	Genomic Health, Inc.(b)		5,663,742
	415,303	Halozyme Therapeutics, Inc.(b)		6,698,837
	217,607	Myriad Genetics, Inc.(b)		6,850,268
	2,517,602	OPKO Health, Inc.(b)(c)		6,017,069
	219,897	PTC Therapeutics, Inc.(b)		8,228,546
	30,211	Regeneron Pharmaceuticals, Inc.(b)		10,366,602
	151,009	REGENXBIO, Inc.(b)		7,610,854
	118,832	Repligen Corp.(b)		8,006,900
	807,753	Sangamo Therapeutics, Inc.(b)		9,442,633
	58,946	United Therapeutics Corp.(b)		6,046,091
	344,396	Vanda Pharmaceuticals, Inc.(b)		5,610,211
	366,930	Veracyte, Inc.(b)		8,391,689
	69,087	Vertex Pharmaceuticals, Inc.(b)		11,674,321
			200,671,100
		Health Care Equipment—2.9%
	198,739	Cardiovascular Systems, Inc.(b)		7,063,184
		Life Sciences Tools & Services—13.4%
	35,568	Bio—Techne Corp.		7,276,857
	42,602	Illumina, Inc.(b)		13,291,824
	326,114	QIAGEN NV(b)		12,705,401
				33,274,082
		Pharmaceuticals—2.9%
	162,158	Catalent, Inc.(b)		7,267,922
		Total Common Stocks & Other Equity Interests (Cost $243,689,553) 248,276,288
		Money Market Funds—0.0%
	69,857	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $69,857)		69,857
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $243,759,410)—100.1%		248,346,145
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—3.0%
	5,455,325	Invesco Government & Agency Portfolio— Institutional Class, 2.34%(d)(e)		5,455,325

Number of Shares			Value
		Money Market Funds (continued)
	1,817,897	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)	$	1,818,442
		Total Money Market Funds (Cost $7,273,767)		7,273,767
		Total Investments in Securities (Cost $251,033,177)—103.1%		255,619,912
		Other assets less liabilities—(3.1)%		(7,592,821	)
		Net Assets—100.0%	$	248,027,091

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

28

Schedule of Investments^(a)

Invesco Dynamic Building & Construction ETF (PKB)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Building Products—18.6%
	81,229	Apogee Enterprises, Inc.	$	3,273,529
	42,226	Armstrong World Industries, Inc.		3,659,727
	109,664	Continental Building Products, Inc.(b)		2,812,882
	72,178	Gibraltar Industries, Inc.(b)		2,863,301
	22,194	Lennox International, Inc.		6,024,561
	92,699	Universal Forest Products, Inc.		3,425,228
				22,059,228
		Construction & Engineering—18.5%
	97,495	AECOM(b)		3,305,080
	42,694	EMCOR Group, Inc.		3,592,273
	74,904	Jacobs Engineering Group, Inc.		5,838,018
	38,062	NV5 Global, Inc.(b)		2,410,847
	83,296	Quanta Services, Inc.		3,381,818
	168,163	Tutor Perini Corp.(b)		3,358,215
				21,886,251
		Construction Machinery & Heavy Trucks—2.6%
	37,986	Oshkosh Corp.		3,137,264
		Construction Materials—13.2%
	29,023	Martin Marietta Materials, Inc.		6,440,204
	171,517	Summit Materials, Inc., Class A(b)		3,004,978
	48,896	Vulcan Materials Co.		6,166,274
				15,611,456
		Environmental & Facilities Services—2.8%
	50,908	Tetra Tech, Inc.		3,294,766
		Forest Products—2.4%
	113,636	Louisiana—Pacific Corp.		2,846,582
		Home Improvement Retail—9.9%
	28,798	Home Depot, Inc. (The)		5,866,152
	52,356	Lowe’s Cos., Inc.		5,923,558
				11,789,710
		Homebuilding—16.1%
	48,994	LGI Homes, Inc.(b)		3,395,774
	102,742	MDC Holdings, Inc.		3,139,796
	66,235	Meritage Homes Corp.(b)		3,387,920
	145,867	Skyline Champion Corp.		3,079,252
	80,789	Toll Brothers, Inc.		3,078,061
	227,954	TRI Pointe Group, Inc.(b)		2,974,800
				19,055,603
		Industrial Conglomerates—2.9%
	24,671	Carlisle Cos., Inc.		3,488,973
		Industrial Machinery—8.0%
	79,386	Columbus McKinnon Corp.		3,124,633
	52,339	Ingersoll—Rand PLC		6,417,285
				9,541,918
		Specialty Stores—5.0%
	56,950	Tractor Supply Co.		5,894,325
		Total Common Stocks & Other Equity Interests (Cost $109,005,237)		118,606,076

Number of Shares			Value
		Money Market Funds—0.2%
	255,728	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(c) (Cost $255,728)	$	255,728
		Total Investments in Securities (Cost $109,260,965)—100.2%		118,861,804
		Other assets less liabilities—(0.2)%		(222,599	)
		Net Assets—100.0%	$	118,639,205

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)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

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

29

Schedule of Investments^(a)

Invesco Dynamic Energy Exploration & Production ETF (PXE)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Integrated Oil & Gas—6.6%
	29,847	Occidental Petroleum Corp.	$	1,757,391
	66,187	Unit Corp.(b)		897,496
				2,654,887
		Oil & Gas Exploration & Production—67.9%
	45,347	Anadarko Petroleum Corp.		3,303,529
	111,760	Antero Resources Corp.(b)		810,260
	32,464	Apache Corp.		1,068,390
	91,169	Carrizo Oil & Gas, Inc.(b)		1,168,787
	416,877	Chesapeake Energy Corp.(b)(c)		1,213,112
	14,830	Cimarex Energy Co.		1,018,228
	103,566	CNX Resources Corp.(b)		927,951
	28,300	ConocoPhillips.		1,786,296
	508,144	Denbury Resources, Inc.(b)		1,133,161
	36,288	Devon Energy Corp.		1,166,296
	20,848	EOG Resources, Inc.		2,002,450
	56,925	EQT Corp.		1,164,116
	55,930	Geopark Ltd. (Colombia)(b)		878,101
	473,080	Gran Tierra Energy, Inc. (Canada)(b)		1,130,661
	136,785	Gulfport Energy Corp.(b)		895,942
	34,462	Hess Corp.		2,209,704
	302,905	Laredo Petroleum, Inc.(b)		914,773
	179,149	Oasis Petroleum, Inc.(b)		1,092,809
	100,012	Range Resources Corp.		904,109
	253,244	Southwestern Energy Co.(b)		1,000,314
	227,131	SRC Energy, Inc.(b)		1,396,856
				27,185,845
		Oil & Gas Refining & Marketing—25.6%
	26,160	CVR Energy, Inc.		1,193,158
	29,958	Delek US Holdings, Inc.		1,110,243
	19,682	HollyFrontier Corp.		939,422
	30,742	Marathon Petroleum Corp.		1,871,265
	31,976	PBF Energy, Inc., Class A		1,073,754
	20,533	Phillips 66		1,935,646
	23,530	Valero Energy Corp.		2,133,230
				10,256,718
		Total Common Stocks & Other Equity Interests (Cost $49,929,102)		40,097,450
		Money Market Funds—0.2%
	96,102	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $96,102)		96,102
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $50,025,204)—100.3%		40,193,552
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.3%
	90,736	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		90,736

Number of Shares			Value
		Money Market Funds (continued)
	30,236	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)	$	30,245
		Total Money Market Funds (Cost $120,981)		120,981
		Total Investments in Securities (Cost $50,146,185)—100.6%		40,314,533
		Other assets less liabilities—(0.6)%		(236,278	)
		Net Assets—100.0%	$	40,078,255

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

30

Schedule of Investments^(a)

Invesco Dynamic Food & Beverage ETF (PBJ)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Agricultural Products—7.6%
	80,977	Archer—Daniels—Midland Co.	$	3,611,574
	85,545	Darling Ingredients, Inc.(b)		1,865,737
				5,477,311
		Food Distributors—10.2%
	50,984	Andersons, Inc. (The)		1,667,177
	58,759	Chefs’ Warehouse, Inc. (The)(b)		1,920,244
	48,336	Performance Food Group Co.(b)		1,979,359
	107,877	SpartanNash Co.		1,744,371
				7,311,151
		Food Retail—8.9%
	120,616	Kroger Co. (The)		3,109,480
	80,734	Sprouts Farmers Market, Inc.(b)		1,729,322
	36,132	Weis Markets, Inc.		1,519,351
				6,358,153
		Packaged Foods & Meats—40.1%
	69,231	B&G Foods, Inc.(c)		1,800,006
	89,538	Flowers Foods, Inc.		1,946,556
	47,542	Freshpet, Inc.(b)		2,123,226
	16,909	Hershey Co. (The)		2,111,089
	82,096	Hormel Foods Corp.		3,278,914
	26,490	Lamb Weston Holdings, Inc.		1,855,624
	11,683	Lancaster Colony Corp.		1,737,379
	14,057	McCormick & Co., Inc.		2,164,356
	71,209	Mondelez International, Inc., Class A		3,620,978
	18,333	Post Holdings, Inc.(b)		2,067,596
	91,946	Simply Good Foods Co. (The)(b)		2,065,107
	51,317	Tootsie Roll Industries, Inc.		1,992,639
	30,911	TreeHouse Foods, Inc.(b)		2,070,419
				28,833,889
		Restaurants—16.3%
	3,128	Chipotle Mexican Grill, Inc.(b)		2,152,189
	48,758	Starbucks Corp.		3,787,521
	105,813	Wendy’s Co. (The)		1,969,180
	36,332	Yum! Brands, Inc.		3,792,698
				11,701,588
		Soft Drinks—16.8%
	8,292	Coca—Cola Bottling Co. Consolidated, Inc.		2,695,149
	75,168	Coca—Cola Co. (The)		3,687,742
	40,315	Coca—Cola European Partners PLC (United Kingdom)		2,160,481
	122,371	Keurig Dr Pepper, Inc.(c)		3,557,325
				12,100,697
		Total Common Stocks & Other Equity Interests (Cost $65,042,645)		71,782,789

Number of Shares			Value
		Money Market Funds—0.3%
	186,032	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $186,032)	$	186,032
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $65,228,677)—100.2%		71,968,821
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—6.1%
	3,313,533	Invesco Government & Agency Portfolio— Institutional Class, 2.34%(d)(e)		3,313,533
	1,104,180	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		1,104,511
		Total Money Market Funds (Cost $4,418,044)		4,418,044
		Total Investments in Securities (Cost $69,646,721)—106.3%		76,386,865
		Other assets less liabilities—(6.3)%		(4,555,967	)
		Net Assets—100.0%	$	71,830,898

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

31

Schedule of Investments^(a)

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests–100.0%
		Airlines—17.8%
	29,466	Alaska Air Group, Inc.	$	1,823,945
	58,429	Hawaiian Holdings, Inc.		1,648,282
	62,524	Southwest Airlines Co.		3,390,677
	31,088	Spirit Airlines, Inc.(b)		1,690,565
	38,223	United Continental Holdings, Inc.(b)		3,396,496
				11,949,965
		Broadcasting—6.9%
	29,059	AMC Networks, Inc., Class A(b)		1,697,336
	523,221	Central European Media Enterprises Ltd., Class A (Czech Republic)(b)		2,071,955
	22,317	Fox Corp., Class A(b)		870,140
				4,639,431
		Food Distributors—2.9%
	47,614	Performance Food Group Co.(b)		1,949,793
		Interactive Media & Services—2.5%
	116,564	Liberty TripAdvisor Holdings, Inc., Series A(b)		1,718,153
		Internet & Direct Marketing Retail—5.1%
	26,508	Expedia Group, Inc.		3,441,799
		Leisure Facilities—2.9%
	35,750	Cedar Fair, L.P.		1,929,428
		Movies & Entertainment—31.3%
	135,197	AMC Entertainment Holdings, Inc.(c)		2,049,587
	50,195	Cinemark Holdings, Inc.		2,110,700
	33,152	Live Nation Entertainment, Inc.(b)		2,166,152
	6,278	Madison Square Garden Co. (The), Class A(b)		1,961,498
	92,564	Manchester United PLC, Class A (United Kingdom)(c)		1,824,437
	44,739	Marcus Corp. (The)		1,683,081
	63,453	Viacom, Inc., Class B		1,834,426
	40,865	Walt Disney Co. (The)		5,597,279
	21,418	World Wrestling Entertainment, Inc., Class A		1,795,899
				21,023,059
		Restaurants—30.6%
	84,306	Bloomin’ Brands, Inc.		1,685,277
	42,191	Brinker International, Inc.		1,804,509
	5,648	Chipotle Mexican Grill, Inc.(b)		3,886,050
	10,787	Cracker Barrel Old Country Store, Inc.		1,820,198
	16,671	Darden Restaurants, Inc.		1,960,510
	48,030	Starbucks Corp.		3,730,970
	104,232	Wendy’s Co. (The)		1,939,758
	35,790	Yum! Brands, Inc.		3,736,118
				20,563,390
		Total Common Stocks & Other Equity Interests (Cost $64,017,398)		67,215,018

Number of Shares			Value
		Money Market Funds—0.2%
	124,448	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $124,448)	$	124,448
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $64,141,846)—100.2%		67,339,466
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—2.0%
	1,004,340	Invesco Government & Agency Portfolio— Institutional Class, 2.34%(d)(e)		1,004,340
	334,679	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		334,780
		Total Money Market Funds (Cost $1,339,120)		1,339,120
		Total Investments in Securities (Cost $65,480,966)—102.2%		68,678,586
		Other assets less liabilities—(2.2)%		(1,477,512	)
		Net Assets—100.0%	$	67,201,074

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

32

Schedule of Investments^(a)

Invesco Dynamic Media ETF (PBS)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Advertising—5.3%
	97,718	Interpublic Group of Cos., Inc. (The)	$	2,247,514
	30,540	Omnicom Group, Inc.		2,444,116
				4,691,630
		Broadcasting—30.5%
	35,892	AMC Networks, Inc., Class A(b)		2,096,452
	82,364	CBS Corp., Class B		4,222,802
	646,215	Central European Media Enterprises Ltd., Class A (Czech Republic)(b)		2,559,011
	115,827	E.W. Scripps Co. (The), Class A		2,639,697
	27,558	Fox Corp., Class A(b)		1,074,486
	126,736	Gray Television, Inc.(b)		2,969,425
	25,185	Nexstar Media Group, Inc., Class A		2,947,904
	69,528	Sinclair Broadcast Group, Inc., Class A		3,183,687
	185,231	TEGNA, Inc.		2,948,878
	49,269	Tribune Media Co., Class A		2,276,228
				26,918,570
		Cable & Satellite—4.5%
	689,788	Sirius XM Holdings, Inc.(c)		4,007,668
		Interactive Media & Services—27.0%
	3,805	Alphabet, Inc., Class A(b)		4,562,043
	141,032	ANGI Homeservices, Inc., Class A(b)		2,451,136
	92,465	Care.com, Inc.(b)		1,548,789
	26,207	Facebook, Inc., Class A(b)		5,068,434
	10,544	IAC/InterActiveCorp.(b)		2,370,713
	40,327	Match Group, Inc.		2,435,751
	136,340	Twitter, Inc.(b)		5,441,329
				23,878,195
		Movies & Entertainment—22.9%
	74,299	Liberty Media Corp.—Liberty Formula One, Class A(b)		2,805,530
	149,028	Lions Gate Entertainment Corp., Class A		2,174,319
	28,241	Spotify Technology S.A.(b)		3,834,281
	78,373	Viacom, Inc., Class B		2,265,763
	50,530	Walt Disney Co. (The)		6,921,094
	26,455	World Wrestling Entertainment, Inc., Class A		2,218,252
				20,219,239
		Publishing—9.9%
	214,599	Gannett Co., Inc.		2,002,208
	71,198	New York Times Co. (The), Class A		2,360,214
	178,716	News Corp., Class A		2,219,653
	53,650	Scholastic Corp.		2,139,562
				8,721,637
		Total Common Stocks & Other Equity Interests (Cost $82,250,116)		88,436,939

Number of Shares			Value
		Money Market Funds—0.1%
	57,302	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $57,302)	$	57,302
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $82,307,418)—100.2%		88,494,241
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—1.3%
	860,884	Invesco Government & Agency Portfolio— Institutional Class, 2.34%(d)(e)		860,884
	286,875	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		286,961
		Total Money Market Funds (Cost $1,147,845)		1,147,845
		Total Investments in Securities (Cost $83,455,263)—101.5%		89,642,086
		Other assets less liabilities—(1.5)%		(1,293,866	)
		Net Assets—100.0%	$	88,348,220

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

33

Schedule of Investments^(a)

Invesco Dynamic Networking ETF (PXQ)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Application Software—5.0%
	24,245	Citrix Systems, Inc.	$	2,447,775
	24,790	New Relic, Inc.(b)		2,608,900
				5,056,675
		Communications Equipment—35.8%
	17,251	Arista Networks, Inc.(b)		5,387,315
	60,102	Ciena Corp.(b)		2,305,513
	94,442	Cisco Systems, Inc.		5,284,030
	14,987	F5 Networks, Inc.(b)		2,351,460
	106,366	Finisar Corp.(b)		2,564,484
	36,366	InterDigital, Inc.		2,377,973
	93,441	Juniper Networks, Inc.		2,594,856
	33,720	Motorola Solutions, Inc.		4,886,365
	91,990	NetScout Systems, Inc.(b)		2,704,506
	103,765	Radware Ltd. (Israel)(b)		2,707,229
	17,867	Ubiquiti Networks, Inc.		3,045,430
				36,209,161
		Consumer Electronics—2.6%
	30,882	Garmin Ltd.		2,647,823
		Internet Services & Infrastructure—3.2%
	31,013	Okta, Inc.(b)		3,226,282
		Semiconductor Equipment—2.7%
	108,588	Xperi Corp.		2,698,412
		Semiconductors—7.6%
	89,140	QUALCOMM, Inc.		7,677,628
		Systems Software—43.1%
	38,507	Check Point Software Technologies Ltd. (Israel)(b)		4,650,105
	24,453	CyberArk Software Ltd. (Israel)(b)		3,152,725
	30,124	Fortinet, Inc.(b)		2,814,184
	20,632	Palo Alto Networks, Inc.(b)		5,133,861
	30,179	Qualys, Inc.(b)		2,723,957
	55,684	Rapid7, Inc.(b)		3,025,869
	83,509	SailPoint Technologies Holding, Inc.(b)		2,359,964
	124,101	SecureWorks Corp., Class A(b)(c)		2,410,041
	208,884	Symantec Corp.		5,057,082
	87,319	Tenable Holdings, Inc.(b)		3,134,752
	27,323	VMware, Inc., Class A		5,577,444
	51,244	Zscaler, Inc.(b)		3,500,478
				43,540,462
		Total Common Stocks & Other Equity Interests (Cost $85,189,067)		101,056,443
		Money Market Funds—0.1%
	149,027	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $149,027)		149,027
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $85,338,094)—100.1%		101,205,470

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—1.7%
	1,275,053	Invesco Government & Agency Portfolio— Institutional Class, 2.34%(d)(e)	$	1,275,053
	424,891	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		425,018
		Total Money Market Funds (Cost $1,700,071)		1,700,071
		Total Investments in Securities (Cost $87,038,165)—101.8%		102,905,541
		Other assets less liabilities—(1.8)%		(1,854,955	)
		Net Assets—100.0%	$	101,050,586

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2019.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

This Fund has holdings greater than 10% of net assets in the following country:

Israel 10.4 % 

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

34

Schedule of Investments^(a)

Invesco Dynamic Oil & Gas Services ETF (PXJ)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Oil & Gas Drilling—25.0%
	48,042	Diamond Offshore Drilling, Inc.(b)(c)	$	466,488
	55,031	Ensco Rowan PLC, Class A		768,783
	16,518	Helmerich & Payne, Inc.		966,633
	159,934	Noble Corp. PLC(b)		420,626
	66,072	Patterson-UTI Energy, Inc.		897,919
	107,972	Transocean Ltd.(b)		848,660
				4,369,109
		Oil & Gas Equipment & Services—75.1%
	12,446	Apergy Corp.		493,982
	48,838	Archrock, Inc.		493,752
	34,936	Baker Hughes, a GE Co., Class A		839,163
	28,281	C&J Energy Services, Inc.(b)		397,348
	13,791	Cactus, Inc., Class A(b)		500,613
	13,406	Dril-Quip, Inc.(b)		583,965
	47,182	FTS International, Inc.(b)		488,334
	29,247	Halliburton Co.		828,568
	69,142	Helix Energy Solutions Group, Inc.(b)		540,690
	45,344	Keane Group, Inc.(b)		475,659
	29,639	Liberty Oilfield Services, Inc., Class A(c)		441,917
	21,420	Mammoth Energy Services, Inc.		333,938
	65,955	McDermott International, Inc.(b)		533,576
	31,910	National Oilwell Varco, Inc.		834,127
	53,828	Newpark Resources, Inc.(b)		392,944
	19,740	Nine Energy Service, Inc.(b)		397,366
	28,250	Oil States International, Inc.(b)		545,790
	27,340	ProPetro Holding Corp.(b)		605,034
	46,481	RPC, Inc.(c)		478,290
	20,523	Schlumberger Ltd.		875,922
	51,983	Select Energy Services, Inc., Class A(b)		598,844
	40,520	TechnipFMC PLC (United Kingdom)		996,387
	21,634	Tidewater, Inc.(b)		486,765
				13,162,974
		Total Common Stocks & Other Equity Interests (Cost $23,076,105)		17,532,083
		Money Market Funds—0.7%
	112,339	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $112,339)		112,339
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $23,188,444)—100.8%		17,644,422
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—5.4%
	714,857	Invesco Government & Agency Portfolio— Institutional Class, 2.34%(d)(e)		714,857

Number of Shares			Value
		Money Market Funds (continued)
	238,214	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)	$	238,286
		Total Money Market Funds (Cost $953,143)		953,143
		Total Investments in Securities (Cost $24,141,587)—106.2%		18,597,565
		Other assets less liabilities—(6.2)%		(1,078,557	)
		Net Assets—100.0%	$	17,519,008

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

35

Schedule of Investments^(a)

Invesco Dynamic Pharmaceuticals ETF (PJP)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Biotechnology—27.0%
	93,470	Alexion Pharmaceuticals, Inc.(b)	$	12,724,071
	117,831	Amgen, Inc.		21,129,455
	68,055	Biogen, Inc.(b)		15,600,928
	134,489	Celgene Corp.(b)		12,730,729
	187,105	Emergent BioSolutions, Inc.(b)		9,669,587
	121,630	Enanta Pharmaceuticals, Inc.(b)		10,604,920
	28,481	Regeneron Pharmaceuticals, Inc.(b)		9,772,970
	101,883	United Therapeutics Corp.(b)		10,450,139
	595,227	Vanda Pharmaceuticals, Inc.(b)		9,696,248
				112,379,047
		Health Care Equipment—5.5%
	290,893	Abbott Laboratories		23,143,447
		Pharmaceuticals—67.5%
	87,280	Allergan PLC		12,830,160
	492,861	Amphastar Pharmaceuticals, Inc.(b)		10,640,869
	507,117	Bausch Health Cos. Inc.(b)		11,709,332
	436,022	Bristol-Myers Squibb Co.		20,244,500
	1,075,054	Corcept Therapeutics, Inc.(b)(c)		13,309,169
	178,110	Eli Lilly and Co.		20,845,994
	1,153,035	Endo International PLC(b)		8,647,762
	561,318	Horizon Pharma PLC(b)		14,330,449
	800,696	Innoviva, Inc.(b)		11,233,765
	95,218	Jazz Pharmaceuticals PLC(b)		12,356,440
	161,405	Johnson & Johnson		22,790,386
	581,010	Mallinckrodt PLC(b)		8,982,415
	273,801	Merck & Co., Inc.		21,550,877
	383,849	Mylan N.V.(b)		10,360,084
	300,995	Pacira BioSciences, Inc.(b)		11,985,621
	246,739	Perrigo Co. PLC		11,823,733
	518,691	Pfizer, Inc.		21,064,041
	411,828	Prestige Consumer Healthcare, Inc.(b)		12,115,980
	325,482	Supernus Pharmaceuticals, Inc.(b)		11,954,954
	116,113	Taro Pharmaceutical Industries Ltd.		12,471,697
				281,248,228
		Total Common Stocks & Other Equity Interests (Cost $405,273,840)		416,770,722
		Money Market Funds—0.0%
	59,262	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d)(Cost $59,262)		59,262
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $405,333,102)—100.0%		416,829,984
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.2%
	564,992	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		564,992

Number of Shares			Value
		Money Market Funds (continued)
	188,274	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)	$	188,331
		Total Money Market Funds (Cost $753,323)		753,323
		Total Investments in Securities (Cost $406,086,425)—100.2%		417,583,307
		Other assets less liabilities—(0.2)%		(992,711	)
		Net Assets—100.0%	$	416,590,596

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

36

Schedule of Investments^(a)

Invesco Dynamic Retail ETF (PMR)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Apparel Retail—21.5%
	10,053	Abercrombie & Fitch Co., Class A	$	300,484
	7,288	Boot Barn Holdings, Inc.(b)		209,822
	1,235	Burlington Stores, Inc.(b)		208,604
	7,206	Designer Brands Inc., Class A		160,333
	3,356	Foot Locker, Inc.		191,997
	4,394	Genesco, Inc.(b)		196,895
	3,947	Ross Stores, Inc.		385,464
				1,653,599
		Apparel, Accessories & Luxury Goods—5.7%
	2,493	lululemon athletica, Inc.(b)		439,641
		Automotive Retail—13.2%
	2,836	Asbury Automotive Group, Inc.(b)		227,391
	407	AutoZone, Inc.(b)		418,522
	971	O’Reilly Automotive, Inc.(b)		367,591
				1,013,504
		Computer & Electronics Retail—3.6%
	11,174	Rent-A-Center, Inc.(b)		278,568
		Department Stores—2.9%
	3,087	Kohl’s Corp.		219,486
		Distributors—2.4%
	1,833	Genuine Parts Co.		187,956
		Food Retail—8.9%
	12,915	Kroger Co. (The)		332,949
	8,646	Sprouts Farmers Market, Inc.(b)		185,197
	3,870	Weis Markets, Inc.		162,733
				680,879
		General Merchandise Stores—5.1%
	3,117	Dollar General Corp.		393,022
		Home Improvement Retail—5.1%
	1,924	Home Depot, Inc. (The)		391,919
		Homefurnishing Retail—4.6%
	3,716	Aaron’s, Inc.		206,944
	1,402	RH(b)(c)		149,607
				356,551
		Hypermarkets & Super Centers—10.4%
	7,899	BJs Wholesale Club Holdings, Inc.(b)		223,937
	3,229	PriceSmart, Inc.		193,126
	3,714	Walmart, Inc.		381,948
				799,011
		Internet & Direct Marketing Retail—6.5%
	11,525	1-800-Flowers.com, Inc., Class A(b)		245,367
	3,798	Etsy, Inc.(b)		256,517
				501,884
		Specialty Stores—10.2%
	5,316	Dick’s Sporting Goods, Inc.		196,692
	1,553	Five Below, Inc.(b)		227,344
	59,750	Office Depot, Inc.		143,400
	2,076	Tractor Supply Co.		214,866
				782,302
		Total Common Stocks & Other Equity Interests (Cost $7,005,994)		7,698,322

Number of Shares			Value
		Money Market Funds—1.2%
	94,221	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $94,221)	$	94,221
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $7,100,215)—101.3%		7,792,543
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—1.8%
	103,639	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		103,639
	34,746	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		34,757
		Total Money Market Funds (Cost $138,396)		138,396
		Total Investments in Securities (Cost $7,238,611)—103.1%		7,930,939
		Other assets less liabilities—(3.1)%		(234,946	)
		Net Assets—100.0%	$	7,695,993

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

37

Schedule of Investments^(a)

Invesco Dynamic Semiconductors ETF (PSI)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Electronic Components—5.2%
	315,038	Knowles Corp.(b)	$	5,947,917
	230,471	Vishay Intertechnology, Inc.		4,565,631
				10,513,548
		Semiconductor Equipment—23.7%
	548,787	Amkor Technology, Inc.(b)		4,972,010
	276,317	Cohu, Inc.		4,097,781
	318,959	FormFactor, Inc.(b)		6,044,273
	45,364	KLA-Tencor Corp.		5,783,003
	219,514	Kulicke & Soffa Industries, Inc. (Singapore)		5,108,091
	52,551	Lam Research Corp.		10,900,654
	488,625	Photronics, Inc.(b)		4,563,757
	124,712	Teradyne, Inc.		6,110,888
				47,580,457
		Semiconductors—71.1%
	214,285	Advanced Micro Devices, Inc.(b)		5,920,695
	129,110	Ambarella, Inc.(b)		6,470,993
	89,258	Analog Devices, Inc.		10,375,350
	33,449	Broadcom, Inc.		10,650,162
	130,392	Cirrus Logic, Inc.(b)		6,204,051
	98,990	Cree, Inc.(b)		6,542,249
	124,895	Diodes, Inc.(b)		4,548,676
	119,535	Inphi Corp.(b)		5,457,968
	182,787	Intel Corp.		9,329,449
	432,911	Lattice Semiconductor Corp.(b)		5,606,197
	92,756	Maxim Integrated Products, Inc.		5,565,360
	221,603	MaxLinear, Inc.(b)		5,963,337
	226,271	Micron Technology, Inc.(b)		9,516,958
	228,213	ON Semiconductor Corp.(b)		5,262,592
	179,505	QUALCOMM, Inc.		15,460,766
	93,705	Semtech Corp.(b)		5,047,888
	124,621	Synaptics, Inc.(b)		4,694,473
	88,119	Texas Instruments, Inc.		10,383,062
	78,795	Xilinx, Inc.		9,466,431
				142,466,657
		Total Common Stocks & Other Equity Interests (Cost $171,277,138)		200,560,662
		Money Market Funds—0.1%
	155,934	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(c) (Cost $155,934)		155,934
		Total Investments in Securities (Cost $171,433,072)—100.1%		200,716,596
		Other assets less liabilities—(0.1)%		(293,613	)
		Net Assets—100.0%	$	200,422,983

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)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

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

38

Schedule of Investments^(a)

Invesco Dynamic Software ETF (PSJ)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Alternative Carriers—3.5%
	204,849	Bandwidth, Inc., Class A(b)	$	15,449,712
		Application Software—47.8%
	341,631	ACI Worldwide, Inc.(b)		12,134,733
	166,617	Alarm.com Holdings, Inc.(b)		11,809,813
	148,783	Alteryx, Inc., Class A(b)(c)		13,188,125
	190,443	Atlassian Corp. PLC, Class A(b)		20,977,296
	183,813	Benefitfocus, Inc.(b)		7,486,703
	354,200	Cadence Design Systems, Inc.(b)		24,574,396
	101,944	Citrix Systems, Inc.		10,292,266
	115,994	Coupa Software, Inc.(b)		11,985,660
	43,602	Fair Isaac Corp.(b)		12,197,660
	64,767	HubSpot, Inc.(b)		11,948,864
	83,485	Intuit, Inc.		20,959,744
	198,070	Manhattan Associates, Inc.(b)		13,359,822
	98,407	SPS Commerce, Inc.(b)		10,208,742
	71,129	Trade Desk, Inc. (The), Class A(b)		15,753,651
	203,723	Verint Systems, Inc.(b)		12,302,832
				209,180,307
		Health Care Technology—10.0%
	342,879	Cerner Corp.(b)		22,784,310
	387,105	HealthStream, Inc.(b)		10,134,409
	580,450	NextGen Healthcare, Inc.(b)		10,906,655
				43,825,374
		Interactive Home Entertainment—13.6%
	468,321	Activision Blizzard, Inc.		22,577,756
	1,176,195	Glu Mobile, Inc.(b)		12,867,573
	122,201	Take-Two Interactive Software, Inc.(b)		11,832,723
	2,157,947	Zynga, Inc., Class A(b)		12,213,980
				59,492,032
		IT Consulting & Other Services—2.8%
	206,993	LiveRamp Holdings, Inc.(b)		12,073,902
		Systems Software—22.3%
	102,828	CyberArk Software Ltd. (Israel)(b)		13,257,614
	376,565	Oracle Corp.		20,835,341
	107,287	Red Hat, Inc.(b)		19,583,096
	521,865	SecureWorks Corp., Class A(b)(c)		10,134,618
	82,081	Tableau Software, Inc., Class A(b)		9,998,287
	114,900	VMware, Inc., Class A		23,454,537
				97,263,493
		Total Common Stocks & Other Equity Interests (Cost $376,821,720)		437,284,820

Number of Shares			Value
		Money Market Funds—0.0%
	143,208	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $143,208)	$	143,208
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $376,964,928)–100.0%		437,428,028
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—3.3%
	10,756,766	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		10,756,766
	3,584,513	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		3,585,589
		Total Money Market Funds (Cost $14,342,355)		14,342,355
		Total Investments in Securities (Cost $391,307,283)—103.3%		451,770,383
		Other assets less liabilities—(3.3)%		(14,527,454	)
		Net Assets—100.0%	$	437,242,929

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

39

Statements of Assets and Liabilities

April 30, 2019

	Invesco Dynamic Biotechnology  & Genome ETF (PBE)			Invesco Dynamic Building & Construction ETF (PKB)			Invesco Dynamic Energy Exploration & Production ETF (PXE)			Invesco Dynamic Food  & Beverage ETF (PBJ)
Assets:
Unaffiliated investments in securities, at value(a)	$	248,276,288		$	118,606,076		$	40,097,450		$	71,782,789
Affiliated investments in securities, at value		7,343,624			255,728			217,083			4,604,076
Receivable for:
Dividends		255			25,944			8,480			19,572
Securities lending		936			33			72			3,336
Investments sold		—			1,485,694			—			—
Expenses absorbed		—			—			—			—
Total assets		255,621,103			120,373,475			40,323,085			76,409,773
Liabilities:
Payable for:
Collateral upon return of securities loaned		7,273,767			—			120,981			4,418,044
Fund shares repurchased		—			1,486,085			—			—
Expenses recaptured		—			—			—			—
Accrued advisory fees		111,491			48,132			15,022			28,941
Accrued trustees’ and officer’s fees		56,825			38,581			39,873			46,761
Accrued expenses		151,929			161,472			68,954			85,129
Total liabilities		7,594,012			1,734,270			244,830			4,578,875
Net Assets	$	248,027,091		$	118,639,205		$	40,078,255		$	71,830,898
Net assets consist of:
Shares of beneficial interest	$	434,481,876		$	178,096,052		$	154,278,084		$	142,158,667
Distributable earnings		(186,454,785	)		(59,456,847	)		(114,199,829	)		(70,327,769	)
Net Assets	$	248,027,091		$	118,639,205		$	40,078,255		$	71,830,898
Shares outstanding (unlimited amount authorized, $0.01 par value)		4,750,000			3,950,000			2,050,000			2,100,000
Net asset value	$	52.22		$	30.04		$	19.55		$	34.21
Market price	$	52.22		$	30.05		$	19.57		$	34.19
Unaffiliated investments in securities, at cost	$	243,689,553		$	109,005,237		$	49,929,102		$	65,042,645
Affiliated investments in securities, at cost	$	7,343,624		$	255,728		$	217,083		$	4,604,076
(a)Includes securities on loan with an aggregate value of	$	6,965,669		$	—		$	108,272		$	4,386,865

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

40

Invesco Dynamic Leisure and Entertainment ETF (PEJ)			Invesco Dynamic Media ETF (PBS)			Invesco Dynamic Networking ETF (PXQ)			Invesco Dynamic Oil & Gas Services ETF (PXJ)			Invesco Dynamic Pharmaceuticals ETF (PJP)			Invesco Dynamic Retail ETF (PMR)			Invesco Dynamic Semiconductors ETF (PSI)			Invesco Dynamic Software ETF (PSJ)
$	67,215,018		$	88,436,939		$	101,056,443		$	17,532,083		$	416,770,722		$	7,698,322		$	200,560,662		$	437,284,820
	1,463,568			1,205,147			1,849,098			1,065,482			812,585			232,617			155,934			14,485,563
	34,798			8,197			667			203			278,245			1,444			644			160,261
	333			97			1,843			253			148			35			5			5,504
	—			—			—			—			—			—			—			—
	—			—			—			—			—			1,037			—			—
	68,713,717			89,650,380			102,908,051			18,598,021			417,861,700			7,933,455			200,717,245			451,936,148
	1,339,120			1,147,845			1,700,071			953,143			753,323			138,396			—			14,342,355
	—			—			—			—			—			—			—			—
	2,825			—			—			—			—			—			—			—
	27,251			30,512			39,203			3,883			176,296			—			80,039			167,293
	39,276			41,075			34,293			47,690			89,363			32,659			36,958			37,367
	104,171			82,728			83,898			74,297			252,122			66,407			177,265			146,204
	1,512,643			1,302,160			1,857,465			1,079,013			1,271,104			237,462			294,262			14,693,219
$	67,201,074		$	88,348,220		$	101,050,586		$	17,519,008		$	416,590,596		$	7,695,993		$	200,422,983		$	437,242,929
$	131,681,432		$	159,722,849		$	124,222,874		$	117,636,570		$	780,661,769		$	28,294,260		$	210,621,302		$	403,517,628
	(64,480,358	)		(71,374,629	)		(23,172,288	)		(100,117,562	)		(364,071,173	)		(20,598,267	)		(10,198,319	)		33,725,301
$	67,201,074		$	88,348,220		$	101,050,586		$	17,519,008		$	416,590,596		$	7,695,993		$	200,422,983		$	437,242,929
	1,500,000			2,550,000			1,600,000			2,550,000			6,650,000			200,000			3,450,000			4,550,000
$	44.80		$	34.65		$	63.16		$	6.87		$	62.65		$	38.48		$	58.09		$	96.10
$	44.78		$	34.65		$	63.14		$	6.87		$	62.64		$	38.47		$	58.04		$	96.13
$	64,017,398		$	82,250,116		$	85,189,067		$	23,076,105		$	405,273,840		$	7,005,994		$	171,277,138		$	376,821,720
$	1,463,568		$	1,205,147		$	1,849,098		$	1,065,482		$	812,585		$	232,617		$	155,934		$	14,485,563
$	1,269,952		$	1,111,488		$	1,700,395		$	869,901		$	731,461		$	134,561		$	—		$	14,170,899

41

Statements of Operations

For the year ended April 30, 2019

	Invesco Dynamic Biotechnology & Genome ETF (PBE)			Invesco Dynamic Building & Construction ETF  (PKB)			Invesco Dynamic Energy Exploration & Production ETF  (PXE)				Invesco Dynamic Food & Beverage ETF (PBJ)
Investment income:
Unaffiliated dividend income	$	668,374		$	1,825,286		$	1,083,359		��	$	1,221,638
Affiliated dividend income		5,031			4,198			1,766				2,673
Securities lending income		88,089			2,307			28,229				10,307
Foreign witholding tax		—			—			—				—
Total investment income		761,494			1,831,791			1,113,354				1,234,618
Expenses:
Advisory fees		1,372,674			878,742			383,290				367,527
Sub-licensing fees		82,359			52,724			23,061				22,051
Accounting & administration fees		41,481			46,047			28,280				30,397
Professional fees		24,476			24,775			24,131				23,394
Custodian & transfer agent fees		7,145			4,260			4,226				4,688
Trustees’ and officer’s fees		10,075			8,951			7,521				7,801
Listing fee and expenses		9,000			7,000			7,000				9,000
Recapture (Note 3)		—			—			—				—
Other expenses		24,476			30,416			12,521				14,249
Total expenses		1,571,686			1,052,915			490,030				479,107
Less: Waivers		(452	)		(380	)		(7,210	)			(16,236	)
Net expenses		1,571,234			1,052,535			482,820				462,871
Net investment income (loss)		(809,740	)		779,256			630,534				771,747
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(14,154,814	)		(29,290,969	)		(11,534,964	)			(7,415,923	)
In-kind redemptions		35,596,712			17,920,626			6,156,137				5,995,794
Net realized gain (loss)		21,441,898			(11,370,343	)		(5,378,827	)			(1,420,129	)
Change in unrealized appreciation (depreciation) on investment securities		(6,492,275	)		2,686,239			(18,782,093	)			3,677,368
Net realized and unrealized gain (loss)		14,949,623			(8,684,104	)		(24,160,920	)			2,257,239
Net increase (decrease) in net assets resulting from operations	$	14,139,883		$	(7,904,848	)	$	(23,530,386	)		$	3,028,986

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

42

Invesco Dynamic Leisure and Entertainment ETF (PEJ)			Invesco Dynamic Media ETF (PBS)			Invesco Dynamic Networking ETF (PXQ)			Invesco Dynamic Oil & Gas Services ETF (PXJ)			Invesco Dynamic Pharmaceuticals ETF (PJP)			Invesco Dynamic Retail ETF (PMR)			Invesco Dynamic Semiconductors ETF (PSI)			Invesco Dynamic Software ETF (PSJ)
$	1,233,348		$	634,910		$	1,120,865		$	261,968		$	8,435,613		$	166,857		$	3,186,947		$	832,655
	3,558			1,924			3,102			1,953			6,685			1,551			5,850			2,810
	1,253			29,842			132,331			40,535			92,755			4,532			38			17,277
	—			(937	)		—			(2,849	)		(305,086	)		—			(4,086	)		—
	1,238,159			665,739			1,256,298			301,607			8,229,967			172,940			3,188,749			852,742
	590,580			297,365			341,513			135,932			2,589,176			50,353			1,210,781			1,370,219
	35,434			17,841			20,548			8,179			155,348			3,030			72,646			82,212
	32,134			28,707			29,005			26,887			63,684			25,445			49,012			34,898
	24,464			24,287			23,412			24,244			27,623			23,020			26,950			25,714
	3,214			3,448			2,703			3,972			6,811			2,279			5,209			4,224
	7,994			7,424			7,244			7,444			14,153			6,623			9,502			8,837
	8,000			9,001			7,000			7,001			7,001			7,000			7,000			7,000
	17,051			—			—			—			—			—			—			30,484
	24,035			11,201			8,989			11,163			55,002			6,812			32,366			18,150
	742,906			399,274			440,414			224,822			2,918,798			124,562			1,413,466			1,581,738
	(275	)		(24,788	)		(10,342	)		(53,706	)		(574	)		(61,246	)		(545	)		(234	)
	742,631			374,486			430,072			171,116			2,918,224			63,316			1,412,921			1,581,504
	495,528			291,253			826,226			130,491			5,311,743			109,624			1,775,828			(728,762	)
	(18,549,397	)		(4,067,487	)		(3,870,037	)		(4,012,536	)		(43,459,102	)		(998,240	)		(19,029,682	)		(8,071,162	)
	14,624,403			7,088,277			6,389,256			1,740,735			57,113,782			1,659,543			46,459,188			40,227,087
	(3,924,994	)		3,020,790			2,519,219			(2,271,801	)		13,654,680			661,303			27,429,506			32,155,925
	(1,778,186	)		5,886,119			11,758,442			(6,350,850	)		710,432			(121,819	)		8,851,111			44,624,284
	(5,703,180	)		8,906,909			14,277,661			(8,622,651	)		14,365,112			539,484			36,280,617			76,780,209
$	(5,207,652	)	$	9,198,162		$	15,103,887		$	(8,492,160	)	$	19,676,855		$	649,108		$	38,056,445		$	76,051,447

43

Statements of Changes in Net Assets

For the years ended April 30, 2019 and 2018

	Invesco Dynamic Biotechnology & Genome ETF (PBE)						Invesco Dynamic Building & Construction ETF (PKB)
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	(809,740	)	$	24,053		$	779,256		$	807,257
Net realized gain (loss)		21,441,898			26,250,205			(11,370,343	)		18,908,111
Change in net unrealized appreciation (depreciation)		(6,492,275	)		107,003			2,686,239			(11,339,416	)
Net increase (decrease) in net assets resulting from operations		14,139,883			26,381,261			(7,904,848	)		8,375,952
Distributions to Shareholders from:
Distributable earnings		(11,178	)		(1,130,430	)		(854,627	)		(648,374	)
Shareholder Transactions:
Proceeds from shares sold		182,767,340			226,021,644			124,857,662			266,345,013
Value of shares repurchased		(181,778,588	)		(248,993,669	)		(277,968,568	)		(311,558,068	)
Net increase (decrease) in net assets resulting from share transactions		988,752			(22,972,025	)		(153,110,906	)		(45,213,055	)
Net increase (decrease) in net assets		15,117,457			2,278,806			(161,870,381	)		(37,485,477	)
Net assets:
Beginning of year		232,909,634			230,630,828			280,509,586			317,995,063
End of year	$	248,027,091		$	232,909,634		$	118,639,205		$	280,509,586
Changes in Shares Outstanding:
Shares sold		3,250,000			4,850,000			4,100,000			8,600,000
Shares repurchased		(3,350,000	)		(5,350,000	)		(9,400,000	)		(10,100,000	)
Shares outstanding, beginning of year		4,850,000			5,350,000			9,250,000			10,750,000
Shares outstanding, end of year		4,750,000			4,850,000			3,950,000			9,250,000

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

44

Invesco Dynamic Energy Exploration & Production ETF (PXE)						Invesco Dynamic Food & Beverage ETF (PBJ)						Invesco Dynamic Leisure and Entertainment ETF (PEJ)						Invesco Dynamic Media ETF (PBS)
2019			2018			2019			2018			2019			2018			2019			2018
$	630,534		$	686,824		$	771,747		$	1,305,092		$	495,528		$	1,094,495		$	291,253		$	415,409
	(5,378,827	)		(641,209	)		(1,420,129	)		2,502,856			(3,924,994	)		10,028,747			3,020,790			10,279,831
	(18,782,093	)		8,853,996			3,677,368			(7,627,941	)		(1,778,186	)		(3,728,215	)		5,886,119			(10,563,667	)
	(23,530,386	)		8,899,611			3,028,986			(3,819,993	)		(5,207,652	)		7,395,027			9,198,162			131,573
	(706,116	)		(989,971	)		(759,871	)		(1,168,900	)		(634,213	)		(1,074,686	)		(415,501	)		(441,052	)
	101,184,657			11,685,116			40,972,298			67,548,108			150,611,248			160,291,665			84,195,471			77,802,968
	(86,194,334	)		(26,030,817	)		(50,142,813	)		(130,647,859	)		(194,292,631	)		(194,789,227	)		(52,710,381	)		(177,643,376	)
	14,990,323			(14,345,701	)		(9,170,515	)		(63,099,751	)		(43,681,383	)		(34,497,562	)		31,485,090			(99,840,408	)
	(9,246,179	)		(6,436,061	)		(6,901,400	)		(68,088,644	)		(49,523,248	)		(28,177,221	)		40,267,751			(100,149,887	)
	49,324,434			55,760,495			78,732,298			146,820,942			116,724,322			144,901,543			48,080,469			148,230,356
$	40,078,255		$	49,324,434		$	71,830,898		$	78,732,298		$	67,201,074		$	116,724,322		$	88,348,220		$	48,080,469
	3,800,000			550,000			1,250,000			2,050,000			3,250,000			3,700,000			2,600,000			2,750,000
	(3,800,000	)		(1,250,000	)		(1,550,000	)		(4,000,000	)		(4,350,000	)		(4,550,000	)		(1,700,000	)		(6,400,000	)
	2,050,000			2,750,000			2,400,000			4,350,000			2,600,000			3,450,000			1,650,000			5,300,000
	2,050,000			2,050,000			2,100,000			2,400,000			1,500,000			2,600,000			2,550,000			1,650,000

45

Statements of Changes in Net Assets(continued)

For the years ended April 30, 2019 and 2018

	Invesco Dynamic Networking ETF (PXQ)						Invesco Dynamic Oil & Gas Services ETF (PXJ)
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	826,226		$	129,605		$	130,491		$	947,139
Net realized gain (loss)		2,519,219			3,519,092			(2,271,801	)		(9,243,310	)
Change in net unrealized appreciation (depreciation)		11,758,442			915,872			(6,350,850	)		5,874,538
Net increase (decrease) in net assets resulting from operations		15,103,887			4,564,569			(8,492,160	)		(2,421,633	)
Distributions to Shareholders from:
Distributable earnings		(851,255	)		(178,729	)		(193,273	)		(971,048	)
Shareholder Transactions:
Proceeds from shares sold		66,219,472			57,932,538			12,414,658			23,165,781
Value of shares repurchased		(39,512,641	)		(28,372,339	)		(24,037,714	)		(15,119,177	)
Net increase (decrease) in net assets resulting from share transactions		26,706,831			29,560,199			(11,623,056	)		8,046,604
Net increase (decrease) in net assets		40,959,463			33,946,039			(20,308,489	)		4,653,923
Net assets:
Beginning of year		60,091,123			26,145,084			37,827,497			33,173,574
End of year	$	101,050,586		$	60,091,123		$	17,519,008		$	37,827,497
Changes in Shares Outstanding:
Shares sold.		1,150,000			1,200,000			1,300,000			2,500,000
Shares repurchased		(750,000	)		(600,000	)		(2,650,000	)		(1,700,000	)
Shares outstanding, beginning of year		1,200,000			600,000			3,900,000			3,100,000
Shares outstanding, end of year		1,600,000			1,200,000			2,550,000			3,900,000

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

46

Invesco Dynamic Pharmaceuticals ETF (PJP)						Invesco Dynamic Retail ETF (PMR)						Invesco Dynamic Semiconductors ETF (PSI)						Invesco Dynamic Software ETF (PSJ)
2019			2018			2019			2018			2019			2018			2019			2018
$	5,311,743		$	4,529,100		$	109,624		$	167,515		$	1,775,828		$	961,439		$	(728,762	)	$	(547,930	)
	13,654,680			(47,449,544	)		661,303			431,983			27,429,506			56,923,121			32,155,925			30,941,413
	710,432			66,592,972			(121,819	)		(64,005	)		8,851,111			(24,043,339	)		44,624,284			3,615,758
	19,676,855			23,672,528			649,108			535,493			38,056,445			33,841,221			76,051,447			34,009,241
	(5,380,286	)		(4,756,214	)		(122,169	)		(163,669	)		(1,907,533	)		(720,638	)		—			—
	148,549,343			204,490,601			9,735,292			7,190,746			157,705,240			306,036,772			555,545,576			193,692,019
	(272,009,569	)		(462,561,133	)		(13,565,783	)		(10,991,661	)		(308,886,292	)		(259,401,020	)		(350,138,139	)		(173,462,585	)
	(123,460,226	)		(258,070,532	)		(3,830,491	)		(3,800,915	)		(151,181,052	)		46,635,752			205,407,437			20,229,434
	(109,163,657	)		(239,154,218	)		(3,303,552	)		(3,429,091	)		(115,032,140	)		79,756,335			281,458,884			54,238,675
	525,754,253			764,908,471			10,999,545			14,428,636			315,455,123			235,698,788			155,784,045			101,545,370
$	416,590,596		$	525,754,253		$	7,695,993		$	10,999,545		$	200,422,983		$	315,455,123		$	437,242,929		$	155,784,045
	2,100,000			3,350,000			250,000			200,000			2,900,000			6,200,000			6,700,000			3,050,000
	(4,000,000	)		(7,400,000	)		(350,000	)		(300,000	)		(5,900,000	)		(5,300,000	)		(4,350,000	)		(2,750,000	)
	8,550,000			12,600,000			300,000			400,000			6,450,000			5,550,000			2,200,000			1,900,000
	6,650,000			8,550,000			200,000			300,000			3,450,000			6,450,000			4,550,000			2,200,000

47

Financial Highlights

Invesco Dynamic Biotechnology & Genome ETF (PBE)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	48.02		$	43.11		$	39.35		$	52.98		$	39.71
Net investment income (loss)(a)		(0.16	)		0.00	(b)		0.33			0.50			0.34
Net realized and unrealized gain (loss) on investments		4.36			5.13			3.63			(13.56	)		13.21
Total from investment operations		4.20			5.13			3.96			(13.06	)		13.55
Distributions to shareholders from:
Net investment income		(0.00	)(c)		(0.22	)		(0.20	)		(0.57	)		(0.28	)
Net asset value at end of year	$	52.22		$	48.02		$	43.11		$	39.35		$	52.98
Market price at end of year(d)	$	52.22		$	48.08		$	43.13		$	39.35		$	52.95
Net Asset Value Total Return(e)		8.75	%		11.94	%		10.09	%		(24.92	)%		34.25	%
Market Price Total Return(e)		8.62	%		12.04	%		10.15	%		(24.88	)%		34.28	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	248,027		$	232,910		$	230,631		$	267,584		$	511,262
Ratio to average net assets of:
Expenses, after Waivers		0.57	%		0.59	%		0.58	%		0.58	%		0.57	%
Expenses, prior to Waivers		0.57	%		0.59	%		0.58	%		0.58	%		0.57	%
Net investment income (loss), after Waivers		(0.29	)%		0.01	%		0.81	%		1.00	%		0.69	%
Portfolio turnover rate(f)		117	%		141	%		69	%		74	%		95	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

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

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

Invesco Dynamic Building & Construction ETF (PKB)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	30.33		$	29.58		$	25.08		$	22.99		$	22.09
Net investment income(a)		0.13			0.08			0.07			0.04			0.03
Net realized and unrealized gain (loss) on investments		(0.29	)		0.73			4.52			2.08			0.89
Total from investment operations		(0.16	)		0.81			4.59			2.12			0.92
Distributions to shareholders from:
Net investment income		(0.13	)		(0.06	)		(0.09	)		(0.03	)		(0.02	)
Net asset value at end of year	$	30.04		$	30.33		$	29.58		$	25.08		$	22.99
Market price at end of year(b)	$	30.05		$	30.34		$	29.60		$	25.08		$	22.98
Net Asset Value Total Return(c)		(0.47	)%		2.73	%		18.33	%		9.21	%		4.17	%
Market Price Total Return(c)		(0.47	)%		2.70	%		18.41	%		9.26	%		4.08	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	118,639		$	280,510		$	317,995		$	60,201		$	55,177
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.58	%		0.63	%		0.63	%		0.63	%
Expenses, prior to Waivers		0.60	%		0.58	%		0.63	%		0.68	%		0.65	%
Net investment income, after Waivers		0.44	%		0.24	%		0.24	%		0.18	%		0.15	%
Portfolio turnover rate(d)		148	%		143	%		129	%		90	%		96	%

^(a)  Based on average shares outstanding.

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

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

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

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

48

Financial Highlights(continued)

Invesco Dynamic Energy Exploration & Production ETF (PXE)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	24.06		$	20.28		$	22.63		$	31.78		$	37.76
Net investment income(a)		0.20			0.28			0.24			0.51			0.39
Net realized and unrealized gain (loss) on investments		(4.48	)		3.89			(1.15	)		(9.04	)		(5.84	)
Total from investment operations		(4.28	)		4.17			(0.91	)		(8.53	)		(5.45	)
Distributions to shareholders from:
Net investment income		(0.23	)		(0.39	)		(1.44	)		(0.62	)		(0.53	)
Net asset value at end of year	$	19.55		$	24.06		$	20.28		$	22.63		$	31.78
Market price at end of year(b)	$	19.57		$	24.12		$	20.28		$	22.63		$	31.77
Net Asset Value Total Return(c)		(17.84	)%		21.00	%		(3.96	)%		(26.93	)%		(14.51	)%
Market Price Total Return(c)		(17.96	)%		21.31	%		(3.96	)%		(26.91	)%		(14.54	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	40,078		$	49,324		$	55,760		$	74,682		$	117,593
Ratio to average net assets of:
Expenses, after Waivers		0.63	%		0.65	%		0.80	%(d)		0.65	%		0.64	%
Expenses, prior to Waivers		0.64	%		0.77	%		0.88	%(d)		0.67	%		0.64	%
Net investment income, after Waivers		0.82	%		1.37	%		1.13	%		2.09	%		1.20	%
Portfolio turnover rate(e)		110	%		87	%		91	%		134	%		140	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Expenses, after Waivers and Expenses, prior to Waivers include state income taxes paid during the fiscal year ended April 30, 2017. Expenses, after Waivers and Expenses, prior to Waivers excluding the taxes paid are 0.63% and 0.71%, respectively.

^(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.

Invesco Dynamic Food & Beverage ETF (PBJ)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	32.81		$	33.75		$	32.31		$	31.45		$	26.98
Net investment income(a)		0.34			0.41			0.33			0.39			0.31
Net realized and unrealized gain (loss) on investments		1.39			(0.99	)		1.61			0.88			4.58
Total from investment operations		1.73			(0.58	)		1.94			1.27			4.89
Distributions to shareholders from:
Net investment income		(0.33	)		(0.36	)		(0.50	)		(0.41	)		(0.42	)
Net asset value at end of year	$	34.21		$	32.81		$	33.75		$	32.31		$	31.45
Market price at end of year(b)	$	34.19		$	32.76		$	33.74		$	32.30		$	31.43
Net Asset Value Total Return(c)		5.37	%		(1.70	)%		6.03	%		4.06	%		18.25	%
Market Price Total Return(c)		5.47	%		(1.82	)%		6.03	%		4.10	%		18.13	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	71,831		$	78,732		$	146,821		$	300,455		$	265,721
Ratio to average net assets of:
Expenses, after Waivers		0.63	%		0.63	%		0.59	%		0.58	%		0.58	%
Expenses, prior to Waivers.		0.65	%		0.65	%		0.59	%		0.58	%		0.58	%
Net investment income, after Waivers		1.05	%		1.25	%		0.99	%		1.21	%		1.05	%
Portfolio turnover rate(d)		122	%		147	%		145	%		109	%		124	%

^(a)  Based on average shares outstanding.

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

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

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

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

49

Financial Highlights(continued)

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	44.89		$	42.00		$	35.69		$	36.40		$	32.35
Net investment income(a)		0.19			0.41			0.31			0.11			0.31
Net realized and unrealized gain (loss) on investments		(0.05	)		2.86			6.26			(0.74	)		4.04
Total from investment operations		0.14			3.27			6.57			(0.63	)		4.35
Distributions to shareholders from:
Net investment income		(0.23	)		(0.38	)		(0.26	)		(0.08	)		(0.30	)
Net asset value at end of year	$	44.80		$	44.89		$	42.00		$	35.69		$	36.40
Market price at end of year(b)	$	44.78		$	44.96		$	42.00		$	35.68		$	36.39
Net Asset Value Total Return(c)		0.33	%		7.84	%		18.52	%		(1.73	)%		13.47	%
Market Price Total Return(c)		0.12	%		8.01	%		18.55	%		(1.73	)%		13.47	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	67,201		$	116,724		$	144,902		$	142,754		$	192,940
Ratio to average net assets of:
Expenses, after Waivers		0.63	%		0.63	%		0.61	%		0.61	%		0.63	%
Expenses, prior to Waivers		0.63	%		0.65	%		0.61	%		0.61	%		0.63	%
Net investment income, after Waivers		0.42	%		0.97	%		0.83	%		0.29	%		0.88	%
Portfolio turnover rate(d)		207	%		177	%		183	%		136	%		187	%

^(a)  Based on average shares outstanding.

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

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

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

Invesco Dynamic Media ETF (PBS)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	29.14		$	27.97		$	25.13		$	26.73		$	23.81
Net investment income(a)		0.16			0.15			0.06			0.07			0.21
Net realized and unrealized gain (loss) on investments		5.58			1.14			2.82			(1.45	)		2.89
Total from investment operations		5.74			1.29			2.88			(1.38	)		3.10
Distributions to shareholders from:
Net investment income.		(0.23	)		(0.12	)		(0.04	)		(0.22	)		(0.18	)
Net asset value at end of year	$	34.65		$	29.14		$	27.97		$	25.13		$	26.73
Market price at end of year(b)	$	34.65		$	29.16		$	27.98		$	25.12		$	26.72
Net Asset Value Total Return(c)		19.81	%		4.64	%		11.49	%		(5.18	)%		13.04	%
Market Price Total Return(c)		19.73	%		4.67	%		11.57	%		(5.18	)%		13.09	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	88,348		$	48,080		$	148,230		$	90,461		$	145,668
Ratio to average net assets of:
Expenses, after Waivers		0.63	%		0.63	%		0.63	%		0.61	%		0.59	%
Expenses, prior to Waivers		0.67	%		0.68	%		0.63	%		0.61	%		0.59	%
Net investment income, after Waivers		0.49	%		0.53	%		0.21	%		0.26	%		0.84	%
Portfolio turnover rate(d)		103	%		150	%		103	%		124	%		131	%

^(a)  Based on average shares outstanding.

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

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

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

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

50

Financial Highlights(continued)

Invesco Dynamic Networking ETF (PXQ)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	50.08		$	43.58		$	33.65		$	36.65		$	31.20
Net investment income (loss)(a)		0.66			0.18			0.21			0.15			(0.01	)
Net realized and unrealized gain (loss) on investments		13.13			6.62			9.90			(3.15	)		5.46
Total from investment operations		13.79			6.80			10.11			(3.00	)		5.45
Distributions to shareholders from:
Net investment income		(0.71	)		(0.30	)		(0.18	)		—			—
Net asset value at end of year	$	63.16		$	50.08		$	43.58		$	33.65		$	36.65
Market price at end of year(b)	$	63.14		$	50.10		$	43.59		$	33.65		$	36.64
Net Asset Value Total Return(c)		27.90	%		15.70	%		30.19	%		(8.19	)%		17.47	%
Market Price Total Return(c)		27.81	%		15.73	%		30.22	%		(8.16	)%		17.48	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	101,051		$	60,091		$	26,145		$	20,189		$	27,485
Ratio to average net assets of:
Expenses, after Waivers		0.63	%		0.63	%		0.63	%		0.63	%		0.63	%
Expenses, prior to Waivers		0.64	%		0.83	%		0.89	%		0.88	%		0.85	%
Net investment income (loss), after Waivers		1.21	%		0.39	%		0.55	%		0.42	%		(0.02	)%
Portfolio turnover rate(d)		98	%		79	%		97	%		87	%		74	%

^(a)  Based on average shares outstanding.

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

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

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

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

51

Financial Highlights(continued)

Invesco Dynamic Oil & Gas Services ETF (PXJ)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	9.70		$	10.70		$	13.20		$	18.91		$	28.01
Net investment income(a)		0.04			0.27	(b)		0.06			0.20			0.22
Net realized and unrealized gain (loss) on investments		(2.81	)		(1.01	)		(2.41	)		(5.69	)		(9.07	)
Total from investment operations		(2.77	)		(0.74	)		(2.35	)		(5.49	)		(8.85	)
Distributions to shareholders from:
Net investment income		(0.06	)		(0.26	)		(0.08	)		(0.22	)		(0.25	)
Return of capital		—			—			(0.07	)		—			—
Total distributions		(0.06	)		(0.26	)		(0.15	)		(0.22	)		(0.25	)
Net asset value at end of year	$	6.87		$	9.70		$	10.70		$	13.20		$	18.91
Market price at end of year(c)	$	6.87		$	9.70		$	10.70		$	13.19		$	18.92
Net Asset Value Total Return(d)		(28.69	)%		(6.71	)%		(17.99	)%		(29.06	)%		(31.67	)%
Market Price Total Return(d)		(28.69	)%		(6.72	)%		(17.92	)%		(29.15	)%		(31.61	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	17,519		$	37,827		$	33,174		$	45,534		$	72,786
Ratio to average net assets of:
Expenses, after Waivers		0.63	%		0.63	%		0.63	%		0.63	%		0.63	%
Expenses, prior to Waivers		0.83	%		0.86	%		0.75	%		0.72	%		0.64	%
Net investment income, after Waivers		0.48	%		2.90	%(b)		0.47	%		1.46	%		0.96	%
Portfolio turnover rate(e)		81	%		91	%		90	%		89	%		79	%

^(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 $0.06 and 0.61%, respectively.

^(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 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)  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.

52

Financial Highlights(continued)

Invesco Dynamic Pharmaceuticals ETF (PJP)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	61.49		$	60.71		$	62.16		$	74.40		$	57.65
Net investment income(a)		0.69			0.43			0.48			0.41			0.32
Net realized and unrealized gain (loss) on investments		1.17			0.79			(1.40	)		(8.81	)		18.42
Total from investment operations		1.86			1.22			(0.92	)		(8.40	)		18.74
Distributions to shareholders from:
Net investment income		(0.70	)		(0.44	)		(0.53	)		(0.39	)		(0.34	)
Net realized gains		—			—			—			(3.45	)		(1.65	)
Total distributions		(0.70	)		(0.44	)		(0.53	)		(3.84	)		(1.99	)
Net asset value at end of year	$	62.65		$	61.49		$	60.71		$	62.16		$	74.40
Market price at end of year(b)	$	62.64		$	61.53		$	60.71		$	62.14		$	74.35
Net Asset Value Total Return(c)		3.02	%		1.99	%		(1.47	)%		(11.86	)%		32.95	%
Market Price Total Return(c)		2.94	%		2.05	%		(1.44	)%		(11.83	)%		32.97	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	416,591		$	525,754		$	764,908		$	1,168,526		$	1,926,934
Ratio to average net assets of:
Expenses, after Waivers		0.56	%		0.57	%		0.56	%		0.57	%		0.56	%
Expenses, prior to Waivers		0.56	%		0.57	%		0.56	%		0.57	%		0.56	%
Net investment income, after Waivers		1.03	%		0.68	%		0.79	%		0.58	%		0.48	%
Portfolio turnover rate(d)		81	%		98	%		26	%		26	%		47	%

^(a)  Based on average shares outstanding.

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

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

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

Invesco Dynamic Retail ETF (PMR)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	36.67		$	36.07		$	35.69		$	38.41		$	33.15
Net investment income(a)		0.42			0.45			0.27			0.25			0.22
Net realized and unrealized gain (loss) on investments		1.80			0.57			0.43			(2.70	)		5.38
Total from investment operations		2.22			1.02			0.70			(2.45	)		5.60
Distributions to shareholders from:
Net investment income		(0.41	)		(0.42	)		(0.32	)		(0.27	)		(0.34	)
Net asset value at end of year	$	38.48		$	36.67		$	36.07		$	35.69		$	38.41
Market price at end of year(b)	$	38.47		$	36.71		$	36.05		$	35.69		$	38.42
Net Asset Value Total Return(c)		6.09	%		2.87	%		1.98	%		(6.40	)%		16.97	%
Market Price Total Return(c)		5.95	%		3.03	%		1.92	%		(6.42	)%		17.04	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	7,696		$	11,000		$	14,429		$	21,416		$	38,410
Ratio to average net assets of:
Expenses, after Waivers.		0.63	%		0.63	%		0.63	%		0.63	%		0.63	%
Expenses, prior to Waivers		1.24	%		1.27	%		0.99	%		0.88	%		0.91	%
Net investment income, after Waivers		1.09	%		1.27	%		0.76	%		0.67	%		0.61	%
Portfolio turnover rate(d)		148	%		131	%		152	%		129	%		111	%

^(a)  Based on average shares outstanding.

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

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

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

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

53

Financial Highlights(continued)

Invesco Dynamic Semiconductors ETF (PSI)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	48.91		$	42.47		$	24.50		$	26.30		$	20.62
Net investment income(a)		0.38			0.14			0.19			0.10			0.25	(b)
Net realized and unrealized gain (loss) on investments		9.19			6.41			18.02			(1.86	)		5.88
Total from investment operations		9.57			6.55			18.21			(1.76	)		6.13
Distributions to shareholders from:
Net investment income		(0.39	)		(0.11	)		(0.24	)		(0.04	)		(0.33	)
Return of capital		—			—			—			—			(0.12	)
Total distributions		(0.39	)		(0.11	)		(0.24	)		(0.04	)		(0.45	)
Net asset value at end of year	$	58.09		$	48.91		$	42.47		$	24.50		$	26.30
Market price at end of year(c)	$	58.04		$	48.94		$	42.51		$	24.48		$	26.31
Net Asset Value Total Return(d)		19.71	%		15.42	%		74.65	%		(6.69	)%		29.90	%
Market Price Total Return(d)		19.53	%		15.38	%		74.96	%		(6.80	)%		29.95	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	200,423		$	315,455		$	235,699		$	48,999		$	78,911
Ratio to average net assets of:
Expenses, after Waivers		0.58	%		0.61	%		0.63	%		0.63	%		0.63	%
Expenses, prior to Waivers		0.58	%		0.61	%		0.63	%		0.68	%		0.78	%
Net investment income, after Waivers		0.73	%		0.29	%		0.55	%		0.38	%		1.03	%(b)
Portfolio turnover rate(e)		98	%		65	%		62	%		104	%		103	%

^(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 of $16.50 per share owned ofKLA-Tencor Corp. on November 26, 2014. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.05 and 0.22%, respectively.

^(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 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)  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.

54

Financial Highlights(continued)

Invesco Dynamic Software ETF (PSJ)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	70.81		$	53.44		$	42.20		$	42.47		$	33.96
Net investment income (loss)(a)		(0.22	)		(0.27	)		(0.05	)		(0.08	)		0.11
Net realized and unrealized gain (loss) on investments		25.51			17.64			11.30			(0.13	)		8.44
Total from investment operations		25.29			17.37			11.25			(0.21	)		8.55
Distributions to shareholders from:
Net investment income		—			—			(0.01	)		(0.06	)		(0.04	)
Net asset value at end of year	$	96.10		$	70.81		$	53.44		$	42.20		$	42.47
Market price at end of year(b)	$	96.13		$	70.90		$	53.39		$	42.21		$	42.48
Net Asset Value Total Return(c)		35.71	%		32.51	%		26.67	%		(0.50	)%		25.18	%
Market Price Total Return(c)		35.58	%		32.80	%		26.52	%		(0.50	)%		25.32	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	437,243		$	155,784		$	101,545		$	73,847		$	57,329
Ratio to average net assets of:
Expenses, after Waivers		0.58	%		0.63	%		0.63	%		0.63	%		0.63	%
Expenses, prior to Waivers		0.58	%		0.63	%		0.64	%		0.66	%		0.71	%
Net investment income (loss), after Waivers		(0.27	)%		(0.42	)%		(0.11	)%		(0.19	)%		0.29	%
Portfolio turnover rate(d)		157	%		145	%		154	%		154	%		132	%

^(a)  Based on average shares outstanding.

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

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

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

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

55

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2019

NOTE 1—Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-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 Dynamic Biotechnology & Genome ETF (PBE)	“Dynamic Biotechnology & Genome ETF”
Invesco Dynamic Building & Construction ETF (PKB)	“Dynamic Building & Construction ETF”
Invesco Dynamic Energy Exploration & Production ETF (PXE)	“Dynamic Energy Exploration & Production ETF”
Invesco Dynamic Food & Beverage ETF (PBJ)	“Dynamic Food & Beverage ETF”
Invesco Dynamic Leisure and Entertainment ETF (PEJ)	“Dynamic Leisure and Entertainment ETF”
Invesco Dynamic Media ETF (PBS)	“Dynamic Media ETF”
Invesco Dynamic Networking ETF (PXQ)	“Dynamic Networking ETF”
Invesco Dynamic Oil & Gas Services ETF (PXJ)	“Dynamic Oil & Gas Services ETF”
Invesco Dynamic Pharmaceuticals ETF (PJP)	“Dynamic Pharmaceuticals ETF”
Invesco Dynamic Retail ETF (PMR)	“Dynamic Retail ETF”
Invesco Dynamic Semiconductors ETF (PSI)	“Dynamic Semiconductors ETF”
Invesco Dynamic Software ETF (PSJ)	“Dynamic Software ETF”

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

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

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

Fund	Underlying Index
Dynamic Biotechnology & Genome ETF	Dynamic Biotech & Genome IntellidexSMIndex
Dynamic Building & Construction ETF	Dynamic Building & Construction IntellidexSMIndex
Dynamic Energy Exploration & Production ETF	Dynamic Energy Exploration & Production IntellidexSMIndex
Dynamic Food & Beverage ETF	Dynamic Food & Beverage IntellidexSMIndex
Dynamic Leisure and Entertainment ETF	Dynamic Leisure & Entertainment IntellidexSMIndex
Dynamic Media ETF	Dynamic Media IntellidexSMIndex
Dynamic Networking ETF	Dynamic Networking IntellidexSMIndex
Dynamic Oil & Gas Services ETF	Dynamic Oil Services IntellidexSMIndex
Dynamic Pharmaceuticals ETF	Dynamic Pharmaceutical IntellidexSMIndex
Dynamic Retail ETF	Dynamic Retail IntellidexSMIndex
Dynamic Semiconductors ETF	Dynamic Semiconductor IntellidexSMIndex
Dynamic Software ETF	Dynamic Software IntellidexSMIndex

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.

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

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

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

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

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

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

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

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions 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.

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B. Other Risks

Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for Funds that invest innon-U.S. securities, which may have lower trading volumes.

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 particular industries will become negative. 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.

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 faces 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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Non-Diversified Fund Risk. Each Fund isnon-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, 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.

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

Small- andMid-Capitalization Company Risk. For certain Funds, investing in securities of small- andmid-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- andmid-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.

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 gain distributions to a Fund’s shareholders, each Fund will seek to utilize anin-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

C. 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

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income is recorded on the accrual basis from settlement date.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each 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.

D. Country Determination— For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders— Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end.

F. 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 forin-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.

G. Expenses— Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that 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.

Each Fund is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions,sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.

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.

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H. 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 theperiod-end date and before the date the financial statements are released to print.

I. Indemnifications— Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending— During the fiscal year ended April 30, 2019, each Fund participated in securities lending. Each Fund loaned portfolio securities having a market value up toone-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 generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

K. Distributions from Distributable Earnings— In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.

For the year ended April 30, 2018, distributions from distributable earnings consisted of distributions from net investment income.

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 that Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses,sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2021. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2021. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Dynamic Biotechnology & Genome ETF, Dynamic Building & Construction ETF, Dynamic Leisure and Entertainment ETF, Dynamic Pharmaceuticals ETF, Dynamic Semiconductors ETF and Dynamic Software ETF.

Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s

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investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

Dynamic Biotechnology & Genome ETF	$	452
Dynamic Building & Construction ETF		380
Dynamic Energy Exploration & Production ETF		7,210
Dynamic Food & Beverage ETF		16,236
Dynamic Leisure and Entertainment ETF		275
Dynamic Media ETF		24,788
Dynamic Networking ETF		10,342
Dynamic Oil & Gas Services ETF		53,706
Dynamic Pharmaceuticals ETF		574
Dynamic Retail ETF		61,246
Dynamic Semiconductors ETF		545
Dynamic Software ETF		234

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

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at April 30, 2019 are as follows:

	Total Potential Recapture Amounts		Potential Recapture Amounts Expiring
			4/30/20		4/30/21		4/30/22
Dynamic Energy Exploration & Production ETF	$	113,476	$	48,725	$	57,701	$	7,050
Dynamic Food & Beverage ETF		37,384		—		21,375		16,009
Dynamic Media ETF		61,734		144		36,982		24,608
Dynamic Networking ETF		141,583		65,931		65,560		10,092
Dynamic Oil & Gas Services ETF		184,220		54,195		76,492		53,533
Dynamic Retail ETF		216,749		70,612		85,026		61,111

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 ICE Data Indices, LLC (the “Licensor”). Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’ssub-licensing agreement with the Adviser. The Funds are required to pay thesub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, 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.

NOTE 4—Additional Valuation Information

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

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

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

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of April 30, 2019, all of the securities in each Fund 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.

NOTE 5—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2019 and 2018:

	2019		2018
	Ordinary Income		Ordinary Income
Dynamic Biotechnology & Genome ETF	$	11,178	$	1,130,430
Dynamic Building & Construction ETF		854,627		648,374
Dynamic Energy Exploration & Production ETF		706,116		989,971
Dynamic Food & Beverage ETF		759,871		1,168,900
Dynamic Leisure and Entertainment ETF		634,213		1,074,686
Dynamic Media ETF		415,501		441,052
Dynamic Networking ETF		851,255		178,729
Dynamic Oil & Gas Services ETF		193,273		971,048
Dynamic Pharmaceuticals ETF		5,380,286		4,756,214
Dynamic Retail ETF		122,169		163,669
Dynamic Semiconductors ETF		1,907,533		720,638
Dynamic Software ETF		—		—

Tax Components of Net Assets at FiscalYear-End:

	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Late-Year Ordinary Loss Deferral			Shares of Beneficial Interest		Total Net Assets
Dynamic Biotechnology & Genome ETF	$	—	$	(53,631	)	$	1,718,443		$	(187,731,260	)	$	(388,337	)	$	434,481,876	$	248,027,091
Dynamic Building & Construction ETF		101,133		(35,423	)		9,141,906			(68,664,463	)		—			178,096,052		118,639,205
Dynamic Energy Exploration & Production ETF		59,771		(37,255	)		(10,455,592	)		(103,766,753	)		—			154,278,084		40,078,255
Dynamic Food & Beverage ETF		167,792		(43,875	)		6,398,237			(76,849,923	)		—			142,158,667		71,830,898
Dynamic Leisure and Entertainment ETF		—		(36,701	)		3,081,774			(67,519,853	)		(5,578	)		131,681,432		67,201,074
Dynamic Media ETF		—		(38,614	)		5,495,434			(76,831,449	)		—			159,722,849		88,348,220
Dynamic Networking ETF		78,827		(31,785	)		15,636,764			(38,856,094	)		—			124,222,874		101,050,586
Dynamic Oil & Gas Services ETF		—		(45,175	)		(7,144,571	)		(92,814,672	)		(113,144	)		117,636,570		17,519,008
Dynamic Pharmaceuticals ETF		536,554		(85,196	)		8,840,270			(373,362,801	)		—			780,661,769		416,590,596
Dynamic Retail ETF		12,212		(30,392	)		643,006			(21,223,093	)		—			28,294,260		7,695,993
Dynamic Semiconductors ETF		174,323		(34,023	)		27,780,329			(38,118,948	)		—			210,621,302		200,422,983
Dynamic Software ETF		—		(34,428	)		57,515,355			(23,589,524	)		(166,102	)		403,517,628		437,242,929

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term

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or long-term capital losses instead of as short-term capital losses as under prior law. 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 following table presents available capital loss carryforwards for each Fund as of April 30, 2019:

	Post-effective/no expiration
	Short-Term		Long-Term		Total*
Dynamic Biotechnology & Genome ETF	$	167,680,588	$	20,050,672	$	187,731,260
Dynamic Building & Construction ETF		62,299,799		6,364,664		68,664,463
Dynamic Energy Exploration & Production ETF		82,207,341		21,559,412		103,766,753
Dynamic Food & Beverage ETF		67,538,029		9,311,894		76,849,923
Dynamic Leisure and Entertainment ETF		65,951,386		1,568,467		67,519,853
Dynamic Media ETF		74,715,626		2,115,823		76,831,449
Dynamic Networking ETF		29,507,856		9,348,238		38,856,094
Dynamic Oil & Gas Services ETF		54,542,820		38,271,852		92,814,672
Dynamic Pharmaceuticals ETF		144,123,467		229,239,334		373,362,801
Dynamic Retail ETF		19,666,912		1,556,181		21,223,093
Dynamic Semiconductors ETF		35,527,628		2,591,320		38,118,948
Dynamic Software ETF		23,589,524		—		23,589,524

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

NOTE 6—Investment Transactions

For the fiscal year ended April 30, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:

	Purchases		Sales
Dynamic Biotechnology & Genome ETF	$	318,458,363	$	318,612,960
Dynamic Building & Construction ETF		261,309,485		260,305,017
Dynamic Energy Exploration & Production ETF		82,528,263		82,931,982
Dynamic Food & Beverage ETF		90,952,448		89,634,988
Dynamic Leisure and Entertainment ETF		241,340,155		241,173,475
Dynamic Media ETF		63,896,940		62,597,912
Dynamic Networking ETF		68,908,404		68,084,504
Dynamic Oil & Gas Services ETF		21,767,410		21,610,181
Dynamic Pharmaceuticals ETF		416,716,194		414,947,976
Dynamic Retail ETF		14,679,438		15,723,972
Dynamic Semiconductors ETF		236,735,800		239,450,073
Dynamic Software ETF		439,211,267		432,012,551

For the fiscal year ended April 30, 2019,in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
Dynamic Biotechnology & Genome ETF	$	182,392,891	$	182,043,811
Dynamic Building & Construction ETF		124,801,106		278,934,134
Dynamic Energy Exploration & Production ETF		101,139,143		85,635,508
Dynamic Food & Beverage ETF		40,945,289		51,232,111
Dynamic Leisure and Entertainment ETF		150,625,517		194,491,833
Dynamic Media ETF		84,253,360		53,985,840
Dynamic Networking ETF		66,215,799		40,307,490
Dynamic Oil & Gas Services ETF		12,408,204		24,158,914
Dynamic Pharmaceuticals ETF		148,529,562		273,426,963
Dynamic Retail ETF		9,733,917		12,525,643
Dynamic Semiconductors ETF		157,733,109		306,260,453
Dynamic Software ETF		547,782,797		350,345,818

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Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At April 30, 2019, 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 reportingperiod-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Dynamic Biotechnology & Genome ETF	$	25,404,336	$	(23,685,893	)	$	1,718,443		$	253,901,469
Dynamic Building & Construction ETF		12,204,307		(3,062,401	)		9,141,906			109,719,898
Dynamic Energy Exploration & Production ETF		1,949,333		(12,404,925	)		(10,455,592	)		50,770,125
Dynamic Food & Beverage ETF		8,388,561		(1,990,324	)		6,398,237			69,988,628
Dynamic Leisure and Entertainment ETF		4,686,160		(1,604,386	)		3,081,774			65,596,812
Dynamic Media ETF		7,791,727		(2,296,293	)		5,495,434			84,146,652
Dynamic Networking ETF		16,041,542		(404,778	)		15,636,764			87,268,777
Dynamic Oil & Gas Services ETF		343,993		(7,488,564	)		(7,144,571	)		25,742,136
Dynamic Pharmaceuticals ETF		48,922,684		(40,082,414	)		8,840,270			408,743,037
Dynamic Retail ETF		1,045,887		(402,881	)		643,006			7,287,933
Dynamic Semiconductors ETF		31,318,625		(3,538,296	)		27,780,329			172,936,267
Dynamic Software ETF		63,060,888		(5,545,533	)		57,515,355			394,255,028

NOTE 7—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment ofin-kind transactions and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2019, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Dynamic Biotechnology & Genome ETF	$	646,075		$	(20,963,146	)	$	20,317,071
Dynamic Building & Construction ETF		—			(9,286,559	)		9,286,559
Dynamic Energy Exploration & Production ETF		16,050			(3,384,964	)		3,368,914
Dynamic Food & Beverage ETF		—			(5,515,845	)		5,515,845
Dynamic Leisure and Entertainment ETF		209			(11,399,923	)		11,399,714
Dynamic Media ETF		51,037			(495,722	)		444,685
Dynamic Networking ETF		—			(5,519,052	)		5,519,052
Dynamic Oil & Gas Services ETF		(119,234	)		34,799,810			(34,680,576	)
Dynamic Pharmaceuticals ETF		—			(54,685,553	)		54,685,553
Dynamic Retail ETF		—			667,434			(667,434	)
Dynamic Semiconductors ETF		—			(42,298,746	)		42,298,746
Dynamic Software ETF		729,822			(34,648,245	)		33,918,423

NOTE 8—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The 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 his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted,

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generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Retail ETF, Invesco Dynamic Semiconductors ETF and Invesco Dynamic Software ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Retail ETF, Invesco Dynamic Semiconductors ETF and Invesco Dynamic Software ETF (twelve of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2019, the related statements of operations for the year ended April 30, 2019, the statements of changes in net assets for each of the two years in the period ended April 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2019, and each of the financial highlights for each of the five years in the period ended April 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2019

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

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. 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 through thesix-month period ended April 30, 2019.

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 theSix-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco Dynamic Biotechnology & Genome ETF (PBE)
Actual		$1,000.00		$1,020.30		0.57%		$2.86
Hypothetical (5% return before expenses)		1,000.00		1,021.97		0.57		2.86
Invesco Dynamic Building & Construction ETF (PKB)
Actual		1,000.00		1,158.40		0.61		3.26
Hypothetical (5% return before expenses)		1,000.00		1,021.77		0.61		3.06
Invesco Dynamic Energy Exploration & Production ETF (PXE)
Actual		1,000.00		852.10		0.63		2.89
Hypothetical (5% return before expenses)		1,000.00		1,021.67		0.63		3.16
Invesco Dynamic Food & Beverage ETF (PBJ)
Actual		1,000.00		1,065.70		0.63		3.23
Hypothetical (5% return before expenses)		1,000.00		1,021.67		0.63		3.16
Invesco Dynamic Leisure and Entertainment ETF (PEJ)
Actual		1,000.00		1,066.50		0.63		3.23
Hypothetical (5% return before expenses)		1,000.00		1,021.67		0.63		3.16
Invesco Dynamic Media ETF (PBS)
Actual		1,000.00		1,125.00		0.63		3.32
Hypothetical (5% return before expenses)		1,000.00		1,021.67		0.63		3.16

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Calculating your ongoing Fund expenses(continued)

	Beginning Account Value November 1, 2018	Ending Account Value April 30, 2019	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period(1)
Invesco Dynamic Networking ETF (PXQ)
Actual	$1,000.00	$1,223.60	0.63%	$3.47
Hypothetical (5% return before expenses)	1,000.00	1,021.67	0.63	3.16
Invesco Dynamic Oil & Gas Services ETF (PXJ)
Actual	1,000.00	806.30	0.63	2.82
Hypothetical (5% return before expenses)	1,000.00	1,021.67	0.63	3.16
Invesco Dynamic Pharmaceuticals ETF (PJP)
Actual	1,000.00	951.40	0.55	2.66
Hypothetical (5% return before expenses)	1,000.00	1,022.07	0.55	2.76
Invesco Dynamic Retail ETF (PMR)
Actual	1,000.00	1,013.80	0.63	3.15
Hypothetical (5% return before expenses)	1,000.00	1,021.67	0.63	3.16
Invesco Dynamic Semiconductors ETF (PSI)
Actual	1,000.00	1,246.40	0.59	3.29
Hypothetical (5% return before expenses)	1,000.00	1,021.87	0.59	2.96
Invesco Dynamic Software ETF (PSJ)
Actual	1,000.00	1,263.60	0.57	3.20
Hypothetical (5% return before expenses)	1,000.00	1,021.97	0.57	2.86

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended April 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recentsix-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2019:

	Qualified Dividend Income*			Dividends-Received Deduction*
Invesco Dynamic Biotechnology & Genome ETF		0	%		0	%
Invesco Dynamic Building & Construction ETF		100	%		100	%
Invesco Dynamic Energy Exploration & Production ETF		100	%		100	%
Invesco Dynamic Food & Beverage ETF		100	%		100	%
Invesco Dynamic Leisure and Entertainment ETF		100	%		100	%
Invesco Dynamic Media ETF		100	%		100	%
Invesco Dynamic Networking ETF		84	%		78	%
Invesco Dynamic Oil & Gas Services ETF		100	%		94	%
Invesco Dynamic Pharmaceuticals ETF		100	%		100	%
Invesco Dynamic Retail ETF		100	%		100	%
Invesco Dynamic Semiconductors ETF		100	%		100	%
Invesco Dynamic Software ETF		0	%		0	%

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

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Trustees and Officers

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

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	241	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007), and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	241	None.
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club For Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	241	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

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

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

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Trustees and Officers(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	241	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	241	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (advisory services to the financial sector) (2010-Present); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	241	Director, Penfield Children’s Center (2004-present); Board Chairman, Gracebridge Alliance, Inc. (2015-present).

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

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

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Trustees and Officers(continued)

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

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008–Present), Invesco North American Holdings, Inc.; Executive Vice President (2008–Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012–Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014–Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008–2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2018); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	241	None

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

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

72

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

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

73

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

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

74

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Manager, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

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

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

75

Board Considerations Regarding Continuation of Investment Advisory Agreement

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 53 series (each, a “Fund” and collectively, the “Funds”):

Invesco Aerospace & Defense ETF

Invesco BRIC ETF

Invesco BuyBack Achievers^TM ETF

Invesco Cleantech^TM ETF

Invesco Dividend Achievers^TM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA NASDAQ Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Retail ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend Achievers^TM ETF

Invesco Insider Sentiment ETF

Invesco International Dividend Achievers^TM ETF

Invesco Russell 2000 Pure Growth ETF

Invesco Russell 2000 Pure Value ETF

Invesco Russell Midcap Equal Weight ETF

Invesco Russell Midcap Pure Growth ETF

Invesco Russell Midcap Pure Value ETF

Invesco Russell Top 200 Equal Weight ETF

Invesco Russell Top 200 Pure Growth ETF

Invesco Russell Top 200 Pure Value ETF

Invesco S&P 500^® Quality ETF

Invesco S&PSpin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco ZacksMid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for theday-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for theone-year, three-year, five-year,ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase

76

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

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

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees also compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”),open-end(non-ETF) index funds andopen-end(non-ETF) actively-managed funds, as applicable. The Trustees noted that the annual contractual advisory fee charged to each Fund is:

● 0.50% of the Fund’s average daily net assets for each Fund other than Invesco Dividend Achievers^TM ETF, Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco High Yield Equity Dividend Achievers^TM ETF, Invesco International Dividend Achievers^TM ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Equal Weight ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Equal Weight ETF, Invesco Russell Top 200 Pure Growth ETF, Invesco Russell Top 200 Pure Value ETF and Invesco S&P 500^® Quality ETF (The net advisory fee, after giving effect to the Expense Cap, as defined below, was-0.16% for Invesco Dynamic Retail ETF.);

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

● 0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Pure Growth ETF and Invesco Russell Top 200 Pure Value ETF;

● 0.25% of the Fund’s average daily net assets for each of Invesco Russell Midcap Equal Weight ETF and Invesco Russell Top 200 Equal Weight ETF (The net advisory fee, after giving effect to the Expense Cap, as defined below, was-0.17% for Invesco Russell Midcap Equal Weight ETF.); and

● 0.15% of the Fund’s average daily net assets for Invesco S&P 500^® Quality ETF (The Trustees noted that, prior to September 24, 2018, the Fund’s advisory fee was 0.29%.).

The Trustees also noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2021, as set forth below:

● 0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco DWA NASDAQ Momentum ETF and Invesco Dynamic Market ETF;

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

● 0.50%, excluding interest expenses,sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US

77

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

1500Small-Mid ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Pure Growth ETF and Invesco Russell Top 200 Pure Value ETF;

● 0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco Russell Midcap Equal Weight ETF and Invesco Russell Top 200 Equal Weight ETF;

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

● 0.60%, excluding interest expenses,sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each other Fund.

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it providessub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to thesub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF andopen-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower thanOpen-End Active Fund Median
Invesco Aerospace & Defense ETF			X
Invesco BRIC ETF			X
Invesco Buyback AchieversTM ETF			X
Invesco CleantechTM ETF			X
Invesco Dividend AchieversTM ETF			X
Invesco DWA Basic Materials Momentum ETF			X
Invesco DWA Consumer Cyclicals Momentum ETF			X
Invesco DWA Consumer Staples Momentum ETF			X
Invesco DWA Energy Momentum ETF			X
Invesco DWA Financial Momentum ETF			X
Invesco DWA Healthcare Momentum ETF			X
Invesco DWA Industrials Momentum ETF			X
Invesco DWA Momentum ETF	X		X
Invesco DWA NASDAQ Momentum ETF			X
Invesco DWA Technology Momentum ETF			X
Invesco DWA Utilities Momentum ETF			X
Invesco Dynamic Biotechnology & Genome ETF			X
Invesco Dynamic Building & Construction ETF			X
Invesco Dynamic Energy Exploration & Production ETF			X
Invesco Dynamic Food & Beverage ETF			X
Invesco Dynamic Large Cap Growth ETF			X
Invesco Dynamic Large Cap Value ETF			X
Invesco Dynamic Leisure and Entertainment ETF			X
Invesco Dynamic Market ETF			X
Invesco Dynamic Media ETF			X
Invesco Dynamic Networking ETF			X

78

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median*	Equal to/Lower thanOpen-End Active Fund Median
Invesco Dynamic Oil & Gas Services ETF		N/A	X
Invesco Dynamic Pharmaceuticals ETF			X
Invesco Dynamic Retail ETF			X
Invesco Dynamic Semiconductors ETF			X
Invesco Dynamic Software ETF			X
Invesco Financial Preferred ETF		N/A	X
Invesco FTSE RAFI US 1000 ETF			X
Invesco FTSE RAFI US 1500Small-Mid ETF			X
Invesco Global Listed Private Equity ETF		N/A	X
Invesco Golden Dragon China ETF	X	N/A	X
Invesco High Yield Equity Dividend AchieversTM ETF			X
Invesco Insider Sentiment ETF			X
Invesco International Dividend AchieversTM ETF	X		X
Invesco Russell 2000 Pure Growth ETF		X	X
Invesco Russell 2000 Pure Value ETF		X	X
Invesco Russell Midcap Equal Weight ETF			X
Invesco Russell Midcap Pure Growth ETF	X		X
Invesco Russell Midcap Pure Value ETF	X		X
Invesco Russell Top 200 Equal Weight ETF	X		X
Invesco Russell Top 200 Pure Growth ETF			X
Invesco Russell Top 200 Pure Value ETF			X
Invesco S&P 500® Quality ETF	X		X
Invesco S&PSpin-Off			X
Invesco Water Resources ETF			X
Invesco WilderHill Clean Energy ETF			X
Invesco ZacksMid-Cap ETF			X
Invesco Zacks Multi-Asset Income ETF			X

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

The Trustees determined that the contractual advisory fees were reasonable, noting the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF andopen-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower thanOpen-End Index Fund Median*	Equal to/Lower thanOpen-End Active Fund Median
Invesco Aerospace & Defense ETF			X
Invesco BRIC ETF			X
Invesco Buyback AchieversTM ETF			X
Invesco CleantechTM ETF			X
Invesco Dividend AchieversTM ETF		X	X
Invesco DWA Basic Materials Momentum ETF			X

79

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower thanOpen-End Index Fund Median*	Equal to/Lower thanOpen-End Active Fund Median
Invesco DWA Consumer Cyclicals Momentum ETF			X
Invesco DWA Consumer Staples Momentum ETF			X
Invesco DWA Energy Momentum ETF			X
Invesco DWA Financial Momentum ETF			X
Invesco DWA Healthcare Momentum ETF			X
Invesco DWA Industrials Momentum ETF			X
Invesco DWA Momentum ETF		X	X
Invesco DWA NASDAQ Momentum ETF			X
Invesco DWA Technology Momentum ETF			X
Invesco DWA Utilities Momentum ETF			X
Invesco Dynamic Biotechnology & Genome ETF			X
Invesco Dynamic Building & Construction ETF			X
Invesco Dynamic Energy Exploration & Production ETF			X
Invesco Dynamic Food & Beverage ETF			X
Invesco Dynamic Large Cap Growth ETF			X
Invesco Dynamic Large Cap Value ETF			X
Invesco Dynamic Leisure and Entertainment ETF			X
Invesco Dynamic Market ETF			X
Invesco Dynamic Media ETF			X
Invesco Dynamic Networking ETF			X
Invesco Dynamic Oil & Gas Services ETF		N/A	X
Invesco Dynamic Pharmaceuticals ETF			X
Invesco Dynamic Retail ETF			X
Invesco Dynamic Semiconductors ETF			X
Invesco Dynamic Software ETF			X
Invesco Financial Preferred ETF		N/A	X
Invesco FTSE RAFI US 1000 ETF			X
Invesco FTSE RAFI US 1500Small-Mid ETF			X
Invesco Global Listed Private Equity ETF		N/A	X
Invesco Golden Dragon China ETF		N/A	X
Invesco High Yield Equity Dividend AchieversTM ETF		X	X
Invesco Insider Sentiment ETF			X
Invesco International Dividend AchieversTM ETF			X
Invesco Russell 2000 Pure Growth ETF		X	X
Invesco Russell 2000 Pure Value ETF		X	X
Invesco Russell Midcap Equal Weight ETF			X
Invesco Russell Midcap Pure Growth ETF			X
Invesco Russell Midcap Pure Value ETF			X
Invesco Russell Top 200 Equal Weight ETF	X		X
Invesco Russell Top 200 Pure Growth ETF			X
Invesco Russell Top 200 Pure Value ETF			X
Invesco S&P 500® Quality ETF	X		X
Invesco S&PSpin-Off ETF			X
Invesco Water Resources ETF			X

80

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower thanOpen-End Index Fund Median*	Equal to/Lower thanOpen-End Active Fund Median
Invesco WilderHill Clean Energy ETF			X
Invesco ZacksMid-Cap ETF			X
Invesco Zacks Multi-Asset Income ETF			X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Large Cap Growth ETF and Invesco WilderHill Clean Energy ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.

The Trustees noted that a significant component of thenon-advisory fee expenses was the license fees paid by the Funds, and noted those Funds for which license fees are included in the Funds’ Expense Caps. The Trustees also noted that the Adviser has agreed to reimburse certain Funds in the amount equal to the licensing fee paid that causes that Fund’s annual operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed a percentage of that Fund’s average daily net assets through April 6, 2020 (May 18, 2020 for Invesco BRIC ETF) as set forth below:

Invesco BRIC ETF	0.64	%
Invesco Insider Sentiment ETF	0.60	%
Invesco S&PSpin-Off ETF	0.64	%
Invesco ZacksMid-Cap ETF	0.65	%
Invesco Zacks Multi-Asset Income ETF	0.65	%

The Board concluded that the advisory fee and expense ratio of each Fund (giving effect to the Fund’s Expense Cap) were reasonable and appropriate in light of the services provided.

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

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

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

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

81

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 atwww.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’sForm N-PX on the Commission’s website atwww.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 onForm N-Q (or any successor Form). The Trust’sForms N-Q (or any successor Form) are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.

©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-AR-7 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2019

PYZ	Invesco DWA Basic Materials Momentum ETF
PEZ	Invesco DWA Consumer Cyclicals Momentum ETF
PSL	Invesco DWA Consumer Staples Momentum ETF
PXI	Invesco DWA Energy Momentum ETF
PFI	Invesco DWA Financial Momentum ETF
PTH	Invesco DWA Healthcare Momentum ETF
PRN	Invesco DWA Industrials Momentum ETF
PTF	Invesco DWA Technology Momentum ETF
PUI	Invesco DWA Utilities Momentum ETF
PNQI	Invesco NASDAQ Internet ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Sector Portfolios
Schedules of Investments
Invesco DWA Basic Materials Momentum ETF (PYZ)	33
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)	35
Invesco DWA Consumer Staples Momentum ETF (PSL)	37
Invesco DWA Energy Momentum ETF (PXI)	38
Invesco DWA Financial Momentum ETF (PFI)	39
Invesco DWA Healthcare Momentum ETF (PTH)	41
Invesco DWA Industrials Momentum ETF (PRN)	42
Invesco DWA Technology Momentum ETF (PTF)	44
Invesco DWA Utilities Momentum ETF (PUI)	45
Invesco NASDAQ Internet ETF (PNQI)	46
Statements of Assets and Liabilities	48
Statements of Operations	50
Statements of Changes in Net Assets	52
Financial Highlights	56
Notes to Financial Statements	63
Report of Independent Registered Public Accounting Firm	73
Fund Expenses	74
Tax Information	76
Trustees and Officers	77
Board Considerations Regarding Continuation of Investment Advisory Agreement	83

2

The Market Environment

Domestic Equity

The fiscal year proved to be an increasingly volatile time for U.S. equities. Throughout the summer, U.S. equities moved higher as corporate profits surged amid the benefit of corporate tax cuts and improving global economic growth. Several U.S. equity indexes reached new highs despite potential headwinds, including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. After a relatively quiet summer, market volatility noticeably rose in October 2018, as U.S. equity markets suffered a sharpsell-off throughyear-end 2018, amid ongoing trade concerns between the U.S. and China, fears of a global economic slowdown and lower oil prices from a supply glut, with oil prices plummeting from near $75 per barrel in early October 2018 to around $45 per barrel in late December 2018.¹ In this environment, there was a flight to safety, as investors fled to defensive areas of the markets, such as health care, utilities and U.S. Treasuries.

Given signs of a strong economy, the U.S. Federal Reserve (the “Fed”) raised interest rates three times during the fiscal year: in June, September and December 2018. Following December’s Fed meeting, the Fed raised interest rates by 25 basis points to a targeted range of 2.25% to 2.50%, which signaled a slightly more dovish stance than expected.² In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.

Equity markets rebounded at the start of 2019, fueled by optimism about a potential U.S.-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as U.S. economic data were mixed and overseas growth appeared to be slowing. By the end of the fiscal year, the U.S. equity market generally recovered the losses from fourth quarter 2018, backed by improving investor sentiment, low unemployment and a growing economy.

¹  Source: Bloomberg

²  Source: U.S. Federal Reserve

Global Equity

The fiscal year began with significant market and currency volatility. While most domestic equity indexes delivered positive performance at the beginning of the fiscal year, most major international indexes had negative results. Many international stocks struggled as investors worried that heightened global trade tensions would derail economic growth. Other concerns, such as geopolitical uncertainty and the potential impact of higher interest rates, also weakened investor sentiment. In this environment, developed markets held up better than emerging markets. After a relatively quiet summer, market volatility markedly rose again in October 2018. Global equity markets (particularly the U.S.) declined sharply in the fourth quarter of 2018 amid rising interest rates and concerns that higher inflation could result in a more restrictive monetary policy. Investors also had concerns over the Brexit negotiations, ongoing U.S.-China trade tensions, declining oil prices and fears of slowing economic growth, particularly in the eurozone.

Following the sharpsell-off in the later part of 2018, global equities rebounded in the beginning of 2019, fueled by accommodative central bank policy and the potential for a U.S.-China trade deal. Central bank policy provided a supportive environment for equities and fixed income, even as global economic growth appeared to be slowing. In January, China’s central bank initiated a stimulus program to counteract its slowing economy, while the European Central Bank and U.S. Federal Reserve later indicated they would not raise interest rates for the remainder of 2019. Lack of consensus on a deal for the U.K.’s withdrawal from the European Union prompted additional concerns for the U.K. and eurozone economies, though equity markets across the region posted gains. U.S. and Chinese equities also delivered robust gains. Both emerging and developed markets had positive returns for the first quarter of 2019.

Despite concerns over a decline in global growth for 2019¹, global equity indexes, in general, ended the fiscal year in positive territory, with developed markets outperforming emerging markets.

¹  Source: International Monetary Fund World

3

PYZ	Manager’s Analysis
	Invesco DWA Basic Materials Momentum ETF (PYZ)

As an index fund, the Invesco DWA Basic Materials Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Basic Materials Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of companies that comprise the Index. The Index is composed of at least 30 securities of companies in the basic materials sector that have powerful relative strength or “momentum” characteristics. Dorsey, Wright & Associates, LLC (the “Index Provider”) selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

Strictly in accordance with its guidelines and mandated procedures, the Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the basic materials sector for inclusion in the Index. Companies in the basic materials sector are principally engaged in the business of producing raw materials, including paper or wood products, chemicals, construction materials, and mining and metals.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned (8.46)%. On a net asset value (“NAV”) basis, the Fund returned (8.36)%. During the same time period, the Index returned (7.80)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the

Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as trading costs around the rebalances during the period.

During this same time period, the S&P 500® Materials Index (the “Benchmark Index”) returned 3.04%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 25 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the materials sector.

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

Relative to the Benchmark Index, the Fund was most overweight in the specialty chemicals and steelsub-industries and most underweight in the diversified chemicals and industrial gasessub-industries during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight in the steelsub-industry.

For the fiscal year ended April 30, 2019, the specialty chemicalssub-industry contributed most significantly to the Fund’s return, followed by the industrial gases and diversified metals & miningsub-industries, respectively. The diversified chemicalssub-industry detracted most significantly from the Fund’s return, followed by the steelsub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Ingevity Corp., a specialty chemicals company (portfolio average weight of 2.65%), and Air Products and Chemicals, Inc., an industrial gases company (portfolio average weight of 3.59%). Positions that detracted most significantly from the Fund’s return during this period included Chemours Co. (The), a diversified chemicals company (portfolio average weight of 2.62%) and United States Steel Corp., a steel company (no longer held at fiscalyear-end).

4

Invesco DWA Basic Materials Momentum ETF (PYZ)(continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Specialty Chemicals	42.0
Steel	10.3
Commodity Chemicals	8.6
Fertilizers & Agricultural Chemicals	8.4
Diversified Chemicals	6.7
Paper Products	5.6
Industrial Gases	4.6
Paper Packaging	4.0
Gold	3.5
Sub-Industry Types Each Less Than 3%	6.3
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Ashland Global Holdings, Inc.	4.7
Air Products and Chemicals, Inc.	4.6
FMC Corp.	4.5
Ecolab, Inc.	4.1
Avery Dennison Corp.	4.0
Celanese Corp., Series A	3.8
LyondellBassell Industries N.V., Class A	3.8
PPG Industries, Inc.	3.0
International Flavors & Fragrances, Inc.	2.9
Quaker Chemical Corp.	2.8
Total	38.2

* Excluding money market fund holdings.

5

Invesco DWA Basic Materials Momentum ETF (PYZ)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Basic Materials Technical LeadersTM Index		(7.80	)%		5.25	%		16.61	%		4.65	%		25.52	%		13.86	%		266.26	%		9.32	%		205.83	%
S&P 500® Materials Index		3.04			9.02			29.58			5.88			33.06			11.21			189.45			7.09			136.30
Fund
NAV Return		(8.36	)		4.56			14.31			3.96			21.45			13.06			241.15			8.45			176.86
Market Price Return		(8.46	)		4.54			14.23			3.97			21.47			13.05			240.93			8.45			176.93

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.76% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Basic Materials Technical Leaders Index performance is comprised of the performance of the Dynamic Basic Materials Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

6

PEZ	Manager’s Analysis
	Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

As an index fund, the Invesco DWA Consumer Cyclicals Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Consumer Cyclicals Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of companies that comprise the Index. The Index is composed of at least 30 securities of companies in the consumer discretionary (or cyclicals) sector that have powerful relative strength or “momentum” characteristics. Dorsey, Wright & Associates, LLC (the “Index Provider”) selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

Strictly in accordance with its guidelines and mandated procedures, the Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the consumer discretionary sector for inclusion in the Index. Companies in the consumer discretionary sector are principally engaged in the businesses of providing consumer goods and services that are cyclical in nature, including retail, automotive, leisure and recreation, media and home construction and furnishing.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 13.03%. On a net asset value (“NAV”) basis, the Fund returned 13.15%. During the same time period, the Index returned 13.76%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s

performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500® Consumer Discretionary Index (the “Benchmark Index”) returned 16.89%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 80 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the consumer discretionary sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track the Index, which employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-,mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large-capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the leisure facilitiessub-industry and most underweight in the internet & direct marketing retailsub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being underweight in the internet & direct marketing retailsub-industry.

For the fiscal year ended April 30, 2019, the application softwaresub-industry contributed most significantly to the Fund’s return followed by the movies & entertainment software and footwearsub-industries, respectively. The computers & electronics retailsub-industry detracted most significantly from the Fund’s return, followed by the home entertainment software and leisure productssub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Trade Desk, Inc., (The) Class A, an application software company (portfolio average weight of 3.36%) and World Wrestling Entertainment, Inc., Class A, a movies & entertainment company (portfolio average weight of 3.37%). Positions that detracted most significantly from the Fund’s return during this period included Stitch Fix, Inc., Class A, an internet & direct marketing retail company (no longer held at fiscalyear-end) and Conn’s, Inc. a computer & electronics retail company (no longer held at fiscalyear-end).

7

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)(continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Movies & Entertainment	10.8
Automotive Retail	10.3
Internet & Direct Marketing Retail	7.7
Specialty Stores	6.7
Footwear	6.5
Restaurants	6.4
Homefurnishing Retail	5.7
Home Improvement Retail	5.5
Cable & Satellite	4.9
Broadcasting	4.2
Casinos & Gaming	4.1
Application Software	4.0
Leisure Facilities	3.9
Interactive Media & Services	3.5
Sub-Industry Types Each Less Than 3%	15.8
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Carvana Co.	4.7
Trade Desk, Inc. (The), Class A	4.0
Five Below, Inc.	3.9
O’Reilly Automotive, Inc.	3.9
Planet Fitness, Inc., Class A	3.9
IAC/InterActiveCorp.	3.5
Etsy, Inc.	3.5
NIKE, Inc., Class B	3.5
Live Nation Entertainment, Inc.	3.3
Netflix, Inc.	3.2
Total	37.4

* Excluding money market fund holdings.

8

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Consumer Cyclicals Technical LeadersTM Index		13.76	%		11.54	%		38.78	%		8.51	%		50.40	%		14.17	%		276.19	%		7.92	%		160.19	%
S&P 500® Consumer Discretionary Index		16.89			16.49			58.09			15.17			102.59			19.72			504.66			11.66			299.34
Fund
NAV Return		13.15			11.00			36.76			7.90			46.26			13.44			252.81			7.29			141.86
Market Price Return		13.03			11.01			36.82			7.93			46.48			13.44			252.86			7.29			141.99

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.90% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Consumer Cyclicals Technical Leaders Index performance is comprised of the performance of the Dynamic Consumer Discretionary Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

9

PSL	Manager’s Analysis
	Invesco DWA Consumer Staples Momentum ETF (PSL)

As an index fund, the Invesco DWA Consumer Staples Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Consumer Staples Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of companies that comprise the Index. The Index is composed of at least 30 securities of companies in the consumer staples sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright & Associates, LLC (the “Index Provider”) selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

Strictly in accordance with its guidelines and mandated procedures, the Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the consumer staples sector for inclusion in the Index. Companies in the consumer staples sector are principally engaged in the businesses of providing consumer goods and services that havenon-cyclical characteristics, including tobacco, textiles, food and beverages, andnon-discretionary retail goods and services.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 8.12%. On a net asset value (“NAV”) basis, the Fund returned 8.50%. During the same time period, the Index returned 9.14%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance,

on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Consumer Staples Index (the “Benchmark Index”) returned 18.38%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 33 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the consumer staples sector.

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

Relative to the Benchmark Index, the Fund was most overweight in the education servicessub-industry and most underweight in the soft drinkssub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being underweight in the household products and the soft drinks sub-industries.

For the fiscal year ended April 30, 2019, the household productssub-industry contributed most significantly to the Fund’s return, followed by the package foods & meats and education servicessub-industries, respectively. The food retailsub-industry detracted most significantly from the Fund’s return, followed by the distillers & vintners and the household appliancessub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Church & Dwight Co., Inc., a household products company (portfolio average weight of 5.34%) and Chegg, Inc., an education services company (portfolio average weight of 4.25%). Positions that detracted most significantly from the Fund’s return during this period included Weight Watchers International, Inc., a specialized consumer services company (no longer held at fiscalyear-end) and National Beverage Corp., a soft drinks company (no longer held at fiscalyear-end).

10

Invesco DWA Consumer Staples Momentum ETF (PSL)(continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Packaged Foods & Meats	24.2
Education Services	15.6
Household Products	12.9
Personal Products	9.5
Food Distributors	6.9
Specialized Consumer Services	5.7
Environmental & Facilities Services	4.9
Soft Drinks	4.6
Trading Companies & Distributors	3.6
Industrial Machinery	3.2
Sub-Industry Types Each Less Than 3%	8.9
Money Market Funds Plus Other Assets Less Liabilities	(0.0)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Church & Dwight Co., Inc.	5.3
Rollins, Inc.	4.9
McCormick & Co, Inc.	4.6
Estee Lauder Cos., Inc. (The), Class A	4.3
Chegg, Inc.	4.3
United Rentals, Inc.	3.6
Herbalife Nutrition Ltd.	3.5
Sanderson Farms, Inc.	3.5
Post Holdings, Inc.	3.4
Service Corp. International	3.2
Total	40.6

* Excluding money market fund holdings.

11

Invesco DWA Consumer Staples Momentum ETF (PSL) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Consumer Staples Technical LeadersTM Index		9.14	%		10.87	%		36.28	%		12.91	%		83.50	%		15.65	%		328.20	%		11.05	%		272.55	%
S&P 500® Consumer Staples Index		18.38			6.48			20.72			8.50			50.37			13.39			251.50			9.85			224.99
Fund
NAV Return		8.50			10.18			33.77			12.21			77.91			14.90			301.09			10.32			242.93
Market Price Return		8.12			10.17			33.73			12.21			77.91			14.91			301.40			10.31			242.76

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.79% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Consumer Staples Technical Leaders Index performance is comprised of the performance of the Dynamic Consumer Staples Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

12

PXI	Manager’s Analysis
	Invesco DWA Energy Momentum ETF (PXI)

As an index fund, the Invesco DWA Energy Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Energy Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of companies that comprise the Index. The Index is composed of at least 30 securities of companies in the energy sector that have powerful relative strength or “momentum” characteristics. Dorsey, Wright & Associates, LLC (the “Index Provider”) selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

Strictly in accordance with its guidelines and mandated procedures, the Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the energy sector for inclusion in the Index. Companies in the energy sector are principally engaged in the business of producing, distributing or servicing energy-related products, including oil and gas exploration and production, refining, oil services, pipeline, and solar, wind and othernon-oil based energy.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned (23.74)%. On a net asset value (“NAV”) basis, the Fund returned (23.63)%. During the same time period, the Index returned (23.11)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the

Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500® Energy Index (the “Benchmark Index”) returned (7.29%). The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 29 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the energy sector.

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

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas exploration & productionsub-industry and most underweight in the integrated oil & gassub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight in the oil & gas exploration & productionsub-industry.

For the fiscal year ended April 30, 2019, the steelsub-industry contributed most significantly to the Fund’s return, followed by the oil & gas storage & transportationsub-industry. The oil & gas exploration & productionsub-industry detracted most significantly from the Fund’s return, followed by the oil & gas equipment & servicessub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Hess Corp., an oil & gas exploration & production company (portfolio average weight of 0.78%) and CVR Energy, Inc., an oil & gas refining & marketing company (portfolio average weight of 2.45%). Positions that detracted most significantly from the Fund’s return during this period included Denbury Resources Inc., an oil & gas exploration & production company (no longer held at fiscalyear-end) and California Resources Corp., an oil & gas exploration & production company (portfolio average weight of 1.44%).

13

Invesco DWA Energy Momentum ETF (PXI)(continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Oil & Gas Exploration & Production	40.8
Oil & Gas Refining & Marketing	21.1
Oil & Gas Equipment & Services	12.8
Oil & Gas Storage & Transportation	11.8
Integrated Oil & Gas	6.1
Coal & Consumable Fuels	4.5
Steel	2.9
Money Market Funds Plus Other Assets Less Liabilities	(0.0)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Pioneer Natural Resources Co.	3.6
Cheniere Energy, Inc.	3.4
Valero Energy Corp.	3.4
Phillips 66	3.2
Delek US Holdings, Inc.	3.2
Williams Cos., Inc. (The)	3.2
Diamondback Energy, Inc.	3.2
Occidental Petroleum Corp.	3.1
Marathon Petroleum Corp.	3.1
ConocoPhillips	3.0
Total	32.4

* Excluding money market fund holdings.

14

Invesco DWA Energy Momentum ETF (PXI) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Energy Technical LeadersTM Index		(23.11	)%		(4.28	)%		(12.29	)%		(10.48	)%		(42.51	)%		6.57	%		88.91	%		3.19	%		48.39	%
S&P 500® Energy Index		(7.29	)		2.09			6.40			(3.76	)		(17.42	)		5.90			77.33			3.87			60.98
Fund
NAV Return		(23.63	)		(4.78	)		(13.66	)		(11.00	)		(44.17	)		5.88			77.01			2.57			37.53
Market Price Return		(23.74	)		(4.77	)		(13.63	)		(10.99	)		(44.13	)		5.87			76.92			2.58			37.64

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.78% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Energy Technical Leaders Index performance is comprised of the performance of the Dynamic Energy Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

15

PFI	Manager’s Analysis
	Invesco DWA Financial Momentum ETF (PFI)

As an index fund, the Invesco DWA Financial Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Financials Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of companies that comprise the Index. The Index is composed of at least 30 securities of companies in the financials sector that have powerful relative strength or “momentum” characteristics. Dorsey, Wright & Associates, LLC (the “Index Provider”) selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

Strictly in accordance with its guidelines and mandated procedures, the Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the financials sector for inclusion in the Index. Companies in the financials sector are principally engaged in the business of providing financial services and products, including banking, investment services, insurance and real estate finance services.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 2.18%. On a net asset value (“NAV”) basis, the Fund returned 2.44%. During the same time period, the Index returned 3.05%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily

due to fees and operating expenses that the Fund incurred during the period, as well as trading costs around the rebalances during the period.

During this same time period, the S&P 500® Financials Index (the “Benchmark Index”) returned 4.29%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 70 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the financials sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-,mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large-capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the regional bankssub-industry and most underweight in the diversified bankssub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight the regional bankssub-industry and underweight in the investment banking & broker and diversified bankssub-industries.

For the fiscal year ended April 30, 2019, the industrial REITssub-industry contributed most significantly to the Fund’s return, followed by the data processing & outsourced services and financial exchanges & datasub-industries, respectively. The regional bankssub-industry detracted most significantly from the Fund’s return, followed by the investment banking & brokeragesub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Mastercard Inc., Class A, a data processing & outsourced services company (portfolio average weight of 6.37%) and LendingTree Inc., a thrifts & mortgage finance company (portfolio average weight of 1.33%). Positions that detracted most significantly from the Fund’s return during this period included SVB Financial Group, a regional banks company (no longer held at fiscalyear-end) and Western Alliance Bancorp, Inc. a regional banks company (no longer held at fiscalyear-end).

16

Invesco DWA Financial Momentum ETF (PFI) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financial Exchanges & Data	19.5
Specialized REITs	15.0
Property & Casualty Insurance	8.1
Industrial REITs	8.0
Data Processing & Outsourced Services	7.7
Regional Banks	7.0
Consumer Finance	6.0
Thrifts & Mortgage Finance	4.4
Life & Health Insurance	4.1
Insurance Brokers	4.1
Investment Banking & Brokerage	4.0
Sub-Industry Types Each Less Than 3%	12.2
Money Market Funds Plus Other Assets Less Liabilities	(0.1)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
MarketAxess Holdings, Inc.	5.2
Mastercard, Inc., Class A	5.1
American Tower Corp.	5.1
Crown Castle International Corp.	4.8
Extra Space Storage, Inc.	3.0
JPMorgan Chase & Co.	2.7
Moody’s Corp.	2.7
MSCI, Inc.	2.7
LendingTree, Inc.	2.6
Visa, Inc., Class A	2.6
Total	36.5

* Excluding money market fund holdings.

17

Invesco DWA Financial Momentum ETF (PFI)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Financials Technical LeadersTM Index		3.05	%		8.77	%		28.67	%		7.15	%		41.25	%		11.66	%		201.27	%		4.91	%		82.54	%
S&P 500® Financials Index		4.29			16.30			57.29			11.63			73.38			14.37			283.08			1.93			27.17
Fund
NAV Return		2.44			8.06			26.17			6.45			36.71			10.83			179.54			4.14			66.35
Market Price Return		2.18			8.01			26.02			6.46			36.74			10.84			179.86			4.13			66.27

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.75% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Financials Technical Leaders Index performance is comprised of the performance of the Dynamic Financial Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

18

PTH	Manager’s Analysis
	Invesco DWA Healthcare Momentum ETF (PTH)

As an index fund, the Invesco DWA Healthcare Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Healthcare Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of companies that comprise the Index. The Index is composed of at least 30 securities of companies in the health care sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright & Associates, LLC (the “Index Provider”) selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

Strictly in accordance with its guidelines and mandated procedures, the Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the health care sector for inclusion in the Index. Companies in the health care sector are principally engaged in the business of providing health care-related products and services, including biotechnology, pharmaceuticals, medical technology and supplies, and facilities.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned (0.15)%. On a net asset value (“NAV”) basis, the Fund returned 0.18%. During the same time period, the Index returned 0.76%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance,

on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500® Health Care Index (the “Benchmark Index”) returned 10.52%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 60 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the health care sector.

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

Relative to the Benchmark Index, the Fund was most overweight in the biotechnologysub-industry and most underweight in the pharmaceuticalssub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being underweight in the pharmaceuticalssub-industry and the security selection in the health care equipmentsub-industry.

For the fiscal year ended April 30, 2019, the health care services sub-industry contributed most significantly to the Fund’s return, followed by the life sciences tools & services and health care equipmentsub-industries, respectively. The pharmaceuticalssub-industry detracted most significantly from the Fund’s return, followed by the managed health caresub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Exact Sciences Corp., a biotechnology company (portfolio average weight of 5.17%) and Endocyte, Inc., a pharmaceuticals company no longer held at fiscal year-end. Positions that detracted most significantly from the Fund’s return during this period included Nektar Therapeutics, Inc., a pharmaceuticals company (no longer held at fiscalyear-end) and Vikings Therapeutics, Inc., a biotechnology company (no longer held at fiscalyear-end).

19

Invesco DWA Healthcare Momentum ETF (PTH) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Health Care Equipment	26.8
Biotechnology	22.8
Health Care Supplies	11.1
Health Care Services	10.8
Life Sciences Tools & Services	8.7
Pharmaceuticals	6.9
Managed Health Care	4.9
Health Care Technology	4.6
Sub-Industry Types Each Less Than 3%	3.4
Money Market Funds Plus Other Assets Less Liabilities	(0.0)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Exact Sciences Corp.	6.4
Align Technology, Inc.	5.2
Mirati Therapeutics, Inc.	5.0
Amedisys, Inc.	4.4
Axsome Therapeutics, Inc.	3.4
Thermo Fisher Scientific, Inc.	3.4
Teladoc Health, Inc.	3.3
Masimo Corp.	3.2
West Pharmaceutical Services, Inc.	2.9
UnitedHealth Group, Inc.	2.8
Total	40.0

* Excluding money market fund holdings.

20

Invesco DWA Healthcare Momentum ETF (PTH)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Healthcare Technical LeadersTM Index		0.76	%		21.34	%		78.65	%		12.12	%		77.20	%		16.86	%		374.82	%		10.39	%		245.78	%
S&P 500® Health Care Index		10.52			10.51			34.95			10.81			67.03			16.12			345.90			10.26			240.85
Fund
NAV Return		0.18			20.63			75.56			11.40			71.57			16.04			342.76			9.62			216.71
Market Price Return		(0.15	)		20.61			75.46			11.37			71.35			16.05			342.93			9.61			216.30

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.73% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Healthcare Technical Leaders Index performance is comprised of the performance of the Dynamic Healthcare Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

21

PRN	Manager’s Analysis
	Invesco DWA Industrials Momentum ETF (PRN)

As an index fund, the Invesco DWA Industrials Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Industrials Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of companies that comprise the Index. The Index is composed of at least 30 securities of companies in the industrials sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright & Associates, LLC (the “Index Provider”) selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

Strictly in accordance with its guidelines and mandated procedures, the Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the industrials sector for inclusion in the Index. Companies in the industrials sector are principally engaged in the business of providing industrial products and services, including engineering, heavy machinery, construction, electrical equipment, aerospace and defense and general manufacturing products and services.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 10.19%. On a net asset value (“NAV”) basis, the Fund returned 10.28%. During the same time period, the Index returned 10.98%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s

performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Industrials Index (the “Benchmark Index”) returned 10.56%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 70 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the industrials sector.

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

Relative to the Benchmark Index, the Fund was most overweight in the data processing & outsourced servicessub-industry and most underweight in the industrial conglomeratessub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed the Fund being overweight in the railroadssub-industry as well as stock selection in the industrial machinerysub-industry.

For the fiscal year ended April 30, 2019, the data processing & outsourced servicessub-industry contributed most significantly to the Fund’s return, followed by the railroads and electrical component & equipment sub-industries, respectively. The trucking sub-industry detracted most significantly from the Fund’s return, followed by the electronic equipment & instruments and the commodity chemicalssub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included TransDigm Group, Inc., an aerospace & defense company (portfolio average weight of 3.61%) and Fair Isaac Corp., an application software company (portfolio average weight of 2.77%). Positions that detracted most significantly from the Fund’s return during this period included John Bean Technologies Corp., an industrial machinery company (no longer held at fiscalyear-end) and Control4 Corp., an electronic equipment & instruments company (no longer held at fiscalyear-end).

22

Invesco DWA Industrials Momentum ETF (PRN) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Aerospace & Defense	15.9
IT Consulting & Other Services	7.6
Data Processing & Outsourced Services	7.4
Building Products	6.8
Industrial Machinery	6.6
Electrical Components & Equipment	5.9
Health Care Equipment	5.6
Specialty Chemicals	4.4
Railroads	4.2
Industrial Conglomerates	4.2
Application Software	3.6
Semiconductors	3.3
Human Resource & Employment Services	3.2
Diversified Support Services	3.0
Sub-Industry Types Each Less Than 3%	18.3
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
TransDigm Group, Inc.	4.8
Sherwin-Williams Co. (The)	4.4
AMETEK, Inc.	4.4
Union Pacific Corp.	4.2
Roper Technologies, Inc.	4.2
Gartner, Inc.	4.1
Fair Isaac Corp.	3.6
Danaher Corp.	3.6
Accenture PLC, Class A	3.5
Boeing Co. (The)	3.4
Total	40.2

* Excluding money market fund holdings.

23

Invesco DWA Industrials Momentum ETF (PRN) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year																					Average Annualized			Cumulative
Blended-Dorsey Wright® Industrials Technical LeadersTM Index		10.98	%		13.44	%		45.99	%		7.68	%		44.75	%		14.76	%		296.12	%		9.15	%		199.97	%
S&P 500® Industrials Index		10.56			12.84			43.69			9.88			60.21			15.75			331.87			8.46			177.00
Fund
NAV Return		10.28			12.71			43.17			6.98			40.09			13.83			265.36			8.28			171.53
Market Price Return		10.19			12.70			43.15			6.99			40.19			13.85			265.90			8.29			171.62

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.64% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Industrials Technical Leaders Index performance is comprised of the performance of the Dynamic Industrials Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

24

PTF	Manager’s Analysis
	Invesco DWA Technology Momentum ETF (PTF)

As an index fund, the Invesco DWA Technology Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Technology Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of companies that comprise the Index. The Index is composed of at least 30 securities of companies in the technology sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright & Associates, LLC (the “Index Provider”) selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

Strictly in accordance with its guidelines and mandated procedures, the Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the technology sector for inclusion in the Index. Companies in the technology sector are principally engaged in the business of providing technology-related products and services, including computer hardware and software, internet, electronics and semiconductors, and wireless communication technologies.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 28.01%. On a net asset value (“NAV”) basis, the Fund returned 27.90%. During the same time period, the Index returned 28.82%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s

performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs around rebalances during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500® Information Technology Index (the “Benchmark Index”) returned 22.76%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 70 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the technology sector.

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

Relative to the Benchmark Index, the Fund was most overweight in the application softwaresub-industry and most underweight in the technology hardware storage & peripheralssub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight in the application softwaresub-industry.

For the fiscal year ended April 30, 2019, the application softwaresub-industry contributed most significantly to the Fund’s return, followed by the internet services & infrastructure and semiconductor equipmentsub-industries, respectively. The semiconductorssub-industry detracted most significantly from the Fund’s return, followed by the wireless telecommunication servicessub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Twilio, Inc., Class A, an internet services & infrastructure company (portfolio average weight of 2.79%) and Veeva Systems, Inc., Class A, a health care technology company (portfolio average weight of 2.74%). Positions that detracted most significantly from the Fund’s return during this period included NIVIDIA, Inc., a semiconductors company (no longer held at fiscalyear-end) and GTT Communications, Inc., an internet services & infrastructure company (no longer held at fiscalyear-end).

25

Invesco DWA Technology Momentum ETF (PTF) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Application Software	50.4
Internet Services & Infrastructure	14.1
Data Processing & Outsourced Services	6.4
Systems Software	5.9
Semiconductors	5.7
Communications Equipment	4.2
Interactive Media & Services	3.2
Health Care Technology	3.1
Sub-Industry Types Each Less Than 3%	7.0
Money Market Funds Plus Other Assets Less Liabilities	(0.0)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Paycom Software, Inc.	6.8
RingCentral, Inc., Class A	4.8
Twilio, Inc., Class A	4.4
MongoDB, Inc.	4.2
Cadence Design Systems, Inc.	4.2
Square, Inc., Class A	4.1
Broadcom, Inc.	3.7
Alteryx, Inc., Class A	3.7
Match Group, Inc.	3.2
Adobe, Inc.	3.2
Total	42.3

* Excluding money market fund holdings.

26

Invesco DWA Technology Momentum ETF (PTF)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Technology Technical LeadersTM Index		28.82	%		26.51	%		102.46	%		18.16	%		130.33	%		16.31	%		353.27	%		9.49	%		211.96	%
S&P 500® Information Technology Index		22.76			27.47			107.12			20.05			149.39			19.40			488.86			13.07			367.30
Fund
NAV Return		27.90			25.85			99.34			17.47			123.71			15.54			323.87			8.76			186.95
Market Price Return		28.01			25.91			99.59			17.49			123.92			15.55			324.41			8.77			187.32

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.74% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Technology Technical Leaders Index performance is comprised of the performance of the Dynamic Technology Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

27

PUI	Manager’s Analysis
	Invesco DWA Utilities Momentum ETF (PUI)

As an index fund, the Invesco DWA Utilities Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Utilities Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of companies that comprise the Index. The Index is composed of at least 30 securities of companies in the utilities sector that have powerful relative strength or “momentum” characteristics. Dorsey Wright & Associates, LLC (the “Index Provider”) selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

Strictly in accordance with its guidelines and mandated procedures, the Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the utilities sector for inclusion in the Index. Companies in the utilities sector are principally engaged in providing energy, water, natural gas or telecommunications services. These companies may include companies that generate and supply electricity, including electricity wholesalers; distribute natural gas to customers; provide water to customers, as well as deal with associated wastewater; and provide land line telephone services.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 20.89%. On a net asset value (“NAV”) basis, the Fund returned 20.98%. During the same time period, the

Index returned 21.69%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Utilities Index (the “Benchmark Index”) returned 17.96%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 28 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the utilities sector.

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

Relative to the Benchmark Index, the Fund was most overweight in the gas utilitiessub-industry and most underweight in the electric utilitiessub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund being underweight and the Fund’s stock selection in the electric utilitiessub-industry, as well as the Fund being overweight in the oil & gas exploration & productionsub-industry.

For the fiscal year ended April 30, 2019, the electric utilities sub-industry contributed most significantly to the Fund’s return, followed by the multi-utilitiessub-industry. The wireless telecommunication services sub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included NRG Energy, Inc., an independent power producers & energy traders company (portfolio average weight of 3.69%) and AES Corp. (The), an independent power producers & energy traders company (portfolio average weight of 2.62%). Positions that detracted most significantly from the Fund’s return during this period included South Jersey Industries, Inc., a gas utilities company (no longer held at fiscalyear-end) and ONEOK, Inc., an oil & gas storage & transportation company (portfolio average weight of 2.66%).

28

Invesco DWA Utilities Momentum ETF (PUI) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Electric Utilities	37.3
Multi-Utilities	24.9
Gas Utilities	16.1
Water Utilities	8.7
Independent Power Producers & Energy Traders	6.7
Oil & Gas Storage & Transportation	3.6
Wireless Telecommunication Services	2.7
Money Market Funds Plus Other Assets Less Liabilities	(0.0)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
American Water Works Co., Inc.	3.9
DTE Energy Co.	3.8
CenterPoint Energy, Inc.	3.8
Alliant Energy Corp.	3.7
Pinnacle West Capital Corp.	3.7
NextEra Energy, Inc.	3.6
NRG Energy, Inc.	3.6
Duke Energy Corp.	3.6
CMS Energy Corp.	3.6
Eversource Energy	3.6
Total	36.9

* Excluding money market fund holdings.

29

Invesco DWA Utilities Momentum ETF (PUI)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Utilities Technical LeadersTM Index		21.69	%		12.28	%		41.53	%		11.02	%		68.68	%		13.50	%		254.72	%		9.42	%		237.72	%
S&P 500® Utilities Index		17.96			10.42			34.63			10.18			62.36			12.91			236.87			8.99			220.00
Fund
NAV Return		20.98			11.62			39.08			10.36			63.70			12.68			229.85			8.66			207.12
Market Price Return		20.89			11.65			39.19			10.38			63.86			12.69			230.35			8.67			207.52

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.83% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Utilities Technical Leaders Index performance is comprised of the performance of the Dynamic Utilities Intellidex^SMIndex, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

30

PNQI	Manager’s Analysis
	Invesco NASDAQ Internet ETF (PNQI)

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

Nasdaq, Inc. (the “Index Provider”) compiles the Index strictly in accordance with its guidelines and mandated procedures. The Index is designed to track the performance of the largest and most liquid U.S.-listed companies engaged in internet-related businesses that are listed on one of the three major U.S. stock exchanges. Companies in the Index include internet software and services companies involved in internet-related services, including internet access providers, internet search engines, web hosting, website design, ande-commerce. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 10.15%. On a net asset value (“NAV”) basis, the Fund returned 10.29%. During the same time period, the Index returned 10.89%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, theNASDAQ-100® Index (the “Benchmark Index”) returned 19.10%. The Benchmark Index is an unmanaged, modified market-capitalization weighted index based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that consists of companies engaged in internet-related businesses, whereas the Benchmark Index consists of approximately 100 of the largestnon-financial companies listed on the NASDAQ Stock Market, which may include companies that are not engaged in internet-related businesses.

Relative to the Benchmark Index, the Fund was most overweight in the internet & direct marketing retailsub-industry and most underweight in the technology hardware storage & peripheralssub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being underweight in the system softwaresub-industry.

For the fiscal year ended April 30, 2019, the internet services & infrastructuresub-industry contributed most significantly to the Fund’s return, followed by the internet & direct marketing retail and research & consulting servicessub-industries, respectively. The application softwaresub-industry detracted most significantly from the Fund’s return, followed by the commercial printingsub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Netflix, Inc., a movies & entertainment company (portfolio average weight of 8.31%) and Amazon.com, Inc., an internet & direct marketing retail company (portfolio average weight of 8.15%). Positions that detracted most significantly from the Fund’s return during this period included Baidu, Inc., ADR (China), an interactive media & services company (portfolio average weight of 3.8%) and Booking Holdings, Inc., an internet & direct marketing retail company (portfolio average weight of 2.81%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Internet & Direct Marketing Retail	38.2
Interactive Media & Services	32.5
Movies & Entertainment	7.6
Internet Services & Infrastructure	7.5
Application Software	5.9
Sub-Industry Types Each Less Than 3%	8.3
Money Market Funds Plus Other Assets Less Liabilities	(0.0)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Facebook, Inc., Class A	8.8
Amazon.com, Inc.	8.6
Alphabet, Inc., Class C	7.8
Netflix, Inc.	7.6
Alibaba Group Holding Ltd., ADR (China)	7.5
Booking Holdings, Inc.	4.0
eBay, Inc.	3.8
Baidu, Inc., ADR (China)	3.8
Twitter, Inc.	3.3
JD.com, Inc., ADR (China)	3.0
Total	58.2

* Excluding money market fund holdings.

31

Invesco NASDAQ Internet ETF (PNQI)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
NASDAQ Internet IndexSM		10.89	%		23.71	%		89.35	%		18.90	%		137.60	%		23.73	%		740.98	%		18.43	%		530.27	%
NASDAQ100® Index		19.10			22.87			85.48			18.17			130.45			20.09			523.86			14.93			354.51
Fund
NAV Return		10.29			23.04			86.28			18.25			131.21			23.07			696.80			17.81			494.99
Market Price Return		10.15			23.06			86.34			18.29			131.59			23.07			697.07			17.63			485.58

Fund Inception: June 12, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.60% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

32

Schedule of Investments^(a)

Invesco DWA Basic Materials Momentum ETF (PYZ)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Aluminum—2.0%
	13,209	Kaiser Aluminum Corp.	$	1,299,766
		Commodity Chemicals—8.6%
	65,558	Kronos Worldwide, Inc.		891,589
	27,010	LyondellBasell Industries N.V., Class A		2,383,092
	48,112	Olin Corp.		1,043,549
	16,320	Westlake Chemical Corp.		1,138,320
				5,456,550
		Diversified Chemicals—6.7%
	29,550	Chemours Co. (The)		1,064,095
	22,744	Eastman Chemical Co.		1,794,047
	64,172	Huntsman Corp.		1,427,185
				4,285,327
		Diversified Metals & Mining—1.4%
	15,655	Materion Corp.		908,460
		Fertilizers & Agricultural Chemicals—8.4%
	31,558	CF Industries Holdings, Inc.		1,413,167
	36,144	FMC Corp.		2,857,545
	41,060	Mosaic Co. (The)		1,072,076
				5,342,788
		Forest Products—1.7%
	42,336	Louisiana-Pacific Corp.		1,060,517
		Gold—3.5%
	36,775	Newmont Goldcorp Corp.		1,142,232
	12,056	Royal Gold, Inc.		1,049,595
				2,191,827
		Industrial Gases—4.6%
	14,183	Air Products and Chemicals, Inc.		2,918,720
		Oil & Gas Equipment & Services—1.2%
	49,904	US Silica Holdings, Inc.		789,481
		Paper Packaging—4.0%
	22,808	Avery Dennison Corp.		2,523,705
		Paper Products—5.6%
	22,610	Domtar Corp.		1,105,629
	12,006	Neenah, Inc.		814,607
	16,896	Schweitzer-Mauduit International, Inc., Class A		600,991
	46,260	Verso Corp., Class A(b)		1,032,523
				3,553,750
		Specialty Chemicals—42.0%
	36,668	Ashland Global Holdings, Inc.		2,952,874
	6,701	Balchem Corp.		680,219
	22,512	Celanese Corp., Series A		2,428,820
	36,236	DowDuPont, Inc.		1,393,274
	14,313	Ecolab, Inc.		2,634,737
	104,409	Element Solutions, Inc.(b)		1,133,882
	32,336	Ferro Corp.(b)		577,844
	16,820	H.B. Fuller Co.		823,675
	14,878	Ingevity Corp.(b)		1,711,119
	11,931	Innospec, Inc.		1,011,987
	13,348	International Flavors & Fragrances, Inc.(c)		1,839,221
	19,752	Kraton Corp.(b)		648,261
	1,805	NewMarket Corp.		757,342
	16,477	PPG Industries, Inc.		1,936,048

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Specialty Chemicals (continued)
	8,042	Quaker Chemical Corp.	$	1,799,960
	26,134	RPM International, Inc.		1,585,027
	15,062	Sensient Technologies Corp.		1,056,147
	10,152	Stepan Co.		939,466
	10,020	W.R. Grace & Co.		757,312
				26,667,215
		Steel—10.3%
	55,968	Allegheny Technologies, Inc.(b)		1,394,722
	16,919	Carpenter Technology Corp.		840,367
	129,539	Cleveland-Cliffs, Inc.(c)		1,294,095
	9,473	Reliance Steel & Aluminum Co.		871,137
	42,923	Steel Dynamics, Inc.		1,359,801
	18,853	Worthington Industries, Inc.		756,571
				6,516,693
		Total Common Stocks & Other Equity Interests (Cost $61,197,963)		63,514,799
		Money Market Funds—0.4%
	236,202	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $236,202)		236,202
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $61,434,165)—100.4%		63,751,001
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—4.5%
	2,155,286	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		2,155,286
	718,213	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		718,429
		Total Money Market Funds (Cost $2,873,715)		2,873,715
		Total Investments in Securities (Cost $64,307,880)—104.9%		66,624,716
		Other assets less liabilities—(4.9)%		(3,107,143	)
		Net Assets—100.0%	$	63,517,573

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

33

Invesco DWA Basic Materials Momentum ETF (PYZ)(continued)

April 30, 2019

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2019.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

34

Schedule of Investments^(a)

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Apparel Retail—2.2%
	11,777	Foot Locker, Inc.	$	673,762
		Apparel, Accessories & Luxury Goods—1.6%
	5,112	Columbia Sportswear Co.		511,047
		Application Software—4.0%
	5,672	Trade Desk, Inc. (The), Class A(b)		1,256,235
		Auto Parts & Equipment—1.6%
	15,622	Stoneridge, Inc.(b)		491,000
		Automotive Retail—10.3%
	5,366	America’s Car-Mart, Inc.(b)		531,502
	20,258	Carvana Co.(b)(c)		1,449,662
	3,238	O’Reilly Automotive, Inc.(b)		1,225,810
				3,206,974
		Broadcasting—4.2%
	24,149	Gray Television, Inc.(b)		565,811
	6,435	Nexstar Media Group, Inc., Class A		753,217
				1,319,028
		Cable & Satellite—4.9%
	535	Cable One, Inc.		567,384
	2,607	Charter Communications, Inc., Class A(b)		967,692
				1,535,076
		Casinos & Gaming—4.1%
	18,198	Boyd Gaming Corp.		523,738
	15,475	Eldorado Resorts, Inc.(b)		764,001
				1,287,739
		Consumer Electronics—2.5%
	9,119	Garmin Ltd.		781,863
		Distributors—1.5%
	22,980	Funko, Inc., Class A(b)(c)		455,693
		Footwear—6.5%
	5,875	Deckers Outdoor Corp.(b)		929,484
	12,456	NIKE, Inc., Class B		1,094,010
				2,023,494
		Home Improvement Retail—5.5%
	4,564	Home Depot, Inc. (The)		929,687
	6,960	Lowe’s Cos., Inc.		787,454
				1,717,141
		Homebuilding—2.5%
	245	NVR, Inc.(b)		772,358
		Homefurnishing Retail—5.7%
	9,810	Aaron’s, Inc.		546,319
	7,843	RH(b)(c)		836,927
	11,128	Sleep Number Corp.(b)		387,254
				1,770,500
		Interactive Media & Services—3.5%
	4,918	IAC/InterActiveCorp.(b)		1,105,763
		Internet & Direct Marketing Retail—7.7%
	22,608	1-800-Flowers.com, Inc., Class A(b)		481,324
	16,297	Etsy, Inc.(b)		1,100,700
	5,099	Wayfair, Inc., Class A(b)(c)		826,803
				2,408,827

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Leisure Facilities—3.9%
	16,186	Planet Fitness, Inc., Class A(b)	$	1,225,280
		Movies & Entertainment—10.8%
	15,789	Live Nation Entertainment, Inc.(b)		1,031,653
	10,438	Marcus Corp. (The)		392,678
	2,692	Netflix, Inc.(b)		997,494
	11,543	World Wrestling Entertainment, Inc., Class A		967,880
				3,389,705
		Publishing—2.5%
	23,281	New York Times Co. (The), Class A		771,765
		Restaurants—6.4%
	6,579	Darden Restaurants, Inc.		773,690
	6,277	Dine Brands Global, Inc.		556,519
	9,133	Wingstop, Inc.		687,441
				2,017,650
		Specialty Stores—6.7%
	8,458	Five Below, Inc.(b)		1,238,167
	2,481	Ulta Beauty, Inc.(b)		865,819
				2,103,986
		Technology Distributors—1.4%
	16,134	PCM, Inc.(b)		445,137
		Total Common Stocks & Other Equity Interests (Cost $26,958,677)		31,270,023
		Money Market Funds—0.6%
	173,843	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $173,843)		173,843
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $27,132,520)—100.6%		31,443,866
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—10.0%
	2,356,522	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		2,356,522
	785,277	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		785,512
		Total Money Market Funds (Cost $3,142,034)		3,142,034
		Total Investments in Securities (Cost $30,274,554)—110.6%		34,585,900
		Other assets less liabilities—(10.6)%		(3,315,261	)
		Net Assets—100.0%	$	31,270,639

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

35

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)(continued)

April 30, 2019

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2019.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

36

Schedule of Investments^(a)

Invesco DWA Consumer Staples Momentum ETF (PSL)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Agricultural Products—2.1%
	170,066	Darling Ingredients, Inc.(b)	$	3,709,139
		Brewers—2.1%
	11,907	Boston Beer Co., Inc. (The), Class A(b)		3,691,289
		Distillers & Vintners—2.7%
	54,364	MGP Ingredients, Inc.(c)		4,776,965
		Education Services—15.6%
	84,283	Adtalem Global Education, Inc.(b)		4,156,837
	31,444	Bright Horizons Family Solutions, Inc.(b)		4,029,549
	208,333	Chegg, Inc.(b)		7,427,071
	36,292	Grand Canyon Education, Inc.(b)		4,205,880
	99,459	K12, Inc.(b)		2,995,705
	30,325	Strategic Education, Inc.		4,347,089
				27,162,131
		Environmental & Facilities Services—4.9%
	219,060	Rollins, Inc.		8,471,050
		Food Distributors—6.9%
	82,654	Performance Food Group Co.(b)		3,384,681
	65,522	Sysco Corp.		4,610,783
	112,058	US Foods Holding Corp.(b)		4,095,720
				12,091,184
		Household Products—12.9%
	124,416	Church & Dwight Co., Inc.		9,324,979
	26,378	Clorox Co. (The)		4,213,358
	45,265	Procter & Gamble Co. (The)		4,819,817
	24,407	WD-40 Co.		4,106,478
				22,464,632
		Industrial Machinery—3.2%
	37,821	Stanley Black & Decker, Inc.		5,544,559
		Packaged Foods & Meats—24.2%
	93,655	Freshpet, Inc.(b)		4,182,632
	138,299	Hormel Foods Corp.		5,523,662
	26,531	J & J Snack Foods Corp.		4,170,143
	71,339	Lamb Weston Holdings, Inc.		4,997,297
	52,087	McCormick & Co., Inc.		8,019,835
	52,283	Post Holdings, Inc.(b)		5,896,477
	40,094	Sanderson Farms, Inc.		6,079,453
	50,977	TreeHouse Foods, Inc.(b)		3,414,440
				42,283,939
		Personal Products—9.5%
	43,691	Estee Lauder Cos., Inc. (The), Class A		7,506,551
	116,457	Herbalife Nutrition Ltd.(b)		6,154,752
	40,214	Inter Parfums, Inc.		2,915,113
				16,576,416
		Soft Drinks—4.6%
	11,962	Coca-Cola Bottling Co. Consolidated, Inc.		3,888,009
	67,968	Monster Beverage Corp.(b)		4,050,893
				7,938,902
		Specialized Consumer Services—5.7%
	136,017	Service Corp. International		5,659,667
	87,225	ServiceMaster Global Holdings, Inc.(b)		4,276,642
				9,936,309

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Tobacco—2.0%
	81,133	Turning Point Brands, Inc.	$	3,470,058
		Trading Companies & Distributors—3.6%
	44,628	United Rentals, Inc.(b)		6,288,978
		Total Common Stocks & Other Equity Interests (Cost $156,095,614)		174,405,551
		Money Market Funds—0.1%
	281,289	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $281,289)		281,289
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $156,376,903)—100.1%		174,686,840
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—2.5%
	3,238,341	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		3,238,341
	1,079,123	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		1,079,447
		Total Money Market Funds (Cost $4,317,788)		4,317,788
		Total Investments in Securities (Cost $160,694,691)—102.6%		179,004,628
		Other assets less liabilities—(2.6)%		(4,603,980	)
		Net Assets—100.0%	$	174,400,648

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2019.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

37

Schedule of Investments^(a)

Invesco DWA Energy Momentum ETF (PXI)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Coal & Consumable Fuels—4.5%
	13,977	Arch Coal, Inc., Class A	$	1,355,490
	27,390	CONSOL Energy, Inc.(b)		928,521
				2,284,011
		Integrated Oil & Gas—6.1%
	12,872	Chevron Corp.		1,545,412
	27,016	Occidental Petroleum Corp.		1,590,702
				3,136,114
		Oil & Gas Equipment & Services—12.8%
	28,171	Apergy Corp.(b)		1,118,107
	35,955	Cactus, Inc., Class A(b)		1,305,167
	134,978	Helix Energy Solutions Group, Inc.(b)		1,055,528
	59,657	ProPetro Holding Corp.(b)		1,320,209
	85,494	Select Energy Services, Inc., Class A(b)		984,891
	215,864	Superior Energy Services, Inc.(b)		774,952
				6,558,854
		Oil & Gas Exploration & Production—40.8%
	92,914	Berry Petroleum Corp.		1,055,503
	59,943	Cabot Oil & Gas Corp.		1,551,924
	46,358	California Resources Corp.(b)(c)		977,227
	24,690	ConocoPhillips		1,558,433
	30,609	Continental Resources, Inc.(b)		1,407,708
	15,231	Diamondback Energy, Inc.		1,620,426
	14,137	EOG Resources, Inc.		1,357,859
	20,443	Hess Corp.		1,310,805
	176,439	Kosmos Energy Ltd. (Ghana)		1,180,377
	77,152	Marathon Oil Corp.		1,314,670
	41,566	Murphy Oil Corp.		1,132,258
	27,220	PDC Energy, Inc.(b)		1,183,798
	11,103	Pioneer Natural Resources Co.		1,848,205
	107,622	Tellurian, Inc.(b)(c)		1,022,409
	163,522	W&T Offshore, Inc.(b)		1,043,271
	46,760	Whiting Petroleum Corp.(b)		1,280,756
				20,845,629
		Oil & Gas Refining & Marketing—21.1%
	34,052	CVR Energy, Inc.		1,553,112
	44,020	Delek US Holdings, Inc.		1,631,381
	27,586	HollyFrontier Corp.		1,316,680
	25,767	Marathon Petroleum Corp.		1,568,437
	39,523	PBF Energy, Inc., Class A		1,327,182
	17,323	Phillips 66		1,633,039
	19,239	Valero Energy Corp.		1,744,208
				10,774,039
		Oil & Gas Storage & Transportation—11.8%
	27,646	Cheniere Energy, Inc.(b)		1,779,020
	61,653	Kinder Morgan, Inc.		1,225,045
	35,451	Targa Resources Corp.		1,423,358
	57,429	Williams Cos., Inc. (The)		1,626,963
				6,054,386
		Steel—2.9%
	48,187	Warrior Met Coal, Inc.		1,493,797
		Total Common Stocks & Other Equity Interests (Cost $55,277,093)		51,146,830

Number of Shares			Value
		Money Market Funds—0.4%
	173,555	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $173,555)	$	173,555
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $55,450,648)—100.4%		51,320,385
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—3.6%
	1,381,049	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		1,381,049
	460,212	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		460,350
		Total Money Market Funds (Cost $1,841,399)		1,841,399
		Total Investments in Securities (Cost $57,292,047)—104.0%		53,161,784
		Other assets less liabilities—(4.0)%		(2,035,095	)
		Net Assets—100.0%	$	51,126,689

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2019.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

38

Schedule of Investments^(a)

Invesco DWA Financial Momentum ETF (PFI)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Application Software—1.9%
	6,558	Envestnet, Inc.(b)	$	465,552
		Consumer Finance—6.0%
	4,830	American Express Co.		566,221
	962	Credit Acceptance Corp.(b)		477,364
	3,549	World Acceptance Corp.(b)		461,334
				1,504,919
		Data Processing & Outsourced Services—7.7%
	5,000	Mastercard, Inc., Class A		1,271,200
	3,899	Visa, Inc., Class A		641,113
				1,912,313
		Diversified Banks—2.7%
	5,859	JPMorgan Chase & Co.		679,937
		Financial Exchanges & Data—19.5%
	5,138	Cboe Global Markets, Inc.		522,072
	2,901	CME Group, Inc., Class A		518,989
	4,667	MarketAxess Holdings, Inc.		1,298,966
	3,403	Moody’s Corp.		669,098
	2,951	MSCI, Inc.		665,096
	5,748	Nasdaq, Inc.		529,966
	2,883	S&P Global, Inc.		636,163
				4,840,350
		Health Care REITs—1.8%
	18,221	CareTrust REIT, Inc.		441,859
		Industrial REITs—8.0%
	16,213	Americold Realty Trust		518,978
	5,417	Innovative Industrial Properties, Inc.(c)		461,203
	7,132	Prologis, Inc.		546,811
	12,026	Rexford Industrial Realty, Inc.		455,665
				1,982,657
		Insurance Brokers—4.1%
	6,150	Arthur J. Gallagher & Co.		514,263
	5,244	Marsh & McLennan Cos., Inc.		494,457
				1,008,720
		Investment Banking & Brokerage—4.0%
	4,636	Evercore, Inc., Class A		451,685
	7,197	LPL Financial Holdings, Inc.		533,226
				984,911
		Life & Health Insurance—4.1%
	3,717	Primerica, Inc.		484,288
	6,100	Torchmark Corp.		534,726
				1,019,014
		Mortgage REITs—1.7%
	31,197	Arbor Realty Trust, Inc.(c)		426,151
		Multi—line Insurance—1.9%
	4,527	American Financial Group, Inc.		468,680
		Property & Casualty Insurance—8.1%
	2,694	Erie Indemnity Co., Class A		510,028
	5,769	Kemper Corp.		518,518

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Property & Casualty Insurance (continued)
	6,936	Progressive Corp. (The)	$	542,049
	6,346	Selective Insurance Group, Inc.		452,533
				2,023,128
		Regional Banks—7.0%
	7,714	Eagle Bancorp, Inc.(b)		426,276
	41,601	First BanCorp		470,091
	5,236	Independent Bank Corp.		420,084
	20,772	OFG Bancorp		419,179
				1,735,630
		Residential REITs—2.2%
	10,847	Apartment Investment & Management Co., Class A		535,408
		Specialized REITs—15.0%
	6,478	American Tower Corp.		1,265,154
	9,495	Crown Castle International Corp.		1,194,281
	16,085	CubeSmart		513,272
	7,339	Extra Space Storage, Inc.		760,981
				3,733,688
		Thrifts & Mortgage Finance—4.4%
	1,684	LendingTree, Inc.(b)		648,037
	16,241	NMI Holdings, Inc., Class A(b)		456,047
				1,104,084
		Total Common Stocks & Other Equity Interests (Cost $21,251,134)		24,867,001
		Money Market Funds—0.5%
	126,694	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $126,694)		126,694
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $21,377,828)—100.6%		24,993,695
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—3.3%
	619,301	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		619,301
	206,372	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		206,434
		Total Money Market Funds (Cost $825,735)		825,735
		Total Investments in Securities (Cost $22,203,563)—103.9%		25,819,430
		Other assets less liabilities—(3.9)%		(958,201	)
		Net Assets—100.0%	$	24,861,229

Abbreviations:

REIT—Real Estate Investment Trust

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

39

Invesco DWA Financial Momentum ETF (PFI)(continued)

April 30, 2019

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2019.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

40

Schedule of Investments^(a)

Invesco DWA Healthcare Momentum ETF (PTH)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Biotechnology—22.8%
	42,460	Biohaven Pharmaceutical Holding Co., Ltd.(b).	$	2,541,231
	121,170	CareDx, Inc.(b)		3,297,036
	28,584	Enanta Pharmaceuticals, Inc.(b)		2,492,239
	106,091	Exact Sciences Corp.(b)		10,470,121
	130,102	Invitae Corp.(b)		3,073,009
	138,270	Mirati Therapeutics, Inc.(b)		8,225,682
	72,932	Ra Pharmaceuticals, Inc.(b)		1,619,091
	35,259	uniQure N.V. (Netherlands)(b)		1,981,203
	79,002	Veracyte, Inc.(b)		1,806,776
	107,867	Vericel Corp.(b)		1,832,660
				37,339,048
		Health Care Equipment—26.8%
	18,122	Becton, Dickinson and Co.		4,362,690
	107,642	Boston Scientific Corp.(b)		3,995,671
	69,367	Cardiovascular Systems, Inc.(b)		2,465,303
	27,120	DexCom, Inc.(b)		3,283,418
	23,317	Edwards Lifesciences Corp.(b)		4,105,424
	34,902	Glaukos Corp.(b)		2,517,481
	37,356	Hill-Rom Holdings, Inc.		3,788,646
	31,041	Integer Holdings Corp.(b)		2,144,623
	6,825	Intuitive Surgical, Inc.(b)		3,485,050
	25,585	iRhythm Technologies, Inc.(b)		1,952,391
	39,606	Masimo Corp.(b)		5,154,721
	79,167	Novocure Ltd.(b)		3,488,890
	49,329	Tandem Diabetes Care, Inc.(b)		3,029,294
				43,773,602
		Health Care Facilities—1.0%
	13,699	US Physical Therapy, Inc.		1,595,796
		Health Care Services—10.8%
	55,499	Amedisys, Inc.(b)		7,093,882
	63,352	BioTelemetry, Inc.(b)		3,446,349
	44,913	Guardant Health, Inc.(b)		2,942,251
	19,458	LHC Group, Inc.(b)		2,161,978
	192,750	R1 RCM, Inc.(b)		2,018,092
				17,662,552
		Health Care Supplies—11.1%
	26,041	Align Technology, Inc.(b)		8,454,992
	43,100	Merit Medical Systems, Inc.(b)		2,421,358
	38,073	Quidel Corp.(b)		2,434,388
	39,183	West Pharmaceutical Services, Inc.		4,850,463
				18,161,201
		Health Care Technology—4.6%
	26,532	Omnicell, Inc.(b)		2,132,112
	94,074	Teladoc Health, Inc.(b)		5,350,929
				7,483,041
		Insurance Brokers—2.4%
	64,178	eHealth, Inc.(b)		3,898,172
		Life Sciences Tools & Services—8.7%
	97,730	Codexis, Inc.(b)		1,925,281
	130,964	Fluidigm Corp.(b)		1,799,446
	108,593	NeoGenomics, Inc.(b)		2,261,992

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Life Sciences Tools & Services (continued)
	27,766	PRA Health Sciences, Inc.(b)	$	2,688,304
	19,829	Thermo Fisher Scientific, Inc.		5,501,556
				14,176,579
		Managed Health Care—4.9%
	25,939	Molina Healthcare, Inc.(b)		3,362,472
	20,013	UnitedHealth Group, Inc.		4,664,430
				8,026,902
		Pharmaceuticals—6.9%
	316,523	Axsome Therapeutics, Inc.(b)(c)		5,611,953
	120,888	Horizon Pharma PLC(b)		3,086,271
	66,950	Zogenix, Inc.(b)(c)		2,610,380
				11,308,604
		Total Common Stocks & Other Equity Interests (Cost $152,050,328)		163,425,497
		Money Market Funds—0.3%
	416,454	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $416,454)		416,454
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $152,466,782)—100.3%		163,841,951
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—3.5%
	4,233,037	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		4,233,037
	1,410,594	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		1,411,017
		Total Money Market Funds (Cost $5,644,054)		5,644,054
		Total Investments in Securities (Cost $158,110,836)—103.8%		169,486,005
		Other assets less liabilities—(3.8)%		(6,134,821	)
		Net Assets—100.0%	$	163,351,184

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2019.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

41

Schedule of Investments^(a)

Invesco DWA Industrials Momentum ETF (PRN)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Aerospace & Defense—15.9%
	9,099	Boeing Co. (The)	$	3,436,601
	25,289	HEICO Corp.		2,668,748
	20,804	Hexcel Corp.		1,471,051
	102,578	Kratos Defense & Security Solutions, Inc.(b)		1,628,939
	24,872	Spirit AeroSystems Holdings, Inc., Class A		2,161,377
	10,046	TransDigm Group, Inc.(b)		4,847,396
				16,214,112
		Agricultural & Farm Machinery—1.8%
	25,138	Toro Co. (The)		1,838,845
		Alternative Carriers—1.2%
	16,339	Bandwidth, Inc., Class A(b)		1,232,287
		Application Software—3.6%
	13,225	Fair Isaac Corp.(b)		3,699,694
		Building Products—6.8%
	11,432	Lennox International, Inc.		3,103,216
	54,658	Masco Corp.		2,134,942
	24,559	Trex Co., Inc.(b)		1,701,202
				6,939,360
		Construction & Engineering—1.1%
	20,198	Comfort Systems USA, Inc.		1,092,712
		Data Processing & Outsourced Services—7.4%
	13,678	Automatic Data Processing, Inc.		2,248,527
	29,233	Fiserv, Inc.(b)		2,550,287
	18,691	Global Payments, Inc.		2,730,194
				7,529,008
		Distributors—2.0%
	11,021	Pool Corp.		2,024,998
		Diversified Support Services—3.0%
	13,916	Cintas Corp.		3,021,720
		Electrical Components & Equipment—5.9%
	50,645	AMETEK, Inc.		4,465,370
	98,664	Sunrun, Inc.(b)		1,500,679
				5,966,049
		Electronic Components—1.4%
	8,591	Rogers Corp.(b)		1,439,164
		Electronic Equipment & Instruments—2.2%
	25,286	Keysight Technologies, Inc.(b)		2,200,641
		Electronic Manufacturing Services—1.5%
	25,131	Fabrinet (Thailand)(b)		1,520,928
		Environmental & Facilities Services—1.5%
	40,948	Casella Waste Systems, Inc., Class A(b)		1,528,179
		Health Care Equipment—5.6%
	27,915	Danaher Corp.		3,697,062
	7,194	Teleflex, Inc.		2,058,779
				5,755,841

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Human Resource & Employment Services—3.2%
	13,057	Insperity, Inc.	$	1,561,095
	27,194	TriNet Group, Inc.(b)		1,695,274
				3,256,369
		Industrial Conglomerates—4.2%
	11,849	Roper Technologies, Inc.		4,262,085
		Industrial Machinery—6.6%
	19,974	Chart Industries, Inc.(b)		1,763,105
	14,449	IDEX Corp.		2,263,580
	21,859	Ingersoll-Rand PLC		2,680,132
				6,706,817
		IT Consulting & Other Services—7.6%
	19,602	Accenture PLC, Class A		3,580,697
	25,950	Gartner, Inc.(b)		4,125,272
				7,705,969
		Life Sciences Tools & Services—2.5%
	3,435	Mettler-Toledo International, Inc.(b)		2,559,968
		Railroads—4.2%
	24,275	Union Pacific Corp.		4,297,646
		Semiconductors—3.3%
	20,881	Universal Display Corp.(c)		3,332,608
		Specialty Chemicals—4.4%
	9,973	Sherwin-Williams Co. (The)		4,536,020
		Technology Hardware, Storage & Peripherals—1.6%
	162,689	Diebold Nixdorf, Inc.(b)		1,641,532
		Trading Companies & Distributors—1.5%
	46,632	Triton International Ltd. (Bermuda)		1,536,524
		Total Common Stocks & Other Equity Interests (Cost $84,209,243)		101,839,076
		Money Market Funds—0.2%
	172,752	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $172,752)		172,752
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $84,381,995)—100.2%		102,011,828
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—2.9%
	2,208,499	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		2,208,499

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

42

Invesco DWA Industrials Momentum ETF (PRN)(continued)

April 30, 2019

Number of Shares			Value
		Money Market Funds (continued)
	735,946	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)	$	736,166
		Total Money Market Funds (Cost $2,944,665)		2,944,665
		Total Investments in Securities (Cost $87,326,660)—103.1%		104,956,493
		Other assets less liabilities—(3.1)%		(3,117,370	)
		Net Assets—100.0%	$	101,839,123

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2019.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

43

Schedule of Investments^(a)

Invesco DWA Technology Momentum ETF (PTF)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Aerospace & Defense—1.8%
	42,564	Mercury Systems, Inc.(b)	$	3,108,023
		Application Software—50.4%
	19,471	Adobe, Inc.(b)		5,631,987
	37,072	Alarm.com Holdings, Inc.(b)		2,627,663
	72,759	Alteryx, Inc., Class A(b)		6,449,358
	20,888	AppFolio, Inc., Class A(b)		2,028,434
	105,872	Cadence Design Systems, Inc.(b)		7,345,399
	47,132	Coupa Software, Inc.(b)		4,870,150
	45,992	Domo, Inc., Class B(b)		1,761,954
	34,201	Everbridge, Inc.(b)		2,527,112
	58,429	Five9, Inc.(b)		3,100,827
	26,725	HubSpot, Inc.(b)		4,930,495
	20,677	Intuit, Inc.		5,191,168
	96,304	LivePerson, Inc.(b)		2,824,596
	63,522	Mimecast Ltd.(b)		3,272,018
	58,804	Paycom Software, Inc.(b)		11,909,574
	34,722	Q2 Holdings, Inc.(b)		2,618,733
	72,244	RingCentral, Inc., Class A(b)		8,407,034
	68,875	SS&C Technologies Holdings, Inc.		4,660,082
	39,135	Upland Software, Inc.(b)		1,819,386
	38,914	Workiva, Inc.(b)		2,067,890
	53,564	Zendesk, Inc.(b)		4,701,848
				88,745,708
		Communications Equipment—4.2%
	15,195	Arista Networks, Inc.(b)		4,745,247
	15,278	Ubiquiti Networks, Inc.		2,604,135
				7,349,382
		Data Processing & Outsourced Services—6.4%
	27,704	Jack Henry & Associates, Inc.		4,129,558
	99,076	Square, Inc., Class A(b)		7,214,714
				11,344,272
		Health Care Technology—3.1%
	38,987	Veeva Systems, Inc., Class A(b)		5,453,112
		Integrated Telecommunication Services—0.7%
	249,796	Pareteum Corp.(b)(c)		1,139,070
		Interactive Media & Services—3.2%
	93,787	Match Group, Inc.		5,664,735
		Internet Services & Infrastructure—14.1%
	52,759	MongoDB, Inc.(b)		7,434,798
	48,070	Okta, Inc.(b)		5,000,722
	56,234	Twilio, Inc., Class A(b)		7,711,931
	23,609	VeriSign, Inc.(b)		4,661,597
				24,809,048
		IT Consulting & Other Services—1.8%
	54,922	LiveRamp Holdings, Inc.(b)		3,203,600
		Semiconductors—5.7%
	20,633	Broadcom, Inc.		6,569,547
	21,897	Monolithic Power Systems, Inc.		3,409,582
				9,979,129
		Specialized REITs—2.7%
	23,612	SBA Communications Corp., Class A(b)		4,810,473

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Systems Software—5.9%
	41,256	Rapid7, Inc.(b)	$	2,241,851
	16,885	ServiceNow, Inc.(b)		4,584,447
	52,788	Zscaler, Inc.(b)		3,605,948
				10,432,246
		Total Common Stocks & Other Equity Interests (Cost $140,477,064)		176,038,798
		Money Market Funds—0.2%
	266,670	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $266,670)		266,670
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $140,743,734)—100.2%		176,305,468
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.5%
	727,805	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		727,805
	242,535	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		242,608
		Total Money Market Funds (Cost $970,413)		970,413
		Total Investments in Securities (Cost $141,714,147)—100.7%		177,275,881
		Other assets less liabilities—(0.7)%		(1,310,298	)
		Net Assets—100.0%	$	175,965,583

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2019.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

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

44

Schedule of Investments^(a)

Invesco DWA Utilities Momentum ETF (PUI)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Electric Utilities—37.3%
	175,838	Alliant Energy Corp.	$	8,304,829
	87,991	American Electric Power Co., Inc.		7,527,630
	89,162	Duke Energy Corp.		8,124,441
	112,309	Eversource Energy		8,048,063
	65,856	IDACORP, Inc.		6,521,061
	41,932	NextEra Energy, Inc.		8,153,258
	177,650	OGE Energy Corp.		7,521,701
	87,084	Pinnacle West Capital Corp.		8,296,493
	152,956	PNM Resources, Inc.		7,103,277
	117,173	Portland General Electric Co.		6,129,320
	137,293	Xcel Energy, Inc.		7,757,054
				83,487,127
		Gas Utilities—16.1%
	78,595	Atmos Energy Corp.		8,043,412
	147,395	New Jersey Resources Corp.		7,381,542
	69,225	ONE Gas, Inc.		6,127,797
	77,723	Spire, Inc.		6,543,500
	144,632	UGI Corp.		7,883,890
				35,980,141
		Independent Power Producers & Energy Traders —6.7%
	403,989	AES Corp. (The)		6,916,291
	197,522	NRG Energy, Inc.		8,131,981
				15,048,272
		Multi-Utilities—24.9%
	98,456	Ameren Corp.		7,164,643
	271,746	CenterPoint Energy, Inc.		8,424,126
	145,314	CMS Energy Corp.		8,072,193
	89,297	Consolidated Edison, Inc.		7,693,829
	67,522	DTE Energy Co.		8,488,191
	281,621	NiSource, Inc.		7,823,431
	101,916	WEC Energy Group, Inc.		7,993,272
				55,659,685
		Oil & Gas Storage & Transportation—3.6%
	117,454	ONEOK, Inc.		7,978,650
		Water Utilities—8.7%
	79,176	American States Water Co.		5,634,956
	80,936	American Water Works Co., Inc.		8,756,466
	101,416	California Water Service Group		5,110,352
				19,501,774
		Wireless Telecommunication Services—2.7%
	144,857	Shenandoah Telecommunications Co.		5,986,940
		Total Common Stocks & Other Equity Interests (Cost $211,979,443)		223,642,589

Number of Shares			Value
		Money Market Funds—0.2%
	348,733	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(b) (Cost $ 348,733)	$	348,733
		Total Investments in Securities (Cost $ 212,328,176)—100.2%		223,991,322
		Other assets less liabilities—(0.2)%		(354,528	)
		Net Assets—100.0%	$	223,636,794

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) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

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

45

Schedule of Investments^(a)

Invesco NASDAQ Internet ETF (PNQI)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Advertising—0.2%
	40,434	Criteo S.A., ADR (France)(b)	$	799,784
	17,972	TechTarget, Inc.(b)		299,953
				1,099,737
		Alternative Carriers—0.3%
	29,746	Cogent Communications Holdings, Inc.		1,642,872
		Application Software—5.9%
	37,317	2U, Inc.(b)		2,257,678
	30,809	Alarm.com Holdings, Inc.(b)		2,183,742
	80,204	Anaplan, Inc.(b)(c)		3,157,631
	10,162	AppFolio, Inc., Class A(b)		986,832
	20,816	Benefitfocus, Inc.(b)		847,836
	37,932	Cornerstone OnDemand, Inc.(b)		2,072,984
	38,153	Coupa Software, Inc.(b)		3,942,349
	17,908	eGain Corp.(b)		178,901
	29,346	Envestnet, Inc.(b)		2,083,273
	38,029	Five9, Inc.(b)		2,018,199
	31,635	j2 Global, Inc.		2,771,859
	41,036	LivePerson, Inc.(b)		1,203,586
	32,630	LogMeIn, Inc.		2,688,712
	36,809	New Relic, Inc.(b)		3,873,779
	93,661	Nutanix, Inc., Class A(b)		4,045,219
	11,398	SPS Commerce, Inc.(b)		1,182,428
				35,495,008
		Asset Management & Custody Banks—0.2%
	30,789	Blucora, Inc.(b)		1,077,615
		Commercial Printing—0.3%
	19,796	Cimpress N.V. (Netherlands)(b)		1,789,559
		Communications Equipment—2.5%
	48,492	Arista Networks, Inc.(b)		15,143,567
		Data Processing & Outsourced Services—0.1%
	42,766	NIC, Inc.		738,141
		Interactive Home Entertainment—2.6%
	46,865	NetEase, Inc., ADR (China)		13,334,498
	84,510	Sea Ltd., ADR (Thailand)(b)		2,103,454
				15,437,952
		Interactive Media & Services—32.5%
	39,263	Alphabet, Inc., Class C(b)		46,663,290
	36,159	Autohome, Inc., ADR (China)(b)		4,176,003
	135,297	Baidu, Inc., ADR (China)(b)		22,490,420
	22,862	Eventbrite, Inc., Class A(b)		571,550
	272,357	Facebook, Inc., Class A(b)		52,673,844
	49,728	IAC/InterActiveCorp.(b)		11,180,844
	43,984	Match Group, Inc.		2,656,634
	47,457	Meet Group, Inc. (The)(b)		263,861
	100,665	Momo, Inc., ADR (China)		3,530,322
	31,968	QuinStreet, Inc.(b)		456,183
	45,871	SINA Corp. (China)(b)		2,887,121
	668,353	Snap, Inc., Class A(b)(c)		7,445,452
	58,686	Sogou, Inc., ADR (China)(b)(c)		333,923
	25,373	Sohu.com Ltd., ADR (China)(b)		524,460
	80,443	TripAdvisor, Inc.(b)		4,281,981
	66,753	TrueCar, Inc.(b)		429,889

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Interactive Media & Services (continued)
	491,037	Twitter, Inc.(b)	$	19,597,287
	47,871	Weibo Corp., ADR (China)(b)		3,279,164
	183,215	Yandex N.V., Class A (Russia)(b)		6,857,737
	31,778	YY, Inc., ADR (China)(b)		2,688,737
	37,297	Zillow Group, Inc., Class A(b)		1,238,633
				194,227,335
		Internet & Direct Marketing Retail—38.2%
	22,859	1-800-Flowers.com, Inc., Class A(b)		486,668
	240,352	Alibaba Group Holding Ltd., ADR (China)(b)		44,602,121
	26,815	Amazon.com, Inc.(b)		51,659,634
	27,807	Baozun, Inc., ADR (China)(b)(c)		1,348,640
	12,956	Booking Holdings, Inc.(b)		24,033,250
	311,598	Ctrip.com International, Ltd., ADR (China)(b)		13,725,892
	585,970	eBay, Inc.		22,706,337
	76,740	Etsy, Inc.(b)		5,183,020
	85,982	Expedia Group, Inc.		11,163,903
	366,039	Groupon, Inc.(b)		1,288,457
	58,405	GrubHub, Inc.(b)		3,900,870
	591,918	JD.com, Inc., ADR (China)(b)		17,917,358
	20,674	Lands’ End, Inc.(b)		362,002
	34,977	Liberty Expedia Holdings, Inc., Series A(b)		1,623,632
	21,378	Liquidity Services, Inc.(b)		145,157
	38,088	MakeMyTrip Ltd. (India)(b)		960,198
	28,930	MercadoLibre, Inc. (Argentina)(b)		14,006,170
	20,631	Overstock.com, Inc.(b)(c)		271,917
	13,269	PetMed Express, Inc.(c)		289,928
	21,568	Shutterfly, Inc.(b)		945,325
	22,516	Shutterstock, Inc.		910,772
	11,618	Stamps.com, Inc.(b)		996,824
	26,947	Stitch Fix, Inc., Class A(b)(c)		718,138
	299,513	Vipshop Holdings Ltd., ADR (China)(b)		2,578,807
	40,456	Wayfair, Inc., Class A(b)		6,559,940
				228,384,960
		Internet Services & Infrastructure—7.5%
	39,971	21Vianet Group, Inc., ADR (China)(b)		314,172
	104,374	Akamai Technologies, Inc.(b)		8,356,182
	23,520	Brightcove, Inc.(b)		235,906
	22,056	Carbonite, Inc.(b)		541,034
	92,413	Endurance International Group Holdings, Inc.(b)		511,044
	110,961	GoDaddy, Inc., Class A(b)		9,043,321
	63,049	Okta, Inc.(b)		6,558,987
	76,633	VeriSign, Inc.(b)		15,131,186
	30,818	Wix.com Ltd. (Israel)(b)		4,134,543
				44,826,375
		IT Consulting & Other Services—0.1%
	33,428	Switch, Inc., Class A(c)		363,362
		Movies & Entertainment—7.6%
	122,852	Netflix, Inc.(b)		45,521,580
		Research & Consulting Services—1.9%
	23,325	CoStar Group, Inc.(b)		11,575,031

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

46

Invesco NASDAQ Internet ETF (PNQI)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Wireless Telecommunication Services—0.1%
	27,284	Boingo Wireless, Inc.(b)	$	620,438
	56,198	Gogo, Inc.(b)(c)		295,602
				916,040
		Total Common Stocks & Other Equity Interests (Cost $502,985,270)		598,239,134
		Money Market Funds—0.0%
	44,687	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $44,687)		44,687
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $503,029,957)—100.0%		598,283,821
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—1.2%
	5,209,761	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		5,209,761
	1,736,067	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		1,736,588
		Total Money Market Funds (Cost $6,946,349)		6,946,349
		Total Investments in Securities (Cost $509,976,306)—101.2%		605,230,170
		Other assets less liabilities—(1.2)%		(6,998,596	)
		Net Assets—100.0%	$	598,231,574

Abbreviations:

ADR—American Depositary Receipt

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2019.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

This Fund has holdings greater than 10% of net assets in the following country:

China 22.5 % 

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

47

Statements of Assets and Liabilities

April 30, 2019

	Invesco DWA Basic Materials Momentum ETF (PYZ)			Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)			Invesco DWA Consumer Staples Momentum ETF (PSL)			Invesco DWA Energy Momentum ETF (PXI)
Assets:
Unaffiliated investments in securities, at value(a)	$	63,514,799		$	31,270,023		$	174,405,551		$	51,146,830
Affiliated investments in securities, at value		3,109,917			3,315,877			4,599,077			2,014,954
Cash		—			—			—			—
Receivable for:
Dividends		82,320			13,086			91,592			47,991
Securities lending		292			1,253			320			3,384
Investments sold		—			—			—			—
Fund shares sold		—			—			—			—
Foreign tax reclaims		—			—			—			—
Total assets		66,707,328			34,600,239			179,096,540			53,213,159
Liabilities:
Payable for:
Investments purchased		69,730			—			—			—
Collateral upon return of securities loaned		2,873,715			3,142,034			4,317,788			1,841,399
Fund shares repurchased		—			—			—			—
Accrued unitary management fees		—			—			—			—
Accrued advisory fees		15,478			3,570			55,061			11,276
Accrued trustees’ and officer’s fees		36,944			34,807			37,709			41,418
Accrued expenses		193,888			149,189			285,334			192,377
Total liabilities		3,189,755			3,329,600			4,695,892			2,086,470
Net Assets	$	63,517,573		$	31,270,639		$	174,400,648		$	51,126,689
Net assets consist of:
Shares of beneficial interest	$	102,865,373		$	83,146,692		$	213,852,374		$	218,575,092
Distributable earnings		(39,347,800	)		(51,876,053	)		(39,451,726	)		(167,448,403	)
Net Assets	$	63,517,573		$	31,270,639		$	174,400,648		$	51,126,689
Shares outstanding (unlimited amount authorized, $0.01 par value)		1,050,000			550,000			2,400,000			1,600,000
Net asset value	$	60.49		$	56.86		$	72.67		$	31.95
Market price	$	60.48		$	56.87		$	72.65		$	31.95
Unaffiliated investments in securities, at cost	$	61,197,963		$	26,958,677		$	156,095,614		$	55,277,093
Affiliated investments in securities, at cost	$	3,109,917		$	3,315,877		$	4,599,077		$	2,014,954
(a)Includes securities on loan with an aggregate value of	$	2,813,961		$	3,089,486		$	4,299,215		$	1,799,661

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

48

Invesco DWA Financial Momentum ETF (PFI)			Invesco DWA Healthcare Momentum ETF (PTH)			Invesco DWA Industrials Momentum ETF (PRN)				Invesco DWA Technology Momentum ETF (PTF)			Invesco DWA Utilities Momentum ETF (PUI)			Invesco NASDAQ Internet ETF (PNQI)
$	24,867,001		$	163,425,497		$	101,839,076			$	176,038,798		$	223,642,589		$	598,239,134
	952,429			6,060,508			3,117,417				1,237,083			348,733			6,991,036
	634			—			1,200				—			—			—
	6,929			7,647			34,416				544			347,965			195
	962			3,975			228				2,796			—			9,769
	—			—			—				—			1,606,411			613,325
	—			—			—				7,161,367			—			—
	—			—			—				10,778			—			—
	25,827,955			169,497,627			104,992,337				184,451,366			225,945,698			605,853,459
	—			—			—				7,164,484			349,780			386,884
	825,735			5,644,054			2,944,665				970,413			—			6,946,349
	—			—			—				—			1,608,878			—
	—			—			—				—			—			288,652
	3,015			57,831			32,206				47,128			78,433			—
	32,848			41,345			37,690				37,053			34,969			—
	105,128			403,213			138,653				266,705			236,844			—
	966,726			6,146,443			3,153,214				8,485,783			2,308,904			7,621,885
$	24,861,229		$	163,351,184		$	101,839,123			$	175,965,583		$	223,636,794		$	598,231,574
									��
$	36,754,598		$	298,419,025		$	138,000,091			$	216,344,528		$	225,260,629		$	545,676,449
	(11,893,369	)		(135,067,841	)		(36,160,968	)			(40,378,945	)		(1,623,835	)		52,555,125
$	24,861,229		$	163,351,184		$	101,839,123			$	175,965,583		$	223,636,794		$	598,231,574
	700,000			2,100,000			1,600,000				2,450,000			6,950,000			4,200,000
$	35.52		$	77.79		$	63.65			$	71.82		$	32.18		$	142.44
$	35.49		$	77.69		$	63.64			$	71.91		$	32.18		$	142.41
$	21,251,134		$	152,050,328		$	84,209,243			$	140,477,064		$	211,979,443		$	502,985,270
$	952,429		$	6,060,508		$	3,117,417			$	1,237,083		$	348,733		$	6,991,036
$	798,590		$	5,417,252		$	2,905,518			$	983,319		$	—		$	6,762,512

49

Statements of Operations

For the year ended April 30, 2019

	Invesco DWA Basic Materials Momentum ETF (PYZ)			Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)			Invesco DWA Consumer Staples Momentum ETF (PSL)			Invesco DWA Energy Momentum ETF (PXI)
Investment income:
Unaffiliated dividend income	$	1,458,585		$	365,804		$	1,848,668		$	1,084,720
Affiliated dividend income		3,630			2,551			4,447			3,748
Securities lending income		727			28,660			3,714			54,460
Foreign witholding tax		—			—			—			—
Total investment income		1,462,942			397,015			1,856,829			1,142,928
Expenses:
Unitary management fees		—			—			—			—
Advisory fees		425,449			263,879			747,592			431,622
Sub-licensing fees		127,635			79,164			224,279			129,487
Accounting & administration fees		32,620			28,980			31,591			31,172
Professional fees		24,944			24,421			24,987			24,775
Custodian & transfer agent fees		3,818			4,571			2,538			4,344
Trustees’ and officer’s fees		7,594			7,139			8,027			7,772
Other expenses		20,963			16,036			19,030			21,235
Total expenses		643,023			424,190			1,058,044			650,407
Less: Waivers		(132,810	)		(107,760	)		(161,293	)		(132,817	)
Net expenses		510,213			316,430			896,751			517,590
Net investment income (loss)		952,729			80,585			960,078			625,338
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(8,671,190	)		(7,956,362	)		(16,835,831	)		(19,680,358	)
In-kind redemptions		6,045,613			9,368,085			16,781,685			15,330,393
Net realized gain (loss)		(2,625,577	)		1,411,723			(54,146	)		(4,349,965	)
Change in unrealized appreciation (depreciation) on investment securities		(7,328,753	)		341,267			7,172,036			(18,412,376	)
Net realized and unrealized gain (loss)		(9,954,330	)		1,752,990			7,117,890			(22,762,341	)
Net increase (decrease) in net assets resulting from operations	$	(9,001,601	)	$	1,833,575		$	8,077,968		$	(22,137,003	)

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

50

Invesco DWA Financial Momentum ETF (PFI)			Invesco DWA Healthcare Momentum ETF (PTH)			Invesco DWA Industrials Momentum ETF (PRN)			Invesco DWA Technology Momentum ETF (PTF)			Invesco DWA Utilities Momentum ETF (PUI)			Invesco NASDAQ Internet ETF (PNQI)
$	701,534		$	290,954		$	934,141		$	555,990		$	2,775,314		$	1,219,504
	2,538			4,841			3,408			5,408			2,813			3,174
	1,424			196,825			514			48,382			—			327,206
	(425	)		—			(5,973	)		—			(13	)		—
	705,071			492,620			932,090			609,780			2,778,114			1,549,884
	—			—			—			—			—			3,581,189
	194,242			1,190,901			525,421			680,207			517,909			—
	30,276			357,988			53,738			204,442			155,369			—
	30,692			37,678			33,740			35,692			28,015			—
	24,549			25,617			24,134			24,449			22,812			—
	3,575			5,968			5,891			4,466			9,383			—
	7,064			9,285			7,869			8,056			7,199			—
	18,179			25,974			19,139			20,238			16,487			—
	308,577			1,653,411			669,932			977,550			757,174			3,581,189
	(75,711	)		(224,675	)		(39,696	)		(161,738	)		(135,984	)		(292	)
	232,866			1,428,736			630,236			815,812			621,190			3,580,897
	472,205			(936,116	)		301,854			(206,032	)		2,156,924			(2,031,013	)
	(4,790,462	)		(66,117,239	)		(10,759,291	)		(8,959,394	)		(1,277,550	)		(17,246,071	)
	7,033,416			54,956,798			11,054,922			25,248,558			7,767,846			75,868,440
	2,242,954			(11,160,441	)		295,631			16,289,164			6,490,296			58,622,369
	(3,476,945	)		(10,003,951	)		7,878,282			15,847,728			10,841,628			(8,326,753	)
	(1,233,991	)		(21,164,392	)		8,173,913			32,136,892			17,331,924			50,295,616
$	(761,786	)	$	(22,100,508	)	$	8,475,767		$	31,930,860		$	19,488,848		$	48,264,603

51

Statements of Changes in Net Assets

For the years ended April 30, 2019 and 2018

	Invesco DWA Basic Materials Momentum ETF (PYZ)						Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	952,729		$	753,674		$	80,585		$	207,733
Net realized gain (loss)		(2,625,577	)		6,406,896			1,411,723			2,465,265
Change in net unrealized appreciation (depreciation)		(7,328,753	)		1,802,654			341,267			443,726
Net increase (decrease) in net assets resulting from operations		(9,001,601	)		8,963,224			1,833,575			3,116,724
Distributions to Shareholders from:
Distributable earnings		(888,902	)		(618,978	)		(158,244	)		(174,078	)
Shareholder Transactions:
Proceeds from shares sold		27,240,965			63,257,342			52,623,503			93,230,455
Value of shares repurchased		(53,946,537	)		(72,756,787	)		(78,491,892	)		(69,545,904	)
Net increase (decrease) in net assets resulting from share transactions		(26,705,572	)		(9,499,445	)		(25,868,389	)		23,684,551
Net increase (decrease) in net assets		(36,596,075	)		(1,155,199	)		(24,193,058	)		26,627,197
Net assets:
Beginning of year		100,113,648			101,268,847			55,463,697			28,836,500
End of year	$	63,517,573		$	100,113,648		$	31,270,639		$	55,463,697
Changes in Shares Outstanding:
Shares sold		400,000			950,000			950,000			1,950,000
Shares repurchased		(850,000	)		(1,100,000	)		(1,500,000	)		(1,500,000	)
Shares outstanding, beginning of year		1,500,000			1,650,000			1,100,000			650,000
Shares outstanding, end of year		1,050,000			1,500,000			550,000			1,100,000

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

52

Invesco DWA Consumer Staples Momentum ETF (PSL)						Invesco DWA Energy Momentum ETF (PXI)						Invesco DWA Financial Momentum ETF (PFI)						Invesco DWA Healthcare Momentum ETF (PTH)
2019			2018			2019			2018			2019			2018			2019			2018
$	960,078		$	483,488		$	625,338		$	1,048,595		$	472,205		$	776,514		$	(936,116	)	$	(400,484	)
	(54,146	)		5,073,454			(4,349,965	)		(10,879,545	)		2,242,954			3,584,062			(11,160,441	)		25,406,736
	7,172,036			4,488,372			(18,412,376	)		21,908,276			(3,476,945	)		6,536,625			(10,003,951	)		12,271,288
	8,077,968			10,045,314			(22,137,003	)		12,077,326			(761,786	)		10,897,201			(22,100,508	)		37,277,540
	(896,392	)		(351,231	)		(813,322	)		(808,060	)		(535,745	)		(612,178	)		—			—
	184,250,972			55,005,066			109,650,071			21,017,579			17,180,080			61,429,140			366,642,626			234,947,048
	(108,009,337	)		(50,913,125	)		(124,310,912	)		(56,280,030	)		(61,351,116	)		(87,240,976	)		(336,483,387	)		(180,211,073	)
	76,241,635			4,091,941			(14,660,841	)		(35,262,451	)		(44,171,036	)		(25,811,836	)		30,159,239			54,735,975
	83,423,211			13,786,024			(37,611,166	)		(23,993,185	)		(45,468,567	)		(15,526,813	)		8,058,731			92,013,515
	90,977,437			77,191,413			88,737,855			112,731,040			70,329,796			85,856,609			155,292,453			63,278,938
$	174,400,648		$	90,977,437		$	51,126,689		$	88,737,855		$	24,861,229		$	70,329,796		$	163,351,184		$	155,292,453
	2,600,000			850,000			2,550,000			550,000			500,000			1,850,000			4,100,000			3,450,000
	(1,550,000	)		(800,000	)		(3,050,000	)		(1,550,000	)		(1,800,000	)		(2,650,000	)		(4,000,000	)		(2,600,000	)
	1,350,000			1,300,000			2,100,000			3,100,000			2,000,000			2,800,000			2,000,000			1,150,000
	2,400,000			1,350,000			1,600,000			2,100,000			700,000			2,000,000			2,100,000			2,000,000

53

Statements of Changes in Net Assets(continued)

For the years ended April 30, 2019 and 2018

	Invesco DWA Industrials Momentum ETF (PRN)						Invesco DWA Technology Momentum ETF (PTF)
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	301,854		$	475,892		$	(206,032	)	$	95,831
Net realized gain		295,631			14,254,002			16,289,164			24,828,738
Change in net unrealized appreciation (depreciation)		7,878,282			(501,925	)		15,847,728			2,069,284
Net increase in net assets resulting from operations		8,475,767			14,227,969			31,930,860			26,993,853
Distributions to Shareholders from:
Distributable earnings		(271,559	)		(510,083	)		(94,036	)		(51,408	)
Return of capital		—			(271,174	)		—			—
Total distributions to shareholders		(271,559	)		(781,257	)		(94,036	)		(51,408	)
Shareholder Transactions:
Proceeds from shares sold		70,906,996			90,162,488			155,387,556			99,710,756
Value of shares repurchased		(84,325,128	)		(127,225,474	)		(129,255,146	)		(139,873,509	)
Net increase (decrease) in net assets resulting from share transactions		(13,418,132	)		(37,062,986	)		26,132,410			(40,162,753	)
Net increase (decrease) in net assets		(5,213,924	)		(23,616,274	)		57,969,234			(13,220,308	)
Net assets:
Beginning of year		107,053,047			130,669,321			117,996,349			131,216,657
End of year	$	101,839,123		$	107,053,047		$	175,965,583		$	117,996,349
Changes in Shares Outstanding:
Shares sold		1,150,000			1,550,000			2,400,000			1,950,000
Shares repurchased		(1,400,000	)		(2,200,000	)		(2,050,000	)		(2,750,000	)
Shares outstanding, beginning of year		1,850,000			2,500,000			2,100,000			2,900,000
Shares outstanding, end of year		1,600,000			1,850,000			2,450,000			2,100,000

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

54

Invesco DWA Utilities Momentum ETF (PUI)						Invesco NASDAQ Internet ETF (PNQI)
2019			2018			2019			2018
$	2,156,924		$	1,435,638		$	(2,031,013	)	$	(1,479,291	)
	6,490,296			2,264,535			58,622,369			75,580,692
	10,841,628			(1,822,585	)		(8,326,753	)		41,807,534
	19,488,848			1,877,588			48,264,603			115,908,935
	(1,488,891	)		(1,607,003	)		—			(109,107	)
	—			—			—			—
	(1,488,891	)		(1,607,003	)		—			(109,107	)
	224,199,894			9,942,147			148,587,172			322,305,601
	(63,293,016	)		(102,958,355	)		(199,155,415	)		(189,509,351	)
	160,906,878			(93,016,208	)		(50,568,243	)		132,796,250
	178,906,835			(92,745,623	)		(2,303,640	)		248,596,078
	44,729,959			137,475,582			600,535,214			351,939,136
$	223,636,794		$	44,729,959		$	598,231,574		$	600,535,214
	7,350,000			350,000			1,100,000			2,700,000
	(2,050,000	)		(3,700,000	)		(1,550,000	)		(1,600,000	)
	1,650,000			5,000,000			4,650,000			3,550,000
	6,950,000			1,650,000			4,200,000			4,650,000

55

Financial Highlights

Invesco DWA Basic Materials Momentum ETF (PYZ)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	66.74		$	61.38		$	54.35		$	53.85		$	52.33
Net investment income(a)		0.72			0.49			0.46			0.58			0.43
Net realized and unrealized gain (loss) on investments		(6.30	)		5.27			7.14			0.59			1.57
Total from investment operations		(5.58	)		5.76			7.60			1.17			2.00
Distributions to shareholders from:
Net investment income		(0.67	)		(0.40	)		(0.57	)		(0.67	)		(0.48	)
Net asset value at end of year	$	60.49		$	66.74		$	61.38		$	54.35		$	53.85
Market price at end of year(b)	$	60.48		$	66.79		$	61.38		$	54.38		$	53.80
Net Asset Value Total Return(c)		(8.36	)%		9.40	%		14.04	%		2.32	%		3.82	%
Market Price Total Return(c)		(8.46	)%		9.48	%		13.98	%		2.47	%		3.77	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	63,518		$	100,114		$	101,269		$	168,497		$	78,082
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.76	%		0.76	%		0.69	%		0.69	%		0.69	%
Net investment income, after Waivers		1.12	%		0.75	%		0.79	%		1.17	%		0.79	%
Portfolio turnover rate(d)		89	%		75	%		132	%		96	%		80	%

^(a)  Based on average shares outstanding.

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

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

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

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	50.42		$	44.36		$	42.26		$	45.93		$	39.79
Net investment income(a)		0.08			0.25			0.15			0.17			0.27
Net realized and unrealized gain (loss) on investments		6.53			6.03			2.30			(3.71	)		6.06
Total from investment operations		6.61			6.28			2.45			(3.54	)		6.33
Distributions to shareholders from:
Net investment income		(0.17	)		(0.22	)		(0.35	)		(0.13	)		(0.19	)
Net asset value at end of year	$	56.86		$	50.42		$	44.36		$	42.26		$	45.93
Market price at end of year(b)	$	56.87		$	50.48		$	44.37		$	42.25		$	45.93
Net Asset Value Total Return(c)		13.15	%		14.20	%		5.85	%		(7.73	)%		15.91	%
Market Price Total Return(c)		13.03	%		14.31	%		5.90	%		(7.76	)%		16.06	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	31,271		$	55,464		$	28,837		$	92,964		$	96,463
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.80	%		0.90	%		0.86	%		0.71	%		0.81	%
Net investment income, after Waivers		0.15	%		0.52	%		0.35	%		0.39	%		0.63	%
Portfolio turnover rate(d)		136	%		185	%		117	%		139	%		114	%

^(a)  Based on average shares outstanding.

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

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

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

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

56

Financial Highlights(continued)

Invesco DWA Consumer Staples Momentum ETF (PSL)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	67.39		$	59.38		$	56.05		$	51.43		$	43.04
Net investment income(a)		0.45			0.41			0.76			0.43			0.76	(b)
Net realized and unrealized gain on investments		5.25			7.90			3.69			4.54			8.37
Total from investment operations		5.70			8.31			4.45			4.97			9.13
Distributions to shareholders from:
Net investment income		(0.42	)		(0.30	)		(1.12	)		(0.35	)		(0.74	)
Net asset value at end of year	$	72.67		$	67.39		$	59.38		$	56.05		$	51.43
Market price at end of year(c)	$	72.65		$	67.61		$	59.38		$	56.05		$	51.43
Net Asset Value Total Return(d)		8.50	%		14.03	%		8.12	%		9.67	%		21.28	%
Market Price Total Return(d)		8.12	%		14.40	%		8.12	%		9.67	%		21.31	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	174,401		$	90,977		$	77,191		$	297,070		$	97,713
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.71	%		0.79	%		0.71	%		0.69	%		0.78	%
Net investment income, after Waivers		0.64	%		0.65	%		1.33	%		0.76	%		1.54	%(b)
Portfolio turnover rate(e)		118	%		80	%		106	%		113	%		83	%

^(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 of $5.77 per share owned of Pilgrim’s Pride Corp. on January 28, 2015. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.28 and 0.55%, respectively.

^(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 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)  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.

57

Financial Highlights(continued)

Invesco DWA Energy Momentum ETF (PXI)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	42.26		$	36.36		$	37.97		$	49.51		$	60.41
Net investment income(a)		0.28			0.41			0.14			0.51			0.53
Net realized and unrealized gain (loss) on investments		(10.24	)		5.80			(1.50	)		(11.39	)		(10.82	)
Total from investment operations		(9.96	)		6.21			(1.36	)		(10.88	)		(10.29	)
Distributions to shareholders from:
Net investment income		(0.35	)		(0.31	)		(0.19	)		(0.66	)		(0.61	)
Return of capital		—			—			(0.06	)		—			—
Total distributions		(0.35	)		(0.31	)		(0.25	)		(0.66	)		(0.61	)
Net asset value at end of year	$	31.95		$	42.26		$	36.36		$	37.97		$	49.51
Market price at end of year(b)	$	31.95		$	42.32		$	36.35		$	37.95		$	49.51
Net Asset Value Total Return(c)		(23.63	)%		17.28	%		(3.62	)%		(22.01	)%		(17.08	)%
Market Price Total Return(c)		(23.74	)%		17.47	%		(3.60	)%		(22.05	)%		(17.02	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	51,127		$	88,738		$	112,731		$	125,286		$	183,178
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.75	%		0.78	%		0.72	%		0.76	%		0.74	%
Net investment income, after Waivers		0.72	%		1.15	%		0.34	%		1.32	%		0.97	%
Portfolio turnover rate(d)		113	%		95	%		116	%		119	%		109	%

^(a)  Based on average shares outstanding.

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

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

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

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

58

Financial Highlights(continued)

Invesco DWA Financial Momentum ETF (PFI)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	35.16		$	30.66		$	29.42		$	30.76		$	27.82
Net investment income(a)		0.41			0.35			0.47			0.42			0.37
Net realized and unrealized gain (loss) on investments		0.39			4.44			1.43			(1.37	)		2.92
Total from investment operations		0.80			4.79			1.90			(0.95	)		3.29
Distributions to shareholders from:
Net investment income		(0.44	)		(0.29	)		(0.66	)		(0.39	)		(0.35	)
Net asset value at end of year	$	35.52		$	35.16		$	30.66		$	29.42		$	30.76
Market price at end of year(b)	$	35.49		$	35.22		$	30.64		$	29.43		$	30.76
Net Asset Value Total Return(c)		2.44	%		15.64	%		6.51	%		(3.11	)%		11.84	%
Market Price Total Return(c)		2.18	%		15.91	%		6.41	%		(3.08	)%		11.96	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	24,861		$	70,330		$	85,857		$	29,418		$	38,447
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%(d)
Expenses, prior to Waivers		0.79	%		0.75	%		0.77	%		0.84	%		0.85	%(d)
Net investment income, after Waivers		1.22	%		1.04	%		1.53	%		1.38	%		1.24	%
Portfolio turnover rate(e)		132	%		105	%		204	%		119	%		115	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(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.

Invesco DWA Healthcare Momentum ETF (PTH)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	77.65		$	55.03		$	44.31		$	57.68		$	45.34
Net investment income (loss)(a)		(0.33	)		(0.21	)		(0.19	)		(0.27	)		(0.20	)
Net realized and unrealized gain (loss) on investments		0.47			22.83			10.91			(13.10	)		12.54
Total from investment operations		0.14			22.62			10.72			(13.37	)		12.34
Net asset value at end of year	$	77.79		$	77.65		$	55.03		$	44.31		$	57.68
Market price at end of year(b)	$	77.69		$	77.80		$	55.02		$	44.28		$	57.64
Net Asset Value Total Return(c)		0.18	%		41.11	%		24.19	%		(23.18	)%		27.22	%
Market Price Total Return(c)		(0.15	)%		41.40	%		24.26	%		(23.18	)%		27.13	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	163,351		$	155,292		$	63,279		$	75,332		$	178,802
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.69	%		0.73	%		0.78	%		0.70	%		0.68	%
Net investment income (loss), after Waivers		(0.39	)%		(0.31	)%		(0.39	)%		(0.48	)%		(0.38	)%
Portfolio turnover rate(d)		166	%		130	%		175	%		200	%		151	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Financial Highlights(continued)

Invesco DWA Industrials Momentum ETF (PRN)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	57.87		$	52.27		$	45.13		$	46.84		$	46.47
Net investment income(a)		0.17			0.23			0.29			0.22			0.17
Net realized and unrealized gain (loss) on investments		5.76			5.73			7.14			(1.73	)		0.35
Total from investment operations		5.93			5.96			7.43			(1.51	)		0.52
Distributions to shareholders from:
Net investment income		(0.15	)		(0.23	)		(0.29	)		(0.20	)		(0.15	)
Return of capital		—			(0.13	)		—			—			—
Total distributions		(0.15	)		(0.36	)		(0.29	)		(0.20	)		(0.15	)
Net asset value at end of year	$	63.65		$	57.87		$	52.27		$	45.13		$	46.84
Market price at end of year(b)	$	63.64		$	57.91		$	52.26		$	45.13		$	46.85
Net Asset Value Total Return(c)		10.28	%		11.43	%		16.50	%		(3.24	)%		1.12	%
Market Price Total Return(c)		10.19	%		11.53	%		16.48	%		(3.26	)%		1.23	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	101,839		$	107,053		$	130,669		$	42,876		$	112,414
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.64	%		0.64	%		0.65	%		0.65	%		0.64	%
Net investment income, after Waivers		0.29	%		0.39	%		0.59	%		0.48	%		0.36	%
Portfolio turnover rate(d)		104	%		106	%		122	%		122	%		121	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

60

Financial Highlights(continued)

Invesco DWA Technology Momentum ETF (PTF)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	56.19		$	45.25		$	36.16		$	40.37		$	32.44
Net investment income (loss)(a)		(0.09	)		0.04			0.07			(0.01	)		0.17
Net realized and unrealized gain (loss) on investments		15.76			10.92			9.12			(4.20	)		8.02
Total from investment operations		15.67			10.96			9.19			(4.21	)		8.19
Distributions to shareholders from:
Net investment income		(0.04	)		(0.02	)		(0.05	)		—			(0.26	)
Return of capital		—			—			(0.05	)		—			—
Total distributions		(0.04	)		(0.02	)		(0.10	)		—			(0.26	)
Net asset value at end of year	$	71.82		$	56.19		$	45.25		$	36.16		$	40.37
Market price at end of year(b)	$	71.91		$	56.21		$	45.22		$	36.16		$	40.36
Net Asset Value Total Return(c)		27.90	%		24.22	%		25.46	%		(10.43	)%		25.29	%
Market Price Total Return(c)		28.01	%		24.35	%		25.38	%		(10.41	)%		25.22	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	175,966		$	117,996		$	131,217		$	182,623		$	64,588
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.72	%		0.74	%		0.72	%		0.70	%		0.77	%
Net investment income (loss), after Waivers		(0.15	)%		0.08	%		0.17	%		(0.03	)%		0.46	%
Portfolio turnover rate(d)		133	%		107	%		147	%		159	%		157	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco DWA Utilities Momentum ETF (PUI)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	27.11		$	27.50		$	25.12		$	22.51		$	22.49
Net investment income(a)		0.63			0.65			0.65			0.64			0.57
Net realized and unrealized gain (loss) on investments		4.98			(0.31	)		2.71			2.60			(0.01	)
Total from investment operations		5.61			0.34			3.36			3.24			0.56
Distributions to shareholders from:
Net investment income		(0.54	)		(0.73	)		(0.98	)		(0.63	)		(0.54	)
Net asset value at end of year	$	32.18		$	27.11		$	27.50		$	25.12		$	22.51
Market price at end of year(b)	$	32.18		$	27.13		$	27.51		$	25.10		$	22.50
Net Asset Value Total Return(c)		20.98	%		1.16	%		13.65	%		14.86	%		2.48	%
Market Price Total Return(c)		20.89	%		1.19	%		13.78	%		14.81	%		2.53	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	223,637		$	44,730		$	137,476		$	200,953		$	34,893
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.73	%		0.83	%		0.71	%		0.74	%		0.80	%
Net investment income, after Waivers		2.08	%		2.35	%		2.46	%		2.74	%		2.49	%
Portfolio turnover rate(d)		49	%		41	%		54	%		91	%		47	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

61

Financial Highlights(continued)

Invesco NASDAQ Internet ETF (PNQI)

	Years Ended April 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of year	$	129.15		$	99.14		$	76.48		$	72.28		$	61.62
Net investment income (loss)(a)		(0.44	)		(0.36	)		(0.22	)		(0.16	)		(0.21	)
Net realized and unrealized gain on investments		13.73			30.40			22.88			4.36			10.87
Total from investment operations		13.29			30.04			22.66			4.20			10.66
Distributions to shareholders from:
Net investment income		—			(0.03	)		—			—			—
Net asset value at end of year	$	142.44		$	129.15		$	99.14		$	76.48		$	72.28
Market price at end of year(b)	$	142.41		$	129.29		$	99.17		$	76.44		$	72.26
Net Asset Value Total Return(c)		10.29	%		30.30	%		29.63	%		5.81	%		17.30	%
Market Price Total Return(c)		10.15	%		30.40	%		29.73	%		5.79	%		17.48	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	598,232		$	600,535		$	351,939		$	279,152		$	216,851
Ratio to average net assets of:
Expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income (loss)		(0.34	)%		(0.31	)%		(0.26	)%		(0.21	)%		(0.31	)%
Portfolio turnover rate(d)		20	%		20	%		14	%		27	%		31	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2019

NOTE 1—Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 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 DWA Basic Materials Momentum ETF (PYZ)	“DWA Basic Materials Momentum ETF”
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)	“DWA Consumer Cyclicals Momentum ETF”
Invesco DWA Consumer Staples Momentum ETF (PSL)	“DWA Consumer Staples Momentum ETF”
Invesco DWA Energy Momentum ETF (PXI)	“DWA Energy Momentum ETF”
Invesco DWA Financial Momentum ETF (PFI)	“DWA Financial Momentum ETF”
Invesco DWA Healthcare Momentum ETF (PTH)	“DWA Healthcare Momentum ETF”
Invesco DWA Industrials Momentum ETF (PRN)	“DWA Industrials Momentum ETF”
Invesco DWA Technology Momentum ETF (PTF)	“DWA Technology Momentum ETF”
Invesco DWA Utilities Momentum ETF (PUI)	“DWA Utilities Momentum ETF”
Invesco NASDAQ Internet ETF (PNQI)	“NASDAQ Internet 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 The NASDAQ Stock Market LLC.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

Fund	Underlying Index
DWA Basic Materials Momentum ETF	Dorsey Wright® Basic Materials Technical Leaders Index
DWA Consumer Cyclicals Momentum ETF	Dorsey Wright® Consumer Cyclicals Technical Leaders Index
DWA Consumer Staples Momentum ETF	Dorsey Wright® Consumer Staples Technical Leaders Index
DWA Energy Momentum ETF	Dorsey Wright® Energy Technical Leaders Index
DWA Financial Momentum ETF	Dorsey Wright® Financials Technical Leaders Index
DWA Healthcare Momentum ETF	Dorsey Wright® Healthcare Technical Leaders Index
DWA Industrials Momentum ETF	Dorsey Wright® Industrials Technical Leaders Index
DWA Technology Momentum ETF	Dorsey Wright® Technology Technical Leaders Index
DWA Utilities Momentum ETF	Dorsey Wright® Utilities Technical Leaders Index
NASDAQ Internet ETF	NASDAQ Internet IndexSM

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 (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued.

63

Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions 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.

B. Other Risks

Index Risk.Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

Authorized Participant Concentration Risk.Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying each

64

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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for Funds that invest in non-U.S. securities, which may have lower trading volumes.

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 particular industries will become negative. 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.

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 faces 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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Non-Diversified Fund Risk.NASDAQ Internet ETF is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, 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 the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.

Non-Correlation Risk.Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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 Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Momentum Investing Risk.Certain Funds employ a “momentum” style of investing that is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.

Small- and Mid-Capitalization Company Risk.For certain Funds, 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.

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 gain distributions to a Fund’s shareholders, each Fund will seek to utilize an in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

C. 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 the accrual basis from settlement date. 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

65

of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each 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.

D. Country Determination— For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders— Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on 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.

F. 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.

G. Expenses— Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that 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.

Each Fund (except for NASDAQ Internet ETF) is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.

NASDAQ Internet ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

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

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of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H. 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.

I. Indemnifications— Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending— During the fiscal year ended April 30, 2019, DWA Basic Materials Momentum ETF, DWA Consumer Cyclicals Momentum ETF, DWA Consumer Staples Momentum ETF, DWA Energy Momentum ETF, DWA Financial Momentum ETF, DWA Healthcare Momentum ETF, DWA Industrials Momentum ETF, DWA Technology Momentum ETF and NASDAQ Internet ETF participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

K. Distributions from Distributable Earnings— In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.

For the year ended April 30, 2018, distributions from distributable earnings consisted of distributions from net investment income.

NOTE 3—Investment Advisory Agreement and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for NASDAQ Internet ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, NASDAQ Internet ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.60% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of NASDAQ Internet ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except NASDAQ Internet ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary

67

expenses) of each Fund (except NASDAQ Internet ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2021. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2021. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees.

Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

DWA Basic Materials Momentum ETF	$	132,810
DWA Consumer Cyclicals Momentum ETF		107,760
DWA Consumer Staples Momentum ETF		161,293
DWA Energy Momentum ETF		132,817
DWA Financial Momentum ETF		75,711
DWA Healthcare Momentum ETF		224,675
DWA Industrials Momentum ETF		39,696
DWA Technology Momentum ETF		161,738
DWA Utilities Momentum ETF		135,984
NASDAQ Internet ETF		292

Except for NASDAQ Internet ETF, the fees waived and/or expenses borne by the Adviser are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at April 30, 2019 are as follows:

	Total Potential Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/20		4/30/21		4/30/22
DWA Basic Materials Momentum ETF	$	417,340	$	125,307	$	159,542	$	132,491
DWA Consumer Cyclicals Momentum ETF		342,384		115,120		119,724		107,540
DWA Consumer Staples Momentum ETF		515,744		214,731		140,107		160,906
DWA Energy Momentum ETF		477,796		184,582		160,735		132,479
DWA Financial Momentum ETF		280,277		91,999		112,796		75,482
DWA Healthcare Momentum ETF		523,722		124,797		174,653		224,272
DWA Industrials Momentum ETF		138,096		47,109		51,599		39,388
DWA Technology Momentum ETF		515,135		180,774		173,020		161,341
DWA Utilities Momentum ETF		442,218		165,742		140,725		135,751

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
DWA Basic Materials Momentum ETF	Dorsey Wright & Associates, LLC
DWA Consumer Cyclicals Momentum ETF	Dorsey Wright & Associates, LLC
DWA Consumer Staples Momentum ETF	Dorsey Wright & Associates, LLC
DWA Energy Momentum ETF	Dorsey Wright & Associates, LLC
DWA Financial Momentum ETF	Dorsey Wright & Associates, LLC
DWA Healthcare Momentum ETF	Dorsey Wright & Associates, LLC
DWA Industrials Momentum ETF	Dorsey Wright & Associates, LLC
DWA Technology Momentum ETF	Dorsey Wright & Associates, LLC
DWA Utilities Momentum ETF	Dorsey Wright & Associates, LLC
NASDAQ Internet ETF	Nasdaq, Inc.

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Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for NASDAQ Internet ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, 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.

NOTE 4—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of April 30, 2019, all of the securities in each Fund 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.

NOTE 5—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2019 and 2018:

	2019				2018
	Ordinary Income		Return of Capital		Ordinary Income		Return of Capital
DWA Basic Materials Momentum ETF	$	888,902	$	—	$	618,978	$	—
DWA Consumer Cyclicals Momentum ETF		158,244		—		174,078		—
DWA Consumer Staples Momentum ETF		896,392		—		351,231		—
DWA Energy Momentum ETF		813,322		—		808,060		—
DWA Financial Momentum ETF		535,745		—		612,178		—
DWA Healthcare Momentum ETF		—		—		—		—
DWA Industrials Momentum ETF		271,559		—		510,083		271,174
DWA Technology Momentum ETF		94,036		—		51,408		—
DWA Utilities Momentum ETF		1,488,891		—		1,607,003		—
NASDAQ Internet ETF		—		—		109,107		—

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)— Investments			Capital Loss Carryforwards			Late-Year Ordinary Loss Deferral		Shares  of Beneficial Interest		Total Net Assets
DWA Basic Materials Momentum ETF	$	223,431	$	(34,274	)	$	2,089,271		$	(41,626,228	)	$	—	$	102,865,373	$	63,517,573
DWA Consumer Cyclicals Momentum ETF		—		(32,334	)		4,306,994			(56,150,713	)		—		83,146,692		31,270,639
DWA Consumer Staples Momentum ETF		213,061		(35,031	)		17,959,254			(57,589,010	)		—		213,852,374		174,400,648
DWA Energy Momentum ETF		70,563		(38,554	)		(4,762,092	)		(162,718,320	)		—		218,575,092		51,126,689
DWA Financial Momentum ETF		115,527		(30,405	)		3,589,089			(15,567,580	)		—		36,754,598		24,861,229

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	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)— Investments		Capital Loss Carryforwards			Late-Year Ordinary Loss Deferral			Shares  of Beneficial Interest		Total Net Assets
DWA Healthcare Momentum ETF	$	—	$	(38,772	)	$	11,011,358	$	(145,792,956	)	$	(247,471	)	$	298,419,025	$	163,351,184
DWA Industrials Momentum ETF		33,665		(34,987	)	��	17,547,730		(53,707,376	)		—			138,000,091		101,839,123
DWA Technology Momentum ETF		—		(34,366	)		35,325,183		(75,543,958	)		(125,804	)		216,344,528		175,965,583
DWA Utilities Momentum ETF		831,585		(32,411	)		11,153,033		(13,576,042	)		—			225,260,629		223,636,794
NASDAQ Internet ETF		—		—			79,828,399		(26,608,455	)		(664,819	)		545,676,449		598,231,574

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 following table presents available capital loss carryforwards for each Fund as of April 30, 2019:

	Post-effective/no expiration
	Short-Term		Long-Term		Total*
DWA Basic Materials Momentum ETF	$	35,085,639	$	6,540,589	$	41,626,228
DWA Consumer Cyclicals Momentum ETF		55,705,628		445,085		56,150,713
DWA Consumer Staples Momentum ETF		56,144,781		1,444,229		57,589,010
DWA Energy Momentum ETF		145,159,073		17,559,247		162,718,320
DWA Financial Momentum ETF		15,154,985		412,595		15,567,580
DWA Healthcare Momentum ETF		145,792,956		—		145,792,956
DWA Industrials Momentum ETF		53,664,003		43,373		53,707,376
DWA Technology Momentum ETF		75,543,958		—		75,543,958
DWA Utilities Momentum ETF		11,687,042		1,889,000		13,576,042
NASDAQ Internet ETF		11,100,138		15,508,317		26,608,455	��

* Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6—Investment Transactions

For the fiscal year ended April 30, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
DWA Basic Materials Momentum ETF	$	77,048,222	$	77,001,426
DWA Consumer Cyclicals Momentum ETF		71,973,662		71,779,289
DWA Consumer Staples Momentum ETF		180,565,248		179,585,897
DWA Energy Momentum ETF		100,341,517		99,764,170
DWA Financial Momentum ETF		55,788,910		53,771,843
DWA Healthcare Momentum ETF		409,983,874		408,208,512
DWA Industrials Momentum ETF		115,336,227		112,850,477
DWA Technology Momentum ETF		199,078,164		191,837,498
DWA Utilities Momentum ETF		53,654,612		52,775,955
NASDAQ Internet ETF		119,361,000		118,476,852

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For the fiscal year ended April 30, 2019, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
DWA Basic Materials Momentum ETF	$	27,239,617	$	53,902,852
DWA Consumer Cyclicals Momentum ETF		52,649,023		78,738,974
DWA Consumer Staples Momentum ETF		183,484,989		108,078,861
DWA Energy Momentum ETF		109,658,784		124,900,104
DWA Financial Momentum ETF		15,017,336		61,221,956
DWA Healthcare Momentum ETF		366,753,019		339,217,135
DWA Industrials Momentum ETF		70,896,379		86,744,263
DWA Technology Momentum ETF		147,752,864		129,127,279
DWA Utilities Momentum ETF		224,074,468		63,315,366
NASDAQ Internet ETF		148,385,334		201,976,696

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

At April 30, 2019, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
DWA Basic Materials Momentum ETF	$	5,916,354	$	(3,827,083	)	$	2,089,271		$	64,535,445
DWA Consumer Cyclicals Momentum ETF		4,778,565		(471,571	)		4,306,994			30,278,906
DWA Consumer Staples Momentum ETF		18,653,104		(693,850	)		17,959,254			161,045,374
DWA Energy Momentum ETF		2,406,538		(7,168,630	)		(4,762,092	)		57,923,876
DWA Financial Momentum ETF		3,604,788		(15,699	)		3,589,089			22,230,341
DWA Healthcare Momentum ETF		16,510,854		(5,499,496	)		11,011,358			158,474,647
DWA Industrials Momentum ETF		17,889,169		(341,439	)		17,547,730			87,408,763
DWA Technology Momentum ETF		35,627,295		(302,112	)		35,325,183			141,950,698
DWA Utilities Momentum ETF		12,539,113		(1,386,080	)		11,153,033			212,838,289
NASDAQ Internet ETF		111,265,060		(31,436,661	)		79,828,399			525,401,771

NOTE 7—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2019, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
DWA Basic Materials Momentum ETF	$	—		$	(3,274,992	)	$	3,274,992
DWA Consumer Cyclicals Momentum ETF		28,306			(7,177,185	)		7,148,879
DWA Consumer Staples Momentum ETF		—			(15,156,431	)		15,156,431
DWA Energy Momentum ETF		—			(12,737,097	)		12,737,097
DWA Financial Momentum ETF		—			(4,981,376	)		4,981,376
DWA Healthcare Momentum ETF		918,015			(50,554,673	)		49,636,658
DWA Industrials Momentum ETF		(8,023	)		(8,159,754	)		8,167,777
DWA Technology Momentum ETF		112,915			(22,018,746	)		21,905,831
DWA Utilities Momentum ETF		—			(6,810,818	)		6,810,818
NASDAQ Internet ETF		3,257,980			(70,889,640	)		67,631,660

NOTE 8—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for NASDAQ Internet ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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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 his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF, Invesco DWA Utilities Momentum ETF and Invesco NASDAQ Internet ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF, Invesco DWA Utilities Momentum ETF and Invesco NASDAQ Internet ETF (ten of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2019, the related statements of operations for the year ended April 30, 2019, the statements of changes in net assets for each of the two years in the period ended April 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2019, and each of the financial highlights for each of the five years in the period ended April 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2019

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco NASDAQ Internet ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Invesco NASDAQ Internet ETF, 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. 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 through the six-month period ended April 30, 2019.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco DWA Basic Materials Momentum ETF (PYZ)
Actual	$	1,000.00	$	1,018.70		0.60	%	$	3.00
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60			3.01
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
Actual		1,000.00		1,097.90		0.60			3.12
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60			3.01
Invesco DWA Consumer Staples Momentum ETF (PSL)
Actual		1,000.00		1,024.90		0.60			3.01
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60			3.01
Invesco DWA Energy Momentum ETF (PXI)
Actual		1,000.00		863.70		0.60			2.77
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60			3.01
Invesco DWA Financial Momentum ETF (PFI)
Actual		1,000.00		1,133.70		0.60			3.17
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60			3.01

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Calculating your ongoing Fund expenses(continued)

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco DWA Healthcare Momentum ETF (PTH)
Actual	$	1,000.00	$	948.20		0.60	%	$	2.90
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60			3.01
Invesco DWA Industrials Momentum ETF (PRN)
Actual		1,000.00		1,130.00		0.60			3.17
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60			3.01
Invesco DWA Technology Momentum ETF (PTF)
Actual		1,000.00		1,266.00		0.60			3.37
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60			3.01
Invesco DWA Utilities Momentum ETF (PUI)
Actual		1,000.00		1,132.40		0.60			3.17
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60			3.01
Invesco NASDAQ Internet ETF (PNQI)
Actual		1,000.00		1,192.20		0.60			3.26
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60			3.01

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2019:

	Qualified Business Income*			Qualified Dividend Income*			Dividends-Received Deduction*
Invesco DWA Basic Materials Momentum ETF		0	%		100	%		100	%
Invesco DWA Consumer Cyclicals Momentum ETF		0	%		100	%		100	%
Invesco DWA Consumer Staples Momentum ETF		0	%		100	%		100	%
Invesco DWA Energy Momentum ETF		0	%		89	%		89	%
Invesco DWA Financial Momentum ETF		25	%		100	%		100	%
Invesco DWA Healthcare Momentum ETF		0	%		0	%		0	%
Invesco DWA Industrials Momentum ETF		0	%		100	%		100	%
Invesco DWA Technology Momentum ETF		0	%		100	%		100	%
Invesco DWA Utilities Momentum ETF		0	%		100	%		100	%
Invesco NASDAQ Internet ETF		0	%		0	%		0	%

* The above percentages are based on ordinary income dividends paid to shareholders during the fiscal year.

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Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	241	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007), and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	241	None.
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club For Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	241	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

77

Trustees and Officers(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	241	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	241	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (advisory services to the financial sector) (2010-Present); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	241	Director, Penfield Children’s Center (2004-present); Board Chairman, Gracebridge Alliance, Inc. (2015-present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

78

Trustees and Officers(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008–Present), Invesco North American Holdings, Inc.; Executive Vice President (2008–Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012–Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014–Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008–2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2018); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	241	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

79

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

80

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

81

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Manager, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800)983-0903.

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

82

Board Considerations Regarding Continuation of Investment Advisory Agreement

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 53 series (each, a “Fund” and collectively, the “Funds”):

Invesco Aerospace & Defense ETF

Invesco BRIC ETF

Invesco BuyBack Achievers^TM ETF

Invesco Cleantech^TM ETF

Invesco Dividend Achievers^TM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA NASDAQ Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Retail ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend Achievers^TM ETF

Invesco Insider Sentiment ETF

Invesco International Dividend Achievers^TM ETF

Invesco Russell 2000 Pure Growth ETF

Invesco Russell 2000 Pure Value ETF

Invesco Russell Midcap Equal Weight ETF

Invesco Russell Midcap Pure Growth ETF

Invesco Russell Midcap Pure Value ETF

Invesco Russell Top 200 Equal Weight ETF

Invesco Russell Top 200 Pure Growth ETF

Invesco Russell Top 200 Pure Value ETF

Invesco S&P 500^® Quality ETF

Invesco S&PSpin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco ZacksMid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser from its relationships with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for theday-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for theone-year, three-year, five-year,ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase

83

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees also considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees also compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”),open-end(non-ETF) index funds andopen-end(non-ETF) actively-managed funds, as applicable. The Trustees noted that the annual contractual advisory fee charged to each Fund is:

● 0.50% of the Fund’s average daily net assets for each Fund other than Invesco Dividend Achievers^TM ETF, Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco High Yield Equity Dividend Achievers^TM ETF, Invesco International Dividend Achievers^TM ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Equal Weight ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Equal Weight ETF, Invesco Russell Top 200 Pure Growth ETF, Invesco Russell Top 200 Pure Value ETF and Invesco S&P 500^® Quality ETF (The net advisory fee, after giving effect to the Expense Cap, as defined below, was-0.16% for Invesco Dynamic Retail ETF.);

● 0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500Small-Mid ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Pure Growth ETF and Invesco Russell Top 200 Pure Value ETF;

● 0.25% of the Fund’s average daily net assets for each of Invesco Russell Midcap Equal Weight ETF and Invesco Russell Top 200 Equal Weight ETF (The net advisory fee, after giving effect to the Expense Cap, as defined below, was-0.17% for Invesco Russell Midcap Equal Weight ETF.); and

● 0.15% of the Fund’s average daily net assets for Invesco S&P 500^® Quality ETF (The Trustees noted that, prior to September 24, 2018, the Fund’s advisory fee was 0.29%.).

The Trustees also noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2021, as set forth below:

● 0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco DWA NASDAQ Momentum ETF and Invesco Dynamic Market ETF;

● 0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

● 0.50%, excluding interest expenses,sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US

84

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

1500Small-Mid ETF, Invesco Russell 2000 Pure Growth ETF, Invesco Russell 2000 Pure Value ETF, Invesco Russell Midcap Pure Growth ETF, Invesco Russell Midcap Pure Value ETF, Invesco Russell Top 200 Pure Growth ETF and Invesco Russell Top 200 Pure Value ETF;

● 0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each of Invesco Russell Midcap Equal Weight ETF and Invesco Russell Top 200 Equal Weight ETF;

● 0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for Invesco S&P 500 Quality ETF; and

● 0.60%, excluding interest expenses,sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses, for each other Fund.

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it providessub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to thesub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF andopen-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median		Equal to/Lower thanOpen-End Index Fund Median*	Equal to/Lower thanOpen-End Active Fund Median
Invesco Aerospace & Defense ETF					X
Invesco BRIC ETF					X
Invesco Buyback AchieversTM ETF					X
Invesco CleantechTM ETF					X
Invesco Dividend AchieversTM ETF					X
Invesco DWA Basic Materials Momentum ETF					X
Invesco DWA Consumer Cyclicals Momentum ETF					X
Invesco DWA Consumer Staples Momentum ETF					X
Invesco DWA Energy Momentum ETF					X
Invesco DWA Financial Momentum ETF					X
Invesco DWA Healthcare Momentum ETF					X
Invesco DWA Industrials Momentum ETF					X
Invesco DWA Momentum ETF		X			X
Invesco DWA NASDAQ Momentum ETF					X
Invesco DWA Technology Momentum ETF					X
Invesco DWA Utilities Momentum ETF					X
Invesco Dynamic Biotechnology & Genome ETF					X
Invesco Dynamic Building & Construction ETF					X
Invesco Dynamic Energy Exploration & Production ETF					X
Invesco Dynamic Food & Beverage ETF					X
Invesco Dynamic Large Cap Growth ETF					X
Invesco Dynamic Large Cap Value ETF					X
Invesco Dynamic Leisure and Entertainment ETF					X
Invesco Dynamic Market ETF					X
Invesco Dynamic Media ETF					X
Invesco Dynamic Networking ETF					X

85

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median		Equal to/Lower thanOpen-End Index Fund Median*		Equal to/Lower thanOpen-End Active Fund Median
Invesco Dynamic Oil & Gas Services ETF				N/A		X
Invesco Dynamic Pharmaceuticals ETF						X
Invesco Dynamic Retail ETF						X
Invesco Dynamic Semiconductors ETF						X
Invesco Dynamic Software ETF						X
Invesco Financial Preferred ETF				N/A		X
Invesco FTSE RAFI US 1000 ETF						X
Invesco FTSE RAFI US 1500Small-Mid ETF						X
Invesco Global Listed Private Equity ETF				N/A		X
Invesco Golden Dragon China ETF		X		N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF						X
Invesco Insider Sentiment ETF						X
Invesco International Dividend AchieversTM ETF		X				X
Invesco Russell 2000 Pure Growth ETF				X		X
Invesco Russell 2000 Pure Value ETF				X		X
Invesco Russell Midcap Equal Weight ETF						X
Invesco Russell Midcap Pure Growth ETF		X				X
Invesco Russell Midcap Pure Value ETF		X				X
Invesco Russell Top 200 Equal Weight ETF		X				X
Invesco Russell Top 200 Pure Growth ETF						X
Invesco Russell Top 200 Pure Value ETF						X
Invesco S&P 500® Quality ETF		X				X
Invesco S&PSpin-Off						X
Invesco Water Resources ETF						X
Invesco WilderHill Clean Energy ETF						X
Invesco ZacksMid-Cap ETF						X
Invesco Zacks Multi-Asset Income ETF						X

* The information provided by the Adviser indicated that certain Funds did not haveopen-end index fund peers. Those Funds have been designated with an “N/A” for not available.

The Trustees determined that the contractual advisory fees were reasonable, noting the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF andopen-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower thanOpen-End Index Fund Median*	Equal to/Lower thanOpen-End Active Fund Median
Invesco Aerospace & Defense ETF				X
Invesco BRIC ETF				X
Invesco Buyback AchieversTM ETF				X
Invesco CleantechTM ETF				X

86

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median		Equal to/Lower thanOpen-End Index Fund Median*	Equal to/Lower thanOpen-End Active Fund Median
Invesco Dividend AchieversTM ETF			X		X
Invesco DWA Basic Materials Momentum ETF					X
Invesco DWA Consumer Cyclicals Momentum ETF					X
Invesco DWA Consumer Staples Momentum ETF					X
Invesco DWA Energy Momentum ETF					X
Invesco DWA Financial Momentum ETF					X
Invesco DWA Healthcare Momentum ETF					X
Invesco DWA Industrials Momentum ETF					X
Invesco DWA Momentum ETF			X		X
Invesco DWA NASDAQ Momentum ETF					X
Invesco DWA Technology Momentum ETF					X
Invesco DWA Utilities Momentum ETF					X
Invesco Dynamic Biotechnology & Genome ETF					X
Invesco Dynamic Building & Construction ETF					X
Invesco Dynamic Energy Exploration & Production ETF					X
Invesco Dynamic Food & Beverage ETF					X
Invesco Dynamic Large Cap Growth ETF					X
Invesco Dynamic Large Cap Value ETF					X
Invesco Dynamic Leisure and Entertainment ETF					X
Invesco Dynamic Market ETF					X
Invesco Dynamic Media ETF					X
Invesco Dynamic Networking ETF					X
Invesco Dynamic Oil & Gas Services ETF			N/A		X
Invesco Dynamic Pharmaceuticals ETF					X
Invesco Dynamic Retail ETF					X
Invesco Dynamic Semiconductors ETF					X
Invesco Dynamic Software ETF					X
Invesco Financial Preferred ETF			N/A		X
Invesco FTSE RAFI US 1000 ETF					X
Invesco FTSE RAFI US 1500Small-Mid ETF					X
Invesco Global Listed Private Equity ETF			N/A		X
Invesco Golden Dragon China ETF			N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF			X		X
Invesco Insider Sentiment ETF					X
Invesco International Dividend AchieversTM ETF					X
Invesco Russell 2000 Pure Growth ETF			X		X
Invesco Russell 2000 Pure Value ETF			X		X
Invesco Russell Midcap Equal Weight ETF					X
Invesco Russell Midcap Pure Growth ETF					X
Invesco Russell Midcap Pure Value ETF					X
Invesco Russell Top 200 Equal Weight ETF		X			X
Invesco Russell Top 200 Pure Growth ETF					X

87

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median		Equal to/Lower thanOpen-End Index Fund Median*	Equal to/Lower thanOpen-End Active Fund Median
Invesco Russell Top 200 Pure Value ETF					X
Invesco S&P 500® Quality ETF		X			X
Invesco S&PSpin-Off ETF					X
Invesco Water Resources ETF					X
Invesco WilderHill Clean Energy ETF					X
Invesco ZacksMid-Cap ETF					X
Invesco Zacks Multi-Asset Income ETF					X

* The information provided by the Adviser indicated that certain Funds did not haveopen-end index fund peers. Those Funds have been designated with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Large Cap Growth ETF and Invesco WilderHill Clean Energy ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.

The Trustees noted that a significant component of thenon-advisory fee expenses was the license fees paid by the Funds, and noted those Funds for which license fees are included in the Funds’ Expense Caps. The Trustees also noted that the Adviser has agreed to reimburse certain Funds in the amount equal to the licensing fee paid that causes that Fund’s annual operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed a percentage of that Fund’s average daily net assets through April 6, 2020 (May 18, 2020 for Invesco BRIC ETF) as set forth below:

Invesco BRIC ETF	0.64	%
Invesco Insider Sentiment ETF	0.60	%
Invesco S&PSpin-Off ETF	0.64	%
Invesco ZacksMid-Cap ETF	0.65	%
Invesco Zacks Multi-Asset Income ETF	0.65	%

The Board concluded that the advisory fee and expense ratio of each Fund (giving effect to the Fund’s Expense Cap) were reasonable and appropriate in light of the services provided.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Amended and Restated Excess Expense Agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund, other than Invesco Dynamic Market ETF and Invesco DWA NASDAQ Momentum ETF, for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the flat advisory fee was reasonable and appropriate.

88

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

89

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 24 series (each, a “Fund” and together, the “Funds”):

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Raymond JamesSB-1 Equity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500^®Equal Weight Consumer Discretionary ETF

Invesco S&P 500^®Equal Weight Consumer Staples ETF

Invesco S&P 500^®Equal Weight Energy ETF

Invesco S&P 500^®Equal Weight ETF

Invesco S&P 500^®Equal Weight Financials ETF

Invesco S&P 500^®Equal Weight Health Care ETF

Invesco S&P 500^®Equal Weight Industrials ETF

Invesco S&P 500^®Equal Weight Materials ETF

Invesco S&P 500^®Equal Weight Real Estate ETF

Invesco S&P 500^®Equal Weight Technology ETF

Invesco S&P 500^®Equal Weight Utilities ETF

Invesco S&P 500^®Pure Growth ETF

Invesco S&P 500^®Pure Value ETF

Invesco S&P 500^®Top 50 ETF

Invesco S&P MidCap 400^® Equal Weight ETF

Invesco S&P MidCap 400^® Pure Growth ETF

Invesco S&P MidCap 400^® Pure Value ETF

Invesco S&P SmallCap 600^® Equal Weight ETF

Invesco S&P SmallCap 600^® Pure Growth ETF

Invesco S&P SmallCap 600^® Pure Value ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser from its relationships with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for theday-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees also reviewed information on the performance of the Funds and their underlying indexes for theone-year, three-year,five-year,ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between the Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance prior to the closing of the Transaction on April 6, 2018 is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees also considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”),open-end(non-ETF) index funds andopen-end(non-ETF) actively-managed funds. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with the Adviser paying all

90

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

other operating expenses of each Fund, except that each Fund pays its own distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:

● 0.75% of the Fund’s average daily net assets for Invesco Raymond JamesSB-1 Equity ETF;

● 0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF (The Trustees noted that prior to July 1, 2018, the Fund’s annual unitary advisory fee was 0.75%.);

● 0.35% of the Fund’s average daily net assets for each of Invesco S&P 500^® Pure Growth ETF, Invesco S&P 500^® Pure Value ETF, Invesco S&P MidCap 400^® Pure Growth ETF, Invesco S&P MidCap 400^® Pure Value ETF, Invesco S&P SmallCap 600^® Pure Growth ETF and Invesco S&P SmallCap 600^® Pure Value ETF;

● 0.20% of the Fund’s average daily net assets for each of Invesco S&P 500^® Equal Weight ETF and Invesco S&P 500^® Top 50 ETF;

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF (The Trustees noted that prior to September 24, 2018, the Fund’s annual unitary advisory fee was 0.30%.); and

● 0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it providessub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to thesub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF andopen-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median		Equal to/Lower thanOpen-End Index Fund Median		Equal to/Lower thanOpen-End Active Fund Median
Invesco Dow Jones Industrial Average Dividend ETF		X		X		X
Invesco NASDAQ Internet ETF						X
Invesco Raymond JamesSB-1 Equity ETF						X
Invesco S&P 500 BuyWrite ETF		X		X		X
Invesco S&P 500®Equal Weight Consumer Discretionary ETF		X				X
Invesco S&P 500®Equal Weight Consumer Staples ETF		X				X
Invesco S&P 500®Equal Weight Energy ETF		X				X
Invesco S&P 500®Equal Weight ETF		X		X		X
Invesco S&P 500®Equal Weight Financials ETF		X				X
Invesco S&P 500®Equal Weight Health Care ETF		X				X
Invesco S&P 500®Equal Weight Industrials ETF		X				X
Invesco S&P 500®Equal Weight Materials ETF		X				X
Invesco S&P 500®Equal Weight Real Estate ETF		X				X
Invesco S&P 500®Equal Weight Technology ETF		X				X
Invesco S&P 500®Equal Weight Utilities ETF		X		X		X
Invesco S&P 500®Pure Growth ETF		X		X		X
Invesco S&P 500®Pure Value ETF						X
Invesco S&P 500®Top 50 ETF		X		X		X
Invesco S&P MidCap 400® Equal Weight ETF						X
Invesco S&P MidCap 400® Pure Growth ETF				X		X
Invesco S&P MidCap 400® Pure Value ETF				X		X
Invesco S&P SmallCap 600® Equal Weight ETF						X

91

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower thanOpen-End Index Fund Median		Equal to/Lower thanOpen-End Active Fund Median
Invesco S&P SmallCap 600® Pure Growth ETF			X		X
Invesco S&P SmallCap 600® Pure Value ETF			X		X

The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged to each Fund was reasonable and appropriate in light of the services provided.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

92

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 atwww.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’sForm N-PX on the Commission’s website atwww.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 onForm N-Q (or any successor Form). The Trust’sForms N-Q (or any successor Form) are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.

©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-AR-3 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2019

RSP	Invesco S&P 500® Equal Weight ETF
EWCO	Invesco S&P 500® Equal Weight Communication Services ETF
RCD	Invesco S&P 500® Equal Weight Consumer Discretionary ETF
RHS	Invesco S&P 500® Equal Weight Consumer Staples ETF
RYE	Invesco S&P 500® Equal Weight Energy ETF
RYF	Invesco S&P 500® Equal Weight Financials ETF
RYH	Invesco S&P 500® Equal Weight Health Care ETF
RGI	Invesco S&P 500® Equal Weight Industrials ETF
RTM	Invesco S&P 500® Equal Weight Materials ETF
EWRE	Invesco S&P 500® Equal Weight Real Estate ETF
RYT	Invesco S&P 500® Equal Weight Technology ETF
RYU	Invesco S&P 500® Equal Weight Utilities ETF
EWMC	Invesco S&P MidCap 400® Equal Weight ETF
EWSC	Invesco S&P SmallCap 600® Equal Weight ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
S&P Equal Portfolios
Schedules of Investments
Invesco S&P 500® Equal Weight ETF (RSP)	37
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)	43
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)	44
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)	46
Invesco S&P 500® Equal Weight Energy ETF (RYE)	47
Invesco S&P 500® Equal Weight Financials ETF (RYF)	48
Invesco S&P 500® Equal Weight Health Care ETF (RYH)	49
Invesco S&P 500® Equal Weight Industrials ETF (RGI)	50
Invesco S&P 500® Equal Weight Materials ETF (RTM)	52
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)	53
Invesco S&P 500® Equal Weight Technology ETF (RYT)	54
Invesco S&P 500® Equal Weight Utilities ETF (RYU)	55
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)	56
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)	61
Statements of Assets and Liabilities	68
Statements of Operations	72
Statements of Changes in Net Assets	76
Financial Highlights	86
Notes to Financial Statements	96
Report of Independent Registered Public Accounting Firm	108
Fund Expenses	110
Tax Information	112
Trustees and Officers	113
Board Considerations Regarding Continuation of Investment Advisory Agreement	119

2

The Market Environment

Domestic Equity

The fiscal year proved to be an increasingly volatile time for U.S. equities. Throughout the summer, U.S. equities moved higher as corporate profits surged amid the benefit of corporate tax cuts and improving global economic growth. Several U.S. equity indexes reached new highs despite potential headwinds, including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. After a relatively quiet summer, market volatility noticeably rose in October 2018, as U.S. equity markets suffered a sharpsell-off throughyear-end 2018, amid ongoing trade concerns between the U.S. and China, fears of a global economic slowdown and lower oil prices from a supply glut, with oil prices plummeting from near $75 per barrel in early October 2018 to around $45 per barrel in late December 2018.¹ In this environment, there was a flight to safety, as investors fled to defensive areas of the markets, such as health care, utilities and U.S. Treasuries.

Given signs of a strong economy, the U.S. Federal Reserve (the “Fed”) raised interest rates three times during the fiscal year: in June, September and December 2018. Following December’s Fed meeting, the Fed raised interest rates by 25 basis points to a targeted range of 2.25% to 2.50%, which signaled a slightly more dovish stance than expected.² In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.

Equity markets rebounded at the start of 2019, fueled by optimism about a potential U.S.-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as U.S. economic data were mixed and overseas growth appeared to be slowing. By the end of the fiscal year, the U.S. equity market generally recovered the losses from fourth quarter 2018, backed by improving investor sentiment, low unemployment and a growing economy.

¹  Source: Bloomberg

²  Source: U.S. Federal Reserve

3

RSP	Manager’s Analysis
	Invesco S&P 500® Equal Weight ETF (RSP)

As an index fund, the Invesco S&P 500^® Equal Weight ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Index (the “Index”). The Fund will generally invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is an equal-weighted version of the S&P 500^® Index. Unlike the S&P 500^® Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 10.43%. On a net asset value (“NAV”) basis, the Fund returned 10.45%. During the same time period, the Index returned 10.62%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the information technology sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and industrials sectors, respectively. The energy and communications services sectors were the only detracting sectors from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Advanced Micro Devices, Inc., an information technology company (portfolio

average weight of 0.22%) and Xilinx, Inc., an information technology company (portfolio average weight of 0.21%). Positions that detracted most significantly from the Fund’s return during this period included PG&E Corp., a utilities company (no longer held at fiscalyear-end) and Nektar Therapeutics, a health care company (portfolio average weight of 0.18%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Information Technology	14.2
Industrials	14.1
Financials	13.6
Consumer Discretionary	12.6
Health Care	11.8
Consumer Staples	6.7
Real Estate	6.1
Energy	5.9
Utilities	5.4
Materials	5.1
Communication Services	4.4
Money Market Funds Plus Other Assets Less Liabilities	0.1
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Anadarko Petroleum Corp.	0.3
QUALCOMM, Inc.	0.3
Align Technology, Inc.	0.3
Conagra Brands, Inc.	0.3
CarMax, Inc.	0.3
Twitter, Inc.	0.3
Pioneer Natural Resources Co.	0.2
Constellation Brands, Inc., Class A	0.2
Noble Energy, Inc.	0.2
Advanced Micro Devices, Inc.	0.2
Total	2.6

* Excluding money market fund holdings.

4

Invesco S&P 500^® Equal Weight ETF (RSP)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year		��	3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Index		10.62	%		12.90	%		43.89	%		10.22	%		62.66	%		16.16	%		347.31	%		11.62	%		481.77	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			9.82			348.63
Fund
NAV Return		10.45			12.59			42.74			9.86			60.05			15.70			329.94			11.10			439.70
Market Price Return		10.43			12.58			42.68			9.86			59.99			15.69			329.63			11.10			439.80

Guggenheim S&P 500^® Equal Weight ETF (the “Predecessor Fund”) Inception: April 24, 2003

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.20%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

5

EWCO	Manager’s Analysis
	Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)

As an index fund, the Invesco S&P 500^® Equal Weight Communication Services ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Communication Services Plus Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the communication services sector. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The communication services sector includes companies that facilitate communication or offer related content and information through various types of media and is comprised of companies from the following industries: diversified telecommunications services; wireless telecommunication services; media; entertainment; and interactive media & services. In the event there are fewer than 22 securities eligible for inclusion in the Index at the quarterly rebalance, the Index will be supplemented with the largest communication services companies in the S&P MidCap 400 Index based on float-adjusted market capitalization until the 22 security minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until the next quarterly rebalance.

Unlike the S&P 500^® Communication Services Index, which employs a market capitalization weighted methodology, the Index is equally weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

During the fiscal period from the Fund’s inception (November 7, 2018) through April 30, 2019, on a market price basis, the Fund returned 0.04%. On a net asset value (“NAV”) basis, the Fund returned 0.08%. During the same time period, the Index returned 0.24%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 5.76%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the mediasub-industry and most underweight in the pharmaceuticalssub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund having an overweight allocation to diversified telecommunication services and entertainmentsub-industries.

For the fiscal year ended April 30, 2019, the interactive media & servicessub-industry contributed most significantly to the Fund’s return, followed by the mediasub-industry. The diversified telecommunicationsub-industry is the onlysub-industry that detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Netflix, Inc., a movies & entertainment company (portfolio average weight of 4.85%) and Facebook, Inc., Class A, an interactive media & services company (portfolio average weight of 4.57%). Positions that detracted most significantly from the Fund’s return during this period included CenturyLink, Inc., an alternative carriers company (portfolio average weight of 3.96%) andTake-Two Interactive Software, Inc., an interactive home entertainment company (portfolio average weight of 4.30%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Media	40.3
Entertainment	27.5
Interactive Media & Services	19.4
Diversified Telecommunication Services	12.6
Money Market Funds Plus Other Assets Less Liabilities	0.2

6

Invesco S&P 500^® Equal Weight Communication Services ETF (EWCO)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Twitter, Inc.	5.7
Walt Disney Co. (The)	5.1
Activision Blizzard, Inc.	4.9
Comcast Corp., Class A	4.8
Facebook, Inc., Class A	4.8
Take-Two Interactive Software, Inc.	4.7
DISH Network Corp., Class A	4.7
Charter Communications, Inc., Class A	4.7
Omnicom Group, Inc.	4.6
Netflix, Inc.	4.5
Total	48.5

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of April 30, 2019

	Fund Inception
Index	Cumulative
S&P 500® Equal Weight Communication Services Plus Index		0.24	%
S&P 500® Index		5.76
Fund
NAV Return		0.08
Market Price Return		0.04

7

Invesco S&P 500^® Equal Weight Communication Services ETF (EWCO)(continued)

Fund Inception: November 7, 2018

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

8

RCD	Manager’s Analysis
	Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)

As an index fund, the Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Consumer Discretionary Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the consumer discretionary sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The manufacturing segment of the consumer discretionary sector includes automotive, household durable goods, leisure equipment, and textiles and apparel, and the services segment of the consumer discretionary sector includes hotels, restaurants and other leisure facilities, media production and services, and consumer retailing and services.

Unlike the S&P 500^® Consumer Discretionary Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 10.61%. On a net asset value (“NAV”) basis, the Fund returned 10.58%. During the same time period, the Index returned 10.98%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the apparel, accessories & luxury goodssub-industry and most underweight in the pharmaceuticalssub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that

period can be attributed to the Fund being overweight in the systems softwaresub-industry.

For the fiscal year ended April 30, 2019, the restaurantssub-industry contributed most significantly to the Fund’s return, followed by the automotive retail and specialty storessub-industries, respectively. The housewares & specialtiessub-industry detracted most significantly from the Fund’s return, followed by the home furnishingssub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Chipotle Mexican Grill, Inc., a restaurants company (portfolio average weight of 1.60%) and AutoZone, Inc., an automotive retail company (portfolio average weight of 1.54%). Positions that detracted most significantly from the Fund’s return during this period included Newell Brands Inc., a housewares & specialties company (portfolio average weight of 1.37%) and Tapestry, Inc., an apparel, accessories & luxury goods company (portfolio average weight of 1.39%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Specialty Retail	24.5
Hotels, Restaurants & Leisure	19.3
Textiles, Apparel & Luxury Goods	12.5
Household Durables	12.2
Multiline Retail	9.2
Internet & Direct Marketing Retail	6.6
Automobiles	4.8
Auto Components	3.2
Distributors	3.1
Leisure Products	3.0
Diversified Consumer Services	1.6
Money Market Funds Plus Other Assets Less Liabilities	0.0

9

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
CarMax, Inc.	2.0
Ford Motor Co.	1.8
Wynn Resorts, Ltd.	1.8
Amazon.com, Inc.	1.8
Hasbro, Inc.	1.7
PVH Corp.	1.7
Tractor Supply Co.	1.7
Tiffany & Co.	1.7
PulteGroup, Inc.	1.7
Lowe’s Cos., Inc.	1.7
Total	17.6

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Consumer Discretionary Index		10.98	%		9.56	%		31.52	%		8.78	%		52.32	%		16.88	%		375.83	%		9.11	%		197.41	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.61			180.61
Fund
NAV Return		10.58			9.16			30.08			8.37			49.46			16.40			356.51			8.64			181.56
Market Price Return		10.61			9.19			30.17			8.39			49.59			16.40			356.55			8.64			181.60

10

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)(continued)

Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

11

RHS	Manager’s Analysis
	Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)

As an index fund, the Invesco S&P 500^® Equal Weight Consumer Staples ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Consumer Staples Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the consumer staples sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The consumer staples sector includes manufacturers and distributors of food, beverages and tobacco, producers ofnon-durable household goods and personal products, food and drug retailing companies and consumer super centers.

Unlike the S&P 500^® Consumer Staples Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 12.67%. On a net asset value (“NAV”) basis, the Fund returned 12.63%. During the same time period, the Index returned 13.05%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the packaged foods & meatssub-industry and most underweight in the interactive media & servicessub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the systems softwaresub-industry.

For the fiscal year ended April 30, 2019, the household productssub-industry contributed most significantly to the Fund’s return, followed by the packaged foods & meats and soft drinkssub-industries, respectively. The drug retailsub-industry detracted most significantly from the Fund’s return, followed by the distillers & vintnerssub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Church & Dwight Co., Inc., a household products company (portfolio average weight of 3.21%) and Procter & Gamble Co., a household products company (portfolio average weight of 3.14%). Positions that detracted most significantly from the Fund’s return during this period included Kraft Heinz Co. (The), a food products company (portfolio average weight of 2.90%) and Walgreens Boots Alliance, Inc., a drug retail company (portfolio average weight of 3.07%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Food Products	40.3
Beverages	18.5
Household Products	15.3
Food & Staples Retailing	14.4
Personal Products	5.8
Tobacco	5.5
Money Market Funds Plus Other Assets Less Liabilities	0.2
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Conagra Brands, Inc.	3.8
Constellation Brands, Inc., Class A	3.6
JM Smucker Co. (The)	3.4
Tyson Foods, Inc., Class A	3.4
Church & Dwight Co., Inc.	3.2
McCormick & Co, Inc.	3.1
Hershey Co. (The)	3.1
Colgate-Palmolive Co.	3.1
PepsiCo, Inc.	3.1
Kimberly-Clark Corp.	3.1
Total	32.9

* Excluding money market fund holdings.

12

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RHS)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Consumer Staples Index		13.05	%		6.41	%		20.48	%		10.01	%		61.16	%		15.77	%		332.47	%		11.38	%		284.53	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.61			180.61
Fund
NAV Return		12.63			5.98			19.04			9.55			57.77			15.18			310.92			10.81			260.86
Market Price Return		12.67			5.98			19.03			9.54			57.73			15.20			311.47			10.82			261.00

Guggenheim S&P 500^® Equal Weight Consumer Staples ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

13

RYE	Manager’s Analysis
	Invesco S&P 500® Equal Weight Energy ETF (RYE)

As an index fund, the Invesco S&P 500^® Equal Weight Energy ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the energy sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The energy sector includes companies operating in the exploration and production, refining and marketing, and storage and transportation of oil and gas and coal and consumable fuels, as well as companies that offer oil and gas equipment and services.

Unlike the S&P 500^® Energy Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned (12.65)%. On a net asset value (“NAV”) basis, the Fund returned (12.46)%. During the same time period, the Index returned (12.15)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas exploration & productionsub-industry and most underweight in the interactive media & servicessub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the oil & gas exploration & production and oil & gas equipment & servicessub-industries.

For the fiscal year ended April 30, 2019, the oil & gas storage & transportationsub-industry contributed most significantly to the Fund’s return. The oil & gas equipment & servicessub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Kinder Morgan Inc., an oil, gas & consumable fuels company (portfolio average weight of 3.26%) and Andeavor, an oil & gas storage & transportation company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Halliburton Co., an oil & gas equipment & services company (portfolio average weight of 3.20%) and HollyFrontier Corp., an oil & gas refining & marketing company (portfolio average weight of 3.20%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Oil, Gas & Consumable Fuels	80.0
Energy Equipment & Services	19.9
Money Market Funds Plus Other Assets Less Liabilities	0.1
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Anadarko Petroleum Corp.	5.5
Pioneer Natural Resources Co.	4.0
Noble Energy, Inc.	4.0
Devon Energy Corp.	3.8
TechnipFMC PLC	3.7
Hess Corp.	3.7
Concho Resources, Inc.	3.7
Valero Energy Corp.	3.6
Diamondback Energy, Inc.	3.5
EOG Resources, Inc.	3.5
Total	39.0

* Excluding money market fund holdings.

14

Invesco S&P 500^® Equal Weight Energy ETF (RYE)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Energy Index		(12.15	)%		(0.08	)%		(0.24	)%		(7.69	)%		(32.97	)%		5.39	%		69.02	%		2.55	%		36.94	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.61			180.61
Fund
NAV Return		(12.46	)		(0.44	)		(1.32	)		(7.95	)		(33.92	)		4.94			62.02			2.07			29.24
Market Price Return		(12.65	)		(0.44	)		(1.31	)		(7.98	)		(34.02	)		4.95			62.05			2.08			29.26

Guggenheim S&P 500^® Equal Weight Energy ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

15

RYF	Manager’s Analysis
	Invesco S&P 500® Equal Weight Financials ETF (RYF)

As an index fund, the Invesco S&P 500^® Equal Weight Financials ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Financials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the financials sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The financials sector includes companies involved in banking, thrifts and mortgage finance, specialized finance, consumer finance, asset management and custody banks, investment banking and brokerage and insurance, as well as financial exchanges and data and mortgage real estate investment trusts.

Unlike the S&P 500^® Financials Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 1.91%. On a net asset value (“NAV”) basis, the Fund returned 1.98%. During the same time period, the Index returned 2.38%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the regional bankssub-industry and most underweight the interactive media & servicessub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s

underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the systems softwaresub-industry.

For the fiscal year ended April 30, 2019, the financial exchanges & datasub-industry contributed most significantly to the Fund’s return, followed by the property & casualty insurance and insurance brokerssub-industries, respectively. The asset management & custody bankssub-industry detracted most significantly from the Fund’s return followed by the regional bankssub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included MSCI Inc., a financial exchanges & data company (portfolio average weight of 1.52%) and Cincinnati Financial Corp., a property & casualty insurance company (portfolio average weight of 1.51%). Positions that detracted most significantly from the Fund’s return during this period included State Street Corp., an asset manager & custody banks company (portfolio average weight of 1.40%) and Affiliated Managers Group, Inc., an asset manager & custody banks company (portfolio average weight of 1.39%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Capital Markets	32.1
Insurance	31.4
Banks	27.3
Consumer Finance	6.2
Diversified Financial Services	3.0
Other Assets Less Liabilities	0.0
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of April 30, 2019
Security
MSCI, Inc.	1.7
Ameriprise Financial, Inc.	1.6
Invesco Ltd.	1.6
Morgan Stanley	1.6
Discover Financial Services	1.6
Moody’s Corp.	1.6
BlackRock, Inc.	1.6
Principal Financial Group, Inc.	1.6
Capital One Financial Corp.	1.6
Raymond James Financial, Inc.	1.6
Total	16.1

16

Invesco S&P 500^® Equal Weight Financials ETF (RYF)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Financials Index		2.38	%		15.88	%		55.62	%		11.73	%		74.09	%		17.04	%		382.15	%		4.68	%		77.13	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.61			180.61
Fund
NAV Return		1.98			15.19			52.84			11.15			69.65			16.39			356.07			3.93			61.83
Market Price Return		1.91			15.22			52.96			11.20			69.99			16.41			357.13			3.93			61.82

Guggenheim S&P 500^® Equal Weight Financials ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

17

RYH	Manager’s Analysis
	Invesco S&P 500® Equal Weight Health Care ETF (RYH)

As an index fund, the Invesco S&P 500^® Equal Weight Health Care ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Health Care Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the health care sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The health care sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, health care technology companies and companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products.

Unlike the S&P 500^® Health Care Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 8.82%. On a net asset value (“NAV”) basis, the Fund returned 8.91%. During the same time period, the Index returned 9.36%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the health care equipmentsub-industry and most underweight in the interactive media & servicessub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that

period can be attributed to the Fund being underweight in the systems softwaresub-industry.

For the fiscal year ended April 30, 2019, the health care equipmentsub-industry contributed most significantly to the Fund’s return, followed by the life sciences tools & services and health care suppliessub-industries, respectively. The health care distributorssub-industry detracted most significantly from the Fund’s return, followed by the pharmaceuticalssub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Align Technology, Inc., a health care supplies company (portfolio average weight of 1.58%) and Eli Lilly and Co., a pharmaceuticals company (portfolio average weight of 1.70%). Positions that detracted most significantly from the Fund’s return during this period included Nektar Therapeutics, a pharmaceuticals company (portfolio average weight of 1.45%) and Perrigo Co. PLC, a pharmaceuticals company (portfolio average weight of 1.48%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Health Care Equipment & Supplies	31.1
Health Care Providers & Services	25.9
Pharmaceuticals	15.7
Biotechnology	13.9
Life Sciences Tools & Services	11.5
Health Care Technology	1.9
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Align Technology, Inc.	2.2
Cerner Corp.	1.9
IDEXX Laboratories, Inc.	1.8
Quest Diagnostics, Inc.	1.8
Celgene Corp.	1.8
Thermo Fisher Scientific, Inc.	1.8
DaVita, Inc.	1.8
Zoetis, Inc.	1.8
Mettler-Toledo International, Inc.	1.7
Henry Schein, Inc.	1.7
Total	18.3

* Excluding money market fund holdings.

18

Invesco S&P 500^® Equal Weight Health Care ETF (RYH)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Health Care Index		9.36	%		10.31	%		34.21	%		11.86	%		75.17	%		17.88	%		418.10	%		12.83	%		352.12	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.61			180.61
Fund
NAV Return		8.91			9.87			32.62			11.39			71.51			17.29			392.85			12.13			318.34
Market Price Return		8.82			9.87			32.63			11.42			71.71			17.29			392.52			12.13			318.35

Guggenheim S&P 500^® Equal Weight Health Care ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

19

RGI	Manager’s Analysis
	Invesco S&P 500® Equal Weight Industrials ETF (RGI)

As an index fund, the Invesco S&P 500^® Equal Weight Industrials ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Industrials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the industrials sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The industrials sector includes manufacturers and distributors of capital goods such as aerospace and defense, building projects, electrical equipment and machinery, companies that offer construction and engineering services, providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services and providers of transportation services.

Unlike the S&P 500^® Industrials Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 11.17%. On a net asset value (“NAV”) basis, the Fund returned 11.21%. During the same time period, the Index returned 11.67%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the aerospace & defensesub-industry and most underweight in

the interactive media & servicessub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the aerospace & defensesub-industry.

For the fiscal year ended April 30, 2019, the industrial machinerysub-industry contributed most significantly to the Fund’s return, followed by the railroads and electrical components & equipmentsub-industries, respectively. The truckingsub-industry detracted most significantly from the Fund’s return, followed by the air freight & logisticssub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included TransDigm Group, Inc., an aerospace & defense company (portfolio average weight of 1.51%) and Norfolk Southern Corp., a railroads company (portfolio average weight of 1.51%). Positions that detracted most significantly from the Fund’s return during this period included Fluor Corp., a construction & engineering company (portfolio average weight of 1.40%) and FedEx Corp., an air freight & logistics company (portfolio average weight of 1.37%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Machinery	21.6
Aerospace & Defense	17.0
Airlines	7.3
Road & Rail	7.2
Commercial Services & Supplies	7.1
Building Products	7.1
Professional Services	7.1
Industrial Conglomerates	5.7
Electrical Equipment	5.7
Air Freight & Logistics	5.5
Construction & Engineering	4.4
Trading Companies & Distributors	4.3
Money Market Funds Plus Other Assets Less Liabilities	0.0

20

Invesco S&P 500^® Equal Weight Industrials ETF (RGI)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Ingersoll-Rand PLC	1.6
Delta Air Lines, Inc.	1.6
Arconic, Inc.	1.6
Equifax, Inc.	1.6
Copart, Inc.	1.5
Norfolk Southern Corp.	1.5
Quanta Services, Inc.	1.5
United Technologies Corp.	1.5
Fastenal Co.	1.5
Honeywell International, Inc.	1.5
Total	15.4

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Industrials Index		11.67	%		14.44	%		49.89	%		10.50	%		64.77	%		16.28	%		351.95	%		10.25	%		238.37	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.61			180.61
Fund
NAV Return		11.21			13.97			48.05			10.05			61.39			15.69			329.49			9.70			218.15
Market Price Return		11.17			13.96			47.99			10.00			61.08			15.64			327.51			9.70			218.04

21

Invesco S&P 500^® Equal Weight Industrials ETF (RGI)(continued)

Guggenheim S&P 500^® Equal Weight Industrials ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

22

RTM	Manager’s Analysis
	Invesco S&P 500® Equal Weight Materials ETF (RTM)

As an index fund, the Invesco S&P 500^® Equal Weight Materials ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Materials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the materials sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The materials sector includes companies that manufacture chemicals, construction materials, glass, paper, forest products and related packaging products, and metals, minerals and mining companies, including producers of steel.

Unlike the S&P 500^® Materials Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 3.70%. On a net asset value (“NAV”) basis, the Fund returned 3.67%. During the same time period, the Index returned 4.08%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the specialty chemicalssub-industry and most underweight in the interactive media & servicessub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the paper packagingsub-industry.

For the fiscal year ended April 30, 2019, the specialty chemicalssub-industry contributed most significantly to the Fund’s return, followed by the industrial gases and metal & glass containerssub-industries, respectively. The paper packagingsub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Ball Corp., a metals & glass containers company (portfolio average weight of 4.31%) and Air Products and Chemicals, Inc., an industrial gases company (portfolio average weight of 4.12%). Positions that detracted most significantly from the Fund’s return during this period included WestRock Co., a paper packaging (portfolio average weight of 3.71%) and Albemarle Corp., a specialty chemicals (portfolio average weight of 4.04%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Chemicals	57.9
Containers & Packaging	23.0
Metals & Mining	10.8
Construction Materials	8.3
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Air Products and Chemicals, Inc.	4.2
Martin Marietta Materials, Inc.	4.2
CF Industries Holdings, Inc.	4.1
Vulcan Materials Co.	4.1
International Flavors & Fragrances, Inc.	4.1
Sherwin-Williams Co. (The)	4.0
Ball Corp.	4.0
Ecolab, Inc.	4.0
Celanese Corp., Series A	4.0
PPG Industries, Inc.	4.0
Total	40.7

* Excluding money market fund holdings.

23

Invesco S&P 500^® Equal Weight Materials ETF (RTM)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Materials Index		4.08	%		10.35	%		34.38	%		7.82	%		45.73	%		13.65	%		259.57	%		9.16	%		198.91	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.61			180.61
Fund
NAV Return		3.67			9.90			32.73			7.34			42.52			13.09			242.15			8.51			177.42
Market Price Return		3.70			9.99			33.05			7.31			42.28			13.08			241.83			8.51			177.47

Guggenheim S&P 500^® Equal Weight Materials ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

24

EWRE	Manager’s Analysis
	Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)

As an index fund, the Invesco S&P 500^® Equal Weight Real Estate ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Real Estate Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the real estate sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The real estate sector includes companies operating in real estate development and operation, offering real estate related services and equity real estate investment trusts.

Unlike the S&P 500^® Real Estate Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 18.51%. On a net asset value (“NAV”) basis, the Fund returned 18.35%. During the same time period, the Index returned 18.78%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the specialized REITsub-industry and most underweight in the interactive media & servicessub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the residential REIT and specialized REITssub-industries.

For the fiscal year ended April 30, 2019, the residential REITssub-industry contributed most significantly to the Fund’s return, followed by the specialized REIT and retail REITsub-industries, respectively. There were nosub-industries that detracted from performance. All were positive for the year.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Welltower, Inc., a health care REITs company (portfolio average weight of 3.20%) and American Tower Corp., a specialized REITs company (portfolio average weight of 3.18%). Positions that detracted most significantly from the Fund’s return during this period included Macerich Co. (The), a retail REITs company (portfolio average weight of 2.94%) and Weyerhaeuser Co., a specialized REITs company (portfolio average weight of 2.92%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Equity Real Estate Investment Trusts (REITs)	96.8
Real Estate Management & Development	3.1
Money Market Funds Plus Other Assets Less Liabilities	0.1
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
SBA Communications Corp., Class A	3.4
Prologis, Inc.	3.3
Weyerhaeuser Co.	3.3
American Tower Corp.	3.3
Extra Space Storage, Inc.	3.3
Equinix, Inc.	3.2
Regency Centers Corp.	3.2
Digital Realty Trust, Inc.	3.2
Duke Realty Corp.	3.2
Crown Castle International Corp.	3.2
Total	32.6

* Excluding money market fund holdings.    

25

Invesco S&P 500^® Equal Weight Real Estate ETF (EWRE)(continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index										Average Annualized			Cumulative
S&P 500® Equal Weight Real Estate Index		18.78	%		7.80	%		25.27	%		7.60	%		31.27	%
S&P 500® Index		13.49			14.87			51.58			12.04			52.57
Fund
NAV Return		18.35			7.37			23.79			7.21			29.54
Market Price Return		18.51			7.43			24.00			7.37			30.23

Guggenheim S&P 500^® Equal Weight Real Estate ETF (the “Predecessor Fund”) Inception: August 13, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

26

RYT	Manager’s Analysis
	Invesco S&P 500® Equal Weight Technology ETF (RYT)

As an index fund, the Invesco S&P 500^® Equal Weight Technology ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Information Technology Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the information technology sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The information technology sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment such as communications equipment, cellular phones, computers and peripherals, electronic equipment and related instruments and semiconductors.

Unlike the S&P 500^® Information Technology Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 20.77%. On a net asset value (“NAV”) basis, the Fund returned 20.92%. During the same time period, the Index returned 21.43%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the data processing & outsourced servicessub-industry and most underweight in the pharmaceuticalssub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s

outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the semiconductorssub-industry.

For the fiscal year ended April 30, 2019, the semiconductorssub-industry contributed most significantly to the Fund’s return, followed by the data processing & outsourced services and application softwaresub-industries, respectively. The technology hardware, storage & peripheralssub-industry was the greatest detractor from Fund performance.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Advanced Micro Devices, Inc., a semiconductors company (portfolio average weight of 1.56%) and Xilinx, Inc., a semiconductors company (portfolio average weight of 1.56%). Positions that detracted most significantly from the Fund’s return during this period included Western Digital Corp., a technology hardware, storage & peripherals company (portfolio average weight of 1.37%) and Twitter, Inc., an interactive media & services company (no longer held as of fiscalyear-end).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
IT Services	30.6
Semiconductors & Semiconductor Equipment	24.6
Software	19.0
Technology Hardware, Storage & Peripherals	10.1
Electronic Equipment, Instruments & Components	8.5
Communications Equipment	7.1
Money Market Funds Plus Other Assets Less Liabilities	0.1

27

Invesco S&P 500^® Equal Weight Technology ETF (RYT)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
QUALCOMM, Inc.	2.1
Advanced Micro Devices, Inc.	1.7
Lam Research Corp.	1.6
Broadcom, Inc.	1.6
NVIDIA Corp.	1.6
Broadridge Financial Solutions, Inc.	1.6
Microsoft Corp.	1.6
IPG Photonics Corp.	1.6
PayPal Holdings, Inc.	1.5
TE Connectivity Ltd.	1.5
Total	16.4

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Information Technology Index		21.43	%		27.84	%		108.94	%		19.95	%		148.32	%		20.16	%		527.70	%		12.59	%		340.08	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.61			180.61
Fund
NAV Return		20.92			27.30			106.31			19.43			143.03			19.57			497.36			12.04			313.98
Market Price Return		20.77			27.33			106.42			19.46			143.31			19.56			496.61			12.04			313.89

28

Invesco S&P 500^® Equal Weight Technology ETF (RYT)(continued)

Guggenheim S&P 500^® Equal Weight Technology ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

29

RYU	Manager’s Analysis
	Invesco S&P 500® Equal Weight Utilities ETF (RYU)

As an index fund, the Invesco S&P 500^® Equal Weight Utilities ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Utilities Plus Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the utilities sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The utilities sector includes utility companies such as electric, gas and water utilities, independent power producers and energy traders and companies that engage in generation and distribution of electricity using renewable sources. In the event there are fewer than 22 securities of utilities companies eligible for inclusion in the Index at the quarterly rebalance, the Index will be supplemented with the largest utilities companies in the S&P MidCap 400 Index based on float-adjusted market capitalization until the 22 security minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until at least the next quarterly rebalance.

Unlike the S&P 500^® Utilities Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 18.60%. On a net asset value (“NAV”) basis, the Fund returned 18.54%. During the same time period, the Index returned 19.00%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an

equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the electric utilitiessub-industry and most underweight in the interactive media & servicessub-industry during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in as well as security selection in the multi-utilitiessub-industry and being overweight in the independent power producers & energy traderssub-industry.

For the fiscal year ended April 30, 2019, the multi-utilitiessub-industry contributed most significantly to the Fund’s return, followed by the electric utilities and independent power producers & energy traderssub-industries, respectively. Nosub-industry detracted from the Fund’s return over the fiscal year.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included AES Corp. (The), an independent power producers & energy traders company (portfolio average weight of 3.51%) and SCANA Corp., a multi-utilities company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included PG&E Corp., an electric utilities company (no longer held at fiscal year-end).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Electric Utilities	50.1
Multi-Utilities	35.7
Independent Power and Renewable Electricity Producers	6.8
Water Utilities	3.7
Gas Utilities	3.6
Money Market Funds Plus Other Assets Less Liabilities	0.1

30

Invesco S&P 500^® Equal Weight Utilities ETF (RYU)(continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
American Water Works Co., Inc.	3.7
Entergy Corp.	3.7
Sempra Energy	3.7
Southern Co. (The)	3.6
Exelon Corp.	3.6
American Electric Power Co., Inc.	3.6
Evergy, Inc.	3.6
CenterPoint Energy, Inc.	3.6
NextEra Energy, Inc.	3.6
Eversource Energy	3.6
Total	36.3

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Utilities Plus Index		19.00	%		9.78	%		32.31	%		10.22	%		62.65	%		14.30	%		280.66	%		8.89	%		189.94	%
S&P 500® Index		13.49			14.87			51.58			11.63			73.32			15.32			316.02			8.61			180.61
Fund
NAV Return		18.54			9.33			30.67			9.76			59.33			13.76			262.84			8.36			172.78
Market Price Return		18.60			9.28			30.49			9.72			59.00			13.80			264.39			8.36			172.64

31

Invesco S&P 500^® Equal Weight Utilities ETF (RYU)(continued)

Guggenheim S&P 500^® Equal Weight Utilities ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

32

EWMC	Manager’s Analysis
	Invesco S&P MidCap 400® Equal Weight ETF (EWMC)

As an index fund, the Invesco S&P MidCap 400^® Equal Weight ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of U.S. common equities listed on the New York Stock Exchanges (including NYSE Arca and NYSE American) and The Nasdaq Stock Market (“NASDAQ”), and also may include equity interests in real estate investment trusts (“REITs”) and business development companies (“BDCs”).

Unlike the S&P MidCap 400^® Index, which employs a market capitalization weighted methodology, the Index is equally weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 5.99%. On a net asset value (“NAV”) basis, the Fund returned 5.96%. During the same time period, the Index returned 6.39%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P MidCap 400^® Index (the “Benchmark Index”) returned 6.99%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of themid-cap segment of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the information technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the information technology sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the industrials and real estate sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the materials sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included LiveRamp Holdings, Inc., an information technology company (portfolio average weight of 0.27%) and Five Below, Inc., a consumer discretionary company (portfolio average weight of 0.26%). Positions that detracted most significantly from the Fund’s return during this period included Weight Watchers International, Inc., a consumer discretionary company (portfolio average weight of 0.12%) and Nabors Industries Ltd., an energy company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	15.6
Consumer Discretionary	14.9
Industrials	14.9
Information Technology	14.0
Real Estate	9.3
Health Care	8.5
Materials	7.3
Energy	5.5
Utilities	3.6
Consumer Staples	3.4
Communication Services	3.0
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Adient PLC	0.4
XPO Logistics, Inc.	0.4
Silicon Laboratories, Inc.	0.3
Oceaneering International, Inc.	0.3
Lumentum Holdings, Inc.	0.3
Uniti Group, Inc.	0.3
Helen of Troy Ltd.	0.3
Five Below, Inc.	0.3
Cree, Inc.	0.3
Manhattan Associates, Inc.	0.3
Total	3.2

* Excluding money market fund holdings.

33

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)(continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Blended—S&P MidCap 400® Equal Weight Index		6.39	%		11.65	%		39.18	%		8.28	%		48.88	%		11.72	%		153.90	%
S&P MidCap 400® Index		6.99			12.26			41.47			9.49			57.35			11.66			152.79
Fund
NAV Return		5.96			11.22			37.58			7.83			45.77			11.25			145.08
Market Price Return		5.99			11.27			37.77			7.88			46.09			11.25			145.13

Guggenheim S&P MidCap 400^® Equal Weight ETF (the “Predecessor Fund”) Inception: December 3, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Blended Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities.

Blended Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P MidCap 400^® Equal Weight Index performance is comprised of the performance of the Russell MidCap Equal Weight Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

34

EWSC	Manager’s Analysis
	Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)

As an index fund, the Invesco S&P SmallCap 600^® Equal Weight ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Equal Weight Index (the “Index”). The Fund will generally invest at least 90% of its total assets in the securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of U.S. common equities listed on the New York Stock Exchanges (including NYSE Arca and NYSE American and NASDAQ), and also may include equity interests in real estate investment trusts (“REITs”) and business development companies (“BDCs”).

Unlike the S&P SmallCap 600^® Index, which employs a market capitalization weighted methodology, the Index is equally weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 2.00%. On a net asset value (“NAV”) basis, the Fund returned 2.55%. During the same time period, the Index returned 2.95%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P SmallCap 600^® Index (the “Benchmark Index”) returned 4.42%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of thesmall-cap segment of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the industrials sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the fees and operating expenses that the Fund incurred as well as the Fund being underweight in and security selection in the health care sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the industrials and consumer discretionary sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the materials and health care sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Diebold Nixdorf, Inc., an information technology company (portfolio average weight of 0.18%) and eHealth, Inc., a financials company (portfolio average weight of 0.21%). Positions that detracted most significantly from the Fund’s return during this period included Cloud Peak Energy Inc., an industrials company (no longer held at fiscalyear-end) and Bristow Group Inc., an energy company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Industrials	16.6
Financials	15.9
Consumer Discretionary	15.8
Information Technology	15.1
Health Care	11.0
Real Estate	6.8
Energy	6.7
Materials	5.3
Consumer Staples	3.2
Sector Types Each Less Than 3%	3.5
Money Market Funds Plus Other Assets Less Liabilities	0.1
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
WageWorks, Inc.	0.3
Titan International, Inc.	0.3
Sonic Automotive, Inc., Class A	0.3
Cytokinetics, Inc.	0.2
Electronics For Imaging, Inc.	0.2
Denbury Resources, Inc.	0.2
Axon Enterprise, Inc.	0.2
SRC Energy, Inc.	0.2
Ichor Holdings Ltd.	0.2
Coca-Cola Bottling Co. Consolidated	0.2
Total	2.3

* Excluding money market fund holdings.

35

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)(continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Blended—S&P SmallCap 600® Equal Weight Index		2.95	%		12.10	%		40.86	%		6.05	%		34.13	%		9.17	%		109.05	%
S&P SmallCap 600® Index		4.42			13.54			46.39			9.90			60.34			12.59			171.11
Fund
NAV Return		2.55			11.77			39.65			5.66			31.72			8.69			101.58
Market Price Return		2.00			11.85			39.94			5.61			31.38			8.65			100.88

Guggenheim S&P SmallCap 600^® Equal Weight ETF (the “Predecessor Fund”) Inception: December 3, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Blended Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities.

Blended Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P SmallCap 600® Equal Weight Index performance is comprised of the performance of the Russell 2000® Equal Weight Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

36

Schedule of Investments^(a)

Invesco S&P 500^® Equal Weight ETF (RSP)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Communication Services—4.4%
	720,292	Activision Blizzard, Inc.	$	34,725,277
	13,014	Alphabet, Inc., Class A(b)		15,603,265
	13,390	Alphabet, Inc., Class C(b)		15,913,747
	1,010,488	AT&T, Inc.		31,284,708
	617,712	CBS Corp., Class B		31,670,094
	2,461,310	CenturyLink, Inc.		28,108,160
	89,731	Charter Communications, Inc., Class A(b)		33,307,250
	793,648	Comcast Corp., Class A		34,547,497
	334,698	Discovery, Inc., Class A(b)		10,342,168
	761,240	Discovery, Inc., Class C(b)		21,893,262
	953,521	DISH Network Corp., Class A(b)		33,487,658
	307,787	Electronic Arts, Inc.(b)		29,132,040
	178,505	Facebook, Inc., Class A(b)		34,522,867
	521,989	Fox Corp., Class A(b)		20,352,351
	247,265	Fox Corp., Class B(b)		9,519,703
	1,360,633	Interpublic Group of Cos., Inc. (The)		31,294,559
	86,622	Netflix, Inc.(b)		32,096,916
	1,772,238	News Corp., Class A		22,011,196
	572,199	News Corp., Class B		7,146,766
	409,218	Omnicom Group, Inc.		32,749,717
	347,824	Take-Two Interactive Software, Inc.(b)		33,679,798
	594,655	TripAdvisor, Inc.(b)		31,653,486
	1,007,796	Twitter, Inc.(b)		40,221,138
	535,534	Verizon Communications, Inc.		30,627,189
	1,049,004	Viacom, Inc., Class B		30,326,706
	266,906	Walt Disney Co. (The)		36,558,115
				712,775,633
		Consumer Discretionary—12.6%
	199,475	Advance Auto Parts, Inc.		33,176,682
	18,675	Amazon.com, Inc.(b)		35,977,761
	370,144	Aptiv PLC		31,721,341
	32,390	AutoZone, Inc.(b)		33,306,961
	449,376	Best Buy Co., Inc.		33,438,068
	17,645	Booking Holdings, Inc.(b)		32,731,299
	794,384	BorgWarner, Inc.		33,181,420
	694,681	Capri Holdings Ltd.(b)		30,621,538
	518,572	CarMax, Inc.(b)		40,376,016
	550,744	Carnival Corp.		30,213,816
	49,116	Chipotle Mexican Grill, Inc.(b)		33,793,773
	749,357	D.R. Horton, Inc.		33,204,009
	279,437	Darden Restaurants, Inc.		32,861,791
	255,020	Dollar General Corp.		32,155,472
	295,692	Dollar Tree, Inc.(b)		32,904,606
	843,528	eBay, Inc.		32,686,710
	249,462	Expedia Group, Inc.		32,390,146
	503,908	Foot Locker, Inc.		28,828,577
	3,595,498	Ford Motor Co.		37,572,954
	1,167,528	Gap, Inc. (The)		30,449,130
	366,191	Garmin Ltd.		31,397,216
	796,895	General Motors Co.		31,039,060
	285,769	Genuine Parts Co.		29,302,753
	1,213,395	H&R Block, Inc.		33,016,478
	1,655,230	Hanesbrands, Inc.		29,910,006
	803,874	Harley-Davidson, Inc.		29,928,229
	347,784	Hasbro, Inc.		35,425,278
	367,214	Hilton Worldwide Holdings, Inc.		31,943,946

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	167,360	Home Depot, Inc. (The)	$	34,091,232
	446,722	Kohl’s Corp.		31,761,934
	1,169,337	L Brands, Inc.		29,981,801
	682,927	Leggett & Platt, Inc.		26,880,007
	634,284	Lennar Corp., Class A		33,001,797
	1,106,914	LKQ Corp.(b)		33,318,111
	304,781	Lowe’s Cos., Inc.		34,482,922
	1,311,129	Macy’s, Inc.		30,863,977
	250,820	Marriott International, Inc., Class A		34,216,864
	2,089,307	Mattel, Inc.(b)(c)		25,468,652
	168,664	McDonald’s Corp.		33,322,947
	1,142,420	MGM Resorts International		30,422,645
	229,213	Mohawk Industries, Inc.(b)		31,230,271
	1,960,756	Newell Brands, Inc.		28,195,671
	357,025	NIKE, Inc., Class B		31,357,506
	689,926	Nordstrom, Inc.		28,300,765
	550,332	Norwegian Cruise Line Holdings Ltd.(b)		31,033,221
	82,804	O’Reilly Automotive, Inc.(b)		31,347,110
	1,097,685	PulteGroup, Inc.		34,533,170
	274,520	PVH Corp.		35,410,335
	248,025	Ralph Lauren Corp.		32,635,130
	339,930	Ross Stores, Inc.		33,197,564
	259,773	Royal Caribbean Cruises Ltd.		31,416,947
	441,517	Starbucks Corp.		34,297,041
	902,620	Tapestry, Inc.		29,127,547
	399,344	Target Corp.		30,917,212
	320,944	Tiffany & Co.		34,604,182
	596,886	TJX Cos., Inc. (The)		32,757,104
	334,924	Tractor Supply Co.		34,664,634
	98,839	Ulta Beauty, Inc.(b)		34,492,834
	749,523	Under Armour, Inc., Class A(b)		17,306,486
	755,885	Under Armour, Inc., Class C(b)		15,661,937
	359,501	VF Corp.		33,940,489
	220,098	Whirlpool Corp.		30,554,004
	253,151	Wynn Resorts, Ltd.		36,567,662
	314,559	Yum! Brands, Inc.		32,836,814
				2,037,753,561
		Consumer Staples—6.7%
	546,757	Altria Group, Inc.		29,705,308
	722,187	Archer-Daniels-Midland Co.		32,209,540
	612,813	Brown-Forman Corp., Class B		32,656,805
	840,484	Campbell Soup Co.		32,518,326
	461,150	Church & Dwight Co., Inc.		34,563,193
	191,811	Clorox Co. (The)		30,637,971
	675,155	Coca-Cola Co. (The)		33,123,104
	463,257	Colgate-Palmolive Co.		33,720,477
	1,347,318	Conagra Brands, Inc.		41,470,448
	182,165	Constellation Brands, Inc., Class A		38,558,866
	132,892	Costco Wholesale Corp.		32,628,973
	2,745,714	Coty, Inc., Class A(c)		29,708,625
	194,029	Estee Lauder Cos., Inc. (The), Class A		33,336,123
	650,218	General Mills, Inc.		33,466,720
	272,148	Hershey Co. (The)		33,977,678
	704,212	Hormel Foods Corp.		28,126,227
	295,386	JM Smucker Co. (The)		36,223,185
	554,878	Kellogg Co.		33,459,143

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

37

Invesco S&P 500^® Equal Weight ETF (RSP)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Staples (continued)
	261,260	Kimberly-Clark Corp.	$	33,540,559
	943,117	Kraft Heinz Co. (The)		31,349,209
	1,237,197	Kroger Co. (The)		31,894,939
	432,426	Lamb Weston Holdings, Inc.		30,291,441
	220,898	McCormick & Co., Inc.		34,011,665
	509,241	Molson Coors Brewing Co., Class B		32,688,180
	649,940	Mondelez International, Inc., Class A		33,049,449
	499,507	Monster Beverage Corp.(b)		29,770,617
	262,727	PepsiCo, Inc.		33,642,192
	349,534	Philip Morris International, Inc.		30,255,663
	307,631	Procter & Gamble Co. (The)		32,756,549
	460,229	Sysco Corp.		32,386,315
	482,230	Tyson Foods, Inc., Class A		36,172,072
	505,406	Walgreens Boots Alliance, Inc.		27,074,599
	314,044	Walmart, Inc.		32,296,285
				1,081,270,446
		Energy—5.9%
	719,610	Anadarko Petroleum Corp.		52,423,589
	953,629	Apache Corp.		31,383,930
	1,176,603	Baker Hughes, a GE Co., Class A		28,262,004
	1,227,159	Cabot Oil & Gas Corp.		31,771,147
	248,918	Chevron Corp.		29,885,095
	443,322	Cimarex Energy Co.		30,438,489
	301,893	Concho Resources, Inc.		34,832,414
	462,694	ConocoPhillips		29,205,245
	1,133,439	Devon Energy Corp.		36,428,729
	313,532	Diamondback Energy, Inc.		33,356,670
	350,228	EOG Resources, Inc.		33,639,399
	381,599	Exxon Mobil Corp.		30,634,768
	1,102,074	Halliburton Co.		31,221,756
	573,263	Helmerich & Payne, Inc.		33,547,351
	550,432	Hess Corp.		35,293,700
	620,372	HollyFrontier Corp.		29,610,356
	1,534,416	Kinder Morgan, Inc.		30,488,846
	1,860,736	Marathon Oil Corp.		31,706,941
	526,500	Marathon Petroleum Corp.		32,048,055
	1,170,237	National Oilwell Varco, Inc.		30,589,995
	1,413,361	Noble Energy, Inc.		38,245,549
	482,766	Occidental Petroleum Corp.		28,425,262
	461,640	ONEOK, Inc.		31,359,205
	321,012	Phillips 66		30,261,801
	232,237	Pioneer Natural Resources Co.		38,658,171
	737,553	Schlumberger Ltd.		31,478,762
	1,443,613	TechnipFMC PLC (United Kingdom)		35,498,444
	379,610	Valero Energy Corp.		34,415,443
	1,124,180	Williams Cos., Inc. (The)		31,848,019
				956,959,135
		Financials—13.6%
	291,577	Affiliated Managers Group, Inc.		32,341,721
	623,566	Aflac, Inc.		31,415,255
	324,484	Allstate Corp. (The)		32,143,385
	280,368	American Express Co.		32,867,541
	717,390	American International Group, Inc.		34,126,242
	243,464	Ameriprise Financial, Inc.		35,733,211
	187,504	Aon PLC		33,776,971
	388,782	Arthur J. Gallagher & Co.		32,509,951

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	302,856	Assurant, Inc.	$	28,771,320
	1,056,686	Bank of America Corp.		32,313,458
	592,505	Bank of New York Mellon Corp. (The)		29,423,798
	610,371	BB&T Corp.		31,250,995
	152,360	Berkshire Hathaway, Inc., Class B(b)		33,017,936
	71,856	BlackRock, Inc.		34,867,405
	372,059	Capital One Financial Corp.		34,538,237
	327,892	Cboe Global Markets, Inc.		33,317,106
	696,750	Charles Schwab Corp. (The)		31,897,215
	228,730	Chubb Ltd.		33,211,596
	358,315	Cincinnati Financial Corp.		34,462,737
	487,813	Citigroup, Inc.		34,488,379
	870,948	Citizens Financial Group, Inc.		31,528,318
	176,482	CME Group, Inc., Class A		31,572,630
	362,700	Comerica, Inc.		28,504,593
	433,227	Discover Financial Services		35,303,668
	646,060	E*TRADE Financial Corp.		32,729,400
	139,656	Everest Re Group, Ltd.		32,888,988
	1,135,131	Fifth Third Bancorp		32,714,475
	297,635	First Republic Bank		31,436,209
	966,299	Franklin Resources, Inc.		33,424,282
	154,697	Goldman Sachs Group, Inc. (The)		31,855,206
	629,270	Hartford Financial Services Group, Inc. (The)		32,917,114
	2,200,148	Huntington Bancshares, Inc.		30,626,060
	417,574	Intercontinental Exchange, Inc.		33,969,645
	1,624,143	Invesco Ltd.(d)		35,682,422
	1,597,572	Jefferies Financial Group, Inc.		32,862,056
	293,888	JPMorgan Chase & Co.		34,105,702
	1,805,253	KeyCorp		31,682,190
	503,148	Lincoln National Corp.		33,570,035
	639,881	Loews Corp.		32,819,496
	180,369	M&T Bank Corp.		30,675,356
	337,953	Marsh & McLennan Cos., Inc.		31,865,588
	685,558	MetLife, Inc.		31,624,791
	178,150	Moody’s Corp.		35,027,853
	731,961	Morgan Stanley		35,317,118
	165,974	MSCI, Inc.		37,407,220
	362,830	Nasdaq, Inc.		33,452,926
	338,140	Northern Trust Corp.		33,323,697
	1,764,221	People’s United Financial, Inc.		30,503,381
	238,942	PNC Financial Services Group, Inc. (The)		32,718,328
	606,570	Principal Financial Group, Inc.		34,671,541
	418,921	Progressive Corp. (The)		32,738,676
	324,484	Prudential Financial, Inc.		34,301,204
	376,774	Raymond James Financial, Inc.		34,501,195
	1,956,957	Regions Financial Corp.		30,391,542
	154,204	S&P Global, Inc.		34,026,655
	444,554	State Street Corp.		30,078,524
	476,835	SunTrust Banks, Inc.		31,223,156
	126,301	SVB Financial Group(b)		31,792,488
	959,868	Synchrony Financial		33,278,624
	313,523	T. Rowe Price Group, Inc.		33,703,722
	373,821	Torchmark Corp.		32,769,149
	231,059	Travelers Cos., Inc. (The)		33,214,731
	591,641	U.S. Bancorp		31,546,298
	840,252	Unum Group		31,022,104

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38

Invesco S&P 500^® Equal Weight ETF (RSP)(continued)

April 30, 2109

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	607,917	Wells Fargo & Co.	$	29,429,262
	178,904	Willis Towers Watson PLC		32,979,163
	621,640	Zions Bancorp. N.A		30,665,501
				2,190,916,741
		Health Care—11.8%
	395,063	Abbott Laboratories		31,431,212
	390,233	AbbVie, Inc.		30,980,598
	96,346	ABIOMED, Inc.(b)		26,727,344
	388,269	Agilent Technologies, Inc.		30,479,116
	235,292	Alexion Pharmaceuticals, Inc.(b)		32,030,300
	131,148	Align Technology, Inc.(b)		42,581,133
	208,701	Allergan PLC		30,679,047
	396,209	AmerisourceBergen Corp.		29,620,585
	167,379	Amgen, Inc.		30,014,402
	102,605	Anthem, Inc.		26,988,193
	408,439	Baxter International, Inc.		31,163,896
	122,705	Becton, Dickinson and Co.		29,540,002
	98,316	Biogen, Inc.(b)		22,537,960
	766,241	Boston Scientific Corp.(b)		28,442,866
	589,099	Bristol-Myers Squibb Co.		27,351,867
	634,681	Cardinal Health, Inc.		30,915,312
	358,441	Celgene Corp.(b)		33,930,025
	535,251	Centene Corp.(b)		27,597,542
	545,971	Cerner Corp.(b)		36,279,773
	185,569	Cigna Corp.		29,475,780
	105,106	Cooper Cos., Inc. (The)		30,472,332
	571,969	CVS Health Corp.		31,103,674
	242,152	Danaher Corp.		32,070,611
	606,086	DaVita, Inc.(b)		33,480,191
	623,438	DENTSPLY SIRONA, Inc.		31,876,385
	180,088	Edwards Lifesciences Corp.(b)		31,708,094
	238,945	Eli Lilly and Co.		27,966,123
	478,787	Gilead Sciences, Inc.		31,140,306
	242,693	HCA Healthcare, Inc.		30,877,830
	516,884	Henry Schein, Inc.(b)		33,111,589
	649,526	Hologic, Inc.(b)		30,125,016
	112,852	Humana, Inc.		28,823,529
	151,579	IDEXX Laboratories, Inc.(b)		35,166,328
	102,782	Illumina, Inc.(b)		32,067,984
	368,663	Incyte Corp.(b)		28,313,318
	56,718	Intuitive Surgical, Inc.(b)		28,961,912
	220,338	IQVIA Holdings, Inc.(b)		30,604,948
	216,778	Johnson & Johnson		30,609,054
	206,632	Laboratory Corp. of America Holdings(b)		33,044,589
	270,647	McKesson Corp.		32,274,655
	334,445	Medtronic PLC		29,702,060
	377,074	Merck & Co., Inc.		29,679,495
	44,472	Mettler-Toledo International, Inc.(b)		33,143,203
	1,137,692	Mylan N.V.(b)		30,706,307
	861,776	Nektar Therapeutics(b)		27,594,068
	329,526	PerkinElmer, Inc.		31,581,772
	651,053	Perrigo Co. PLC		31,198,460
	740,377	Pfizer, Inc.		30,066,710
	358,822	Quest Diagnostics, Inc.		34,583,264
	75,663	Regeneron Pharmaceuticals, Inc.(b)		25,963,002
	299,738	ResMed, Inc.		31,325,618

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	161,740	Stryker Corp.	$	30,554,303
	105,520	Teleflex, Inc.		30,197,714
	121,174	Thermo Fisher Scientific, Inc.		33,619,726
	127,586	UnitedHealth Group, Inc.		29,736,469
	234,344	Universal Health Services, Inc., Class B		29,731,223
	226,787	Varian Medical Systems, Inc.(b)		30,881,586
	170,958	Vertex Pharmaceuticals, Inc.(b)		28,888,483
	126,923	Waters Corp.(b)		27,103,137
	126,290	WellCare Health Plans, Inc.(b)		32,627,021
	248,939	Zimmer Biomet Holdings, Inc.		30,659,327
	325,986	Zoetis, Inc.		33,198,414
				1,905,306,783
		Industrials—14.1%
	150,706	3M Co.		28,560,294
	595,121	A.O. Smith Corp.		31,285,511
	544,297	Alaska Air Group, Inc.		33,691,984
	344,098	Allegion PLC		34,144,845
	948,734	American Airlines Group, Inc.		32,427,728
	384,996	AMETEK, Inc.		33,945,097
	1,637,326	Arconic, Inc.		35,169,762
	71,669	Boeing Co. (The)		27,068,665
	344,354	C.H. Robinson Worldwide, Inc.		27,892,674
	230,481	Caterpillar, Inc.		32,133,661
	150,373	Cintas Corp.		32,651,993
	519,842	Copart, Inc.(b)		34,995,763
	421,816	CSX Corp.		33,589,208
	195,865	Cummins, Inc.		32,570,391
	190,394	Deere & Co.		31,534,958
	610,493	Delta Air Lines, Inc.		35,585,637
	339,167	Dover Corp.		33,251,933
	381,384	Eaton Corp. PLC		31,586,223
	454,562	Emerson Electric Co.		32,269,356
	278,940	Equifax, Inc.		35,132,493
	409,194	Expeditors International of Washington, Inc.		32,498,187
	492,843	Fastenal Co.		34,770,074
	176,237	FedEx Corp.		33,389,862
	704,865	Flowserve Corp.		34,559,531
	828,975	Fluor Corp.		32,935,177
	376,541	Fortive Corp.		32,510,550
	655,147	Fortune Brands Home & Security, Inc.		34,578,659
	182,219	General Dynamics Corp.		32,566,180
	3,160,134	General Electric Co.		32,138,563
	187,135	Harris Corp.		31,532,248
	199,711	Honeywell International, Inc.		34,675,821
	151,284	Huntington Ingalls Industries, Inc.		33,672,793
	576,209	IHS Markit Ltd.(b)		32,993,727
	215,242	Illinois Tool Works, Inc.		33,498,112
	290,256	Ingersoll-Rand PLC		35,588,288
	297,450	J.B. Hunt Transport Services, Inc.		28,103,076
	421,103	Jacobs Engineering Group, Inc.		32,820,768
	843,763	Johnson Controls International PLC		31,641,112
	272,002	Kansas City Southern		33,494,326
	145,370	L3 Technologies, Inc.		31,774,975
	100,312	Lockheed Martin Corp.		33,436,999
	771,517	Masco Corp.		30,135,454

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

39

Invesco S&P 500^® Equal Weight ETF (RSP)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	1,163,049	Nielsen Holdings PLC	$	29,692,641
	171,265	Norfolk Southern Corp.		34,941,485
	111,028	Northrop Grumman Corp.		32,188,127
	449,775	PACCAR, Inc.		32,235,374
	179,105	Parker-Hannifin Corp.		32,432,333
	727,048	Pentair PLC		28,347,602
	860,328	Quanta Services, Inc.		34,929,317
	167,481	Raytheon Co.		29,742,951
	387,645	Republic Services, Inc.		32,104,759
	468,061	Robert Half International, Inc.		29,061,907
	173,459	Rockwell Automation, Inc.		31,345,776
	754,777	Rollins, Inc.		29,187,227
	95,304	Roper Technologies, Inc.		34,280,849
	192,077	Snap-on, Inc.		32,322,718
	584,781	Southwest Airlines Co.		31,712,674
	234,204	Stanley Black & Decker, Inc.		34,334,306
	592,454	Textron, Inc.		31,400,062
	70,796	TransDigm Group, Inc.(b)		34,160,486
	184,264	Union Pacific Corp.		32,622,099
	367,402	United Continental Holdings, Inc.(b)		32,647,342
	283,783	United Parcel Service, Inc., Class B		30,143,430
	245,647	United Rentals, Inc.(b)		34,616,575
	243,330	United Technologies Corp.		34,701,291
	240,279	Verisk Analytics, Inc., Class A		33,912,978
	102,566	W.W. Grainger, Inc.		28,923,612
	431,751	Wabtec Corp.		31,979,797
	305,959	Waste Management, Inc.		32,841,639
	403,223	Xylem, Inc.		33,628,798
				2,273,240,813
		Information Technology—14.2%
	185,404	Accenture PLC, Class A		33,867,749
	118,890	Adobe, Inc.(b)		34,388,933
	1,375,470	Advanced Micro Devices, Inc.(b)		38,004,236
	430,637	Akamai Technologies, Inc.(b)		34,476,798
	181,990	Alliance Data Systems Corp.		29,136,599
	326,015	Amphenol Corp., Class A		32,458,053
	287,238	Analog Devices, Inc.		33,388,545
	170,668	ANSYS, Inc.(b)		33,416,794
	174,211	Apple, Inc.		34,958,921
	802,177	Applied Materials, Inc.		35,351,940
	110,269	Arista Networks, Inc.(b)		34,435,906
	198,697	Autodesk, Inc.(b)		35,409,792
	202,876	Automatic Data Processing, Inc.		33,350,786
	114,486	Broadcom, Inc.		36,452,342
	305,990	Broadridge Financial Solutions, Inc.		36,146,599
	511,784	Cadence Design Systems, Inc.(b)		35,507,574
	592,806	Cisco Systems, Inc.		33,167,496
	302,795	Citrix Systems, Inc.		30,570,183
	425,515	Cognizant Technology Solutions Corp., Class A		31,045,574
	895,681	Corning, Inc.		28,527,440
	471,632	DXC Technology Co.		31,005,088
	191,617	F5 Networks, Inc.(b)		30,064,707
	286,388	Fidelity National Information Services, Inc.		33,200,961
	356,694	Fiserv, Inc.(b)		31,117,985

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	132,936	FleetCor Technologies, Inc.(b)	$	34,689,649
	611,475	FLIR Systems, Inc.		32,371,487
	375,289	Fortinet, Inc.(b)		35,059,498
	214,332	Gartner, Inc.(b)		34,072,358
	232,332	Global Payments, Inc.		33,936,735
	1,939,404	Hewlett Packard Enterprise Co.		30,661,977
	1,615,475	HP, Inc.		32,228,726
	576,865	Intel Corp.		29,443,190
	224,102	International Business Machines Corp.		31,434,788
	123,140	Intuit, Inc.		30,915,528
	204,437	IPG Photonics Corp.(b)		35,721,277
	230,516	Jack Henry & Associates, Inc.		34,360,715
	1,178,440	Juniper Networks, Inc.		32,725,279
	360,455	Keysight Technologies, Inc.(b)		31,370,399
	265,723	KLA-Tencor Corp.		33,874,368
	179,316	Lam Research Corp.		37,195,518
	136,472	Mastercard, Inc., Class A		34,696,641
	582,751	Maxim Integrated Products, Inc.		34,965,060
	355,953	Microchip Technology, Inc.		35,556,145
	783,282	Micron Technology, Inc.(b)		32,944,841
	272,110	Microsoft Corp.		35,537,566
	218,034	Motorola Solutions, Inc.		31,595,307
	479,102	NetApp, Inc.		34,902,581
	200,965	NVIDIA Corp.		36,374,665
	573,722	Oracle Corp.		31,744,038
	396,602	Paychex, Inc.		33,437,515
	316,413	PayPal Holdings, Inc.(b)		35,681,894
	441,443	Qorvo, Inc.(b)		33,377,505
	565,560	QUALCOMM, Inc.		48,711,683
	167,527	Red Hat, Inc.(b)		30,578,703
	195,236	salesforce.com, inc.(b)		32,282,273
	654,991	Seagate Technology PLC		31,649,165
	377,817	Skyworks Solutions, Inc.		33,315,903
	1,379,227	Symantec Corp.		33,391,086
	293,351	Synopsys, Inc.(b)		35,518,939
	372,880	TE Connectivity Ltd.		35,665,972
	288,713	Texas Instruments, Inc.		34,019,053
	325,248	Total System Services, Inc.		33,253,356
	170,361	VeriSign, Inc.(b)		33,637,780
	205,494	Visa, Inc., Class A		33,789,378
	637,622	Western Digital Corp.		32,595,237
	1,688,462	Western Union Co. (The)		32,823,701
	999,176	Xerox Corp.		33,332,511
	255,224	Xilinx, Inc.		30,662,611
				2,285,553,602
		Materials—5.1%
	166,936	Air Products and Chemicals, Inc.		34,353,759
	364,876	Albemarle Corp.		27,387,593
	279,319	Avery Dennison Corp.		30,906,647
	550,379	Ball Corp.		32,989,717
	303,421	Celanese Corp., Series A		32,736,092
	751,407	CF Industries Holdings, Inc.		33,648,005
	551,544	Dow, Inc.(b)		31,289,091
	832,379	DowDuPont, Inc.		32,004,973
	383,307	Eastman Chemical Co.		30,235,256
	178,557	Ecolab, Inc.		32,868,773

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40

Invesco S&P 500^® Equal Weight ETF (RSP)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	390,484	FMC Corp.	$	30,871,665
	2,504,058	Freeport-McMoRan, Inc.		30,824,954
	241,421	International Flavors & Fragrances, Inc.		33,265,400
	663,901	International Paper Co.		31,077,206
	178,652	Linde PLC (United Kingdom)		32,203,810
	350,182	LyondellBasell Industries N.V., Class A		30,896,558
	154,126	Martin Marietta Materials, Inc.		34,200,559
	1,080,445	Mosaic Co. (The)		28,210,419
	898,075	Newmont Goldcorp Corp.		27,894,209
	523,870	Nucor Corp.		29,897,261
	308,669	Packaging Corp. of America		30,607,618
	276,154	PPG Industries, Inc.		32,448,095
	674,556	Sealed Air Corp.		31,447,801
	72,601	Sherwin-Williams Co. (The)		33,021,113
	266,657	Vulcan Materials Co.		33,628,114
	803,025	WestRock Co.		30,820,099
				819,734,787
		Real Estate—6.1%
	220,061	Alexandria Real Estate Equities, Inc.		31,334,486
	166,736	American Tower Corp.		32,563,541
	630,876	Apartment Investment & Management
		Co., Class A		31,140,039
	154,376	AvalonBay Communities, Inc.		31,018,770
	229,409	Boston Properties, Inc.		31,571,267
	604,404	CBRE Group, Inc., Class A(b)		31,471,316
	251,771	Crown Castle International Corp.		31,667,756
	270,334	Digital Realty Trust, Inc.		31,821,015
	1,012,844	Duke Realty Corp.		31,519,705
	70,391	Equinix, Inc.		32,006,788
	412,428	Equity Residential		31,517,748
	106,790	Essex Property Trust, Inc.		30,168,175
	311,917	Extra Space Storage, Inc.		32,342,674
	229,645	Federal Realty Investment Trust		30,737,983
	996,121	HCP, Inc.		29,664,483
	1,569,419	Host Hotels & Resorts, Inc.		30,195,622
	870,449	Iron Mountain, Inc.		28,272,184
	1,753,157	Kimco Realty Corp.		30,487,400
	720,817	Macerich Co. (The)		28,933,594
	284,492	Mid-America Apartment Communities, Inc.		31,126,270
	432,857	Prologis, Inc.		33,187,146
	141,780	Public Storage		31,358,900
	434,714	Realty Income Corp.		30,434,327
	468,980	Regency Centers Corp.		31,501,387
	165,005	SBA Communications Corp., Class A(b)		33,616,469
	173,766	Simon Property Group, Inc.		30,183,154
	335,035	SL Green Realty Corp.		29,596,992
	674,406	UDR, Inc.		30,314,550
	488,375	Ventas, Inc.		29,844,596
	447,577	Vornado Realty Trust		30,945,474
	403,812	Welltower, Inc.		30,096,108
	1,227,654	Weyerhaeuser Co.		32,901,127
				993,541,046
		Utilities—5.4%
	1,710,406	AES Corp. (The)		29,282,151
	654,570	Alliant Energy Corp.		30,915,341

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities (continued)
	422,226	Ameren Corp.	$	30,725,386
	369,424	American Electric Power Co., Inc.		31,604,223
	296,959	American Water Works Co., Inc.		32,127,994
	302,301	Atmos Energy Corp.		30,937,484
	1,008,130	CenterPoint Energy, Inc.		31,252,030
	554,069	CMS Energy Corp.		30,778,533
	361,179	Consolidated Edison, Inc.		31,119,183
	399,764	Dominion Energy, Inc.		31,129,623
	243,986	DTE Energy Co.		30,671,480
	335,627	Duke Energy Corp.		30,582,332
	483,498	Edison International		30,832,667
	327,327	Entergy Corp.		31,717,986
	542,936	Evergy, Inc.		31,392,559
	434,478	Eversource Energy		31,134,693
	612,867	Exelon Corp.		31,225,574
	737,201	FirstEnergy Corp.		30,984,558
	159,108	NextEra Energy, Inc.		30,936,960
	1,104,088	NiSource, Inc.		30,671,565
	730,204	NRG Energy, Inc.		30,062,499
	324,970	Pinnacle West Capital Corp.		30,959,892
	942,793	PPL Corp.		29,424,570
	517,969	Public Service Enterprise Group, Inc.		30,896,851
	247,540	Sempra Energy		31,672,743
	594,772	Southern Co. (The)		31,653,766
	393,173	WEC Energy Group, Inc.		30,836,558
	542,754	Xcel Energy, Inc.		30,665,601
				866,194,802
		Total Common Stocks & Other Equity Interests (Cost $13,390,717,918)		16,123,247,349
		Money Market Funds—0.1%
	10,882,317	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(e) (Cost $10,882,317)		10,882,317
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $13,401,600,235)—100.0%		16,134,129,666
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.2%
	31,848,243	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(e)(f)		31,848,243

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

41

Invesco S&P 500^® Equal Weight ETF (RSP)(continued)

April 30, 2019

Number of Shares			Value
		Money Market Funds (continued)
	10,612,915	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(e)(f)	$	10,616,099
		Total Money Market Funds (Cost $42,464,342)		42,464,342
		Total Investments in Securities (Cost $13,444,064,577)—100.2%		16,176,594,008
		Other assets less liabilities—(0.2)%		(32,633,488	)
		Net Assets—100.0%	$	16,143,960,520

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  Affiliated company. See Note 4.

^(e)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

42

Schedule of Investments^(a)

Invesco S&P 500^® Equal Weight Communication Services ETF (EWCO)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.8%
		Diversified Telecommunication Services—12.6%
	32,397	AT&T, Inc.	$	1,003,011
	78,897	CenturyLink, Inc.		901,004
	17,171	Verizon Communications, Inc.		982,009
				2,886,024
		Entertainment—27.5%
	23,109	Activision Blizzard, Inc.		1,114,085
	9,868	Electronic Arts, Inc.(b)		934,006
	2,774	Netflix, Inc.(b)		1,027,878
	11,146	Take-Two Interactive Software, Inc.(b)		1,079,267
	33,625	Viacom, Inc., Class B		972,099
	8,534	Walt Disney Co. (The)		1,168,902
				6,296,237
		Interactive Media & Services—19.4%
	416	Alphabet, Inc., Class A(b)		498,767
	431	Alphabet, Inc., Class C(b)		512,235
	5,724	Facebook, Inc., Class A(b)		1,107,022
	19,063	TripAdvisor, Inc.(b)		1,014,724
	32,330	Twitter, Inc.(b)		1,290,290
				4,423,038
		Media—40.3%
	19,802	CBS Corp., Class B		1,015,249
	2,878	Charter Communications, Inc., Class A(b)		1,068,285
	25,433	Comcast Corp., Class A		1,107,098
	10,587	Discovery, Inc., Class A(b)		327,138
	24,337	Discovery, Inc., Class C(b)		699,932
	30,565	DISH Network Corp., Class A(b)		1,073,443
	16,348	Fox Corp., Class A(b)		637,408
	7,525	Fox Corp., Class B(b)		289,712
	43,616	Interpublic Group of Cos., Inc. (The)		1,003,168
	57,114	News Corp., Class A		709,356
	18,357	News Corp., Class B		229,279
	13,121	Omnicom Group, Inc.		1,050,074
				9,210,142
		Total Common Stocks & Other Equity Interests (Cost $22,162,288)		22,815,441
		Money Market Funds—0.1%
	19,831	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32(c) (Cost $19,831)		19,831
		Total Investments in Securities (Cost $22,182,119)—99.9%		22,835,272
		Other assets less liabilities—0.1%		15,455
		Net Assets—100.0%	$	22,850,727

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)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

43

Schedule of Investments^(a)

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Auto Components—3.2%
	20,568	Aptiv PLC	$	1,762,678
	44,142	BorgWarner, Inc.		1,843,811
				3,606,489
		Automobiles—4.8%
	199,792	Ford Motor Co.		2,087,826
	44,281	General Motors Co.		1,724,745
	44,669	Harley-Davidson, Inc.		1,663,027
				5,475,598
		Distributors—3.1%
	15,879	Genuine Parts Co.		1,628,233
	61,508	LKQ Corp.(b)		1,851,391
				3,479,624
		Diversified Consumer Services—1.6%
	67,425	H&R Block, Inc.		1,834,634
		Hotels, Restaurants & Leisure—19.3%
	30,603	Carnival Corp.		1,678,880
	2,729	Chipotle Mexican Grill, Inc.(b)		1,877,661
	15,628	Darden Restaurants, Inc.		1,837,853
	20,403	Hilton Worldwide Holdings, Inc.		1,774,857
	13,937	Marriott International, Inc., Class A		1,901,285
	9,372	McDonald’s Corp.		1,851,626
	63,481	MGM Resorts International		1,690,499
	30,581	Norwegian Cruise Line Holdings Ltd.(b)		1,724,463
	14,433	Royal Caribbean Cruises Ltd.		1,745,527
	24,254	Starbucks Corp.		1,884,051
	14,067	Wynn Resorts, Ltd.		2,031,978
	17,402	Yum! Brands, Inc.		1,816,595
				21,815,275
		Household Durables—12.2%
	41,640	D.R. Horton, Inc.		1,845,068
	20,347	Garmin Ltd.		1,744,552
	37,949	Leggett & Platt, Inc.		1,493,673
	35,245	Lennar Corp., Class A		1,833,797
	12,737	Mohawk Industries, Inc.(b)		1,735,416
	108,954	Newell Brands, Inc.		1,566,758
	60,995	PulteGroup, Inc.		1,918,903
	12,230	Whirlpool Corp.		1,697,769
				13,835,936
		Internet & Direct Marketing Retail—6.6%
	1,038	Amazon.com, Inc.(b)		1,999,728
	980	Booking Holdings, Inc.(b)		1,817,890
	46,872	eBay, Inc.		1,816,290
	13,861	Expedia Group, Inc.		1,799,712
				7,433,620
		Leisure Products—3.0%
	19,325	Hasbro, Inc.		1,968,445
	116,097	Mattel, Inc.(b)(c)		1,415,222
				3,383,667
		Multiline Retail—9.2%
	14,172	Dollar General Corp.		1,786,947
	16,429	Dollar Tree, Inc.(b)		1,828,219
	24,823	Kohl’s Corp.		1,764,915

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Multiline Retail (continued)
	72,857	Macy’s, Inc.	$	1,715,054
	38,337	Nordstrom, Inc.		1,572,584
	22,190	Target Corp.		1,717,950
				10,385,669
		Specialty Retail—24.5%
	11,084	Advance Auto Parts, Inc.		1,843,491
	1,799	AutoZone, Inc.(b)		1,849,930
	24,970	Best Buy Co., Inc.		1,858,018
	28,816	CarMax, Inc.(b)(c)		2,243,614
	28,000	Foot Locker, Inc.		1,601,880
	64,877	Gap, Inc. (The)		1,691,992
	9,283	Home Depot, Inc. (The)		1,890,947
	64,977	L Brands, Inc.		1,666,010
	16,936	Lowe’s Cos., Inc.		1,916,139
	4,620	O’Reilly Automotive, Inc.(b)		1,748,993
	18,889	Ross Stores, Inc.		1,844,700
	17,833	Tiffany & Co.		1,922,754
	33,167	TJX Cos., Inc. (The)		1,820,205
	18,611	Tractor Supply Co.		1,926,239
	5,490	Ulta Beauty, Inc.(b)		1,915,900
				27,740,812
		Textiles, Apparel & Luxury Goods—12.5%
	38,602	Capri Holdings Ltd.(b)		1,701,576
	91,977	Hanesbrands, Inc.		1,662,024
	19,838	NIKE, Inc., Class B		1,742,372
	15,254	PVH Corp.		1,967,613
	13,782	Ralph Lauren Corp.		1,813,436
	50,156	Tapestry, Inc.		1,618,534
	40,967	Under Armour, Inc., Class A(b)		945,928
	42,003	Under Armour, Inc., Class C(b)		870,302
	19,977	VF Corp.		1,886,029
				14,207,814
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $113,142,746)—100.0%		113,199,138
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—2.8%
	2,380,703	Invesco Government & Agency Portfolio— Institutional Class, 2.34%(d)(e)		2,380,703
	793,330	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		793,568
		Total Money Market Funds (Cost $3,174,271)		3,174,271
		Total Investments in Securities (Cost $116,317,017)—102.8%		116,373,409
		Other assets less liabilities—(2.8)%		(3,133,968	)
		Net Assets—100.0%	$	113,239,441

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

44

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)(continued)

April 30, 2019

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

45

Schedule of Investments^(a)

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RHS)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.8%
		Beverages—18.5%
	241,921	Brown-Forman Corp., Class B	$	12,891,970
	269,328	Coca-Cola Co. (The)		13,213,232
	72,668	Constellation Brands, Inc., Class A		15,381,636
	203,140	Molson Coors Brewing Co., Class B		13,039,557
	199,252	Monster Beverage Corp.(b)		11,875,419
	104,806	PepsiCo, Inc.		13,420,408
				79,822,222
		Food & Staples Retailing—14.4%
	53,010	Costco Wholesale Corp.		13,015,545
	493,530	Kroger Co. (The)		12,723,203
	183,593	Sysco Corp.		12,919,440
	201,614	Walgreens Boots Alliance, Inc.		10,800,462
	123,750	Walmart, Inc.		12,726,450
				62,185,100
		Food Products—40.3%
	288,089	Archer-Daniels-Midland Co.		12,848,769
	335,278	Campbell Soup Co.		12,971,906
	537,459	Conagra Brands, Inc.		16,542,988
	259,380	General Mills, Inc.		13,350,289
	108,564	Hershey Co. (The)		13,554,215
	280,918	Hormel Foods Corp.		11,219,865
	117,833	JM Smucker Co. (The)		14,449,861
	221,348	Kellogg Co.		13,347,284
	376,221	Kraft Heinz Co. (The)		12,505,586
	172,499	Lamb Weston Holdings, Inc.		12,083,555
	88,119	McCormick & Co., Inc.		13,567,682
	259,268	Mondelez International, Inc., Class A		13,183,778
	192,366	Tyson Foods, Inc., Class A		14,429,374
				174,055,152
		Household Products—15.3%
	183,956	Church & Dwight Co., Inc.		13,787,502
	76,518	Clorox Co. (The)		12,222,220
	184,801	Colgate-Palmolive Co.		13,451,665
	104,217	Kimberly-Clark Corp.		13,379,378
	122,718	Procter & Gamble Co. (The)		13,067,013
				65,907,778
		Personal Products—5.8%
	1,097,881	Coty, Inc., Class A(c)		11,879,072
	77,395	Estee Lauder Cos., Inc. (The), Class A		13,297,235
				25,176,307
		Tobacco—5.5%
	218,109	Altria Group, Inc.		11,849,862
	138,099	Philip Morris International, Inc.		11,953,850
				23,803,712
		Total Common Stocks & Other Equity Interests (Cost $433,706,091)		430,950,271

Number of Shares			Value
		Money Market Funds—0.1%
	475,895	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32(d) (Cost $475,895)	$	475,895
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $434,181,986)—99.9%		431,426,166
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—2.6%
	8,320,524	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		8,320,524
	2,772,676	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		2,773,508
		Total Money Market Funds (Cost $11,094,032)		11,094,032
		Total Investments in Securities (Cost $445,276,018)—102.5%		442,520,198
		Other assets less liabilities—(2.5)%		(10,683,691	)
		Net Assets—100.0%	$	431,836,507

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

46

Schedule of Investments^(a)

Invesco S&P 500^® Equal Weight Energy ETF (RYE)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Energy Equipment & Services—19.9%
	257,766	Baker Hughes, a GE Co., Class A	$	6,191,539
	241,440	Halliburton Co.		6,839,995
	125,588	Helmerich & Payne, Inc.		7,349,410
	256,372	National Oilwell Varco, Inc.		6,701,564
	160,628	Schlumberger Ltd.		6,855,603
	316,126	TechnipFMC PLC (United Kingdom)		7,773,539
				41,711,650
		Oil, Gas & Consumable Fuels—80.0%
	157,649	Anadarko Petroleum Corp.		11,484,730
	207,585	Apache Corp.		6,831,622
	268,842	Cabot Oil & Gas Corp.		6,960,319
	54,533	Chevron Corp.		6,547,232
	97,121	Cimarex Energy Co.		6,668,328
	66,139	Concho Resources, Inc.		7,631,118
	101,365	ConocoPhillips		6,398,159
	248,309	Devon Energy Corp.		7,980,651
	69,448	Diamondback Energy, Inc.		7,388,573
	76,728	EOG Resources, Inc.		7,369,724
	83,943	Exxon Mobil Corp.		6,738,944
	120,588	Hess Corp.		7,732,102
	135,908	HollyFrontier Corp.		6,486,889
	336,154	Kinder Morgan, Inc.		6,679,380
	407,642	Marathon Oil Corp.		6,946,220
	115,345	Marathon Petroleum Corp.		7,021,050
	309,633	Noble Energy, Inc.		8,378,669
	105,762	Occidental Petroleum Corp.		6,227,267
	101,133	ONEOK, Inc.		6,869,965
	70,325	Phillips 66		6,629,538
	50,877	Pioneer Natural Resources Co.		8,468,985
	83,164	Valero Energy Corp.		7,539,648
	246,282	Williams Cos., Inc. (The)		6,977,169
				167,956,282
		Total Common Stocks & Other Equity Interests (Cost $ 247,051,914)		209,667,932
		Money Market Funds—0.0%
	268	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32(b)(Cost $268)		268
		Total Investments in Securities (Cost $247,052,182)—99.9%		209,668,200
		Other assets less liabilities—0.1%		154,689
		Net Assets—100.0%	$	209,822,889

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)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

47

Schedule of Investments^(a)

Invesco S&P 500^® Equal Weight Financials ETF (RYF)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Banks—27.3%
	140,375	Bank of America Corp.	$	4,292,667
	81,083	BB&T Corp.		4,151,450
	64,804	Citigroup, Inc.		4,581,643
	115,700	Citizens Financial Group, Inc.		4,188,340
	48,182	Comerica, Inc.		3,786,623
	150,796	Fifth Third Bancorp		4,345,941
	39,538	First Republic Bank		4,176,003
	292,276	Huntington Bancshares, Inc.		4,068,482
	39,042	JPMorgan Chase & Co.		4,530,824
	239,817	KeyCorp		4,208,788
	23,962	M&T Bank Corp.		4,075,217
	234,367	People’s United Financial, Inc.		4,052,205
	31,742	PNC Financial Services Group, Inc. (The)		4,346,432
	259,969	Regions Financial Corp.		4,037,319
	63,345	SunTrust Banks, Inc.		4,147,831
	16,779	SVB Financial Group(b)		4,223,610
	79,059	U.S. Bancorp		4,215,426
	80,758	Wells Fargo & Co.		3,909,495
	82,582	Zions Bancorp. N.A.		4,073,770
				79,412,066
		Capital Markets—32.1%
	38,734	Affiliated Managers Group, Inc.		4,296,375
	32,342	Ameriprise Financial, Inc.		4,746,835
	78,123	Bank of New York Mellon Corp. (The)		3,879,588
	9,546	BlackRock, Inc.		4,632,101
	43,558	Cboe Global Markets, Inc.		4,425,928
	92,560	Charles Schwab Corp. (The)		4,237,397
	23,445	CME Group, Inc., Class A		4,194,311
	85,825	E*TRADE Financial Corp.		4,347,895
	128,367	Franklin Resources, Inc.		4,440,215
	20,599	Goldman Sachs Group, Inc. (The)		4,241,746
	55,472	Intercontinental Exchange, Inc.		4,512,647
	215,758	Invesco Ltd.(c)		4,740,203
	23,666	Moody’s Corp.		4,653,209
	97,237	Morgan Stanley		4,691,685
	22,044	MSCI, Inc.		4,968,277
	48,199	Nasdaq, Inc.		4,443,948
	44,920	Northern Trust Corp.		4,426,866
	50,053	Raymond James Financial, Inc.		4,583,353
	20,485	S&P Global, Inc.		4,520,220
	59,056	State Street Corp.		3,995,729
	41,530	T. Rowe Price Group, Inc.		4,464,475
				93,443,003
		Consumer Finance—6.2%
	37,245	American Express Co.		4,366,231
	49,425	Capital One Financial Corp.		4,588,123
	57,552	Discover Financial Services		4,689,913
	127,512	Synchrony Financial		4,420,841
				18,065,108
		Diversified Financial Services—3.0%
	20,240	Berkshire Hathaway, Inc., Class B(b)		4,386,210
	212,228	Jefferies Financial Group, Inc.		4,365,530
				8,751,740

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Insurance—31.4%
	82,837	Aflac, Inc.	$	4,173,328
	43,105	Allstate Corp. (The)		4,269,981
	95,301	American International Group, Inc.		4,533,469
	24,819	Aon PLC		4,470,895
	51,620	Arthur J. Gallagher & Co.		4,316,464
	40,233	Assurant, Inc.		3,822,135
	30,385	Chubb Ltd.		4,411,902
	47,600	Cincinnati Financial Corp.		4,578,168
	18,553	Everest Re Group, Ltd.		4,369,232
	83,594	Hartford Financial Services Group, Inc. (The)		4,372,802
	66,839	Lincoln National Corp.		4,459,498
	85,788	Loews Corp.		4,400,067
	44,895	Marsh & McLennan Cos., Inc.		4,233,150
	91,072	MetLife, Inc.		4,201,151
	80,579	Principal Financial Group, Inc.		4,605,896
	55,649	Progressive Corp. (The)		4,348,969
	43,105	Prudential Financial, Inc.		4,556,630
	49,559	Torchmark Corp.		4,344,342
	30,695	Travelers Cos., Inc. (The)		4,412,406
	111,622	Unum Group		4,121,084
	23,766	Willis Towers Watson PLC		4,381,024
				91,382,593
		Total Investments in Securities (Cost $290,373,627)—100.0%		291,054,510
		Other assets less liabilities—0.0%		90,004
		Net Assets—100.0%	$	291,144,514

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) Affiliated company. See Note 4.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

48

Schedule of Investments^(a)

Invesco S&P 500^® Equal Weight Health Care ETF (RYH)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Biotechnology—13.9%
	144,700	AbbVie, Inc.	$	11,487,733
	87,238	Alexion Pharmaceuticals, Inc.(b)		11,875,709
	62,066	Amgen, Inc.		11,129,675
	36,457	Biogen, Inc.(b)		8,357,403
	132,912	Celgene Corp.(b)		12,581,450
	177,539	Gilead Sciences, Inc.		11,547,137
	136,699	Incyte Corp.(b)		10,498,483
	27,880	Regeneron Pharmaceuticals, Inc.(b)		9,566,743
	63,328	Vertex Pharmaceuticals, Inc.(b)		10,701,165
				97,745,498
		Health Care Equipment & Supplies—31.1%
	146,493	Abbott Laboratories		11,654,983
	35,728	ABIOMED, Inc.(b)		9,911,304
	48,631	Align Technology, Inc.(b)		15,789,513
	151,435	Baxter International, Inc.		11,554,491
	45,501	Becton, Dickinson and Co.		10,953,911
	284,126	Boston Scientific Corp.(b)		10,546,757
	38,964	Cooper Cos., Inc. (The)		11,296,443
	89,777	Danaher Corp.		11,890,066
	231,173	DENTSPLY SIRONA, Inc.		11,819,876
	66,321	Edwards Lifesciences Corp.(b)		11,677,138
	240,846	Hologic, Inc.(b)		11,170,438
	55,646	IDEXX Laboratories, Inc.(b)		12,909,872
	21,032	Intuitive Surgical, Inc.(b)		10,739,570
	124,014	Medtronic PLC		11,013,683
	111,145	ResMed, Inc.		11,615,764
	59,958	Stryker Corp.		11,326,666
	39,129	Teleflex, Inc.		11,197,937
	84,081	Varian Medical Systems, Inc.(b)		11,449,310
	92,308	Zimmer Biomet Holdings, Inc.		11,368,653
				219,886,375
		Health Care Providers & Services—25.9%
	146,914	AmerisourceBergen Corp.		10,983,291
	38,049	Anthem, Inc.		10,008,029
	235,341	Cardinal Health, Inc.		11,463,460
	198,475	Centene Corp.(b)		10,233,371
	68,810	Cigna Corp.		10,929,780
	212,088	CVS Health Corp.		11,533,345
	224,739	DaVita, Inc.(b)		12,414,582
	89,993	HCA Healthcare, Inc.		11,449,809
	191,663	Henry Schein, Inc.(b)		12,277,932
	41,846	Humana, Inc.		10,687,887
	76,620	Laboratory Corp. of America Holdings(b)		12,253,070
	100,355	McKesson Corp.		11,967,334
	133,053	Quest Diagnostics, Inc.		12,823,648
	47,308	UnitedHealth Group, Inc.		11,026,076
	86,895	Universal Health Services, Inc., Class B		11,024,369
	46,829	WellCare Health Plans, Inc.(b)		12,098,272
				183,174,255
		Health Care Technology—1.9%
	202,450	Cerner Corp.(b)		13,452,803
		Life Sciences Tools & Services—11.5%
	143,957	Agilent Technologies, Inc.		11,300,625
	38,115	Illumina, Inc.(b)		11,891,880
	81,684	IQVIA Holdings, Inc.(b)		11,345,908

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Life Sciences Tools & Services (continued)
	16,485	Mettler-Toledo International, Inc.(b)	$	12,285,611
	122,192	PerkinElmer, Inc.		11,710,881
	44,932	Thermo Fisher Scientific, Inc.		12,466,383
	47,049	Waters Corp.(b)		10,046,843
				81,048,131
		Pharmaceuticals—15.7%
	77,387	Allergan PLC		11,375,889
	218,444	Bristol-Myers Squibb Co.		10,142,355
	88,600	Eli Lilly and Co.		10,369,744
	81,310	Johnson & Johnson		11,480,972
	140,674	Merck & Co., Inc.		11,072,451
	421,863	Mylan N.V.(b)		11,386,082
	319,551	Nektar Therapeutics(b)		10,232,023
	241,415	Perrigo Co. PLC		11,568,607
	274,536	Pfizer, Inc.		11,148,907
	121,478	Zoetis, Inc.		12,371,319
				111,148,349
		Total Common Stocks & Other Equity Interests (Cost $667,145,275)		706,455,411
		Money Market Funds—0.0%
	190,371	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32(c) (Cost $190,371)		190,371
		Total Investments in Securities (Cost $667,335,646)—100.0%		706,645,782
		Other assets less liabilities—0.0%		199,216
		Net Assets—100.0%	$	706,844,998

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)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

49

Schedule of Investments^(a)

Invesco S&P 500^® Equal Weight Industrials ETF (RGI)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Aerospace & Defense—17.0%
	176,987	Arconic, Inc.	$	3,801,681
	7,749	Boeing Co. (The)		2,926,720
	19,697	General Dynamics Corp.		3,520,248
	20,231	Harris Corp.		3,408,923
	16,350	Huntington Ingalls Industries, Inc.		3,639,183
	15,714	L3 Technologies, Inc.		3,434,766
	10,875	Lockheed Martin Corp.		3,624,964
	11,858	Northrop Grumman Corp.		3,437,753
	18,103	Raytheon Co.		3,214,912
	64,040	Textron, Inc.		3,394,120
	7,650	TransDigm Group, Inc.(b)		3,691,278
	26,391	United Technologies Corp.		3,763,620
				41,858,168
		Air Freight & Logistics—5.5%
	37,429	C.H. Robinson Worldwide, Inc.		3,031,749
	43,919	Expeditors International of Washington, Inc.		3,488,047
	19,046	FedEx Corp.		3,608,455
	30,680	United Parcel Service, Inc., Class B		3,258,830
				13,387,081
		Airlines—7.3%
	58,840	Alaska Air Group, Inc.		3,642,196
	102,558	American Airlines Group, Inc.		3,505,433
	65,991	Delta Air Lines, Inc.		3,846,615
	63,214	Southwest Airlines Co.		3,428,095
	39,712	United Continental Holdings, Inc.(b)		3,528,808
				17,951,147
		Building Products—7.1%
	64,335	A.O. Smith Corp.		3,382,091
	37,198	Allegion PLC		3,691,157
	70,820	Fortune Brands Home & Security, Inc.		3,737,880
	91,210	Johnson Controls International PLC		3,420,375
	83,393	Masco Corp.		3,257,331
				17,488,834
		Commercial Services & Supplies—7.1%
	16,257	Cintas Corp.		3,530,045
	56,193	Copart, Inc.(b)		3,782,913
	42,007	Republic Services, Inc.		3,479,020
	81,589	Rollins, Inc.		3,155,046
	33,073	Waste Management, Inc.		3,550,056
				17,497,080
		Construction & Engineering—4.4%
	89,611	Fluor Corp.		3,560,245
	45,515	Jacobs Engineering Group, Inc.		3,547,439
	93,000	Quanta Services, Inc.		3,775,800
				10,883,484
		Electrical Equipment—5.7%
	41,613	AMETEK, Inc.		3,669,018
	41,225	Eaton Corp. PLC		3,414,254
	49,138	Emerson Electric Co.		3,488,307
	18,753	Rockwell Automation, Inc.		3,388,855
				13,960,434
		Industrial Conglomerates—5.7%
	16,293	3M Co.		3,087,686

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrial Conglomerates (continued)
	341,598	General Electric Co.	$	3,474,052
	21,592	Honeywell International, Inc.		3,749,019
	10,300	Roper Technologies, Inc.		3,704,910
				14,015,667
		Machinery—21.6%
	24,916	Caterpillar, Inc.		3,473,789
	21,173	Cummins, Inc.		3,520,858
	20,583	Deere & Co.		3,409,162
	36,659	Dover Corp.		3,594,048
	76,196	Flowserve Corp.		3,735,890
	40,706	Fortive Corp.		3,514,556
	23,270	Illinois Tool Works, Inc.		3,621,510
	31,380	Ingersoll-Rand PLC		3,847,502
	48,622	PACCAR, Inc.		3,484,739
	19,357	Parker-Hannifin Corp.		3,505,166
	78,589	Pentair PLC		3,064,185
	20,759	Snap-on, Inc.		3,493,324
	25,316	Stanley Black & Decker, Inc.		3,711,326
	46,674	Wabtec Corp.(c)		3,457,143
	43,590	Xylem, Inc.		3,635,406
				53,068,604
		Professional Services—7.1%
	30,152	Equifax, Inc.		3,797,644
	62,285	IHS Markit Ltd.(b)		3,566,439
	125,724	Nielsen Holdings PLC		3,209,734
	50,593	Robert Half International, Inc.		3,141,319
	25,971	Verisk Analytics, Inc., Class A		3,665,547
				17,380,683
		Road & Rail—7.2%
	45,596	CSX Corp.		3,630,809
	32,150	J.B. Hunt Transport Services, Inc.		3,037,532
	29,404	Kansas City Southern		3,620,809
	18,514	Norfolk Southern Corp.		3,777,226
	19,921	Union Pacific Corp.		3,526,814
				17,593,190
		Trading Companies & Distributors—4.3%
	53,273	Fastenal Co.		3,758,410
	26,555	United Rentals, Inc.(b)		3,742,131
	11,154	W.W. Grainger, Inc.		3,145,428
				10,645,969
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $238,946,445)—100.0%		245,730,341
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.8%
	1,567,775	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		1,567,775

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

50

Invesco S&P 500^® Equal Weight Industrials ETF (RGI)(continued)

April 30, 2019

Number of Shares			Value
		Money Market Funds (continued)
	522,436	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)	$	522,593
		Total Money Market Funds (Cost $2,090,368)		2,090,368
		Total Investments in Securities (Cost $241,036,813)—100.8%		247,820,709
		Other assets less liabilities—(0.8)%		(2,070,439	)
		Net Assets—100.0%	$	245,750,270

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

51

Schedule of Investments^(a)

Invesco S&P 500^® Equal Weight Materials ETF (RTM)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Chemicals—57.9%
	26,444	Air Products and Chemicals, Inc.	$	5,441,911
	57,804	Albemarle Corp.(b)		4,338,768
	48,065	Celanese Corp., Series A		5,185,733
	119,036	CF Industries Holdings, Inc.		5,330,432
	84,017	Dow, Inc.(c)		4,766,284
	132,761	DowDuPont, Inc.		5,104,660
	60,724	Eastman Chemical Co.		4,789,909
	28,283	Ecolab, Inc.		5,206,335
	61,860	FMC Corp.		4,890,652
	38,245	International Flavors & Fragrances, Inc.(b)		5,269,779
	28,301	Linde PLC (United Kingdom)		5,101,538
	55,038	LyondellBasell Industries N.V., Class A		4,856,003
	171,163	Mosaic Co. (The)		4,469,066
	43,747	PPG Industries, Inc.		5,140,272
	11,502	Sherwin-Williams Co. (The)		5,231,455
				75,122,797
		Construction Materials—8.3%
	24,416	Martin Marietta Materials, Inc.		5,417,910
	42,244	Vulcan Materials Co.		5,327,391
				10,745,301
		Containers & Packaging—23.0%
	44,244	Avery Dennison Corp.		4,895,599
	87,184	Ball Corp.		5,225,809
	104,784	International Paper Co.		4,904,939
	49,240	Packaging Corp. of America		4,882,638
	106,863	Sealed Air Corp.		4,981,953
	127,214	WestRock Co.		4,882,473
				29,773,411
		Metals & Mining—10.8%
	396,689	Freeport-McMoRan, Inc.		4,883,242
	142,271	Newmont Goldcorp Corp.		4,418,937
	82,989	Nucor Corp.		4,736,182
				14,038,361
		Total Investments in Securities
		(excluding investments purchased with cash collateral from securities on loan) (Cost $138,778,948)—100.0%		129,679,870
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—6.8%
	6,634,636	Invesco Government & Agency Portfolio— Institutional Class, 2.34%(d)(e)		6,634,636
	2,210,882	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		2,211,545
		Total Money Market Funds (Cost $8,846,181)		8,846,181
		Total Investments in Securities (Cost $147,625,129)—106.8%	138,526,051
		Other assets less liabilities—(6.8)%		(8,798,482	)
		Net Assets—100.0%	$	129,727,569

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at April 30, 2019.

^(c)  Non-income producing security.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

52

Schedule of Investments^(a)

Invesco S&P 500^® Equal Weight Real Estate ETF (EWRE)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Equity Real Estate Investment Trusts (REITs) —96.8%
	8,229	Alexandria Real Estate Equities, Inc.	$	1,171,727
	6,234	American Tower Corp.		1,217,500
	22,914	Apartment Investment & Management Co., Class A		1,131,035
	5,765	AvalonBay Communities, Inc.		1,158,361
	8,550	Boston Properties, Inc.		1,176,651
	9,360	Crown Castle International Corp.		1,177,301
	10,110	Digital Realty Trust, Inc.		1,190,048
	37,883	Duke Realty Corp.		1,178,919
	2,631	Equinix, Inc.		1,196,316
	15,377	Equity Residential		1,175,110
	3,995	Essex Property Trust, Inc.		1,128,588
	11,667	Extra Space Storage, Inc.		1,209,751
	8,590	Federal Realty Investment Trust		1,149,772
	37,284	HCP, Inc.		1,110,318
	58,701	Host Hotels & Resorts, Inc.		1,129,407
	32,557	Iron Mountain, Inc.		1,057,451
	65,377	Kimco Realty Corp.		1,136,906
	26,960	Macerich Co. (The)		1,082,174
	10,742	Mid-America Apartment Communities, Inc.		1,175,282
	16,191	Prologis, Inc.		1,241,364
	5,283	Public Storage		1,168,494
	16,233	Realty Income Corp.		1,136,472
	17,756	Regency Centers Corp.		1,192,671
	6,172	SBA Communications Corp., Class A(b)		1,257,422
	6,500	Simon Property Group, Inc.		1,129,050
	12,531	SL Green Realty Corp.		1,106,989
	25,225	UDR, Inc.		1,133,864
	18,267	Ventas, Inc.		1,116,296
	16,741	Vornado Realty Trust		1,157,473
	15,104	Welltower, Inc.		1,125,701
	45,919	Weyerhaeuser Co.		1,230,629
				35,949,042
		Real Estate Management & Development—3.1%
	22,606	CBRE Group, Inc., Class A(b)		1,177,094
		Total Common Stocks & Other Equity Interests (Cost $36,526,404)		37,126,136
		Money Market Funds—0.1%
	25,673	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32(c) (Cost $25,673)		25,673
		Total Investments in Securities (Cost $36,552,077)—100.0%		37,151,809
		Other assets less liabilities-(0.0)%		(8,756	)
		NetAssets-100.0%	$	37,143,053

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)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

53

Schedule of Investments^(a)

Invesco S&P 500^® Equal Weight Technology ETF (RYT)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Communications Equipment—7.1%
	86,215	Arista Networks, Inc.(b)	$	26,924,082
	463,500	Cisco Systems, Inc.		25,932,825
	149,827	F5 Networks, Inc.(b)		23,507,856
	921,409	Juniper Networks, Inc.		25,587,528
	170,479	Motorola Solutions, Inc.		24,704,112
				126,656,403
		Electronic Equipment, Instruments & Components—8.5%
	254,908	Amphenol Corp., Class A		25,378,641
	700,324	Corning, Inc.		22,305,319
	478,106	FLIR Systems, Inc.		25,310,932
	159,841	IPG Photonics Corp.(b)		27,929,018
	281,829	Keysight Technologies, Inc.(b)		24,527,578
	291,548	TE Connectivity Ltd.		27,886,566
				153,338,054
		IT Services—30.6%
	146,396	Accenture PLC, Class A		26,742,157
	336,715	Akamai Technologies, Inc.(b)		26,957,403
	142,297	Alliance Data Systems Corp.		22,781,750
	158,610	Automatic Data Processing, Inc.		26,073,898
	239,244	Broadridge Financial Solutions, Inc.		28,261,894
	332,690	Cognizant Technology Solutions Corp., Class A		24,273,062
	368,762	DXC Technology Co.		24,242,414
	223,924	Fidelity National Information Services, Inc.		25,959,509
	278,874	Fiserv, Inc.(b)		24,328,968
	103,904	FleetCor Technologies, Inc.(b)		27,113,749
	167,580	Gartner, Inc.(b)		26,640,193
	181,639	Global Payments, Inc.		26,532,009
	175,224	International Business Machines Corp.		24,578,670
	180,239	Jack Henry & Associates, Inc.		26,866,425
	106,690	Mastercard, Inc., Class A		27,124,866
	310,075	Paychex, Inc.		26,142,423
	247,370	PayPal Holdings, Inc.(b)		27,895,915
	254,306	Total System Services, Inc.		26,000,245
	133,187	VeriSign, Inc.(b)		26,297,773
	160,643	Visa, Inc., Class A		26,414,528
	1,320,188	Western Union Co. (The)		25,664,455
				546,892,306
		Semiconductors & Semiconductor Equipment—24.6%
	1,075,465	Advanced Micro Devices, Inc.(b)		29,715,098
	224,561	Analog Devices, Inc.		26,102,971
	627,212	Applied Materials, Inc.		27,641,233
	89,600	Broadcom, Inc.		28,528,640
	451,047	Intel Corp.		23,021,439
	207,734	KLA-Tencor Corp.		26,481,930
	140,205	Lam Research Corp.		29,082,723
	455,648	Maxim Integrated Products, Inc.		27,338,880
	278,319	Microchip Technology, Inc.		27,801,285
	612,443	Micron Technology, Inc.(b)		25,759,352
	157,137	NVIDIA Corp.		28,441,797
	345,157	Qorvo, Inc.(b)		26,097,321
	442,198	QUALCOMM, Inc.		38,086,514
	295,407	Skyworks Solutions, Inc.		26,048,989

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Semiconductors & Semiconductor Equipment (continued)
	225,738	Texas Instruments, Inc.	$	26,598,708
	199,541	Xilinx, Inc.		23,972,856
				440,719,736
		Software—19.0%
	92,921	Adobe, Inc.(b)		26,877,399
	133,411	ANSYS, Inc.(b)		26,121,874
	155,353	Autodesk, Inc.(b)		27,685,458
	400,121	Cadence Design Systems, Inc.(b)		27,760,395
	236,758	Citrix Systems, Inc.		23,903,088
	293,430	Fortinet, Inc.(b)		27,412,231
	96,270	Intuit, Inc.		24,169,546
	214,198	Microsoft Corp.		27,974,259
	448,566	Oracle Corp.		24,819,157
	130,990	Red Hat, Inc.(b)		23,909,605
	152,657	salesforce.com, inc.(b)		25,241,835
	1,078,401	Symantec Corp.		26,108,088
	229,368	Synopsys, Inc.(b)		27,771,877
				339,754,812
		Technology Hardware, Storage & Peripherals—10.1%
	136,896	Apple, Inc.		27,470,920
	1,516,398	Hewlett Packard Enterprise Co.		23,974,252
	1,263,123	HP, Inc.		25,199,304
	374,600	NetApp, Inc.		27,289,610
	512,138	Seagate Technology PLC		24,746,508
	498,546	Western Digital Corp.		25,485,672
	781,222	Xerox Corp.		26,061,567
				180,227,833
		Total Common Stocks & Other Equity Interests (Cost $1,453,842,809)		1,787,589,144
		Money Market Funds—0.1%
	1,581,815	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32(c)(Cost $1,581,815)		1,581,815
		Total Investments in Securities (Cost$1,455,424,624)—100.0%		1,789,170,959
		Other assets less liabilities—(0.0)%		(324,762	)
		Net Assets—100.0%	$	1,788,846,197

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)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

54

Schedule of Investments^(a)

Invesco S&P 500^® Equal Weight Utilities ETF (RYU)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Electric Utilities—50.1%
	252,989	Alliant Energy Corp.	$	11,948,671
	142,779	American Electric Power Co., Inc.		12,214,743
	129,720	Duke Energy Corp.		11,820,086
	188,569	Edison International		12,025,045
	126,508	Entergy Corp.		12,258,625
	209,841	Evergy, Inc.		12,133,007
	167,921	Eversource Energy.		12,033,219
	239,867	Exelon Corp.		12,221,224
	286,151	FirstEnergy Corp.		12,026,927
	62,007	NextEra Energy, Inc.		12,056,641
	125,598	Pinnacle West Capital Corp.		11,965,721
	365,877	PPL Corp.		11,419,021
	229,877	Southern Co. (The)		12,234,054
	210,180	Xcel Energy, Inc.		11,875,170
				168,232,154
		Gas Utilities—3.6%
	116,820	Atmos Energy Corp.		11,955,359
		Independent Power and Renewable Electricity Producers—6.8%
	661,058	AES Corp. (The)		11,317,313
	282,217	NRG Energy, Inc.		11,618,874
				22,936,187
		Multi-Utilities—35.7%
	163,190	Ameren Corp.		11,875,336
	389,635	CenterPoint Energy, Inc.		12,078,685
	214,142	CMS Energy Corp.		11,895,588
	139,594	Consolidated Edison, Inc.		12,027,419
	154,506	Dominion Energy, Inc.		12,031,382
	94,973	DTE Energy Co.		11,939,056
	426,723	NiSource, Inc.		11,854,365
	198,722	Public Service Enterprise Group, Inc.		11,853,767
	95,672	Sempra Energy.		12,241,233
	151,958	WEC Energy Group, Inc.		11,918,066
				119,714,897
		Water Utilities—3.7%
	114,120	American Water Works Co., Inc.		12,346,643
		Total Common Stocks & Other Equity Interests (Cost $ 301,431,586)		335,185,240
		Money Market Funds—0.0%
	55,729	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32(b) (Cost $ 55,729)		55,729
		Total Investments in Securities(Cost $ 301,487,315)-99.9%		335,240,969
		Other assets less liabilities—0.1%		257,750
		Net Assets—100.0%	$	335,498,719

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)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

55

Schedule of Investments^(a)

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—3.0%
	4,014	AMC Networks, Inc., Class A(b)	$	234,458
	273	Cable One, Inc.		289,525
	11,010	Cars.com, Inc.(b)		229,118
	6,436	Cinemark Holdings, Inc.		270,634
	5,608	John Wiley & Sons, Inc., Class A		258,977
	4,121	Live Nation Entertainment, Inc.(b)		269,266
	4,397	Meredith Corp.		259,423
	7,513	New York Times Co. (The), Class A		249,056
	17,578	TEGNA, Inc.		279,842
	8,067	Telephone & Data Systems, Inc.		257,176
	2,984	World Wrestling Entertainment, Inc., Class A(c)		250,208
	7,210	Yelp, Inc.(b)		288,833
				3,136,516
		ConsumerDiscretionary-14.9%
	4,746	Aaron’s, Inc.		264,305
	16,522	Adient PLC		381,658
	5,284	Adtalem Global Education, Inc.(b)		260,607
	12,413	American Eagle Outfitters, Inc.		295,181
	7,453	AutoNation, Inc.(b)		312,504
	16,743	Bed Bath & Beyond, Inc.		279,775
	8,655	Boyd Gaming Corp.		249,091
	5,828	Brinker International, Inc.		249,263
	4,833	Brunswick Corp.		247,498
	29,643	Caesars Entertainment Corp.(b)		277,458
	2,696	Carter’s, Inc.		285,533
	5,430	Cheesecake Factory, Inc. (The)		269,436
	2,867	Churchill Downs, Inc.		289,137
	1,586	Cracker Barrel Old Country Store, Inc.(c)		267,622
	13,562	Dana, Inc.		264,459
	1,777	Deckers Outdoor Corp.(b)		281,139
	12,370	Delphi Technologies PLC		273,748
	6,618	Dick’s Sporting Goods, Inc.		244,866
	3,562	Dillard’s, Inc., Class A(c)		243,819
	1,000	Domino’s Pizza, Inc.		270,580
	3,541	Dunkin’ Brands Group, Inc.		264,265
	5,472	Eldorado Resorts, Inc.(b)		270,153
	2,180	Five Below, Inc.(b)		319,130
	12,231	Gentex Corp.		281,680
	14,208	Goodyear Tire & Rubber Co. (The)		272,936
	370	Graham Holdings Co., Class B		275,069
	2,267	Helen of Troy Ltd.(b)		326,448
	5,748	International Speedway Corp., Class A		253,602
	3,259	Jack in the Box, Inc.		251,269
	10,682	KB Home		276,771
	2,590	Marriott Vacations Worldwide Corp.		273,582
	19,833	Michaels Cos., Inc. (The)(b)		222,923
	3,222	Murphy USA, Inc.(b)		275,384
	93	NVR, Inc.(b)		293,181
	3,133	Ollie’s Bargain Outlet Holdings, Inc.(b)		299,640
	5,602	Papa John’s International, Inc.(c)		286,598
	11,001	Penn National Gaming, Inc.(b)		238,392
	2,943	Polaris Industries, Inc.		283,705
	1,628	Pool Corp.		299,129
	14,289	Sally Beauty Holdings, Inc.(b)		252,915
	10,162	Scientific Games Corp.(b)		235,047

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	6,281	Service Corp. International	$	261,352
	9,561	Signet Jewelers Ltd.		221,624
	4,986	Six Flags Entertainment Corp.		264,707
	7,717	Skechers U.S.A., Inc., Class A(b)		244,320
	6,281	Sotheby’s(b)(c)		264,932
	4,370	Tempur Sealy International, Inc.(b)(c)		268,318
	4,188	Texas Roadhouse, Inc.		226,194
	3,941	Thor Industries, Inc.		259,594
	7,038	Toll Brothers, Inc.		268,148
	19,478	TRI Pointe Group, Inc.(b)		254,188
	9,222	Tupperware Brands Corp.		219,484
	8,596	Urban Outfitters, Inc.(b)		255,559
	3,202	Visteon Corp.(b)		211,396
	12,885	Weight Watchers International, Inc.(b)		263,112
	14,752	Wendy’s Co. (The)		274,535
	4,392	Williams-Sonoma, Inc.(c)		251,091
	5,623	Wyndham Destinations, Inc.		244,938
	4,817	Wyndham Hotels & Resorts, Inc.		268,403
				15,781,393
		Consumer Staples—3.4%
	798	Boston Beer Co., Inc. (The), Class A(b)		247,388
	1,938	Casey’s General Stores, Inc.		256,494
	5,780	Edgewell Personal Care Co.(b)		238,309
	5,545	Energizer Holdings, Inc.		265,550
	12,315	Flowers Foods, Inc.		267,728
	11,650	Hain Celestial Group, Inc. (The)(b)		254,203
	2,747	Ingredion, Inc.		260,278
	1,657	Lancaster Colony Corp.		246,413
	4,276	Nu Skin Enterprises, Inc., Class A		217,520
	2,513	Post Holdings, Inc.(b)		283,416
	2,051	Sanderson Farms, Inc.		310,993
	11,329	Sprouts Farmers Market, Inc.(b)		242,667
	6,830	Tootsie Roll Industries, Inc.(c)		265,209
	4,227	TreeHouse Foods, Inc.(b)		283,125
				3,639,293
		Energy—5.5%
	6,364	Apergy Corp.(b)		252,587
	36,567	Callon Petroleum Co.(b)		274,618
	91,753	Chesapeake Energy Corp.(b)(c)		267,001
	24,776	CNX Resources Corp.(b)		221,993
	3,830	Core Laboratories N.V.		242,784
	15,655	Ensco Rowan PLC, Class A		218,700
	13,643	EQT Corp.		278,999
	13,402	Equitrans Midstream Corp.		279,164
	14,999	Matador Resources Co.(b)		295,330
	31,747	McDermott International, Inc.(b)		256,833
	8,638	Murphy Oil Corp.		235,299
	49,405	Oasis Petroleum, Inc.(b)		301,371
	17,802	Oceaneering International, Inc.(b)		341,798
	19,630	Patterson-UTI Energy, Inc.		266,772
	8,626	PBF Energy, Inc., Class A		289,661
	34,693	QEP Resources, Inc.(b)		260,891
	25,586	Range Resources Corp.		231,298
	16,621	SM Energy Co.		264,773
	58,661	Southwestern Energy Co.(b)		231,711
	30,924	Transocean Ltd.(b)		243,063

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

56

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy (continued)
	8,844	World Fuel Services Corp.	$	272,837
	21,953	WPX Energy, Inc.(b)		304,927
				5,832,410
		Financials—15.6%
	407	Alleghany Corp.(b)		267,350
	2,604	American Financial Group, Inc.		269,592
	11,098	Associated Banc-Corp.		251,814
	8,383	BancorpSouth Bank		255,514
	3,072	Bank of Hawaii Corp.		253,071
	8,093	Bank OZK		264,236
	6,940	Brighthouse Financial, Inc.(b)		290,023
	8,676	Brown & Brown, Inc.		275,463
	6,829	Cathay General Bancorp		251,239
	5,838	Chemical Financial Corp.		256,463
	15,301	CNO Financial Group, Inc.		253,232
	4,155	Commerce Bancshares, Inc.		251,087
	2,475	Cullen/Frost Bankers, Inc.		251,683
	4,798	East West Bancorp, Inc.		247,001
	6,297	Eaton Vance Corp.		261,766
	2,844	Evercore, Inc., Class A		277,091
	21,612	F.N.B. Corp.		262,154
	1,084	FactSet Research Systems, Inc.(c)		299,043
	8,554	Federated Investors, Inc., Class B		262,864
	4,985	First American Financial Corp.		284,444
	4,431	First Financial Bankshares, Inc.		272,595
	16,891	First Horizon National Corp.		254,885
	15,349	Fulton Financial Corp.		264,770
	69,004	Genworth Financial, Inc., Class A(b)		261,525
	4,371	Green Dot Corp., Class A(b)		278,739
	6,027	Hancock Whitney Corp.		263,621
	2,136	Hanover Insurance Group, Inc. (The)		257,623
	13,460	Home BancShares, Inc.		258,297
	4,817	Interactive Brokers Group, Inc., Class A		261,274
	6,324	International Bancshares Corp.		262,256
	10,610	Janus Henderson Group PLC (United Kingdom)		265,993
	3,168	Kemper Corp.		284,740
	9,043	Legg Mason, Inc.		302,488
	806	LendingTree, Inc.(b)		310,165
	1,110	MarketAxess Holdings, Inc.		308,946
	4,918	Mercury General Corp.		264,490
	21,354	Navient Corp.		288,493
	20,498	New York Community Bancorp, Inc.		238,392
	12,130	Old Republic International Corp.		271,227
	6,400	PacWest Bancorp		253,120
	4,396	Pinnacle Financial Partners, Inc.		255,276
	2,118	Primerica, Inc.		275,954
	3,453	Prosperity Bancshares, Inc.		254,279
	1,752	Reinsurance Group of America, Inc.		265,445
	1,756	RenaissanceRe Holdings Ltd. (Bermuda)		272,812
	4,998	SEI Investments Co.		272,141
	1,878	Signature Bank		248,027
	23,833	SLM Corp.		242,143
	13,128	Sterling Bancorp		281,202
	4,707	Stifel Financial Corp.		280,867
	6,610	Synovus Financial Corp.		243,645

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	11,661	TCF Financial Corp.	$	258,058
	4,237	Texas Capital Bancshares, Inc.(b)		274,261
	7,159	Trustmark Corp.		257,438
	3,826	UMB Financial Corp.		267,284
	14,144	Umpqua Holdings Corp.		245,540
	6,745	United Bankshares, Inc.		264,674
	24,085	Valley National Bancorp		252,411
	4,539	W.R. Berkley Corp.		278,241
	8,363	Washington Federal, Inc.		277,150
	4,548	Webster Financial Corp.		241,635
	3,591	Wintrust Financial Corp.		273,634
				16,490,886
		Health Care—8.5%
	8,643	Acadia Healthcare Co., Inc.(b)(c)		276,749
	24,438	Allscripts Healthcare Solutions, Inc.(b)		241,203
	2,118	Amedisys, Inc.(b)		270,723
	5,815	Avanos Medical, Inc.(b)		243,939
	825	Bio-Rad Laboratories, Inc., Class A(b)		248,267
	1,322	Bio-Techne Corp.		270,468
	3,835	Cantel Medical Corp.		264,385
	5,932	Catalent, Inc.(b)		265,872
	1,816	Charles River Laboratories International, Inc.(b)		255,094
	787	Chemed Corp.		257,176
	7,497	Covetrus, Inc.(b)		246,426
	4,242	Encompass Health Corp.		273,397
	10,872	Exelixis, Inc.(b)		213,744
	5,417	Globus Medical, Inc., Class A(b)		244,253
	2,916	Haemonetics Corp.(b)		254,509
	3,347	HealthEquity, Inc.(b)		226,759
	2,429	Hill-Rom Holdings, Inc.		246,349
	1,074	ICU Medical, Inc.(b)		244,335
	2,666	Inogen, Inc.(b)		232,742
	4,565	Integra LifeSciences Holdings Corp.(b)		238,247
	2,365	Ligand Pharmaceuticals, Inc.(b)		297,635
	2,724	LivaNova PLC(b)		187,656
	11,827	Mallinckrodt PLC(b)		182,845
	1,947	Masimo Corp.(b)		253,402
	3,464	Medidata Solutions, Inc.(b)		312,938
	8,370	MEDNAX, Inc.(b)		234,109
	1,890	Molina Healthcare, Inc.(b)		245,001
	4,314	NuVasive, Inc.(b)		261,428
	11,596	Patterson Cos., Inc.		253,257
	2,459	PRA Health Sciences, Inc.(b)		238,080
	9,226	Prestige Consumer Healthcare, Inc.(b)		271,429
	2,102	STERIS PLC		275,320
	6,046	Syneos Health, Inc.(b)		283,739
	9,219	Tenet Healthcare Corp.(b)		201,896
	2,265	United Therapeutics Corp.(b)		232,321
	2,466	West Pharmaceutical Services, Inc.		305,266
				9,050,959
		Industrials—14.9%
	1,943	Acuity Brands, Inc.		284,319
	8,314	AECOM(b)		281,845
	3,797	AGCO Corp.		268,752
	4,154	ASGN, Inc.(b)		261,868

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

57

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	7,307	Avis Budget Group, Inc.(b)	$	259,764
	3,446	Brink’s Co. (The)		275,439
	2,062	Carlisle Cos., Inc.		291,608
	3,705	Clean Harbors, Inc.(b)		281,580
	9,571	Colfax Corp.(b)		288,757
	3,066	Crane Co.		260,763
	2,186	Curtiss-Wright Corp.		249,073
	5,943	Deluxe Corp.		265,771
	5,189	Donaldson Co., Inc.		277,819
	5,307	Dycom Industries, Inc.(b)		263,174
	3,557	EMCOR Group, Inc.		299,286
	3,643	EnerSys		252,059
	3,331	GATX Corp.		256,920
	3,121	Genesee & Wyoming, Inc., Class A(b)		276,677
	5,307	Graco, Inc.		271,984
	5,344	Granite Construction, Inc.		239,892
	7,570	Healthcare Services Group, Inc.		256,244
	6,997	Herman Miller, Inc.		271,624
	6,777	HNI Corp.		248,784
	2,126	Hubbell, Inc.		271,278
	1,752	IDEX Corp.		274,468
	2,060	Insperity, Inc.		246,294
	4,409	ITT, Inc.		266,965
	15,578	JetBlue Airways Corp.(b)		288,972
	6,989	Kennametal, Inc.		284,452
	3,518	Kirby Corp.(b)		287,491
	7,717	Knight-Swift Transportation Holdings, Inc.		257,362
	2,361	Landstar System, Inc.		257,255
	1,026	Lennox International, Inc.		278,508
	2,969	Lincoln Electric Holdings, Inc.		259,105
	3,122	ManpowerGroup, Inc.		299,837
	5,443	MasTec, Inc.(b)		275,688
	2,450	MSA Safety, Inc.		269,279
	3,023	MSC Industrial Direct Co., Inc., Class A		252,874
	1,898	Nordson Corp.		277,013
	18,270	NOW, Inc.(b)		267,107
	9,374	nVent Electric PLC		262,003
	1,755	Old Dominion Freight Line, Inc.		261,986
	3,226	Oshkosh Corp.		266,435
	3,130	Regal Beloit Corp.		266,300
	12,664	Resideo Technologies, Inc.(b)		287,473
	4,243	Ryder System, Inc.		267,309
	5,225	Stericycle, Inc.(b)		305,088
	1,092	Teledyne Technologies, Inc.(b)		271,373
	7,455	Terex Corp.		248,475
	5,874	Timken Co. (The)		281,658
	3,731	Toro Co. (The)		272,923
	4,174	Trex Co., Inc.(b)		289,133
	11,083	Trinity Industries, Inc.		238,949
	1,860	Valmont Industries, Inc.		250,802
	1,784	Watsco, Inc.		282,710
	7,375	Werner Enterprises, Inc.		247,063
	2,668	Woodward, Inc.		290,545
	5,494	XPO Logistics, Inc.(b)(c)		374,032
				15,762,207

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		InformationTechnology-14.0%
	7,842	ACI Worldwide, Inc.(b)	$	278,548
	3,246	Arrow Electronics, Inc.(b)		274,319
	5,935	Avnet, Inc.		288,500
	4,352	Belden, Inc.		241,754
	3,291	Blackbaud, Inc.		260,943
	1,397	CACI International, Inc., Class A(b)		272,331
	4,356	CDK Global, Inc.		262,754
	6,421	Ciena Corp.(b)		246,310
	6,251	Cirrus Logic, Inc.(b)		297,423
	4,865	Cognex Corp.		245,342
	1,871	Coherent, Inc.(b)		276,927
	3,901	CommVault Systems, Inc.(b)		205,193
	6,755	CoreLogic, Inc.(b)		274,320
	4,810	Cree, Inc.(b)		317,893
	16,914	Cypress Semiconductor Corp		290,582
	1,020	Fair Isaac Corp.(b)		285,345
	4,896	First Solar, Inc.(b)		301,251
	3,793	InterDigital, Inc.		248,024
	2,973	j2 Global, Inc.		260,494
	9,271	Jabil, Inc.		280,077
	13,162	KBR, Inc.		292,460
	4,011	Leidos Holdings, Inc.		294,728
	1,349	Littelfuse, Inc.		271,216
	4,270	LiveRamp Holdings, Inc.(b)		249,069
	3,131	LogMeIn, Inc.		257,994
	5,345	Lumentum Holdings, Inc.(b)		331,230
	4,702	Manhattan Associates, Inc.(b)		317,150
	3,596	MAXIMUS, Inc.		264,845
	3,193	MKS Instruments, Inc.		290,595
	1,865	Monolithic Power Systems, Inc.		290,399
	5,618	National Instruments Corp.		264,608
	9,350	NCR Corp.(b)		270,682
	9,333	NetScout Systems, Inc.(b)		274,390
	12,296	Perspecta, Inc.		283,792
	5,235	Plantronics, Inc.		269,498
	2,873	PTC, Inc.(b)		259,920
	11,889	Sabre Corp.		246,816
	3,489	Science Applications International Corp.		261,501
	4,952	Semtech Corp.(b)		266,764
	3,177	Silicon Laboratories, Inc.(b)		342,036
	5,998	Synaptics, Inc.(b)		225,945
	2,715	SYNNEX Corp.		292,894
	2,592	Tech Data Corp.(b)		276,333
	5,278	Teradata Corp.(b)		239,991
	6,464	Teradyne, Inc.		316,736
	6,567	Trimble, Inc.(b)		268,065
	1,276	Tyler Technologies, Inc.(b)		295,917
	763	Ultimate Software Group, Inc. (The)(b)		252,286
	1,723	Universal Display Corp.(c)		274,991
	5,132	Versum Materials, Inc.		267,788
	3,360	ViaSat, Inc.(b)(c)		305,155
	12,575	Vishay Intertechnology, Inc.		249,111
	1,466	WEX, Inc.(b)		308,300
	1,241	Zebra Technologies Corp., Class A(b)		262,025
				14,843,560

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

58

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials—7.3%
	9,742	Allegheny Technologies, Inc.(b)	$	242,771
	2,493	AptarGroup, Inc.		277,321
	3,235	Ashland Global Holdings, Inc.		260,514
	4,723	Bemis Co., Inc.		271,195
	5,729	Cabot Corp.		259,982
	5,587	Carpenter Technology Corp.		277,506
	6,587	Chemours Co. (The)		237,198
	16,005	Commercial Metals Co.		276,726
	4,973	Compass Minerals International, Inc.		285,400
	5,019	Domtar Corp.		245,429
	3,169	Eagle Materials, Inc.		288,094
	6,221	Greif, Inc., Class A		245,854
	2,269	Ingevity Corp.(b)		260,958
	9,916	Louisiana-Pacific Corp.		248,396
	4,214	Minerals Technologies, Inc.		264,513
	564	NewMarket Corp.		236,643
	10,450	Olin Corp.		226,660
	12,793	Owens-Illinois, Inc.		252,790
	8,031	PolyOne Corp.		221,977
	2,904	Reliance Steel & Aluminum Co.		267,052
	2,807	Royal Gold, Inc.		244,377
	4,395	RPM International, Inc.		266,557
	3,048	ScottsMiracle-Gro Co. (The)(c)		259,141
	3,924	Sensient Technologies Corp.		275,151
	8,807	Silgan Holdings, Inc.		263,682
	4,296	Sonoco Products Co.		270,906
	7,227	Steel Dynamics, Inc.		228,951
	13,013	United States Steel Corp.		203,003
	13,409	Valvoline, Inc.		248,066
	6,944	Worthington Industries, Inc.		278,663
				7,685,476
		RealEstate-9.3%
	11,188	Alexander & Baldwin, Inc. REIT		264,261
	5,493	American Campus Communities, Inc.		259,270
	14,674	Brixmor Property Group, Inc.		262,371
	2,527	Camden Property Trust		254,342
	12,859	CoreCivic, Inc.		267,596
	2,475	CoreSite Realty Corp.		270,790
	9,587	Corporate Office Properties Trust		267,286
	25,877	Cousins Properties, Inc.		247,643
	5,019	CyrusOne, Inc.		279,508
	6,373	Douglas Emmett, Inc.		262,504
	3,382	EPR Properties		266,704
	7,373	First Industrial Realty Trust, Inc.		260,046
	12,309	GEO Group, Inc. (The)		246,426
	8,005	Healthcare Realty Trust, Inc.		247,194
	5,600	Highwoods Properties, Inc.		249,648
	9,587	Hospitality Properties Trust		249,262
	6,194	JBG SMITH Properties		263,555
	1,558	Jones Lang LaSalle, Inc.		240,820
	3,387	Kilroy Realty Corp.		260,494
	3,234	Lamar Advertising Co., Class A		267,355
	5,204	Liberty Property Trust		258,327
	2,680	Life Storage, Inc.		255,377
	12,025	Mack-Cali Realty Corp.		279,942
	13,885	Medical Properties Trust, Inc.		242,432

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	4,803	National Retail Properties, Inc.	$	252,734
	7,007	Omega Healthcare Investors, Inc.(c)		247,978
	7,922	Pebblebrook Hotel Trust		257,940
	7,102	PotlatchDeltic Corp.		274,563
	1,724	PS Business Parks, Inc.		264,841
	8,698	Rayonier, Inc.		276,509
	20,414	Realogy Holdings Corp.(c)		265,790
	14,346	Sabra Health Care REIT, Inc.		280,608
	20,788	Senior Housing Properties Trust		166,928
	12,236	Tanger Factory Outlet Centers, Inc.(c)		220,982
	4,891	Taubman Centers, Inc.		241,126
	30,107	Uniti Group, Inc.		330,876
	13,374	Urban Edge Properties		248,355
	9,298	Weingarten Realty Investors		269,084
				9,821,467
		Utilities—3.6%
	3,036	ALLETE, Inc.		247,282
	7,042	Aqua America, Inc.		275,061
	3,441	Black Hills Corp.		250,367
	6,356	Hawaiian Electric Industries, Inc.		263,647
	2,496	IDACORP, Inc.		247,154
	9,634	MDU Resources Group, Inc.		251,929
	4,182	National Fuel Gas Co.		247,616
	5,065	New Jersey Resources Corp.		253,655
	3,570	NorthWestern Corp.		249,364
	5,912	OGE Energy Corp.		250,314
	2,855	ONE Gas, Inc.		252,725
	5,462	PNM Resources, Inc.		253,655
	3,036	Southwest Gas Holdings, Inc.		252,565
	3,163	Spire, Inc.		266,293
	4,588	UGI Corp.		250,092
				3,811,719
		Total Common Stocks & Other Equity Interests (Cost $ 100,097,368)		105,855,886
		Money MarketFunds-0.0%
	26,749	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $ 26,749)		26,749
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $100,124,117)-100.0%		105,882,635
		Investments Purchased with Cash Collateral from Securities on Loan
		Money MarketFunds-3.9%
	3,119,837	Invesco Government & Agency Portfolio— Institutional Class, 2.34%(d)(e)		3,119,837

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

59

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)(continued)

April 30, 2019

Number of Shares			Value
		Money Market Funds (continued)
	1,017,703	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)	$	1,018,008
		Total Money Market Funds (Cost $4,137,845)		4,137,845
		Total Investments in Securities (Cost$104,261,962)-103.9%		110,020,480
		Other assets less liabilities-(3.9)%		(4,127,529	)
		Net Assets—100.0%	$	105,892,951

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 April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

60

Schedule of Investments^(a)

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other EquityInterests-99.9%
		Communication Services—2.5%
	1,058	ATN International, Inc.	$	64,591
	2,494	Care.com, Inc.(b)		41,775
	6,559	Cincinnati Bell, Inc.(b)		58,375
	1,197	Cogent Communications Holdings, Inc.		66,110
	5,994	Consolidated Communications Holdings, Inc.(c).		30,929
	2,606	E.W. Scripps Co. (The), Class A		59,391
	21,702	Frontier Communications Corp.(b)(c)		61,851
	5,436	Gannett Co., Inc.		50,718
	2,584	Iridium Communications, Inc.(b)		70,957
	1,407	Marcus Corp. (The)		52,931
	4,809	New Media Investment Group, Inc.		51,408
	4,564	QuinStreet, Inc.(b)		65,128
	1,433	Scholastic Corp.		57,148
	4,255	Spok Holdings, Inc.		58,932
	3,672	TechTarget, Inc.(b)		61,286
	5,909	Vonage Holdings Corp.(b)		57,435
				908,965
		Consumer Discretionary—15.8%
	2,278	Abercrombie & Fitch Co., Class A		68,089
	4,029	American Axle & Manufacturing Holdings, Inc.(b)		59,428
	1,815	American Public Education, Inc.(b)		58,080
	871	Asbury Automotive Group, Inc.(b)		69,837
	32,075	Ascena Retail Group, Inc.(b)		38,169
	13,801	Barnes & Noble Education, Inc.(b)		59,344
	10,973	Barnes & Noble, Inc.		55,194
	1,614	Big Lots, Inc.		59,976
	1,225	BJ’s Restaurants, Inc.		61,140
	1,876	Boot Barn Holdings, Inc.(b)		54,010
	3,162	Buckle, Inc. (The)(c)		58,434
	2,124	Caleres, Inc.		55,713
	3,469	Callaway Golf Co.		60,916
	3,606	Career Education Corp.(b)		65,449
	4,423	Cato Corp. (The), Class A		67,053
	469	Cavco Industries, Inc.(b)		58,517
	2,222	Century Communities, Inc.(b)		56,505
	11,699	Chico’s FAS, Inc.		40,947
	654	Children’s Place, Inc. (The)		73,784
	2,734	Chuy’s Holdings, Inc.(b)		54,379
	2,516	Conn’s, Inc.(b)		65,089
	2,019	Cooper Tire & Rubber Co.		60,287
	1,039	Cooper-Standard Holdings, Inc.(b)		52,646
	1,529	Core-Mark Holding Co., Inc.		55,579
	2,318	Crocs, Inc.(b)		64,556
	1,278	Dave & Buster’s Entertainment, Inc.		72,642
	2,170	Designer Brands Inc., Class A		48,283
	635	Dine Brands Global, Inc.		56,299
	704	Dorman Products, Inc.(b)		61,720
	4,678	El Pollo Loco Holdings, Inc.(b)		59,785
	3,014	Ethan Allen Interiors, Inc.		66,609
	11,938	Express, Inc.(b)		43,932
	4,206	Fiesta Restaurant Group, Inc.(b)		53,248
	3,977	Fossil Group, Inc.(b)		51,979
	918	Fox Factory Holding Corp.(b)		71,237
	5,322	GameStop Corp., Class A(c)		46,035
	3,838	Garrett Motion, Inc. (Switzerland)(b)		72,154

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	1,304	Genesco, Inc.(b)	$	58,432
	1,519	Gentherm, Inc.(b)		64,345
	1,667	G-III Apparel Group Ltd.(b)		71,931
	964	Group 1 Automotive, Inc.		75,491
	2,650	Guess?, Inc.		53,981
	2,444	Haverty Furniture Cos., Inc.		58,216
	3,208	Hibbett Sports, Inc.(b)		66,406
	1,258	Installed Building Products, Inc.(b)		60,422
	478	iRobot Corp.(b)(c)		49,492
	35,596	J.C. Penney Co., Inc.(b)(c)		48,767
	5,945	Kirkland’s, Inc.(b)		34,957
	1,748	La-Z-Boy, Inc.		57,334
	742	LCI Industries		65,185
	1,006	LGI Homes, Inc.(b)		69,726
	8,585	Liquidity Services, Inc.(b)		58,292
	671	Lithia Motors, Inc., Class A		76,172
	5,212	Lumber Liquidators Holdings, Inc.(b)(c)		68,903
	2,241	M/I Homes, Inc.(b)		63,129
	3,156	MarineMax, Inc.(b)		54,567
	2,038	MDC Holdings, Inc.		62,281
	1,349	Meritage Homes Corp.(b)		69,001
	1,344	Monarch Casino & Resort, Inc.(b)		57,375
	749	Monro, Inc.		62,789
	2,959	Motorcar Parts of America, Inc.(b)		61,133
	1,703	Movado Group, Inc.		60,712
	9,697	Nautilus, Inc.(b)		51,879
	17,531	Office Depot, Inc.		42,074
	769	Oxford Industries, Inc.		63,873
	2,801	PetMed Express, Inc.(c)		61,202
	2,114	Red Robin Gourmet Burgers, Inc.(b)		67,711
	3,223	Regis Corp.(b)		60,335
	2,850	Rent-A-Center, Inc.(b)		71,050
	416	RH(b)(c)		44,391
	2,324	Ruth’s Hospitality Group, Inc.		60,378
	1,117	Shake Shack, Inc., Class A(b)		68,472
	1,712	Shoe Carnival, Inc.(c)		61,050
	1,415	Shutterfly, Inc.(b)		62,019
	1,293	Shutterstock, Inc.		52,302
	1,272	Sleep Number Corp.(b)		44,266
	4,191	Sonic Automotive, Inc., Class A		84,784
	670	Stamps.com, Inc.(b)		57,486
	1,223	Standard Motor Products, Inc.		61,113
	1,817	Steven Madden Ltd.		66,048
	436	Strategic Education, Inc.		62,501
	1,142	Sturm Ruger & Co., Inc.		63,941
	10,731	Superior Industries International, Inc.		53,118
	4,964	Tailored Brands, Inc.(c)		40,457
	9,633	Tile Shop Holdings, Inc.		46,816
	916	TopBuild Corp.(b)		65,247
	2,695	Unifi, Inc.(b)		54,439
	1,830	Universal Electronics, Inc.(b)		69,631
	5,786	Vera Bradley, Inc.(b)		71,052
	6,718	Vista Outdoor, Inc.(b)(c)		57,976
	8,522	Vitamin Shoppe, Inc.(b)		53,518
	4,018	William Lyon Homes, Class A(b)		67,743
	876	Wingstop, Inc.		65,937
	1,846	Winnebago Industries, Inc.		65,293

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

61

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC) (continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	1,671	Wolverine World Wide, Inc.	$	61,510
	2,372	Zumiez, Inc.(b)		63,166
				5,748,861
		Consumer Staples—3.2%
	1,685	Andersons, Inc. (The)		55,100
	21,783	Avon Products, Inc. (United Kingdom)(b)		69,270
	2,433	B&G Foods, Inc.(c)		63,258
	706	Calavo Growers, Inc.(c)		67,642
	1,337	Cal-Maine Foods, Inc.		54,964
	426	Central Garden & Pet Co.(b)		11,493
	1,690	Central Garden & Pet Co., Class A(b)		41,371
	1,919	Chefs’ Warehouse, Inc. (The)(b)		62,713
	235	Coca-Cola Bottling Co. Consolidated, Inc.		76,382
	2,783	Darling Ingredients, Inc.(b)		60,697
	20,270	Dean Foods Co.		34,459
	746	Inter Parfums, Inc.		54,078
	385	J & J Snack Foods Corp.		60,514
	859	John B. Sanfilippo & Son, Inc.		61,943
	444	Medifast, Inc.		65,130
	728	MGP Ingredients, Inc.(c)		63,969
	2,028	Seneca Foods Corp., Class A(b)		50,193
	3,347	SpartanNash Co.		54,121
	4,126	United Natural Foods, Inc.(b)		53,308
	987	Universal Corp.		53,160
	331	WD-40 Co.		55,691
				1,169,456
		Energy—6.7%
	6,230	Archrock, Inc.		62,985
	2,771	Bonanza Creek Energy, Inc.(b)		66,698
	3,831	C&J Energy Services, Inc.(b)		53,826
	5,735	Carrizo Oil & Gas, Inc.(b)		73,523
	1,734	CONSOL Energy, Inc.(b)		58,783
	36,715	Denbury Resources, Inc.(b)		81,874
	6,197	Diamond Offshore Drilling, Inc.(b)(c)		60,173
	849	DMC Global, Inc.		58,836
	1,492	Dril-Quip, Inc.(b)		64,992
	5,723	Era Group, Inc.(b)		55,170
	3,529	Exterran Corp.(b)		50,182
	3,871	Geospace Technologies Corp.(b)		52,065
	3,833	Green Plains, Inc.		66,579
	6,178	Gulf Island Fabrication, Inc.(b)		53,131
	8,019	Gulfport Energy Corp.(b)		52,524
	8,019	Helix Energy Solutions Group, Inc.(b)		62,709
	25,946	HighPoint Resources Corp.(b)(c)		71,092
	2,484	KLX Energy Services Holdings, Inc.(b)		69,676
	19,722	Laredo Petroleum, Inc.(b)		59,560
	2,936	Matrix Service Co.(b)		57,575
	18,243	Nabors Industries Ltd.		63,851
	7,288	Newpark Resources, Inc.(b)		53,202
	22,113	Noble Corp. PLC(b)		58,157
	3,910	Oil States International, Inc.(b)		75,541
	3,557	Par Pacific Holdings, Inc.(b)		69,504
	1,574	PDC Energy, Inc.(b)		68,453
	1,101	Penn Virginia Corp.(b)		49,435
	38,661	Pioneer Energy Services Corp.(b)		67,270
	3,033	ProPetro Holding Corp.(b)		67,120

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Energy (continued)
	2,528	Renewable Energy Group, Inc.(b)	$	60,975
	756	REX American Resources Corp.(b)		63,890
	9,811	Ring Energy, Inc.(b)(c)		50,821
	1,466	SEACOR Holdings, Inc.(b)		65,296
	12,774	SRC Energy, Inc.(b)		78,560
	14,273	Superior Energy Services, Inc.(b)		51,240
	25,946	TETRA Technologies, Inc.(b)		61,752
	4,173	Unit Corp.(b)		56,586
	4,337	US Silica Holdings, Inc.(c)		68,611
	2,590	Whiting Petroleum Corp.(b)		70,940
				2,433,157
		Financials—15.9%
	2,994	Ambac Financial Group, Inc.(b)		55,988
	1,949	American Equity Investment Life Holding Co.		57,320
	1,535	Ameris Bancorp		55,966
	960	AMERISAFE, Inc.		56,851
	3,247	Apollo Commercial Real Estate Finance, Inc.		60,849
	3,006	ARMOUR Residential REIT, Inc.		57,354
	1,943	Axos Financial, Inc.(b)		63,575
	3,876	Banc of California, Inc.		56,241
	1,018	Banner Corp.		53,974
	1,928	Berkshire Hills Bancorp, Inc.		57,821
	2,149	Blucora, Inc.(b)		75,215
	5,231	Boston Private Financial Holdings, Inc.		59,895
	3,876	Brookline Bancorp, Inc.		58,334
	7,128	Capstead Mortgage Corp.		61,230
	2,042	Central Pacific Financial Corp.		61,280
	766	City Holding Co.		60,805
	1,645	Columbia Banking System, Inc.		61,753
	960	Community Bank System, Inc.		63,802
	3,025	Customers Bancorp, Inc.(b)		68,516
	2,723	CVB Financial Corp.		59,089
	2,959	Dime Community Bancshares, Inc.		59,624
	4,158	Donnelley Financial Solutions, Inc.(b)		63,659
	1,047	Eagle Bancorp, Inc.(b)		57,857
	1,034	eHealth, Inc.(b)		62,805
	1,444	Employers Holdings, Inc.		61,976
	1,830	Encore Capital Group, Inc.(b)(c)		51,716
	2,411	Enova International, Inc.(b)		66,134
	6,037	EZCORP, Inc., Class A(b)		65,622
	1,917	Fidelity Southern Corp.		55,804
	5,331	First BanCorp		60,240
	4,370	First Commonwealth Financial Corp.		59,476
	2,297	First Financial Bancorp		57,655
	2,699	First Midwest Bancorp, Inc.		57,948
	681	FirstCash, Inc.		66,520
	1,800	Flagstar Bancorp, Inc.		64,350
	1,876	Franklin Financial Network, Inc.		51,871
	1,429	Glacier Bancorp, Inc.		60,861
	3,156	Granite Point Mortgage Trust, Inc.		60,690
	1,673	Great Western Bancorp, Inc.		58,839
	2,632	Greenhill & Co., Inc.		54,509
	2,719	Hanmi Financial Corp.		64,495
	1,531	HCI Group, Inc.		65,251
	1,899	Heritage Financial Corp.		57,483
	2,186	HomeStreet, Inc.(b)		61,514

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

62

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	4,277	Hope Bancorp, Inc.	$	60,135
	1,554	Horace Mann Educators Corp.		59,953
	725	Independent Bank Corp.		58,167
	1,436	INTL. FCStone, Inc.(b)		58,244
	3,699	Invesco Mortgage Capital, Inc.(d)		60,368
	1,464	James River Group Holdings Ltd.		61,810
	1,487	LegacyTexas Financial Group, Inc.		59,599
	2,960	Meta Financial Group, Inc.		76,250
	1,722	National Bank Holdings Corp., Class A		65,849
	836	Navigators Group, Inc. (The)		58,470
	1,579	NBT Bancorp, Inc.		60,034
	9,828	New York Mortgage Trust, Inc.		61,916
	2,360	NMI Holdings, Inc., Class A(b)		66,269
	4,077	Northfield Bancorp, Inc.		61,155
	3,321	Northwest Bancshares, Inc.		57,885
	2,994	OFG Bancorp		60,419
	3,450	Old National Bancorp		58,926
	2,767	Opus Bank		60,514
	3,357	Oritani Financial Corp.		58,244
	2,111	Pacific Premier Bancorp, Inc.		61,367
	2,856	PennyMac Mortgage Investment Trust		59,976
	854	Piper Jaffray Cos		68,832
	2,089	PRA Group, Inc.(b)		58,743
	1,211	Preferred Bank		59,569
	1,530	ProAssurance Corp.		57,421
	2,191	Provident Financial Services, Inc.		58,105
	3,728	Redwood Trust, Inc.		60,990
	844	RLI Corp.		68,643
	1,481	S&T Bancorp, Inc.		59,358
	688	Safety Insurance Group, Inc.		63,929
	2,066	Seacoast Banking Corp. of Florida(b)		58,592
	920	Selective Insurance Group, Inc.		65,605
	1,733	ServisFirst Bancshares, Inc.		58,818
	2,319	Simmons First National Corp., Class A		58,879
	1,724	Southside Bancshares, Inc.		60,564
	1,367	Stewart Information Services Corp.		58,111
	5,441	Third Point Reinsurance Ltd. (Bermuda)(b)		63,170
	746	Tompkins Financial Corp.		60,180
	1,899	Triumph Bancorp, Inc.(b)		58,888
	7,207	TrustCo Bank Corp. NY		57,656
	2,255	United Community Banks, Inc.		63,320
	1,261	United Fire Group, Inc.		54,992
	3,695	United Insurance Holdings Corp.		56,607
	1,863	Universal Insurance Holdings, Inc.		55,499
	2,221	Veritex Holdings, Inc.		58,879
	595	Virtus Investment Partners, Inc.		72,953
	3,319	Waddell & Reed Financial, Inc., Class A(c)		62,165
	1,103	Walker & Dunlop, Inc.		60,610
	955	Westamerica Bancorp.(c)		61,330
	8,041	WisdomTree Investments, Inc.		57,895
	519	World Acceptance Corp.(b)		67,465
				5,766,075
		Health Care—11.0%
	4,321	Acorda Therapeutics, Inc.(b)		45,154
	953	Addus HomeCare Corp.(b)		64,709
	15,485	Akorn, Inc.(b)		41,809

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	5,171	AMAG Pharmaceuticals, Inc.(b)	$	57,708
	1,262	AMN Healthcare Services, Inc.(b)		65,700
	2,452	Amphastar Pharmaceuticals, Inc.(b)		52,939
	2,705	AngioDynamics, Inc.(b)		55,561
	915	ANI Pharmaceuticals, Inc.(b)		64,947
	1,904	Anika Therapeutics, Inc.(b)		60,642
	14,558	Assertio Therapeutics, Inc.(b)		60,707
	883	BioTelemetry, Inc.(b)		48,035
	1,517	Cambrex Corp.(b)		65,261
	1,450	Cardiovascular Systems, Inc.(b)		51,533
	12,581	Community Health Systems, Inc.(b)(c)		43,279
	1,876	Computer Programs & Systems, Inc.		57,012
	754	CONMED Corp.		60,343
	4,829	Corcept Therapeutics, Inc.(b)(c)		59,783
	924	CorVel Corp.(b)		66,343
	7,712	Cross Country Healthcare, Inc.(b)		54,370
	1,999	CryoLife, Inc.(b)		61,289
	3,555	Cutera, Inc.(b)		63,066
	9,340	Cytokinetics, Inc.(b)		82,379
	9,894	Diplomat Pharmacy, Inc.(b)(c)		55,208
	1,225	Eagle Pharmaceuticals, Inc.(b)		62,977
	1,025	Emergent BioSolutions, Inc.(b)		52,972
	588	Enanta Pharmaceuticals, Inc.(b)		51,268
	6,749	Endo International PLC(b)		50,617
	1,204	Ensign Group, Inc. (The)		62,030
	2,221	HealthStream, Inc.(b)		58,146
	753	Heska Corp.(b)		58,478
	1,886	HMS Holdings Corp.(b)		57,391
	4,167	Innoviva, Inc.(b)		58,463
	705	Integer Holdings Corp.(b)		48,708
	6,204	Invacare Corp.		45,910
	7,427	Lannett Co., Inc.(b)(c)		57,114
	2,489	Lantheus Holdings, Inc.(b)		60,134
	1,962	LeMaitre Vascular, Inc.		56,663
	540	LHC Group, Inc.(b)		59,999
	2,434	Luminex Corp.		55,520
	909	Magellan Health, Inc.(b)		63,630
	2,319	Medicines Co. (The)(b)(c)		74,092
	1,128	Medpace Holdings, Inc.(b)		63,360
	3,551	Meridian Bioscience, Inc.		40,872
	1,020	Merit Medical Systems, Inc.(b)		57,304
	4,426	Momenta Pharmaceuticals, Inc.(b)		61,920
	2,001	Myriad Genetics, Inc.(b)		62,991
	2,216	Natus Medical, Inc.(b)		59,300
	994	Neogen Corp.(b)		60,296
	3,112	NeoGenomics, Inc.(b)		64,823
	3,494	NextGen Healthcare, Inc.(b)		65,652
	700	Omnicell, Inc.(b)		56,252
	5,302	OraSure Technologies, Inc.(b)		50,157
	1,062	Orthofix Medical, Inc.(b)		58,187
	13,148	Owens & Minor, Inc.		44,835
	2,023	Phibro Animal Health Corp., Class A		70,218
	14,522	Progenics Pharmaceuticals, Inc.(b)		74,643
	941	Providence Service Corp. (The)(b)		62,416
	1,083	REGENXBIO, Inc.(b)		54,583
	1,029	Repligen Corp.(b)		69,334
	4,236	Select Medical Holdings Corp.(b)		60,871

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

63

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	5,832	Spectrum Pharmaceuticals, Inc.(b)	$	54,646
	1,552	Supernus Pharmaceuticals, Inc.(b)		57,005
	1,116	SurModics, Inc.(b)		48,479
	1,001	Tabula Rasa HealthCare, Inc.(b)(c)		53,313
	810	Tactile Systems Technology, Inc.(b)		40,306
	3,006	Tivity Health, Inc.(b)		64,990
	537	US Physical Therapy, Inc.		62,555
	3,142	Vanda Pharmaceuticals, Inc.(b)		51,183
	1,806	Varex Imaging Corp.(b)		59,309
				4,001,689
		Industrials—16.6%
	1,404	AAON, Inc.		70,495
	1,733	AAR Corp.		58,523
	1,786	ABM Industries, Inc.		67,814
	2,466	Actuant Corp., Class A		63,080
	3,489	Aegion Corp.(b)		69,466
	1,771	Aerojet Rocketdyne Holdings, Inc.(b)		59,966
	742	Aerovironment, Inc.(b)		50,872
	592	Alamo Group, Inc.		61,355
	775	Albany International Corp., Class A		57,327
	460	Allegiant Travel Co.		67,565
	731	American Woodmark Corp.(b)		65,739
	1,666	Apogee Enterprises, Inc.		67,140
	1,023	Applied Industrial Technologies, Inc.		61,319
	1,731	ArcBest Corp.		52,899
	1,731	Arcosa, Inc.		53,886
	1,504	Astec Industries, Inc.		50,700
	1,193	Atlas Air Worldwide Holdings, Inc.(b)		57,610
	1,246	Axon Enterprise, Inc.(b)		79,121
	1,333	AZZ, Inc.		63,304
	1,048	Barnes Group, Inc.		58,290
	1,271	Brady Corp., Class A		62,012
	4,633	Briggs & Stratton Corp.		56,523
	673	Chart Industries, Inc.(b)		59,406
	1,923	CIRCOR International, Inc.(b)		64,844
	1,122	Comfort Systems USA, Inc.		60,700
	1,051	Cubic Corp.		59,676
	1,384	DXP Enterprises, Inc.(b)		59,360
	2,497	Echo Global Logistics, Inc.(b)		57,281
	1,004	Encore Wire Corp.		59,527
	875	EnPro Industries, Inc.		65,030
	867	ESCO Technologies, Inc.		65,025
	1,044	Exponent, Inc.		59,111
	2,432	Federal Signal Corp.		69,969
	1,211	Forrester Research, Inc.		61,591
	942	Forward Air Corp.		59,647
	1,118	Franklin Electric Co., Inc.		54,625
	791	FTI Consulting, Inc.(b)		67,219
	1,489	Gibraltar Industries, Inc.(b)		59,069
	1,500	Greenbrier Cos., Inc. (The)		53,295
	3,374	Griffon Corp.		66,198
	2,640	Harsco Corp.(b)		59,770
	2,279	Hawaiian Holdings, Inc.		64,291
	2,945	Heartland Express, Inc.(c)		57,958
	1,432	Heidrick & Struggles International, Inc.		51,237
	1,354	Hillenbrand, Inc.		58,249

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	1,392	Hub Group, Inc., Class A(b)	$	57,865
	2,811	Insteel Industries, Inc.		58,862
	3,523	Interface, Inc.		56,509
	655	John Bean Technologies Corp.		71,912
	1,002	Kaman Corp.		62,034
	2,613	Kelly Services, Inc., Class A		58,165
	1,305	Korn Ferry.		61,361
	632	Lindsay Corp.		53,720
	8,153	LSC Communications, Inc.(c)		56,989
	2,379	Lydall, Inc.(b)		58,547
	3,240	Marten Transport Ltd.		64,087
	1,661	Matson, Inc.		65,792
	1,491	Matthews International Corp., Class A		59,729
	980	Mercury Systems, Inc.(b)		71,560
	1,650	Mobile Mini, Inc.		59,433
	662	Moog, Inc., Class A.		61,990
	1,801	Mueller Industries, Inc.		52,535
	1,165	Multi-Color Corp.		58,134
	1,650	MYR Group, Inc.(b)		59,648
	554	National Presto Industries, Inc.		59,001
	2,978	Navigant Consulting, Inc.		67,988
	15,322	Orion Group Holdings, Inc.(b)		39,684
	1,294	Patrick Industries, Inc.(b)		64,532
	4,123	PGT Innovations, Inc.(b)		60,443
	8,020	Pitney Bowes, Inc.		57,022
	1,915	Powell Industries, Inc.		56,014
	552	Proto Labs, Inc.(b)		60,604
	3,974	Quanex Building Products Corp.		66,445
	1,557	Raven Industries, Inc.		60,583
	3,428	Resources Connection, Inc.		55,054
	11,817	RR Donnelley & Sons Co.		54,595
	957	Saia, Inc.(b)		61,621
	973	Simpson Manufacturing Co., Inc.		61,961
	1,167	SkyWest, Inc.		71,876
	1,655	SPX Corp.(b)		60,407
	1,777	SPX FLOW, Inc.(b)		63,865
	772	Standex International Corp.		51,006
	3,628	Team, Inc.(b)		61,313
	953	Tennant Co.		63,260
	1,018	Tetra Tech, Inc.		65,885
	13,119	Titan International, Inc.		90,915
	2,748	Triumph Group, Inc.		65,210
	2,708	TrueBlue, Inc.(b)		65,425
	431	UniFirst Corp.		68,154
	1,957	Universal Forest Products, Inc.		72,311
	1,017	US Ecology, Inc.		62,047
	2,305	Veritiv Corp.(b)		64,286
	1,085	Viad Corp.		66,521
	1,923	Vicor Corp.(b)		72,132
	4,255	Wabash National Corp.		64,165
	1,966	WageWorks, Inc.(b)		95,921
	747	Watts Water Technologies, Inc., Class A		63,936
				6,011,138
		Information Technology—15.1%
	5,341	3D Systems Corp.(b)(c)		56,828
	3,097	8x8, Inc.(b)		74,080

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

64

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)(continued)

April 30, 2109

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	3,958	ADTRAN, Inc.	$	67,840
	1,249	Advanced Energy Industries, Inc.(b)		72,142
	2,916	Agilysys, Inc.(b)		55,783
	1,004	Alarm.com Holdings, Inc.(b)		71,164
	1,053	Anixter International, Inc.(b)		66,202
	4,532	Applied Optoelectronics, Inc.(b)(c)		56,741
	13,389	Arlo Technologies, Inc.(b)		53,154
	2,983	Axcelis Technologies, Inc.(b)		63,508
	1,020	Badger Meter, Inc.		56,590
	2,376	Bel Fuse, Inc., Class B		56,311
	2,231	Benchmark Electronics, Inc.		60,304
	1,224	Bottomline Technologies (DE), Inc.(b)		61,898
	1,913	Brooks Automation, Inc.		71,757
	535	Cabot Microelectronics Corp.		67,544
	4,484	CalAmp Corp.(b)		65,511
	1,989	Cardtronics PLC, Class A(b)		71,127
	2,116	CEVA, Inc.(b)		53,302
	3,414	Cohu, Inc.		50,630
	2,467	Comtech Telecommunications Corp.		58,049
	3,454	Control4 Corp.(b)		60,134
	2,385	Cray, Inc.(b)		62,630
	1,419	CSG Systems International, Inc.		63,358
	1,932	CTS Corp.		57,863
	7,484	Daktronics, Inc.		56,729
	6,270	Diebold Nixdorf, Inc.(b)		63,264
	4,637	Digi International, Inc.(b)		59,678
	1,573	Diodes, Inc.(b)		57,289
	4,393	DSP Group, Inc.(b)		62,776
	1,162	Ebix, Inc.(c)		58,658
	2,205	Electronics For Imaging, Inc.(b)		82,004
	664	ePlus, Inc.(b)		62,609
	2,109	EVERTEC, Inc.		66,033
	995	ExlService Holdings, Inc.(b)		59,103
	7,732	Extreme Networks, Inc.(b)		61,856
	1,076	Fabrinet (Thailand)(b)		65,120
	1,313	FARO Technologies, Inc.(b)		73,856
	2,492	Finisar Corp.(b)		60,082
	3,871	FormFactor, Inc.(b)		73,355
	10,406	Harmonic, Inc.(b)(c)		58,898
	3,040	Ichor Holdings Ltd.(b)		76,547
	1,522	II-VI, Inc.(b)(c)		60,636
	1,061	Insight Enterprises, Inc.(b)		60,031
	1,192	Itron, Inc.(b)		63,963
	3,349	KEMET Corp.		59,847
	3,690	Knowles Corp.(b)		69,667
	34,748	Kopin Corp.(b)(c)		43,435
	2,572	Kulicke & Soffa Industries, Inc. (Singapore)		59,850
	2,067	LivePerson, Inc.(b)		60,625
	1,083	ManTech International Corp., Class A		67,135
	2,387	MaxLinear, Inc.(b)		64,234
	1,970	Methode Electronics, Inc.		58,135
	423	MicroStrategy, Inc., Class A(b)		63,323
	2,971	Monotype Imaging Holdings, Inc.		51,220
	1,120	MTS Systems Corp.		61,578
	2,063	Nanometrics, Inc.(b)		61,457
	1,656	NETGEAR, Inc.(b)		51,386
	3,496	NIC, Inc.		60,341

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	2,975	OneSpan, Inc.(b)	$	55,156
	689	OSI Systems, Inc.(b)		62,100
	3,483	Park Electrochemical Corp.		57,295
	4,939	PDF Solutions, Inc.(b)(c)		64,108
	2,092	Perficient, Inc.(b)		61,588
	6,087	Photronics, Inc.(b)		56,853
	977	Plexus Corp.(b)		58,796
	834	Power Integrations, Inc.		65,903
	1,605	Progress Software Corp.		73,204
	705	Qualys, Inc.(b)		63,633
	5,879	Rambus, Inc.(b)		67,373
	394	Rogers Corp.(b)		66,003
	2,657	Rudolph Technologies, Inc.(b)		64,273
	1,971	Sanmina Corp.(b)		66,856
	1,578	ScanSource, Inc.(b)		59,412
	2,491	SMART Global Holdings, Inc.(b)		54,154
	1,486	SolarEdge Technologies, Inc.(b)		65,830
	550	SPS Commerce, Inc.(b)		57,057
	2,056	Sykes Enterprises, Inc.(b)		57,054
	6,031	TiVo Corp.		56,510
	3,714	Travelport Worldwide Ltd.		58,236
	1,711	TTEC Holdings, Inc.		62,383
	5,085	TTM Technologies, Inc.(b)		67,325
	6,056	Ultra Clean Holdings, Inc.(b)		72,490
	4,615	Unisys Corp.(b)		51,734
	5,581	Veeco Instruments, Inc.(b)		67,977
	4,727	Viavi Solutions, Inc.(b)		62,869
	1,169	Virtusa Corp.(b)		64,938
	2,508	Xperi Corp.		62,324
				5,472,604
		Materials—5.3%
	1,595	A. Schulman, Inc., CVR(b)(e)		834
	1,848	AdvanSix, Inc.(b)		55,865
	22,367	AK Steel Holding Corp.(b)(c)		54,128
	3,169	American Vanguard Corp.		49,880
	640	Balchem Corp.		64,966
	2,164	Boise Cascade Co.		59,921
	7,641	Century Aluminum Co.(b)		64,261
	2,195	Clearwater Paper Corp.(b)		44,273
	2,655	Ferro Corp.(b)		47,445
	3,328	FutureFuel Corp.		48,888
	1,194	H.B. Fuller Co.		58,470
	1,462	Hawkins, Inc.		53,963
	1,853	Haynes International, Inc.		59,871
	1,912	Innophos Holdings, Inc.		61,547
	705	Innospec, Inc.		59,798
	566	Kaiser Aluminum Corp.		55,694
	2,269	Koppers Holdings, Inc.(b)		60,673
	1,692	Kraton Corp.(b)		55,532
	4,571	Livent Corp.(b)		49,275
	8,954	LSB Industries, Inc.(b)(c)		52,381
	1,030	Materion Corp.		59,771
	4,347	Mercer International, Inc. (Canada)		61,554
	3,174	Myers Industries, Inc.		56,783
	915	Neenah, Inc.		62,083
	3,547	Olympic Steel, Inc.		57,532

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

65

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)(continued)

April 30, 2109

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	4,508	PH Glatfelter Co.	$	71,136
	299	Quaker Chemical Corp.		66,922
	4,626	Rayonier Advanced Materials, Inc.(c)		68,650
	1,547	Schweitzer-Mauduit International, Inc., Class A		55,027
	652	Stepan Co.		60,336
	6,619	SunCoke Energy, Inc.(b)		56,990
	5,436	TimkenSteel Corp.(b)		55,121
	3,487	Tredegar Corp.		62,836
	1,415	US Concrete, Inc.(b)(c)		66,689
				1,919,095
		Real Estate—6.8%
	2,121	Acadia Realty Trust		59,897
	881	Agree Realty Corp.		57,679
	1,289	American Assets Trust, Inc.		59,539
	3,848	Armada Hoffler Properties, Inc.		62,145
	2,514	CareTrust REIT, Inc.		60,965
	30,888	CBL & Associates Properties, Inc.(c)		31,197
	17,962	Cedar Realty Trust, Inc.		55,143
	3,110	Chatham Lodging Trust		61,236
	2,024	Chesapeake Lodging Trust		57,684
	1,777	Community Healthcare Trust, Inc.		64,825
	5,497	DiamondRock Hospitality Co.		59,697
	3,280	Easterly Government Properties, Inc.		59,040
	546	EastGroup Properties, Inc.		62,424
	2,070	Four Corners Property Trust, Inc.		58,871
	8,328	Franklin Street Properties Corp.		65,458
	1,791	Getty Realty Corp.		58,082
	3,278	Global NET Lease, Inc.		62,512
	3,285	Hersha Hospitality Trust		61,002
	1,302	HFF, Inc., Class A		61,962
	5,668	Independence Realty Trust, Inc.		60,024
	843	Innovative Industrial Properties, Inc.		71,773
	6,958	iStar, Inc.(c)		60,326
	3,861	Kite Realty Group Trust		60,965
	6,626	Lexington Realty Trust		60,098
	1,335	LTC Properties, Inc.		60,155
	1,528	Marcus & Millichap, Inc.(b)		65,857
	2,106	National Storage Affiliates Trust		61,622
	3,267	NorthStar Realty Europe Corp.		58,251
	2,216	Office Properties Income Trust		60,142
	10,170	Pennsylvania Real Estate Investment Trust(c)		61,223
	1,487	RE/MAX Holdings, Inc., Class A		64,432
	3,462	Retail Opportunity Investments Corp.		60,758
	5,112	RPT Realty		62,009
	1,101	Saul Centers, Inc.		58,738
	5,171	Summit Hotel Properties, Inc.		60,035
	808	Universal Health Realty Income Trust		65,464
	2,835	Urstadt Biddle Properties, Inc., Class A		62,172
	11,292	Washington Prime Group, Inc.(c)		50,249
	2,142	Washington REIT		60,490
	5,033	Whitestone REIT		64,573
	2,381	Xenia Hotels & Resorts, Inc.		51,549
				2,460,263
		Utilities—1.0%
	830	American States Water Co.		59,071

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities (continued)
	1,421	Avista Corp.	$	61,302
	1,111	California Water Service Group		55,983
	999	El Paso Electric Co.		61,049
	909	Northwest Natural Holding Co.		60,803
	1,906	South Jersey Industries, Inc.		61,221
				359,429
		Total Common Stocks & Other Equity Interests (Cost $36,342,275)		36,250,732
		Money MarketFunds-0.1%
	32,687	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(f) (Cost $32,687)		32,687
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $36,374,962)—100.0%		36,283,419
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—5.7%
	1,567,320	Invesco Government & Agency Portfolio— Institutional Class, 2.34%(f)(g)		1,567,320
	522,284	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(f)(g)		522,440
		Total Money Market Funds (Cost $2,089,760)		2,089,760
		Total Investments in Securities (Cost $38,464,722)—105.7%		38,373,179
		Other assets less liabilities—(5.7)%		(2,085,879	)
		Net Assets—100.0%	$	36,287,300

Abbreviations:

REIT—Real Estate Investment Trust

CVR—Contingent Value Rights

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  Affiliated company. See Note 4.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(f)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

66

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67

Statements of Assets and Liabilities

April 30, 2019

	Invesco S&P 500® Equal Weight ETF (RSP)		Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)		Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)			Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)
Assets:
Unaffiliated investments in securities, at value(a)	$	16,087,564,927	$	22,815,441	$	113,199,138		$	430,950,271
Affiliated investments in securities, at value		89,029,081		19,831		3,174,271			11,569,927
Receivable for:
Dividends		12,441,311		20,227		90,751			545,006
Securities lending		8,155		—		475			3,291
Total assets		16,189,043,474		22,855,499		116,464,635			443,068,495
Liabilities:
Due to custodian		526		96		13,163			—
Payable for:
Collateral upon return of securities loaned		42,464,342		—		3,174,271			11,094,032
Accrued unitary management fees		2,615,588		4,676		37,142			137,956
Accrued expenses		2,498		—		618			—
Total liabilities.		45,082,954		4,772		3,225,194			11,231,988
Net Assets	$	16,143,960,520	$	22,850,727	$	113,239,441		$	431,836,507
Net assets consist of:
Shares of beneficial interest	$	14,274,182,443	$	22,165,734	$	130,308,351		$	466,233,374
Distributable earnings		1,869,778,077		684,993		(17,068,910	)		(34,396,867	)
Net Assets	$	16,143,960,520	$	22,850,727	$	113,239,441		$	431,836,507
Shares outstanding (unlimited amount authorized, $0.01 par value)		149,202,663		900,001		1,050,000			3,200,000
Net asset value	$	108.20	$	25.39	$	107.85		$	134.95
Market price	$	108.22	$	25.41	$	107.86		$	134.97
Unaffiliated investments in securities, at cost	$	13,346,938,065	$	22,162,288	$	113,142,746		$	433,706,091
Affiliated investments in securities, at cost	$	97,126,512	$	19,831	$	3,174,271		$	11,569,927
(a)Includes securities on loan with an aggregate value of	$	40,740,032	$	—	$	3,073,586		$	10,691,156

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

68

Invesco S&P 500® Equal Weight Energy ETF (RYE)			Invesco S&P 500® Equal Weight Financials ETF (RYF)			Invesco S&P 500® Equal Weight Health Care ETF (RYH)			Invesco S&P 500® Equal Weight Industrials ETF (RGI)			Invesco S&P 500® Equal Weight Materials ETF (RTM)			Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)		Invesco S&P 500® Equal Weight Technology ETF (RYT)
$	209,667,932		$	286,314,307		$	706,455,411		$	245,730,341		$	129,679,870		$	37,126,136	$	1,787,589,144
	268			4,740,203			190,371			2,090,368			8,846,181			25,673		1,581,815
	223,438			274,442			437,669			131,835			241,024			3,672		251,074
	—			15			—			79			801			—		271
	209,891,638			291,328,967			707,083,451			247,952,623			138,767,876			37,155,481		1,789,422,304
	—			91,535			—			33,278			151,428			—		—
	—			—			—			2,090,368			8,846,181			—		—
	68,749			92,918			238,453			78,707			42,698			12,428		576,107
	—			—			—			—			—			—		—
	68,749			184,453			238,453			2,202,353			9,040,307			12,428		576,107
$	209,822,889		$	291,144,514		$	706,844,998		$	245,750,270		$	129,727,569		$	37,143,053	$	1,788,846,197
$	350,651,557		$	305,218,830		$	714,082,341		$	254,725,026		$	152,861,347		$	36,674,749	$	1,522,279,797
	(140,828,668	)		(14,074,316	)		(7,237,343	)		(8,974,756	)		(23,133,778	)		468,304		266,566,400
$	209,822,889		$	291,144,514		$	706,844,998		$	245,750,270		$	129,727,569		$	37,143,053	$	1,788,846,197
	4,050,005			6,650,000			3,650,000			1,950,000			1,200,000			1,250,000		9,900,000
$	51.81		$	43.78		$	193.66		$	126.03		$	108.11		$	29.71	$	180.69
$	51.82		$	43.79		$	193.67		$	126.01		$	108.16		$	29.75	$	180.66
$	247,051,914		$	283,271,596		$	667,145,275		$	238,946,445		$	138,778,948		$	36,526,404	$	1,453,842,809
$	268		$	7,102,031		$	190,371		$	2,090,368		$	8,846,181		$	25,673	$	1,581,815
$	—		$	—		$	—		$	2,050,776		$	8,647,578		$	—	$	—

69

Statements of Assets and Liabilities(continued)

April 30, 2019

	Invesco S&P 500® Equal Weight Utilities ETF (RYU)		Invesco S&P MidCap 400® Equal Weight ETF (EWMC)			Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)
Assets:
Unaffiliated investments in securities, at value(a)	$	335,185,240	$	105,855,886		$	36,190,364
Affiliated investments in securities, at value		55,729		4,164,594			2,182,815
Receivable for:
Dividends		366,489		43,551			14,302
Securities lending		86		1,281			1,434
Total assets		335,607,544		110,065,312			38,388,915
Liabilities:
Due to custodian.		—		4			—
Payable for:
Collateral upon return of securities loaned		—		4,137,845			2,089,760
Accrued unitary management fees		108,825		34,512			11,855
Total liabilities		108,825		4,172,361			2,101,615
Net Assets	$	335,498,719	$	105,892,951		$	36,287,300
Net assets consist of:
Shares of beneficial interest	$	326,213,546	$	118,398,990		$	51,605,276
Distributable earnings.		9,285,173		(12,506,039	)		(15,317,976	)
Net Assets	$	335,498,719	$	105,892,951		$	36,287,300
Shares outstanding (unlimited amount authorized, $0.01 par value)		3,450,000		1,600,000			650,000
Net asset value	$	97.25	$	66.18		$	55.83
Market price	$	97.23	$	66.19		$	55.63
Unaffiliated investments in securities, at cost	$	301,431,586	$	100,097,368		$	36,278,550
Affiliated investments in securities, at cost	$	55,729	$	4,164,594		$	2,186,172
(a)Includes securities on loan with an aggregate value of.	$	—	$	4,027,159		$	2,002,751

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

70

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71

Statements of Operations

For the year ended April 30, 2019

	Invesco S&P 500® Equal Weight ETF (RSP)			Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)(a)			Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)			Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)
Investment income:
Unaffiliated dividend income	$	291,042,845		$	79,438		$	1,857,077		$	12,235,722
Affiliated dividend income		1,730,890			175			1,480			8,905
Securities lending income		254,718			4			1,773			13,900
Foreign witholding tax		(681	)		—			—			—
Total investment income		293,027,772			79,617			1,860,330			12,258,527
Expenses:
Unitary management fees		30,141,548			17,367			401,110			1,836,074
Other expenses		2,583			—			640			—
Total expenses		30,144,131			17,367			401,750			1,836,074
Less: Waivers		(21,448	)		(15	)		(131	)		(688	)
Net expenses		30,122,683			17,352			401,619			1,835,386
Net investment income		262,905,089			62,265			1,458,711			10,423,141
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(376,581,886	)		(25,573	)		(5,049,781	)		(18,204,936	)
Affiliated investment securities		(1,265,573	)		—			—			—
Unaffiliatedin-kind redemptions		1,262,019,541			934,671			9,008,978			33,162,152
Affiliatedin-kind redemptions		(97,405	)		—			—			—
Net realized gain (loss)		884,074,677			909,098			3,959,197			14,957,216
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		304,460,363			653,153			2,541,435			18,516,498
Affiliated investment securities		(4,803,680	)		—			—			—
Change in unrealized appreciation (depreciation)		299,656,683			653,153			2,541,435			18,516,498
Net realized and unrealized gain (loss)		1,183,731,360			1,562,251			6,500,632			33,473,714
Net increase (decrease) in net assets resulting from operations	$	1,446,636,449		$	1,624,516		$	7,959,343		$	43,896,855

^(a)  For the period November 5, 2018 (commencement of investment operations) through April 30, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

72

Invesco S&P 500® Equal Weight Energy ETF (RYE)			Invesco S&P 500® Equal Weight Financials ETF (RYF)			Invesco S&P 500® Equal Weight Health Care ETF (RYH)			Invesco S&P 500® Equal Weight Industrials ETF (RGI)			Invesco S&P 500® Equal Weight Materials ETF (RTM)			Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)			Invesco S&P 500® Equal Weight Technology ETF (RYT)
$	4,662,203		$	7,784,986		$	6,429,215		$	4,036,133		$	3,066,973		$	603,231		$	22,832,871
	3,289			270,950			8,221			3,242			2,945			447			17,873
	55			707			48,817			282			1,156			—			2,529
	—			—			—			—			—			—			(1,065	)
	4,665,547			8,056,643			6,486,253			4,039,657			3,071,074			603,678			22,852,208
	1,003,847			1,424,975			2,736,345			957,516			586,922			84,354			6,642,171
	—			—			—			—			—			—			—
	1,003,847			1,424,975			2,736,345			957,516			586,922			84,354			6,642,171
	(289	)		(595	)		(656	)		(290	)		(228	)		(34	)		(1,574	)
	1,003,558			1,424,380			2,735,689			957,226			586,694			84,320			6,640,597
	3,661,989			6,632,263			3,750,564			3,082,431			2,484,380			519,358			16,211,611
	(26,541,761	)		(6,459,574	)		(6,466,878	)		(9,666,799	)		(2,937,764	)		(135,603	)		(30,755,113	)
	—			(86,833	)		—			—			—			—			—
	17,792,790			21,884,255			56,611,702			14,914,940			(786,089	)		854,438			252,746,356
	—			(185,206	)		—			—			—			—			—
	(8,748,971	)		15,152,642			50,144,824			5,248,141			(3,723,853	)		718,835			221,991,243
	(35,709,100	)		(27,761,395	)		(6,705,939	)		9,169,704			3,621,001			2,242,570			67,176,950
	—			(1,355,937	)		—			—			—			—			—
	(35,709,100	)		(29,117,332	)		(6,705,939	)		9,169,704			3,621,001			2,242,570			67,176,950
	(44,458,071	)		(13,964,690	)		43,438,885			14,417,845			(102,852	)		2,961,405			289,168,193
$	(40,796,082	)	$	(7,332,427	)	$	47,189,449		$	17,500,276		$	2,381,528		$	3,480,763		$	305,379,804

73

Statements of Operations(continued)

For the year ended April 30, 2019

	Invesco S&P 500® Equal Weight Utilities ETF (RYU)			Invesco S&P MidCap  400® Equal Weight ETF (EWMC)			Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)
Investment income:
Unaffiliated dividend income	$	7,275,872		$	1,617,251		$	512,034
Affiliated dividend income		3,867			1,346			6,769
Securities lending income		738			5,342			18,008
Foreign witholding tax		—			(969	)		(137	)
Total investment income		7,280,477			1,622,970			536,674
Expenses:
Unitary management fees		866,815			407,610			148,410
Less: Waivers		(333	)		(118	)		(32	)
Net expenses		866,482			407,492			148,378
Net investment income		6,413,995			1,215,478			388,296
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(15,085,794	)		(2,600,607	)		(1,111,459	)
Affiliated investment securities		—			—			(2,551	)
Unaffiliatedin-kind redemptions		9,859,547			5,445,925			860,306
Affiliatedin-kind redemptions		—			—			(492	)
Net realized gain (loss)		(5,226,247	)		2,845,318			(254,196	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		38,279,021			2,191,849			(427,961	)
Affiliated investment securities		—			—			1,826
Change in unrealized appreciation (depreciation)		38,279,021			2,191,849			(426,135	)
Net realized and unrealized gain (loss)		33,052,774			5,037,167			(680,331	)
Net increase (decrease) in net assets resulting from operations	$	39,466,769		$	6,252,645		$	(292,035	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

74

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75

Statements of Changes in Net Assets

For the year ended April 30, 2019 and period November 1, 2017 through April 30, 2018 and the year ended October 31, 2017

	Invesco S&P 500®Equal Weight ETF (RSP)
	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
Operations:
Net investment income	$	262,905,089		$	124,625,608		$	196,447,136
Net realized gain (loss)		884,074,677			366,229,700			509,941,400
Change in net unrealized appreciation		299,656,683			130,889,396			1,513,147,427
Net increase in net assets resulting from operations		1,446,636,449			621,744,704			2,219,535,963
Distributions to Shareholders from:
Distributable earnings		(281,738,317	)		(132,095,127	)		(179,124,293	)
Shareholder Transactions:
Proceeds from shares sold		3,919,384,246			756,582,872			3,882,548,954
Value of shares repurchased		(3,556,378,815	)		(856,800,328	)		(1,656,006,406	)
Net increase (decrease) in net assets resulting from share transactions		363,005,431			(100,217,456	)		2,226,542,548
Net increase in net assets		1,527,903,563			389,432,121			4,266,954,218
Net assets:
Beginning of period		14,616,056,957			14,226,624,836			9,959,670,618
End of period	$	16,143,960,520		$	14,616,056,957		$	14,226,624,836
Changes in Shares Outstanding:
Shares sold		38,250,000			7,500,000			43,350,000
Shares repurchased		(35,400,000	)		(8,450,000	)		(18,150,000	)
Shares outstanding, beginning of period		146,352,663			147,302,663			122,102,663
Shares outstanding, end of period		149,202,663			146,352,663			147,302,663

^(a)  For the period November 5, 2018 (commencement of investment operations) through April 30, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

76

Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)			Invesco S&P 500®Equal Weight Consumer Discretionary ETF (RCD)
Period Ended April 30, 2019(a)			Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
$	62,265		$	1,458,711		$	569,462		$	1,135,473
	909,098			3,959,197			1,845,837			(1,620,433	)
	653,153			2,541,435			2,973,752			6,533,651
	1,624,516			7,959,343			5,389,051			6,048,691
	(28,476	)		(1,507,788	)		(601,330	)		(1,160,323	)
	34,174,882			103,317,979			31,018,111			27,144,099
	(12,920,195	)		(80,808,929	)		(24,492,220	)		(27,390,480	)
	21,254,687			22,509,050			6,525,891			(246,381	)
	22,850,727			28,960,605			11,313,612			4,641,987
	—			84,278,836			72,965,224			68,323,237
$	22,850,727		$	113,239,441		$	84,278,836		$	72,965,224
	1,450,001			1,000,000			300,000			300,000
	(550,000	)		(800,000	)		(250,000	)		(300,000	)
	—			850,000			800,000			800,000
	900,001			1,050,000			850,000			800,000

77

Statements of Changes in Net Assets(continued)

For the year ended April 30, 2019 and period November 1, 2017 through April 30, 2018 and the year ended October 31, 2017

	Invesco S&P 500®Equal Weight Consumer Staples ETF (RHS)
	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
Operations:
Net investment income	$	10,423,141		$	4,718,708		$	9,533,859
Net realized gain (loss)		14,957,216			5,003,557			20,301,445
Change in net unrealized appreciation (depreciation)		18,516,498			(919,528	)		(22,537,500	)
Net increase (decrease) in net assets resulting from operations		43,896,855			8,802,737			7,297,804
Distributions to Shareholders from:
Distributable earnings		(11,042,415	)		(4,600,825	)		(9,494,388	)
Shareholder Transactions:
Proceeds from shares sold		279,942,417			66,157,576			149,237,362
Value of shares repurchased		(298,713,392	)		(96,698,320	)		(316,609,508	)
Net increase (decrease) in net assets resulting from share transactions		(18,770,975	)		(30,540,744	)		(167,372,146	)
Net increase (decrease) in net assets		14,083,465			(26,338,832	)		(169,568,730	)
Net assets:
Beginning of period		417,753,042			444,091,874			613,660,604
End of period	$	431,836,507		$	417,753,042		$	444,091,874
Changes in Shares Outstanding:
Shares sold		2,200,000			500,000			1,200,000
Shares repurchased		(2,400,000	)		(750,000	)		(2,600,000	)
Shares outstanding, beginning of period		3,400,000			3,650,000			5,050,000
Shares outstanding, end of period		3,200,000			3,400,000			3,650,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

78

Invesco S&P 500®Equal Weight Energy ETF (RYE)									Invesco S&P 500®Equal Weight Financials ETF (RYF)
Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017			Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
$	3,661,989		$	2,177,027		$	5,177,069		$	6,632,263		$	3,692,009		$	4,649,290
	(8,748,971	)		350,972			1,826,342			15,152,642			15,706,492			29,673,559
	(35,709,100	)		23,727,402			(18,258,580	)		(29,117,332	)		(2,059,908	)		34,101,728
	(40,796,082	)		26,255,401			(11,255,169	)		(7,332,427	)		17,338,593			68,424,577
	(4,181,660	)		(2,040,302	)		(5,194,156	)		(7,699,405	)		(3,026,800	)		(4,369,545	)
	276,270,674			56,131,454			166,387,004			84,986,669			146,094,808			396,942,732
	(274,672,264	)		(57,891,483	)		(118,354,186	)		(220,368,652	)		(77,344,020	)		(217,151,515	)
	1,598,410			(1,760,029	)		48,032,818			(135,381,983	)		68,750,788			179,791,217
	(43,379,332	)		22,455,070			31,583,493			(150,413,815	)		83,062,581			243,846,249
	253,202,221			230,747,151			199,163,658			441,558,329			358,495,748			114,649,499
$	209,822,889		$	253,202,221		$	230,747,151		$	291,144,514		$	441,558,329		$	358,495,748
	4,700,000			950,000			2,800,000			2,000,000			3,250,000			10,650,000
	(4,850,000	)		(1,000,000	)		(2,050,000	)		(5,400,000	)		(1,750,000	)		(5,750,000	)
	4,200,005			4,250,005			3,500,005			10,050,000			8,550,000			3,650,000
	4,050,005			4,200,005			4,250,005			6,650,000			10,050,000			8,550,000

79

Statements of Changes in Net Assets(continued)

For the year ended April 30, 2019 and period November 1, 2017 through April 30, 2018 and the year ended October 31, 2017

	Invesco S&P 500®Equal Weight Health Care ETF (RYH)
	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
Operations:
Net investment income	$	3,750,564		$	1,611,353		$	2,763,505
Net realized gain (loss)		50,144,824			23,620,380			14,435,025
Change in net unrealized appreciation (depreciation)		(6,705,939	)		(10,570,420	)		94,082,455
Net increase (decrease) in net assets resulting from operations		47,189,449			14,661,313			111,280,985
Distributions to Shareholders from:
Distributable earnings		(3,834,753	)		(1,620,790	)		(2,631,245	)
Shareholder Transactions:
Proceeds from shares sold		261,569,215			54,560,345			216,349,448
Value of shares repurchased		(196,990,256	)		(119,306,978	)		(148,875,500	)
Net increase (decrease) in net assets resulting from share transactions		64,578,959			(64,746,633	)		67,473,948
Net increase (decrease) in net assets		107,933,655			(51,706,110	)		176,123,688
Net assets:
Beginning of period		598,911,343			650,617,453			474,493,765
End of period	$	706,844,998		$	598,911,343		$	650,617,453
Changes in Shares Outstanding:
Shares sold		1,350,000			300,000			1,300,000
Shares repurchased		(1,050,000	)		(650,000	)		(900,000	)
Shares outstanding, beginning of period		3,350,000			3,700,000			3,300,000
Shares outstanding, end of period		3,650,000			3,350,000			3,700,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

80

Invesco S&P 500®Equal Weight Industrials ETF (RGI)									Invesco S&P 500®Equal Weight Materials ETF (RTM)
Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017			Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
$	3,082,431		$	1,421,619		$	2,255,750		$	2,484,380		$	1,514,808		$	2,191,919
	5,248,141			19,761,417			15,306,071			(3,723,853	)		21,887,445			9,700,540
	9,169,704			(19,293,244	)		19,430,465			3,621,001			(28,704,634	)		21,833,761
	17,500,276			1,889,792			36,992,286			2,381,528			(5,302,381	)		33,726,220
	(3,156,072	)		(1,408,275	)		(2,570,293	)		(2,650,226	)		(1,376,220	)		(2,126,922	)
	132,418,296			145,766,213			172,708,806			48,609,682			170,322,861			174,633,878
	(182,774,836	)		(91,069,129	)		(107,834,685	)		(99,339,316	)		(176,938,428	)		(96,676,433	)
	(50,356,540	)		54,697,084			64,874,121			(50,729,634	)		(6,615,567	)		77,957,445
	(36,012,336	)		55,178,601			99,296,114			(50,998,332	)		(13,294,168	)		109,556,743
	281,762,606			226,584,005			127,287,891			180,725,901			194,020,069			84,463,326
$	245,750,270		$	281,762,606		$	226,584,005		$	129,727,569		$	180,725,901		$	194,020,069
	1,100,000			1,200,000			1,650,000			450,000			1,500,000			1,800,000
	(1,600,000	)		(750,000	)		(1,050,000	)		(950,000	)		(1,600,000	)		(1,000,000	)
	2,450,000			2,000,000			1,400,000			1,700,000			1,800,000			1,000,000
	1,950,000			2,450,000			2,000,000			1,200,000			1,700,000			1,800,000

81

Statements of Changes in Net Assets(continued)

For the year ended April 30, 2019 and period November 1, 2017 through April 30, 2018 and the year ended October 31, 2017

	Invesco S&P 500®Equal Weight Real Estate ETF (EWRE)
	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
Operations:
Net investment income	$	519,358		$	330,349		$	567,825
Net realized gain (loss)		718,835			453,682			431,120
Change in net unrealized appreciation (depreciation)		2,242,570			(1,204,302	)		1,214,032
Net increase (decrease) in net assets resulting from operations		3,480,763			(420,271	)		2,212,977
Distributions to Shareholders from:
Distributable earnings		(702,345	)		(512,165	)		(723,609	)
Shareholder Transactions:
Proceeds from shares sold		24,629,150			2,719,647			8,142,625
Value of shares repurchased		(7,137,070	)		(9,475,945	)		(21,205,756	)
Net increase (decrease) in net assets resulting from share transactions		17,492,080			(6,756,298	)		(13,063,131	)
Net increase (decrease) in net assets		20,270,498			(7,688,734	)		(11,573,763	)
Net assets:
Beginning of period		16,872,555			24,561,289			36,135,052
End of period.	$	37,143,053		$	16,872,555		$	24,561,289
Changes in Shares Outstanding:
Shares sold		850,000			100,000			300,000
Shares repurchased		(250,000	)		(350,000	)		(800,000	)
Shares outstanding, beginning of period		650,000			900,000			1,400,000
Shares outstanding, end of period		1,250,000			650,000			900,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

82

Invesco S&P 500®Equal Weight Technology ETF (RYT)									Invesco S&P 500®Equal Weight Utilities ETF (RYU)
Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017			Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
$	16,211,611		$	5,950,610		$	11,461,755		$	6,413,995		$	2,475,589		$	5,596,410
	221,991,243			104,901,237			126,729,919			(5,226,247	)		1,266,209			3,229,596
	67,176,950			(21,563,864	)		241,071,754			38,279,021			(9,685,599	)		10,680,671
	305,379,804			89,287,983			379,263,428			39,466,769			(5,943,801	)		19,506,677
	(16,781,040	)		(6,972,945	)		(10,382,861	)		(6,335,821	)		(2,707,230	)		(5,692,156	)
	784,103,342			328,539,770			720,005,127			234,753,812			22,134,653			55,463,449
	(898,921,413	)		(305,622,050	)		(494,931,647	)		(71,819,651	)		(42,230,142	)		(111,962,567	)
	(114,818,071	)		22,917,720			225,073,480			162,934,161			(20,095,489	)		(56,499,118	)
	173,780,693			105,232,758			593,954,047			196,065,109			(28,746,520	)		(42,684,597	)
	1,615,065,504			1,509,832,746			915,878,699			139,433,610			168,180,130			210,864,727
$	1,788,846,197		$	1,615,065,504		$	1,509,832,746		$	335,498,719		$	139,433,610		$	168,180,130
	4,800,000			2,150,000			5,950,000			2,600,000			250,000			650,000
	(5,600,000	)		(2,050,000	)		(4,100,000	)		(800,000	)		(500,000	)		(1,350,000	)
	10,700,000			10,600,000			8,750,000			1,650,000			1,900,000			2,600,000
	9,900,000			10,700,000			10,600,000			3,450,000			1,650,000			1,900,000

83

Statements of Changes in Net Assets(continued)

For the year ended April 30, 2019 and period November 1, 2017 through April 30, 2018 and the year ended October 31, 2017

	Invesco S&P MidCap 400®Equal Weight ETF (EWMC)
	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
Operations:
Net investment income	$	1,215,478		$	751,728		$	1,189,109
Net realized gain (loss)		2,845,318			9,731,230			15,490,139
Change in net unrealized appreciation (depreciation)		2,191,849			(7,149,508	)		3,665,557
Net increase (decrease) in net assets resulting from operations		6,252,645			3,333,450			20,344,805
Distributions to Shareholders from:
Distributable earnings.		(1,331,829	)		(818,160	)		(1,246,531	)
Shareholder Transactions:
Proceeds from shares sold		13,112,375			19,196,734			55,894,493
Value of shares repurchased.		(16,577,948	)		(31,966,258	)		(50,244,574	)
Net increase (decrease) in net assets resulting from share transactions		(3,465,573	)		(12,769,524	)		5,649,919
Net increase (decrease) in net assets.		1,455,243			(10,254,234	)		24,748,193
Net assets:
Beginning of period		104,437,708			114,691,942			89,943,749
End of period.	$	105,892,951		$	104,437,708		$	114,691,942
Changes in Shares Outstanding:
Shares sold		200,000			300,000			950,000
Shares repurchased		(250,000	)		(500,000	)		(850,000	)
Shares outstanding, beginning of period		1,650,000			1,850,000			1,750,000
Shares outstanding, end of period		1,600,000			1,650,000			1,850,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

84

Invesco S&P SmallCap 600®Equal Weight ETF (EWSC)
Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
$	388,296		$	171,294		$	321,015
	(254,196	)		4,402,467			6,705,770
	(426,135	)		(3,048,315	)		908,558
	(292,035	)		1,525,446			7,935,343
	(314,960	)		(197,020	)		(296,001	)
	12,080,100			10,987,337			12,419,932
	(5,393,393	)		(13,773,725	)		(22,371,710	)
	6,686,707			(2,786,388	)		(9,951,778	)
	6,079,712			(1,457,962	)		(2,312,436	)
	30,207,588			31,665,550			33,977,986
$	36,287,300		$	30,207,588		$	31,665,550
	200,000			200,000			250,000
	(100,000	)		(250,000	)		(450,000	)
	550,000			600,000			800,000
	650,000			550,000			600,000

85

Financial Highlights

Invesco S&P 500^®Equal Weight ETF (RSP)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	99.87		$	96.58		$	81.57		$	78.71		$	78.08		$	67.94
Net investment income(a)		1.78			0.85			1.39			1.31			1.22			1.09
Net realized and unrealized gain on investments		8.45			3.33			14.85			2.78			0.71			10.13
Total from investment operations		10.23			4.18			16.24			4.09			1.93			11.22
Distributions to shareholders from:
Net investment income		(1.90	)		(0.89	)		(1.23	)		(1.23	)		(1.30	)		(1.08	)
Net asset value at end of period	$	108.20		$	99.87		$	96.58		$	81.57		$	78.71		$	78.08
Market price at end of period(b)	$	108.22		$	99.92
Net Asset Value Total Return(c)		10.45	%		4.30	%		19.98	%		5.24	%		2.49	%		16.60	%
Market Price Total Return(c)		10.43	%		4.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	16,143,961		$	14,616,057		$	14,226,625		$	9,959,671		$	9,799,542		$	8,976,197
Ratio to average net assets of:
Expenses, after Waivers		0.20	%		0.20	%(d)		0.33	%		0.40	%		0.40	%		0.40	%
Expenses, prior to Waivers		0.20	%		0.20	%(d)		0.36	%		0.40	%		0.40	%		0.40	%
Net investment income, after Waivers		1.74	%		1.69	%(d)		1.52	%		1.66	%		1.53	%		1.48	%
Portfolio turnover rate(e)		19	%		9	%		21	%		22	%		22	%		18	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

86

Financial Highlights(continued)

Invesco S&P 500^®Equal Weight Communication Services ETF (EWCO)

	For the Period November 5,  2018(a) Through April 30, 2019
Per Share Operating Performance:
Net asset value at beginning of period	$	25.00
Net investment income(b)		0.16
Net realized and unrealized gain on investments		0.33
Total from investment operations		0.49
Distributions to shareholders from:
Net investment income		(0.10	)
Net asset value at end of period	$	25.39
Market price at end of period(c)	$	25.41
Net Asset Value Total Return(d)		2.04	%(e)
Market Price Total Return(d)		2.12	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	22,851
Ratio to average net assets of:
Expenses		0.40	%(f)
Net investment income		1.42	%(f)
Portfolio turnover rate(g)		10	%

^(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 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 7, 2018, the first day of trading on the exchange) to April 30, 2019 was 0.08%. The market price total return from Fund Inception to April 30, 2019 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.

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	99.15		$	91.21		$	85.40		$	90.26		$	82.76		$	76.06
Net investment income(a)		1.49			0.68			1.27			1.29			1.15			0.95
Net realized and unrealized gain (loss) on investments.		8.80			7.98			5.84			(4.96	)		7.39			6.67
Total from investment operations		10.29			8.66			7.11			(3.67	)		8.54			7.62
Distributions to shareholders from:
Net investment income		(1.59	)		(0.72	)		(1.30	)		(1.19	)		(1.04	)		(0.92	)
Net asset value at end of period	$	107.85		$	99.15		$	91.21		$	85.40		$	90.26		$	82.76
Market price at end of period(b)	$	107.86		$	99.13
Net Asset Value Total Return(c)		10.58	%		9.49	%		8.32	%		(4.07	)%		10.35	%		10.07	%
Market Price Total Return(c)		10.61	%		9.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	113,239		$	84,279		$	72,965		$	68,323		$	176,001		$	86,897
Ratio to average net assets of:
Expenses		0.40	%		0.40	%(d)		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		1.45	%		1.38	%(d)		1.39	%		1.49	%		1.29	%		1.20	%
Portfolio turnover rate(e)		30	%		13	%		29	%		30	%		23	%		22	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

87

Financial Highlights(continued)

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RHS)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	122.87		$	121.67		$	121.52		$	111.76		$	100.75		$	88.48
Net investment income(a)		2.87			1.32			2.30			2.19			2.08			2.04
Net realized and unrealized gain on investments		12.30			1.14			0.13			9.69			10.86			12.03
Total from investment operations		15.17			2.46			2.43			11.88			12.94			14.07
Distributions to shareholders from:
Net investment income		(3.09	)		(1.26	)		(2.28	)		(2.12	)		(1.93	)		(1.80	)
Net asset value at end of period	$	134.95		$	122.87		$	121.67		$	121.52		$	111.76		$	100.75
Market price at end of period(b)	$	134.97		$	122.84
Net Asset Value Total Return(c)		12.63	%		1.96	%		1.99	%		10.63	%		12.95	%		16.04	%
Market Price Total Return(c)		12.67	%		1.97	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	431,837		$	417,753		$	444,092		$	613,661		$	530,872		$	186,382
Ratio to average net assets of:
Expenses		0.40	%		0.40	%(d)		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		2.27	%		2.06	%(d)		1.86	%		1.81	%		1.94	%		2.18	%
Portfolio turnover rate(e)		19	%		9	%		20	%		17	%		16	%		20	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d) 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.

Invesco S&P 500^® Equal Weight Energy ETF (RYE)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	60.29		$	54.29		$	56.90		$	54.39		$	77.16		$	79.86
Net investment income(a)		0.82			0.47			1.28			0.90			1.35			1.40
Net realized and unrealized gain (loss) on investments		(8.34	)		5.98			(2.50	)		2.53			(22.73	)		(2.91	)
Total from investment operations		(7.52	)		6.45			(1.22	)		3.43			(21.38	)		(1.51	)
Distributions to shareholders from:
Net investment income		(0.96	)		(0.45	)		(1.39	)		(0.92	)		(1.39	)		(1.19	)
Net asset value at end of period	$	51.81		$	60.29		$	54.29		$	56.90		$	54.39		$	77.16
Market price at end of period(b)	$	51.82		$	60.43
Net Asset Value Total Return(c)		(12.46	)%		11.97	%		(2.20	)%		6.50	%		(27.93	)%		(2.02	)%
Market Price Total Return(c)		(12.65	)%		12.31	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	209,823		$	253,202		$	230,747		$	199,164		$	176,773		$	100,307
Ratio to average net assets of:
Expenses		0.40	%		0.40	%(d)		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		1.46	%		1.69	%(d)		2.22	%		1.72	%		2.16	%		1.64	%
Portfolio turnover rate(e)		31	%		10	%		34	%		41	%		34	%		25	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

88

Financial Highlights(continued)

Invesco S&P 500^®Equal Weight Financials ETF (RYF)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	43.94		$	41.93		$	31.41		$	43.72		$	43.27		$	37.64
Net investment income(a)		0.78			0.40			0.55			0.81			0.72			0.53
Net realized and unrealized gain on investments		—			1.91			10.45			1.03			0.58			5.76
Total from investment operations		0.78			2.31			11.00			1.84			1.30			6.29
Distributions to shareholders from:
Net investment income		(0.94	)		(0.30	)		(0.48	)		(0.78	)		(0.80	)		(0.66	)
Return of capital		—			—			—			(13.37	)(b)		(0.05	)		—
Total distributions		(0.94	)		(0.30	)		(0.48	)		(14.15	)		(0.85	)		(0.66	)
Net asset value at end of period	$	43.78		$	43.94		$	41.93		$	31.41		$	43.72		$	43.27
Market price at end of period(c)	$	43.79		$	43.98
Net Asset Value Total Return(d)		1.98	%		5.50	%		35.15	%		4.33	%		3.04	%		16.84	%
Market Price Total Return(d)		1.91	%		5.47	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	291,145		$	441,558		$	358,496		$	114,649		$	183,620		$	136,316
Ratio to average net assets of:
Expenses		0.40	%		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		1.86	%		1.81	%(e)		1.44	%		1.96	%		1.64	%		1.30	%
Portfolio turnover rate(f)		17	%		7	%		15	%		53	%		13	%		19	%

^(a)  Based on average shares outstanding.

^(b)  Special distribution.

^(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 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)  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.

Invesco S&P 500^® Equal Weight Health Care ETF (RYH)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	178.78		$	175.84		$	143.79		$	149.97		$	137.44		$	104.50
Net investment income(a)		1.05			0.44			0.78			0.78			0.75			0.66
Net realized and unrealized gain (loss) on investments		14.87			2.93			32.02			(6.22	)		12.46			32.89
Total from investment operations		15.92			3.37			32.80			(5.44	)		13.21			33.55
Distributions to shareholders from:
Net investment income		(1.04	)		(0.43	)		(0.75	)		(0.74	)		(0.68	)		(0.61	)
Net asset value at end of period	$	193.66		$	178.78		$	175.84		$	143.79		$	149.97		$	137.44
Market price at end of period(b)	$	193.67		$	178.95
Net Asset Value Total Return(c)		8.91	%		1.92	%		22.85	%		(3.65	)%		9.61	%		32.20	%
Market Price Total Return(c)		8.82	%		2.06	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	706,845		$	598,911		$	650,617		$	474,494		$	569,893		$	391,714
Ratio to average net assets of:
Expenses		0.40	%		0.40	%(d)		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		0.55	%		0.49	%(d)		0.48	%		0.52	%		0.49	%		0.55	%
Portfolio turnover rate(e)		23	%		12	%		24	%		28	%		22	%		23	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

89

Financial Highlights(continued)

Invesco S&P 500^®Equal Weight Industrials ETF (RGI)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	115.01		$	113.29		$	90.92		$	85.30		$	88.18		$	76.33
Net investment income(a)		1.53			0.62			1.24			1.40			1.13			1.22
Net realized and unrealized gain (loss) on investments		11.15			1.73			22.50			5.57			(2.69	)		11.59
Total from investment operations		12.68			2.35			23.74			6.97			(1.56	)		12.81
Distributions to shareholders from:
Net investment income		(1.66	)		(0.63	)		(1.37	)		(1.35	)		(1.29	)		(0.96	)
Return of capital		—			—			—			—			(0.03	)		—
Total distributions		(1.66	)		(0.63	)		(1.37	)		(1.35	)		(1.32	)		(0.96	)
Net asset value at end of period	$	126.03		$	115.01		$	113.29		$	90.92		$	85.30		$	88.18
Market price at end of period(b)	$	126.01		$	115.03
Net Asset Value Total Return(c)		11.21	%		2.05	%		26.21	%		8.25	%		(1.78	)%		16.85	%
Market Price Total Return(c)		11.17	%		2.00	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	245,750		$	281,763		$	226,584		$	127,288		$	93,831		$	123,447
Ratio to average net assets of:
Expenses		0.40	%		0.40	%(d)		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		1.29	%		1.05	%(d)		1.18	%		1.60	%		1.29	%		1.47	%
Portfolio turnover rate(e)		28	%		7	%		18	%		23	%		22	%		15	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

Invesco S&P 500^®Equal Weight Materials ETF (RTM)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	106.31		$	107.79		$	84.46		$	79.97		$	82.38		$	75.49
Net investment income(a)		1.79			0.70			1.49			1.29			1.23			1.21
Net realized and unrealized gain (loss) on investments		1.97			(1.50	)		23.28			4.49			(2.41	)		6.85
Total from investment operations		3.76			(0.80	)		24.77			5.78			(1.18	)		8.06
Distributions to shareholders from:
Net investment income		(1.96	)		(0.68	)		(1.44	)		(1.29	)		(1.23	)		(1.17	)
Net asset value at end of period	$	108.11		$	106.31		$	107.79		$	84.46		$	79.97		$	82.38
Market price at end of period(b)	$	108.16		$	106.31
Net Asset Value Total Return(c)		3.67	%		(0.77	)%		29.52	%		7.29	%		(1.44	)%		10.68	%
Market Price Total Return(c)		3.70	%		(0.91	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	129,728		$	180,726		$	194,020		$	84,463		$	55,982		$	74,138
Ratio to average net assets of:
Expenses		0.40	%		0.40	%(d)		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		1.69	%		1.28	%(d)		1.54	%		1.57	%		1.46	%		1.48	%
Portfolio turnover rate(e)		23	%		6	%		22	%		25	%		27	%		22	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

90

Financial Highlights(continued)

Invesco S&P 500^® Equal Weight Real Estate ETF (EWRE)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,						For the Period August 13,  2015(a) Through October 31, 2015
							2017			2016
Per Share Operating Performance:
Net asset value at beginning of period	$	25.96		$	27.29		$	25.81		$	25.63		$	25.31
Net investment income(b)		0.69			0.44			0.54			0.70			0.13
Net realized and unrealized gain (loss) on investments		3.97			(1.20	)		1.59			(0.08	)		0.27
Total from investment operations		4.66			(0.76	)		2.13			0.62			0.40
Distributions to shareholders from:
Net investment income		(0.85	)		(0.35	)		(0.65	)		(0.44	)		(0.08	)
Net realized gains		(0.06	)		(0.22	)		—			—			—
Total distributions		(0.91	)		(0.57	)		(0.65	)		(0.44	)		(0.08	)
Net asset value at end of period	$	29.71		$	25.96		$	27.29		$	25.81		$	25.63
Market price at end of period(c)	$	29.75		$	25.96
Net Asset Value Total Return(d)		18.35	%		(2.93	)%		8.33	%		2.39	%		1.61	%
Market Price Total Return(d)		18.51	%		(2.35	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	37,143		$	16,873		$	24,561		$	36,135		$	2,563
Ratio to average net assets of:
Expenses		0.40	%		0.41	%(e)		0.41	%		0.37	%		0.40	%(e)
Net investment income		2.46	%		3.28	%(e)		2.00	%		2.70	%		2.49	%(e)
Portfolio turnover rate(f)		14	%		2	%		24	%		10	%		5	%

^(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 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)  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.

91

Financial Highlights(continued)

Invesco S&P 500^®Equal Weight Technology ETF (RYT)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	150.94		$	142.44		$	104.67		$	93.16		$	87.17		$	70.98
Net investment income(a)		1.57			0.56			1.16			1.47			1.09			0.78
Net realized and unrealized gain on investments		29.78			8.56			37.61			11.48			6.09			16.15
Total from investment operations		31.35			9.12			38.77			12.95			7.18			16.93
Distributions to shareholders from:
Net investment income		(1.60	)		(0.62	)		(1.00	)		(1.44	)		(1.12	)		(0.74	)
Return of capital		—			—			—			—			(0.07	)		—
Total distributions		(1.60	)		(0.62	)		(1.00	)		(1.44	)		(1.19	)		(0.74	)
Net asset value at end of period	$	180.69		$	150.94		$	142.44		$	104.67		$	93.16		$	87.17
Market price at end of period(b)	$	180.66		$	151.10
Net Asset Value Total Return(c)		20.92	%		6.40	%		37.19	%		14.06	%		8.30	%		23.92	%
Market Price Total Return(c)		20.77	%		6.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,788,846		$	1,615,066		$	1,509,833		$	915,879		$	740,629		$	671,221
Ratio to average net assets of:
Expenses		0.40	%		0.40	%(d)		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		0.98	%		0.76	%(d)		0.95	%		1.55	%		1.20	%		0.97	%
Portfolio turnover rate(e)		27	%		10	%		19	%		24	%		21	%		22	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

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Financial Highlights(continued)

Invesco S&P 500^®Equal Weight Utilities ETF (RYU)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	84.51		$	88.52		$	81.10		$	73.29		$	76.69		$	64.67
Net investment income(a)		2.67			1.38			2.54			2.49			2.48			2.59
Net realized and unrealized gain (loss) on investments		12.69			(3.92	)		7.44			7.81			(2.97	)		11.75
Total from investment operations		15.36			(2.54	)		9.98			10.30			(0.49	)		14.34
Distributions to shareholders from:
Net investment income		(2.62	)		(1.47	)		(2.56	)		(2.49	)		(2.91	)		(2.32	)
Net asset value at end of period	$	97.25		$	84.51		$	88.52		$	81.10		$	73.29		$	76.69
Market price at end of period(b)	$	97.23		$	84.45
Net Asset Value Total Return(c)		18.54	%		(2.88	)%		12.51	%		14.13	%		(0.56	)%		22.61	%
Market Price Total Return(c)		18.60	%		(2.92	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	335,499		$	139,434		$	168,180		$	210,865		$	128,258		$	141,875
Ratio to average net assets of:
Expenses		0.40	%		0.40	%(d)		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		2.96	%		3.29	%(d)		3.01	%		3.09	%		3.30	%		3.72	%
Portfolio turnover rate(e)		27	%		7	%		11	%		22	%		20	%		31	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

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Financial Highlights(continued)

Invesco S&P MidCap 400^®Equal Weight ETF (EWMC)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	63.30		$	62.00		$	51.40		$	49.09		$	50.39		$	45.24
Net investment income(a)		0.77			0.42			0.60			0.66			0.62			0.62
Net realized and unrealized gain (loss) on investments		2.96			1.30			10.59			2.30			(1.21	)		5.48
Total from investment operations		3.73			1.72			11.19			2.96			(0.59	)		6.10
Distributions to shareholders from:
Net investment income		(0.85	)		(0.42	)		(0.59	)		(0.65	)		(0.67	)		(0.59	)
Capital gains		—			—			—			—			—			(0.36	)
Return of capital		—			—			—			—			(0.04	)		—
Total distributions		(0.85	)		(0.42	)		(0.59	)		(0.65	)		(0.71	)		(0.95	)
Net asset value at end of period	$	66.18		$	63.30		$	62.00		$	51.40		$	49.09		$	50.39
Market price at end of period(b)	$	66.19		$	63.29
Net Asset Value Total Return(c)		5.96	%		2.76	%		21.82	%		6.08	%		(1.19	)%		13.61	%
Market Price Total Return(c)		5.99	%		2.74	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	105,893		$	104,438		$	114,692		$	89,944		$	132,532		$	146,125
Ratio to average net assets of:
Expenses		0.40	%		0.40	%(d)		0.41	%		0.41	%		0.41	%		0.41	%
Net investment income		1.19	%		1.33	%(d)		1.02	%		1.35	%		1.22	%		1.27	%
Portfolio turnover rate(e)		30	%		9	%		26	%		101	%		31	%		29	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

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Financial Highlights(continued)

Invesco S&P SmallCap 600^®Equal Weight ETF (EWSC)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	54.92		$	52.78		$	42.47		$	41.84		$	44.87		$	42.89
Net investment income(a)		0.59			0.29			0.47			0.32			0.49			0.43
Net realized and unrealized gain (loss) on investments		0.80			2.15			10.27			0.67			(2.97	)		1.97
Total from investment operations		1.39			2.44			10.74			0.99			(2.48	)		2.40
Distributions to shareholders from:
Net investment income		(0.48	)		(0.30	)		(0.43	)		(0.36	)		(0.52	)		(0.42	)
Return of capital		—			—			—			—			(0.03	)		—
Total distributions		(0.48	)		(0.30	)		(0.43	)		(0.36	)		(0.55	)		(0.42	)
Net asset value at end of period	$	55.83		$	54.92		$	52.78		$	42.47		$	41.84		$	44.87
Market price at end of period(b)	$	55.63		$	55.02
Net Asset Value Total Return(c)		2.55	%		4.62	%		25.32	%		2.39	%		(5.59	)%		5.58	%
Market Price Total Return(c)		2.00	%		4.55	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	36,287		$	30,208		$	31,666		$	33,978		$	43,930		$	40,380
Ratio to average net assets of:
Expenses		0.40	%		0.40	%(d)		0.41	%		0.41	%		0.41	%		0.42	%
Net investment income		1.05	%		1.10	%(d)		0.96	%		0.80	%		1.11	%		0.96	%
Portfolio turnover rate(e)		34	%		10	%		24	%		96	%		47	%		43	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2019

NOTE 1—Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco S&P 500®Equal Weight ETF (RSP)	“S&P 500®Equal Weight ETF”
Invesco S&P 500®Equal Weight Communication Services ETF (EWCO)	“S&P 500®Equal Weight Communication Services ETF”
Invesco S&P 500®Equal Weight Consumer Discretionary ETF (RCD)	“S&P 500®Equal Weight Consumer Discretionary ETF”
Invesco S&P 500®Equal Weight Consumer Staples ETF (RHS)	“S&P 500®Equal Weight Consumer Staples ETF”
Invesco S&P 500®Equal Weight Energy ETF (RYE)	“S&P 500®Equal Weight Energy ETF”
Invesco S&P 500®Equal Weight Financials ETF (RYF)	“S&P 500®Equal Weight Financials ETF”
Invesco S&P 500®Equal Weight Health Care ETF (RYH)	“S&P 500®Equal Weight Health Care ETF”
Invesco S&P 500®Equal Weight Industrials ETF (RGI)	“S&P 500®Equal Weight Industrials ETF”
Invesco S&P 500®Equal Weight Materials ETF (RTM)	“S&P 500®Equal Weight Materials ETF”
Invesco S&P 500®Equal Weight Real Estate ETF (EWRE)	“S&P 500®Equal Weight Real Estate ETF”
Invesco S&P 500®Equal Weight Technology ETF (RYT)	“S&P 500®Equal Weight Technology ETF”
Invesco S&P 500®Equal Weight Utilities ETF (RYU)	“S&P 500®Equal Weight Utilities ETF”
Invesco S&P MidCap 400®Equal Weight ETF (EWMC)	“S&P MidCap 400®Equal Weight ETF”
Invesco S&P SmallCap 600®Equal Weight ETF (EWSC)	“S&P SmallCap 600®Equal Weight ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s shares are listed and traded on NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each of the Funds is to replicate as closely as possible, before fees and expenses, the daily performance of its respective index listed below (each, an “Underlying Index”):

Fund	Underlying Index
S&P 500®Equal Weight ETF	S&P 500®Equal Weight Index
S&P 500®Equal Weight Communication Services ETF	S&P 500®Equal Weight Communication Services Plus Index
S&P 500®Equal Weight Consumer Discretionary ETF	S&P 500®Equal Weight Consumer Discretionary Index
S&P 500®Equal Weight Consumer Staples ETF	S&P 500®Equal Weight Consumer Staples Index
S&P 500®Equal Weight Energy ETF	S&P 500®Equal Weight Energy Index
S&P 500®Equal Weight Financials ETF	S&P 500®Equal Weight Financials Index
S&P 500®Equal Weight Health Care ETF	S&P 500®Equal Weight Health Care Index
S&P 500®Equal Weight Industrials ETF	S&P 500®Equal Weight Industrials Index
S&P 500®Equal Weight Materials ETF	S&P 500®Equal Weight Materials Index
S&P 500®Equal Weight Real Estate ETF	S&P 500®Equal Weight Real Estate Index
S&P 500®Equal Weight Technology ETF	S&P 500®Equal Weight Information Technology Index
S&P 500®Equal Weight Utilities ETF	S&P 500®Equal Weight Telecommunication Services & Utilities Index
S&P MidCap 400®Equal Weight ETF	S&P MidCap 400®Equal Weight Index
S&P SmallCap 600®Equal Weight ETF	S&P SmallCap 600®Equal Weight 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.

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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 (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in theover-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such asinstitution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the

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inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Other Risks

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for Funds that invest innon-U.S. securities, which may have lower trading volumes.

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 particular industries will become negative. 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.

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 faces 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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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 Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Each Fund is considerednon-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer’s securities could cause greater fluctuations in the value of the Shares than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a relativley small number of issuers to have a greater impact on the Fund’s performance.

Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

REIT Risk. For certain Funds, in addition to the risks pertaining to real estate investments more generally, REITs are subject to additional risks. The value of a REIT can depend on the structure of and cash flow generated by the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. REITs are also subject to certain requirements under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and each Fund and its shareholders will incur its pro rata share of the underlying expenses.

Small- andMid-Capitalization Company Risk. For certain Funds, investing in securities of small- andmid-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- andmid-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.

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C. Investment Transactions and Investment Income— Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Dividend income is recorded on theex-dividend date, net of applicable taxes withheld by foreign countries. Taxablenon-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. 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 fiscalyear-end, and may differ from the estimated amounts.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each 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.

D. Country Determination— For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders— Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end.

F. Federal Income Taxes— Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to 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 forin-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.

G. Expenses— Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that 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.

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 advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

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

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of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H. 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 theperiod-end date and before the date the financial statements are released to print.

I. 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 his 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. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending— During the fiscal year ended April 30, 2019, S&P 500^® Equal Weight ETF, S&P 500^® Equal Weight Communication Services ETF, S&P 500^® Equal Weight Consumer Discretionary ETF, S&P 500^® Equal Weight Consumer Staples ETF, S&P 500^® Equal Weight Energy ETF, S&P 500^® Equal Weight Financials ETF, S&P 500^® Equal Weight Health Care ETF, S&P 500^® Equal Weight Industrials ETF, S&P 500^® Equal Weight Materials ETF, S&P 500^® Equal Weight Technology ETF, S&P 500^® Equal Weight Utilities ETF, S&P MidCap 400^® Equal Weight ETF and S&P SmallCap 600^® Equal Weight ETF participated in securities lending. Each Fund loaned portfolio securities having a market value up toone-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 generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

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K. Distributions from Distributable Earnings— In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.

For the fiscal year ended October 31, 2017, distributions from distributable earnings consisted of distributions from net investment income. For the period November 1, 2017 through April 30, 2018, distributions from distributable earnings consisted of:

	Distributions to Shareholders from net investment income		Distributions to Shareholders from net realized gains
S&P 500®Equal Weight ETF	$	132,095,127	$	—
S&P 500®Equal Weight Consumer Discretionary ETF		601,330		—
S&P 500®Equal Weight Consumer Staples ETF		4,600,825		—
S&P 500®Equal Weight Energy ETF		2,040,302		—
S&P 500®Equal Weight Financials ETF		3,026,800		—
S&P 500®Equal Weight Health Care ETF		1,620,790		—
S&P 500®Equal Weight Industrials ETF		1,408,275		—
S&P 500®Equal Weight Materials ETF		1,376,220		—
S&P 500®Equal Weight Real Estate ETF		307,630		204,535
S&P 500®Equal Weight Technology ETF		6,972,945		—
S&P 500®Equal Weight Utilities ETF		2,707,230		—
S&P MidCap 400®Equal Weight ETF		818,160		—
S&P SmallCap 600®Equal Weight ETF		197,020		—

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 each Fund’s investments, managing each Fund’s 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 equal to a percentage of its average daily net assets as follows:

	Unitary Management Fees (as a % of Net Assets)
S&P 500®Equal Weight ETF		0.20	%
S&P 500®Equal Weight Communication Services ETF		0.40	%
S&P 500®Equal Weight Consumer Discretionary ETF		0.40	%
S&P 500®Equal Weight Consumer Staples ETF		0.40	%
S&P 500®Equal Weight Energy ETF		0.40	%
S&P 500®Equal Weight Financials ETF		0.40	%
S&P 500®Equal Weight Health Care ETF		0.40	%
S&P 500®Equal Weight Industrials ETF		0.40	%
S&P 500®Equal Weight Materials ETF		0.40	%
S&P 500®Equal Weight Real Estate ETF		0.40	%
S&P 500®Equal Weight Technology ETF		0.40	%
S&P 500®Equal Weight Utilities ETF		0.40	%
S&P MidCap 400®Equal Weight ETF		0.40	%
S&P SmallCap 600®Equal Weight ETF		0.40	%

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 advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of each Fund (except S&P 500® Equal Weight Communication Services ETF) (excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and litigation expenses and extraordinary expenses) from exceeding a percentage of the Fund’s average daily net assets per year (the “Expense Cap”) through at least

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April 6, 2020, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration. For each Fund, the Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap. The limits are listed below:

	Expense Caps			Contract End Date
S&P 500®Equal Weight ETF		0.20	%		04/06/20
S&P 500®Equal Weight Consumer Discretionary ETF		0.40	%		04/06/20
S&P 500®Equal Weight Consumer Staples ETF		0.40	%		04/06/20
S&P 500®Equal Weight Energy ETF		0.40	%		04/06/20
S&P 500®Equal Weight Financials ETF		0.40	%		04/06/20
S&P 500®Equal Weight Health Care ETF		0.40	%		04/06/20
S&P 500®Equal Weight Industrials ETF		0.40	%		04/06/20
S&P 500®Equal Weight Materials ETF		0.40	%		04/06/20
S&P 500®Equal Weight Real Estate ETF		0.40	%		04/06/20
S&P 500®Equal Weight Technology ETF		0.40	%		04/06/20
S&P 500®Equal Weight Utilities ETF		0.40	%		04/06/20
S&P MidCap 400®Equal Weight ETF		0.40	%		04/06/20
S&P SmallCap 600®Equal Weight ETF		0.40	%		04/06/20

Additionally, through at least August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investment in money market funds managed by that affiliate (excluding investment of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended April 30, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

S&P 500®Equal Weight ETF	$	21,448
S&P 500®Equal Weight Communication Services ETF		15
S&P 500®Equal Weight Consumer Discretionary ETF		131
S&P 500®Equal Weight Consumer Staples ETF		688
S&P 500®Equal Weight Energy ETF		289
S&P 500®Equal Weight Financials ETF		595
S&P 500®Equal Weight Health Care ETF		656
S&P 500®Equal Weight Industrials ETF		290
S&P 500®Equal Weight Materials ETF		228
S&P 500®Equal Weight Real Estate ETF		34
S&P 500®Equal Weight Technology ETF		1,574
S&P 500®Equal Weight Utilities ETF		333
S&P MidCap 400®Equal Weight ETF		118
S&P SmallCap 600®Equal Weight ETF		32

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 Trust has entered into service agreements whereby The Bank of New York Mellon, 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.

The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’ssub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

NOTE 4—Investments in Affiliates

The Adviser and Invesco Mortgage Capital, Inc. are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. are considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the fiscal year ended April 30, 2019.

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S&P 500^® Equal Weight ETF

	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2019		Dividend Income
Invesco Ltd.	$	25,443,974	$	21,185,014	$	(4,779,908	)	$	(4,803,680	)	$	(1,362,978	)	$	35,682,422	$	1,482,258
S&P 500®Equal Weight Financials ETF
	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2019		Dividend Income
Invesco Ltd.	$	5,711,233	$	3,643,713	$	(2,986,766	)	$	(1,355,937	)	$	(272,040	)	$	4,740,203	$	264,498
S&P SmallCap 600®Equal Weight ETF
	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2019		Dividend Income
Invesco Mortgage Capital, Inc.	$	51,482	$	26,025	$	(15,922	)	$	1,826		$	(3,043	)	$	60,368	$	6,399

NOTE 5—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Fund listed below, as of April 30, 2019, all of the securities in each Fund 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
S&P SmallCap 600®Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	36,249,898	$	—	$	834	$	36,250,732
Money Market Funds		2,122,447		—		—		2,122,447
Total Investments	$	38,372,345	$	—	$	834	$	38,373,179

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NOTE 6—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholder Paid During the Year Ended April 30, 2019, Period November 1, 2017 to April 30, 2018 and Year Ended October 31, 2017:

	2019				2018				2017
	Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains		Ordinary Income
S&P 500®Equal Weight ETF	$	281,738,317	$	—	$	132,095,127	$	—	$	179,124,293
S&P 500® Equal Weight Communication Services ETF		28,476		—		—		—		—
S&P 500®Equal Weight Consumer Discretionary ETF		1,507,788		—		601,330		—		1,160,323
S&P 500®Equal Weight Consumer Staples ETF		11,042,415		—		4,600,825		—		9,494,388
S&P 500®Equal Weight Energy ETF		4,181,660		—		2,040,302		—		5,194,156
S&P 500®Equal Weight Financials ETF		7,699,405		—		3,026,800		—		4,369,545
S&P 500®Equal Weight Health Care ETF		3,834,753		—		1,620,790		—		2,631,245
S&P 500®Equal Weight Industrials ETF		3,156,072		—		1,408,275		—		2,570,293
S&P 500®Equal Weight Materials ETF		2,650,226		—		1,376,220		—		2,126,922
S&P 500®Equal Weight Real Estate ETF		659,417		42,928		307,630		204,535		723,609
S&P 500®Equal Weight Technology ETF		16,781,040		—		6,972,945		—		10,382,861
S&P 500®Equal Weight Utilities ETF		6,335,821		—		2,707,230		—		5,692,156
S&P MidCap 400®Equal Weight ETF		1,331,830		—		818,160		—		1,246,531
S&P SmallCap 600®Equal Weight ETF		314,960		—		197,020		—		296,001

Tax Components of Net Assets at FiscalYear-End:

	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
S&P 500®Equal Weight ETF	$	7,236,334	$	2,708,656,241		$	(846,114,498	)	$	14,274,182,443	$	16,143,960,520
S&P 500®Equal Weight Communication Services ETF		48,285		636,708			—			22,165,734		22,850,727
S&P 500®Equal Weight Consumer Discretionary ETF		53,629		(366,956	)		(16,755,583	)		130,308,351		113,239,441
S&P 500®Equal Weight Consumer Staples ETF		661,832		(3,973,172	)		(31,085,527	)		466,233,374		431,836,507
S&P 500®Equal Weight Energy ETF		—		(39,695,377	)		(101,133,291	)		350,651,557		209,822,889
S&P 500®Equal Weight Financials ETF		79,419		(224,307	)		(13,929,428	)		305,218,830		291,144,514
S&P 500®Equal Weight Health Care ETF		333,629		34,940,063			(42,511,035	)		714,082,341		706,844,998
S&P 500®Equal Weight Industrials ETF		12,540		5,290,809			(14,278,105	)		254,725,026		245,750,270
S&P 500®Equal Weight Materials ETF		142,233		(9,800,269	)		(13,475,742	)		152,861,347		129,727,569
S&P 500®Equal Weight Real Estate ETF		—		484,839			(16,535	)		36,674,749		37,143,053
S&P 500®Equal Weight Technology ETF		135,019		327,663,954			(61,232,573	)		1,522,279,797		1,788,846,197
S&P 500®Equal Weight Utilities ETF		279,416		33,151,123			(24,145,366	)		326,213,546		335,498,719
S&P MidCap 400®Equal Weight ETF		—		5,672,182			(18,178,221	)		118,398,990		105,892,951
S&P SmallCap 600®Equal Weight ETF		94,710		(105,874	)		(15,306,812	)		51,605,276		36,287,300

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 following table presents available capital loss carryforwards for each Fund as of April 30, 2019:

	Post-effective/no expiration
	Short-Term		Long-Term		Total*
S&P 500®Equal Weight ETF	$	125,032,648	$	721,081,850	$	846,114,498
S&P 500®Equal Weight Communication Services ETF		—		—		—

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	Post-effective/no expiration
	Short-Term		Long-Term		Total*
S&P 500®Equal Weight Consumer Discretionary ETF	$	1,979,498	$	14,776,085	$	16,755,583
S&P 500®Equal Weight Consumer Staples ETF		4,543,897		26,541,630		31,085,527
S&P 500®Equal Weight Energy ETF		26,053,807		75,079,484		101,133,291
S&P 500®Equal Weight Financials ETF		4,221,047		9,708,381		13,929,428
S&P 500®Equal Weight Health Care ETF		5,369,955		37,141,080		42,511,035
S&P 500®Equal Weight Industrials ETF		4,096,116		10,181,989		14,278,105
S&P 500®Equal Weight Materials ETF		2,634,884		10,840,858		13,475,742
S&P 500®Equal Weight Real Estate ETF		—		16,535		16,535
S&P 500®Equal Weight Technology ETF		27,996,715		33,235,858		61,232,573
S&P 500®Equal Weight Utilities ETF		9,062,824		15,082,542		24,145,366
S&P MidCap 400®Equal Weight ETF		8,137,255		10,040,966		18,178,221
S&P SmallCap 600®Equal Weight ETF		7,688,814		7,617,998		15,306,812

* Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7—Investment Transactions

For the fiscal year ended April 30, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:

	Purchases		Sales
S&P 500®Equal Weight ETF	$	2,851,474,405	$	2,860,455,076
S&P 500®Equal Weight Communication Services ETF		3,617,336		1,112,764
S&P 500®Equal Weight Consumer Discretionary ETF		32,958,814		30,278,668
S&P 500®Equal Weight Consumer Staples ETF		91,183,757		87,657,838
S&P 500®Equal Weight Energy ETF		74,972,841		74,861,953
S&P 500®Equal Weight Financials ETF		60,951,971		62,299,720
S&P 500®Equal Weight Health Care ETF		166,172,708		159,778,348
S&P 500®Equal Weight Industrials ETF		67,456,569		68,590,549
S&P 500®Equal Weight Materials ETF		36,950,095		34,428,298
S&P 500®Equal Weight Real Estate ETF		2,952,176		2,932,814
S&P 500®Equal Weight Technology ETF		452,875,235		462,080,066
S&P 500®Equal Weight Utilities ETF		59,879,084		62,350,168
S&P MidCap 400®Equal Weight ETF		32,552,243		30,327,492
S&P SmallCap 600®Equal Weight ETF		12,451,567		13,563,700

For the fiscal year ended April 30, 2019,in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
S&P 500®Equal Weight ETF	$	3,909,062,629	$	3,558,589,990
S&P 500®Equal Weight Communication Services ETF		31,653,461		12,904,663
S&P 500®Equal Weight Consumer Discretionary ETF		102,646,193		82,882,684
S&P 500®Equal Weight Consumer Staples ETF		279,696,614		303,280,497
S&P 500®Equal Weight Energy ETF		276,128,878		274,321,473
S&P 500®Equal Weight Financials ETF		84,861,731		219,982,210
S&P 500®Equal Weight Health Care ETF		260,025,342		202,381,806
S&P 500®Equal Weight Industrials ETF		132,362,349		181,248,751
S&P 500®Equal Weight Materials ETF		48,540,299		102,046,998
S&P 500®Equal Weight Real Estate ETF		24,580,029		7,116,900
S&P 500®Equal Weight Technology ETF		781,628,023		889,318,913
S&P 500®Equal Weight Utilities ETF		234,446,145		69,137,984
S&P MidCap 400®Equal Weight ETF		13,104,820		18,756,717
S&P SmallCap 600®Equal Weight ETF		12,059,782		4,139,188

105

Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At April 30, 2019, 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 reportingperiod-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
S&P 500®Equal Weight ETF	$	3,361,627,740	$	(652,971,499	)	$	2,708,656,241		$	13,467,937,767
S&P 500®Equal Weight Communication Services ETF		845,490		(208,782	)		636,708			22,198,564
S&P 500®Equal Weight Consumer Discretionary ETF		8,228,104		(8,595,060	)		(366,956	)		116,740,365
S&P 500®Equal Weight Consumer Staples ETF		36,073,398		(40,046,570	)		(3,973,172	)		446,493,370
S&P 500®Equal Weight Energy ETF		5,400,501		(45,095,878	)		(39,695,377	)		249,363,577
S&P 500®Equal Weight Financials ETF		19,572,675		(19,796,982	)		(224,307	)		291,278,817
S&P 500®Equal Weight Health Care ETF		105,298,629		(70,358,566	)		34,940,063			671,705,719
S&P 500®Equal Weight Industrials ETF		19,393,394		(14,102,585	)		5,290,809			242,529,900
S&P 500®Equal Weight Materials ETF		6,539,047		(16,339,316	)		(9,800,269	)		148,326,320
S&P 500®Equal Weight Real Estate ETF		2,111,004		(1,626,165	)		484,839			36,666,970
S&P 500®Equal Weight Technology ETF		368,444,307		(40,780,353	)		327,663,954			1,461,507,005
S&P 500®Equal Weight Utilities ETF		35,341,791		(2,190,668	)		33,151,123			302,089,846
S&P MidCap 400®Equal Weight ETF		13,998,165		(8,325,983	)		5,672,182			104,348,298
S&P SmallCap 600®Equal Weight ETF		4,688,312		(4,794,186	)		(105,874	)		38,479,053

NOTE 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment ofin-kind transactions and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2019, the reclassifications were as follows:

	Undistributed Net Investment Income		Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
S&P 500®Equal Weight ETF	$	—	$	(1,236,401,793	)	$	1,236,401,793
S&P 500®Equal Weight Communication Services ETF		—		(911,047	)		911,047
S&P 500®Equal Weight Consumer Discretionary ETF		—		(8,686,266	)		8,686,266
S&P 500®Equal Weight Consumer Staples ETF		—		(30,214,549	)		30,214,549
S&P 500®Equal Weight Energy ETF		267,892		(13,880,940	)		13,613,048
S&P 500®Equal Weight Financials ETF		—		(20,518,152	)		20,518,152
S&P 500®Equal Weight Health Care ETF		—		(55,105,090	)		55,105,090
S&P 500®Equal Weight Industrials ETF		—		(13,528,477	)		13,528,477
S&P 500®Equal Weight Materials ETF		—		864,997			(864,997	)
S&P 500®Equal Weight Real Estate ETF		79,413		(778,759	)		699,346
S&P 500®Equal Weight Technology ETF		—		(248,227,441	)		248,227,441
S&P 500®Equal Weight Utilities ETF		—		(9,300,076	)		9,300,076
S&P MidCap 400®Equal Weight ETF		30,617		(5,432,443	)		5,401,826
S&P SmallCap 600®Equal Weight ETF		—		(599,799	)		599,799

NOTE 9—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for 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 his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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.

106

NOTE 10—Capital

Shares are issued and redeemed by the Funds only in creation unit size aggregations of 50,000 Shares. Transactions are permitted on anin-kind basis, with a separate cash payment, which is balancing each component to equate the transaction to the net asset value per share of the Fund on the transaction date.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value(marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

107

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco S&P 500^® Equal Weight ETF, Invesco S&P 500^® Equal Weight Communication Services ETF, Invesco S&P 500^® Equal Weight Consumer Discretionary ETF, Invesco S&P 500^® Equal Weight Consumer Staples ETF, Invesco S&P 500^® Equal Weight Energy ETF, Invesco S&P 500^® Equal Weight Financials ETF, Invesco S&P 500^® Equal Weight Health Care ETF, Invesco S&P 500^® Equal Weight Industrials ETF, Invesco S&P 500^® Equal Weight Materials ETF, Invesco S&P 500^® Equal Weight Real Estate ETF, Invesco S&P 500^® Equal Weight Technology ETF, Invesco S&P 500^® Equal Weight Utilities ETF, Invesco S&P MidCap 400^® Equal Weight ETF and Invesco S&P SmallCap 600^® Equal Weight ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (fourteen of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2019, the related statements of operations for the year ended April 30, 2019 (or for Invesco S&P 500^® Equal Weight Communication Services ETF, for the period November 5, 2018 (commencement of investment operations) through April 30, 2019) and the statements of changes in net assets and the financial highlights for the year ended April 30, 2019 and for the six months ended April 30, 2018 (or for Invesco S&P 500^® Equal Weight Communication Services ETF, for the period November 5, 2018 (commencement of investment operations) through April 30, 2019), including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2019, the results of each of their operations for the year then ended (or for Invesco S&P 500^® Equal Weight Communication Services ETF, for the period November 5, 2018 (commencement of investment operations) through April 30, 2019) and the changes in each of their net assets and the financial highlights for the year ended April 30, 2019 and for the six months ended April 30, 2018 (or for Invesco S&P 500^® Equal Weight Communication Services ETF, for the period November 5, 2018 (commencement of investment operations) through April 30, 2019) in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Predecessor Fund
Invesco S&P 500®Equal Weight ETF	Guggenheim S&P 500®Equal Weight ETF
Invesco S&P 500®Equal Weight Communication Services ETF	—
Invesco S&P 500®Equal Weight Consumer Discretionary ETF	Guggenheim S&P 500®Equal Weight Consumer Discretionary ETF
Invesco S&P 500®Equal Weight Consumer Staples ETF	Guggenheim S&P 500®Equal Weight Consumer Staples ETF
Invesco S&P 500®Equal Weight Energy ETF	Guggenheim S&P 500®Equal Weight Energy ETF
Invesco S&P 500®Equal Weight Financials ETF	Guggenheim S&P 500®Equal Weight Financials ETF
Invesco S&P 500®Equal Weight Health Care ETF	Guggenheim S&P 500®Equal Weight Health Care ETF
Invesco S&P 500®Equal Weight Industrials ETF	Guggenheim S&P 500®Equal Weight Industrials ETF
Invesco S&P 500®Equal Weight Materials ETF	Guggenheim S&P 500®Equal Weight Materials ETF
Invesco S&P 500®Equal Weight Real Estate ETF	Guggenheim S&P 500®Equal Weight Real Estate ETF
Invesco S&P 500®Equal Weight Technology ETF	Guggenheim S&P 500®Equal Weight Technology ETF
Invesco S&P 500®Equal Weight Utilities ETF	Guggenheim S&P 500®Equal Weight Utilities ETF
Invesco S&P MidCap 400®Equal Weight ETF	Guggenheim S&P MidCap 400®Equal Weight ETF
Invesco S&P SmallCap 600®Equal Weight ETF	Guggenheim S&P SmallCap 600®Equal Weight ETF

The financial statements of the Predecessor Funds listed in the table above as of and for the year ended October 31, 2017 and the financial highlights for each of the periods ended on or prior to October 31, 2017 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report, dated December 21, 2017, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

108

Report of Independent Registered Public Accounting Firm(continued)

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2019

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

109

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. 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 through thesix-month period ended April 30, 2019.

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 theSix-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P 500®Equal Weight ETF (RSP)
Actual	$	1,000.00	$	1,104.10		0.20	%	$	1.04
Hypothetical (5% return before expenses)		1,000.00		1,023.80		0.20			1.00
Invesco S&P 500®Equal Weight Communication Services ETF (EWCO)
Actual		1,000.00		1,000.80		0.40	(2)		1.94	(3)
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40	(2)		2.01	(3)
Invesco S&P 500®Equal Weight Consumer Discretionary ETF (RCD)
Actual		1,000.00		1,106.10		0.40			2.09
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40			2.01
Invesco S&P 500®Equal Weight Consumer Staples ETF (RHS)
Actual		1,000.00		1,064.90		0.40			2.05
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40			2.01
Invesco S&P 500®Equal Weight Energy ETF (RYE)
Actual		1,000.00		981.10		0.40			1.96
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40			2.01
Invesco S&P 500®Equal Weight Financials ETF (RYF)
Actual		1,000.00		1,097.30		0.40			2.08
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40			2.01

110

Calculating your ongoing Fund expenses(continued)

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P 500®Equal Weight Health Care ETF (RYH)
Actual	$	1,000.00	$	1,038.40		0.40	%	$	2.02
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40			2.01
Invesco S&P 500®Equal Weight Industrials ETF (RGI)
Actual		1,000.00		1,138.20		0.40			2.12
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40			2.01
Invesco S&P 500®Equal Weight Materials ETF (RTM)
Actual		1,000.00		1,101.00		0.40			2.08
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40			2.01
Invesco S&P 500®Equal Weight Real Estate ETF (EWRE)
Actual		1,000.00		1,128.70		0.40			2.11
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40			2.01
Invesco S&P 500®Equal Weight Technology ETF (RYT)
Actual		1,000.00		1,192.00		0.40			2.17
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40			2.01
Invesco S&P 500®Equal Weight Utilities ETF (RYU)
Actual		1,000.00		1,102.30		0.40			2.09
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40			2.01
Invesco S&P MidCap 400®Equal Weight ETF (EWMC)
Actual		1,000.00		1,077.50		0.40			2.06
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40			2.01
Invesco S&P SmallCap 600®Equal Weight ETF (EWSC)
Actual		1,000.00		1,025.90		0.40			2.01
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40			2.01

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended April 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recentsix-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

⁽²⁾  The actual ending account value is based on the actual total return of the Fund for the period November 5, 2018 (commencement of investment operations) through April 30, 2019, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

⁽³⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period November 5, 2018 (commencement of investment operations) to April 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 177/365. Hypothetical 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.

111

Tax Information

Form1099-DIV, Form1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2019:

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			Long Term Capital Gains
Invesco S&P 500®Equal Weight ETF		0	%		100	%		99	%		—
Invesco S&P 500®Equal Weight Communication Services ETF		0	%		78	%		78	%		—
Invesco S&P 500®Equal Weight Consumer Discretionary ETF		0	%		100	%		100	%		—
Invesco S&P 500®Equal Weight Consumer Staples ETF		0	%		100	%		100	%		—
Invesco S&P 500®Equal Weight Energy ETF		0	%		100	%		100	%		—
Invesco S&P 500®Equal Weight Financials ETF		0	%		100	%		100	%		—
Invesco S&P 500®Equal Weight Health Care ETF		0	%		100	%		100	%		—
Invesco S&P 500®Equal Weight Industrials ETF		0	%		100	%		100	%		—
Invesco S&P 500®Equal Weight Materials ETF		0	%		100	%		100	%		—
Invesco S&P 500®Equal Weight Real Estate ETF		70	%		9	%		0	%		441,054
Invesco S&P 500®Equal Weight Technology ETF		0	%		100	%		100	%		—
Invesco S&P 500®Equal Weight Utilities ETF		0	%		100	%		100	%		—
Invesco S&P MidCap 400®Equal Weight ETF		0	%		99	%		99	%		—
Invesco S&P SmallCap 600®Equal Weight ETF		0	%		100	%		99	%		—

* The above percentages are based on ordinary income dividends paid to shareholders during the fiscal year.

112

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	241	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007), and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	241	None.
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club For Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	241	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

113

Trustees and Officers(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	241	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	241	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (advisory services to the financial sector) (2010-Present); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	241	Director, Penfield Children’s Center (2004-present); Board Chairman, Gracebridge Alliance, Inc. (2015-present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

114

Trustees and Officers(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008–Present), Invesco North American Holdings, Inc.; Executive Vice President (2008–Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012–Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014–Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008–2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2018); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	241	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

115

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

116

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

117

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Manager, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800)983-0903.

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

118

Board Considerations Regarding Continuation of Investment Advisory Agreement

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 24 series (each, a “Fund” and together, the “Funds”):

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Raymond JamesSB-1 Equity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500^®Equal Weight Consumer Discretionary ETF

Invesco S&P 500^®Equal Weight Consumer Staples ETF

Invesco S&P 500^®Equal Weight Energy ETF

Invesco S&P 500^®Equal Weight ETF

Invesco S&P 500^®Equal Weight Financials ETF

Invesco S&P 500^®Equal Weight Health Care ETF

Invesco S&P 500^®Equal Weight Industrials ETF

Invesco S&P 500^®Equal Weight Materials ETF

Invesco S&P 500^®Equal Weight Real Estate ETF

Invesco S&P 500^®Equal Weight Technology ETF

Invesco S&P 500^®Equal Weight Utilities ETF

Invesco S&P 500^®Pure Growth ETF

Invesco S&P 500^®Pure Value ETF

Invesco S&P 500^®Top 50 ETF

Invesco S&P MidCap 400^® Equal Weight ETF

Invesco S&P MidCap 400^® Pure Growth ETF

Invesco S&P MidCap 400^® Pure Value ETF

Invesco S&P SmallCap 600^® Equal Weight ETF

Invesco S&P SmallCap 600^® Pure Growth ETF

Invesco S&P SmallCap 600^® Pure Value ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser from its relationships with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for theday-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees also reviewed information on the performance of the Funds and their underlying indexes for theone-year, three-year, five-year,ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between the Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance prior to the closing of the Transaction on April 6, 2018 is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees also considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”),open-end(non-ETF) index funds andopen-end(non-ETF) actively-

119

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

managed funds. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with the Adviser paying all other operating expenses of each Fund, except that each Fund pays its own distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:

● 0.75% of the Fund’s average daily net assets for Invesco Raymond JamesSB-1 Equity ETF;

● 0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF (The Trustees noted that prior to July 1, 2018, the Fund’s annual unitary advisory fee was 0.75%.);

● 0.35% of the Fund’s average daily net assets for each of Invesco S&P 500^® Pure Growth ETF, Invesco S&P 500^® Pure Value ETF, Invesco S&P MidCap 400^® Pure Growth ETF, Invesco S&P MidCap 400^® Pure Value ETF, Invesco S&P SmallCap 600^® Pure Growth ETF and Invesco S&P SmallCap 600^® Pure Value ETF;

● 0.20% of the Fund’s average daily net assets for each of Invesco S&P 500^® Equal Weight ETF and Invesco S&P 500^® Top 50 ETF;

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF (The Trustees noted that prior to September 24, 2018, the Fund’s annual unitary advisory fee was 0.30%.); and

● 0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it providessub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to thesub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF andopen-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median		Equal to/Lower than Open-End Index Fund Median		Equal to/Lower than Open-End Active Fund Median
Invesco Dow Jones Industrial Average Dividend ETF		X		X		X
Invesco NASDAQ Internet ETF						X
Invesco Raymond JamesSB-1 Equity ETF						X
Invesco S&P 500 BuyWrite ETF		X		X		X
Invesco S&P 500®Equal Weight Consumer Discretionary ETF		X				X
Invesco S&P 500®Equal Weight Consumer Staples ETF		X				X
Invesco S&P 500®Equal Weight Energy ETF		X				X
Invesco S&P 500®Equal Weight ETF		X		X		X
Invesco S&P 500®Equal Weight Financials ETF		X				X
Invesco S&P 500®Equal Weight Health Care ETF		X				X
Invesco S&P 500®Equal Weight Industrials ETF		X				X
Invesco S&P 500®Equal Weight Materials ETF		X				X
Invesco S&P 500®Equal Weight Real Estate ETF		X				X
Invesco S&P 500®Equal Weight Technology ETF		X				X
Invesco S&P 500®Equal Weight Utilities ETF		X		X		X
Invesco S&P 500®Pure Growth ETF		X		X		X
Invesco S&P 500®Pure Value ETF						X
Invesco S&P 500®Top 50 ETF		X		X		X
Invesco S&P MidCap 400® Equal Weight ETF						X
Invesco S&P MidCap 400® Pure Growth ETF				X		X

120

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median		Equal to/Lower than Open-End Active Fund Median
Invesco S&P MidCap 400® Pure Value ETF			X		X
Invesco S&P SmallCap 600® Equal Weight ETF					X
Invesco S&P SmallCap 600® Pure Growth ETF			X		X
Invesco S&P SmallCap 600® Pure Value ETF			X		X

The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged to each Fund was reasonable and appropriate in light of the services provided.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

121

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 atwww.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’sForm N-PX on the Commission’s website atwww.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 onForm N-Q (or any successor Form). The Trust’sForms N-Q (or any successor Form) are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.

©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-TRST1-AR-2 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2019

RPG	Invesco S&P 500® Pure Growth ETF
RPV	Invesco S&P 500® Pure Value ETF
XLG	Invesco S&P 500® Top 50 ETF
RFG	Invesco S&P MidCap 400® Pure Growth ETF
RFV	Invesco S&P MidCap 400® Pure Value ETF
RZG	Invesco S&P SmallCap 600® Pure Growth ETF
RZV	Invesco S&P SmallCap 600® Pure Value ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
S&P Style Portfolios
Schedules of Investments
Invesco S&P 500® Pure Growth ETF (RPG)	18
Invesco S&P 500® Pure Value ETF (RPV)	20
Invesco S&P 500® Top 50 ETF (XLG)	22
Invesco S&P MidCap 400® Pure Growth ETF (RFG)	23
Invesco S&P MidCap 400® Pure Value ETF (RFV)	25
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)	27
Invesco S&P SmallCap 600® Pure Value ETF (RZV)	29
Statements of Assets and Liabilities	32
Statements of Operations	34
Statements of Changes in Net Assets	36
Financial Highlights	40
Notes to Financial Statements	45
Report of Independent Registered Public Accounting Firm	54
Fund Expenses	56
Tax Information	58
Trustees and Officers	59
Board Considerations Regarding Continuation of Investment Advisory Agreement	65

2

The Market Environment

Domestic Equity

The fiscal year proved to be an increasingly volatile time for U.S. equities. Throughout the summer, U.S. equities moved higher as corporate profits surged amid the benefit of corporate tax cuts and improving global economic growth. Several U.S. equity indexes reached new highs despite potential headwinds, including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. After a relatively quiet summer, market volatility noticeably rose in October 2018, as U.S. equity markets suffered a sharpsell-off throughyear-end 2018, amid ongoing trade concerns between the U.S. and China, fears of a global economic slowdown and lower oil prices from a supply glut, with oil prices plummeting from near $75 per barrel in early October 2018 to around $45 per barrel in late December 2018.¹ In this environment, there was a flight to safety, as investors fled to defensive areas of the markets, such as health care, utilities and U.S. Treasuries.

Given signs of a strong economy, the U.S. Federal Reserve (the “Fed”) raised interest rates three times during the fiscal year: in June, September and December 2018. Following December’s Fed meeting, the Fed raised interest rates by 25 basis points to a targeted range of 2.25% to 2.50%, which signaled a slightly more dovish stance than expected.² In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.

Equity markets rebounded at the start of 2019, fueled by optimism about a potential U.S.-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as U.S. economic data were mixed and overseas growth appeared to be slowing. By the end of the fiscal year, the U.S. equity market generally recovered the losses from fourth quarter 2018, backed by improving investor sentiment, low unemployment and a growing economy.

¹  Source: Bloomberg

²  Source: U.S. Federal Reserve

3

RPG	Manager’s Analysis
	Invesco S&P 500® Pure Growth ETF (RPG)

As an index fund, the Invesco S&P 500^® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500^® Index. The Index includes securities that exhibit the strongest growth characteristics as measured using three factors: three-year sales per share growth, three-year ratio of earnings per share change to price per share, and momentum(12-month percentage price change) as selected by S&P DJI strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 9.71%. On a net asset value (“NAV”) basis, the Fund returned 9.79%. During the same time period, the Index returned 10.22%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the S&P 500^® Growth Index (the “Benchmark Index”) returned 16.94%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 295 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of growth style of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the information technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight exposure to and stock selection in the information technology and consumer discretionary sectors.

For the fiscal year ended April 30, 2019, the industrials sector contributed most significantly to the Fund’s return, followed by the energy and information technology sectors, respectively. The

financials sector was the only detracting sector from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019 included Keysight Technologies Inc., an information technology company (portfolio average weight of 0.76%) and Ulta Beauty Inc., a consumer discretionary company (portfolio average weight of 0.74%). Positions that detracted most significantly from the Fund’s return during this period included NVIDIA Corp., an information technology company (no longer held at fiscalyear-end) and IPG Photonics Corp., an information technology company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Information Technology	23.5
Health Care	14.6
Industrials	13.2
Consumer Discretionary	10.7
Energy	10.1
Consumer Staples	7.6
Communication Services	6.7
Financials	5.5
Utilities	3.7
Sector Types Each Less Than 3%	4.4
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Keysight Technologies, Inc.	2.3
Ulta Beauty, Inc.	2.3
Devon Energy Corp.	2.1
CSX Corp.	2.0
Netflix, Inc.	2.0
Autodesk, Inc.	2.0
salesforce.com, inc.	1.8
Thermo Fisher Scientific, Inc.	1.7
Vertex Pharmaceuticals, Inc.	1.5
SVB Financial Group	1.5
Total	19.2

* Excluding money market fund holdings.

4

Invesco S&P 500^® Pure Growth ETF (RPG)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Pure Growth Index		10.22	%		15.77	%		55.15	%		11.71	%		73.96	%		18.04	%		425.31	%		10.93	%		291.81	%
S&P 500® Growth Index		16.94			17.93			64.03			14.18			94.09			16.69			368.14			10.35			265.60
Fund
NAV Return		9.79			15.34			53.44			11.31			70.84			17.60			405.81			10.53			273.75
Market Price Return		9.71			15.37			53.56			11.33			70.99			17.59			405.51			10.54			273.82

Guggenheim S&P 500^® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.35%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

5

RPV	Manager’s Analysis
	Invesco S&P 500® Pure Value ETF (RPV)

As an index fund, the Invesco S&P 500^® Pure Value ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P & DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500^® Index. The Index includes securities that exhibit the strongest value characteristics as measured using three factors: book to value price ratio, earnings to price ratio, and sales to price ratio, as selected by S&P DJI strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 2.33%. On a net asset value (“NAV”) basis, the Fund returned 2.37%. During the same time period, the Index returned 2.70%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Value Index (the “Benchmark Index”) returned 9.75%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 380 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of value style of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the information technology sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight exposure to and stock selection in the information technology sector as well as stock selection in the consumer discretionary sector.

For the fiscal year ended April 30, 2019, the financials sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and information technology sectors, respectively. The energy sector detracted most significantly to the

Fund’s return, followed by the communication services and health care sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Envision Healthcare Corp., a health care company (no longer held at fiscalyear-end) and Coty Inc., Class A., a consumer staples company (portfolio average weight of 0.74%). Positions that detracted most significantly from the Fund’s return during this period included PG&E Corp., a utilities company (no longer held at fiscalyear-end) and CenturyLink, Inc., a communication services company (portfolio average weight of 2.33%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	33.9
Consumer Discretionary	16.6
Energy	11.0
Consumer Staples	8.8
Industrials	7.9
Health Care	6.1
Information Technology	5.9
Communication Services	3.6
Materials	3.2
Sector Types Each Less Than 3%	2.9
Money Market Funds Plus Other Assets Less Liabilities	0.1
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Ford Motor Co.	2.4
Prudential Financial, Inc.	2.1
Valero Energy Corp.	2.0
Baker Hughes, a GE Co., Class A	1.9
MetLife, Inc.	1.8
Lennar Corp., Class A	1.7
Coty, Inc., Class A	1.7
Unum Group	1.7
Lincoln National Corp.	1.6
Jefferies Financial Group, Inc.	1.5
Total	18.4

* Excluding money market fund holdings.

6

Invesco S&P 500^® Pure Value ETF (RPV)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Pure Value Index		2.70	%		11.06	%		36.99	%		7.38	%		42.79	%		18.33	%		438.34	%		8.91	%		207.40	%
S&P 500® Value Index		9.75			11.34			38.04			8.66			51.48			13.75			262.82			6.91			140.88
Fund
NAV Return		2.37			10.68			35.57			7.03			40.44			17.83			415.82			8.45			190.95
Market Price Return		2.33			10.70			35.65			7.02			40.42			17.66			408.66			8.45			191.09

Guggenheim S&P 500^® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.35%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

7

XLG	Manager’s Analysis
	Invesco S&P 500® Top 50 ETF (XLG)

As an index fund, the Invesco S&P 500^® Top 50 ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P 500^® Top 50 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which includes 50 of the largest capitalization members of the S&P 500^® Index. The Index’s components are weighted by float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 15.50%. On a net asset value (“NAV”) basis, the Fund returned 15.64%. During the same time period, the Index returned 15.85%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred.

During this same time period, the S&P 100^® Index (the “Benchmark Index”) returned 14.85%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 100 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of major blue chip companies.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an index that employs a different stock universe selection process.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the utilities sector during the fiscal year ended April 30, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight exposure to and stock selection in the industrials sector as well as the stock selection in the consumer staples sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and consumer staples sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the energy sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019 included Microsoft Corp., an information technology company (portfolio average weight of 7.11%) and Apple Inc., an information technology company

(portfolio average weight of 7.72%). Positions that detracted most significantly from the Fund’s return during this period included NVIDIA Corp., an information technology company (portfolio average weight of 0.91%) and Schlumberger NV, an energy company (portfolio average weight of 0.65%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Information Technology	28.5
Communication Services	18.1
Financials	11.6
Health Care	11.1
Consumer Discretionary	10.1
Consumer Staples	8.2
Industrials	6.2
Energy	5.1
Materials	1.0
Money Market Funds Plus Other Assets Less Liabilities	0.1
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Microsoft Corp.	8.1
Apple, Inc.	7.2
Amazon.com, Inc.	6.4
Facebook, Inc., Class A	3.7
Berkshire Hathaway, Inc., Class B	3.4
JPMorgan Chase & Co.	3.1
Johnson & Johnson	3.0
Alphabet, Inc., Class C	2.9
Alphabet, Inc., Class A	2.9
Exxon Mobil Corp.	2.7
Total	43.4

* Excluding money market fund holdings.

8

Invesco S&P 500^® Top 50 ETF (XLG)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—S&P 500® Top 50 Index		15.85	%		15.98	%		55.99	%		12.54	%		80.52	%		14.88	%		300.40	%		8.65	%		219.12	%
S&P 100® Index		14.85			15.05			52.29			11.77			74.41			14.95			302.91			8.70			221.13
Fund
NAV Return		15.64			15.74			55.03			12.32			78.77			14.62			291.47			8.44			210.55
Market Price Return		15.50			15.74			55.04			12.32			78.79			14.63			291.60			8.44			210.60

Guggenheim S&P 500^® Top 50 ETF (the “Predecessor Fund”) Inception: May 4, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.20%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.

Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P 500® Top 50 Index performance is comprised of the performance of the Russell Top 50® Mega Cap Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2019.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

9

RFG	Manager’s Analysis
	Invesco S&P MidCap 400® Pure Growth ETF (RFG)

As an index fund, the Invesco S&P MidCap 400^® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index. The Index is comprised only of those S&P MidCap 400^® companies with strong growth characteristics as measured using three factors: three-year sales per share growth, three-year ratio of earnings per share change to price per share, and momentum(12-month percentage price change) as selected by S&P DJI strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned (1.07)%. On a net asset value (“NAV”) basis, the Fund returned (1.05)%. During the same time period, the Index returned (0.73)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income from the securities lending program in which the Fund participates.

During this same time period, the S&P MidCap 400^® Growth Index (the “Benchmark Index”) returned 6.25%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 240 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of growth style of themid-cap segment of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the real estate sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to and stock selection in the consumer discretionary sector as well stock selection in the health care sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s

return, followed by the energy and industrials sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the health care and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019, included Eldorado Resorts Inc., a consumer discretionary company (portfolio average weight of 1.39%) and ABIOMED, Inc,. a health care company (no longer held at fiscalyear-end). Positions that detracted most significantly from the Fund’s return during this period included Dycom Industries, Inc., an industrials company (no longer held at fiscalyear-end) and MKS Instruments, Inc., a consumer staples company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Information Technology	18.1
Consumer Discretionary	17.3
Health Care	16.8
Financials	9.5
Energy	9.1
Industrials	8.2
Real Estate	6.5
Communication Services	5.4
Materials	4.3
Sector Types Each Less Than 3%	4.7
Money Market Funds Plus Other Assets Less Liabilities	0.1
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Eldorado Resorts, Inc.	3.0
Amedisys, Inc.	2.2
Primerica, Inc.	2.1
Churchill Downs, Inc.	2.0
Allegheny Technologies, Inc.	2.0
Globus Medical, Inc., Class A	1.8
Murphy Oil Corp.	1.8
Deckers Outdoor Corp.	1.8
World Wrestling Entertainment, Inc., Class A	1.7
LiveRamp Holdings, Inc.	1.7
Total	20.1

* Excluding money market fund holdings.

10

Invesco S&P MidCap 400^® Pure Growth ETF (RFG)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P MidCap 400 Pure Growth Index		(0.73	)%		8.86	%		29.02	%		6.12	%		34.58	%		14.52	%		287.95	%		9.22	%		219.14	%
S&P MidCap 400® Growth Index		6.25			12.87			43.78			10.14			62.06			15.49			322.14			9.36			224.69
Fund
NAV Return		(1.05	)		8.49			27.68			5.77			32.41			14.16			276.10			8.86			205.77
Market Price Return		(1.07	)		8.55			27.90			5.82			32.69			14.18			276.63			8.87			206.01

Guggenheim S&P MidCap 400^® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.35%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

11

RFV	Manager’s Analysis
	Invesco S&P MidCap 400® Pure Value ETF (RFV)

As an index fund, the Invesco S&P MidCap 400^® Pure Value ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index. The Index is comprised only of those S&P MidCap 400^® companies with strong value characteristics as measured using three factors: book to value price ratio, earnings to price ratio, and sales to price ratio as selected by S&P DJI, strictly in accordance with its guidelines and mandated procedures. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 7.25%. On a net asset value (“NAV”) basis, the Fund returned 7.25%. During the same time period, the Index returned 7.62%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the S&P MidCap 400^® Value Index (the “Benchmark Index”) returned 7.83%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 290 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of value style of themid-cap segment of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the real estate sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to the energy sector, as well as the underweight exposure to and stock selection in the real estate sector.

For the fiscal year ended April 30, 2019, the industrials sector contributed most significantly to the Fund’s return, followed by the information technology and consumer staples sectors,

respectively. The energy sector detracted most significantly from the Fund’s return, followed by the materials sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019 included Genworth Financial, Inc., Class A, a financials company (no longer held at fiscalyear-end) and LifePoint Health, Inc., a health care company (no longer held at fiscalyear-end). Positions that detracted most significantly from the Fund’s return during this period included United States Steel Corp., a materials company (position average weight of 1.71%) and QEP Resources, Inc., an energy company (no longer held at fiscalyear-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Consumer Discretionary	25.0
Industrials	18.3
Financials	16.4
Information Technology	11.2
Materials	10.3
Energy	9.1
Real Estate	3.6
Sector Types Each Less Than 3%	6.1
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Bed Bath & Beyond, Inc.	3.0
KB Home	2.4
Ryder System, Inc.	2.3
Goodyear Tire & Rubber Co. (The)	2.2
McDermott International, Inc.	2.2
AutoNation, Inc.	2.1
Dana, Inc.	2.1
SYNNEX Corp.	2.1
Tech Data Corp.	2.1
World Fuel Services Corp.	2.0
Total	22.5

* Excluding money market fund holdings.

12

Invesco S&P MidCap 400^® Pure Value ETF (RFV)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P MidCap 400® Pure Value Index		7.62	%		11.40	%		38.25	%		8.16	%		47.99	%		16.14	%		346.34	%		8.36	%		187.80	%
S&P MidCap 400® Value Index		7.83			11.41			38.28			8.58			50.91			14.65			292.38			8.25			183.92
Fund
NAV Return		7.25			11.06			37.00			7.81			45.62			15.66			328.35			7.95			173.73
Market Price Return		7.25			11.26			37.72			7.86			46.01			15.65			327.92			7.96			173.98

Guggenheim S&P MidCap 400^® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.35%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

13

RZG	Manager’s Analysis
	Invesco S&P SmallCap 600® Pure Growth ETF (RZG)

As an index fund, the Invesco S&P SmallCap 600^® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Providers”), compiles, maintains and calculates the Index, which is comprised of those S&P SmallCap 600^® companies with strong growth characteristics selected by S&P DJI. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned 1.26%. On a net asset value (“NAV”) basis, the Fund returned 1.43%. During the same time period, the Index returned 1.84%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the S&P SmallCap 600^® Growth Index (the “Benchmark Index”) returned 7.00%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 335 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of growth style of thesmall-cap segment of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the industrials sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to and stock selection in the information technology sector as well as stock selection in the health care sector.

For the fiscal year ended April 30, 2019, the energy sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and real estate sectors, respectively. The health care sector detracted most significantly from the Fund’s return, followed by the information technology and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019 included Avon Products, Inc., a consumer staples company (portfolio average weight of 0.55%) and World Wrestling Entertainment, Inc., Class A, a communication services company (no longer held at fiscalyear-end). Positions that detracted most significantly from the Fund’s return during this period included Cutera, Inc., a health care company (no longer held at fiscalyear-end) and Ascena Retail Group, Inc., a consumer discretionary company (portfolio average weight of 0.39%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Health Care	20.1
Consumer Discretionary	16.6
Information Technology	12.0
Industrials	12.0
Financials	10.6
Energy	10.1
Real Estate	6.3
Consumer Staples	4.8
Communication Services	4.0
Materials	3.5
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Avon Products, Inc.	2.0
NeoGenomics, Inc.	1.7
Renewable Energy Group, Inc.	1.6
Shake Shack, Inc., Class A	1.5
Innovative Industrial Properties, Inc.	1.3
KEMET Corp.	1.3
ProPetro Holding Corp.	1.3
Medifast, Inc.	1.3
Perficient, Inc.	1.2
Iridium Communications, Inc.	1.2
Total	14.4

* Excluding money market fund holdings.

14

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P SmallCap 600® Pure Growth Index		1.84	%		14.30	%		49.35	%		9.51	%		57.47	%		15.81	%		333.88	%		9.27	%		221.43	%
S&P SmallCap 600® Growth Index		7.00			15.28			53.21			11.24			70.32			16.53			361.73			9.58			233.52
Fund
NAV Return		1.43			13.99			48.13			9.20			55.25			15.42			319.71			8.99			210.65
Market Price Return		1.26			14.02			48.24			9.28			55.86			15.42			319.68			8.99			210.63

Guggenheim S&P SmallCap 600^® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.35%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

15

RZV	Manager’s Analysis
	Invesco S&P SmallCap 600® Pure Value ETF (RZV)

As an index fund, the Invesco S&P SmallCap 600^® Pure Value ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI”) or the Index Providers”), compiles, maintains and calculates the Index, which is comprised of those S&P SmallCap 600^® companies with strong value characteristics selected by S&P DJI. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2019, on a market price basis, the Fund returned (4.28)%. On a net asset value (“NAV”) basis, the Fund returned (4.27)%. During the same time period, the Index returned (3.98)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, partially offset by income from the securities lending program in which the Fund participates.

During this same time period, the S&P SmallCap 600^® Value Index (the “Benchmark Index”) returned 2.16%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 450 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of value style of thesmall-cap segment of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the financials sector during the fiscal year ended April 30, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s stock selection in the consumer discretionary sector as well as stock selection in the consumer staples sector.

For the fiscal year ended April 30, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the materials and industrials sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the health care and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2019 included Griffon Corp., an industrials company (portfolio average weight of 0.52%) and Ultra Clean Holdings, Inc., an information technology company (portfolio average weight of 0.51%). Positions that detracted most significantly from the Fund’s return during this period included Cloud Peak Energy Inc., an energy company (no longer held at fiscalyear-end) and Owens & Minor, Inc., a health care company (portfolio average weight of 0.78%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Consumer Discretionary	33.9
Industrials	19.7
Materials	10.8
Information Technology	9.1
Energy	8.1
Financials	7.0
Consumer Staples	4.5
Health Care	3.7
Sector Types Each Less Than 3%	3.2
Money Market Funds Plus Other Assets Less Liabilities	0.0
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2019
Security
Griffon Corp.	1.7
Group 1 Automotive, Inc.	1.7
Sonic Automotive, Inc., Class A	1.6
William Lyon Homes, Class A	1.6
Hibbett Sports, Inc.	1.6
Ultra Clean Holdings, Inc.	1.6
American Axle & Manufacturing Holdings, Inc.	1.4
Century Communities, Inc.	1.4
M/I Homes, Inc.	1.4
PH Glatfelter Co.	1.3
Total	15.3

* Excluding money market fund holdings.

16

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)(continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2019

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P SmallCap 600® Pure Value Index		(3.98	)%		5.22	%		16.48	%		3.24	%		17.26	%		13.25	%		247.16	%		5.81	%		110.24	%
S&P SmallCap 600® Value Index		2.16			11.80			39.76			8.57			50.85			14.63			291.60			7.87			171.20
Fund
NAV Return		(4.27	)		4.96			15.64			2.94			15.58			13.11			242.92			5.56			103.99
Market Price Return		(4.28	)		4.99			15.73			2.98			15.83			13.13			243.40			5.57			104.20

Guggenheim S&P SmallCap 600^® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.35%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recentmonth-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

17

Schedule of Investments^(a)

Invesco S&P 500^® Pure Growth ETF (RPG)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—6.7%
	13,344	Alphabet, Inc., Class A(b)	$	15,998,922
	13,746	Alphabet, Inc., Class C(b)		16,336,846
	117,220	Facebook, Inc., Class A(b)		22,670,348
	150,828	Netflix, Inc.(b)		55,887,807
	289,440	Take-Two Interactive Software, Inc.(b)		28,026,475
	638,296	Twitter, Inc.(b)		25,474,394
	448,747	Verizon Communications, Inc.		25,663,841
				190,058,633
		Consumer Discretionary—10.7%
	9,684	Amazon.com, Inc.(b)		18,656,420
	15,391	AutoZone, Inc.(b)		15,826,719
	33,045	Chipotle Mexican Grill, Inc.(b)		22,736,282
	194,672	Dollar General Corp.		24,546,192
	215,082	Hilton Worldwide Holdings, Inc.		18,709,983
	95,087	O’Reilly Automotive, Inc.(b)		35,997,086
	416,590	TJX Cos., Inc. (The)		22,862,459
	277,996	Tractor Supply Co.		28,772,586
	183,819	Ulta Beauty, Inc.(b)		64,149,155
	269,533	VF Corp.		25,446,610
	242,515	Yum! Brands, Inc.		25,316,141
				303,019,633
		Consumer Staples—7.6%
	492,692	Church & Dwight Co., Inc.		36,927,266
	94,086	Clorox Co. (The)		15,028,357
	149,683	Constellation Brands, Inc., Class A		31,683,401
	646,629	Hormel Foods Corp.		25,826,362
	525,327	Kellogg Co.		31,677,218
	314,737	Lamb Weston Holdings, Inc.		22,047,327
	178,761	McCormick & Co., Inc.		27,523,831
	438,294	Monster Beverage Corp.(b)		26,122,322
				216,836,084
		Energy—10.1%
	449,193	Anadarko Petroleum Corp.		32,723,710
	867,227	Apache Corp.		28,540,441
	645,377	ConocoPhillips		40,736,196
	1,890,215	Devon Energy Corp.		60,751,510
	387,390	Diamondback Energy, Inc.		41,214,422
	625,804	HollyFrontier Corp.		29,869,625
	1,792,248	Marathon Oil Corp.		30,539,906
	393,450	Occidental Petroleum Corp.		23,166,336
				287,542,146
		Financials—5.5%
	211,148	Cboe Global Markets, Inc.		21,454,748
	190,247	First Republic Bank		20,093,888
	397,680	Intercontinental Exchange, Inc.		32,351,268
	68,222	S&P Global, Inc.		15,053,867
	164,549	SVB Financial Group(b)		41,420,274
	484,932	U.S. Bancorp		25,856,574
				156,230,619
		Health Care—14.6%
	298,994	Abbott Laboratories		23,787,963
	666,984	Boston Scientific Corp.(b)		24,758,446
	333,446	Cerner Corp.(b)		22,157,487
	534,396	DaVita, Inc.(b)		29,520,035

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	158,216	Edwards Lifesciences Corp.(b)	$	27,857,091
	216,071	Eli Lilly and Co.		25,288,950
	141,702	HCA Healthcare, Inc.		18,028,745
	78,398	Humana, Inc.		20,023,633
	38,956	Illumina, Inc.(b)		12,154,272
	43,057	Intuitive Surgical, Inc.(b)		21,986,196
	161,867	Medtronic PLC		14,375,408
	194,535	Merck & Co., Inc.		15,311,850
	419,196	Pfizer, Inc.		17,023,549
	176,688	Thermo Fisher Scientific, Inc.		49,022,086
	245,694	Vertex Pharmaceuticals, Inc.(b)		41,517,372
	112,891	WellCare Health Plans, Inc.(b)		29,165,390
	192,161	Zimmer Biomet Holdings, Inc.		23,666,549
				415,645,022
		Industrials—13.2%
	162,608	AMETEK, Inc.		14,337,147
	39,064	Boeing Co. (The)		14,754,082
	142,710	Cintas Corp.		30,988,050
	717,817	CSX Corp.		57,159,768
	241,079	Expeditors International of Washington, Inc.		19,146,494
	339,064	Fastenal Co.		23,920,965
	436,107	IHS Markit Ltd.(b)		24,971,487
	196,152	Ingersoll-Rand PLC		24,050,197
	42,745	Roper Technologies, Inc.		15,375,377
	78,303	TransDigm Group, Inc.(b)		37,782,764
	113,634	Union Pacific Corp.		20,117,763
	121,143	W.W. Grainger, Inc.		34,162,326
	366,754	Waste Management, Inc.		39,367,374
	226,541	Xylem, Inc.		18,893,519
				375,027,313
		Information Technology—23.5%
	90,690	Adobe, Inc.(b)		26,232,083
	1,320,299	Advanced Micro Devices, Inc.(b)		36,479,861
	259,321	Akamai Technologies, Inc.(b)		20,761,239
	106,394	Alliance Data Systems Corp.		17,033,679
	130,412	ANSYS, Inc.(b)		25,534,670
	312,262	Autodesk, Inc.(b)		55,648,211
	96,309	Automatic Data Processing, Inc.		15,832,237
	63,981	Broadcom, Inc.		20,371,550
	134,702	Broadridge Financial Solutions, Inc.		15,912,347
	451,603	Cisco Systems, Inc.		25,267,188
	182,183	Fidelity National Information Services, Inc.		21,120,475
	322,296	Fortinet, Inc.(b)		30,108,892
	172,253	Gartner, Inc.(b)		27,383,059
	156,073	Global Payments, Inc.		22,797,583
	125,812	Intuit, Inc.		31,586,361
	737,647	Keysight Technologies, Inc.(b)		64,197,418
	84,249	Mastercard, Inc., Class A		21,419,466
	221,662	Motorola Solutions, Inc.		32,121,040
	192,162	NetApp, Inc.		13,999,002
	229,020	PayPal Holdings, Inc.(b)		25,826,585
	133,445	Red Hat, Inc.(b)		24,357,716
	313,070	salesforce.com, inc.(b)		51,766,125

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18

Invesco S&P 500^® Pure Growth ETF (RPG)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	91,141	VeriSign, Inc.(b)	$	17,995,791
	206,872	Xilinx, Inc.		24,853,602
				668,606,180
		Materials—2.0%
	150,557	Air Products and Chemicals, Inc.		30,983,125
	138,405	Ecolab, Inc.		25,477,592
				56,460,717
		Real Estate—2.4%
	457,576	Apartment Investment & Management Co.,
		Class A		22,585,952
	479,095	HCP, Inc.		14,267,449
	396,902	Welltower, Inc.		29,581,106
				66,434,507
		Utilities—3.7%
	409,436	Ameren Corp.		29,794,658
	102,956	NextEra Energy, Inc.		20,018,765
	728,934	NRG Energy, Inc.		30,010,213
	260,598	Pinnacle West Capital Corp.		24,827,171
				104,650,807
		Total Common Stocks & Other Equity Interests (Cost $2,325,596,627)		2,840,511,661
		Money Market Funds—0.0%
	950,966	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(c) (Cost $950,966)		950,966
		Total Investments in Securities (Cost $2,326,547,593)—100.0%		2,841,462,627
		Other assets less liabilities—0.0%		696,061
		Net Assets—100.0%	$	2,842,158,688

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)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19

Schedule of Investments^(a)

Invesco S&P 500^® Pure Value ETF (RPV)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Communication Services—3.6%
	257,683	AT&T, Inc.	$	7,977,866
	726,260	CenturyLink, Inc.		8,293,889
	161,930	DISH Network Corp., Class A(b)		5,686,982
	342,057	News Corp., Class A		4,248,348
	109,603	News Corp., Class B		1,368,941
	218,079	Viacom, Inc., Class B		6,304,664
				33,880,690
		Consumer Discretionary—16.6%
	110,333	Best Buy Co., Inc.		8,209,879
	153,346	BorgWarner, Inc.		6,405,262
	52,232	Carnival Corp.		2,865,448
	205,456	D.R. Horton, Inc.		9,103,755
	47,085	Dollar Tree, Inc.(b)		5,239,619
	2,148,746	Ford Motor Co.		22,454,396
	199,889	Gap, Inc. (The)		5,213,105
	360,956	General Motors Co.		14,059,236
	125,813	Kohl’s Corp.		8,945,304
	302,380	Lennar Corp., Class A		15,732,831
	234,283	LKQ Corp.(b)		7,051,918
	139,640	MGM Resorts International		3,718,613
	69,253	Mohawk Industries, Inc.(b)		9,435,721
	61,799	Norwegian Cruise Line Holdings Ltd.(b)		3,484,846
	305,964	PulteGroup, Inc.		9,625,628
	72,892	PVH Corp.		9,402,339
	99,288	Target Corp.		7,686,877
	38,688	Whirlpool Corp.		5,370,668
				154,005,445
		Consumer Staples—8.8%
	304,889	Archer-Daniels-Midland Co.		13,598,049
	1,434,277	Coty, Inc., Class A(c)		15,518,877
	54,906	JM Smucker Co. (The)		6,733,123
	180,512	Kraft Heinz Co. (The)		6,000,219
	384,348	Kroger Co. (The)		9,908,492
	149,300	Molson Coors Brewing Co., Class B		9,583,567
	178,578	Tyson Foods, Inc., Class A		13,395,136
	55,814	Walgreens Boots Alliance, Inc.		2,989,956
	39,473	Walmart, Inc.		4,059,403
				81,786,822
		Energy—11.0%
	739,317	Baker Hughes, a GE Co., Class A		17,758,394
	40,621	Chevron Corp.		4,876,957
	57,461	Helmerich & Payne, Inc.		3,362,618
	248,025	Kinder Morgan, Inc.		4,928,257
	194,295	Marathon Petroleum Corp.		11,826,737
	275,149	National Oilwell Varco, Inc.		7,192,395
	311,517	Noble Energy, Inc.		8,429,650
	131,490	Phillips 66		12,395,562
	523,719	TechnipFMC PLC (United Kingdom)		12,878,250
	203,131	Valero Energy Corp.		18,415,857
				102,064,677
		Financials—33.9%
	38,558	Affiliated Managers Group, Inc.		4,276,853
	126,153	Aflac, Inc.		6,355,588
	102,417	Allstate Corp. (The)		10,145,428

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	177,735	American International Group, Inc.	$	8,454,854
	114,598	Assurant, Inc.		10,886,810
	217,058	Bank of America Corp.		6,637,634
	92,713	Bank of New York Mellon Corp. (The)		4,604,128
	70,771	BB&T Corp.		3,623,475
	108,129	Capital One Financial Corp.		10,037,615
	48,289	Chubb Ltd.		7,011,563
	102,491	Citigroup, Inc.		7,246,114
	294,688	Citizens Financial Group, Inc.		10,667,706
	41,186	Everest Re Group, Ltd.		9,699,303
	219,659	Fifth Third Bancorp		6,330,572
	45,392	Goldman Sachs Group, Inc. (The)		9,347,121
	188,693	Hartford Financial Services Group, Inc. (The)		9,870,531
	243,133	Huntington Bancshares, Inc.		3,384,411
	563,610	Invesco Ltd.(d)		12,382,512
	693,931	Jefferies Financial Group, Inc.		14,274,161
	255,357	KeyCorp		4,481,515
	226,145	Lincoln National Corp.		15,088,394
	256,168	Loews Corp.		13,138,857
	367,974	MetLife, Inc.		16,974,641
	184,821	Morgan Stanley		8,917,613
	420,669	People’s United Financial, Inc.		7,273,367
	30,395	PNC Financial Services Group, Inc. (The)		4,161,987
	204,234	Principal Financial Group, Inc.		11,674,015
	180,467	Prudential Financial, Inc.		19,077,167
	46,606	Raymond James Financial, Inc.		4,267,711
	345,744	Regions Financial Corp.		5,369,404
	80,809	State Street Corp.		5,467,537
	88,736	SunTrust Banks, Inc.		5,810,433
	214,754	Synchrony Financial		7,445,521
	43,688	Travelers Cos., Inc. (The)		6,280,150
	416,513	Unum Group		15,377,660
	78,717	Wells Fargo & Co.		3,810,690
	96,063	Zions Bancorp. N.A.		4,738,788
				314,591,829
		Health Care—6.1%
	52,894	Allergan PLC		7,775,418
	110,003	AmerisourceBergen Corp.		8,223,824
	13,832	Anthem, Inc.		3,638,231
	191,315	Cardinal Health, Inc.		9,318,954
	91,474	Centene Corp.(b)		4,716,399
	115,058	CVS Health Corp.		6,256,854
	27,806	Laboratory Corp. of America Holdings(b)		4,446,736
	77,323	McKesson Corp.		9,220,768
	130,002	Mylan N.V.(b)		3,508,754
				57,105,938
		Industrials—7.9%
	57,646	Alaska Air Group, Inc.		3,568,287
	149,934	American Airlines Group, Inc.		5,124,744
	164,070	Arconic, Inc.		3,524,224
	53,638	Delta Air Lines, Inc.		3,126,559
	353,425	Fluor Corp.		14,041,575
	118,622	Jacobs Engineering Group, Inc.		9,245,399
	180,561	Johnson Controls International PLC		6,771,037
	76,144	PACCAR, Inc.		5,457,240

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20

Invesco S&P 500^® Pure Value ETF (RPV)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	342,731	Quanta Services, Inc.	$	13,914,879
	59,788	Textron, Inc.		3,168,764
	58,265	United Continental Holdings, Inc.(b)		5,177,428
				73,120,136
		Information Technology—5.9%
	143,369	DXC Technology Co.		9,425,078
	797,555	Hewlett Packard Enterprise Co.		12,609,344
	133,485	HP, Inc.		2,663,026
	174,030	Micron Technology, Inc.(b)		7,319,702
	238,097	Western Digital Corp.		12,171,519
	306,829	Xerox Corp.		10,235,815
				54,424,484
		Materials—3.2%
	24,964	Dow, Inc.(b)		1,416,208
	73,848	DowDuPont, Inc.		2,839,455
	108,268	International Paper Co.		5,068,025
	40,199	LyondellBasell Industries N.V., Class A		3,546,758
	114,348	Nucor Corp.		6,525,840
	267,502	WestRock Co.		10,266,727
				29,663,013
		Real Estate—0.4%
	224,758	Kimco Realty Corp.		3,908,542
		Utilities—2.5%
	116,186	CenterPoint Energy, Inc.		3,601,766
	41,897	Consolidated Edison, Inc.		3,609,845
	34,036	Duke Energy Corp.		3,101,360
	64,288	Edison International		4,099,646
	49,180	Evergy, Inc.		2,843,588
	125,316	Exelon Corp.		6,384,850
				23,641,055
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $870,418,991)—99.9%		928,192,631
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—1.6%
	10,870,812	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(e)(f)		10,870,812
	3,622,519	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(e)(f)		3,623,606
		Total Money Market Funds (Cost $14,494,418)		14,494,418
		Total Investments in Securities (Cost $884,913,409)—101.5%		942,687,049
		Other assets less liabilities—(1.5)%		(13,803,581	)
		Net Assets—100.0%	$	928,883,468

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  Affiliated company. See Note 4.

^(e)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21

Schedule of Investments^(a)

Invesco S&P 500^® Top 50 ETF (XLG)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Communication Services—18.1%
	20,227	Alphabet, Inc., Class A(b)	$	24,251,364
	20,764	Alphabet, Inc., Class C(b)		24,677,599
	492,049	AT&T, Inc.		15,233,838
	305,050	Comcast Corp., Class A		13,278,827
	161,180	Facebook, Inc., Class A(b)		31,172,212
	29,496	Netflix, Inc.(b)		10,929,448
	279,207	Verizon Communications, Inc.		15,967,848
	117,955	Walt Disney Co. (The)		16,156,296
				151,667,432
		Consumer Discretionary—10.1%
	27,872	Amazon.com, Inc.(b)		53,695,965
	3,049	Booking Holdings, Inc.(b)		5,655,865
	76,317	Home Depot, Inc. (The)		15,545,773
	51,725	McDonald’s Corp.		10,219,308
				85,116,911
		Consumer Staples—8.2%
	126,956	Altria Group, Inc.		6,897,520
	259,948	Coca-Cola Co. (The)		12,753,049
	94,865	PepsiCo, Inc.		12,147,463
	105,050	Philip Morris International, Inc.		9,093,128
	168,996	Procter & Gamble Co. (The)		17,994,694
	96,205	Walmart, Inc.		9,893,722
				68,779,576
		Energy—5.1%
	128,353	Chevron Corp.		15,410,061
	286,236	Exxon Mobil Corp.		22,979,026
	93,873	Schlumberger Ltd.		4,006,500
				42,395,587
		Financials—11.6%
	606,950	Bank of America Corp.		18,560,531
	131,365	Berkshire Hathaway, Inc., Class B(b)		28,468,109
	158,854	Citigroup, Inc.		11,230,978
	221,179	JPMorgan Chase & Co.		25,667,823
	276,617	Wells Fargo & Co.		13,391,029
				97,318,470
		Health Care—11.1%
	99,908	AbbVie, Inc.		7,931,696
	42,147	Amgen, Inc.		7,557,800
	179,920	Johnson & Johnson		25,404,704
	90,837	Medtronic PLC		8,067,234
	174,390	Merck & Co., Inc.		13,726,237
	375,102	Pfizer, Inc.		15,232,892
	64,826	UnitedHealth Group, Inc.		15,108,996
				93,029,559
		Industrials—6.2%
	39,000	3M Co.		7,390,890
	35,488	Boeing Co. (The)		13,403,463
	589,599	General Electric Co.		5,996,222
	49,381	Honeywell International, Inc.		8,574,023
	48,961	Union Pacific Corp.		8,668,055
	54,902	United Technologies Corp.		7,829,574
				51,862,227

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology—28.5%
	33,034	Adobe, Inc.(b)	$	9,555,084
	302,610	Apple, Inc.		60,724,748
	26,829	Broadcom, Inc.		8,542,354
	297,419	Cisco Systems, Inc.		16,640,593
	303,766	Intel Corp.		15,504,217
	60,271	International Business Machines Corp.		8,454,213
	60,981	Mastercard, Inc., Class A		15,503,809
	518,301	Microsoft Corp.		67,690,111
	41,044	NVIDIA Corp.		7,428,964
	172,586	Oracle Corp.		9,549,183
	118,251	Visa, Inc., Class A		19,444,012
				239,037,288
		Materials—1.0%
	50,904	Dow, Inc.(b)		2,887,784
	152,716	DowDuPont, Inc.		5,871,930
				8,759,714
		Total Common Stocks & Other Equity Interests (Cost $634,401,007)		837,966,764
		Money Market Funds—0.0%
	393,949	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(c) (Cost $393,949)		393,949
		Total Investments in Securities (Cost $634,794,956)—99.9%		838,360,713
		Other assets less liabilities—0.1%		543,216
		Net Assets—100.0%	$	838,903,929

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)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22

Schedule of Investments^(a)

Invesco S&P Midcap 400^® Pure Growth ETF (RFG)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Communication Services—5.4%
	86,323	Live Nation Entertainment, Inc.(b)	$	5,640,345
	229,727	New York Times Co. (The), Class A		7,615,450
	102,507	World Wrestling Entertainment, Inc., Class A(c)		8,595,212
	119,052	Yelp, Inc.(b)		4,769,223
				26,620,230
		Consumer Discretionary—17.3%
	63,409	Adtalem Global Education, Inc.(b)		3,127,332
	103,691	Brinker International, Inc.		4,434,864
	97,750	Churchill Downs, Inc.		9,858,087
	54,620	Deckers Outdoor Corp.(b)		8,641,430
	20,621	Domino’s Pizza, Inc.		5,579,630
	303,093	Eldorado Resorts, Inc.(b)		14,963,701
	42,524	Helen of Troy Ltd.(b)		6,123,456
	18,331	Pool Corp.		3,368,138
	307,751	Scientific Games Corp.(b)		7,118,281
	118,360	Service Corp. International		4,924,960
	237,342	Urban Outfitters, Inc.(b)		7,056,178
	51,722	Weight Watchers International, Inc.(b)		1,056,163
	284,362	Wendy’s Co. (The)		5,291,977
	72,267	Wyndham Hotels & Resorts, Inc.		4,026,717
				85,570,914
		Consumer Staples—2.2%
	11,966	Boston Beer Co., Inc. (The), Class A(b)		3,709,579
	14,128	Lancaster Colony Corp.		2,100,975
	47,446	Post Holdings, Inc.(b)		5,350,960
				11,161,514
		Energy—9.1%
	954,540	Callon Petroleum Co.(b)		7,168,595
	806,621	CNX Resources Corp.(b)		7,227,324
	444,983	Ensco Rowan PLC, Class A		6,216,413
	357,808	Equitrans Midstream Corp.		7,453,141
	321,471	Murphy Oil Corp.		8,756,870
	1,070,312	QEP Resources, Inc.(b)		8,048,746
				44,871,089
		Financials—9.5%
	139,493	Brown & Brown, Inc.		4,428,903
	15,524	FactSet Research Systems, Inc.(c)		4,282,606
	70,904	First Financial Bankshares, Inc.		4,362,014
	65,112	Green Dot Corp., Class A(b)		4,152,192
	19,552	LendingTree, Inc.(b)		7,524,001
	81,204	Primerica, Inc.		10,580,069
	573,279	SLM Corp.		5,824,515
	84,678	UMB Financial Corp.		5,915,605
				47,069,905
		Health Care—16.8%
	84,368	Amedisys, Inc.(b)		10,783,918
	167,574	Avanos Medical, Inc.(b)		7,029,729
	14,732	Bio-Rad Laboratories, Inc., Class A(b)		4,433,301
	9,658	Chemed Corp.		3,156,041
	72,221	Encompass Health Corp.		4,654,643
	196,102	Globus Medical, Inc., Class A(b)		8,842,239
	23,967	Haemonetics Corp.(b)		2,091,840
	77,866	Integra LifeSciences Holdings Corp.(b)		4,063,827

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Health Care (continued)
	22,467	Ligand Pharmaceuticals, Inc.(b)	$	2,827,472
	53,909	LivaNova PLC(b)		3,713,791
	530,336	Mallinckrodt PLC(b)		8,198,995
	22,641	Masimo Corp.(b)		2,946,726
	51,179	Molina Healthcare, Inc.(b)		6,634,334
	87,309	PRA Health Sciences, Inc.(b)		8,453,257
	37,531	STERIS PLC		4,915,810
				82,745,923
		Industrials—8.2%
	93,399	ASGN, Inc.(b)		5,887,873
	30,198	Curtiss-Wright Corp.		3,440,760
	19,187	IDEX Corp.		3,005,835
	46,948	Insperity, Inc.		5,613,103
	111,729	ITT, Inc.		6,765,191
	101,574	Kennametal, Inc.		4,134,062
	16,775	Lennox International, Inc.		4,553,574
	24,786	MSA Safety, Inc.		2,724,229
	39,260	Woodward, Inc.		4,275,414
				40,400,041
		Information Technology—18.1%
	88,727	ACI Worldwide, Inc.(b)		3,151,583
	189,698	Ciena Corp.(b)		7,276,815
	108,011	CommVault Systems, Inc.(b)		5,681,379
	295,939	Cypress Semiconductor Corp.		5,084,232
	23,921	Fair Isaac Corp.(b)		6,691,900
	71,286	j2 Global, Inc.		6,246,079
	62,109	Leidos Holdings, Inc.		4,563,769
	146,072	LiveRamp Holdings, Inc.(b)		8,520,380
	91,707	MAXIMUS, Inc.		6,754,221
	52,283	PTC, Inc.(b)		4,730,043
	198,504	Sabre Corp.		4,120,943
	136,803	Semtech Corp.(b)		7,369,578
	30,486	Silicon Laboratories, Inc.(b)		3,282,123
	76,784	Trimble, Inc.(b)		3,134,323
	10,999	Ultimate Software Group, Inc. (The)(b)		3,636,819
	17,871	WEX, Inc.(b)		3,758,271
	24,361	Zebra Technologies Corp., Class A(b)		5,143,581
				89,146,039
		Materials—4.3%
	394,238	Allegheny Technologies, Inc.(b)		9,824,411
	206,123	Chemours Co. (The)		7,422,489
	66,598	RPM International, Inc.		4,039,169
				21,286,069
		Real Estate—6.5%
	139,465	American Campus Communities, Inc.		6,582,748
	96,625	CyrusOne, Inc.		5,381,046
	30,596	Life Storage, Inc.		2,915,493
	436,429	Medical Properties Trust, Inc.		7,620,051
	87,113	National Retail Properties, Inc.		4,583,886
	141,698	Omega Healthcare Investors, Inc.(c)		5,014,692
				32,097,916
		Utilities—2.5%
	69,310	Black Hills Corp.		5,042,996

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23

Invesco S&P Midcap 400^® Pure Growth ETF (RFG)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities (continued)
	68,599	National Fuel Gas Co.	$	4,061,747
	57,209	UGI Corp.		3,118,462
				12,223,205
		Total Common Stocks & Other Equity Interests (Cost $421,393,303)		493,192,845
		Money Market Funds—0.1%
	374,156	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $374,156)		374,156
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $421,767,459)—100.0%		493,567,001
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—2.0%
	7,839,559	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		7,839,559
	2,111,013	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		2,111,646
		Total Money Market Funds (Cost $9,951,205)		9,951,205
		Total Investments in Securities (Cost $431,718,664)—102.0%		503,518,206
		Other assets less liabilities—(2.0)%		(9,955,401	)
		Net Assets—100.0%	$	493,562,805

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24

Schedule of Investments^(a)

Invesco S&P Midcap 400^® Pure Value ETF (RFV)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—1.2%
	53,098	Telephone & Data Systems, Inc.	$	1,692,764
		Consumer Discretionary—25.0%
	45,662	Adient PLC		1,054,792
	71,717	AutoNation, Inc.(b)		3,007,094
	254,266	Bed Bath & Beyond, Inc.(c)		4,248,785
	120,281	Caesars Entertainment Corp.(b)		1,125,830
	152,467	Dana, Inc.		2,973,107
	81,803	Delphi Technologies PLC(b)		1,810,300
	44,651	Dick’s Sporting Goods, Inc.		1,652,087
	40,589	Dillard’s, Inc., Class A(c)		2,778,317
	167,020	Goodyear Tire & Rubber Co. (The)		3,208,454
	1,531	Graham Holdings Co., Class B		1,138,191
	130,028	KB Home		3,369,026
	10,989	Marriott Vacations Worldwide Corp.		1,160,768
	19,530	Murphy USA, Inc.(b)		1,669,229
	18,376	Signet Jewelers Ltd.		425,956
	25,397	Thor Industries, Inc.		1,672,900
	52,486	Toll Brothers, Inc.		1,999,717
	186,859	TRI Pointe Group, Inc.(b)		2,438,510
				35,733,063
		Consumer Staples—2.5%
	4,103	Casey’s General Stores, Inc.		543,032
	41,504	Hain Celestial Group, Inc. (The)(b)		905,617
	7,887	Sanderson Farms, Inc.		1,195,906
	14,078	TreeHouse Foods, Inc.(b)		942,945
				3,587,500
		Energy—9.1%
	49,670	EQT Corp.		1,015,752
	395,984	McDermott International, Inc.(b)		3,203,511
	145,804	Oasis Petroleum, Inc.(b)		889,404
	66,611	Oceaneering International, Inc.(b)		1,278,931
	112,653	Patterson-UTI Energy, Inc.		1,530,954
	114,233	Range Resources Corp.		1,032,666
	71,275	SM Energy Co.		1,135,411
	94,182	World Fuel Services Corp.		2,905,515
				12,992,144
		Financials—16.4%
	1,785	Alleghany Corp.(b)		1,172,531
	32,273	Associated Banc-Corp.		732,274
	44,395	Bank OZK		1,449,497
	59,790	Brighthouse Financial, Inc.(b)		2,498,624
	68,452	CNO Financial Group, Inc.		1,132,881
	20,361	First American Financial Corp.		1,161,799
	38,426	First Horizon National Corp.		579,848
	16,357	Hancock Whitney Corp.		715,455
	60,853	Janus Henderson Group PLC (United Kingdom)		1,525,585
	72,986	Legg Mason, Inc.		2,441,382
	131,879	Navient Corp.		1,781,685
	111,655	New York Community Bancorp, Inc.		1,298,548
	49,121	Old Republic International Corp.		1,098,345
	21,718	PacWest Bancorp		858,947
	9,821	Pinnacle Financial Partners, Inc.		570,305
	11,033	Reinsurance Group of America, Inc.		1,671,610
	22,074	Stifel Financial Corp.		1,317,155

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	40,039	Umpqua Holdings Corp.	$	695,077
	18,841	Washington Federal, Inc.		624,391
				23,325,939
		Health Care—2.4%
	37,671	Acadia Healthcare Co., Inc.(b)(c)		1,206,226
	28,221	MEDNAX, Inc.(b)		789,341
	68,061	Patterson Cos., Inc.		1,486,452
				3,482,019
		Industrials—18.3%
	75,201	AECOM(b)		2,549,314
	22,147	AGCO Corp.		1,567,565
	55,487	Avis Budget Group, Inc.(b)		1,972,563
	55,074	Colfax Corp.(b)		1,661,582
	12,813	EMCOR Group, Inc.		1,078,086
	17,676	Granite Construction, Inc.		793,476
	64,738	JetBlue Airways Corp.(b)		1,200,890
	40,600	Knight-Swift Transportation Holdings, Inc.		1,354,010
	27,452	ManpowerGroup, Inc.		2,636,490
	24,974	MasTec, Inc.(b)		1,264,933
	12,373	Oshkosh Corp.		1,021,886
	77,152	Resideo Technologies, Inc.(b)		1,751,350
	52,198	Ryder System, Inc.		3,288,474
	27,278	Terex Corp.		909,176
	15,082	Timken Co. (The)		723,182
	81,020	Trinity Industries, Inc.		1,746,791
	17,618	Werner Enterprises, Inc.		590,203
				26,109,971
		Information Technology—11.2%
	32,445	Arrow Electronics, Inc.(b)		2,741,927
	53,466	Avnet, Inc.		2,598,982
	13,206	Belden, Inc.		733,594
	3,746	CACI International, Inc., Class A(b)		730,245
	65,925	Jabil, Inc.		1,991,594
	21,760	NetScout Systems, Inc.(b)		639,744
	27,277	Perspecta, Inc.		629,553
	27,437	SYNNEX Corp.		2,959,904
	27,513	Tech Data Corp.		2,933,161
				15,958,704
		Materials—10.3%
	25,886	Carpenter Technology Corp.		1,285,758
	79,566	Commercial Metals Co.		1,375,696
	32,420	Domtar Corp.		1,585,338
	14,868	Minerals Technologies, Inc.		933,264
	85,680	Olin Corp.		1,858,399
	55,440	Owens-Illinois, Inc.		1,095,494
	24,976	Reliance Steel & Aluminum Co.		2,296,793
	24,269	Silgan Holdings, Inc.		726,614
	24,768	Steel Dynamics, Inc.		784,650
	133,826	United States Steel Corp.		2,087,686
	15,945	Worthington Industries, Inc.		639,873
				14,669,565
		Real Estate—3.6%
	42,546	Alexander & Baldwin, Inc. REIT		1,004,936
	4,920	Jones Lang LaSalle, Inc.		760,484

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25

Invesco S&P Midcap 400^® Pure Value ETF (RFV)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	148,242	Realogy Holdings Corp.(c)	$	1,930,111
	44,567	Sabra Health Care REIT, Inc.		871,731
	73,236	Senior Housing Properties Trust		588,085
				5,155,347
		Total Common Stocks & Other Equity Interests (Cost $124,091,519)		142,707,016
		Money Market Funds—0.1%
	153,691	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $153,691)		153,691
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $124,245,210)—100.1%		142,860,707
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—5.5%
	5,715,019	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		5,715,019
	2,205,880	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		2,206,542
		Total Money Market Funds (Cost $7,921,561)		7,921,561
		Total Investments in Securities (Cost $132,166,771)—105.6%		150,782,268
		Other assets less liabilities—(5.6)%		(8,045,463	)
		Net Assets—100.0%	$	142,736,805

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 April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26

Schedule of Investments^(a)

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—4.0%
	14,265	ATN International, Inc.	$	870,878
	97,867	Care.com, Inc.(b)		1,639,272
	71,495	E.W. Scripps Co. (The), Class A		1,629,371
	104,407	Iridium Communications, Inc.(b)		2,867,016
	42,015	Marcus Corp. (The)		1,580,605
	69,555	QuinStreet, Inc.(b)		992,550
				9,579,692
		Consumer Discretionary—16.6%
	35,117	American Public Education, Inc.(b)		1,123,744
	1,296,772	Ascena Retail Group, Inc.(b)		1,543,159
	41,948	BJ’s Restaurants, Inc.		2,093,625
	123,057	Career Education Corp.(b)		2,233,484
	8,761	Cavco Industries, Inc.(b)		1,093,110
	15,116	Children’s Place, Inc. (The)		1,705,387
	43,114	Crocs, Inc.(b)		1,200,725
	20,982	Dave & Buster’s Entertainment, Inc.		1,192,617
	10,204	Dine Brands Global, Inc.		904,687
	15,022	Dorman Products, Inc.(b)		1,316,979
	78,782	El Pollo Loco Holdings, Inc.(b)		1,006,834
	111,748	Guess?, Inc.		2,276,307
	26,617	iRobot Corp.(b)(c)		2,755,924
	206,582	Liquidity Services, Inc.(b)		1,402,692
	14,449	Monro, Inc.		1,211,260
	102,750	Regis Corp.(b)		1,923,480
	54,389	Ruth’s Hospitality Group, Inc.		1,413,026
	56,384	Shake Shack, Inc., Class A(b)		3,456,339
	62,773	Shoe Carnival, Inc.(c)		2,238,485
	48,330	Sleep Number Corp.(b)		1,681,884
	11,331	Stamps.com, Inc.(b)		972,200
	6,050	Strategic Education, Inc.		867,267
	152,748	Tailored Brands, Inc.(c)		1,244,896
	33,269	Wingstop, Inc.		2,504,157
				39,362,268
		Consumer Staples—4.8%
	1,479,695	Avon Products, Inc. (United Kingdom)(b)		4,705,430
	27,168	Inter Parfums, Inc.		1,969,408
	20,615	Medifast, Inc.		3,024,015
	10,187	WD-40 Co.		1,713,963
				11,412,816
		Energy—10.1%
	150,240	Archrock, Inc.		1,518,925
	95,692	Carrizo Oil & Gas, Inc.(b)		1,226,771
	1,212,606	Denbury Resources, Inc.(b)		2,704,111
	38,689	DMC Global, Inc.		2,681,148
	847,407	HighPoint Resources Corp.(b)		2,321,895
	89,851	KLX Energy Services Holdings, Inc.(b)		2,520,321
	47,730	Penn Virginia Corp.(b)		2,143,077
	1,127,651	Pioneer Energy Services Corp.(b)		1,962,113
	137,646	ProPetro Holding Corp.(b)		3,046,106
	159,882	Renewable Energy Group, Inc.(b)		3,856,354
				23,980,821
		Financials—10.6%
	67,020	Blucora, Inc.(b)		2,345,700
	13,277	City Holding Co.		1,053,928

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	18,383	Community Bank System, Inc.	$	1,221,734
	24,927	eHealth, Inc.(b)		1,514,066
	14,504	FirstCash, Inc.		1,416,751
	18,081	Glacier Bancorp, Inc.		770,070
	32,337	HCI Group, Inc.		1,378,203
	18,133	Independent Bank Corp.		1,454,811
	31,227	LegacyTexas Financial Group, Inc.		1,251,578
	28,368	Navigators Group, Inc. (The)		1,984,058
	89,574	Old National Bancorp.		1,529,924
	106,244	Redwood Trust, Inc.		1,738,152
	22,450	RLI Corp.		1,825,858
	33,405	Seacoast Banking Corp. of Florida(b)		947,366
	48,043	Triumph Bancorp, Inc.(b)		1,489,813
	33,205	United Fire Group, Inc.		1,448,070
	36,936	Universal Insurance Holdings, Inc.		1,100,323
	11,077	Westamerica Bancorp		711,365
				25,181,770
		Health Care—20.1%
	10,568	Addus HomeCare Corp.(b)		717,567
	14,430	AMN Healthcare Services, Inc.(b)		751,226
	39,929	Amphastar Pharmaceuticals, Inc.(b)		862,067
	92,886	AngioDynamics, Inc.(b)		1,907,878
	10,282	BioTelemetry, Inc.(b)		559,341
	64,279	Cardiovascular Systems, Inc.(b)		2,284,476
	35,337	CONMED Corp.		2,828,020
	80,636	Corcept Therapeutics, Inc.(b)		998,274
	13,271	CorVel Corp.(b)		952,858
	23,754	CryoLife, Inc.(b)		728,298
	30,553	Eagle Pharmaceuticals, Inc.(b)		1,570,730
	137,075	Endo International PLC(b)		1,028,063
	24,620	Ensign Group, Inc. (The)		1,268,422
	15,075	Heska Corp.(b)		1,170,725
	37,655	HMS Holdings Corp.(b)		1,145,842
	127,443	Innoviva, Inc.(b)		1,788,025
	17,559	Integer Holdings Corp.(b)		1,213,151
	91,505	Luminex Corp.		2,087,229
	51,004	Medpace Holdings, Inc.(b)		2,864,895
	37,554	Meridian Bioscience, Inc.		432,247
	14,523	Merit Medical Systems, Inc.(b)		815,902
	25,481	Neogen Corp.(b)		1,545,677
	190,676	NeoGenomics, Inc.(b)		3,971,781
	41,539	NextGen Healthcare, Inc.(b)		780,518
	17,156	Omnicell, Inc.(b)		1,378,656
	17,388	REGENXBIO, Inc.(b)		876,355
	23,815	Repligen Corp.(b)		1,604,655
	53,233	Spectrum Pharmaceuticals, Inc.(b)		498,793
	65,549	Supernus Pharmaceuticals, Inc.(b)		2,407,615
	15,917	SurModics, Inc.(b)		691,434
	40,340	Tabula Rasa HealthCare, Inc.(b)(c)		2,148,508
	51,679	Tactile Systems Technology, Inc.(b)		2,571,547
	26,783	Tivity Health, Inc.(b)		579,048
	31,487	Vanda Pharmaceuticals, Inc.(b)		512,923
				47,542,746
		Industrials—12.0%
	18,471	Aerojet Rocketdyne Holdings, Inc.(b)(c)		625,428
	23,309	Aerovironment, Inc.(b)		1,598,065

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	13,163	Albany International Corp., Class A	$	973,667
	10,352	Allegiant Travel Co.		1,520,502
	36,777	Axon Enterprise, Inc.(b)		2,335,339
	58,200	DXP Enterprises, Inc.(b)		2,496,198
	15,081	ESCO Technologies, Inc.		1,131,075
	19,741	Exponent, Inc.		1,117,735
	14,849	Forrester Research, Inc.		755,220
	33,252	Franklin Electric Co., Inc.		1,624,693
	66,020	Harsco Corp.(b)		1,494,693
	51,452	Matson, Inc.		2,038,014
	33,493	Mobile Mini, Inc.		1,206,418
	8,168	National Presto Industries, Inc.		869,892
	12,030	Proto Labs, Inc.(b)		1,320,774
	21,662	Raven Industries, Inc.		842,868
	61,196	SPX Corp.(b)		2,233,654
	6,375	UniFirst Corp.		1,008,079
	12,026	US Ecology, Inc.		733,706
	64,096	Vicor Corp.(b)		2,404,241
				28,330,261
		Information Technology—12.0%
	107,240	3D Systems Corp.(b)(c)		1,141,036
	45,670	8x8, Inc.(b)		1,092,426
	52,186	Agilysys, Inc.(b)		998,318
	43,888	Bottomline Technologies (DE), Inc.(b)		2,219,416
	33,384	Brooks Automation, Inc.		1,252,234
	14,432	Cabot Microelectronics Corp.		1,822,040
	46,685	Cardtronics PLC, Class A(b)		1,669,455
	41,812	CTS Corp.		1,252,269
	179,327	Harmonic, Inc.(b)(c)		1,014,991
	171,233	KEMET Corp.		3,059,934
	91,435	Nanometrics, Inc.(b)		2,723,849
	100,539	Perficient, Inc.(b)		2,959,868
	24,759	SPS Commerce, Inc.(b)		2,568,499
	205,889	Unisys Corp.(b)		2,308,016
	65,057	Viavi Solutions, Inc.(b)		865,258
	28,023	Virtusa Corp.(b)		1,556,678
				28,504,287
		Materials—3.5%
	33,263	Hawkins, Inc.		1,227,737
	20,754	Innospec, Inc.		1,760,354
	23,558	Kaiser Aluminum Corp.		2,318,107
	3,398	Quaker Chemical Corp.		760,541
	246,888	SunCoke Energy, Inc.(b)		2,125,706
				8,192,445
		Real Estate—6.3%
	34,274	Agree Realty Corp.		2,243,919
	89,931	Armada Hoffler Properties, Inc.		1,452,386
	20,469	Community Healthcare Trust, Inc.		746,709
	62,297	Easterly Government Properties, Inc.		1,121,346
	71,723	Four Corners Property Trust, Inc.		2,039,802
	37,445	Innovative Industrial Properties, Inc.(c)		3,188,067
	29,226	Marcus & Millichap, Inc.(b)		1,259,641
	23,812	National Storage Affiliates Trust		696,739

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate (continued)
	48,809	Urstadt Biddle Properties, Inc., Class A	$	1,070,381
	232,932	Washington Prime Group, Inc.(c)		1,036,547
				14,855,537
		Total Common Stocks & Other Equity Interests (Cost $215,459,713)		236,942,643
		Money Market Funds—0.0%
	42,372	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $42,372)		42,372
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $215,502,085)—100.0%		236,985,015
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—4.7%
	8,258,249	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(d)(e)		8,258,249
	2,751,926	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		2,752,752
		Total Money Market Funds (Cost $11,011,001)		11,011,001
		Total Investments in Securities (Cost $226,513,086)—104.7%		247,996,016
		Other assets less liabilities—(4.7)%		(11,042,508	)
		Net Assets—100.0%	$	236,953,508

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28

Schedule of Investments^(a)

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Communication Services—1.5%
	207,033	Frontier Communications Corp.(b)(c)	$	590,044
	140,620	Gannett Co., Inc.		1,311,985
	92,567	New Media Investment Group, Inc.		989,541
				2,891,570
		Consumer Discretionary—33.9%
	67,087	Abercrombie & Fitch Co., Class A		2,005,230
	187,654	American Axle & Manufacturing Holdings, Inc.(b)		2,767,896
	126,470	Barnes & Noble Education, Inc.(b)		543,821
	74,693	Barnes & Noble, Inc.		375,706
	33,564	Big Lots, Inc.		1,247,238
	31,043	Caleres, Inc.		814,258
	93,163	Cato Corp. (The), Class A		1,412,351
	107,426	Century Communities, Inc.(b)		2,731,843
	324,677	Chico’s FAS, Inc.		1,136,370
	53,573	Conn’s, Inc.(b)		1,385,934
	17,690	Cooper Tire & Rubber Co.		528,223
	22,047	Cooper-Standard Holdings, Inc.(b)		1,117,121
	38,743	Core-Mark Holding Co., Inc.		1,408,308
	31,055	Ethan Allen Interiors, Inc.		686,316
	359,688	Express, Inc.(b)		1,323,652
	30,130	Fossil Group, Inc.(b)		393,799
	39,450	GameStop Corp., Class A(c)		341,243
	43,306	Genesco, Inc.(b)		1,940,542
	16,842	G-III Apparel Group Ltd.(b)		726,732
	40,521	Group 1 Automotive, Inc.		3,173,200
	42,507	Haverty Furniture Cos., Inc.		1,012,517
	147,441	Hibbett Sports, Inc.(b)		3,052,029
	876,515	J.C. Penney Co., Inc.(b)(c)		1,200,826
	122,018	Kirkland’s, Inc.(b)		717,466
	14,218	LGI Homes, Inc.(b)		985,450
	19,971	Lithia Motors, Inc., Class A		2,267,108
	103,596	Lumber Liquidators Holdings, Inc.(b)(c)		1,369,539
	93,665	M/I Homes, Inc.(b)		2,638,543
	65,075	MarineMax, Inc.(b)		1,125,147
	46,807	MDC Holdings, Inc.		1,430,422
	46,856	Meritage Homes Corp.(b)		2,396,684
	27,634	Motorcar Parts of America, Inc.(b)		570,918
	660,991	Office Depot, Inc.		1,586,378
	45,958	Red Robin Gourmet Burgers, Inc.(b)		1,472,035
	62,545	Rent-A-Center, Inc.(b)		1,559,247
	154,522	Sonic Automotive, Inc., Class A		3,125,980
	246,877	Superior Industries International, Inc.		1,222,041
	11,124	TopBuild Corp.(b)		792,363
	25,641	Unifi, Inc.(b)		517,948
	50,408	Vera Bradley, Inc.(b)		619,010
	149,750	Vista Outdoor, Inc.(b)(c)		1,292,342
	246,903	Vitamin Shoppe, Inc.(b)		1,550,551
	182,426	William Lyon Homes, Class A(b)		3,075,702
	62,278	Winnebago Industries, Inc.		2,202,773
	53,021	Zumiez, Inc.(b)		1,411,949
				65,254,751
		Consumer Staples—4.5%
	55,099	Andersons, Inc. (The)		1,801,737
	2,573	Central Garden & Pet Co.(b)		69,420
	10,191	Central Garden & Pet Co., Class A(b)		249,476

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Staples (continued)
	361,595	Dean Foods Co.	$	614,712
	48,475	Seneca Foods Corp., Class A(b)		1,199,756
	113,444	SpartanNash Co.		1,834,389
	169,152	United Natural Foods, Inc.(b)		2,185,444
	12,672	Universal Corp.		682,514
				8,637,448
		Energy—8.1%
	52,369	C&J Energy Services, Inc.(b)		735,784
	62,125	Diamond Offshore Drilling, Inc.(b)(c)		603,234
	27,293	Exterran Corp.(b)		388,106
	118,454	Green Plains, Inc.(c)		2,057,546
	114,721	Gulfport Energy Corp.(b)		751,423
	120,731	Helix Energy Solutions Group, Inc.(b)		944,116
	233,619	Laredo Petroleum, Inc.(b)		705,529
	27,511	Matrix Service Co.(b)		539,491
	91,109	Newpark Resources, Inc.(b)		665,096
	26,474	Oil States International, Inc.(b)		511,478
	78,194	Par Pacific Holdings, Inc.(b)		1,527,911
	12,246	REX American Resources Corp.(b)		1,034,909
	64,320	Ring Energy, Inc.(b)		333,178
	20,742	SEACOR Holdings, Inc.(b)		923,849
	139,050	SRC Energy, Inc.(b)		855,157
	316,119	Superior Energy Services, Inc.(b)		1,134,867
	113,708	US Silica Holdings, Inc.(c)		1,798,861
				15,510,535
		Financials—7.0%
	64,064	Ambac Financial Group, Inc.(b)		1,197,997
	19,697	Apollo Commercial Real Estate Finance, Inc.		369,122
	70,669	Capstead Mortgage Corp.		607,047
	47,254	Customers Bancorp, Inc.(b)		1,070,303
	30,494	Donnelley Financial Solutions, Inc.(b)		466,863
	51,402	Encore Capital Group, Inc.(b)(c)		1,452,620
	151,549	EZCORP, Inc., Class A(b)		1,647,338
	30,430	Hope Bancorp, Inc.		427,846
	12,308	Horace Mann Educators Corp.		474,843
	36,303	INTL. FCStone, Inc.(b)		1,472,450
	38,047	Invesco Mortgage Capital, Inc.(d)		620,927
	29,645	Opus Bank		648,336
	14,137	Pacific Premier Bancorp, Inc.		410,962
	24,205	PennyMac Mortgage Investment Trust		508,305
	16,843	PRA Group, Inc.(b)		473,625
	20,288	Stewart Information Services Corp.		862,443
	68,230	Third Point Reinsurance Ltd. (Bermuda)(b)		792,150
				13,503,177
		Health Care—3.7%
	146,621	Assertio Therapeutics, Inc.(b)		611,410
	171,723	Cross Country Healthcare, Inc.(b)		1,210,647
	77,454	Diplomat Pharmacy, Inc.(b)(c)		432,193
	144,472	Invacare Corp.		1,069,093
	110,391	Lannett Co., Inc.(b)(c)		848,907
	31,942	Magellan Health, Inc.(b)		2,235,940
	109,247	Owens & Minor, Inc.		372,532
	22,177	Select Medical Holdings Corp.(b)		318,683
				7,099,405

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)(continued)

April 30, 2019

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials—19.7%
	48,633	ABM Industries, Inc.	$	1,846,595
	48,099	Aegion Corp.(b)		957,651
	12,046	Apogee Enterprises, Inc.		485,454
	39,694	ArcBest Corp.		1,213,049
	35,604	Arcosa, Inc.		1,108,352
	16,458	Astec Industries, Inc.		554,799
	33,233	Atlas Air Worldwide Holdings, Inc.(b)		1,604,822
	86,938	Briggs & Stratton Corp.		1,060,644
	22,973	CIRCOR International, Inc.(b)		774,650
	53,462	Echo Global Logistics, Inc.(b)		1,226,418
	10,485	Encore Wire Corp.		621,656
	23,110	Greenbrier Cos., Inc. (The)		821,098
	169,665	Griffon Corp.		3,328,827
	98,662	Kelly Services, Inc., Class A		2,196,216
	63,882	LSC Communications, Inc.(c)		446,535
	69,478	Lydall, Inc.(b)		1,709,854
	11,272	Matthews International Corp., Class A		451,556
	17,994	Mueller Industries, Inc.		524,885
	28,496	Multi-Color Corp.		1,421,950
	43,114	MYR Group, Inc.(b)		1,558,571
	502,700	Orion Group Holdings, Inc.(b)		1,301,993
	26,159	Patrick Industries, Inc.(b)		1,304,549
	121,493	Pitney Bowes, Inc.		863,815
	18,480	Powell Industries, Inc.		540,540
	51,266	Quanex Building Products Corp.		857,168
	9,879	SkyWest, Inc.		608,448
	13,600	SPX FLOW, Inc.(b)		488,784
	46,850	Team, Inc.(b)		791,765
	210,367	Titan International, Inc.		1,457,843
	41,908	TrueBlue, Inc.(b)		1,012,497
	47,447	Universal Forest Products, Inc.		1,753,167
	59,712	Veritiv Corp.(b)		1,665,368
	80,349	Wabash National Corp.		1,211,663
				37,771,182
		Information Technology—9.1%
	23,811	Anixter International, Inc.(b)		1,496,998
	27,015	Bel Fuse, Inc., Class B		640,256
	53,015	Benchmark Electronics, Inc.		1,432,995
	20,741	Comtech Telecommunications Corp.		488,036
	40,582	Digi International, Inc.(b)		522,290
	43,806	Ichor Holdings Ltd.(b)		1,103,035
	30,792	Insight Enterprises, Inc.(b)		1,742,211
	88,812	Photronics, Inc.(b)		829,504
	45,787	Sanmina Corp.(b)		1,553,095
	43,003	ScanSource, Inc.(b)		1,619,063
	16,424	Sykes Enterprises, Inc.(b)		455,766
	45,678	TiVo Corp.		428,003
	155,324	TTM Technologies, Inc.(b)		2,056,490
	254,625	Ultra Clean Holdings, Inc.(b)		3,047,861
				17,415,603
		Materials—10.8%
	10,718	A. Schulman, Inc., CVR(b)(e)		5,606
	22,867	AdvanSix, Inc.(b)		691,269
	65,155	Boise Cascade Co.		1,804,142
	179,153	Century Aluminum Co.(b)		1,506,677
	77,206	Clearwater Paper Corp.(b)		1,557,245

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Materials (continued)
	18,581	Innophos Holdings, Inc.	$	598,122
	32,127	Koppers Holdings, Inc.(b)		859,076
	62,411	Kraton Corp.(b)		2,048,329
	104,030	Mercer International, Inc. (Canada)		1,473,065
	120,032	Olympic Steel, Inc.		1,946,919
	153,058	PH Glatfelter Co.		2,415,255
	156,632	Rayonier Advanced Materials, Inc.(c)		2,324,419
	16,181	Schweitzer-Mauduit International, Inc., Class A		575,558
	162,358	TimkenSteel Corp.(b)		1,646,310
	24,694	Tredegar Corp.		444,986
	19,493	US Concrete, Inc.(b)		918,705
				20,815,683
		Real Estate—1.7%
	434,758	CBL & Associates Properties, Inc.(c)		439,105
	124,058	Cedar Realty Trust, Inc.		380,858
	27,688	Hersha Hospitality Trust		514,166
	100,483	iStar, Inc.(c)		871,188
	54,392	Summit Hotel Properties, Inc.		631,491
	20,586	Xenia Hotels & Resorts, Inc.		445,687
				3,282,495
		Total Common Stocks & Other Equity Interests (Cost $183,342,616)		192,181,849
		Money Market Funds—0.0%
	71,455	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(f) (Cost $71,455)		71,455
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $183,414,071)-100.0%		192,253,304
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—4.4%
	6,366,137	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(f)(g)		6,366,137
	2,121,411	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(f)(g)		2,122,047
		Total Money Market Funds (Cost $8,488,184)		8,488,184
		Total Investments in Securities (Cost $191,902,255)—104.4%		200,741,488
		Other assets less liabilities—(4.4)%		(8,462,904	)
		Net Assets—100.0%	$	192,278,584

Abbreviations:

CVR—Contingent Value Rights

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)(continued)

April 30, 2019

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  Affiliated company. See Note 4.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(f) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31

Statements of Assets and Liabilities

April 30, 2019

	Invesco S&P  500® Pure Growth ETF (RPG)		Invesco S&P 500® Pure Value ETF (RPV)			Invesco S&P 500® Top 50 ETF (XLG)
Assets:
Unaffiliated investments in securities, at value(a)	$	2,840,511,661	$	915,810,119		$	837,966,764
Affiliated investments in securities, at value		950,966		26,876,930			393,949
Receivable for:
Dividends		1,292,241		1,150,450			655,317
Securities lending		—		5,284			—
Investments sold		—		—			—
Fund shares sold		196,624,866		—			21,233,854
Foreign tax reclaims		—		—			—
Total assets		3,039,379,734		943,842,783			860,249,884
Liabilities:
Due to custodian		—		200,913			—
Payable for:
Investments purchased		196,480,781		—			21,213,936
Collateral upon return of securities loaned		—		14,494,418			—
Fund shares repurchased		—		—			—
Accrued unitary management fees		740,265		263,388			132,019
Accrued expenses		—		596			—
Total liabilities		197,221,046		14,959,315			21,345,955
Net Assets	$	2,842,158,688	$	928,883,468		$	838,903,929
Net assets consist of:
Shares of beneficial interest	$	2,735,595,754	$	1,101,966,713		$	652,689,618
Distributable earnings		106,562,934		(173,083,245	)		186,214,311
Net Assets	$	2,842,158,688	$	928,883,468		$	838,903,929
Shares outstanding (unlimited amount authorized, $0.01 par value)		23,850,299		14,002,836			3,950,785
Net asset value	$	119.17	$	66.34		$	212.34
Market price	$	119.19	$	66.36		$	212.32
Unaffiliated investments in securities, at cost	$	2,325,596,627	$	859,911,733		$	634,401,007
Affiliated investments in securities, at cost	$	950,966	$	25,001,676		$	393,949
(a)Includes securities on loan with an aggregate value of	$	—	$	13,966,986		$	—

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32

Invesco S&P Midcap 400® Pure Growth ETF (RFG)			Invesco S&P MidCap 400® Pure Value ETF (RFV)			Invesco S&P SmallCap 600® Pure Growth ETF (RZG)			Invesco S&P SmallCap 600® Pure Value  ETF (RZV)
$	493,192,845		$	142,707,016		$	236,942,643		$	191,560,922
	10,325,361			8,075,252			11,053,373			9,180,566
	137,562			55,520			31,451			67,838
	968			1,819			8,632			11,550
	—			—			11,558,023			—
	—			—			—			—
	—			—			—			1,306
	503,656,736			150,839,607			259,594,122			200,822,182
	—			16			—			—
	—			140,365			—			—
	9,951,205			7,921,561			11,011,001			8,488,184
	—			—			11,558,686			—
	142,726			40,860			70,927			55,414
	—			—			—			—
	10,093,931			8,102,802			22,640,614			8,543,598
$	493,562,805		$	142,736,805		$	236,953,508		$	192,278,584
$	607,873,653		$	164,066,613		$	309,111,912		$	279,915,782
	(114,310,848	)		(21,329,808	)		(72,158,404	)		(87,637,198	)
$	493,562,805		$	142,736,805		$	236,953,508		$	192,278,584
	3,250,021			2,050,499			2,050,004			2,850,040
$	151.86		$	69.61		$	115.59		$	67.47
$	151.97		$	69.69		$	115.58		$	67.53
$	421,393,303		$	124,091,519		$	215,459,713		$	182,719,162
$	10,325,361		$	8,075,252		$	11,053,373		$	9,183,093
$	9,864,873		$	7,569,936		$	10,611,097		$	8,022,995

33

Statements of Operations

For the year ended April 30, 2019

	Invesco S&P 500® Pure Growth  ETF (RPG)			Invesco S&P 500® Pure Value  ETF (RPV)			Invesco S&P 500® Top 50 ETF  (XLG)
Investment income:
Unaffiliated dividend income	$	21,126,625		$	23,890,086		$	15,322,380
Affiliated dividend income		19,159			268,130			9,924
Non-cash dividend income		—			—			230,493
Securities lending income		88,010			28,065			—
Foreign witholding tax		—			—			—
Total investment income		21,233,794			24,186,281			15,562,797
Expenses:
Unitary management fees		8,398,311			3,202,836			1,492,502
Other expenses		—			617			—
Total expenses		8,398,311			3,203,453			1,492,502
Less: Waivers		(1,608	)		(1,606	)		(862	)
Net expenses		8,396,703			3,201,847			1,491,640
Net investment income		12,837,091			20,984,434			14,071,157
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(190,370,527	)		(74,568,314	)		(7,447,710	)
Affiliated investment securities		—			(66,903	)		—
Unaffiliated in-kind redemptions		245,113,429			44,935,074			60,349,529
Affiliated in-kind redemptions		—			107,768			—
Net realized gain (loss)		54,742,902			(29,592,375	)		52,901,819
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		106,676,629			17,822,295			35,383,349
Affiliated investment securities		—			2,122,123			—
Change in unrealized appreciation (depreciation)		106,676,629			19,944,418			35,383,349
Net realized and unrealized gain (loss)		161,419,531			(9,647,957	)		88,285,168
Net increase (decrease) in net assets resulting from operations	$	174,256,622		$	11,336,477		$	102,356,325

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34

Invesco S&P Midcap 400® Pure Growth ETF (RFG)			Invesco S&P MidCap 400® Pure Value ETF (RFV)			Invesco S&P SmallCap 600® Pure Growth ETF (RZG)			Invesco S&P SmallCap 600® Pure Value ETF (RZV)
$	4,462,705		$	1,762,297		$	1,675,796		$	2,913,963
	8,444			10,257			2,299			71,606
	1,454,296			—			—			—
	10,410			33,073			133,157			154,681
	—			—			—			(1,900	)
	5,935,855			1,805,627			1,811,252			3,138,350
	1,990,495			407,005			1,032,676			633,238
	—			—			—			—
	1,990,495			407,005			1,032,676			633,238
	(705	)		(693	)		(208	)		(256	)
	1,989,790			406,312			1,032,468			632,982
	3,946,065			1,399,315			778,784			2,505,368
	(114,122,598	)		(14,767,948	)		(57,755,085	)		(37,345,534	)
	—			—			—			(88,275	)
	65,513,957			4,822,346			53,684,541			8,976,735
	—			—			—			(919	)
	(48,608,641	)		(9,945,602	)		(4,070,544	)		(28,457,993	)
	28,123,582			20,989,667			(4,396,199	)		21,188,133
	—			—			—			77,636
	28,123,582			20,989,667			(4,396,199	)		21,265,769
	(20,485,059	)		11,044,065			(8,466,743	)		(7,192,224	)
$	(16,538,994	)	$	12,443,380		$	(7,687,959	)	$	(4,686,856	)

35

Statements of Changes in Net Assets

For the year ended April 30, 2019, the period November 1, 2017 through April 30, 2018 and the year ended October 31, 2017

	Invesco S&P 500® Pure Growth ETF (RPG)									Invesco S&P 500® Pure Value ETF (RPV)
	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017			Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
Operations:
Net investment income	$	12,837,091		$	5,471,220		$	10,168,511		$	20,984,434		$	8,567,969		$	16,965,268
Net realized gain (loss)		54,742,902			246,611,044			88,028,423			(29,592,375	)		80,151,491			44,548,648
Change in net unrealized appreciation (depreciation)		106,676,629			(119,773,928	)		371,208,577			19,944,418			(28,786,043	)		91,626,516
Net increase (decrease) in net assets resulting from operations		174,256,622			132,308,336			469,405,511			11,336,477			59,933,417			153,140,432
Distributions to Shareholders from:
Distributable earnings		(11,700,928	)		(5,229,876	)		(13,278,946	)		(20,818,512	)		(8,749,124	)		(16,800,045	)
Shareholder Transactions:
Proceeds from shares sold		1,493,867,737			1,044,825,329			501,015,089			457,558,632			373,377,228			545,805,294
Value of shares repurchased		(1,160,011,393	)		(1,041,113,616	)		(511,770,658	)		(401,585,419	)		(372,675,931	)		(571,302,183	)
Net increase (decrease) in net assets resulting from share transactions		333,856,344			3,711,713			(10,755,569	)		55,973,213			701,297			(25,496,889	)
Net increase (decrease) in net assets		496,412,038			130,790,173			445,370,996			46,491,178			51,885,590			110,843,498
Net assets:
Beginning of period		2,345,746,650			2,214,956,477			1,769,585,481			882,392,290			830,506,700			719,663,202
End of period	$	2,842,158,688		$	2,345,746,650		$	2,214,956,477		$	928,883,468		$	882,392,290		$	830,506,700
Changes in Shares Outstanding:
Shares sold		13,900,000			9,950,000			5,750,000			7,450,000			5,700,000			9,350,000
Shares repurchased		(11,550,000	)		(9,850,000	)		(5,900,000	)		(6,750,000	)		(5,700,000	)		(9,800,000	)
Shares outstanding, beginning of period		21,500,299			21,400,299			21,550,299			13,302,836			13,302,836			13,752,836
Shares outstanding, end of period		23,850,299			21,500,299			21,400,299			14,002,836			13,302,836			13,302,836

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

36

Invesco S&P 500® Top 50 ETF (XLG)									Invesco S&P Midcap 400® Pure Growth ETF (RFG)
Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017			Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
$	14,071,157		$	6,512,498		$	12,772,295		$	3,946,065		$	859,901		$	3,616,681
	52,901,819			19,258,602			18,737,200			(48,608,641	)		56,197,782			35,666,592
	35,383,349			(5,269,131	)		107,309,944			28,123,582			(36,008,957	)		88,865,358
	102,356,325			20,501,969			138,819,439			(16,538,994	)		21,048,726			128,148,631
	(14,318,678	)		(6,688,046	)		(12,471,172	)		(4,283,416	)		(1,653,088	)		(3,297,427	)
	211,912,221			29,024,718			41,498,147			201,430,427			168,230,814			207,728,198
	(144,537,082	)		(46,058,616	)		(58,937,433	)		(282,457,176	)		(177,384,374	)		(266,029,211	)
	67,375,139			(17,033,898	)		(17,439,286	)		(81,026,749	)		(9,153,560	)		(58,301,013	)
	155,412,786			(3,219,975	)		108,908,981			(101,849,159	)		10,242,078			66,550,191
	683,491,143			686,711,118			577,802,137			595,411,964			585,169,886			518,619,695
$	838,903,929		$	683,491,143		$	686,711,118		$	493,562,805		$	595,411,964		$	585,169,886
	1,050,000			150,000			250,000			1,400,000			1,100,000			1,550,000
	(750,000	)		(250,000	)		(350,000	)		(2,000,000	)		(1,150,000	)		(2,000,000	)
	3,650,785			3,750,785			3,850,785			3,850,021			3,900,021			4,350,021
	3,950,785			3,650,785			3,750,785			3,250,021			3,850,021			3,900,021

37

Statements of Changes in Net Assets(continued)

For the year ended April 30, 2019, the period November 1, 2017 through April 30, 2018 and the year ended October 31, 2017

	Invesco S&P MidCap 400® Pure Value ETF (RFV)									Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017			Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
Operations:
Net investment income	$	1,399,315		$	818,825		$	2,066,448		$	778,784		$	780,509		$	849,033
Net realized gain (loss)		(9,945,602	)		10,884,099			32,729,206			(4,070,544	)		13,524,865			18,296,851
Change in net unrealized appreciation (depreciation)		20,989,667			(9,879,123	)		(1,639,552	)		(4,396,199	)		(6,428,921	)		33,649,878
Net increase (decrease) in net assets resulting from operations		12,443,380			1,823,801			33,156,102			(7,687,959	)		7,876,453			52,795,762
Distributions to Shareholders from:
Distributable earnings		(1,390,448	)		(873,890	)		(1,979,370	)		(1,100,625	)		(831,382	)		(850,483	)
Shareholder Transactions:
Proceeds from shares sold		61,713,395			50,825,161			116,728,819			241,193,771			68,655,989			135,684,810
Value of shares repurchased		(31,919,256	)		(57,900,402	)		(205,643,868	)		(258,630,704	)		(51,425,729	)		(101,636,207	)
Net increase (decrease) in net assets resulting from share transactions		29,794,139			(7,075,241	)		(88,915,049	)		(17,436,933	)		17,230,260			34,048,603
Net increase (decrease) in net assets		40,847,071			(6,125,330	)		(57,738,317	)		(26,225,517	)		24,275,331			85,993,882
Net assets:
Beginning of period		101,889,734			108,015,064			165,753,381			263,179,025			238,903,694			152,909,812
End of period	$	142,736,805		$	101,889,734		$	108,015,064		$	236,953,508		$	263,179,025		$	238,903,694
Changes in Shares Outstanding:
Shares sold		1,050,000			750,000			1,850,000			2,050,000			600,000			1,350,000
Shares repurchased		(550,000	)		(850,000	)		(3,300,000	)		(2,300,000	)		(450,000	)		(1,050,000	)
Shares outstanding, beginning of period		1,550,499			1,650,499			3,100,499			2,300,004			2,150,004			1,850,004
Shares outstanding, end of period		2,050,499			1,550,499			1,650,499			2,050,004			2,300,004			2,150,004

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38

Invesco S&P SmallCap 600® Pure Value ETF (RZV)
Year Ended April 30, 2019			Six Months Ended April 30, 2018			Year Ended October 31, 2017
$	2,505,368		$	1,157,018		$	2,039,640
	(28,457,993	)		22,889,624			24,663,508
	21,265,769			(20,216,552	)		795,078
	(4,686,856	)		3,830,090			27,498,226
	(2,712,991	)		(1,184,577	)		(1,947,059	)
	98,052,973			60,654,896			239,701,459
	(62,999,201	)		(135,470,342	)		(222,122,975	)
	35,053,772			(74,815,446	)		17,578,484
	27,653,925			(72,169,933	)		43,129,651
	164,624,659			236,794,592			193,664,941
$	192,278,584		$	164,624,659		$	236,794,592
	1,550,000			850,000			3,300,000
	(1,000,000	)		(1,900,000	)		(3,150,000	)
	2,300,040			3,350,040			3,200,040
	2,850,040			2,300,040			3,350,040

39

Financial Highlights

Invesco S&P 500^® Pure Growth ETF (RPG)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	109.10		$	103.50		$	82.11		$	82.93		$	78.96		$	66.12
Net investment income(a)		0.60			0.25			0.47			0.59			0.52			0.55
Net realized and unrealized gain (loss) on investments		10.04			5.55			21.52			(0.95	)		3.93			12.81
Total from investment operations		10.64			5.80			21.99			(0.36	)		4.45			13.36
Distributions to shareholders from:
Net investment income		(0.57	)		(0.20	)		(0.60	)		(0.46	)		(0.48	)		(0.52	)
Net asset value at end of period	$	119.17		$	109.10		$	103.50		$	82.11		$	82.93		$	78.96
Market price at end of period(b)	$	119.19		$	109.20
Net Asset Value Total Return(c)		9.79	%		5.61	%		26.87	%		(0.42	)%		5.65	%		20.24	%
Market Price Total Return(c)		9.71	%		5.71	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	2,842,159		$	2,345,747		$	2,214,956		$	1,769,585		$	2,338,586		$	1,792,516
Ratio to average net assets of:
Expenses		0.35	%		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.53	%		0.47	%(d)		0.52	%		0.74	%		0.64	%		0.74	%
Portfolio turnover rate(e)		64	%		52	%		58	%		67	%		62	%		46	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

40

Financial Highlights(continued)

Invesco S&P 500^® Pure Value ETF (RPV)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	66.33		$	62.43		$	52.33		$	51.45		$	54.14		$	46.51
Net investment income(a)		1.49			0.63			1.11			1.17			1.12			0.90
Net realized and unrealized gain (loss) on investments		(0.01	)		3.84			10.05			0.81			(2.70	)		7.50
Total from investment operations		1.48			4.47			11.16			1.98			(1.58	)		8.40
Distributions to shareholders from:
Net investment income		(1.47	)		(0.57	)		(1.06	)		(1.10	)		(1.11	)		(0.77	)
Net asset value at end of period	$	66.34		$	66.33		$	62.43		$	52.33		$	51.45		$	54.14
Market price at end of period(b)	$	66.36		$	66.38
Net Asset Value Total Return(c)		2.37	%		7.17	%		21.44	%		3.94	%		(2.94	)%		18.13	%
Market Price Total Return(c)		2.33	%		7.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	928,883		$	882,392		$	830,507		$	719,663		$	813,029		$	1,275,062
Ratio to average net assets of:
Expenses		0.35	%		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		2.29	%		1.94	%(d)		1.89	%		2.32	%		2.09	%		1.74	%
Portfolio turnover rate(e)		37	%		35	%		46	%		44	%		54	%		25	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

Invesco S&P 500^® Top 50 ETF (XLG)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	187.22		$	183.08		$	150.05		$	145.93		$	140.87		$	123.06
Net investment income(a)		3.72			1.71			3.35			3.12			3.00			2.74
Net realized and unrealized gain on investments		25.18			4.18			32.95			4.09			5.09			17.82
Total from investment operations		28.90			5.89			36.30			7.21			8.09			20.56
Distributions to shareholders from:
Net investment income		(3.78	)		(1.75	)		(3.27	)		(3.09	)		(3.03	)		(2.75	)
Net asset value at end of period	$	212.34		$	187.22		$	183.08		$	150.05		$	145.93		$	140.87
Market price at end of period(b)	$	212.32		$	187.43
Net Asset Value Total Return(c)		15.64	%		3.20	%		24.40	%		4.99	%		5.87	%		16.86	%
Market Price Total Return(c)		15.50	%		3.20	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	838,904		$	683,491		$	686,711		$	577,802		$	496,264		$	598,797
Ratio to average net assets of:
Expenses		0.20	%		0.20	%(d)		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.89	%		1.81	%(d)		2.00	%		2.13	%		2.11	%		2.08	%
Portfolio turnover rate(e)		8	%		1	%		4	%		7	%		8	%		6	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

41

Financial Highlights(continued)

Invesco S&P Midcap 400^® Pure Growth ETF (RFG)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	154.65		$	150.04		$	119.22		$	128.31		$	123.30		$	115.31
Net investment income(a)		1.07			0.22			0.90			0.59			0.70			0.75
Net realized and unrealized gain (loss) on investments		(2.69	)		4.77			30.73			(9.10	)		5.10			7.93
Total from investment operations		(1.62	)		4.99			31.63			(8.51	)		5.80			8.68
Distributions to shareholders from:
Net investment income		(1.17	)		(0.38	)		(0.81	)		(0.58	)		(0.71	)		(0.69	)
Return of capital		—			—			—			—			(0.08	)		—
Total distributions		(1.17	)		(0.38	)		(0.81	)		(0.58	)		(0.79	)		(0.69	)
Net asset value at end of period	$	151.86		$	154.65		$	150.04		$	119.22		$	128.31		$	123.30
Market price at end of period(b)	$	151.97		$	154.80
Net Asset Value Total Return(c)		(1.05	)%		3.32	%		26.59	%		(6.65	)%		4.71	%		7.53	%
Market Price Total Return(c)		(1.07	)%		3.45	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	493,563		$	595,412		$	585,170		$	518,620		$	769,872		$	745,942
Ratio to average net assets of:
Expenses		0.35	%		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.69	%		0.29	%(d)		0.66	%		0.48	%		0.54	%		0.62	%
Portfolio turnover rate(e)		86	%		70	%		81	%		78	%		102	%		75	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

42

Financial Highlights(continued)

Invesco S&P Midcap 400^® Pure Value ETF (RFV)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	65.71		$	65.44		$	53.46		$	50.79		$	52.71		$	48.42
Net investment income(a)		0.81			0.49			0.75			0.69			0.86			0.71
Net realized and unrealized gain (loss) on investments		3.90			0.21			12.01			2.65			(1.96	)		4.18
Total from investment operations		4.71			0.70			12.76			3.34			(1.10	)		4.89
Distributions to shareholders from:
Net investment income		(0.81	)		(0.43	)		(0.78	)		(0.67	)		(0.82	)		(0.60	)
Net asset value at end of period	$	69.61		$	65.71		$	65.44		$	53.46		$	50.79		$	52.71
Market price at end of period(b)	$	69.69		$	65.78
Net Asset Value Total Return(c)		7.25	%		1.05	%		23.93	%		6.65	%		(2.12	)%		10.14	%
Market Price Total Return(c)		7.25	%		1.19	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	142,737		$	101,890		$	108,015		$	165,753		$	104,142		$	118,631
Ratio to average net assets of:
Expenses		0.35	%		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.20	%		1.47	%(d)		1.21	%		1.36	%		1.62	%		1.38	%
Portfolio turnover rate(e)		57	%		44	%		76	%		47	%		59	%		40	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	114.43		$	111.12		$	82.65		$	85.26		$	80.56		$	74.23
Net investment income(a)		0.32			0.36			0.46			0.79			0.47			0.31
Net realized and unrealized gain (loss) on investments		1.32			3.33			28.43			(2.69	)		4.70			6.33
Total from investment operations		1.64			3.69			28.89			(1.90	)		5.17			6.64
Distributions to shareholders from:
Net investment income		(0.48	)		(0.38	)		(0.42	)		(0.71	)		(0.47	)		(0.31	)
Net asset value at end of period	$	115.59		$	114.43		$	111.12		$	82.65		$	85.26		$	80.56
Market price at end of period(b)	$	115.58		$	114.61
Net Asset Value Total Return(c)		1.43	%		3.32	%		35.01	%		(2.20	)%		6.42	%		8.96	%
Market Price Total Return(c)		1.26	%		3.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	236,954		$	263,179		$	238,904		$	152,910		$	225,933		$	104,723
Ratio to average net assets of:
Expenses		0.35	%		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.26	%		0.64	%(d)		0.45	%		0.97	%		0.55	%		0.39	%
Portfolio turnover rate(e)		71	%		56	%		70	%		92	%		62	%		78	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

43

Financial Highlights(continued)

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)

	Year Ended April 30, 2019			Six Months Ended April 30, 2018			Years Ended October 31,
							2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	71.57		$	70.68		$	60.52		$	57.76		$	62.54		$	57.37
Net investment income(a)		0.99			0.46			0.62			0.47			0.71			0.44
Net realized and unrealized gain (loss) on investments		(4.02	)		0.86			10.18			2.69			(4.79	)		5.14
Total from investment operations		(3.03	)		1.32			10.80			3.16			(4.08	)		5.58
Distributions to shareholders from:
Net investment income		(1.07	)		(0.43	)		(0.64	)		(0.40	)		(0.70	)		(0.41	)
Net asset value at end of period	$	67.47		$	71.57		$	70.68		$	60.52		$	57.76		$	62.54
Market price at end of period(b)	$	67.53		$	71.64
Net Asset Value Total Return(c)		(4.27	)%		1.87	%		17.88	%		5.50	%		(6.60	)%		9.73	%
Market Price Total Return(c)		(4.28	)%		1.76	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	192,279		$	164,625		$	236,795		$	193,665		$	150,190		$	171,990
Ratio to average net assets of:
Expenses		0.35	%		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.38	%		1.28	%(d)		0.91	%		0.83	%		1.15	%		0.73	%
Portfolio turnover rate(e)		52	%		48	%		68	%		51	%		52	%		51	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2019

NOTE 1—Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco S&P 500® Pure Growth ETF (RPG)	“S&P 500® Pure Growth ETF”
Invesco S&P 500® Pure Value ETF (RPV)	“S&P 500® Pure Value ETF”
Invesco S&P 500® Top 50 ETF (XLG)	“S&P 500® Top 50 ETF”
Invesco S&P Midcap 400® Pure Growth ETF (RFG)	“S&P Midcap 400® Pure Growth ETF”
Invesco S&P Midcap 400® Pure Value ETF (RFV)	“S&P Midcap 400® Pure Value ETF”
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)	“S&P SmallCap 600® Pure Growth ETF”
Invesco S&P SmallCap 600® Pure Value ETF (RZV)	“S&P SmallCap 600® Pure Value ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s shares are listed and traded on NYSE Arca, Inc.

The market price of each Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each of the Funds is to replicate as closely as possible, before fees and expenses, the daily performance of its respective index listed below (each, an Underlying Index):

Fund	Underlying Index
S&P 500® Pure Growth ETF	S&P 500® Pure Growth Index
S&P 500® Pure Value ETF	S&P 500® Pure Value Index
S&P 500® Top 50 ETF	S&P 500® Top 50 Index
S&P Midcap 400® Pure Growth ETF	S&P MidCap 400® Pure Growth Index
S&P Midcap 400® Pure Value ETF	S&P MidCap 400® Pure Value Index
S&P SmallCap 600® Pure Growth ETF	S&P SmallCap 600® Pure Growth Index
S&P SmallCap 600® Pure Value ETF	S&P SmallCap 600® Pure Value Index

NOTE 2—Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946,Financial Services—Investment Companies.

A. Security Valuation— Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions 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.

B. Other Risks

Authorized Participant Concentration Risk.Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for Funds that invest in non-U.S. securities, which may have lower trading volumes.

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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 particular industries will become negative. 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.

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 faces 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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Non-Correlation Risk.Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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 Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk.Each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer’s securities could cause greater fluctuations in the value of the Shares 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.

Index Risk.Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

Small-and Mid-Capitalization Company Risk.For certain Funds, 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.

C. 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 the accrual basis from settlement date. 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. 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 each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each 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.

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D. Country Determination— For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders— Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on 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.

F. 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.

G. Expenses— Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that 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.

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 advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

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.

H. 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.

I. 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 his 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. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending— During the fiscal year ended April 30, 2019, Invesco S&P 500^® Pure Growth ETF, Invesco S&P 500^® Pure Value ETF, Invesco S&P MidCap 400^® Pure Growth ETF, Invesco S&P MidCap 400^® Pure Value ETF, Invesco S&P SmallCap 600^® Pure Growth ETF and Invesco S&P SmallCap 600^® Pure Value ETF participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk

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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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

K. Distributions from Distributable Earnings— In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.

For the period November 1, 2017 through April 30, 2018 and the fiscal year ended October 31, 2017, distributions from distributable earnings consisted of distributions from net investment income.

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 each Fund’s investments, managing each Fund’s 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 equal to a percentage of its average daily net assets as follows:

	Unitary Management Fees (as a % of Net Assets)
S&P 500® Pure Growth ETF	0.35%
S&P 500® Pure Value ETF	0.35%
S&P 500® Top 50 ETF	0.20%
S&P Midcap 400® Pure Growth ETF	0.35%
S&P Midcap 400® Pure Value ETF	0.35%
S&P SmallCap 600® Pure Growth ETF	0.35%
S&P SmallCap 600® Pure Value ETF	0.35%

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 advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expense of the Fund (excluding interest expenses, brokerage commissions and other trading expenses, taxes and litigation expenses, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding a percentage of the Fund’s average daily net assets per year (the “Expense Cap’’) through at least April 6, 2020, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration. For each Fund, the Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap. The limits are listed below:

	Expense Caps	Contract End Date
S&P 500® Pure Growth ETF	0.35%	04/06/20
S&P 500® Pure Value ETF	0.35%	04/06/20
S&P 500® Top 50 ETF	0.20%	04/06/20
S&P Midcap 400® Pure Growth ETF	0.35%	04/06/20
S&P Midcap 400® Pure Value ETF	0.35%	04/06/20
S&P SmallCap 600® Pure Growth ETF	0.35%	04/06/20
S&P SmallCap 600® Pure Value ETF	0.35%	04/06/20

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Additionally, through at least August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investment in money market funds managed by that affiliate (excluding investment of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the year ended April 30, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

S&P 500® Pure Growth ETF	$	1,608
S&P 500® Pure Value ETF		1,606
S&P 500® Top 50 ETF		862
S&P Midcap 400® Pure Growth ETF		705
S&P Midcap 400® Pure Value ETF		693
S&P SmallCap 600® Pure Growth ETF		208
S&P SmallCap 600® Pure Value ETF		256

The Trust has entered in 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 Trust has entered into service agreements whereby The Bank of New York Mellon, 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.

The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

NOTE 4—Investments in Affiliates

The Adviser and Invesco Mortgage Capital, Inc. are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. are considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the fiscal year ended April 30, 2019.

S&P 500^® Pure Value ETF

	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2019		Dividend Income
Invesco Ltd.	$	2,388,779	$	9,161,425	$	(1,330,680	)	$	2,122,123	$	40,865	$	12,382,512	$	247,148

S&P SmallCap 600^® Pure Value ETF

	Value April 30, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2019		Dividend Income
Invesco Mortgage Capital, Inc.	$	682,894	$	454,910	$	(505,319	)	$	77,636	$	(89,194	)	$	620,927	$	68,751

NOTE 5—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

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Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Fund listed below, as of April 30, 2019, all of the securities in each Fund 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
S&P SmallCap 600® Pure Value ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	192,176,243	$	—	$	5,606	$	192,181,849
Money Market Funds		8,559,639		—		—		8,559,639
Total Investments	$	200,735,882	$	—	$	5,606	$	200,741,488

NOTE 6—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholder Paid During the Year Ended April 30, 2019, Period November 1, 2017 to April 30, 2018 and Year Ended October 31, 2017:

	2019		2018		2017
	Ordinary Income		Ordinary Income		Ordinary Income
S&P 500® Pure Growth ETF	$	11,700,928	$	5,229,876	$	13,278,946
S&P 500® Pure Value ETF		20,818,512		8,749,124		16,800,045
S&P 500® Top 50 ETF		14,318,678		6,688,046		12,471,172
S&P Midcap 400® Pure Growth ETF		4,283,416		1,653,088		3,297,427
S&P Midcap 400® Pure Value ETF		1,390,448		873,890		1,979,370
S&P SmallCap 600® Pure Growth ETF		1,100,625		831,382		850,483
S&P SmallCap 600® Pure Value ETF		2,712,991		1,184,577		1,947,059

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Net Unrealized Appreciation- Investments		Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
S&P 500® Pure Growth ETF	$	1,898,173	$	514,572,553	$	(409,907,792	)	$	2,735,595,754	$	2,842,158,688
S&P 500® Pure Value ETF		1,085,557		54,800,782		(228,969,584	)		1,101,966,713		928,883,468
S&P 500® Top 50 ETF		907,375		202,510,911		(17,203,975	)		652,689,618		838,903,929
S&P Midcap 400® Pure Growth ETF		—		71,216,680		(185,527,528	)		607,873,653		493,562,805
S&P Midcap 400® Pure Value ETF		57,822		18,098,654		(39,486,284	)		164,066,613		142,736,805
S&P SmallCap 600® Pure Growth ETF		—		20,603,819		(92,762,223	)		309,111,912		236,953,508
S&P SmallCap 600® Pure Value ETF		—		7,266,769		(94,903,967	)		279,915,782		192,278,584

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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.

51

The following table presents available capital loss carryforwards for each Fund as of April 30, 2019:

	Post-effective/no expiration
	Short-Term		Long-Term		Total*
S&P 500® Pure Growth ETF	$	236,025,344	$	173,882,448	$	409,907,792
S&P 500® Pure Value ETF		80,546,163		148,423,421		228,969,584
S&P 500® Top 50 ETF		5,036,434		12,167,541		17,203,975
S&P Midcap 400® Pure Growth ETF		108,921,726		76,605,802		185,527,528
S&P Midcap 400® Pure Value ETF		19,599,251		19,887,033		39,486,284
S&P SmallCap 600® Pure Growth ETF		63,771,012		28,991,211		92,762,223
S&P SmallCap 600® Pure Value ETF		44,033,267		50,870,700		94,903,967

* Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7—Investment Transactions

For the fiscal year ended April 30, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
S&P 500® Pure Growth ETF	$	1,555,463,907	$	1,541,486,573
S&P 500® Pure Value ETF		341,718,252		334,554,244
S&P 500® Top 50 ETF		58,732,813		62,953,358
S&P Midcap 400® Pure Growth ETF		485,283,340		489,983,610
S&P Midcap 400® Pure Value ETF		66,576,555		67,405,388
S&P SmallCap 600® Pure Growth ETF		208,562,310		216,629,851
S&P SmallCap 600® Pure Value ETF		93,395,527		93,322,287

For the fiscal year ended April 30, 2019, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
S&P 500® Pure Growth ETF	$	1,493,462,719	$	1,171,531,118
S&P 500® Pure Value ETF		456,427,870		407,397,924
S&P 500® Top 50 ETF		211,716,263		141,200,222
S&P Midcap 400® Pure Growth ETF		200,812,031		277,013,385
S&P Midcap 400® Pure Value ETF		60,853,011		30,248,965
S&P SmallCap 600® Pure Growth ETF		240,513,402		249,890,266
S&P SmallCap 600® Pure Value ETF		97,970,361		62,921,507

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

At April 30, 2019, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)		Cost
S&P 500® Pure Growth ETF	$	531,636,371	$	(17,063,818	)	$	514,572,553	$	2,326,890,074
S&P 500® Pure Value ETF		106,651,751		(51,850,969	)		54,800,782		887,886,267
S&P 500® Top 50 ETF		240,783,929		(38,273,018	)		202,510,911		635,849,802
S&P Midcap 400® Pure Growth ETF		84,189,873		(12,973,193	)		71,216,680		432,301,526
S&P Midcap 400® Pure Value ETF		24,213,007		(6,114,353	)		18,098,654		132,683,614
S&P SmallCap 600® Pure Growth ETF		31,561,193		(10,957,374	)		20,603,819		227,392,197
S&P SmallCap 600® Pure Value ETF		31,133,981		(23,867,212	)		7,266,769		193,474,719

52

NOTE 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2019, the reclassifications were as follows:

	Undistributed Net Investment Income		Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
S&P 500® Pure Growth ETF	$	—	$	(244,871,808	)	$	244,871,808
S&P 500® Pure Value ETF		—		(43,850,547	)		43,850,547
S&P 500® Top 50 ETF		—		(56,433,282	)		56,433,282
S&P Midcap 400® Pure Growth ETF		337,351		(64,632,059	)		64,294,708
S&P Midcap 400® Pure Value ETF		—		(4,544,613	)		4,544,613
S&P SmallCap 600® Pure Growth ETF		284,028		(52,397,974	)		52,113,946
S&P SmallCap 600® Pure Value ETF		86,637		(8,455,285	)		8,368,648

NOTE 9—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for 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 his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10—Capital

Shares are issued and redeemed by the Funds only in creation unit size aggregations of 50,000 to 100,000 Shares. Transactions are permitted on an in-kind basis, with a separate cash payment, which is balancing each component to equate the transaction to the net asset value per share of the Fund on the transaction date.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

53

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco S&P 500^® Pure Growth ETF, Invesco S&P 500^® Pure Value ETF, Invesco S&P 500^® Top 50 ETF, Invesco S&P MidCap 400^® Pure Growth ETF, Invesco S&P MidCap 400^® Pure Value ETF, Invesco S&P SmallCap 600^® Pure Growth ETF and Invesco S&P SmallCap 600^® Pure Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2019, the related statements of operations for the year ended April 30, 2019, the statements of changes in net assets and the financial highlights for the year ended April 30, 2019 and for the six months ended April 30, 2018, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2019, the results of each of their operations for the year ended April 30, 2019, the changes in each of their net assets and the financial highlights for the year ended April 30, 2019 and for the six months ended April 30, 2018, in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Predecessor Fund
Invesco S&P 500® Pure Growth ETF	Guggenheim S&P 500® Pure Growth ETF
Invesco S&P 500® Pure Value ETF	Guggenheim S&P 500® Pure Value ETF
Invesco S&P 500® Top 50 ETF	Guggenheim S&P 500® Top 50 ETF
Invesco S&P MidCap 400® Pure Growth ETF	Guggenheim S&P MidCap 400® Pure Growth ETF
Invesco S&P MidCap 400® Pure Value ETF	Guggenheim S&P MidCap 400® Pure Value ETF
Invesco S&P SmallCap 600® Pure Growth ETF	Guggenheim S&P SmallCap 600® Pure Growth ETF
Invesco S&P SmallCap 600® Pure Value ETF	Guggenheim S&P SmallCap 600® Pure Value ETF

The financial statements of the Predecessor Funds listed in the table above as of and for the year ended October 31, 2017 and the financial highlights for each of the years ended on or prior to October 31, 2017 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated December 21, 2017 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2019

54

Report of Independent Registered Public Accounting Firm(continued)

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

55

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. 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 through the six-month period ended April 30, 2019.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P 500® Pure Growth ETF (RPG)
Actual	$	1,000.00	$	1,108.90		0.35	%	$	1.83
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35			1.76
Invesco S&P 500® Pure Value ETF (RPV)
Actual		1,000.00		1,037.70		0.35			1.77
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35			1.76
Invesco S&P 500® Top 50 ETF (XLG)
Actual		1,000.00		1,094.60		0.20			1.04
Hypothetical (5% return before expenses)		1,000.00		1,023.80		0.20			1.00
Invesco S&P Midcap 400® Pure Growth ETF (RFG)
Actual		1,000.00		1,038.00		0.35			1.77
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35			1.76
Invesco S&P Midcap 400® Pure Value ETF (RFV)
Actual		1,000.00		1,070.30		0.35			1.80
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35			1.76
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
Actual		1,000.00		982.20		0.35			1.72
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35			1.76

56

Calculating your ongoing Fund expenses(continued)

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P SmallCap 600® Pure Value ETF (RZV)
Actual	$	1,000.00	$	977.60		0.35	%	$	1.72
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35			1.76

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

57

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2019:

	Qualified Dividend Income*			Corporate Dividends Received Deduction*
Invesco S&P 500® Pure Growth ETF		100	%		100	%
Invesco S&P 500® Pure Value ETF		100	%		100	%
Invesco S&P 500® Top 50 ETF		100	%		99	%
Invesco S&P MidCap 400® Pure Growth ETF		93	%		93	%
Invesco S&P MidCap 400® Pure Value ETF		100	%		100	%
Invesco S&P SmallCap 600® Pure Growth ETF		100	%		100	%
Invesco S&P SmallCap 600® Pure Value ETF		100	%		100	%

* The above percentages are based on ordinary income dividends paid to shareholders during the fiscal year.

58

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	241	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007), and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	241	None.
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club For Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	241	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

59

Trustees and Officers(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	241	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	241	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (advisory services to the financial sector) (2010-Present); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	241	Director, Penfield Children’s Center (2004-present); Board Chairman, Gracebridge Alliance, Inc. (2015-present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

60

Trustees and Officers(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008–Present), Invesco North American Holdings, Inc.; Executive Vice President (2008–Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012–Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014–Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008–2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2018); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	241	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

61

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2015	Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

62

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2011	Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

63

Trustees and Officers(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7	Vice President	Since 2009	Manager, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800)983-0903.

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

64

Board Considerations Regarding Continuation of Investment Advisory Agreement

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 24 series (each, a “Fund” and together, the “Funds”):

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Raymond JamesSB-1 Equity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500^®Equal Weight Consumer Discretionary ETF

Invesco S&P 500^®Equal Weight Consumer Staples ETF

Invesco S&P 500^®Equal Weight Energy ETF

Invesco S&P 500^®Equal Weight ETF

Invesco S&P 500^®Equal Weight Financials ETF

Invesco S&P 500^®Equal Weight Health Care ETF

Invesco S&P 500^®Equal Weight Industrials ETF

Invesco S&P 500^®Equal Weight Materials ETF

Invesco S&P 500^®Equal Weight Real Estate ETF

Invesco S&P 500^®Equal Weight Technology ETF

Invesco S&P 500^®Equal Weight Utilities ETF

Invesco S&P 500^®Pure Growth ETF

Invesco S&P 500^®Pure Value ETF

Invesco S&P 500^®Top 50 ETF

Invesco S&P MidCap 400^® Equal Weight ETF

Invesco S&P MidCap 400^® Pure Growth ETF

Invesco S&P MidCap 400^® Pure Value ETF

Invesco S&P SmallCap 600^® Equal Weight ETF

Invesco S&P SmallCap 600^® Pure Growth ETF

Invesco S&P SmallCap 600^® Pure Value ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser from its relationships with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for theday-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees also reviewed information on the performance of the Funds and their underlying indexes for theone-year, three-year, five-year,ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between the Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance prior to the closing of the Transaction on April 6, 2018 is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees also considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”),open-end(non-ETF) index funds andopen-end(non-ETF) actively-managed funds. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with the Adviser paying all

65

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

other operating expenses of each Fund, except that each Fund pays its own distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:

● 0.75% of the Fund’s average daily net assets for Invesco Raymond JamesSB-1 Equity ETF;

● 0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF (The Trustees noted that prior to July 1, 2018, the Fund’s annual unitary advisory fee was 0.75%.);

● 0.35% of the Fund’s average daily net assets for each of Invesco S&P 500^® Pure Growth ETF, Invesco S&P 500^® Pure Value ETF, Invesco S&P MidCap 400^® Pure Growth ETF, Invesco S&P MidCap 400^® Pure Value ETF, Invesco S&P SmallCap 600^® Pure Growth ETF and Invesco S&P SmallCap 600^® Pure Value ETF;

● 0.20% of the Fund’s average daily net assets for each of Invesco S&P 500^® Equal Weight ETF and Invesco S&P 500^® Top 50 ETF;

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF (The Trustees noted that prior to September 24, 2018, the Fund’s annual unitary advisory fee was 0.30%.); and

● 0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it providessub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to thesub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF andopen-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of theiropen-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median	Equal to/Lower than Open-End Active Fund Median
Invesco Dow Jones Industrial Average Dividend ETF	X	X	X
Invesco NASDAQ Internet ETF			X
Invesco Raymond JamesSB-1 Equity ETF			X
Invesco S&P 500 BuyWrite ETF	X	X	X
Invesco S&P 500®Equal Weight Consumer Discretionary ETF	X		X
Invesco S&P 500®Equal Weight Consumer Staples ETF	X		X
Invesco S&P 500®Equal Weight Energy ETF	X		X
Invesco S&P 500®Equal Weight ETF	X	X	X
Invesco S&P 500®Equal Weight Financials ETF	X		X
Invesco S&P 500®Equal Weight Health Care ETF	X		X
Invesco S&P 500®Equal Weight Industrials ETF	X		X
Invesco S&P 500®Equal Weight Materials ETF	X		X
Invesco S&P 500®Equal Weight Real Estate ETF	X		X
Invesco S&P 500®Equal Weight Technology ETF	X		X
Invesco S&P 500®Equal Weight Utilities ETF	X	X	X
Invesco S&P 500®Pure Growth ETF	X	X	X
Invesco S&P 500®Pure Value ETF			X
Invesco S&P 500®Top 50 ETF	X	X	X
Invesco S&P MidCap 400® Equal Weight ETF			X
Invesco S&P MidCap 400® Pure Growth ETF		X	X

66

Board Considerations Regarding Continuation of Investment Advisory Agreement(continued)

Invesco Fund	Equal to/Lower than ETF Median	Equal to/Lower than Open-End Index Fund Median	Equal to/Lower than Open-End Active Fund Median
Invesco S&P MidCap 400® Pure Value ETF		X	X
Invesco S&P SmallCap 600® Equal Weight ETF			X
Invesco S&P SmallCap 600® Pure Growth ETF		X	X
Invesco S&P SmallCap 600® Pure Value ETF		X	X

The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged to each Fund was reasonable and appropriate in light of the services provided.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

67

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 atwww.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’sForm N-PX on the Commission’s website atwww.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 onForm N-Q (or any successor Form). The Trust’sForms N-Q (or any successor Form) are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.

©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-TRST1-AR-3 invesco.com/ETFs

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on FormN-CSR under Item 12(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended April 30, 2019.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has three “audit committee financial experts” serving on its audit committee (the “Audit Committee”) : Mr. Marc M. Kole, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these Audit Committee members is “independent,” meaning that he is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his capacity as a Board or committee member).

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that person has any greater duties, obligations, or liability than those imposed on a person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board .

Item 4. Principal Accountant Fees and Services.

(a) to (d)

Fees Billed by PwC to the Registrant

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committeepre-approved all audit andnon-audit services provided to the Registrant.

	Fees Billed by PwC for Services Rendered to the Registrant for fiscal year end 2019	Fees Billed by PwC for Services Rendered to the Registrant for fiscal year end 2018
Audit Fees	$ 962,030	$ 988,040
Audit-Related Fees	$ 0	$ 0
Tax Fees(1)	$ 472,745	$ 429,980
All Other Fees	$ 0	$ 0
Total Fees	$  1,434,775	$  1,418,020

(1)        Tax Fees for the fiscal year ended April 30, 2019 include fees billed for reviewing tax returns, 2018 excise tax returns and excise tax distributions calculations and reviewing the final tax returns for the three 2019 liquidated funds. Tax Fees for the fiscal year ended April 30, 2018 included fees billed for reviewing tax returns, 2017 excise tax returns and excise tax distribution calculations.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees forpre-approvednon-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committeepre-approved allnon-audit services provided to Invesco and Affiliates that were required to bepre-approved.

	Fees Billed for Non-Audit Services Rendered to Invesco and  Affiliates for fiscal year end 2019 That Were Required to be Pre-Approved by the Registrant’s Audit Committee	Fees Billed for Non-Audit Services Rendered to Invesco and  Affiliates for fiscal year end 2018 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)	$  690,000	$  662,000
Tax Fees	$ 0	$ 0
All Other Fees(2)	$ 0	$  526,000
Total Fees	$  690,000	$  1,188,000

(1) Audit-Related Fees for the year end 2019 include fees billed related to reviewing controls at a service organization. Audit-Related Fees for the year end 2018 included fees billed related to reviewing controls at a service organization.

(2) All Other Fees for the fiscal year end 2018 included fees billed related to assessments of the company’s current state analysis against regulatory requirements.

(e) (1)Audit Committee Pre Approval Policies and Procedures

Pre-Approval of Audit andNon-Audit Services Policies and Procedures

As Adopted by the Audit Committee of the Invesco ETFs

Applicable to	Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco  India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”)
Risk Addressed by Policy	Approval of Audit andNon-Audit Services
Relevant Law and Other Sources	Sarbanes-Oxley Act of 2002; RegulationS-X.
Last Reviewed by Compliance for Accuracy	June 15, 2018
Approved/Adopted Date	June 2009

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committeepre-approves the audit andnon-audit services provided to the Funds by each Auditor, as well as allnon-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements forpre-approval and provide a mechanism by which management of the Funds may request and securepre-approval of audit andnon-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may bepre-approved without consideration of specificcase-by-case services by the Audit Committee (“generalpre-approval”) or require the specificpre-approval of the Audit Committee (“specificpre-approval”). As set forth in these policies and procedures, unless a type of service has received generalpre-approval, it will require specificpre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimatedpre-approved fee levels provided at the time the service waspre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previouslypre-approved services.

The Audit Committee will annually review and generallypre-approve the services that may be provided by each Auditor without obtaining specificpre-approval from the Audit Committee. The term of any generalpre-approval runs from the date of suchpre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of generalpre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.

Delegation

The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specificpre-approval fornon-prohibited services. All such delegatedpre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

Audit Services

The annual Audit services engagement terms will be subject to specificpre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specificpre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Non-Audit Services

The Audit Committee may provide either general or specificpre-approval of anynon-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committeepre-approval of permissible Tax services, the Auditor shall:

1.	Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:
a.	The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and
b.	Any compensation arrangement or other agreement, such as a referral agreement, a referral fee orfee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;
2. Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and
3. Document the substance of its discussion with the Audit Committee.

All Other Auditor Services

The Audit Committee maypre-approvenon-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

Pre-Approval Fee Levels or Established Amounts

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specificpre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimatedpre-approved fees or established amounts forpre-approved audit andnon-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit andnon-audit services in determining whether topre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximumpre-approved fees or established amounts for previouslypre-approved services.

Procedures

On an annual basis, the Auditor will submit to the Audit Committee for generalpre-approval, a list ofnon-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe thenon-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

Each request for services to be provided by the Auditor under the generalpre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the generalpre-approval of the Audit Committee.

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with thepre-approval policies and procedures and the SEC Rules.

Each request to provide Tax services under either the general or specificpre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than

the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section2-01(f)(14) of RegulationS-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.

Adopted:      June 26, 2009

Amended:    June 15, 2018

Exhibit 1 toPre-Approval of Audit andNon-Audit Services Policies and Procedures

Conditionally ProhibitedNon-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)

• Bookkeeping or other services related to the accounting records or financial statements of the audit client

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, orcontribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

Categorically ProhibitedNon-Audit Services

• Management functions

• Human resources

• Broker-dealer, investment adviser, or investment banking services

• Legal services

• Expert services unrelated to the audit

• Any service or product provided for a contingent fee or a commission

• Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance

• Tax services for persons in financial reporting oversight roles at the Fund

• Any other service that the Public Company Oversight Board determines by regulation is impermissible.

(e)(2) There were no amounts that werepre-approved by the Audit Committee pursuant to the de minimus exception under Rule2-01 of RegulationS-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $2,123,000 for the fiscal year ended April 30, 2019 and $2,004,000 for

the fiscal year ended April 30, 2018 fornon-audit services not required to bepre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregatenon-audit fees of $3,285,745 for the fiscal year ended 2019, and $3,707,000 for the fiscal year ended 2018.

(h) With respect to thenon-audit services above billed to Invesco and Affiliates that were not required to bepre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule2-01(f)(14) of RegulationS-X, of approximately $29 million andnon-audit services of approximately $17 million for the fiscal year ended 2019. The Audit Committee considered this information in evaluating PwC’s independence.

PwC informed the Audit Committee that it has identified an issue related to its independence under Rule2-01(c)(1)(ii)(A) of RegulationS-X (referred to as the “Loan Rule”). The Loan Rule prohibits accounting firms, such as PwC, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Registrant is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Registrant as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”). PwC informed the Audit Committee it has relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex. These relationships call into question PwC’s independence under the Loan Rule with respect to those funds, as well as all other funds in the Invesco Fund Complex.

On June 20, 2016, the SEC Staff issued a“no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al.,No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. On June 18, 2019, the SEC adopted amendments to the Loan Rule (the “Amendments”) addressing many of the issues that led to the issuance of theno-action letter. The Amendments will become effective and supersede theno-action letter 90 days after publication in the Federal Register.

In an August 18, 2016 letter, and in subsequent communications, PwC affirmed to the Audit Committee that, as of the date of the letter and the subsequent communications, respectively, PwC is an independent accountant with respect to the Registrant within the meaning of PCAOB Rule 3520. In its letter and in its subsequent communications, PwC also informed the Audit Committee that, after evaluating the facts and circumstances and the applicable independence

rules, PwC has concluded that with regard to its compliance with the independence criteria set forth in the rules and regulations of the SEC related to the Loan Rule, it believes that it remains objective and impartial despite matters that may ultimately be determined to be inconsistent with these criteria and therefore it can continue to serve as the Registrant’s registered public accounting firm. PwC has advised the Audit Committee that this conclusion is based in part on the following considerations: (1) the lenders to PwC have no influence over any fund, or other entity within the Invesco Fund Complex, or its Adviser; (2) none of the officers or trustees of the Invesco Fund Complex whose shares are owned by PwC lenders are associated with those lenders; (3) PwC understands that the shares held by PwC lenders are held for the benefit of and on behalf of its policy owners/end investors; (4) investments in funds such as the Invesco Fund Complex funds are passive; (5) the PwC lenders are part of various syndicates of unrelated lenders; (6) there have been no changes to the loans in question since the origination of each respective note; (7) the debts are in good standing and no lender has the right to take action against PwC, as borrower, in connection with the financings; (8) the debt balances with each lender are immaterial to PwC and to each lender; and (9) the PwC audit engagement team has no involvement in PwC’s treasury function and PwC’s treasury function has no oversight of or ability to influence the PwC audit engagement team. In addition, PwC has communicated that the lending relationships appear to be consistent with the lending relationships described in theno-action letter and that they are not aware of other relationships that would be implicated by the Loan Rule. In addition to relying on PwC’s August 18, 2016 letter and subsequent communications regarding its independence, the Registrant intends to rely upon theno-action letter.

If in the future the independence of PwC is called into question under the Loan Rule by circumstances that are not addressed in the SEC’sno-action letter, the Registrant may need to take other action in order for the Registrant’s filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Registrant to issue new shares or have other material adverse effects on the Registrant. The SECno-action relief was initially set to expire 18 months from issuance, but has been extended by the SEC without an expiration date, except that theno-action letter will be withdrawn upon the effectiveness of the Amendments.

During the reporting period, PwC advised the Registrant’s Audit Committee of the following matters for consideration under the SEC auditor independence rules. PwC advised the Audit Committee that a PwC Manager, a PwC Senior Manager and a PwC Partner each held financial interests either directly or, in the case of the PwC Partner, indirectly through her spouse’s equivalent brokerage account, in investment companies within the Invesco Fund Complex that were inconsistent with the requirements ofRule 2-01(c)(1) of RegulationS-X. PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliates of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates or, in the case of the PwC Partner, the individual did not provide any services to the Registrant or its affiliates, and the investments were not material to the net worth of each individual or their respective immediate family members which they considered in reaching their conclusion. PwC advised the Audit Committee that it believes its objectivity and

impartiality has not been adversely affected by these matters as they relate to the audit of the Registrant

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are: Marc M. Kole, Gary R. Wicker, and Donald H. Wilson.

(b) Not applicable

Item 6. Schedule of Investments.

(a) The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this FormN-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

(a) Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive

officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940) that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.

(a)(2) Certifications of the Registrant’s President and Treasurer pursuant to Rule30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications of the Registrant’s President and Treasurer pursuant to Rule30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Invesco Exchange-Traded Fund Trust

By:  /s/ Daniel E. Draper                        

Name: Daniel E. Draper

Title:   President

Date:   July 8, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:  /s/ Daniel E. Draper                                

Name: Daniel E. Draper

Title:   President

Date:   July 8, 2019

By:/s/ Kelli Gallegos

Name: Kelli Gallegos

Title:   Treasurer

Date:   July 8, 2019