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Invesco Semi-Annual Report to Shareholders

October 31, 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.

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Table of Contents



Schedules of Investments

Invesco Dynamic Biotechnology & Genome ETF (PBE)			3

Invesco Dynamic Building & Construction ETF (PKB)			4

Invesco Dynamic Energy Exploration & Production ETF (PXE)			5

Invesco Dynamic Food & Beverage ETF (PBJ)			7

Invesco Dynamic Leisure and Entertainment ETF (PEJ)			9

Invesco Dynamic Media ETF (PBS)			11

Invesco Dynamic Networking ETF (PXQ)			13

Invesco Dynamic Oil & Gas Services ETF (PXJ)			15

Invesco Dynamic Pharmaceuticals ETF (PJP)			17

invesco Dynamic Retail ETF (PMR)			18

Invesco Dynamic Semiconductors ETF (PSI)			20

Invesco Dynamic Software ETF (PSJ)			21

Statements of Assets and Liabilities			24

Statements of Operations			26

Statements of Changes in Net Assets			28

Financial Highlights			32

Notes to Financial Statements			44

Fund Expenses			53

Proxy Results			55


		2

Invesco Dynamic Biotechnology & Genome ETF (PBE)

October 31, 2019

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Biotechnology-97.40%
Alexion Pharmaceuticals, Inc.^(b)		98,252	$	10,355,761
Alkermes PLC^(b)		286,393		5,593,255
Amgen, Inc.		53,246		11,354,709
Arena Pharmaceuticals, Inc.^(b)		111,548		5,434,061
Arrowhead Pharmaceuticals, Inc.^(b)(c)		172,443		6,906,342
Biogen, Inc.^(b)		50,059		14,953,124
Celgene Corp.^(b)		113,488		12,260,109
Coherus Biosciences, Inc.^(b)		274,743		4,772,286
Emergent BioSolutions, Inc.^(b)		141,644		8,096,371
Enanta Pharmaceuticals, Inc.^(b)		84,287		5,131,393
Exelixis, Inc.^(b)		308,592		4,767,746
FibroGen, Inc.^(b)		131,252		5,138,516
Genomic Health, Inc.^(b)		79,895		5,327,399
Gilead Sciences, Inc.		172,876		11,013,930
Halozyme Therapeutics, Inc.^(b)		365,432		5,598,418
Incyte Corp.^(b)		133,683		11,218,677
Ironwood Pharmaceuticals, Inc.^(b)		644,997		6,475,770
Myriad Genetics, Inc.^(b)		257,556		8,671,910
Natera, Inc.^(b)		183,611		7,072,696
Neurocrine Biosciences, Inc.^(b)		112,422		11,184,865
Portola Pharmaceuticals, Inc.^(b)(c)		204,330		5,907,180
Radius Health, Inc.^(b)		226,844		6,451,443
Repligen Corp.^(b)		64,632		5,137,598
United Therapeutics Corp.^(b)		72,663		6,528,044
Vanda Pharmaceuticals, Inc.^(b)		426,339		5,759,840
Veracyte, Inc.^(b)		222,233		5,095,803
Vertex Pharmaceuticals, Inc.^(b)		61,576		12,036,876
Voyager Therapeutics, Inc.^(b)		325,996		5,017,078
Xencor, Inc.^(b)		160,775		5,500,113

				218,761,313


	Shares		Value
Pharmaceuticals-2.64%
Nektar Therapeutics^(b)(c)		346,277	$	5,929,994

Total Common Stocks & Other Equity Interests (Cost $222,168,573)				224,691,307


Money Market Funds-0.09%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%^(d)(Cost $213,641)		213,641		213,641

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.13% (Cost $222,382,214)				224,904,948


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.68%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(d)(e)		2,826,751		2,826,751
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(d)(e)		941,874		942,250

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,769,001)				3,769,001

TOTAL INVESTMENTS IN SECURITIES-101.81% (Cost $226,151,215)				228,673,949
OTHER ASSETS LESS LIABILITIES-(1.81)%				(4,066,233	)

NET ASSETS-100.00%			$	224,607,716

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 October 31, 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 October 31, 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.

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2019


Biotechnology	97.40
Pharmaceuticals	2.64
Money Market Funds Plus Other Assets Less Liabilities	(0.04	)

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


		3

Invesco Dynamic Building & Construction ETF (PKB)

October 31, 2019

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Building Products-18.17%
American Woodmark Corp.^(b)		35,758	$	3,545,763
Armstrong World Industries, Inc.		31,253		2,923,093
Johnson Controls International PLC		126,438		5,478,558
Lennox International, Inc.		21,383		5,289,299
Universal Forest Products, Inc.		75,035		3,778,763

				21,015,476

Construction & Engineering-15.36%
Construction Partners, Inc.^(b)		181,878		3,113,751
EMCOR Group, Inc.		34,350		3,012,839
Great Lakes Dredge & Dock Corp.^(b)		273,682		2,942,082
Jacobs Engineering Group, Inc.		61,383		5,744,221
MasTec, Inc.^(b)		46,843		2,948,298

				17,761,191

Construction Machinery & Heavy Trucks-3.11%
Oshkosh Corp.		42,129		3,596,974

Construction Materials-4.82%
Martin Marietta Materials, Inc.		21,277		5,572,659

Environmental & Facilities Services-2.75%
Tetra Tech, Inc.		36,419		3,185,570

Homebuilding-42.72%
Cavco Industries, Inc.^(b)		16,361		3,135,586
D.R. Horton, Inc.		109,373		5,727,864
Installed Building Products, Inc.^(b)		51,923		3,386,418
LGI Homes, Inc.^(b)		36,743		2,883,591
M.D.C. Holdings, Inc.		78,761		3,048,838
M/I Homes, Inc.^(b)		80,885		3,573,499
Meritage Homes Corp.^(b)		45,305		3,266,037


	Shares		Value
Homebuilding-(continued)
NVR, Inc.^(b)		1,484	$	5,396,700
PulteGroup, Inc.		160,000		6,278,400
Skyline Champion Corp.^(b)		106,305		3,000,990
Taylor Morrison Home Corp., Class A^(b)		124,973		3,130,574
Toll Brothers, Inc.		81,355		3,235,488
TopBuild Corp.^(b)		32,120		3,338,232

				49,402,217

Industrial Conglomerates-2.73%
Carlisle Cos., Inc.		20,757		3,160,668

Industrial Machinery-7.97%
Ingersoll-Rand PLC		44,840		5,689,748
SPX Corp.^(b)		77,412		3,525,342

				9,215,090

Specialized Consumer Services-2.41%
frontdoor, Inc.^(b)		57,737		2,784,656

Total Common Stocks & Other Equity Interests (Cost $98,979,039)				115,694,501


Money Market Funds-0.16%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%^(c)(Cost $183,215)		183,215		183,215

TOTAL INVESTMENTS IN SECURITIES-100.20% (Cost $99,162,254)				115,877,716
OTHER ASSETS LESS LIABILITIES-(0.20)%				(226,124	)

NET ASSETS-100.00%			$	115,651,592

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 October 31, 2019.

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2019


Homebuilding	42.72
Building Products	18.17
Construction & Engineering	15.36
Industrial Machinery	7.97
Construction Materials	4.82
Construction Machinery & Heavy Trucks	3.11
Sub-Industry Types Each Less Than 3%	7.89
Money Market Funds Plus Other Assets Less Liabilities	(0.04	)

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


		4

Invesco Dynamic Energy Exploration & Production ETF (PXE)

October 31, 2019

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Oil & Gas Exploration & Production-71.17%
Berry Petroleum Corp.		84,986	$	798,019
Cabot Oil & Gas Corp.		40,682		758,313
Callon Petroleum Co.^(b)(c)		160,168		608,638
Comstock Resources, Inc.^(b)(c)		121,941		834,077
ConocoPhillips		24,558		1,355,602
Devon Energy Corp.		56,974		1,155,433
EOG Resources, Inc.		17,244		1,195,182
EQT Corp.		64,947		697,531
Geopark Ltd. (Colombia)^(b)(c)		40,714		742,623
Kosmos Energy Ltd. (Ghana)		109,318		677,772
Marathon Oil Corp.		105,263		1,213,682
Matador Resources Co.^(b)		44,044		612,652
Murphy Oil Corp.		37,764		779,071
Noble Energy, Inc.		56,376		1,085,802
Northern Oil and Gas, Inc.^(b)		361,768		709,065
Parsley Energy, Inc., Class A		38,903		615,056
PDC Energy, Inc.^(b)		21,775		434,411
Pioneer Natural Resources Co.		10,409		1,280,515
SM Energy Co.		69,903		548,040
Southwestern Energy Co.^(b)		401,446		822,964
SRC Energy, Inc.^(b)		137,075		427,674
Talos Energy, Inc.^(b)		35,380		761,731
WPX Energy, Inc.^(b)		64,448		643,191

				18,757,044

Oil & Gas Refining & Marketing-28.80%
CVR Energy, Inc.		17,949		851,142
Delek US Holdings, Inc.		21,555		861,122
HollyFrontier Corp.		15,693		862,173
Marathon Petroleum Corp.		26,441		1,690,902
Par Pacific Holdings, Inc.^(b)		32,003		724,868
PBF Energy, Inc., Class A		29,244		943,996
Valero Energy Corp.		17,064		1,654,867

				7,589,070

Total Common Stocks & Other Equity Interests (Cost $31,471,568)				26,346,114


	Shares		Value
Money Market Funds-0.27%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%^(d)(Cost $71,689)		71,689	$	71,689

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.24% (Cost $31,543,257)				26,417,803


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.38%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(d)(e)		435,591		435,591
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(d)(e)		190,048		190,124

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $625,715)				625,715

TOTAL INVESTMENTS IN SECURITIES-102.62% (Cost $32,168,972)				27,043,518
OTHER ASSETS LESS LIABILITIES-(2.62)%				(690,315	)

NET ASSETS-100.00%			$	26,353,203

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 October 31, 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 October 31, 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.


		5

Invesco Dynamic Energy Exploration & Production ETF (PXE)–(continued)

October 31, 2019

(Unaudited)

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2019


Oil & Gas Exploration & Production			71.17
Oil & Gas Refining & Marketing			28.80
Money Market Funds Plus Other Assets Less Liabilities			0.03

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


		6

Invesco Dynamic Food & Beverage ETF (PBJ)

October 31, 2019

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Agricultural Products-2.92%
Bunge Ltd.		38,445	$	2,076,030

Brewers-2.45%
Boston Beer Co., Inc. (The), Class A^(b)		4,636		1,735,997

Distributors-2.66%
Core-Mark Holding Co., Inc.		61,751		1,884,640

Fertilizers & Agricultural Chemicals-2.53%
Corteva, Inc.		68,091		1,796,241

Food Distributors-5.39%
Performance Food Group Co.^(b)		43,263		1,843,436
US Foods Holding Corp.^(b)		50,074		1,986,436

				3,829,872

Food Retail-2.91%
Ingles Markets, Inc., Class A		52,341		2,063,806

Packaged Foods & Meats-38.49%
Campbell Soup Co.		46,709		2,163,094
Flowers Foods, Inc.		88,883		1,930,539
Hershey Co. (The)		23,475		3,447,773
J&J Snack Foods Corp.		10,579		2,018,050
John B. Sanfilippo & Son, Inc.		21,828		2,316,387
Mondelez International, Inc., Class A		67,091		3,518,923
Pilgrim’s Pride Corp.^(b)		66,371		2,015,024
Sanderson Farms, Inc.		13,695		2,120,123
Seaboard Corp.		490		2,067,354
Simply Good Foods Co. (The)^(b)		67,388		1,653,701
Tootsie Roll Industries, Inc.^(c)		55,018		1,886,017
TreeHouse Foods, Inc.^(b)		40,745		2,201,045

				27,338,030

Restaurants-21.82%
Chipotle Mexican Grill, Inc.^(b)		2,398		1,866,028
Jack in the Box, Inc.		23,842		2,003,205
McDonald’s Corp.		16,816		3,307,707
Starbucks Corp.		37,961		3,209,982
Yum China Holdings, Inc. (China)		44,628		1,896,690
Yum! Brands, Inc.		31,616		3,215,663

				15,499,275


	Shares		Value
Soft Drinks-20.80%
Coca-Cola Co. (The)		67,372	$	3,667,058
Coca-Cola Consolidated, Inc.		5,837		1,601,439
Coca-Cola European Partners PLC (United Kingdom)		36,098		1,931,604
Keurig Dr Pepper, Inc.^(c)		136,154		3,834,097
PepsiCo, Inc.		27,266		3,740,077

				14,774,275

Total Common Stocks & Other Equity Interests (Cost $65,812,052)				70,998,166


Money Market Funds-0.26%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%^(d)(Cost $180,359)		180,359		180,359

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.23% (Cost $65,992,411)				71,178,525


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.92%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(d)(e)		2,089,519		2,089,519
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(d)(e)		696,228		696,506

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,786,025)				2,786,025

TOTAL INVESTMENTS IN SECURITIES-104.15% (Cost $68,778,436)				73,964,550
OTHER ASSETS LESS LIABILITIES-(4.15)%				(2,943,859	)

NET ASSETS-100.00%			$	71,020,691

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 October 31, 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 October 31, 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.


		7

Invesco Dynamic Food & Beverage ETF (PBJ)–(continued)

October 31, 2019

(Unaudited)


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019


Packaged Foods & Meats			38.49
Restaurants			21.82
Soft Drinks			20.80
Food Distributors			5.39
Sub-Industry Types Each Less Than 3%			13.47
Money Market Funds Plus Other Assets Less Liabilities			0.03

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


		8

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

October 31, 2019

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Airlines-22.53%
Allegiant Travel Co.		10,457	$	1,749,770
Copa Holdings S.A., Class A (Panama)		14,482		1,473,399
Delta Air Lines, Inc.		46,864		2,581,269
JetBlue Airways Corp.^(b)		85,278		1,645,865
SkyWest, Inc.		25,903		1,542,524
United Airlines Holdings, Inc.^(b)		32,029		2,909,514

				11,902,341

Broadcasting-5.47%
Central European Media Enterprises Ltd., Class A (Czech Republic)^(b)		323,049		1,448,875
Discovery, Inc., Class A^(b)(c)		53,357		1,438,238

				2,887,113

Casinos & Gaming-3.08%
Everi Holdings, Inc.^(b)		161,525		1,624,941

Food Distributors-5.30%
Performance Food Group Co.^(b)		31,641		1,348,223
US Foods Holding Corp.^(b)		36,623		1,452,834

				2,801,057

Hotels, Resorts & Cruise Lines-10.90%
Choice Hotels International, Inc.		16,258		1,438,508
Hyatt Hotels Corp., Class A		20,518		1,533,516
Lindblad Expeditions Holdings, Inc.^(b)		77,872		1,225,705
Wyndham Destinations, Inc.		33,559		1,557,473

				5,755,202

Internet & Direct Marketing Retail-5.38%
Booking Holdings, Inc.^(b)		1,387		2,841,644

Leisure Facilities-5.05%
Planet Fitness, Inc., Class A^(b)		20,473		1,303,311
SeaWorld Entertainment, Inc.^(b)(c)		51,607		1,363,457

				2,666,768

Movies & Entertainment-2.87%
Live Nation Entertainment, Inc.^(b)		21,487		1,514,833

Restaurants-39.36%
Brinker International, Inc.^(c)		38,420		1,707,769
Chipotle Mexican Grill, Inc.^(b)		3,214		2,501,006


	Shares		Value
Restaurants-(continued)
Cracker Barrel Old Country Store, Inc.^(c)		9,047	$	1,406,809
Darden Restaurants, Inc.		12,143		1,363,295
Denny’s Corp.^(b)		62,987		1,267,298
Jack in the Box, Inc.		17,437		1,465,057
McDonald’s Corp.		12,300		2,419,410
Starbucks Corp.		27,763		2,347,639
Wendy’s Co. (The)		66,828		1,415,417
Yum China Holdings, Inc. (China)		59,839		2,543,158
Yum! Brands, Inc.		23,123		2,351,840

				20,788,698

Total Common Stocks & Other Equity Interests (Cost $50,048,060)				52,782,597


Money Market Funds-0.26%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%^(d)(Cost $139,031)		139,031		139,031

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.20% (Cost $50,187,091)				52,921,628


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.71%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(d)(e)		2,655,463		2,655,463
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(d)(e)		884,800		885,154

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,540,617)				3,540,617

TOTAL INVESTMENTS IN SECURITIES-106.91% (Cost $53,727,708)				56,462,245
OTHER ASSETS LESS LIABILITIES-(6.91)%				(3,648,908	)

NET ASSETS-100.00%			$	52,813,337

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 October 31, 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 October 31, 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.


		9

Invesco Dynamic Leisure and Entertainment ETF (PEJ)–(continued)

October 31, 2019

(Unaudited)

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2019


Restaurants			39.36
Airlines			22.53
Hotels, Resorts & Cruise Lines			10.90
Broadcasting			5.47
Internet & Direct Marketing Retail			5.38
Food Distributors			5.30
Leisure Facilities			5.05
Casinos & Gaming			3.08
Movies & Entertainment			2.87
Money Market Funds Plus Other Assets Less Liabilities			0.06

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


		10

Invesco Dynamic Media ETF (PBS)

October 31, 2019

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Advertising-11.70%
Cardlytics, Inc.^(b)		36,358	$	1,523,764
Interpublic Group of Cos., Inc. (The)		67,719		1,472,888
Omnicom Group, Inc.		17,925		1,383,631
TechTarget, Inc.^(b)		56,621		1,381,552

				5,761,835

Application Software-3.11%
j2 Global, Inc.		16,136		1,532,275

Broadcasting-22.05%
AMC Networks, Inc., Class A^(b)		27,845		1,212,650
Central European Media Enterprises Ltd., Class A (Czech Republic)^(b)		295,710		1,326,259
Discovery, Inc., Class A^(b)(c)		48,841		1,316,509
E.W. Scripps Co. (The), Class A		109,223		1,467,411
Gray Television, Inc.^(b)		90,654		1,487,632
Nexstar Media Group, Inc., Class A		14,406		1,401,560
Sinclair Broadcast Group, Inc., Class A		30,608		1,219,423
TEGNA, Inc.		95,109		1,429,488

				10,860,932

Cable & Satellite-5.46%
Sirius XM Holdings, Inc.^(c)		399,835		2,686,891

Diversified Support Services-2.60%
Viad Corp.		20,984		1,280,444

Human Resource & Employment Services-2.87%
Upwork, Inc.^(b)		94,118		1,415,535

Interactive Media & Services-26.15%
Alphabet, Inc., Class A^(b)		2,079		2,617,045
Facebook, Inc., Class A^(b)		13,379		2,564,085
IAC/InterActiveCorp.^(b)		5,326		1,210,334
Match Group, Inc.		29,006		2,117,148
Twitter, Inc.^(b)		58,437		1,751,357
Yandex N.V., Class A (Russia)^(b)		36,744		1,226,882
Yelp, Inc.^(b)		40,369		1,393,134

				12,879,985

Movies & Entertainment-7.69%
Spotify Technology S.A.^(b)		18,212		2,627,992
Viacom, Inc., Class B		53,831		1,160,596

				3,788,588


	Shares		Value
Publishing-5.23%
Gannett Co., Inc.		129,726	$	1,407,527
Meredith Corp.		31,019		1,169,416

				2,576,943

Research & Consulting Services-9.89%
CoStar Group, Inc.^(b)		4,045		2,222,808
IHS Markit Ltd.^(b)		37,838		2,649,417

				4,872,225

Thrifts & Mortgage Finance-3.27%
LendingTree, Inc.^(b)(c)		4,472		1,609,249

Total Common Stocks & Other Equity Interests (Cost $49,051,793)				49,264,902


Money Market Funds-0.22%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%^(d)(Cost $107,953)		107,952		107,953

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.24% (Cost $49,159,746)				49,372,855


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.02%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(d)(e)		3,700,183		3,700,183
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(d)(e)		1,232,901		1,233,394

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,933,511)				4,933,577

TOTAL INVESTMENTS IN SECURITIES-110.26% (Cost $54,093,257)				54,306,432
OTHER ASSETS LESS LIABILITIES-(10.26)%				(5,052,068	)

NET ASSETS-100.00%			$	49,254,364

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 October 31, 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 October 31, 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.


		11

Invesco Dynamic Media ETF (PBS)–(continued)

October 31, 2019

(Unaudited)

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2019


Interactive Media & Services	26.15
Broadcasting	22.05
Advertising	11.70
Research & Consulting Services	9.89
Movies & Entertainment	7.69
Cable & Satellite	5.46
Publishing	5.23
Thrifts & Mortgage Finance	3.27
Application Software	3.11
Sub-Industry Types Each Less Than 3%	5.47
Money Market Funds Plus Other Assets Less Liabilities	(0.02	)

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


		12

Invesco Dynamic Networking ETF (PXQ)

October 31, 2019

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Application Software-2.63%
Mimecast Ltd.^(b)		42,077	$	1,670,878

Communications Equipment-31.65%
Arista Networks, Inc.^(b)		13,786		3,371,642
Ciena Corp.^(b)		41,434		1,538,030
Cisco Systems, Inc.		66,321		3,150,911
Comtech Telecommunications Corp.		64,117		2,240,889
Extreme Networks, Inc.^(b)		254,463		1,638,742
InterDigital, Inc.		35,077		1,881,179
Motorola Solutions, Inc.		17,305		2,878,168
NetScout Systems, Inc.^(b)		77,026		1,865,570
Radware Ltd. (Israel)^(b)		69,343		1,564,378

				20,129,509

Consumer Electronics-3.11%
Garmin Ltd.		21,132		1,981,125

Electronic Components-8.66%
Amphenol Corp., Class A		35,779		3,589,707
Belden, Inc.		37,369		1,916,282

				5,505,989

Internet Services & Infrastructure-4.91%
Akamai Technologies, Inc.^(b)		19,132		1,654,918
Okta, Inc.^(b)		13,445		1,466,446

				3,121,364

Semiconductors-11.16%
Inphi Corp.^(b)		28,028		2,014,653
Mellanox Technologies Ltd.^(b)		15,852		1,786,520
QUALCOMM, Inc.		41,007		3,298,603

				7,099,776

Systems Software-32.01%
Check Point Software Technologies Ltd. (Israel)^(b)		15,913		1,788,780
CyberArk Software Ltd.^(b)		15,032		1,526,951
Fortinet, Inc.^(b)		21,931		1,788,692
Palo Alto Networks, Inc.^(b)		15,663		3,561,610
Proofpoint, Inc.^(b)		15,161		1,749,125


	Shares		Value
Systems Software-(continued)
Qualys, Inc.^(b)		21,135	$	1,803,449
SecureWorks Corp., Class A^(b)		142,499		1,732,788
Symantec Corp.		73,675		1,685,684
VMware, Inc., Class A		23,097		3,655,562
Zscaler, Inc.^(b)(c)		24,252		1,066,603

				20,359,244

Technology Hardware, Storage & Peripherals-5.87%
Apple, Inc.		14,999		3,731,151

Total Common Stocks & Other Equity Interests (Cost $58,719,093)				63,599,036


Money Market Funds-0.21%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%^(d) (Cost $131,033)		131,033		131,033

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.21% (Cost $58,850,126)				63,730,069


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.59%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(d)(e)		757,111		757,111
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(d)(e)		252,269		252,370

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,009,459)				1,009,481

TOTAL INVESTMENTS IN SECURITIES-101.80% (Cost $59,859,585)				64,739,550
OTHER ASSETS LESS LIABILITIES-(1.80)%				(1,143,056	)

NET ASSETS-100.00%			$	63,596,494

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 October 31, 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 October 31, 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.


		13

Invesco Dynamic Networking ETF (PXQ)–(continued)

October 31, 2019

(Unaudited)

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2019


Systems Software	32.01
Communications Equipment	31.65
Semiconductors	11.16
Electronic Components	8.66
Technology Hardware, Storage & Peripherals	5.87
Internet Services & Infrastructure	4.91
Consumer Electronics	3.11
Application Software	2.63
Money Market Funds Plus Other Assets Less Liabilities	(0.00	)

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


		14

Invesco Dynamic Oil & Gas Services ETF (PXJ)

October 31, 2019

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Oil & Gas Drilling-17.67%
Diamond Offshore Drilling, Inc.^(b)(c)		46,329	$	245,080
Helmerich & Payne, Inc.		14,873		557,738
Patterson-UTI Energy, Inc.		34,011		282,972
Transocean Ltd.^(b)		120,966		574,588
Valaris PLC^(c)		63,862		262,473

				1,922,851

Oil & Gas Equipment & Services-66.60%
Apergy Corp.^(b)		21,221		534,133
Archrock, Inc.		30,754		296,469
Baker Hughes Co.		25,316		541,762
Cactus, Inc., Class A^(b)		11,875		352,925
Core Laboratories N.V.		7,512		330,828
Dril-Quip, Inc.^(b)		6,419		263,307
Frank’s International N.V.^(b)		69,190		339,031
Halliburton Co.		29,897		575,517
Helix Energy Solutions Group, Inc.^(b)		41,442		355,987
Liberty Oilfield Services, Inc., Class A^(c)		28,087		258,681
McDermott International, Inc.^(b)		64,178		104,610
National Energy Services Reunited Corp.^(b)(c)		38,905		268,834
National Oilwell Varco, Inc.		27,559		623,385
Oceaneering International, Inc.^(b)		22,912		324,434
Oil States International, Inc.^(b)		21,540		307,376
ProPetro Holding Corp.^(b)		28,326		219,526
RPC, Inc.^(c)		55,714		230,656
Schlumberger Ltd.		17,172		561,353
TechnipFMC PLC (United Kingdom)		22,434		442,623
USA Compression Partners L.P.^(c)		17,806		314,632

				7,246,069

Oil & Gas Storage & Transportation-15.65%
DHT Holdings, Inc.		53,068		410,216
Frontline Ltd. (Norway)^(b)		34,751		362,105
Golar LNG Partners L.P. (United Kingdom)		30,280		308,250


	Shares		Value
Oil & Gas Storage & Transportation-(continued)
Rattler Midstream L.P.^(b)		16,719	$	251,119
Scorpio Tankers, Inc. (Monaco)		11,680		371,541

				1,703,231

Total Common Stocks & Other Equity Interests (Cost $17,620,450)				10,872,151


Money Market Funds-1.00%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%^(d)(Cost $109,319)		109,319		109,319

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.92% (Cost $17,729,769)				10,981,470


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.03%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(d)(e)		981,618		981,618
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(d)(e)		327,075		327,206

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,308,795)				1,308,824

TOTAL INVESTMENTS IN SECURITIES-112.95% (Cost $19,038,564)				12,290,294
OTHER ASSETS LESS LIABILITIES-(12.95)%				(1,409,555	)

NET ASSETS-100.00%			$	10,880,739

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 October 31, 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 October 31, 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.


		15

Invesco Dynamic Oil & Gas Services ETF (PXJ)–(continued)

October 31, 2019

(Unaudited)

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2019


Oil & Gas Equipment & Services			66.60
Oil & Gas Drilling			17.67
Oil & Gas Storage & Transportation			15.65
Money Market Funds Plus Other Assets Less Liabilities			0.08

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


		16

Invesco Dynamic Pharmaceuticals ETF (PJP)

October 31, 2019

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Biotechnology-40.07%
AbbVie, Inc.		254,675	$	20,259,396
Alexion Pharmaceuticals, Inc.^(b)		82,011		8,643,959
Amgen, Inc.		81,480		17,375,610
Biogen, Inc.^(b)		41,783		12,481,000
Celgene Corp.^(b)		94,729		10,233,574
Eagle Pharmaceuticals, Inc.^(b)		163,447		10,248,127
Enanta Pharmaceuticals, Inc.^(b)		128,979		7,852,242
Gilead Sciences, Inc.		264,540		16,853,843
Medicines Co. (The)^(b)(c)		213,976		11,231,600
Regeneron Pharmaceuticals, Inc.^(b)		31,657		9,695,906
United Therapeutics Corp.^(b)		111,187		9,989,040
Vanda Pharmaceuticals, Inc.^(b)		652,395		8,813,857

				143,678,154

Health Care Equipment-4.63%
Abbott Laboratories		198,825		16,623,758

Pharmaceuticals-55.24%
Allergan PLC		57,616		10,146,754
Amphastar Pharmaceuticals, Inc.^(b)		418,130		8,076,181
ANI Pharmaceuticals, Inc.^(b)		139,291		10,880,020
Bausch Health Cos., Inc.^(b)		427,650		10,622,826
Bristol-Myers Squibb Co.		190,569		10,932,943
Corcept Therapeutics, Inc.^(b)		740,645		10,806,011
Eli Lilly and Co.		150,240		17,119,848
Horizon Therapeutics PLC^(b)		333,897		9,652,962
Innoviva, Inc.^(b)		809,753		9,409,330
Jazz Pharmaceuticals PLC^(b)		71,989		9,043,978
Johnson & Johnson		131,507		17,364,184
Merck & Co., Inc.		194,468		16,852,597
Mylan N.V.^(b)		462,252		8,852,126
Perrigo Co. PLC		196,095		10,396,957
Pfizer, Inc.		477,339		18,315,497


	Shares		Value
Pharmaceuticals-(continued)
Prestige Consumer Healthcare Inc.^(b)		290,094	$	10,286,733
Taro Pharmaceutical Industries Ltd.		115,201		9,312,849

				198,071,796

Total Common Stocks & Other Equity Interests (Cost $324,577,033)				358,373,708


Money Market Funds-0.07%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%^(d)(Cost $235,451)		235,451		235,451

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $324,812,484)				358,609,159


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.57%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(d)(e)		1,531,022		1,531,022
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(d)(e)		510,137		510,341

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,041,314)				2,041,363

TOTAL INVESTMENTS IN SECURITIES-100.58% (Cost $326,853,798)				360,650,522
OTHER ASSETS LESS LIABILITIES-(0.58)%				(2,080,600	)

NET ASSETS-100.00%			$	358,569,922

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 October 31, 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 October 31, 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.


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019


Pharmaceuticals			55.24
Biotechnology			40.07
Health Care Equipment			4.63
Money Market Funds Plus Other Assets Less Liabilities			0.06

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


		17

Invesco Dynamic Retail ETF (PMR)

October 31, 2019

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Apparel Retail-2.52%
Boot Barn Holdings, Inc.^(b)		5,817	$	203,886

Apparel, Accessories & Luxury Goods-5.10%
lululemon athletica, Inc.^(b)		2,022		413,034

Automotive Retail-22.47%
Asbury Automotive Group, Inc.^(b)		2,199		226,783
AutoNation, Inc.^(b)		4,352		221,299
AutoZone, Inc.^(b)		338		386,801
CarMax, Inc.^(b)		2,479		230,968
Group 1 Automotive, Inc.		2,709		269,383
Lithia Motors, Inc., Class A		1,559		245,511
Sonic Automotive, Inc., Class A		7,489		241,371

				1,822,116

Computer & Electronics Retail-5.30%
Best Buy Co., Inc.		3,232		232,154
Rent-A-Center, Inc.		7,649		197,880

				430,034

Diversified Support Services-2.76%
Copart, Inc.^(b)		2,709		223,872

Food Retail-7.02%
Grocery Outlet Holding Corp.^(b)		4,907		156,533
Ingles Markets, Inc., Class A		5,309		209,334
Weis Markets, Inc.		5,282		203,304

				569,171

General Merchandise Stores-9.36%
Dollar General Corp.		2,410		386,420
Target Corp.		3,486		372,688

				759,108

Home Improvement Retail-7.19%
Floor & Decor Holdings, Inc., Class A^(b)		4,250		194,777
Home Depot, Inc. (The)		1,655		388,230

				583,007

Homefurnishing Retail-9.81%
Aaron’s, Inc.		3,167		237,303
Bed Bath & Beyond, Inc.^(c)		21,647		296,564
RH^(b)(c)		1,437		261,103

				794,970

Hypermarkets & Super Centers-9.42%
Costco Wholesale Corp.		1,269		377,033
Walmart, Inc.		3,298		386,723

				763,756


	Shares		Value
Internet & Direct Marketing Retail-9.25%
1-800-Flowers.com, Inc., Class A^(b)		13,563	$	193,408
eBay, Inc.		9,283		327,226
Groupon, Inc.^(b)		82,414		229,111

				749,745

Specialty Stores-6.73%
Dick’s Sporting Goods, Inc.		5,921		230,505
Office Depot, Inc.		153,142		315,472

				545,977

Trading Companies & Distributors-3.09%
Rush Enterprises, Inc., Class A		5,742		250,868

Total Common Stocks & Other Equity Interests (Cost $6,843,601)				8,109,544


Money Market Funds-1.14%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%^(d)(Cost $92,156)		92,156		92,156

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.16% (Cost $6,935,757)				8,201,700


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.49%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(d)(e)		394,812		394,812
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(d)(e)		131,551		131,604

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $526,404)				526,416

TOTAL INVESTMENTS IN SECURITIES-107.65% (Cost $7,462,161)				8,728,116
OTHER ASSETS LESS LIABILITIES-(7.65)%				(620,118	)

NET ASSETS-100.00%			$	8,107,998

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)	All or a portion of this security was out on loan at October 31, 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 October 31, 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.


		18

Invesco Dynamic Retail ETF (PMR)–(continued)

October 31, 2019

(Unaudited)

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2019


Automotive Retail	22.47
Homefurnishing Retail	9.81
Hypermarkets & Super Centers	9.42
General Merchandise Stores	9.36
Internet & Direct Marketing Retail	9.25
Home Improvement Retail	7.19
Food Retail	7.02
Specialty Stores	6.73
Computer & Electronics Retail	5.30
Apparel, Accessories & Luxury Goods	5.10
Trading Companies & Distributors	3.09
Sub-Industry Types Each Less Than 3%	5.28
Money Market Funds Plus Other Assets Less Liabilities	(0.02	)

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


		19

Invesco Dynamic Semiconductors ETF (PSI)

October 31, 2019

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Electronic Manufacturing Services-2.42%
TE Connectivity Ltd.		51,386	$	4,599,047

Semiconductor Equipment-26.54%
Amkor Technology, Inc.^(b)		533,804		6,635,184
Applied Materials, Inc.		182,862		9,922,092
Entegris, Inc.		110,021		5,281,008
FormFactor, Inc.^(b)		277,415		6,055,969
KLA Corp.		32,239		5,449,681
Lam Research Corp.		22,724		6,159,113
Photronics, Inc.^(b)		458,584		5,411,291
Teradyne, Inc.		89,626		5,486,904

				50,401,242

Semiconductors-71.04%
Ambarella, Inc.^(b)		99,616		5,242,790
Analog Devices, Inc.		79,354		8,461,517
Broadcom, Inc.		30,530		8,940,711
CEVA, Inc.^(b)		153,959		4,190,764
Cirrus Logic, Inc.^(b)		88,766		6,032,537
Cypress Semiconductor Corp.		205,524		4,782,543
Diodes, Inc.^(b)		128,789		6,008,007
Impinj, Inc.^(b)(c)		127,950		4,208,915
Inphi Corp.^(b)		77,344		5,559,487
Intel Corp.		184,578		10,434,194
Lattice Semiconductor Corp.^(b)		237,246		4,647,649
Maxim Integrated Products, Inc.		87,483		5,131,753
Micron Technology, Inc.^(b)		193,669		9,208,961
NVIDIA Corp.		51,803		10,413,439
NXP Semiconductors N.V. (Netherlands)		46,464		5,282,028
Power Integrations, Inc.		53,441		4,869,010
QUALCOMM, Inc.		113,162		9,102,751
Rambus, Inc.^(b)		387,106		5,359,483
Silicon Laboratories, Inc.^(b)		43,288		4,598,917


	Shares		Value
Semiconductors-(continued)
Texas Instruments, Inc.		70,011	$	8,260,598
Xilinx, Inc.		45,614		4,139,014

				134,875,068

Total Common Stocks & Other Equity Interests (Cost $155,084,718)				189,875,357


Money Market Funds-0.11%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%^(d)(Cost $205,222)		205,222		205,222

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $155,289,940)				190,080,579


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.05%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(d)(e)		2,914,836		2,914,836
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(d)(e)		971,224		971,612

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,886,448)				3,886,448

TOTAL INVESTMENTS IN SECURITIES-102.16% (Cost $159,176,388)				193,967,027
OTHER ASSETS LESS LIABILITIES-(2.16)%				(4,097,059	)

NET ASSETS-100.00%			$	189,869,968

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 October 31, 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 October 31, 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.

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2019


Semiconductors	71.04
Semiconductor Equipment	26.54
Electronic Manufacturing Services	2.42
Money Market Funds Plus Other Assets Less Liabilities	(0.00	)

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


		20

Invesco Dynamic Software ETF (PSJ)

October 31, 2019

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Application Software-51.06%
Altair Engineering, Inc., Class A^(b)(c)		394,415	$	14,542,081
Alteryx, Inc., Class A^(b)		92,132		8,430,078
AppFolio, Inc., Class A^(b)		130,003		12,640,192
Cadence Design Systems, Inc.^(b)		352,328		23,024,635
Ceridian HCM Holding, Inc.^(b)		227,476		10,975,717
Fair Isaac Corp.^(b)		37,450		11,386,298
Manhattan Associates, Inc.^(b)		158,606		11,887,520
MicroStrategy, Inc., Class A^(b)		93,813		14,376,842
Model N, Inc.^(b)		470,195		14,007,109
Paycom Software, Inc.^(b)		52,200		11,041,866
RingCentral, Inc., Class A^(b)		93,017		15,024,106
Sapiens International Corp. N.V. (Israel)		707,801		14,955,835
SPS Commerce, Inc.^(b)		263,022		13,879,671
Synopsys, Inc.^(b)		172,087		23,360,810
Trade Desk, Inc. (The), Class A^(b)		53,043		10,651,034
Workiva, Inc.^(b)		279,599		11,650,890
Zoom Video Communications, Inc., Class A^(b)(c)		267,610		18,703,263

				240,537,947

Communications Equipment-3.10%
InterDigital, Inc.		272,086		14,591,972

Data Processing & Outsourced Services-3.06%
CSG Systems International, Inc.		249,938		14,406,426

Health Care Technology-7.06%
Inovalon Holdings, Inc., Class A^(b)(c)		820,296		12,821,227
Veeva Systems, Inc., Class A^(b)		144,216		20,454,155

				33,275,382

Internet Services & Infrastructure-2.72%
Akamai Technologies, Inc.^(b)		148,402		12,836,773

Semiconductor Equipment-3.14%
Xperi Corp.		729,203		14,806,467


	Shares		Value
Systems Software-29.85%
CyberArk Software Ltd.^(b)		116,598	$	11,844,025
Microsoft Corp.		176,061		25,241,866
Oracle Corp.		466,213		25,403,946
Qualys, Inc.^(b)		163,938		13,988,830
ServiceNow, Inc.^(b)		91,838		22,707,864
Symantec Corp.		571,486		13,075,600
VMware, Inc., Class A^(b)		179,161		28,355,811

				140,617,942

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $454,354,937)				471,072,909


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.76%
Invesco Government & Agency Portfolio, Institutional Class, 1.71%^(d)(e)		6,233,239		6,233,239
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%^(d)(e)		2,076,916		2,077,746

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,310,967)				8,310,985

TOTAL INVESTMENTS IN SECURITIES-101.75% (Cost $462,665,904)				479,383,894
OTHER ASSETS LESS LIABILITIES-(1.75)%				(8,249,296	)

NET ASSETS-100.00%			$	471,134,598

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 October 31, 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 October 31, 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.


		21

Invesco Dynamic Software ETF (PSJ)–(continued)

October 31, 2019

(Unaudited)

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2019


Application Software			51.06
Systems Software			29.85
Health Care Technology			7.06
Semiconductor Equipment			3.14
Communications Equipment			3.10
Data Processing & Outsourced Services			3.06
Internet Services & Infrastructure			2.72
Money Market Funds Plus Other Assets Less Liabilities			0.01

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


		22

(This Page Intentionally Left Blank)


		23

Statements of Assets and Liabilities

October 31, 2019

(Unaudited)


	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)	$	224,691,307		$	115,694,501		$	26,346,114		$	70,998,166
Affiliated investments in securities, at value		3,982,642			183,215			697,404			2,966,384
Cash		-			-			-			124
Receivable for:
Dividends		394			10,537			13,903			1,686
Securities lending		890			23			22,446			522
Investments sold		-			-			-			-
Expenses absorbed		-			-			-			-
Other assets		1,026			1,105			1,182			1,179

Total assets		228,676,259			115,889,381			27,081,049			73,968,061


Liabilities:
Due to custodian		-			-			-			-
Payable for:
Collateral upon return of securities loaned		3,769,001			-			625,715			2,786,025
Fund shares repurchased		-			-			-			-
Accrued advisory fees		90,868			46,926			6,126			28,831
Accrued trustees’ and officer’s fees		58,621			40,084			41,306			48,334
Accrued expenses		150,053			150,779			54,699			84,180

Total liabilities		4,068,543			237,789			727,846			2,947,370

Net Assets	$	224,607,716		$	115,651,592		$	26,353,203		$	71,020,691


Net assets consist of:
Shares of beneficial interest	$	417,877,748		$	162,961,246		$	150,250,248		$	142,150,024
Distributable earnings (loss)		(193,270,032	)		(47,309,654	)		(123,897,045	)		(71,129 ,333	)

Net Assets	$	224,607,716		$	115,651,592		$	26,353,203		$	71,020,691

Shares outstanding (unlimited amount authorized, $0.01 par value)		4,400,000			3,450,000			1,800,000			2,100,000
Net asset value	$	51.05		$	33.52		$	14.64		$	33.82

Market price	$	51.03		$	33.46		$	14.62		$	33.81

Unaffiliated investments in securities, at cost	$	222,168,573		$	98,979,039		$	31,471,568		$	65,812,052

Affiliated investments in securities, at cost	$	3,982,642		$	183,215		$	697,404		$	2,966,384

^(a)Includes securities on loan with an aggregate value of:	$	3,580,060		$	-		$	591,506		$	2,737,807

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


		24


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)

$	52,782,597		$	49,264,902		$	63,599,036		$	10,872,151		$	358,373,708		$	8,109,544		$	189,875,357		$	471,072,909
	3,679,648			5,041,530			1,140,514			1,418,143			2,276,814			618,572			4,091,670			8,310,985
	-			-			-			-			-			-			-			-

	41,529			20,929			6,580			3,816			429,176			954			72,145			205
	310			497			392			1,739			703			445			500			590,695
	-			-			-			9,746			-			-			-			4,741,279
	-			-			-			869			-			2,163			-			-
	1,299			1,258			819			459			1,835			849			819			820

	56,505,383			54,329,116			64,747,341			12,306,923			361,082,236			8,732,527			194,040,491			484,716,893



	-			-			-			-			-			-			-			96,445

	3,540,617			4,933,511			1,009,459			1,308,795			2,041,314			526,404			3,886,448			8,310,967
	-			-			-			-			-			-			-			4,742,051
	18,448			17,555			24,991			-			148,473			-			76,683			201,906
	40,576			42,558			35,634			49,290			91,849			33,894			38,542			39,335
	92,405			81,128			80,763			68,099			230,678			64,231			168,850			191,591

	3,692,046			5,074,752			1,150,847			1,426,184			2,512,314			624,529			4,170,523			13,582,295

$	52,813,337		$	49,254,364		$	63,596,494		$	10,880,739		$	358,569,922		$	8,107,998		$	189,869,968		$	471,134,598



$	120,878,483		$	127,127,575		$	96,034,804		$	116,702,775		$	744,517,491		$	28,294,874		$	192,153,842		$	451,584,160
	(68,065,146	)		(77,873,211	)		(32,438,310	)		(105,822,036	)		(385,947,569	)		(20,186,876	)		(2,283,874	)		19,550,438

$	52,813,337		$	49,254,364		$	63,596,494		$	10,880,739		$	358,569,922		$	8,107,998		$	189,869,968		$	471,134,598


	1,250,000			1,550,000			1,100,000			2,350,000			6,000,000			200,000			3,100,000			5,000,000
$	42.25		$	31.78		$	57.81		$	4.63		$	59.76		$	40.54		$	61.25		$	94.23

$	42.24		$	31.75		$	57.70		$	4.63		$	59.68		$	40.44		$	61.18		$	94.17

$	50,048,060		$	49,051,793		$	58,719,093		$	17,620,450		$	324,577,033		$	6,843,601		$	155,084,718		$	454,354,937

$	3,679,648		$	5,041,464		$	1,140,492		$	1,418,114		$	2,276,765		$	618,560		$	4,091,670		$	8,310,967

$	3,444,324		$	5,051,070		$	959,908		$	1,217,386		$	1,913,523		$	501,842		$	3,788,024		$	8,967,095


		25

Statements of Operations

For the six months ended October 31, 2019

(Unaudited)


	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		$	340,082			$	628,552			$	315,103			$	653,824
Affiliated dividend income			2,829				2,095				965				1,472
Securities lending income			4,568				102				36,859				6,080
Foreign withholding tax			-				-				-				-

Total investment income			347,479				630,749				352,927				661,376


Expenses:
Advisory fees			582,963				284,698				78,881				180,046
Sub-licensing fees			34,984				17,085				4,735				10,804
Accounting & administration fees			20,818				23,021				14,137				15,220
Professional fees			13,626				13,567				13,227				12,783
Custodian & transfer agent fees			3,499				2,154				2,067				2,324
Trustees’ and officer’s fees			5,182				4,243				3,850				4,111
Listing fee and expenses			4,525				3,519				3,519				4,525
Proxy fees			6,730				5,782				5,185				5,464
Other expenses			13,592				15,615				7,010				8,357

Total expenses			685,919				369,684				132,611				243,634

Less: Waivers			(251	)			(5,602	)			(28,121	)			(11,442	)

Net expenses			685,668				364,082				104,490				232,192

Net investment income (loss)			(338,189	)			266,667				248,437				429,184


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities			(14,314,685	)			(1,562,708	)			(14,412,496	)			(1,140,656	)
In-kind redemptions			9,901,628				6,642,681				25,041				1,993,335

Net realized gain (loss)			(4,413,057	)			5,079,973				(14,387,455	)			852,679

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(2,064,001	)			7,114,623				4,706,198				(1,554,030	)
Affiliated investment securities			-				-				-				-

Change in unrealized appreciation (depreciation)			(2,064,001	)			7,114,623				4,706,198				(1,554,030	)

Net realized and unrealized gain (loss)			(6,477,058	)			12,194,596				(9,681,257	)			(701,351	)

Net increase (decrease) in net assets resulting from operations		$	(6,815,247	)		$	12,461,263			$	(9,432,820	)		$	(272,167	)

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


		26


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)

	$	351,722			$	348,565			$	287,117			$	115,421			$	2,858,243			$	41,179			$	1,138,142			$	880,798
		1,572				1,140				1,329				1,223				3,738				1,042				2,729				3,117
		3,111				2,917				6,062				4,617				5,804				1,526				696				1,038,708
		-				-				-				(1,353	)			-				-				(5,918	)			(55,467	)

		356,405				352,622				294,508				119,908				2,867,785				43,747				1,135,649				1,867,156



		148,903				170,962				177,348				34,547				955,134				18,939				451,905				1,255,431
		8,936				10,260				10,645				2,074				57,318				1,137				27,119				76,249
		16,109				14,270				14,418				13,313				30,966				12,961				24,603				17,538
		13,440				13,132				12,992				13,268				15,191				12,544				14,003				13,560
		1,546				1,673				1,291				1,931				3,333				3,574				2,564				2,296
		3,934				3,968				3,848				3,903				6,720				3,503				4,555				5,495
		4,022				4,525				3,519				3,519				3,519				3,519				3,519				3,519
		5,384				5,479				5,433				5,047				7,855				4,989				6,182				8,467
		13,116				6,202				5,186				6,153				26,698				4,100				16,171				9,564

		215,390				230,471				234,680				83,755				1,106,734				65,266				550,621				1,392,119

		(22,522	)			(9,673	)			(5,900	)			(35,283	)			(330	)			(36,502	)			(285	)			(266	)

		192,868				220,798				228,780				48,472				1,106,404				28,764				550,336				1,391,853

		163,537				131,824				65,728				71,436				1,761,381				14,983				585,313				475,303




		(4,644,623	)			(5,822,523	)			(4,033,563	)			(4,386,050	)			(52,208,824	)			(335,897	)			(3,698,702	)			(11,531,675	)
		1,504,158				5,273,934				5,848,080				(139,712	)			8,058,527				185,038				6,284,695				40,626,619

		(3,140,465	)			(548,589	)			1,814,517				(4,525,762	)			(44,150,297	)			(150,859	)			2,585,993				29,094,944


		(463,083	)			(5,973,714	)			(10,987,433	)			(1,204,277	)			22,299,793				573,615				5,507,115				(43,745,128	)
		-				66				22				29				49				12				-				18

		(463,083	)			(5,973,648	)			(10,987,411	)			(1,204,248	)			22,299,842				573,627				5,507,115				(43,745,110	)

		(3,603,548	)			(6,522,237	)			(9,172,894	)			(5,730,010	)			(21,850,455	)			422,768				8,093,108				(14,650,166	)

	$	(3,440,011	)		$	(6,390,413	)		$	(9,107,166	)		$	(5,658,574	)		$	(20,089,074	)		$	437,751			$	8,678,421			$	(14,174,863	)


		27

Statements of Changes in Net Assets

For the six months ended October 31, 2019 and the year ended April 30, 2019

(Unaudited)


	Invesco Dynamic Biotechnology & Genome ETF (PBE)								Invesco Dynamic Building & Construction ETF (PKB)
	Six Months Ended October 31, 2019				Year Ended April 30, 2019				Six Months Ended October 31, 2019				Year Ended April 30, 2019
Operations:
Net investment income (loss)		$	(338,189	)		$	(809,740	)		$	266,667			$	779,256
Net realized gain (loss)			(4,413,057	)			21,441,898				5,079,973				(11,370,343	)
Change in net unrealized appreciation (depreciation)			(2,064,001	)			(6,492,275	)			7,114,623				2,686,239

Net increase (decrease) in net assets resulting from operations			(6,815,247	)			14,139,883				12,461,263				(7,904,848	)


Distributions to Shareholders from:
Distributable earnings			-				(11,178	)			(314,070	)			(854,627	)


Shareholder Transactions:
Proceeds from shares sold			35,309,208				182,767,340				36,367,139				124,857,662
Value of shares repurchased			(51,913,336	)			(181,778,588	)			(51,501,945	)			(277,968,568	)

Net increase (decrease) in net assets resulting from share transactions			(16,604,128	)			988,752				(15,134,806	)			(153,110,906	)

Net increase (decrease) in net assets			(23,419,375	)			15,117,457				(2,987,613	)			(161,870,381	)


Net assets:
Beginning of period			248,027,091				232,909,634				118,639,205				280,509,586

End of period		$	224,607,716			$	248,027,091			$	115,651,592			$	118,639,205


Changes in Shares Outstanding:
Shares sold			700,000				3,250,000				1,150,000				4,100,000
Shares repurchased			(1,050,000	)			(3,350,000	)			(1,650,000	)			(9,400,000	)
Shares outstanding, beginning of period			4,750,000				4,850,000				3,950,000				9,250,000

Shares outstanding, end of period			4,400,000				4,750,000				3,450,000				3,950,000

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


		28


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)
Six Months Ended October 31, 2019				Year Ended April 30, 2019				Six Months Ended October 31, 2019				Year Ended April 30, 2019				Six Months Ended October 31, 2019				Year Ended April 30, 2019				Six Months Ended October 31, 2019				Year Ended April 30, 2019

	$	248,437			$	630,534			$	429,184			$	771,747			$	163,537			$	495,528			$	131,824			$	291,253
		(14,387,455	)			(5,378,827	)			852,679				(1,420,129	)			(3,140,465	)			(3,924,994	)			(548,589	)			3,020,790
		4,706,198				(18,782,093	)			(1,554,030	)			3,677,368				(463,083	)			(1,778,186	)			(5,973,648	)			5,886,119

		(9,432,820	)			(23,530,386	)			(272,167	)			3,028,986				(3,440,011	)			(5,207,652	)			(6,390,413	)			9,198,162



		(264,396	)			(706,116	)			(529,397	)			(759,871	)			(144,777	)			(634,213	)			(108,169	)			(415,501	)



		-				101,184,657				19,451,459				40,972,298				12,959,267				150,611,248				21,268,265				84,195,471
		(4,027,836	)			(86,194,334	)			(19,460,102	)			(50,142,813	)			(23,762,216	)			(194,292,631	)			(53,863,539	)			(52,710,381	)

		(4,027,836	)			14,990,323				(8,643	)			(9,170,515	)			(10,802,949	)			(43,681,383	)			(32,595,274	)			31,485,090

		(13,725,052	)			(9,246,179	)			(810,207	)			(6,901,400	)			(14,387,737	)			(49,523,248	)			(39,093,856	)			40,267,751



		40,078,255				49,324,434				71,830,898				78,732,298				67,201,074				116,724,322				88,348,220				48,080,469

	$	26,353,203			$	40,078,255			$	71,020,691			$	71,830,898			$	52,813,337			$	67,201,074			$	49,254,364			$	88,348,220



		-				3,800,000				550,000				1,250,000				300,000				3,250,000				650,000				2,600,000
		(250,000	)			(3,800,000	)			(550,000	)			(1,550,000	)			(550,000	)			(4,350,000	)			(1,650,000	)			(1,700,000	)
		2,050,000				2,050,000				2,100,000				2,400,000				1,500,000				2,600,000				2,550,000				1,650,000

		1,800,000				2,050,000				2,100,000				2,100,000				1,250,000				1,500,000				1,550,000				2,550,000


		29

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2019 and the year ended April 30, 2019

(Unaudited)


	Invesco Dynamic Networking ETF (PXQ)								Invesco Dynamic Oil & Gas Services ETF (PXJ)
	Six Months Ended October 31, 2019				Year Ended April 30, 2019				Six Months Ended October 31, 2019				Year Ended April 30, 2019
Operations:
Net investment income (loss)		$	65,728			$	826,226			$	71,436			$	130,491
Net realized gain (loss)			1,814,517				2,519,219				(4,525,762	)			(2,271,801	)
Change in net unrealized appreciation (depreciation)			(10,987,411	)			11,758,442				(1,204,248	)			(6,350,850	)

Net increase (decrease) in net assets resulting from operations			(9,107,166	)			15,103,887				(5,658,574	)			(8,492,160	)


Distributions to Shareholders from:
Distributable earnings			(158,856	)			(851,255	)			(45,900	)			(193,273	)


Shareholder Transactions:
Proceeds from shares sold			5,547,263				66,219,472				-				12,414,658
Value of shares repurchased			(33,735,333	)			(39,512,641	)			(933,795	)			(24,037,714	)

Net increase (decrease) in net assets resulting from share transactions			(28,188,070	)			26,706,831				(933,795	)			(11,623,056	)

Net increase (decrease) in net assets			(37,454,092	)			40,959,463				(6,638,269	)			(20,308,489	)


Net assets:
Beginning of period			101,050,586				60,091,123				17,519,008				37,827,497

End of period		$	63,596,494			$	101,050,586			$	10,880,739			$	17,519,008


Changes in Shares Outstanding:
Shares sold			100,000				1,150,000				-				1,300,000
Shares repurchased			(600,000	)			(750,000	)			(200,000	)			(2,650,000	)
Shares outstanding, beginning of period			1,600,000				1,200,000				2,550,000				3,900,000

Shares outstanding, end of period			1,100,000				1,600,000				2,350,000				2,550,000

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


		30


Invesco Dynamic Pharmaceuticals ETF (PJP)								Invesco Dynamic Retail ETF (PMR)								Invesco Dynamic Semiconductors ETF (PSI)								Invesco Dynamic Software ETF (PSJ)
Six Months Ended October 31, 2019				Year Ended April 30, 2019				Six Months Ended October 31, 2019				Year Ended April 30, 2019				Six Months Ended October 31, 2019				Year Ended April 30, 2019				Six Months Ended October 31, 2019				Year Ended April 30, 2019

	$	1,761,381			$	5,311,743			$	14,983			$	109,624			$	585,313			$	1,775,828			$	475,303			$	(728,762	)
		(44,150,297	)			13,654,680				(150,859	)			661,303				2,585,993				27,429,506				29,094,944				32,155,925
		22,299,842				710,432				573,627				(121,819	)			5,507,115				8,851,111				(43,745,110	)			44,624,284

		(20,089,074	)			19,676,855				437,751				649,108				8,678,421				38,056,445				(14,174,863	)			76,051,447



		(1,787,322	)			(5,380,286	)			(26,360	)			(122,169	)			(763,976	)			(1,907,533	)			-				-



		44,422,847				148,549,343				1,862,257				9,735,292				19,873,157				157,705,240				364,961,909				555,545,576
		(80,567,125	)			(272,009,569	)			(1,861,643	)			(13,565,783	)			(38,340,617	)			(308,886,292	)			(316,895,377	)			(350,138,139	)

		(36,144,278	)			(123,460,226	)			614				(3,830,491	)			(18,467,460	)			(151,181,052	)			48,066,532				205,407,437

		(58,020,674	)			(109,163,657	)			412,005				(3,303,552	)			(10,553,015	)			(115,032,140	)			33,891,669				281,458,884



		416,590,596				525,754,253				7,695,993				10,999,545				200,422,983				315,455,123				437,242,929				155,784,045

	$	358,569,922			$	416,590,596			$	8,107,998			$	7,695,993			$	189,869,968			$	200,422,983			$	471,134,598			$	437,242,929



		750,000				2,100,000				50,000				250,000				350,000				2,900,000				3,800,000				6,700,000
		(1,400,000	)			(4,000,000	)			(50,000	)			(350,000	)			(700,000	)			(5,900,000	)			(3,350,000	)			(4,350,000	)
		6,650,000				8,550,000				200,000				300,000				3,450,000				6,450,000				4,550,000				2,200,000

		6,000,000				6,650,000				200,000				200,000				3,100,000				3,450,000				5,000,000				4,550,000


		31

Financial Highlights

Invesco Dynamic Biotechnology & Genome ETF (PBE)


	Six Months Ended
	October 31, 2019 (Unaudited)				Years Ended April 30,


					2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	52.22			$	48.02			$	43.11			$	39.35			$	52.98			$	39.71

Net investment income (loss)^(a)			(0.07	)			(0.16	)			0.00	^(b)			0.33				0.50				0.34
Net realized and unrealized gain (loss) on investments			(1.10	)			4.36				5.13				3.63				(13.56	)			13.21

Total from investment operations			(1.17	)			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 period		$	51.05			$	52.22			$	48.02			$	43.11			$	39.35			$	52.98

Market price at end of period^(d)		$	51.03			$	52.22			$	48.08			$	43.13			$	39.35			$	52.95

Net Asset Value Total Return^(e)			(2.24	)%			8.75	%			11.94	%			10.09	%			(24.92	)%			34.25	%
Market Price Total Return^(e)			(2.28	)%			8.62	%			12.04	%			10.15	%			(24.88	)%			34.28	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	224,608			$	248,027			$	232,910			$	230,631			$	267,584			$	511,262
Ratio to average net assets of:
Expenses, after Waivers			0.59	%^(f)			0.57	%			0.59	%			0.58	%			0.58	%			0.57	%
Expenses, prior to Waivers			0.59	%^(f)			0.57	%			0.59	%			0.58	%			0.58	%			0.57	%
Net investment income (loss)			(0.29	)%^(f)			(0.29	)%			0.01	%			0.81	%			1.00	%			0.69	%
Portfolio turnover rate^(g)			82	%			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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(f)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(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.


		32

Financial Highlights–(continued)

Invesco Dynamic Building & Construction ETF (PKB)


	Six Months Ended
	October 31, 2019 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	30.04			$	30.33			$	29.58			$	25.08			$	22.99			$	22.09

Net investment income^(a)			0.07				0.13				0.08				0.07				0.04				0.03
Net realized and unrealized gain (loss) on investments			3.50				(0.29	)			0.73				4.52				2.08				0.89

Total from investment operations			3.57				(0.16	)			0.81				4.59				2.12				0.92

Distributions to shareholders from:
Net investment income			(0.09	)			(0.13	)			(0.06	)			(0.09	)			(0.03	)			(0.02	)

Net asset value at end of period		$	33.52			$	30.04			$	30.33			$	29.58			$	25.08			$	22.99

Market price at end of period^(b)		$	33.46			$	30.05			$	30.34			$	29.60			$	25.08			$	22.98

Net Asset Value Total Return^(c)			11.90	%			(0.47	)%			2.73	%			18.33	%			9.21	%			4.17	%
Market Price Total Return^(c)			11.66	%			(0.47	)%			2.70	%			18.41	%			9.26	%			4.08	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	115,652			$	118,639			$	280,510			$	317,995			$	60,201			$	55,177
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(d)			0.60	%			0.58	%			0.63	%			0.63	%			0.63	%
Expenses, prior to Waivers			0.64	%^(d)			0.60	%			0.58	%			0.63	%			0.68	%			0.65	%
Net investment income			0.47	%^(d)			0.44	%			0.24	%			0.24	%			0.18	%			0.15	%
Portfolio turnover rate^(e)			72	%			148	%			143	%			129	%			90	%			96	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.01%.

^(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.


		33

Financial Highlights–(continued)

Invesco Dynamic Energy Exploration & Production ETF (PXE)


	Six Months Ended
	October 31, 2019 (Unaudited)				Years Ended April 30,
	October 31, 2019 (Unaudited)				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	19.55			$	24.06			$	20.28			$	22.63			$	31.78			$	37.76

Net investment income^(a)			0.13				0.20				0.28				0.24				0.51				0.39
Net realized and unrealized gain (loss) on investments			(4.90	)			(4.48	)			3.89				(1.15	)			(9.04	)			(5.84	)

Total from investment operations			(4.77	)			(4.28	)			4.17				(0.91	)			(8.53	)			(5.45	)

Distributions to shareholders from:
Net investment income			(0.14	)			(0.23	)			(0.39	)			(1.44	)			(0.62	)			(0.53	)

Net asset value at end of period		$	14.64			$	19.55			$	24.06			$	20.28			$	22.63			$	31.78

Market price at end of period^(b)		$	14.62			$	19.57			$	24.12			$	20.28			$	22.63			$	31.77

Net Asset Value Total Return^(c)			(24.48	)%			(17.84	)%			21.00	%			(3.96	)%			(26.93	)%			(14.51	)%
Market Price Total Return^(c)			(24.66	)%			(17.96	)%			21.31	%			(3.96	)%			(26.91	)%			(14.54	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	26,353			$	40,078			$	49,324			$	55,760			$	74,682			$	117,593
Ratio to average net assets of:
Expenses, after Waivers			0.65	%^(d)			0.63	%			0.65	%			0.80	%^(e)			0.65	%			0.64	%
Expenses, prior to Waivers			0.82	%^(d)			0.64	%			0.77	%			0.88	%^(e)			0.67	%			0.64	%
Net investment income			1.59	%^(d)			0.82	%			1.37	%			1.13	%			2.09	%			1.20	%
Portfolio turnover rate^(f)			70	%			110	%			87	%			91	%			134	%			140	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%.

^(e)	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.

^(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.


		34

Financial Highlights–(continued)

Invesco Dynamic Food & Beverage ETF (PBJ)


	Six Months Ended
	October 31, 2019 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	34.21			$	32.81			$	33.75			$	32.31			$	31.45			$	26.98

Net investment income^(a)			0.21				0.34				0.41				0.33				0.39				0.31
Net realized and unrealized gain (loss) on investments			(0.35	)			1.39				(0.99	)			1.61				0.88				4.58

Total from investment operations			(0.14	)			1.73				(0.58	)			1.94				1.27				4.89

Distributions to shareholders from:
Net investment income			(0.25	)			(0.33	)			(0.36	)			(0.50	)			(0.41	)			(0.42	)

Net asset value at end of period		$	33.82			$	34.21			$	32.81			$	33.75			$	32.31			$	31.45

Market price at end of period^(b)		$	33.81			$	34.19			$	32.76			$	33.74			$	32.30			$	31.43

Net Asset Value Total Return^(c)			(0.40	)%			5.37	%			(1.70	)%			6.03	%			4.06	%			18.25	%
Market Price Total Return^(c)			(0.38	)%			5.47	%			(1.82	)%			6.03	%			4.10	%			18.13	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	71,021			$	71,831			$	78,732			$	146,821			$	300,455			$	265,721
Ratio to average net assets of:
Expenses, after Waivers			0.64	%^(d)			0.63	%			0.63	%			0.59	%			0.58	%			0.58	%
Expenses, prior to Waivers			0.67	%^(d)			0.65	%			0.65	%			0.59	%			0.58	%			0.58	%
Net investment income			1.20	%^(d)			1.05	%			1.25	%			0.99	%			1.21	%			1.05	%
Portfolio turnover rate^(e)			75	%			122	%			147	%			145	%			109	%			124	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.01%.

^(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.


		35

Financial Highlights–(continued)

Invesco Dynamic Leisure and Entertainment ETF (PEJ)


	Six Months Ended
	October 31, 2019 (Unaudited)				Years Ended April 30,
	October 31, 2019 (Unaudited)				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	44.80			$	44.89			$	42.00			$	35.69			$	36.40			$	32.35

Net investment income^(a)			0.12				0.19				0.41				0.31				0.11				0.31
Net realized and unrealized gain (loss) on investments			(2.57	)			(0.05	)			2.86				6.26				(0.74	)			4.04

Total from investment operations			(2.45	)			0.14				3.27				6.57				(0.63	)			4.35

Distributions to shareholders from:
Net investment income			(0.10	)			(0.23	)			(0.38	)			(0.26	)			(0.08	)			(0.30	)

Net asset value at end of period		$	42.25			$	44.80			$	44.89			$	42.00			$	35.69			$	36.40

Market price at end of period^(b)		$	42.24			$	44.78			$	44.96			$	42.00			$	35.68			$	36.39

Net Asset Value Total Return^(c)			(5.46	)%			0.33	%			7.84	%			18.52	%			(1.73	)%			13.47	%
Market Price Total Return^(c)			(5.44	)%			0.12	%			8.01	%			18.55	%			(1.73	)%			13.47	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	52,813			$	67,201			$	116,724			$	144,902			$	142,754			$	192,940
Ratio to average net assets of:
Expenses, after Waivers			0.64	%^(d)			0.63	%			0.63	%			0.61	%			0.61	%			0.63	%
Expenses, prior to Waivers			0.71	%^(d)			0.63	%			0.65	%			0.61	%			0.61	%			0.63	%
Net investment income			0.56	%^(d)			0.42	%			0.97	%			0.83	%			0.29	%			0.88	%
Portfolio turnover rate^(e)			93	%			207	%			177	%			183	%			136	%			187	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.01%.

^(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.


		36

Financial Highlights–(continued)

Invesco Dynamic Media ETF (PBS)


	Six Months Ended
	October 31, 2019 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	34.65			$	29.14			$	27.97			$	25.13			$	26.73			$	23.81

Net investment income^(a)			0.06				0.16				0.15				0.06				0.07				0.21
Net realized and unrealized gain (loss) on investments			(2.87	)			5.58				1.14				2.82				(1.45	)			2.89

Total from investment operations			(2.81	)			5.74				1.29				2.88				(1.38	)			3.10

Distributions to shareholders from:
Net investment income			(0.06	)			(0.23	)			(0.12	)			(0.04	)			(0.22	)			(0.18	)

Net asset value at end of period		$	31.78			$	34.65			$	29.14			$	27.97			$	25.13			$	26.73

Market price at end of period^(b)		$	31.75			$	34.65			$	29.16			$	27.98			$	25.12			$	26.72

Net Asset Value Total Return^(c)			(8.13	)%			19.81	%			4.64	%			11.49	%			(5.18	)%			13.04	%
Market Price Total Return^(c)			(8.21	)%			19.73	%			4.67	%			11.57	%			(5.18	)%			13.09	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	49,254			$	88,348			$	48,080			$	148,230			$	90,461			$	145,668
Ratio to average net assets of:
Expenses, after Waivers			0.64	%^(d)			0.63	%			0.63	%			0.63	%			0.61	%			0.59	%
Expenses, prior to Waivers			0.67	%^(d)			0.67	%			0.68	%			0.63	%			0.61	%			0.59	%
Net investment income			0.39	%^(d)			0.49	%			0.53	%			0.21	%			0.26	%			0.84	%
Portfolio turnover rate^(e)			74	%			103	%			150	%			103	%			124	%			131	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.01%.

^(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.


		37

Financial Highlights–(continued)

Invesco Dynamic Networking ETF (PXQ)


	Six Months Ended
	October 31, 2019 (Unaudited)				Years Ended April 30,
	October 31, 2019 (Unaudited)				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	63.16			$	50.08			$	43.58			$	33.65			$	36.65			$	31.20

Net investment income (loss)^(a)			0.05				0.66				0.18				0.21				0.15				(0.01	)
Net realized and unrealized gain (loss) on investments			(5.26	)			13.13				6.62				9.90				(3.15	)			5.46

Total from investment operations			(5.21	)			13.79				6.80				10.11				(3.00	)			5.45

Distributions to shareholders from:
Net investment income			(0.14	)			(0.71	)			(0.30	)			(0.18	)			-				-

Net asset value at end of period		$	57.81			$	63.16			$	50.08			$	43.58			$	33.65			$	36.65

Market price at end of period^(b)		$	57.70			$	63.14			$	50.10			$	43.59			$	33.65			$	36.64

Net Asset Value Total Return^(c)			(8.25	)%			27.90	%			15.70	%			30.19	%			(8.19	)%			17.47	%
Market Price Total Return^(c)			(8.40	)%			27.81	%			15.73	%			30.22	%			(8.16	)%			17.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	63,596			$	101,051			$	60,091			$	26,145			$	20,189			$	27,485
Ratio to average net assets of:
Expenses, after Waivers			0.64	%^(d)			0.63	%			0.63	%			0.63	%			0.63	%			0.63	%
Expenses, prior to Waivers			0.65	%^(d)			0.64	%			0.83	%			0.89	%			0.88	%			0.85	%
Net investment income (loss)			0.19	%^(d)			1.21	%			0.39	%			0.55	%			0.42	%			(0.02	)%
Portfolio turnover rate^(e)			52	%			98	%			79	%			97	%			87	%			74	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.01%.

^(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.


		38

Financial Highlights–(continued)

Invesco Dynamic Oil & Gas Services ETF (PXJ)


	Six Months Ended
	October 31, 2019 (Unaudited)				Years Ended April 30,
	October 31, 2019 (Unaudited)				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	6.87			$	9.70			$	10.70			$	13.20			$	18.91			$	28.01

Net investment income^(a)			0.03				0.04				0.27	^(b)			0.06				0.20				0.22
Net realized and unrealized gain (loss) on investments			(2.25	)			(2.81	)			(1.01	)			(2.41	)			(5.69	)			(9.07	)

Total from investment operations			(2.22	)			(2.77	)			(0.74	)			(2.35	)			(5.49	)			(8.85	)

Distributions to shareholders from:
Net investment income			(0.02	)			(0.06	)			(0.26	)			(0.08	)			(0.22	)			(0.25	)
Return of capital			-				-				-				(0.07	)			-				-

Total distributions			(0.02	)			(0.06	)			(0.26	)			(0.15	)			(0.22	)			(0.25	)

Net asset value at end of period		$	4.63			$	6.87			$	9.70			$	10.70			$	13.20			$	18.91

Market price at end of period^(c)		$	4.63			$	6.87			$	9.70			$	10.70			$	13.19			$	18.92

Net Asset Value Total Return^(d)			(32.36	)%			(28.69	)%			(6.71	)%			(17.99	)%			(29.06	)%			(31.67	)%
Market Price Total Return^(d)			(32.36	)%			(28.69	)%			(6.72	)%			(17.92	)%			(29.15	)%			(31.61	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	10,881			$	17,519			$	37,827			$	33,174			$	45,534			$	72,786
Ratio to average net assets of:
Expenses, after Waivers			0.67	%^(e)			0.63	%			0.63	%			0.63	%			0.63	%			0.63	%
Expenses, prior to Waivers			1.18	%^(e)			0.83	%			0.86	%			0.75	%			0.72	%			0.64	%
Net investment income			1.07	%^(e)			0.48	%			2.90	%^(b)			0.47	%			1.46	%			0.96	%
Portfolio turnover rate^(f)			47	%			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)

^(e)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.04%.

^(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.


		39

Financial Highlights–(continued)

Invesco Dynamic Pharmaceuticals ETF (PJP)


	Six Months Ended
	October 31, 2019 (Unaudited)				Years Ended April 30,
	October 31, 2019 (Unaudited)				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	62.65			$	61.49			$	60.71			$	62.16			$	74.40			$	57.65

Net investment income^(a)			0.27				0.69				0.43				0.48				0.41				0.32
Net realized and unrealized gain (loss) on investments			(2.88	)			1.17				0.79				(1.40	)			(8.81	)			18.42

Total from investment operations			(2.61	)			1.86				1.22				(0.92	)			(8.40	)			18.74

Distributions to shareholders from:
Net investment income			(0.28	)			(0.70	)			(0.44	)			(0.53	)			(0.39	)			(0.34	)
Net realized gains			-				-				-				-				(3.45	)			(1.65	)

Total distributions			(0.28	)			(0.70	)			(0.44	)			(0.53	)			(3.84	)			(1.99	)

Net asset value at end of period		$	59.76			$	62.65			$	61.49			$	60.71			$	62.16			$	74.40

Market price at end of period^(b)		$	59.68			$	62.64			$	61.53			$	60.71			$	62.14			$	74.35

Net Asset Value Total Return^(c)			(4.16	)%			3.02	%			1.99	%			(1.47	)%			(11.86	)%			32.95	%
Market Price Total Return^(c)			(4.27	)%			2.94	%			2.05	%			(1.44	)%			(11.83	)%			32.97	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	358,570			$	416,591			$	525,754			$	764,908			$	1,168,526			$	1,926,934
Ratio to average net assets of:
Expenses, after Waivers			0.58	%^(d)			0.56	%			0.57	%			0.56	%			0.57	%			0.56	%
Expenses, prior to Waivers			0.58	%^(d)			0.56	%			0.57	%			0.56	%			0.57	%			0.56	%
Net investment income			0.92	%^(d)			1.03	%			0.68	%			0.79	%			0.58	%			0.48	%
Portfolio turnover rate^(e)			38	%			81	%			98	%			26	%			26	%			47	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(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 Dynamic Retail ETF (PMR)


	Six Months Ended
	October 31, 2019 (Unaudited)				Years Ended April 30,
	October 31, 2019 (Unaudited)				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	38.48			$	36.67			$	36.07			$	35.69			$	38.41			$	33.15

Net investment income^(a)			0.07				0.42				0.45				0.27				0.25				0.22
Net realized and unrealized gain (loss) on investments			2.12				1.80				0.57				0.43				(2.70	)			5.38

Total from investment operations			2.19				2.22				1.02				0.70				(2.45	)			5.60

Distributions to shareholders from:
Net investment income			(0.13	)			(0.41	)			(0.42	)			(0.32	)			(0.27	)			(0.34	)

Net asset value at end of period		$	40.54			$	38.48			$	36.67			$	36.07			$	35.69			$	38.41

Market price at end of period^(b)		$	40.44			$	38.47			$	36.71			$	36.05			$	35.69			$	38.42

Net Asset Value Total Return^(c)			5.73	%			6.09	%			2.87	%			1.98	%			(6.40	)%			16.97	%
Market Price Total Return^(c)			5.50	%			5.95	%			3.03	%			1.92	%			(6.42	)%			17.04	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	8,108			$	7,696			$	11,000			$	14,429			$	21,416			$	38,410
Ratio to average net assets of:
Expenses, after Waivers			0.69	%^(d)			0.63	%			0.63	%			0.63	%			0.63	%			0.63	%
Expenses, prior to Waivers			1.66	%^(d)			1.24	%			1.27	%			0.99	%			0.88	%			0.91	%
Net investment income			0.46	%^(d)			1.09	%			1.27	%			0.76	%			0.67	%			0.61	%
Portfolio turnover rate^(e)			80	%			148	%			131	%			152	%			129	%			111	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.07%.

^(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 Dynamic Semiconductors ETF (PSI)


	Six Months Ended
	October 31, 2019 (Unaudited)				Years Ended April 30,
	October 31, 2019 (Unaudited)				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	58.09			$	48.91			$	42.47			$	24.50			$	26.30			$	20.62

Net investment income^(a)			0.18				0.38				0.14				0.19				0.10				0.25	^(b)
Net realized and unrealized gain (loss) on investments			3.22				9.19				6.41				18.02				(1.86	)			5.88

Total from investment operations			3.40				9.57				6.55				18.21				(1.76	)			6.13

Distributions to shareholders from:
Net investment income			(0.24	)			(0.39	)			(0.11	)			(0.24	)			(0.04	)			(0.33	)
Return of capital			-				-				-				-				-				(0.12	)

Total distributions			(0.24	)			(0.39	)			(0.11	)			(0.24	)			(0.04	)			(0.45	)

Net asset value at end of period		$	61.25			$	58.09			$	48.91			$	42.47			$	24.50			$	26.30

Market price at end of period^(c)		$	61.18			$	58.04			$	48.94			$	42.51			$	24.48			$	26.31

Net Asset Value Total Return^(d)			5.91	%			19.71	%			15.42	%			74.65	%			(6.69	)%			29.90	%
Market Price Total Return^(d)			5.87	%			19.53	%			15.38	%			74.96	%			(6.80	)%			29.95	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	189,870			$	200,423			$	315,455			$	235,699			$	48,999			$	78,911
Ratio to average net assets of:
Expenses, after Waivers			0.61	%^(e)			0.58	%			0.61	%			0.63	%			0.63	%			0.63	%
Expenses, prior to Waivers			0.61	%^(e)			0.58	%			0.61	%			0.63	%			0.68	%			0.78	%
Net investment income			0.65	%^(e)			0.73	%			0.29	%			0.55	%			0.38	%			1.03	%^(b)
Portfolio turnover rate^(f)			49	%			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 of KLA-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)

^(e)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(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.


		42

Financial Highlights–(continued)

Invesco Dynamic Software ETF (PSJ)


	Six Months Ended
	October 31, 2019 (Unaudited)				Years Ended April 30,
	October 31, 2019 (Unaudited)				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	96.10			$	70.81			$	53.44			$	42.20			$	42.47			$	33.96

Net investment income (loss)^(a)			0.09				(0.22	)			(0.27	)			(0.05	)			(0.08	)			0.11
Net realized and unrealized gain (loss) on investments			(1.96	)			25.51				17.64				11.30				(0.13	)			8.44

Total from investment operations			(1.87	)			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 period		$	94.23			$	96.10			$	70.81			$	53.44			$	42.20			$	42.47

Market price at end of period^(b)		$	94.17			$	96.13			$	70.90			$	53.39			$	42.21			$	42.48

Net Asset Value Total Return^(c)			(1.94	)%			35.71	%			32.51	%			26.67	%			(0.50	)%			25.18	%
Market Price Total Return^(c)			(2.03	)%			35.58	%			32.80	%			26.52	%			(0.50	)%			25.32	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	471,135			$	437,243			$	155,784			$	101,545			$	73,847			$	57,329
Ratio to average net assets of:
Expenses, after Waivers			0.55	%^(d)			0.58	%			0.63	%			0.63	%			0.63	%			0.63	%
Expenses, prior to Waivers			0.55	%^(d)			0.58	%			0.63	%			0.64	%			0.66	%			0.71	%
Net investment income (loss)			0.19	%^(d)			(0.27	)%			(0.42	)%			(0.11	)%			(0.19	)%			0.29	%
Portfolio turnover rate^(e)			80	%			157	%			145	%			154	%			154	%			132	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(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

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2019

(Unaudited)

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 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 Intellidex^SMIndex
Dynamic Building & Construction ETF		Dynamic Building & Construction Intellidex^SMIndex
Dynamic Energy Exploration & Production ETF		Dynamic Energy Exploration & Production Intellidex^SMIndex
Dynamic Food & Beverage ETF		Dynamic Food & Beverage Intellidex^SMIndex
Dynamic Leisure and Entertainment ETF		Dynamic Leisure & Entertainment Intellidex^SMIndex
Dynamic Media ETF		Dynamic Media Intellidex^SMIndex
Dynamic Networking ETF		Dynamic Networking Intellidex^SMIndex
Dynamic Oil & Gas Services ETF		Dynamic Oil Services Intellidex^SMIndex
Dynamic Pharmaceuticals ETF		Dynamic Pharmaceutical Intellidex^SMIndex
Dynamic Retail ETF		Dynamic Retail Intellidex^SMIndex
Dynamic Semiconductors ETF		Dynamic Semiconductor Intellidex^SMIndex
Dynamic Software ETF		Dynamic Software Intellidex^SMIndex

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.


		44

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 (“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 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.


		45

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 a Fund if it invests 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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, 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 corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. 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 investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of 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 a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Certain Funds invest in securities of small-and mid-capitalization companies, which 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


		46

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.

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.

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

Dividends and Distributions to Shareholders - Each Fund 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.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

Expenses - 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’


		47

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.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

Securities Lending - Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is 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 in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

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 investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending).


		48

There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the six-month period ended October 31, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:


Dynamic Biotechnology & Genome ETF	$	251
Dynamic Building & Construction ETF		5,602
Dynamic Energy Exploration & Production ETF		28,121
Dynamic Food & Beverage ETF		11,442
Dynamic Leisure and Entertainment ETF		22,522
Dynamic Media ETF		9,673
Dynamic Networking ETF		5,900
Dynamic Oil & Gas Services ETF		35,283
Dynamic Pharmaceuticals ETF		330
Dynamic Retail ETF		36,502
Dynamic Semiconductors ETF		285
Dynamic Software ETF		266

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 following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2019 are as follows:


	Total Potential Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/20		4/30/21		4/30/22		10/31/22
Dynamic Building & Construction ETF	$	5,420	$	-	$	-	$	-	$	5,420
Dynamic Energy Exploration & Production ETF		141,510		48,725		57,701		7,050		28,034
Dynamic Food & Beverage ETF		48,694		-		21,375		16,009		11,310
Dynamic Leisure and Entertainment ETF		22,387		-		-		-		22,387
Dynamic Media ETF		71,311		144		36,982		24,608		9,577
Dynamic Networking ETF		147,366		65,931		65,560		10,092		5,783
Dynamic Oil & Gas Services ETF		219,398		54,195		76,492		53,533		35,178
Dynamic Retail ETF		253,161		70,612		85,026		61,111		36,412

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’s sub-licensing agreement with the Adviser. The Funds 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 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.


		49


		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 October 31, 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–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

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

The Funds had capital loss carryforwards as of April 30, 2019, which expire as follows:


	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 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.

NOTE 6–Investment Transactions

For the six-month period ended October 31, 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
Dynamic Biotechnology & Genome ETF	$	190,952,799	$	191,176,712
Dynamic Building & Construction ETF		82,060,518		82,582,228
Dynamic Energy Exploration & Production ETF		22,293,894		22,401,675
Dynamic Food & Beverage ETF		53,481,274		53,788,722
Dynamic Leisure and Entertainment ETF		55,446,798		55,209,526
Dynamic Media ETF		50,047,794		49,813,817
Dynamic Networking ETF		36,922,086		36,506,770
Dynamic Oil & Gas Services ETF		6,428,716		6,434,925
Dynamic Pharmaceuticals ETF		143,380,543		143,795,793
Dynamic Retail ETF		6,034,154		6,250,430

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


		50


	Purchases		Sales
Dynamic Semiconductors ETF	$	90,334,481	$	89,613,884
Dynamic Software ETF		404,278,661		393,852,458

For the six-month period ended October 31, 2019, in-kind transactions associated with creations and redemptions were as follows:


	Cost of Securities Received		Value of Securities Delivered
Dynamic Biotechnology & Genome ETF	$	35,316,877	$	52,200,533
Dynamic Building & Construction ETF		36,335,774		50,920,236
Dynamic Energy Exploration & Production ETF		-		3,962,289
Dynamic Food & Beverage ETF		19,442,471		19,218,436
Dynamic Leisure and Entertainment ETF		12,958,835		23,992,823
Dynamic Media ETF		21,267,544		54,151,118
Dynamic Networking ETF		5,550,086		34,248,415
Dynamic Oil & Gas Services ETF		-		913,898
Dynamic Pharmaceuticals ETF		44,409,755		80,539,956
Dynamic Retail ETF		1,861,584		1,656,822
Dynamic Semiconductors ETF		19,868,449		39,367,459
Dynamic Software ETF		361,373,167		323,361,172

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

At October 31, 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
Dynamic Biotechnology & Genome ETF	$	22,225,887	$	(22,571,445	)	$	(345,558	)	$	229,019,507
Dynamic Building & Construction ETF		17,123,727		(867,198	)		16,256,529			99,621,187
Dynamic Energy Exploration & Production ETF		304,190		(6,053,584	)		(5,749,394)			32,792,912
Dynamic Food & Beverage ETF		6,556,771		(1,712,564	)		4,844,207			69,120,343
Dynamic Leisure and Entertainment ETF		4,145,605		(1,526,914	)		2,618,691			53,843,554
Dynamic Media ETF		3,267,399		(3,745,613	)		(478,214	)		54,784,646
Dynamic Networking ETF		6,588,385		(1,939,032	)		4,649,353			60,090,197
Dynamic Oil & Gas Services ETF		502,217		(8,851,036	)		(8,348,819	)		20,639,113
Dynamic Pharmaceuticals ETF		49,117,120		(17,977,008	)		31,140,112			329,510,410
Dynamic Retail ETF		1,400,162		(183,529	)		1,216,633			7,511,483
Dynamic Semiconductors ETF		35,729,886		(2,442,442	)		33,287,444			160,679,583
Dynamic Software ETF		36,195,656		(22,425,411	)		13,770,245			465,613,649

NOTE 7–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 their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to a 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 8–Capital

Shares are issued 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


		51

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 9–Subsequent Event

At a meeting held on December 12, 2019, the Board of Trustees of the Trust approved the termination and winding down of Invesco Dynamic Retail ETF, with the liquidation payment to shareholders expected to take place on or about February 26, 2020. Investors, who have elected not to sell their shares before market close on February 13, 2020 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about February 26, 2020.


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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 for the entire period May 1, 2019 through October 31, 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 May 1, 2019			Ending Account Value October 31, 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		$	977.60		0.59	%		$	2.93

Hypothetical (5% return before expenses)			1,000.00			1,022.17		0.59				3.00

Invesco Dynamic Building & Construction ETF (PKB)

Actual			1,000.00			1,119.00		0.63				3.36

Hypothetical (5% return before expenses)			1,000.00			1,021.97		0.63				3.20

Invesco Dynamic Energy Exploration & Production ETF (PXE)

Actual			1,000.00			755.20		0.65				2.87

Hypothetical (5% return before expenses)			1,000.00			1,021.87		0.65				3.30

Invesco Dynamic Food & Beverage ETF (PBJ)

Actual			1,000.00			996.00		0.64				3.21

Hypothetical (5% return before expenses)			1,000.00			1,021.92		0.64				3.25

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

Actual			1,000.00			945.40		0.64				3.13

Hypothetical (5% return before expenses)			1,000.00			1,021.92		0.64				3.25

Invesco Dynamic Media ETF (PBS)

Actual			1,000.00			918.70		0.64				3.09

Hypothetical (5% return before expenses)			1,000.00			1,021.92		0.64				3.25

Invesco Dynamic Networking ETF (PXQ)

Actual			1,000.00			917.50		0.64				3.08

Hypothetical (5% return before expenses)			1,000.00			1,021.92		0.64				3.25


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Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value May 1, 2019			Ending Account Value October 31, 2019			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Dynamic Oil & Gas Services ETF (PXJ)

Actual		$	1,000.00		$	676.40		0.67	%		$	2.82

Hypothetical (5% return before expenses)			1,000.00			1,021.77		0.67				3.40

Invesco Dynamic Pharmaceuticals ETF (PJP)

Actual			1,000.00			958.40		0.58				2.86

Hypothetical (5% return before expenses)			1,000.00			1,022.22		0.58				2.95

Invesco Dynamic Retail ETF (PMR)

Actual			1,000.00			1,057.30		0.69				3.57

Hypothetical (5% return before expenses)			1,000.00			1,021.67		0.69				3.51

Invesco Dynamic Semiconductors ETF (PSI)

Actual			1,000.00			1,059.10		0.61				3.16

Hypothetical (5% return before expenses)			1,000.00			1,022.07		0.61				3.10

Invesco Dynamic Software ETF (PSJ)

Actual			1,000.00			980.60		0.55				2.74

Hypothetical (5% return before expenses)			1,000.00			1,022.37		0.55				2.80

⁽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 October 31, 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 184/366.


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Proxy Results

A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust was held on August 19, 2019. The Meeting was held for the following purpose:

(1).	To elect ten (10) trustees to the Board of Trustees of the Trust.

The results of the voting on the above matter was as follows:


Matter		Votes For		Votes Withheld
(1).	Ronn R. Bagge		728,737,753.65		22,013,719.89
	Todd J. Barre		736,212,431.57		14,539,041.97
	Kevin M. Carome		735,406,511.30		15,344,962.24
	Edmund P. Giambastiani, Jr.		734,022,540.17		16,728,933.36
	Victoria J. Herget		736,579,144.26		14,172,329.27
	Marc M. Kole		728,485,556.55		22,265,916.99
	Yung Bong Lim		735,944,320.11		14,807,153.42
	Joanne Pace		735,925,022.32		14,826,451.22
	Gary R. Wicker		735,241,254.75		15,510,218.79
	Donald H. Wilson		728,014,927.08		22,736,546.45


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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-7

invesco.com/ETFs