N-CSRS



		Invesco Semi-Annual Report to Shareholders
		October 31, 2021
		PPA		Invesco Aerospace & Defense ETF

		PDP		Invesco DWA Momentum ETF

		PSP		Invesco Global Listed Private Equity ETF

		PGJ		Invesco Golden Dragon China ETF

		ERTH		Invesco MSCI Sustainable Future ETF

		RYJ		Invesco Raymond James SB-1 Equity ETF

		PBP		Invesco S&P 500 BuyWrite ETF

		SPHQ		Invesco S&P 500^® Quality ETF

		CSD		Invesco S&P Spin-Off ETF

		PHO		Invesco Water Resources ETF

		PBW		Invesco WilderHill Clean Energy ETF

Table of Contents



Schedules of Investments

Invesco Aerospace & Defense ETF (PPA)			3

Invesco DWA Momentum ETF (PDP)			5

Invesco Global Listed Private Equity ETF (PSP)			8

Invesco Golden Dragon China ETF (PGJ)			11

Invesco MSCI Sustainable Future ETF (ERTH)			14

Invesco Raymond James SB-1 Equity ETF (RYJ)			18

Invesco S&P 500 BuyWrite ETF (PBP)			21

Invesco S&P 500^® Quality ETF (SPHQ)			27

Invesco S&P Spin-Off ETF (CSD)			30

Invesco Water Resources ETF (PHO)			32

Invesco WilderHill Clean Energy ETF (PBW)			34

Statements of Assets and Liabilities			38

Statements of Operations			40

Statements of Changes in Net Assets			42

Financial Highlights			46

Notes to Financial Statements			57

Fund Expenses			73

Invesco Aerospace & Defense ETF (PPA)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Aerospace & Defense-73.70%
AAR Corp.^(b)		81,275	$	2,874,697
Aerojet Rocketdyne Holdings, Inc.^(c)		176,587		7,771,594
AeroVironment, Inc.^(b)(c)		50,591		4,508,164
Axon Enterprise, Inc.^(b)		150,456		27,076,062
Boeing Co. (The)^(b)		192,336		39,819,322
BWX Technologies, Inc.		171,641		9,738,910
CAE, Inc. (Canada)^(b)(c)		695,193		21,113,011
Curtiss-Wright Corp.		59,947		7,654,033
Ducommun, Inc.^(b)		25,942		1,255,333
Elbit Systems Ltd. (Israel)^(c)		97,216		15,438,873
General Dynamics Corp.		170,325		34,533,394
HEICO Corp.^(c)		107,736		15,017,321
Hexcel Corp.^(b)(c)		163,275		9,264,224
Howmet Aerospace, Inc.		569,909		16,920,598
Huntington Ingalls Industries, Inc.		86,027		17,440,254
Kaman Corp.		49,745		1,780,374
Kratos Defense & Security Solutions, Inc.^(b)		283,979		6,074,311
L3Harris Technologies, Inc.		147,642		34,037,387
Lockheed Martin Corp.		122,126		40,584,912
Maxar Technologies, Inc.		166,611		4,423,522
Mercury Systems, Inc.^(b)		127,035		6,547,384
Moog, Inc., Class A		46,276		3,495,226
Northrop Grumman Corp.		119,743		42,774,594
PAE, Inc.^(b)		194,024		1,924,718
Parsons Corp.^(b)(c)		114,568		3,968,636
RADA Electronic Industries Ltd. (Israel)^(b)		112,837		1,154,323
Raytheon Technologies Corp.		489,427		43,490,483
Spirit AeroSystems Holdings, Inc., Class A^(c)		241,529		9,972,732
Teledyne Technologies, Inc.^(b)		23,288		10,461,435
Textron, Inc.		374,842		27,682,082
TransDigm Group, Inc.^(b)		47,482		29,620,221
Triumph Group, Inc.^(b)		145,034		2,965,945
Vectrus, Inc.^(b)		26,860		1,300,830

				502,684,905

Communications Equipment-1.10%
Comtech Telecommunications Corp.		59,723		1,288,225
ViaSat, Inc.^(b)(c)		103,782		6,194,748

				7,482,973

Containers & Packaging-1.56%
Ball Corp.		116,083		10,619,273

Diversified Telecommunication Services-0.38%
Iridium Communications, Inc.^(b)		64,235		2,604,729

Electronic Equipment, Instruments & Components-1.61%
Keysight Technologies, Inc.^(b)		46,417		8,355,988
OSI Systems, Inc.^(b)		27,911		2,598,793

				10,954,781

Industrial Conglomerates-5.32%
Honeywell International, Inc.		165,940		36,277,803



	Shares		Value
Machinery-2.68%
Oshkosh Corp.		74,111	$	7,929,877
Woodward, Inc.		91,913		10,381,573

				18,311,450

Metals & Mining-0.46%
Allegheny Technologies, Inc.^(b)(c)		197,285		3,176,289

Professional Services-12.00%
Booz Allen Hamilton Holding Corp		229,924		19,971,199
CACI International, Inc., Class A^(b)		37,397		10,756,873
Jacobs Engineering Group, Inc.		79,334		11,140,080
KBR, Inc.^(c)		190,287		8,075,780
Leidos Holdings, Inc.		210,316		21,027,394
ManTech International Corp., Class A		61,766		5,325,465
Science Applications International Corp.		61,981		5,564,654

				81,861,445

Software-1.21%
Mandiant, Inc.^(b)		136,995		2,389,193
Palantir Technologies, Inc., Class A^(b)(c)		76,188		1,971,746
Telos Corp.^(b)		149,873		3,883,209

				8,244,148

Total Common Stocks & Other Equity Interests (Cost $599,269,076)				682,217,796


Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $536,729)		536,729		536,729

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $599,805,805)				682,754,525


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.04%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		14,397,127		14,397,127
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		33,579,866		33,593,298

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $47,990,425)				47,990,425


TOTAL INVESTMENTS IN SECURITIES-107.14% (Cost $647,796,230)				730,744,950
OTHER ASSETS LESS LIABILITIES-(7.14)%				(48,702,113	)

NET ASSETS-100.00%			$	682,042,837

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



		3
		3

Invesco Aerospace & Defense ETF (PPA)—(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021.



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	159,537	$	17,112,361	$	(16,735,169	)		$	-		$	-		$	536,729	$	119

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			7,903,102		48,268,790		(41,774,765	)			-			-			14,397,127		761	*

Invesco Private Prime Fund			11,854,653		101,158,713		(79,420,068	)			-			-			33,593,298		10,840	*


Total		$	19,917,292	$	166,539,864	$	(137,930,002	)		$	-		$	-		$	48,527,154	$	11,720

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

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

as of October 31, 2021



Aerospace & Defense	73.70

Professional Services	12.00

Industrial Conglomerates	5.32

Industry Types Each Less Than 3%	9.00

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.



		4
		4

Invesco DWA Momentum ETF (PDP)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Communication Services-1.44%
Alphabet, Inc., Class A^(b)		3,536	$	10,469,813
Iridium Communications, Inc.^(b)(c)		212,094		8,600,412
Snap, Inc., Class A^(b)(c)		152,502		8,018,555

				27,088,780

Consumer Discretionary-14.75%
Carvana Co.^(b)(c)		43,781		13,273,524
Chipotle Mexican Grill, Inc.^(b)		5,696		10,133,355
Crocs, Inc.^(b)		139,565		22,532,769
Dick’s Sporting Goods, Inc.^(c)		78,232		9,717,197
Domino’s Pizza, Inc.		98,227		48,030,056
Etsy, Inc.^(b)(c)		44,244		11,091,528
GameStop Corp., Class A^(b)(c)		53,317		9,784,203
Home Depot, Inc. (The)		31,665		11,771,147
MGM Resorts International		224,253		10,575,771
NIKE, Inc., Class B		247,944		41,478,552
Pool Corp.		50,191		25,856,396
RH^(b)^(c)		18,407		12,141,809
Scientific Games Corp.^(b)		400,302		32,044,175
Tempur Sealy International, Inc.		212,490		9,449,430
YETI Holdings, Inc.^(b)(c)		96,569		9,495,630

				277,375,542

Consumer Staples-3.82%
Celsius Holdings, Inc.^(b)(c)		480,970		46,423,224
Costco Wholesale Corp.		24,995		12,286,042
Estee Lauder Cos., Inc. (The), Class A		40,811		13,236,232

				71,945,498

Energy-0.65%
Ovintiv, Inc.		326,149		12,237,111

Financials-3.49%
Blackstone, Inc., Class A		74,363		10,293,327
Moody’s Corp.		29,904		12,085,702
MSCI, Inc.		49,800		33,111,024
Upstart Holdings, Inc.^(b)		31,636		10,188,057

				65,678,110

Health Care-24.39%
Apollo Medical Holdings, Inc.^(b)(c)		137,718		9,451,586
Bio-Rad Laboratories, Inc., Class A^(b)		11,918		9,470,996
Catalent, Inc.^(b)		67,481		9,302,931
Charles River Laboratories International, Inc.^(b)		24,359		10,929,396
Danaher Corp.		113,477		35,378,724
DexCom, Inc.^(b)		36,868		22,976,506
Edwards Lifesciences Corp.^(b)		114,638		13,735,925
Horizon Therapeutics PLC^(b)		143,750		17,237,062
IDEXX Laboratories, Inc.^(b)		41,491		27,638,815
Inspire Medical Systems, Inc.^(b)		65,142		17,560,980
Intuitive Surgical, Inc.^(b)		27,969		10,100,445
Masimo Corp.^(b)(c)		54,522		15,459,168
Medpace Holdings, Inc.^(b)		58,347		13,218,513
Mettler-Toledo International, Inc.^(b)		21,492		31,827,073
Mirati Therapeutics, Inc.^(b)		286,988		54,246,472
Natera, Inc.^(b)(c)		80,787		9,255,767
NeoGenomics, Inc.^(b)(c)		208,463		9,589,298
Repligen Corp.^(b)		45,830		13,313,615



	Shares		Value
Health Care-(continued)
Shockwave Medical, Inc.^(b)		56,763	$	12,130,253
STAAR Surgical Co.^(b)(c)		252,669		29,931,170
Thermo Fisher Scientific, Inc.		16,228		10,273,460
Veeva Systems, Inc., Class A^(b)		61,873		19,614,360
Waters Corp.^(b)		29,852		10,972,103
West Pharmaceutical Services, Inc.		105,291		45,262,495

				458,877,113

Industrials-12.53%
Advanced Drainage Systems, Inc.		87,240		9,840,672
AMERCO		16,745		12,340,898
Avis Budget Group, Inc.^(b)(c)		179,525		31,113,478
Axon Enterprise, Inc.^(b)		72,217		12,996,171
Chart Industries, Inc.^(b)(c)		88,317		15,678,034
Copart, Inc.^(b)		281,948		43,783,705
Equifax, Inc.		38,698		10,735,986
Generac Holdings, Inc.^(b)		46,107		22,987,106
Old Dominion Freight Line, Inc.		97,328		33,222,913
SiteOne Landscape Supply, Inc.^(b)		47,980		11,273,381
Toro Co. (The)		94,577		9,029,266
Trane Technologies PLC		63,767		11,537,363
WESCO International, Inc.^(b)		86,109		11,156,282

				235,695,255

Information Technology-34.07%
Accenture PLC, Class A		30,070		10,788,815
Adobe, Inc.^(b)		29,487		19,177,165
Advanced Micro Devices, Inc.^(b)		172,051		20,685,692
Amphenol Corp., Class A		410,715		31,530,591
Applied Materials, Inc.		72,994		9,974,630
Asana, Inc., Class A^(b)(c)		93,824		12,741,299
Bill.com Holdings, Inc.^(b)		46,884		13,798,430
CDW Corp.		51,925		9,691,801
Cloudflare, Inc., Class A^(b)(c)		114,671		22,328,737
Crowdstrike Holdings, Inc., Class A^(b)		38,621		10,883,398
DocuSign, Inc.^(b)		38,321		10,664,351
Entegris, Inc.		198,783		27,984,671
EPAM Systems, Inc.^(b)		39,560		26,633,374
Fortinet, Inc.^(b)		43,351		14,580,675
HubSpot, Inc.^(b)(c)		13,760		11,148,765
Intuit, Inc.		39,375		24,648,356
Keysight Technologies, Inc.^(b)		53,691		9,665,454
Lattice Semiconductor Corp.^(b)		311,652		21,641,115
Marvell Technology, Inc.		154,266		10,567,221
Microsoft Corp.		32,355		10,729,565
Monolithic Power Systems, Inc.		69,726		36,638,224
NVIDIA Corp.		212,845		54,418,081
ON Semiconductor Corp.^(b)		193,128		9,283,663
Paycom Software, Inc.^(b)		85,611		46,901,986
Paylocity Holding Corp.^(b)		80,687		24,620,831
ServiceNow, Inc.^(b)		38,151		26,620,242
Square, Inc., Class A^(b)(c)		37,568		9,561,056
Synaptics, Inc.^(b)(c)		56,393		10,972,386
Synopsys, Inc.^(b)		40,717		13,566,090
Teledyne Technologies, Inc.^(b)		63,216		28,397,892
Workiva, Inc.^(b)(c)		103,850		15,530,768

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



		5
		5

Invesco DWA Momentum ETF (PDP)—(continued)

October 31, 2021

(Unaudited)



	Shares		Value
Information Technology-(continued)
Zebra Technologies Corp., Class A^(b)		24,955	$	13,324,722
Zscaler, Inc.^(b)		66,402		21,172,942

				640,872,988

Materials-0.58%
Alcoa Corp.		237,973		10,934,859

Real Estate-4.31%
American Tower Corp.		182,466		51,449,938
Equity LifeStyle Properties, Inc.		145,141		12,265,866
Extra Space Storage, Inc.		88,120		17,392,244

				81,108,048

Total Common Stocks & Other Equity Interests (Cost $1,643,983,692)				1,881,813,304


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $252,422)		252,422		252,422

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $1,644,236,114)				1,882,065,726



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.66%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		37,588,078	$	37,588,078
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		87,670,446		87,705,515

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $125,293,592)				125,293,593

TOTAL INVESTMENTS IN SECURITIES-106.71% (Cost $1,769,529,706)				2,007,359,319
OTHER ASSETS LESS LIABILITIES-(6.71)%				(126,166,675	)

NET ASSETS-100.00%			$	1,881,192,644

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, 2021.

^(d)



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	701,168	$	5,978,057	$	(6,426,803	)		$	-		$	-		$	252,422		$	93

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			57,906,299		251,573,045		(271,891,266	)			-			-			37,588,078			2,877	*

Invesco Private Prime Fund			86,859,449		438,959,214		(438,113,148	)			-			-			87,705,515			43,856	*

Total		$	145,466,916	$	696,510,316	$	(716,431,217	)		$	-		$	-		$	125,546,015		$	46,826

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

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



		6
		6

Invesco DWA Momentum ETF (PDP)—(continued)

October 31, 2021

(Unaudited)

Portfolio Composition

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

as of October 31, 2021



Information Technology	34.07

Health Care	24.39

Consumer Discretionary	14.75

Industrials	12.53

Real Estate	4.31

Consumer Staples	3.82

Financials	3.49

Sector Types Each Less Than 3%	2.67

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.



		7
		7

Invesco Global Listed Private Equity ETF (PSP)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-90.46%
Biotechnology-0.50%
PureTech Health PLC^(b)		283,360	$	1,374,993

Capital Markets-56.17%
3i Group PLC (United Kingdom)		660,714		12,353,400
Alaris Equity Partners Income (Canada)		45,358		678,421
Ares Capital Corp.^(c)		434,200		9,309,248
AURELIUS Equity Opportunities SE & Co. KGaA (Germany)		43,625		1,263,136
Blackstone, Inc., Class A		49,913		6,908,958
Blue Owl Capital, Inc.^(c)		470,605		8,113,230
Bridgepoint Group PLC (United
Kingdom)^(b)(d)		582,432		3,959,912
Bure Equity AB (Sweden)		28,566		1,324,443
Carlyle Group, Inc. (The)		230,793		12,959,027
Chrysalis Investments Ltd. (Guernsey)^(b)		542,671		1,867,106
Deutsche Beteiligungs AG (Germany)		15,469		716,060
Draper Esprit PLC (United Kingdom)^(b)		173,527		2,300,129
EQT AB (Sweden)		250,573		13,204,790
FS KKR Capital Corp.^(c)		293,367		6,442,339
Georgia Capital PLC (Georgia)^(b)		78,686		651,468
Gimv N.V. (Belgium)		20,369		1,317,677
Goldman Sachs BDC, Inc.		106,254		2,015,638
Golub Capital BDC, Inc.^(c)		129,118		2,050,394
Hamilton Lane, Inc., Class A^(c)		39,707		4,149,779
Hercules Capital, Inc.^(c)		120,786		2,134,289
Intermediate Capital Group PLC (United Kingdom)		195,824		5,881,213
IP Group PLC (United Kingdom)		1,026,995		1,697,752
JAFCO Group Co. Ltd. (Japan)		32,614		2,056,520
KKR & Co., Inc., Class A		109,955		8,760,115
Main Street Capital Corp.		65,355		2,863,856
Mutares SE & Co. KGaA (Germany)^(c)		23,519		634,165
New Mountain Finance Corp.		100,670		1,415,420
Oaktree Specialty Lending Corp.		185,040		1,363,745
Onex Corp. (Canada)		67,372		5,012,883
Owl Rock Capital Corp.^(c)		368,327		5,296,542
Partners Group Holding AG (Switzerland)		7,659		13,390,153
Patria Investments Ltd., Class A (Cayman Islands)		83,954		1,440,651
Prospect Capital Corp.^(c)		342,150		2,802,209
Ratos AB, Class B (Sweden)		203,166		1,168,113
Sixth Street Specialty Lending, Inc.^(c)		59,030		1,407,275
StepStone Group, Inc., Class A		70,138		3,295,083
SuRo Capital Corp.		54,137		776,325
Tamburi Investment Partners S.p.A. (Italy)		121,007		1,365,346
VNV Global AB (Sweden)^(b)		112,706		1,653,485

				156,000,295

Construction & Engineering-0.51%
Brookfield Business Partners L.P., Class U (Canada)		29,094		1,411,571

Diversified Consumer Services-0.95%
Graham Holdings Co., Class B		4,525		2,650,971

Diversified Financial Services-10.65%
Cannae Holdings, Inc.^(b)		104,619		3,567,508
Compass Diversified Holdings		86,543		2,583,309
Eurazeo SE (France)		59,483		5,579,218



	Shares		Value
Diversified Financial Services-(continued)
Kinnevik AB, Class B (Sweden)^(b)		186,127	$	7,295,762
Sofina S.A. (Belgium)		15,394		6,812,348
Wendel SE (France)		28,149		3,749,434

				29,587,579

Diversified Telecommunication Services-0.22%
ATN International, Inc.		14,796		603,381

Food Products-0.44%
Schouw & Co. A/S (Denmark)		12,592		1,226,223

Industrial Conglomerates-4.95%
Fosun International Ltd. (China)		3,019,746		3,551,935
Italmobiliare S.p.A. (Italy)		17,611		618,543
Melrose Industries PLC (United Kingdom)		4,421,021		9,562,869

				13,733,347

Interactive Media & Services-4.52%
IAC/InterActiveCorp.^(b)(c)		82,390		12,553,764

Internet & Direct Marketing Retail-4.70%
Prosus N.V. (China)^(b)		147,974		13,050,430

IT Services-0.50%
Digital Garage, Inc. (Japan)^(c)		29,903		1,389,922

Life Sciences Tools & Services-0.45%
Malin Corp. PLC (Ireland)^(b)		81,766		624,517
Medcap AB (Sweden)^(b)(c)		27,049		629,889

				1,254,406

Multiline Retail-4.90%
Wesfarmers Ltd. (Australia)		316,185		13,596,107

Trading Companies & Distributors-1.00%
Seven Group Holdings Ltd. (Australia)		172,513		2,789,740

Total Common Stocks & Other Equity Interests (Cost $198,439,005)				251,222,729


Closed-End Funds-3.68%
Apax Global Alpha Ltd.^(c)(d)		466,870		1,366,320
HBM Healthcare Investments AG, Class A^(c)		5,242		1,996,406
HgCapital Trust PLC^(c)		365,831		1,935,648
NB Private Equity Partners Ltd.		31,026		727,245
Oakley Capital Investments Ltd.		139,265		735,910
Princess Private Equity Holding Ltd.		84,482		1,339,406
Schroder UK Public Private^(b)(c)		1,551,308		720,869
Syncona Ltd.^(b)(c)		513,312		1,400,210

Total Closed-End Funds (Cost $7,329,639)				10,222,014


	Shares
Money Market Funds-5.64%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)(Cost $15,660,084)		15,660,084		15,660,084

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-96.10% (Cost $214,099,089)				266,882,813

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



		8
		8

Invesco Global Listed Private Equity ETF (PSP)—(continued)

October 31, 2021

(Unaudited)



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.13%
Invesco Private Government Fund, 0.02%^(e)(f)(g)		10,946,278	$	10,946,278
Invesco Private Prime Fund, 0.11%^(e)(f)(g)		25,509,003		25,519,207

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $36,465,484)				36,465,485

TOTAL INVESTMENTS IN SECURITIES-112.91% (Cost $257,894,212)				313,570,312
OTHER ASSETS LESS LIABILITIES-(12.91)%				(35,858,421	)

NET ASSETS-100.00%			$	277,711,891

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, 2021.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $5,326,232, which represented 1.92% of the Fund’s Net Assets.

^(e)



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	9,775,371	$	27,057,432	$	(21,172,719	)		$	-		$	-		$	15,660,084		$	1,698

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,871,653		39,273,508		(30,198,883	)			-			-			10,946,278			422	*

Invesco Private Prime Fund			2,807,480		82,019,991		(59,308,265	)			1			-			25,519,207			5,835	*

Total		$	14,454,504	$	148,350,931	$	(110,679,867	)		$	1		$	-		$	52,125,569		$	7,955

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

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

This Fund has holdings greater than 10% of net assets in the following country:


United Kingdom			14.35	%

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



		9
		9

Invesco Global Listed Private Equity ETF (PSP)—(continued)

October 31, 2021

(Unaudited)



Open Over-The-Counter Total Return Swap Agreements^(a)


Counterparty	Pay/ Receive		Reference Entity	Rate		Payment Frequency		Maturity Date		Notional Value^(b)		Upfront Payments Paid (Received)			Value				Unrealized Appreciation (Depreciation)

Equity Risk

Citibank, N.A.		Receive	KKR & Co. LP		1-Day EFFR plus 55 basis points		Monthly		October-2022		$ 5,989,419		$	-		$	384,181			$	384,181

Citibank, N.A.		Receive	Brookfield Business Partners LP		1-Day CORRA plus 55 basis points		Monthly		October-2022		CAD 4,003,734			-			20,690				20,690

Subtotal – Appreciation														-			404,871				404,871


Equity Risk

Citibank, N.A.		Receive	The Blackstone Group LP		1-Day EFFR plus 55 basis points		Monthly		October-2022		6,281,299			-			(3,349	)			(3,349	)

Subtotal – Depreciation														-			(3,349	)			(3,349	)

Total Over-The-Counter Total Return Swap Agreements													$	-		$	401,522			$	401,522

Abbreviations:

CAD -Canadian Dollar

CORRA-Canadian Overnight Repo Rate Average

EFFR -Effective Federal Funds Rate

^(a)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(b)	Notional Value is denominated in U.S. Dollars unless otherwise noted.


Portfolio Composition Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2021

Capital Markets			56.17

Diversified Financial Services			10.65

Industrial Conglomerates			4.95

Multiline Retail			4.90

Internet & Direct Marketing Retail			4.70

Interactive Media & Services			4.52

Closed-End Funds			3.68

Industry Types Each Less Than 3%			4.57

Money Market Funds Plus Other Assets Less Liabilities			5.86

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



		10
		10

Invesco Golden Dragon China ETF (PGJ)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.01%^(b)
Communication Services-23.31%
9F, Inc., ADR^(c)		44,389	$	66,583
Autohome, Inc., ADR		48,913		1,924,727
Baidu, Inc., ADR^(c)		129,185		20,958,974
Bilibili, Inc., ADR^(c)(d)		126,425		9,266,952
BlueCity Holdings Ltd., ADR^(c)(d)		20,877		57,621
Hello Group, Inc., ADR		117,199		1,459,128
iQIYI, Inc., ADR^(c)(d)		262,636		2,174,626
JOYY, Inc., ADR^(d)		41,193		2,075,715
Lizhi, Inc., ADR^(c)(d)		19,996		61,588
Luokung Technology Corp.^(c)(d)		273,663		336,605
NetEase, Inc., ADR		104,108		10,159,900
Qutoutiao, Inc., ADR^(c)(d)		103,053		102,053
Sohu.com Ltd., ADR^(c)		28,727		582,009
So-Young International, Inc., ADR^(c)(d)		47,105		186,065
Tencent Music Entertainment Group, ADR^(c)		476,353		3,744,135
Weibo Corp., ADR^(c)(d)		53,455		2,404,406
WiMi Hologram Cloud, Inc., ADR^(c)		40,082		197,203

				55,758,290

Consumer Discretionary-54.22%
Alibaba Group Holding Ltd., ADR^(c)		121,469		20,035,097
Baozun, Inc., ADR^(c)(d)		38,842		671,967
China Automotive Systems, Inc.^(c)		22,144		83,483
Dada Nexus Ltd., ADR^(c)(d)		58,236		1,182,773
Future FinTech Group, Inc.^(c)(d)		50,287		105,100
Huazhu Group Ltd., ADR^(c)(d)		111,888		5,187,128
JD.com, Inc., ADR^(c)		258,200		20,211,896
Kaixin Auto Holdings (Hong Kong)^(c)		102,980		221,407
Kandi Technologies Group, Inc.^(c)(d)		54,488		238,657
Li Auto, Inc., ADR^(c)(d)		295,342		9,637,009
MINISO Group Holding Ltd., ADR^(d)		57,642		865,206
Moxian BVI, Inc.^(c)		13,892		84,047
New Oriental Education & Technology Group, Inc., ADR^(c)		997,456		2,044,785
Newegg Commerce, Inc.^(c)(d)		264,207		3,117,643
NIO, Inc., ADR^(c)(d)		516,032		20,336,821
Niu Technologies, ADR^(c)(d)		35,449		928,055
Pinduoduo, Inc., ADR^(c)		202,821		18,034,843
TAL Education Group, ADR^(c)		303,315		1,240,558
Trip.com Group Ltd., ADR^(c)		332,660		9,500,769
Uxin Ltd., ADR^(c)		194,454		466,690
Viomi Technology Co. Ltd., ADR^(c)(d)		27,539		121,447
Vipshop Holdings Ltd., ADR^(c)		373,623		4,169,633
Wunong Net Technology Co. Ltd.^(c)		17,937		60,627
XPeng, Inc., ADR^(c)		238,616		11,126,664

				129,672,305

Consumer Staples-0.29%
111, Inc., ADR^(c)(d)		30,685		159,562
Jowell Global Ltd.^(c)		18,253		106,963
TDH Holdings, Inc.^(c)		46,836		80,090
Yatsen Holding Ltd., ADR^(c)		124,803		349,448

				696,063

Energy-0.30%
China Petroleum & Chemical Corp., ADR		8,596		418,453



	Shares		Value
Energy-(continued)
PetroChina Co. Ltd., ADR		6,094	$	294,097
Sino Clean Energy, Inc., Rts., expiring 07/31/2049^(c)(e)		26,179		0

				712,550

Financials-3.57%
360 DigiTech, Inc., ADR^(c)(d)		90,667		1,850,513
AGM Group Holdings, Inc.^(c)(d)		15,317		170,019
Bridgetown 2 Holdings Ltd., Class A (Hong Kong)^(c)(d)		21,469		216,408
China Life Insurance Co. Ltd., ADR		21,263		183,287
Fanhua, Inc., ADR^(d)		23,800		315,588
Huize Holding Ltd., ADR^(c)		21,954		44,567
LexinFintech Holdings Ltd., ADR^(c)(d)		100,974		539,201
Lufax Holding Ltd., ADR^(c)(d)		472,355		2,980,560
Noah Holdings Ltd., ADR^(c)(d)		23,228		987,422
Poema Global Holdings Corp., Class A^(c)		24,767		245,689
Qudian, Inc., ADR^(c)		143,723		240,017
Silver Crest Acquisition Corp., Class A (Hong Kong)^(c)		24,767		245,936
Up Fintech Holding Ltd., ADR^(c)(d)		78,127		505,482

				8,524,689

Health Care-3.38%
Adagene, Inc., ADR^(c)(d)		6,063		68,148
Burning Rock Biotech Ltd., ADR^(c)		31,778		447,752
Connect Biopharma Holdings Ltd., ADR^(c)(d)		9,280		146,995
Genetron Holdings Ltd., ADR^(c)		19,896		273,968
Gracell Biotechnologies, Inc., ADR^(c)		9,085		97,209
I-Mab, ADR^(c)(d)		30,096		1,859,632
Zai Lab Ltd., ADR^(c)		49,764		5,195,362

				8,089,066

Industrials-3.93%
CBAK Energy Technology, Inc.^(c)(d)		63,473		133,928
EHang Holdings Ltd., ADR^(c)(d)		22,195		535,565
NiSun International Enterprise Development Group Co. Ltd.^(c)(d)		14,744		176,781
Nuvve Holding Corp.^(c)(d)		13,377		163,066
ReneSola Ltd., ADR^(c)		32,817		291,743
ZTO Express Cayman, Inc., ADR^(d)		276,441		8,108,014

				9,409,097

Information Technology-8.45%
Agora, Inc., ADR^(c)(d)		46,261		1,008,490
Aurora Mobile Ltd., ADR^(c)(d)		36,617		53,827
Bit Digital, Inc.^(c)(d)		39,467		562,405
BIT Mining Ltd., ADR^(c)(d)		30,205		253,420
Canaan, Inc., ADR^(c)(d)		106,737		914,736
Canadian Solar, Inc. (Canada)^(c)(d)		43,072		1,789,642
Chindata Group Holdings Ltd., ADR^(c)(d)		77,230		769,211
Daqo New Energy Corp., ADR^(c)		41,836		3,254,422
Ebang International Holdings, Inc., A Shares^(c)(d)		99,918		216,822
GDS Holdings Ltd., ADR^(c)(d)		78,337		4,653,218
Hollysys Automation Technologies Ltd.		43,967		877,142
JinkoSolar Holding Co. Ltd., ADR^(c)(d)		28,600		1,710,852
Kingsoft Cloud Holdings Ltd., ADR^(c)(d)		69,037		1,585,780

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



		11
		11

Invesco Golden Dragon China ETF (PGJ)—(continued)

October 31, 2021

(Unaudited)



	Shares		Value
Information Technology-(continued)
OneConnect Financial Technology Co. Ltd., ADR^(c)(d)		91,033	$	288,575
SGOCO Group Ltd.^(c)(d)		72,921		442,630
SPI Energy Co. Ltd. (Australia)^(c)(d)		17,137		84,485
Vnet Group, Inc., ADR^(c)(d)		91,465		1,434,171
Xunlei Ltd., ADR^(c)		36,956		107,911
Zepp Health Corp., ADR^(c)		25,400		208,534

				20,216,273

Materials-0.05%
CN Energy Group, Inc.^(c)		14,437		123,436

Real Estate-2.51%
KE Holdings, Inc., ADR^(c)(d)		290,912		5,300,417
Nam Tai Property, Inc.^(c)(d)		28,132		693,735

				5,994,152

Total Common Stocks & Other Equity Interests (Cost $278,788,101)				239,195,921


Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(f)(g)(Cost $273,639)		273,639		273,639

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12% (Cost $279,061,740)				239,469,560



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-31.05%
Invesco Private Government Fund, 0.02%^(f)(g)(h)		22,278,469	$	22,278,469
Invesco Private Prime Fund, 0.11%^(f)(g)(h)		51,962,309		51,983,094

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $74,261,563)				74,261,563

TOTAL INVESTMENTS IN SECURITIES-131.17% (Cost $353,323,303)				313,731,123
OTHER ASSETS LESS LIABILITIES-(31.17)%				(74,553,999	)

NET ASSETS-100.00%			$	239,177,124

Investment Abbreviations:

ADR-American Depositary Receipt

Rts.-Rights

Notes to Schedule of Investments:

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

^(b)	Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.

^(c)	Non-income producing security.

^(d)	All or a portion of this security was out on loan at October 31, 2021.

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

^(f)



	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2021		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	443,239	$	1,160,880		$ (1,330,480	)		$ -		$-		$ 273,639	$	52

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



		12
		12

Invesco Golden Dragon China ETF (PGJ)—(continued)

October 31, 2021

(Unaudited)



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	27,005,098	$	102,815,778	$	(107,542,407	)		$	-			$	-		$	22,278,469		$	1,519	*
Invesco Private Prime Fund			40,595,848		178,860,690		(167,473,443	)			(1	)			-			51,983,094			22,285	*

Total		$	68,044,185	$	282,837,348	$	(276,346,330	)		$	(1	)		$	-		$	74,535,202		$	23,856

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

^(g)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

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

as of October 31, 2021



Consumer Discretionary	54.22

Communication Services	23.31

Information Technology	8.45

Industrials	3.93

Financials	3.57

Health Care	3.38

Sector Types Each Less Than 3%	3.15

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.



		13
		13

Invesco MSCI Sustainable Future ETF (ERTH)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-98.89%
Auto Components-0.19%
Tianneng Power International Ltd. (China)^(b)		491,842	$	562,084
XL Fleet Corp.^(b)(c)		50,528		276,893

				838,977

Automobiles-18.54%
Li Auto, Inc., ADR (China)^(b)(c)		392,501		12,807,308
NIO, Inc., ADR (China)^(b)(c)		545,836		21,511,397
Niu Technologies, ADR (China)^(b)(c)		21,994		575,803
Tesla, Inc.^(c)		29,413		32,766,082
Workhorse Group, Inc.^(b)(c)		80,578		542,290
XPeng, Inc., ADR (China)^(b)(c)		279,318		13,024,598
Yadea Group Holdings Ltd. (China)^(b)(d)		869,853		1,498,387

				82,725,865

Building Products-4.51%
Advanced Drainage Systems, Inc.		39,001		4,399,313
Kingspan Group PLC (Ireland)		112,076		12,923,311
Rockwool International A/S, Class B (Denmark)		6,081		2,781,140

				20,103,764

Chemicals-1.84%
Umicore S.A. (Belgium)		143,180		8,215,166

Commercial Services & Supplies-0.91%
China Everbright Environment Group Ltd. (China)		2,678,181		1,841,905
Covanta Holding Corp.		86,928		1,754,207
Dynagreen Environmental Protection Group Co. Ltd., H Shares (China)^(d)		294,095		150,468
Sunny Friend Environmental Technology Co. Ltd. (Taiwan)		45,000		322,833

				4,069,413

Construction & Engineering-1.29%
China Conch Venture Holdings Ltd. (China)^(b)		1,180,286		5,765,597

Electrical Equipment-17.03%
Alfen Beheer B.V. (Netherlands)^(b)(c)(d)		15,009		1,690,021
Blink Charging Co.^(b)(c)		27,447		872,815
China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong)^(c)		297,650		231,109
Contemporary Amperex Technology Co. Ltd., A Shares (China)		101,500		10,138,739
CS Wind Corp. (South Korea)		18,379		1,091,526
Fagerhult AB (Sweden)		57,918		464,639
Ming Yang Smart Energy Group Ltd., A Shares (China)		85,100		412,115
Nordex SE (Germany)^(c)		75,552		1,390,178
Plug Power, Inc.^(b)(c)		371,523		14,218,185
PNE AG (Germany)		25,039		241,953
Shoals Technologies Group, Inc., Class A^(c)		64,550		2,000,404
Siemens Gamesa Renewable Energy S.A.,
Class R (Spain)^(b)(c)		173,164		4,695,235
SIF Holding N.V. (Netherlands)^(b)		9,262		151,130
Signify N.V. (Netherlands)		93,224		4,514,926
Sungrow Power Supply Co. Ltd., A Shares (China)		63,500		1,628,358
Sunrun, Inc.^(c)		125,908		7,262,373
TPI Composites, Inc.^(b)(c)		26,666		896,778



	Shares		Value
Electrical Equipment-(continued)
Unison Co. Ltd. (South Korea)^(c)		79,580	$	234,950
Vestas Wind Systems A/S (Denmark)		507,233		21,959,437
Xinjiang Goldwind Science & Technology Co. Ltd., A Shares (China)		150,500		435,792
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares (China)^(b)		562,128		1,260,245
Zumtobel Group AG (Austria)		20,539		211,542

				76,002,450

Electronic Equipment, Instruments & Components-0.58%
Badger Meter, Inc.		21,192		2,166,882
Wuxi Lead Intelligent Equipment Co. Ltd. (China)		34,020		431,889

				2,598,771

Equity REITs-14.63%
Brandywine Realty Trust		124,105		1,644,391
CapitaLand Integrated Commercial Trust (Singapore)		3,292,810		5,249,938
Covivio (France)		37,784		3,270,672
CRE Logistics REIT, Inc. (Japan)		345		670,182
Digital Realty Trust, Inc.		121,598		19,189,380
Douglas Emmett, Inc.		127,456		4,165,262
First Capital REIT (Canada)		78,094		1,113,874
Fukuoka REIT Corp. (Japan)		462		685,150
Inmobiliaria Colonial SOCIMI S.A. (Spain)		202,991		1,975,605
Keppel REIT (Singapore)		1,333,152		1,117,139
Klepierre S.A. (France)^(c)		149,916		3,566,963
Lar Espana Real Estate SOCIMI S.A. (Spain)		41,375		251,855
Mapletree Commercial Trust (Singapore)		1,567,617		2,534,227
Mapletree North Asia Commercial Trust (Hong Kong)^(d)		1,627,824		1,231,280
Mercialys S.A. (France)		51,147		554,905
Merlin Properties SOCIMI S.A. (Spain)^(b)		255,916		2,774,417
Mori Hills REIT Investment Corp. (Japan)		1,113		1,507,101
Nippon Prologis REIT, Inc. (Japan)		1,501		5,008,818
OUE Commercial REIT (Singapore)		1,578,599		526,785
Paramount Group, Inc.		127,230		1,078,910
Piedmont Office Realty Trust, Inc., Class A		90,089		1,599,981
SPH REIT (Singapore)		707,290		511,389
Vornado Realty Trust		118,212		5,039,378

				65,267,602

Food Products-2.46%
Darling Ingredients, Inc.^(c)		118,522		10,017,479
Grieg Seafood ASA (Norway)^(b)(c)		37,082		411,399
SLC Agricola S.A. (Brazil)		69,200		534,990

				10,963,868

Household Durables-1.21%
KB Home		60,165		2,415,625
Meritage Homes Corp.^(c)		27,490		2,988,438

				5,404,063

Independent Power and Renewable Electricity Producers-7.73%
Albioma S.A. (France)		18,387		723,465
BCPG PCL, NVDR (Thailand)		576,491		227,591
Beijing Energy International Holding Co. Ltd. (Hong Kong)^(b)(c)		4,888,357		185,378
Boralex, Inc., Class A (Canada)		63,358		1,957,655

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



		14
		14

Invesco MSCI Sustainable Future ETF (ERTH)—(continued)

October 31, 2021

(Unaudited)



	Shares		Value
Independent Power and Renewable Electricity Producers-(continued)
Canvest Environmental Protection Group Co. Ltd. (Hong Kong)^(d)		354,307	$	203,592
China Datang Corp. Renewable Power Co. Ltd., H Shares (China)^(b)		1,635,860		696,061
China Everbright Greentech Ltd. (China)^(b)(d)		450,013		158,507
Concord New Energy Group Ltd. (Hong Kong)		3,942,399		415,574
EDP Renovaveis S.A. (Spain)		209,313		5,837,686
Encavis AG (Germany)		70,389		1,474,385
Energix-Renewable Energies Ltd. (Israel)		159,127		748,542
Enlight Renewable Energy Ltd. (Israel)^(c)		666,602		1,647,052
eRex Co. Ltd. (Japan)^(b)		19,306		440,893
Falck Renewables S.p.A. (Italy)^(b)		84,669		853,924
Neoen S.A. (France)^(b)(c)(d)		27,202		1,252,885
NextEra Energy Partners L.P.^(b)		55,125		4,757,288
Omega Geracao S.A. (Brazil)^(c)		92,800		538,823
Ormat Technologies, Inc.^(b)		32,533		2,353,112
RENOVA, Inc. (Japan)^(c)		25,549		1,120,325
Scatec ASA (South Africa)^(d)		86,544		1,699,308
Solaria Energia y Medio Ambiente S.A. (Spain)^(c)		54,455		1,088,322
Solarpack Corp. Tecnologica S.A. (Spain)^(c)		10,870		332,723
SPCG PCL, NVDR (Thailand)		349,802		187,643
Sunnova Energy International, Inc.^(b)(c)		60,999		2,718,115
Super Energy Corp. PCL, NVDR (Thailand)		11,884,645		347,415
Terna Energy S.A. (Greece)		33,662		455,778
TransAlta Renewables, Inc. (Canada)^(b)		77,547		1,146,110
West Holdings Corp. (Japan)^(b)		16,693		928,162

				34,496,314

IT Services-0.75%
Chindata Group Holdings Ltd., ADR (China)^(b)(c)		63,266		630,129
Kingsoft Cloud Holdings Ltd., ADR (China)^(b)(c)		40,554		931,526
Switch, Inc., Class A		71,326		1,803,121

				3,364,776

Machinery-2.37%
Alstom S.A. (France)		229,614		8,178,891
Energy Recovery, Inc.^(c)		27,159		551,871
Riyue Heavy Industry Co. Ltd., A Shares (China)		42,200		256,591
Stadler Rail AG (Switzerland)^(b)		36,318		1,597,793

				10,585,146

Metals & Mining-0.53%
Schnitzer Steel Industries, Inc., Class A		18,814		1,012,193
Sims Ltd.		124,380		1,334,998

				2,347,191

Oil, Gas & Consumable Fuels-0.86%
Renewable Energy Group, Inc.^(b)(c)		34,620		2,215,680
REX American Resources Corp.^(c)		3,918		344,588
VERBIO Vereinigte BioEnergie AG (Germany)		16,017		1,271,548

				3,831,816

Paper & Forest Products-2.59%
Canfor Corp. (Canada)^(c)		45,477		940,688
Mercer International, Inc. (Germany)		31,156		335,550



	Shares		Value
Paper & Forest Products-(continued)
Suzano S.A. (Brazil)^(c)		543,900	$	4,750,079
West Fraser Timber Co. Ltd. (Canada)		69,389		5,546,978

				11,573,295

Real Estate Management & Development-0.83%
Deutsche EuroShop AG (Germany)		35,901		729,971
Platzer Fastigheter Holding AB, Class B (Sweden)		43,553		709,952
Swire Properties Ltd. (Hong Kong)		849,848		2,277,827

				3,717,750

Road & Rail-5.53%
Beijing-Shanghai High Speed Railway Co. Ltd., A Shares (China)		1,783,500		1,282,031
BTS Group Holdings PCL, NVDR (Thailand)		5,746,807		1,653,944
BTS Group Holdings PCL, Wts., expiring 09/05/2022 (Thailand)^(c)		314,107		13,537
BTS Group Holdings PCL, Wts., expiring 11/07/2024 (Thailand)^(c)		628,214		20,742
BTS Group Holdings PCL, Wts., expiring 11/20/2026 (Thailand)^(c)		1,256,428		33,907
Central Japan Railway Co. (Japan)		104,826		15,536,588
MTR Corp. Ltd. (Hong Kong)		1,123,034		6,121,138

				24,661,887

Semiconductors & Semiconductor Equipment-13.78%
Duk San Neolux Co. Ltd. (South Korea)^(c)		7,849		363,383
Enphase Energy, Inc.^(c)		93,639		21,689,601
First Solar, Inc.^(c)		69,499		8,311,385
GCL System Integration Technology Co. Ltd., A Shares (China)^(c)		255,200		160,714
JA Solar Technology Co. Ltd., A Shares (China)		69,500		991,026
JinkoSolar Holding Co. Ltd., ADR (China)^(b)(c)		27,228		1,628,779
LONGi Green Energy Technology Co. Ltd., A Shares (China)		235,980		3,602,407
Motech Industries, Inc. (Taiwan)		245,000		282,809
SMA Solar Technology AG (Germany)		7,562		399,577
SolarEdge Technologies, Inc.^(c)		37,754		13,390,589
SunPower Corp.^(b)(c)		62,657		2,109,035
TSEC Corp. (Taiwan)^(c)		276,000		330,503
United Renewable Energy Co. Ltd. (Taiwan)^(c)		991,075		851,779
Xinyi Solar Holdings Ltd. (China)^(b)		3,521,432		7,369,655

				61,481,242

Software-0.08%
CM.com N.V. (Netherlands)^(c)(d)		8,362		333,370

Transportation Infrastructure-0.34%
Taiwan High Speed Rail Corp. (Taiwan)		1,431,000		1,494,886

Water Utilities-0.31%
Beijing Enterprises Water Group Ltd. (China)		3,277,068		1,251,167
China Everbright Water Ltd. (China)		623,379		147,928

				1,399,095

Total Common Stocks & Other Equity Interests (Cost $357,722,523)				441,242,304

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



		15
		15

Invesco MSCI Sustainable Future ETF (ERTH)—(continued)

October 31, 2021

(Unaudited)



	Shares		Value
Exchange-Traded Funds-1.14%
iShares MSCI India ETF (Cost $4,466,713)		104,398	$	5,098,798


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $362,189,236)				446,341,102


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-20.91%
Invesco Private Government Fund, 0.02%^(e)(f)(g)		27,998,742		27,998,742



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^(e)(f)(g)		65,304,275	$	65,330,397

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $93,329,138)				93,329,139

TOTAL INVESTMENTS IN SECURITIES-120.94% (Cost $455,518,374)				539,670,241
OTHER ASSETS LESS LIABILITIES-(20.94)%				(93,452,699	)

NET ASSETS-100.00%			$	446,217,542

Investment Abbreviations:

ADR -American Depositary Receipt

ETF -Exchange-Traded Fund

NVDR -Non-Voting Depositary Receipt

REIT -Real Estate Investment Trust

Wts. -Warrants

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at October 31, 2021.

^(c)	Non-income producing security.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $8,217,818, which represented 1.84% of the Fund’s Net Assets.

^(e)



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	66,284,761	$	(66,284,761	)		$	-		$	-		$	-		$	364

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			31,055,288		136,921,039		(139,977,585	)			-			-			27,998,742			1,581	*

Invesco Private Prime Fund			46,582,932		207,434,310		(188,686,846	)			1			-			65,330,397			23,457	*


Total		$	77,638,220	$	410,640,110	$	(394,949,192	)		$	1		$	-		$	93,329,139		$	25,402

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

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

This Fund has holdings greater than 10% of net assets in the following country:


China			20.43	%

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



		16
		16

Invesco MSCI Sustainable Future ETF (ERTH)—(continued)

October 31, 2021

(Unaudited)


Portfolio Composition Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2021

Automobiles	18.54

Electrical Equipment	17.03

Equity REITs	14.63

Semiconductors & Semiconductor Equipment	13.78

Independent Power and Renewable Electricity Producers	7.73

Road & Rail	5.53

Building Products	4.51

Industry Types Each Less Than 3%	18.28

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.



		17
		17

Invesco Raymond James SB-1 Equity ETF (RYJ)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-3.85%
DISH Network Corp., Class A^(b)		18,488	$	759,302
EchoStar Corp., Class A^(b)		33,058		775,541
Meta Platforms, Inc., Class A^(b)		2,373		767,832
Telephone & Data Systems, Inc.		41,560		778,834
United States Cellular Corp.^(b)		25,583		782,072
WideOpenWest, Inc.^(b)		39,458		751,675
ZipRecruiter, Inc., Class A^(b)		28,737		798,314

				5,413,570

Consumer Discretionary-11.31%
Advance Auto Parts, Inc.		3,442		776,240
Arko Corp.^(b)		83,547		801,216
Bloomin’ Brands, Inc.^(b)		36,379		786,514
D.R. Horton, Inc.		9,093		811,732
Dave & Buster’s Entertainment, Inc.^(b)(c)		21,985		816,303
Dollar General Corp.		3,705		820,731
Everi Holdings, Inc.^(b)		33,440		802,560
KB Home		19,859		797,339
M.D.C. Holdings, Inc.		16,100		788,578
Mohawk Industries, Inc.^(b)		4,228		749,244
Newell Brands, Inc.		34,892		798,678
Polaris, Inc.^(c)		6,344		729,243
PulteGroup, Inc.		16,192		778,511
Rent-A-Center, Inc.		14,280		760,553
Ruth’s Hospitality Group, Inc.^(b)		42,652		824,890
Target Corp.		3,166		821,957
Tempur Sealy International, Inc.		16,979		755,056
Texas Roadhouse, Inc.		9,164		813,855
Tractor Supply Co.		3,825		830,675
Xponential Fitness, Inc., Class A^(c)		50,141		847,383

				15,911,258

Consumer Staples-1.80%
Darling Ingredients, Inc.^(b)		10,587		894,813
Estee Lauder Cos., Inc. (The), Class A		2,553		828,014
Primo Water Corp.		51,215		814,319

				2,537,146

Energy-11.37%
Antero Resources Corp.^(b)		41,432		823,254
APA Corp.		30,039		787,322
Black Stone Minerals L.P.		67,660		846,427
Brigham Minerals, Inc., Class A		36,351		842,616
Cheniere Energy, Inc.^(b)		7,596		785,426
ConocoPhillips		10,876		810,153
DCP Midstream L.P.		24,628		765,931
Devon Energy Corp.		20,434		818,995
Diamondback Energy, Inc.		7,448		798,351
Energy Transfer L.P.		82,027		780,077
Enterprise Products Partners L.P.		33,250		754,110
Kimbell Royalty Partners L.P.		53,301		804,312
Marathon Oil Corp.		50,139		818,268
Marathon Petroleum Corp.		12,001		791,226
Northern Oil and Gas, Inc.^(c)		33,509		776,068
Occidental Petroleum Corp.		24,733		829,298
Pioneer Natural Resources Co.		4,299		803,827
Targa Resources Corp.		14,565		796,269



	Shares		Value
Energy-(continued)
Valero Energy Corp.		9,893	$	765,026
Williams Cos., Inc. (The)		28,445		799,020

				15,995,976

Financials-20.07%
Allstate Corp. (The)		6,399		791,364
Argo Group International Holdings Ltd.		14,902		821,100
AssetMark Financial Holdings, Inc.^(b)		31,505		807,788
Axos Financial, Inc.^(b)		15,307		811,271
Bancorp, Inc. (The)^(b)		25,544		780,369
Banner Corp.		13,628		787,153
Barings BDC, Inc.		74,019		831,974
Cadence Bank		26,153		758,960
Chubb Ltd.		4,356		851,075
ConnectOne Bancorp, Inc.		25,039		844,565
Dime Community Bancshares, Inc.		23,440		836,339
Finance Of America Cos., Inc., Class A^(c)		170,789		818,079
Hancock Whitney Corp.		15,817		782,625
Huntington Bancshares, Inc.		49,196		774,345
Intercontinental Exchange, Inc.		6,259		866,621
Ladder Capital Corp.		67,887		814,644
Lakeland Bancorp, Inc.		45,119		811,240
Level One Bancorp, Inc.		8,421		264,504
Merchants Bancorp		18,994		843,903
Meta Financial Group, Inc.		13,177		730,533
Nexpoint Real Estate Finance, Inc.		38,723		802,728
OceanFirst Financial Corp.		36,875		817,519
Old Republic International Corp.		32,685		844,254
Old Second Bancorp, Inc.		60,226		815,460
Open Lending Corp., Class A^(b)		23,406		737,757
Origin Bancorp, Inc.		18,375		819,525
PacWest Bancorp		17,187		815,867
Redwood Trust, Inc.		57,987		786,304
Signature Bank		2,600		774,332
SmartFinancial, Inc.		19,474		506,129
TPG RE Finance Trust, Inc.		62,022		810,628
Triumph Bancorp, Inc.^(b)		7,388		866,612
Veritex Holdings, Inc.		20,190		826,781
Willis Towers Watson PLC		3,286		796,132
Wintrust Financial Corp.		8,819		780,482
Zions Bancorporation N.A		12,564		791,406

				28,220,368

Health Care-13.55%
Acadia Healthcare Co., Inc.^(b)		13,999		867,938
AngioDynamics, Inc.(b)		28,209		806,777
Antares Pharma, Inc.^(b)		216,332		809,082
Apellis Pharmaceuticals, Inc.^(b)(c)		25,351		779,290
Aveanna Healthcare Holdings, Inc.^(b)		111,588		861,459
Blueprint Medicines Corp.^(b)		8,035		903,857
Boston Scientific Corp.^(b)		18,080		779,790
CareDx, Inc.^(b)(c)		11,442		583,542
ChemoCentryx, Inc.^(b)		23,172		806,617
Cigna Corp.		3,723		795,270
CVS Health Corp.		9,340		833,875
Cymabay Therapeutics, Inc.^(b)(c)		202,306		788,993
Encompass Health Corp.		11,453		727,953
Exact Sciences Corp.^(b)(c)		8,433		802,990
Health Catalyst, Inc.^(b)(c)		15,716		827,290

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



		18
		18

Invesco Raymond James SB-1 Equity ETF (RYJ)—(continued)

October 31, 2021

(Unaudited)



	Shares		Value
Health Care-(continued)
HealthEquity, Inc.^(b)		12,316	$	815,073
Mirum Pharmaceuticals, Inc.^(b)		51,508		817,947
NGM Biopharmaceuticals, Inc.^(b)		42,143		778,381
Ocular Therapeutix, Inc.^(b)(c)		74,907		497,383
PolyPid Ltd. (Israel)^(b)(c)		22,042		156,719
REGENXBIO, Inc.^(b)		23,159		820,755
Sol-Gel Technologies Ltd. (Israel)^(b)(c)		13,294		116,455
Tarsus Pharmaceuticals, Inc.^(b)(c)		20,994		582,794
uniQure N.V. (Netherlands)^(b)(c)		28,727		875,312
UnitedHealth Group, Inc.		1,834		844,502
VBI Vaccines, Inc.^(b)(c)		265,982		771,348

				19,051,392

Industrials-11.41%
Alaska Air Group, Inc.^(b)		14,435		762,168
Allegiant Travel Co.^(b)		4,337		760,146
Axon Enterprise, Inc.^(b)		4,394		790,744
Bloom Energy Corp., Class A^(b)(c)		38,030		1,188,818
Byrna Technologies, Inc.^(c)		46,785		788,327
Casella Waste Systems, Inc., Class A^(b)		9,908		859,222
Delta Air Lines, Inc.^(b)		20,080		785,730
Federal Signal Corp.		19,338		827,860
Forward Air Corp.		9,032		908,258
FTC Solar, Inc.^(b)(c)		103,740		989,680
PACCAR, Inc.		9,353		838,216
Roper Technologies, Inc.		1,674		816,694
SkyWest, Inc.^(b)		17,014		732,113
Tecnoglass, Inc.^(c)		29,891		863,252
Union Pacific Corp.		3,482		840,555
United Parcel Service, Inc., Class B		4,039		862,205
Wabash National Corp.		50,263		780,584
Waste Connections, Inc.		6,102		829,933
WESCO International, Inc.^(b)		6,373		825,686

				16,050,191

Information Technology-14.56%
Alarm.com Holdings, Inc.^(b)		9,975		840,493
Avnet, Inc.		21,321		812,543
Cognex Corp.		9,450		827,725
Envestnet, Inc.^(b)		9,629		804,022
Fidelity National Information Services, Inc.		6,520		722,025
GDS Holdings Ltd., ADR (China)^(b)(c)		12,941		768,695
GoDaddy, Inc., Class A^(b)		11,669		807,145
HubSpot, Inc.^(b)		1,015		822,383
I3 Verticals, Inc., Class A^(b)		33,620		752,752
Itron, Inc.^(b)		10,419		810,286
Jabil, Inc.		12,953		776,662
Microchip Technology, Inc.		10,673		790,763
Micron Technology, Inc.		11,819		816,693
MiX Telematics Ltd., ADR (South Africa)		16,072		201,382
nLight, Inc.^(b)		28,788		809,519
NVIDIA Corp.		3,548		907,117
Okta, Inc.^(b)		3,123		771,943
Ping Identity Holding Corp.^(b)		29,218		827,746
Pure Storage, Inc., Class A^(b)		30,893		829,786
QUALCOMM, Inc.		6,097		811,145

Investment Abbreviations:

ADR-American Depositary Receipt

REIT-Real Estate Investment Trust



	Shares		Value
Information Technology-(continued)
RingCentral, Inc., Class A^(b)		3,269	$	796,917
salesforce.com, inc.^(b)		2,777		832,239
SS&C Technologies Holdings, Inc.		10,903		866,461
Switch, Inc., Class A^(c)		31,677		800,795
SYNNEX Corp.		7,690		807,450
ViaSat, Inc.^(b)		14,341		856,014

				20,470,701

Materials-0.58%
Scotts Miracle-Gro Co. (The)		5,486		814,452

Real Estate-10.85%
Agree Realty Corp.		11,526		819,038
American Homes 4 Rent, Class A		20,502		832,381
CareTrust REIT, Inc.		37,820		784,765
Digital Realty Trust, Inc.		5,198		820,296
DigitalBridge Group, Inc.^(b)(c)		122,730		822,291
EPR Properties		15,758		791,209
Equinix, Inc.		1,001		837,907
Gaming and Leisure Properties, Inc.		16,449		797,612
Invitation Homes, Inc.		20,130		830,362
Kite Realty Group Trust		38,302		777,531
National Retail Properties, Inc.		17,590		797,882
PotlatchDeltic Corp.		14,918		779,764
Prologis, Inc.		5,554		805,108
SBA Communications Corp., Class A		2,385		823,612
Uniti Group, Inc.		56,336		806,168
Ventas, Inc.		14,440		770,663
VICI Properties, Inc.^(c)		26,934		790,513
Welltower, Inc.		9,757		784,463
Weyerhaeuser Co.		22,051		787,662

				15,259,227

Utilities-0.64%
Sunnova Energy International, Inc.^(b)(c)		20,179		899,176

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $113,746,902)				140,623,457


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.54%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		4,025,103		4,025,103
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		9,388,151		9,391,906

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,417,009)				13,417,009

TOTAL INVESTMENTS IN SECURITIES-109.53% (Cost $127,163,911)				154,040,466
OTHER ASSETS LESS LIABILITIES-(9.53)%				(13,403,328	)

NET ASSETS-100.00%			$	140,637,138

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



		19
		19

Invesco Raymond James SB-1 Equity ETF (RYJ)—(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	382,543	$	(382,543	)		$-		$-		$	-	$	1

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,616,622		16,305,020		(15,896,539	)		-		-			4,025,103		252	*

Invesco Private Prime Fund			5,424,933		36,901,592		(32,934,619	)		-		-			9,391,906		3,729	*


Total		$	9,041,555	$	53,589,155	$	(49,213,701	)		$-		$-		$	13,417,009	$	3,982

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

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

as of October 31, 2021



Financials			20.07

Information Technology			14.56

Health Care			13.55

Industrials			11.41

Energy			11.37

Consumer Discretionary			11.31

Real Estate			10.85

Communication Services			3.85

Sector Types Each Less Than 3%			3.02

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.



		20
		20

Invesco S&P 500 BuyWrite ETF (PBP)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-103.39%
Communication Services-11.19%
Activision Blizzard, Inc.		3,638	$	284,456
Alphabet, Inc., Class A^(b)		1,406		4,163,054
Alphabet, Inc., Class C^(b)		1,318		3,908,410
AT&T, Inc.		33,421		844,214
Charter Communications, Inc., Class A^(b)		594		400,885
Comcast Corp., Class A		21,439		1,102,608
Discovery, Inc., Class A^(b)		802		18,799
Discovery, Inc., Class C^(b)		1,411		31,832
DISH Network Corp., Class A^(b)		1,164		47,805
Electronic Arts, Inc.		1,336		187,374
Fox Corp., Class A		1,515		60,206
Fox Corp., Class B		686		25,355
Interpublic Group of Cos., Inc. (The)		1,833		67,033
Live Nation Entertainment, Inc.^(b)		618		62,511
Lumen Technologies, Inc.		4,658		55,244
Match Group, Inc.^(b)		1,297		195,562
Meta Platforms, Inc., Class A^(b)		11,160		3,611,041
Netflix, Inc.^(b)		2,071		1,429,632
News Corp., Class A		1,833		41,976
News Corp., Class B		573		12,927
Omnicom Group, Inc.		1,002		68,216
Take-Two Interactive Software, Inc.^(b)		544		98,464
T-Mobile US, Inc.^(b)		2,743		315,527
Twitter, Inc.^(b)		3,736		200,025
Verizon Communications, Inc.		19,379		1,026,893
ViacomCBS, Inc., Class B		2,836		102,720
Walt Disney Co. (The)^(b)		8,507		1,438,278

				19,801,047

Consumer Discretionary-13.25%
Advance Auto Parts, Inc.		306		69,009
Amazon.com, Inc.^(b)		2,037		6,869,640
Aptiv PLC^(b)		1,264		218,533
AutoZone, Inc.^(b)		100		178,484
Bath & Body Works, Inc.		1,241		85,741
Best Buy Co., Inc.		1,056		129,085
Booking Holdings, Inc.^(b)		195		472,052
BorgWarner, Inc.		1,121		50,523
Caesars Entertainment, Inc.^(b)		998		109,241
CarMax, Inc.^(b)		764		104,607
Carnival Corp.^(b)		3,739		82,856
Chipotle Mexican Grill, Inc.^(b)		131		233,053
D.R. Horton, Inc.		1,527		136,315
Darden Restaurants, Inc.		611		88,070
Dollar General Corp.		1,108		245,444
Dollar Tree, Inc.^(b)		1,087		117,135
Domino’s Pizza, Inc.		172		84,103
eBay, Inc.		3,040		233,229
Etsy, Inc.^(b)		593		148,659
Expedia Group, Inc.^(b)		678		111,470
Ford Motor Co.^(b)		18,367		313,708
Gap, Inc. (The)		992		22,508
Garmin Ltd.		710		101,956
General Motors Co.^(b)		6,795		369,852
Genuine Parts Co.		668		87,581
Hanesbrands, Inc.		1,634		27,843
Hasbro, Inc.		611		58,509



	Shares		Value
Consumer Discretionary-(continued)
Hilton Worldwide Holdings, Inc.^(b)		1,303	$	187,567
Home Depot, Inc. (The)		4,975		1,849,407
Las Vegas Sands Corp.^(b)		1,602		62,174
Leggett & Platt, Inc.		625		29,281
Lennar Corp., Class A		1,284		128,310
LKQ Corp.^(b)		1,259		69,346
Lowe’s Cos., Inc.		3,310		773,944
Marriott International, Inc., Class A^(b)		1,278		204,506
McDonald’s Corp.		3,493		857,706
MGM Resorts International		1,870		88,189
Mohawk Industries, Inc.^(b)		261		46,252
Newell Brands, Inc.		1,755		40,172
NIKE, Inc., Class B		5,984		1,001,063
Norwegian Cruise Line Holdings Ltd.^(b)		1,717		44,161
NVR, Inc.^(b)		17		83,212
O’Reilly Automotive, Inc.^(b)		324		201,632
Penn National Gaming, Inc.^(b)		733		52,483
Pool Corp.		189		97,365
PulteGroup, Inc.		1,216		58,465
PVH Corp.^(b)		336		36,735
Ralph Lauren Corp.		229		29,122
Ross Stores, Inc.		1,673		189,384
Royal Caribbean Cruises Ltd.^(b)		1,050		88,652
Starbucks Corp.		5,521		585,612
Tapestry, Inc.		1,297		50,557
Target Corp.		2,314		600,761
Tesla, Inc.^(b)		3,796		4,228,744
TJX Cos., Inc. (The)		5,649		369,953
Tractor Supply Co.		534		115,969
Ulta Beauty, Inc.^(b)		255		93,677
Under Armour, Inc., Class A^(b)		878		19,281
Under Armour, Inc., Class C^(b)		955		18,030
VF Corp.		1,527		111,288
Whirlpool Corp.		294		61,984
Wynn Resorts Ltd.^(b)		497		44,631
Yum! Brands, Inc.		1,385		173,042

				23,441,863

Consumer Staples-5.78%
Altria Group, Inc.		8,633		380,802
Archer-Daniels-Midland Co.		2,616		168,052
Brown-Forman Corp., Class B		855		58,046
Campbell Soup Co.		955		38,152
Church & Dwight Co., Inc.		1,144		99,940
Clorox Co. (The)		573		93,405
Coca-Cola Co. (The)		18,185		1,025,089
Colgate-Palmolive Co.		3,946		300,646
Conagra Brands, Inc.		2,249		72,418
Constellation Brands, Inc., Class A		789		171,063
Costco Wholesale Corp.		2,069		1,016,996
Estee Lauder Cos., Inc. (The), Class A		1,087		352,547
General Mills, Inc.		2,838		175,388
Hershey Co. (The)		679		119,063
Hormel Foods Corp.		1,319		55,820
JM Smucker Co. (The)		510		62,659
Kellogg Co.		1,197		73,376
Kimberly-Clark Corp.		1,574		203,817
Kraft Heinz Co. (The)		3,151		113,089

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



		21
		21

Invesco S&P 500 BuyWrite ETF (PBP)—(continued)

October 31, 2021

(Unaudited)



	Shares		Value
Consumer Staples-(continued)
Kroger Co. (The)		3,180	$	127,264
Lamb Weston Holdings, Inc.		687		38,781
McCormick & Co., Inc.		1,166		93,548
Molson Coors Beverage Co., Class B		878		38,711
Mondelez International, Inc., Class A		6,543		397,422
Monster Beverage Corp.^(b)		1,755		149,175
PepsiCo, Inc.		6,467		1,045,067
Philip Morris International, Inc.		7,297		689,858
Procter & Gamble Co. (The)		11,361		1,624,509
Sysco Corp.		2,396		184,252
Tyson Foods, Inc., Class A		1,381		110,439
Walgreens Boots Alliance, Inc.		3,359		157,940
Walmart, Inc.		6,690		999,620

				10,236,954

Energy-2.95%
APA Corp.		1,755		45,999
Baker Hughes Co., Class A		3,878		97,260
Chevron Corp.		9,052		1,036,363
ConocoPhillips		6,269		466,978
Coterra Energy, Inc.		3,802		81,059
Devon Energy Corp.		2,947		118,116
Diamondback Energy, Inc.		803		86,074
EOG Resources, Inc.		2,735		252,878
Exxon Mobil Corp.		19,816		1,277,537
Halliburton Co.		4,169		104,183
Hess Corp.		1,289		106,433
Kinder Morgan, Inc.		9,122		152,793
Marathon Oil Corp.		3,664		59,796
Marathon Petroleum Corp.		2,989		197,065
Occidental Petroleum Corp.		4,152		139,217
ONEOK, Inc.		2,086		132,711
Phillips 66		2,049		153,224
Pioneer Natural Resources Co.		1,063		198,760
Schlumberger N.V.		6,546		211,174
Valero Energy Corp.		1,908		147,546
Williams Cos., Inc. (The)		5,689		159,804

				5,224,970

Financials-11.79%
Aflac, Inc.		2,886		154,892
Allstate Corp. (The)		1,385		171,283
American Express Co.		3,014		523,773
American International Group, Inc.		4,003		236,537
Ameriprise Financial, Inc.		530		160,129
Aon PLC, Class A		1,058		338,475
Arthur J. Gallagher & Co.		966		161,969
Assurant, Inc.		275		44,360
Bank of America Corp.		34,664		1,656,246
Bank of New York Mellon Corp. (The)		3,718		220,106
Berkshire Hathaway, Inc., Class B^(b)		8,674		2,489,525
BlackRock, Inc.		668		630,231
Brown & Brown, Inc.		1,096		69,169
Capital One Financial Corp.		2,089		315,502
Cboe Global Markets, Inc.		501		66,102
Charles Schwab Corp. (The)		7,029		576,589
Chubb Ltd.		2,053		401,115
Cincinnati Financial Corp.		700		85,008
Citigroup, Inc.		9,487		656,121
Citizens Financial Group, Inc.		1,996		94,570
CME Group, Inc., Class A		1,680		370,524



	Shares		Value
Financials-(continued)
Comerica, Inc.		628	$	53,436
Discover Financial Services		1,404		159,101
Everest Re Group Ltd.		188		49,162
Fifth Third Bancorp		3,232		140,689
First Republic Bank		823		178,040
Franklin Resources, Inc.		1,318		41,504
Globe Life, Inc.		438		38,991
Goldman Sachs Group, Inc. (The)		1,575		651,026
Hartford Financial Services Group, Inc. (The)		1,625		118,511
Huntington Bancshares, Inc.		6,910		108,763
Intercontinental Exchange, Inc.		2,635		364,842
Invesco Ltd.^(c)		1,564		39,741
JPMorgan Chase & Co.		13,984		2,375,742
KeyCorp.		4,478		104,203
Lincoln National Corp.		825		59,524
Loews Corp.		955		53,547
M&T Bank Corp.		603		88,713
MarketAxess Holdings, Inc.		179		73,152
Marsh & McLennan Cos., Inc.		2,372		395,650
MetLife, Inc.		3,409		214,085
Moody’s Corp.		759		306,750
Morgan Stanley		6,833		702,296
MSCI, Inc.		385		255,979
Nasdaq, Inc.		546		114,589
Northern Trust Corp.		973		119,718
People’s United Financial, Inc.		1,985		34,023
PNC Financial Services Group, Inc. (The)		1,991		420,161
Principal Financial Group, Inc.		1,168		78,361
Progressive Corp. (The)		2,737		259,687
Prudential Financial, Inc.		1,811		199,301
Raymond James Financial, Inc.		866		85,379
Regions Financial Corp.		4,469		105,826
S&P Global, Inc.		1,126		533,904
State Street Corp.		1,709		168,422
SVB Financial Group^(b)		274		196,568
Synchrony Financial		2,667		123,882
T. Rowe Price Group, Inc.		1,063		230,543
Travelers Cos., Inc. (The)		1,167		187,747
Truist Financial Corp.		6,249		396,624
U.S. Bancorp		6,314		381,176
W.R. Berkley Corp.		658		52,377
Wells Fargo & Co.		19,221		983,346
Willis Towers Watson PLC		605		146,579
Zions Bancorporation N.A.		764		48,124

				20,862,010

Health Care-13.46%
Abbott Laboratories		8,298		1,069,529
AbbVie, Inc.		8,271		948,436
ABIOMED, Inc.^(b)		215		71,389
Agilent Technologies, Inc.		1,417		223,163
Align Technology, Inc.^(b)		346		216,032
AmerisourceBergen Corp.		699		85,292
Amgen, Inc.		2,657		549,919
Anthem, Inc.		1,140		496,048
Baxter International, Inc.		2,339		184,687
Becton, Dickinson and Co.		1,345		322,249
Biogen, Inc.^(b)		696		185,609
Bio-Rad Laboratories, Inc., Class A^(b)		100		79,468
Bio-Techne Corp.		183		95,828

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



		22
		22

Invesco S&P 500 BuyWrite ETF (PBP)—(continued)

October 31, 2021

(Unaudited)



	Shares		Value
Health Care-(continued)
Boston Scientific Corp.^(b)		6,665	$	287,461
Bristol-Myers Squibb Co.		10,403		607,535
Cardinal Health, Inc.		1,359		64,974
Catalent, Inc.^(b)		803		110,702
Centene Corp.^(b)		2,731		194,556
Cerner Corp.		1,385		102,892
Charles River Laboratories International, Inc.^(b)		234		104,991
Cigna Corp.		1,591		339,854
Cooper Cos., Inc. (The)		228		95,058
CVS Health Corp.		6,176		551,393
Danaher Corp.		2,974		927,204
DaVita, Inc.^(b)		315		32,521
DENTSPLY SIRONA, Inc.		1,031		58,984
DexCom, Inc.^(b)		453		282,314
Edwards Lifesciences Corp.^(b)		2,915		349,275
Eli Lilly and Co.		3,717		946,943
Gilead Sciences, Inc.		5,867		380,651
HCA Healthcare, Inc.		1,153		288,780
Henry Schein, Inc.^(b)		650		49,628
Hologic, Inc.^(b)		1,183		86,726
Humana, Inc.		602		278,822
IDEXX Laboratories, Inc.^(b)		397		264,458
Illumina, Inc.^(b)		685		284,316
Incyte Corp.^(b)		878		58,808
Intuitive Surgical, Inc.^(b)		1,670		603,087
IQVIA Holdings, Inc.^(b)		897		234,494
Johnson & Johnson		12,324		2,007,333
Laboratory Corp. of America Holdings^(b)		453		130,020
McKesson Corp.		725		150,713
Medtronic PLC		6,288		753,680
Merck & Co., Inc.		11,849		1,043,304
Mettler-Toledo International, Inc.^(b)		108		159,935
Moderna, Inc.^(b)		1,644		567,525
Organon & Co.		1,183		43,475
PerkinElmer, Inc.		523		92,513
Pfizer, Inc.		26,246		1,148,000
Quest Diagnostics, Inc.		572		83,958
Regeneron Pharmaceuticals, Inc.^(b)		494		316,130
ResMed, Inc.		680		178,779
STERIS PLC		467		109,157
Stryker Corp.		1,568		417,198
Teleflex, Inc.		222		79,241
Thermo Fisher Scientific, Inc.		1,843		1,166,748
UnitedHealth Group, Inc.		4,412		2,031,594
Universal Health Services, Inc., Class B		357		44,304
Vertex Pharmaceuticals, Inc.^(b)		1,216		224,875
Viatris, Inc.		5,661		75,574
Waters Corp.^(b)		288		105,854
West Pharmaceutical Services, Inc.		348		149,598
Zimmer Biomet Holdings, Inc.		976		139,685
Zoetis, Inc.		2,218		479,532

				23,812,801

Industrials-8.30%
3M Co.		2,710		484,223
A.O. Smith Corp.		625		45,669
Alaska Air Group, Inc.^(b)		586		30,941
Allegion PLC		420		53,886
American Airlines Group, Inc.^(b)		3,016		57,907
AMETEK, Inc.		1,084		143,522



	Shares		Value
Industrials-(continued)
Boeing Co. (The)^(b)		2,581	$	534,344
C.H. Robinson Worldwide, Inc.		617		59,843
Carrier Global Corp.		4,064		212,263
Caterpillar, Inc.		2,564		523,082
Cintas Corp.		409		177,138
Copart, Inc.^(b)		992		154,048
CSX Corp.		10,554		381,738
Cummins, Inc.		670		160,693
Deere & Co.		1,328		454,588
Delta Air Lines, Inc.^(b)		2,996		117,233
Dover Corp.		672		113,622
Eaton Corp. PLC		1,864		307,113
Emerson Electric Co.		2,797		271,337
Equifax, Inc.		569		157,858
Expeditors International of Washington, Inc.		802		98,854
Fastenal Co.		2,691		153,602
FedEx Corp.		1,150		270,859
Fortive Corp.		1,679		127,117
Fortune Brands Home & Security, Inc.		650		65,910
Generac Holdings, Inc.^(b)		296		147,574
General Dynamics Corp.		1,088		220,592
General Electric Co.		5,137		538,717
Honeywell International, Inc.		3,231		706,361
Howmet Aerospace, Inc.		1,794		53,264
Huntington Ingalls Industries, Inc.		192		38,924
IDEX Corp.		358		79,680
IHS Markit Ltd.		1,864		243,662
Illinois Tool Works, Inc.		1,342		305,801
Ingersoll Rand, Inc.^(b)		1,896		101,913
J.B. Hunt Transport Services, Inc.		393		77,496
Jacobs Engineering Group, Inc.		611		85,797
Johnson Controls International PLC		3,332		244,469
Kansas City Southern		425		131,856
L3Harris Technologies, Inc.		943		217,399
Leidos Holdings, Inc.		666		66,587
Lockheed Martin Corp.		1,153		383,165
Masco Corp.		1,156		75,776
Nielsen Holdings PLC		1,680		34,020
Norfolk Southern Corp.		1,155		338,473
Northrop Grumman Corp.		703		251,126
Old Dominion Freight Line, Inc.		439		149,853
Otis Worldwide Corp.		2,000		160,620
PACCAR, Inc.		1,625		145,632
Parker-Hannifin Corp.		605		179,437
Pentair PLC		778		57,549
Quanta Services, Inc.		650		78,832
Raytheon Technologies Corp.		7,056		626,996
Republic Services, Inc.		982		132,177
Robert Half International, Inc.		522		59,023
Rockwell Automation, Inc.		541		172,795
Rollins, Inc.		1,060		37,344
Roper Technologies, Inc.		497		242,471
Snap-on, Inc.		251		51,011
Southwest Airlines Co.^(b)		2,768		130,871
Stanley Black & Decker, Inc.		764		137,314
Textron, Inc.		1,050		77,542
Trane Technologies PLC		1,109		200,651
TransDigm Group, Inc.^(b)		244		152,212
Union Pacific Corp.		3,050		736,270
United Airlines Holdings, Inc.^(b)		1,516		69,948

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



		23
		23

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

October 31, 2021

(Unaudited)



	Shares		Value
Industrials-(continued)
United Parcel Service, Inc., Class B		3,409	$	727,719
United Rentals, Inc.^(b)		340		128,897
Verisk Analytics, Inc.		755		158,754
W.W. Grainger, Inc.		207		95,864
Wabtec Corp.		885		80,296
Waste Management, Inc.		1,814		290,657
Xylem, Inc.		839		109,565

				14,690,342

Information Technology-28.88%
Accenture PLC, Class A		2,968		1,064,889
Adobe, Inc.^(b)		2,230		1,450,303
Advanced Micro Devices, Inc.^(b)		5,680		682,906
Akamai Technologies, Inc.^(b)		764		80,571
Amphenol Corp., Class A		2,799		214,879
Analog Devices, Inc.		2,518		436,848
ANSYS, Inc.^(b)		408		154,869
Apple, Inc.		73,506		11,011,199
Applied Materials, Inc.		4,278		584,589
Arista Networks, Inc.^(b)		261		106,929
Autodesk, Inc.^(b)		1,030		327,138
Automatic Data Processing, Inc.		1,982		444,939
Broadcom, Inc.		1,920		1,020,806
Broadridge Financial Solutions, Inc.		542		96,698
Cadence Design Systems, Inc.^(b)		1,297		224,524
CDW Corp.		645		120,389
Ceridian HCM Holding, Inc.^(b)		633		79,283
Cisco Systems, Inc.		19,728		1,104,176
Citrix Systems, Inc.		582		55,133
Cognizant Technology Solutions Corp., Class A		2,458		191,945
Corning, Inc.		3,599		128,016
DXC Technology Co.^(b)		1,183		38,530
Enphase Energy, Inc.^(b)		631		146,158
F5 Networks, Inc.^(b)		282		59,544
Fidelity National Information Services, Inc.		2,889		319,928
Fiserv, Inc.^(b)		2,789		274,689
FleetCor Technologies, Inc.^(b)		385		95,253
Fortinet, Inc.^(b)		636		213,912
Gartner, Inc.^(b)		390		129,445
Global Payments, Inc.		1,375		196,611
Hewlett Packard Enterprise Co.		6,115		89,585
HP, Inc.		5,623		170,546
Intel Corp.		18,992		930,608
International Business Machines Corp.		4,197		525,045
Intuit, Inc.		1,277		799,389
IPG Photonics Corp.^(b)		169		26,873
Jack Henry & Associates, Inc.		350		58,268
Juniper Networks, Inc.		1,523		44,959
Keysight Technologies, Inc.^(b)		862		155,177
KLA Corp.		714		266,151
Lam Research Corp.		665		374,774
Mastercard, Inc., Class A		4,075		1,367,244
Microchip Technology, Inc.		2,567		190,189
Micron Technology, Inc.		5,267		363,950
Microsoft Corp.		35,174		11,664,402
Monolithic Power Systems, Inc.		205		107,719
Motorola Solutions, Inc.		794		197,380
NetApp, Inc.		1,049		93,676
NortonLifeLock, Inc.		2,710		68,969
NVIDIA Corp.		11,664		2,982,135



	Shares		Value
Information Technology-(continued)
NXP Semiconductors N.V. (China)		1,243	$	249,669
Oracle Corp.		7,711		739,793
Paychex, Inc.		1,499		184,797
Paycom Software, Inc.^(b)		223		122,171
PayPal Holdings, Inc.^(b)		5,500		1,279,245
PTC, Inc.^(b)		497		63,293
Qorvo, Inc.^(b)		518		87,143
QUALCOMM, Inc.		5,278		702,185
salesforce.com, inc.^(b)		4,546		1,362,391
Seagate Technology Holdings PLC		978		87,110
ServiceNow, Inc.^(b)		928		647,521
Skyworks Solutions, Inc.		774		129,359
Synopsys, Inc.^(b)		713		237,557
TE Connectivity Ltd.		1,537		224,402
Teledyne Technologies, Inc.^(b)		221		99,278
Teradyne, Inc.		774		106,998
Texas Instruments, Inc.		4,322		810,289
Trimble, Inc.^(b)		1,183		103,359
Tyler Technologies, Inc.^(b)		193		104,841
VeriSign, Inc.^(b)		458		101,983
Visa, Inc., Class A		7,901		1,673,195
Western Digital Corp.^(b)		1,433		74,932
Western Union Co. (The)		1,901		34,636
Xilinx, Inc.		1,157		208,260
Zebra Technologies Corp., Class A^(b)		249		132,954

				51,099,499

Materials-2.58%
Air Products and Chemicals, Inc.		1,036		310,603
Albemarle Corp.		546		136,757
Amcor PLC		7,216		87,097
Avery Dennison Corp.		387		84,258
Ball Corp.		1,527		139,690
Celanese Corp.		518		83,662
CF Industries Holdings, Inc.		1,006		57,141
Corteva, Inc.		3,438		148,350
Dow, Inc.		3,489		195,279
DuPont de Nemours, Inc.		2,447		170,311
Eastman Chemical Co.		637		66,267
Ecolab, Inc.		1,164		258,664
FMC Corp.		603		54,879
Freeport-McMoRan, Inc.		6,874		259,287
International Flavors & Fragrances, Inc.		1,165		171,779
International Paper Co.		1,832		90,995
Linde PLC (United Kingdom)		2,419		772,145
LyondellBasell Industries N.V., Class A		1,239		115,004
Martin Marietta Materials, Inc.		293		115,102
Mosaic Co. (The)		1,618		67,260
Newmont Corp.		3,742		202,068
Nucor Corp.		1,375		153,519
Packaging Corp. of America		445		61,130
PPG Industries, Inc.		1,108		177,912
Sealed Air Corp.		700		41,524
Sherwin-Williams Co. (The)		1,131		358,086
Vulcan Materials Co.		622		118,255
WestRock Co.		1,252		60,221

				4,557,245

Real Estate-2.72%
Alexandria Real Estate Equities, Inc.		650		132,691
American Tower Corp.		2,132		601,160

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



		24
		24

Invesco S&P 500 BuyWrite ETF (PBP)—(continued)

October 31, 2021

(Unaudited)



	Shares		Value
Real Estate-(continued)
AvalonBay Communities, Inc.		655	$	155,025
Boston Properties, Inc.		668		75,912
CBRE Group, Inc., Class A^(b)		1,569		163,301
Crown Castle International Corp.		2,022		364,567
Digital Realty Trust, Inc.		1,323		208,783
Duke Realty Corp.		1,770		99,545
Equinix, Inc.		420		351,569
Equity Residential		1,594		137,722
Essex Property Trust, Inc.		306		104,019
Extra Space Storage, Inc.		627		123,751
Federal Realty Investment Trust		329		39,595
Healthpeak Properties, Inc.		2,523		89,592
Host Hotels & Resorts, Inc.^(b)		3,321		55,892
Iron Mountain, Inc.		1,355		61,842
Kimco Realty Corp.		2,874		64,952
Mid-America Apartment Communities, Inc.		541		110,478
Prologis, Inc.		3,461		501,707
Public Storage		713		236,844
Realty Income Corp.		2,606		186,147
Regency Centers Corp.		725		51,047
SBA Communications Corp., Class A		515		177,845
Simon Property Group, Inc.		1,540		225,733
UDR, Inc.		1,297		72,022
Ventas, Inc.		1,844		98,414
Vornado Realty Trust		744		31,717
Welltower, Inc.		1,980		159,192
Weyerhaeuser Co.		3,509		125,341

				4,806,405

Utilities-2.49%
AES Corp. (The)		3,119		78,380
Alliant Energy Corp.		1,171		66,243
Ameren Corp.		1,205		101,569
American Electric Power Co., Inc.		2,340		198,221
American Water Works Co., Inc.		849		147,879
Atmos Energy Corp.		611		56,285
CenterPoint Energy, Inc.		2,774		72,235



	Shares		Value
Utilities-(continued)
CMS Energy Corp.		1,356	$	81,835
Consolidated Edison, Inc.		1,654		124,712
Dominion Energy, Inc.		3,783		287,243
DTE Energy Co.		907		102,808
Duke Energy Corp.		3,603		367,542
Edison International		1,777		111,827
Entergy Corp.		943		97,148
Evergy, Inc.		1,069		68,149
Eversource Energy		1,603		136,095
Exelon Corp		4,576		243,397
FirstEnergy Corp.		2,549		98,213
NextEra Energy, Inc.		9,183		783,585
NiSource, Inc.		1,833		45,220
NRG Energy, Inc.		1,145		45,674
Pinnacle West Capital Corp.		534		34,438
PPL Corp.		3,605		103,824
Public Service Enterprise Group, Inc.		2,367		151,015
Sempra Energy		1,494		190,679
Southern Co. (The)		4,959		309,045
WEC Energy Group, Inc.		1,477		133,019
Xcel Energy, Inc.		2,520		162,767

				4,399,047


Total Common Stocks & Other Equity Interests (Cost $104,078,819)				182,932,183


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d) (Cost $113,157)		113,157		113,157


TOTAL INVESTMENTS IN SECURITIES-103.45% (Cost $104,191,976)				183,045,340
OTHER ASSETS LESS LIABILITIES-(3.45)%				(6,106,560	)

NET ASSETS-100.00%			$	176,938,780

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)



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2021			Dividend Income

Invesco Ltd.		$	51,975	$	1,122	$	(10,555	)		$	(1,499	)		$	(1,302	)		$	39,741		$	628

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-		1,694,194		(1,581,037	)			-				-				113,157			10


Total		$	51,975	$	1,695,316	$	(1,591,592	)		$	(1,499	)		$	(1,302	)		$	152,898		$	638

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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



		25
		25

Invesco S&P 500 BuyWrite ETF (PBP)—(continued)

October 31, 2021

(Unaudited)

Open Exchange-Traded Index Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise
Price

Notional
Value*

Value

Equity Risk

S&P 500 Index

Call

11/19/2021

397

$4,470

$177,459,000

$(6,119,755

)

*	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Portfolio Composition

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

as of October 31, 2021



Information Technology	28.88

Health Care	13.46

Consumer Discretionary	13.25

Financials	11.79

Communication Services	11.19

Industrials	8.30

Consumer Staples	5.78

Sector Types Each Less Than 3%	10.74

Money Market Funds Plus Other Assets Less Liabilities	(3.39	)

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



		26
		26

Invesco S&P 500^® Quality ETF (SPHQ)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-0.16%
Interpublic Group of Cos., Inc. (The)		142,563	$	5,213,529

Consumer Discretionary-6.40%
Best Buy Co., Inc.		137,231		16,775,117
eBay, Inc.		255,679		19,615,693
Etsy, Inc.^(b)(c)		64,830		16,252,233
Genuine Parts Co.		59,247		7,767,874
Lennar Corp., Class A		109,273		10,919,651
Newell Brands, Inc.		144,332		3,303,759
NVR, Inc.^(b)		1,281		6,270,239
Pool Corp.		15,716		8,096,254
PulteGroup, Inc.		103,157		4,959,789
Ross Stores, Inc.		158,565		17,949,558
Target Corp.		209,802		54,468,795
TJX Cos., Inc. (The)		494,863		32,408,578
Ulta Beauty, Inc.^(b)		22,638		8,316,296
Under Armour, Inc., Class A^(b)(c)		75,908		1,666,940

				208,770,776

Consumer Staples-8.09%
Brown-Forman Corp., Class B		69,333		4,707,017
Campbell Soup Co.		79,832		3,189,289
Clorox Co. (The)		56,587		9,224,247
General Mills, Inc.		215,261		13,303,130
Hershey Co. (The)		55,911		9,803,994
Procter & Gamble Co. (The)		1,022,170		146,160,088
Walmart, Inc.		518,715		77,506,395

				263,894,160

Energy-0.56%
Baker Hughes Co., Class A		344,887		8,649,766
Devon Energy Corp.^(c)		240,111		9,623,649

				18,273,415

Financials-24.49%
American Express Co.		321,108		55,802,148
Ameriprise Financial, Inc.		51,796		15,649,125
Assurant, Inc.		23,842		3,845,953
Bank of America Corp.		3,130,984		149,598,416
Capital One Financial Corp.		243,529		36,780,185
Citizens Financial Group, Inc.		170,310		8,069,288
Comerica, Inc.		77,695		6,611,068
Discover Financial Services		149,435		16,933,974
Huntington Bancshares, Inc.		537,275		8,456,709
JPMorgan Chase & Co.		939,206		159,561,707
M&T Bank Corp.		52,040		7,656,125
MarketAxess Holdings, Inc.		16,655		6,806,399
Moody’s Corp.		58,068		23,468,182
PNC Financial Services Group, Inc. (The)		183,490		38,721,895
Raymond James Financial, Inc.		66,684		6,574,376
Regions Financial Corp.		412,547		9,769,113
S&P Global, Inc.^(c)		127,840		60,616,614
Synchrony Financial		226,050		10,500,022
T. Rowe Price Group, Inc.^(c)		82,548		17,903,010
U.S. Bancorp		719,828		43,456,016
W.R. Berkley Corp.		56,678		4,511,569



	Shares		Value
Financials-(continued)
Wells Fargo & Co.		1,983,414	$	101,471,460
Zions Bancorporation N.A.		90,927		5,727,492

				798,490,846

Health Care-11.80%
Abbott Laboratories		662,942		85,446,594
Biogen, Inc.^(b)		35,544		9,478,874
Cardinal Health, Inc.		149,472		7,146,256
Cigna Corp.		138,091		29,497,618
Cooper Cos., Inc. (The)		19,422		8,097,420
Eli Lilly and Co.		250,439		63,801,840
Hologic, Inc.^(b)		99,306		7,280,123
IDEXX Laboratories, Inc.^(b)		39,859		26,551,674
Pfizer, Inc.		2,122,313		92,829,971
Vertex Pharmaceuticals, Inc.^(b)		101,464		18,763,738
Zoetis, Inc.		165,938		35,875,796

				384,769,904

Industrials-9.19%
3M Co.^(c)		224,222		40,063,987
A.O. Smith Corp.		60,211		4,399,618
Allegion PLC		35,983		4,616,619
Cintas Corp.		31,123		13,479,371
Cummins, Inc.		53,217		12,763,565
Fastenal Co.		224,411		12,809,380
Fortive Corp.		136,611		10,342,819
Generac Holdings, Inc.^(b)		21,855		10,896,029
Howmet Aerospace, Inc.		148,611		4,412,260
Illinois Tool Works, Inc.^(c)		114,152		26,011,816
Lockheed Martin Corp.		114,955		38,201,846
Northrop Grumman Corp.		56,294		20,109,343
Robert Half International, Inc.		51,638		5,838,709
Rollins, Inc.		85,567		3,014,525
Snap-on, Inc.		20,107		4,086,346
Trane Technologies PLC		113,808		20,591,281
United Parcel Service, Inc., Class B		317,932		67,868,944

				299,506,458

Information Technology-36.87%
Adobe, Inc.^(b)		172,138		111,951,670
Apple, Inc.		1,203,765		180,323,997
Applied Materials, Inc.		355,336		48,556,664
Automatic Data Processing, Inc.		159,511		35,808,624
Cisco Systems, Inc.		1,731,818		96,929,854
Cognizant Technology Solutions Corp., Class A		191,927		14,987,579
FleetCor Technologies, Inc.^(b)		30,648		7,582,622
Fortinet, Inc.^(b)		80,004		26,908,545
Jack Henry & Associates, Inc.		25,832		4,300,511
KLA Corp.		67,272		25,076,311
Lam Research Corp.		56,849		32,038,391
Mastercard, Inc., Class A		364,372		122,254,094
Microsoft Corp.		603,470		200,122,721
Oracle Corp.		709,929		68,110,588
Paychex, Inc.		123,047		15,169,234
Qorvo, Inc.^(b)		41,430		6,969,769
Texas Instruments, Inc.		406,128		76,140,877
Visa, Inc., Class A		609,384		129,049,250

				1,202,281,301

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



		27
		27

Invesco S&P 500^® Quality ETF (SPHQ)—(continued)

October 31, 2021

(Unaudited)



	Shares		Value
Materials-2.11%
Celanese Corp.		46,480	$	7,506,985
Dow, Inc.		268,409		15,022,852
Newmont Corp.		312,764		16,889,256
Sherwin-Williams Co. (The)		92,322		29,230,068

				68,649,161

Real Estate-0.31%
Weyerhaeuser Co.		282,367		10,086,149

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $2,709,799,161)				3,259,935,699


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.55%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		24,970,640		24,970,640



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		58,241,531	$	58,264,828

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $83,235,467)				83,235,468

TOTAL INVESTMENTS IN SECURITIES-102.53% (Cost $2,793,034,628)				3,343,171,167
OTHER ASSETS LESS LIABILITIES-(2.53)%				(82,497,746	)

NET ASSETS-100.00%			$	3,260,673,421

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, 2021.

^(d)



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,406,928	$	29,126,758	$	(30,533,686	)		$	-		$	-		$	-	$	265
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			9,617,056		112,407,540		(97,053,956	)			-			-			24,970,640		784	*
Invesco Private Prime Fund			14,425,585		249,162,731		(205,323,489	)			1			-			58,264,828		10,670	*


Total		$	25,449,569	$	390,697,029	$	(332,911,131	)		$	1		$	-		$	83,235,468	$	11,719

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

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



		28
		28

Invesco S&P 500^® Quality ETF (SPHQ)—(continued)

October 31, 2021

(Unaudited)

Portfolio Composition

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

as of October 31, 2021



Information Technology			36.87

Financials			24.49

Health Care			11.80

Industrials			9.19

Consumer Staples			8.09

Consumer Discretionary			6.40

Sector Types Each Less Than 3%			3.14

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.



		29
		29

Invesco S&P Spin-Off ETF (CSD)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-4.44%
Madison Square Garden Entertainment Corp.^(b)(c)		12,125	$	854,449
Vimeo, Inc.^(b)		74,700		2,519,631

				3,374,080

Consumer Discretionary-20.29%
frontdoor, inc.^(b)		41,264		1,538,322
Kontoor Brands, Inc.		23,032		1,220,696
Penn National Gaming, Inc.^(b)(c)		79,918		5,722,129
Veoneer, Inc. (Sweden)^(b)(c)		48,490		1,706,848
Victoria’s Secret & Co.^(b)		36,139		1,823,935
Wyndham Hotels & Resorts, Inc.		40,459		3,417,572

				15,429,502

Energy-8.94%
ChampionX Corp.^(b)		97,112		2,547,248
DT Midstream, Inc.		46,614		2,235,607
Equitrans Midstream Corp.		195,653		2,017,182

				6,800,037

Health Care-6.14%
Covetrus, Inc.^(b)		49,669		1,002,817
Organon & Co.		99,892		3,671,031

				4,673,848

Industrials-31.86%
Arcosa, Inc.		23,292		1,204,895
Carrier Global Corp.		104,652		5,465,974
GXO Logistics, Inc.^(b)		42,477		3,771,958
IAA, Inc.^(b)		64,868		3,869,376
nVent Electric PLC		80,898		2,867,834
Otis Worldwide Corp.		66,438		5,335,636
Resideo Technologies, Inc.^(b)		69,385		1,711,034

				24,226,707

Information Technology-8.70%
Concentrix Corp.		18,362		3,262,560
Vontier Corp.		99,232		3,357,019

				6,619,579



	Shares		Value
Materials-14.53%
Corteva, Inc.		131,089	$	5,656,490
Dow, Inc.		96,321		5,391,086

				11,047,576

Real Estate-5.08%
Apartment Income REIT Corp.		65,884		3,532,041
CorePoint Lodging, Inc.^(b)		19,132		329,836

				3,861,877

Total Common Stocks & Other Equity Interests (Cost $58,981,397)				76,033,206


Money Market Funds-0.17%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $129,615)		129,615		129,615

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.15% (Cost $59,111,012)				76,162,821


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.99%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		1,822,874		1,822,874
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		4,251,672		4,253,373

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,076,247)				6,076,247

TOTAL INVESTMENTS IN SECURITIES-108.14% (Cost $65,187,259)				82,239,068
OTHER ASSETS LESS LIABILITIES-(8.14)%				(6,190,285	)

NET ASSETS-100.00%			$	76,048,783

Investment Abbreviations:

REIT-Real Estate Investment Trust

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



		30
		30

Invesco S&P Spin-Off ETF (CSD)—(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	175,341	$	3,111,769	$	(3,157,495	)		$	-		$	-		$	129,615		$	27

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			557,174		10,705,859		(9,440,159	)			-			-			1,822,874			93	*

Invesco Private Prime Fund			835,762		20,005,976		(16,588,365	)			-			-			4,253,373			1,271	*


Total		$	1,568,277	$	33,823,604	$	(29,186,019	)		$	-		$	-		$	6,205,862		$	1,391

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

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

as of October 31, 2021



Industrials			31.86

Consumer Discretionary			20.29

Materials			14.53

Energy			8.94

Information Technology			8.70

Health Care			6.14

Real Estate			5.08

Communication Services			4.44

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.



		31
		31

Invesco Water Resources ETF (PHO)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Building Products-13.07%
A.O. Smith Corp.		1,125,817	$	82,263,448
Advanced Drainage Systems, Inc.		717,205		80,900,724
Zurn Water Solutions Corp.^(b)		2,797,517		101,493,917

				264,658,089

Chemicals-7.97%
Ecolab, Inc.		726,558		161,455,719

Commercial Services & Supplies-3.97%
Tetra Tech, Inc.^(b)		457,653		80,391,326

Construction & Engineering-2.52%
Northwest Pipe Co.^(c)		113,096		2,687,161
Valmont Industries, Inc.		202,501		48,389,639

				51,076,800

Electronic Equipment, Instruments & Components-4.16%
Badger Meter, Inc.		225,774		23,085,391
Itron, Inc.^(b)(c)		787,871		61,272,728

				84,358,119

Health Care Equipment & Supplies-7.78%
Danaher Corp.		505,115		157,479,703

Industrial Conglomerates-8.16%
Roper Technologies, Inc.		338,810		165,295,235

Life Sciences Tools & Services-7.18%
Waters Corp.^(c)		395,477		145,357,571

Machinery-26.39%
Energy Recovery, Inc.^(b)(c)		779,943		15,848,442
Evoqua Water Technologies Corp.^(b)(c)		1,572,956		65,796,750
Franklin Electric Co., Inc.		293,330		25,337,845
Gorman-Rupp Co. (The)		141,817		6,030,059
IDEX Corp.		365,487		81,346,442
Lindsay Corp.		103,902		15,135,404
Mueller Industries, Inc.		490,493		25,819,552
Mueller Water Products, Inc., Class A		1,607,810		26,384,162
Pentair PLC^(b)		1,061,025		78,484,019
Toro Co. (The)^(b)		744,669		71,093,549
Watts Water Technologies, Inc., Class A		235,199		44,692,514
Xylem, Inc.^(b)		600,602		78,432,615

				534,401,353

Professional Services-0.29%
Stantec, Inc. (Canada)		105,391		5,828,122

Investment Abbreviations:

ADR-American Depositary Receipt



	Shares		Value
Water Utilities-18.51%
American States Water Co.^(b)		339,839	$	30,870,975
American Water Works Co., Inc.		898,426		156,487,841
Artesian Resources Corp., Class A		65,691		2,642,092
California Water Service Group		391,192		23,815,769
Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil)^(b)		3,445,474		21,637,577
Consolidated Water Co. Ltd. (Cayman Islands)^(b)		245,161		2,723,739
Essential Utilities, Inc.		1,647,009		77,524,713
Global Water Resources, Inc.		59,126		1,118,664
Middlesex Water Co.		396,210		43,630,645
SJW Group		164,575		10,848,784
York Water Co. (The)		75,932		3,638,661

				374,939,460

Total Common Stocks & Other Equity Interests (Cost $1,477,697,632)				2,025,241,497


Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $1,672,153)		1,672,153		1,672,153

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.08% (Cost $1,479,369,785)				2,026,913,650


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.73%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		10,530,131		10,530,131
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		24,560,482		24,570,306

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $35,100,437)				35,100,437

TOTAL INVESTMENTS IN SECURITIES-101.81% (Cost $1,514,470,222)				2,062,014,087
OTHER ASSETS LESS LIABILITIES-(1.81)%				(36,675,767	)

NET ASSETS-100.00%			$	2,025,338,320

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



		32
		32

Invesco Water Resources ETF (PHO)—(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at October 31, 2021.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	1,323,600	$	12,303,170	$	(11,954,617	)		$	-		$	-		$	1,672,153		$	241

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			10,980,288		73,593,743		(74,043,900	)			-			-			10,530,131			876	*

Invesco Private Prime Fund			16,470,432		143,233,435		(135,133,561	)			-			-			24,570,306			12,905	*


Total		$	28,774,320	$	229,130,348	$	(221,132,078	)		$	-		$	-		$	36,772,590		$	14,022

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

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

as of October 31, 2021



Machinery			26.39

Water Utilities			18.51

Building Products			13.07

Industrial Conglomerates			8.16

Chemicals			7.97

Health Care Equipment & Supplies			7.78

Life Sciences Tools & Services			7.18

Electronic Equipment, Instruments & Components			4.16

Commercial Services & Supplies			3.97

Industry Types Each Less Than 3%			2.81

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.



		33
		33

Invesco WilderHill Clean Energy ETF (PBW)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Airlines-1.08%
Joby Aviation, Inc.^(b)(c)		2,488,680	$	21,601,742

Auto Components-3.91%
Gentherm, Inc.^(b)		309,488		22,787,601
Kandi Technologies Group, Inc. (China)^(b)(c)(d)		5,625,685		24,640,500
QuantumScape Corp.^(b)(c)		1,065,057		30,822,750

				78,250,851

Automobiles-12.61%
Arcimoto, Inc.^(b)(c)(d)		2,071,093		24,190,366
AYRO, Inc.^(b)(c)(d)		2,452,072		7,233,612
Canoo, Inc.^(b)(c)		3,674,170		29,466,843
ElectraMeccanica Vehicles Corp. (Canada)^(b)(c)(d)		6,995,921		24,835,520
Fisker, Inc.^(b)(c)		1,761,809		28,277,035
Lordstown Motors Corp., Class A^(b)(c)		3,676,429		19,007,138
NIO, Inc., ADR (China)^(b)		704,391		27,760,049
Tesla, Inc.^(b)		33,426		37,236,564
Workhorse Group, Inc.^(b)(c)		3,393,668		22,839,386
XPeng, Inc., ADR (China)^(b)		680,546		31,733,860

				252,580,373

Chemicals-4.11%
Albemarle Corp.		112,629		28,210,186
Livent Corp.^(b)(c)		1,025,142		28,929,507
Sociedad Quimica y Minera de Chile S.A., ADR (Chile)		460,876		25,297,484

				82,437,177

Commercial Services & Supplies-1.57%
Li-Cycle Holdings Corp. (Canada)^(b)(c)		2,438,321		31,551,874

Construction & Engineering-6.91%
Ameresco, Inc., Class A^(b)		382,349		31,402,323
Infrastructure and Energy Alternatives, Inc.^(b)(c)(d)		2,060,428		22,808,938
MYR Group, Inc.(b)		245,346		25,062,094
Quanta Services, Inc.		207,732		25,193,737
ReneSola Ltd., ADR (China)^(b)(c)(d)		3,823,458		33,990,542

				138,457,634

Electrical Equipment-26.71%
Advent Technologies Holdings, Inc.^(b)(c)(d)		2,875,194		27,573,110
American Superconductor Corp.^(b)(d)		1,730,136		31,799,900
Array Technologies, Inc.^(b)		1,439,596		30,735,375
Ballard Power Systems, Inc. (Canada)^(b)(c)		1,599,402		28,981,164
Beam Global^(b)(c)(d)		951,434		29,970,171
Blink Charging Co.^(b)(c)		804,891		25,595,534
Bloom Energy Corp., Class A^(b)(c)		1,289,920		40,322,899
ChargePoint Holdings, Inc.^(b)		1,184,309		29,347,177
Enovix Corp.^(b)(c)		1,421,539		37,528,630
Eos Energy Enterprises, Inc.^(b)(c)		1,832,841		19,336,473
FTC Solar, Inc.^(b)		2,984,461		28,471,758
FuelCell Energy, Inc.^(b)(c)		3,734,265		29,836,777
Plug Power, Inc.^(b)(c)		923,862		35,356,199
Romeo Power, Inc.^(c)		5,039,447		21,871,200
Shoals Technologies Group, Inc., Class A^(b)		760,161		23,557,389
Stem, Inc.^(b)		1,071,687		25,409,699



	Shares		Value
Electrical Equipment-(continued)
Sunrun, Inc.^(b)		616,950	$	35,585,676
Sunworks, Inc.^(b)(c)(d)		1,432,788		8,697,023
TPI Composites, Inc.^(b)		743,773		25,013,086

				534,989,240

Electronic Equipment, Instruments & Components-2.49%
Advanced Energy Industries, Inc.		283,824		26,060,719
Itron, Inc.^(b)		306,884		23,866,369

				49,927,088

Independent Power and Renewable Electricity Producers-6.07%
Azure Power Global Ltd. (India)^(b)		1,240,534		29,512,304
Ormat Technologies, Inc.^(c)		386,257		27,937,969
ReNew Energy Global PLC, Class A (India)^(b)		2,818,517		28,044,244
Sunnova Energy International, Inc.^(b)		809,560		36,073,993

				121,568,510

Machinery-5.31%
ESCO Technologies, Inc.		323,555		27,359,811
GreenPower Motor Co., Inc. (Canada)^(b)(d)		1,822,250		26,094,620
Lion Electric Co. (The) (Canada)^(b)(c)		2,018,226		28,759,720
Woodward, Inc.		214,102		24,182,821

				106,396,972

Metals & Mining-6.51%
Lithium Americas Corp. (Canada)^(b)(c)		1,140,471		33,096,468
MP Materials Corp.^(b)		789,309		26,718,110
Piedmont Lithium, Inc.^(b)		479,637		29,900,571
Standard Lithium Ltd. (Canada)^(b)		3,571,998		40,613,617

				130,328,766

Oil, Gas & Consumable Fuels-3.27%
Gevo, Inc.^(b)(c)		4,145,101		29,969,080
Renewable Energy Group, Inc.^(b)		556,223		35,598,272

				65,567,352

Professional Services-1.24%
Willdan Group, Inc.^(b)(d)		740,488		24,754,514

Semiconductors & Semiconductor Equipment-16.76%
Canadian Solar, Inc. (Canada)^(b)(c)		738,912		30,701,794
Daqo New Energy Corp., ADR (China)^(b)		427,609		33,263,704
Enphase Energy, Inc.^(b)		157,180		36,407,603
First Solar, Inc.^(b)		272,871		32,632,643
JinkoSolar Holding Co. Ltd., ADR (China)^(b)(c)		560,892		33,552,559
Maxeon Solar Technologies Ltd.^(b)		1,375,140		30,981,904
SolarEdge Technologies, Inc.^(b)		88,215		31,288,096
SPI Energy Co. Ltd. (Australia)^(b)(c)(d)		1,588,473		7,831,172
SunPower Corp.^(b)(c)		1,238,857		41,699,927
Universal Display Corp.		124,910		22,883,512
Wolfspeed, Inc.^(b)		287,842		34,572,703

				335,815,617

Specialty Retail-1.38%
EVgo, Inc.^(b)(c)		2,971,102		27,690,671

Total Common Stocks & Other Equity Interests (Cost $2,227,012,453)				2,001,918,381

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



		34
		34

Invesco WilderHill Clean Energy ETF (PBW)—(continued)

October 31, 2021

(Unaudited)



	Shares		Value
Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $2,113,195)		2,113,195	$	2,113,195

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $2,229,125,648)				2,004,031,576


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-22.55%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		135,507,496		135,507,496



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%^{(d)(e)(f) .}		316,057,733	$	316,184,159

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $451,691,653)				451,691,655

TOTAL INVESTMENTS IN SECURITIES-122.58% (Cost $2,680,817,301)				2,455,723,231
OTHER ASSETS LESS LIABILITIES-(22.58)%				(452,402,723	)

NET ASSETS-100.00%			$	2,003,320,508

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021.



	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	1,137,874	$	64,891,661	$	(63,916,340	)	$	-		$	-		$	2,113,195	$	271

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		286,190,190		330,716,750		(481,399,444	)		-			-			135,507,496		12,188	*

Invesco Private Prime Fund		436,157,584		649,464,811		(769,438,234	)		(2	)		-			316,184,159		185,458	*

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



		35
		35

Invesco WilderHill Clean Energy ETF (PBW)—(continued)

October 31, 2021

(Unaudited)



	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value October 31, 2021			Dividend Income
Investments in Other Affiliates:

Advent Technologies Holdings, Inc.	$	29,359,271	$	17,599,909	$	(13,683,147	)		$	(3,759,718	)	$	(1,943,205	)		$	27,573,110	$	-

Aemetis, Inc.**		28,235,973		3,991,653		(22,207,595	)			6,458,982			(16,479,013	)			-		-

American Superconductor Corp.		25,834,117		19,503,590		(15,250,035	)			3,654,153			(1,941,925	)			31,799,900		-

Arcimoto, Inc.		23,013,807		13,443,903		(14,070,798	)			2,847,061			(1,043,607	)			24,190,366		-

AYRO, Inc.		24,798,688		7,544,522		(18,400,720	)			(2,725,628	)		(3,983,250	)			7,233,612		-

Beam Global		33,428,879		15,416,616		(16,449,844	)			899,686			(3,325,166	)			29,970,171		-

Broadwind, Inc.**		10,844,406		405,670		(5,468,422	)			6,477,458			(12,259,112	)			-		-

ElectraMeccanica Vehicles Corp.		28,518,659		14,646,426		(13,037,007	)			(3,224,483	)		(2,068,075	)			24,835,520		-

Flux Power Holdings, Inc.**		10,954,842		4,122,697		(8,827,501	)			8,017,670			(14,267,708	)			-		-

GreenPower Motor Co., Inc.		30,664,650		17,347,736		(13,881,906	)			(5,633,914	)		(2,401,946	)			26,094,620		-

Infrastructure and Energy Alternatives, Inc.**		33,000,242		14,300,117		(19,190,479	)			(2,486,772	)		(2,814,170	)			22,808,938		-

Kandi Technologies Group, Inc.		35,546,964		14,076,827		(16,945,146	)			(5,825,546	)		(2,212,599	)			24,640,500		-

ReneSola Ltd., ADR		36,231,902		20,161,284		(17,390,667	)			(547,296	)		(4,464,681	)			33,990,542		-

SPI Energy Co. Ltd.		10,917,211		4,538,157		(4,717,023	)			(2,251,049	)		(656,124	)			7,831,172		-

Sunworks, Inc.**		33,210,174		11,788,435		(19,435,655	)			(2,495,127	)		(14,370,804	)			8,697,023		-

Willdan Group, Inc.		35,530,087		12,734,210		(19,685,906	)			(4,313,591	)		489,714				24,754,514		-


Total	$	1,153,575,520	$	1,236,694,974	$	(1,553,395,869	)		$	(4,908,116	)	$	(83,741,671	)		$	748,224,838	$	197,917

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

**	As of October 31, 2021, this security was not considered as an affiliate of the Fund.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

This Fund has holdings greater than 10% of net assets in the following country:



Canada	12.21	%

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



		36
		36

Invesco WilderHill Clean Energy ETF (PBW)—(continued)

October 31, 2021

(Unaudited)

Portfolio Composition

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

as of October 31, 2021



Electrical Equipment			26.71

Semiconductors & Semiconductor Equipment			16.76

Automobiles			12.61

Construction & Engineering			6.91

Metals & Mining			6.51

Independent Power and Renewable Electricity Producers			6.07

Machinery			5.31

Chemicals			4.11

Auto Components			3.91

Oil, Gas & Consumable Fuels			3.27

Industry Types Each Less Than 3%			7.76

Money Market Funds Plus Other Assets Less Liabilities			0.07

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



		37
		37

Statements of Assets and Liabilities

October 31, 2021

(Unaudited)



	Invesco Aerospace & Defense ETF (PPA)		Invesco DWA Momentum ETF (PDP)		Invesco Global Listed Private Equity ETF (PSP)				Invesco Golden Dragon China ETF (PGJ)
Assets:
Unaffiliated investments in securities, at value^(a)	$	682,217,796	$	1,881,813,304		$	261,444,743		$	239,195,921
Affiliated investments in securities, at value		48,527,154		125,546,015			52,125,569			74,535,202
Other investments:
Unrealized appreciation on swap agreements – OTC		-		-			401,522			-
Cash		-		-			717			-
Receivable for:
Dividends		209,571		170,705			238,570			9,372
Securities lending		2,959		10,398			9,164			137,678
Investments sold		-		-			71			60
Investments sold - affiliated broker		-		-			-			-
Fund shares sold		-		-			-			1,771,682
Foreign tax reclaims		-		-			668,790			-
Other assets		657		-			-			-

Total assets		730,958,137		2,007,540,422			314,889,146			315,649,915


Liabilities:
Other investments:
Open written options, at value		-		-			-			-
Due to custodian		-		-			-			-
Due to foreign custodian		-		-			360,492			-
Payable for:
Investments purchased		-		-			-			1,765,256
Investments purchased - affiliated broker		-		-			-			-
Collateral upon return of securities loaned		47,990,425		125,293,592			36,465,484			74,261,563
Fund shares repurchased		-		-			-			-
Expenses recaptured		-		-			-			-
Accrued unitary management fees		-		-			-			-
Accrued advisory fees		292,952		795,642			112,465			75,146
Accrued trustees’ and officer’s fees		87,723		183,371			92,128			96,301
Accrued expenses		544,200		75,173			146,686			274,465
Other payables		-		-			-			60

Total liabilities		48,915,300		126,347,778			37,177,255			76,472,791

Net Assets	$	682,042,837	$	1,881,192,644		$	277,711,891		$	239,177,124


Net assets consist of:
Shares of beneficial interest	$	607,471,502	$	1,875,269,822		$	300,643,515		$	514,179,812
Distributable earnings (loss)		74,571,335		5,922,822			(22,931,624	)		(275,002,688	)

Net Assets	$	682,042,837	$	1,881,192,644		$	277,711,891		$	239,177,124

Shares outstanding (unlimited amount authorized, $0.01 par value)		9,300,000		19,270,000			17,000,000			5,400,000
Net asset value	$	73.34	$	97.62		$	16.34		$	44.29

Market price	$	73.23	$	97.54		$	16.40		$	44.26

Unaffiliated investments in securities, at cost	$	599,269,076	$	1,643,983,692		$	205,768,644		$	278,788,101

Affiliated investments in securities, at cost	$	48,527,154	$	125,546,014		$	52,125,568		$	74,535,202

Foreign currencies (due to foreign custodian), at cost	$	-	$	-		$	(363,047	)	$	-

Premium received on written options	$	-	$	-		$	-		$	-

^(a) Includes securities on loan with an aggregate value of:	$	47,104,569	$	123,334,557		$	35,282,379		$	70,134,369

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



		38
		38



Invesco MSCI Sustainable Future ETF (ERTH)				Invesco Raymond James SB-1 Equity ETF (RYJ)				Invesco S&P 500 BuyWrite ETF (PBP)		Invesco S&P 500^® Quality ETF (SPHQ)		Invesco S&P Spin-Off ETF (CSD)			Invesco Water Resources ETF (PHO)		Invesco WilderHill Clean Energy ETF (PBW)

	$	446,341,102			$	140,623,457		$	182,892,442	$	3,259,935,699	$	76,033,206		$	2,025,241,497	$	1,739,004,354
		93,329,139				13,417,009			152,898		83,235,468		6,205,862			36,772,590		716,718,877
		-				-			-		-		-			-		-
		-				-			-		-		-			-		-

		86,031				33,528			140,970		3,677,718		31,309			527,775		47
		18,268				2,527			-		4,715		762			3,961		1,476,800
		103,859				5,626,083			6,199,826		-		-			66		8,638,632
		-				2,289,860			-		-		-			-		-
		-				-			-		-		-			-		-
		491,524				754			-		-		-			1,278		-
		657				-			-		1,882		3,552			-		2,324

		540,370,580				161,993,218			189,386,136		3,346,855,482		82,274,691			2,062,547,167		2,465,841,034


		-				-			6,119,755		-		-			-		-
		447,457				762,426			16,449		2,314,622		-			805		-
		12,465				-			-		-		-			-		-
		-				661,828			203,470		-		-			-		-
		-				2,621,370			55,792		-		-			-		-
		93,329,138				13,417,009			-		83,235,467		6,076,247			35,100,437		451,691,653
		103,847				3,803,760			5,977,662		-		-			-		8,779,419
		-				-			-		-		329			-		-
		-				89,687			74,228		-		-			-		-
		174,892				-			-		311,259		32,119			834,427		772,021
		63,782				-			-		112,586		9,056			234,470		118,846
		21,457				-			-		208,127		108,157			1,038,708		1,158,587
		-				-			-		-		-			-		-

		94,153,038				21,356,080			12,447,356		86,182,061		6,225,908			37,208,847		462,520,526

	$	446,217,542			$	140,637,138		$	176,938,780	$	3,260,673,421	$	76,048,783		$	2,025,338,320	$	2,003,320,508


	$	357,278,129			$	171,883,221		$	167,492,392	$	2,640,887,382	$	214,771,781		$	1,622,518,104	$	2,806,599,519
		88,939,413				(31,246,083	)		9,446,388		619,786,039		(138,722,998	)		402,820,216		(803,279,011	)

	$	446,217,542			$	140,637,138		$	176,938,780	$	3,260,673,421	$	76,048,783		$	2,025,338,320	$	2,003,320,508

		6,200,000				2,222,822			7,400,000		63,330,000		1,170,000			34,960,000		22,528,273
	$	71.97			$	63.27		$	23.91	$	51.49	$	65.00		$	57.93	$	88.92

	$	72.01			$	63.21		$	23.88	$	51.47	$	64.98		$	57.88	$	88.85

	$	362,189,236			$	113,746,902		$	104,029,210	$	2,709,799,161	$	58,981,397		$	1,477,697,632	$	1,831,827,166

	$	93,329,138			$	13,417,009		$	162,766	$	83,235,467	$	6,205,862		$	36,772,590	$	848,990,135

	$	(12,454	)		$	-		$	-	$	-	$	-		$	-	$	-

	$	-			$	-		$	2,461,885	$	-	$	-		$	-	$	-

	$	90,056,000			$	13,051,774		$	-	$	82,583,761	$	5,862,891		$	34,163,725	$	446,490,260

Statements of Operations

For the six months ended October 31, 2021

(Unaudited)



	Invesco Aerospace & Defense ETF (PPA)			Invesco DWA Momentum ETF (PDP)			Invesco Global Listed Private Equity ETF (PSP)				Invesco Golden Dragon China ETF (PGJ)
Investment income:
Unaffiliated dividend income	$	3,934,690		$	4,273,821			$	4,431,754			$	205,857
Affiliated dividend income		119			93				1,698				52
Non-cash dividend income		-			-				2,657,103				-
Securities lending income		15,777			61,592				50,646				421,598
Foreign withholding tax		(14,754	)		-				(119,487	)			(6,788	)


Total investment income		3,935,832			4,335,506				7,021,714				620,719


Expenses:
Unitary management fees		-			-				-				-
Advisory fees		1,799,250			4,558,239				643,468				593,913
Sub-licensing fees		215,906			911,641				128,693				118,782
Accounting & administration fees		29,267			61,393				11,783				12,950
Custodian & transfer agent fees		2,941			5,442				8,151				45,001
Trustees’ and officer’s fees		10,238			18,948				8,252				8,764
Recapture (Note 3)		-			-				-				-
Tax expenses		-			-				-				-
Other expenses		65,321			72,260				33,413				31,373

Total expenses		2,122,923			5,627,923				833,760				810,783

Less: Waivers		(17	)		(3	)			(99	)			(4	)

Net expenses		2,122,906			5,627,920				833,661				810,779

Net investment income (loss)		1,812,926			(1,292,414	)			6,188,053				(190,060	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,249,562	)		(83,076,083	)			2,719,303				(9,764,759	)
Affiliated investment securities		-			-				-				-
Unaffiliated in-kind redemptions		50,770,194			259,392,997				16,320,721				6,900,504
Affiliated in-kind redemptions		-			-				-				-
Short Sales		-			-				-				-
Foreign currencies		-			-				1,642				-
Swap agreements		-			-				4,347,444				-
Written options		-			-				-				-

Net realized gain (loss)		47,520,632			176,316,914				23,389,110				(2,864,255	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(66,076,245	)		11,013,964				(2,272,488	)			(80,179,174	)
Affiliated investment securities		-			-				1				(1	)
Foreign currencies		-			-				(9,700	)			-
Swap agreements		-			-				152,415				-
Written options		-			-				-				-

Change in net unrealized appreciation (depreciation)		(66,076,245	)		11,013,964				(2,129,772	)			(80,179,175	)

Net realized and unrealized gain (loss)		(18,555,613	)		187,330,878				21,259,338				(83,043,430	)

Net increase (decrease) in net assets resulting from operations	$	(16,742,687	)	$	186,038,464			$	27,447,391			$	(83,233,490	)

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



		40
		40



Invesco MSCI Sustainable Future ETF (ERTH)				Invesco Raymond James SB-1 Equity ETF (RYJ)				Invesco S&P 500 BuyWrite ETF (PBP)			Invesco S&P 500^® Quality ETF (SPHQ)			Invesco S&P Spin-Off ETF (CSD)			Invesco Water Resources ETF (PHO)			Invesco WilderHill Clean Energy ETF (PBW)

	$	3,189,515			$	1,041,405		$	1,267,883		$	23,844,408		$	530,383		$	7,401,657			$	972,616
		364				1			10			265			27			241				271
		-				-			-			-			-			-				-
		116,378				23,522			-			12,715			3,011			20,161				15,478,372
		(117,939	)			(2,045	)		(221	)		-			-			(4,036	)			(135,592	)

		3,188,318				1,062,883			1,267,672			23,857,388			533,421			7,418,023				16,315,667


		-				523,957			425,432			-			-			-				-
		1,077,097				-			-			2,290,838			192,024			4,598,008				4,833,076
		13,464				-			-			365,511			19,203			689,705				966,608
		16,104				-			-			78,428			8,306			43,791				30,534
		7,424				-			-			7,532			1,507			3,701				8,147
		8,310				-			-			20,291			(603	)		20,087				19,464
		-				-			-			-			2,563			-				-
		12,847				-			-			-			-			-				-
		38,529				-			-			70,247			26,725			72,214				67,377

		1,173,775				523,957			425,432			2,832,847			249,725			5,427,506				5,925,206

		-				-			-			(537,875	)		(2	)		(8	)			(8,687	)

		1,173,775				523,957			425,432			2,294,972			249,723			5,427,498				5,916,519

		2,014,543				538,926			842,240			21,562,416			283,698			1,990,525				10,399,148


		(4,345,936	)			1,064,365			377,017			52,727,039			(1,324,406	)		18,526,465				(58,922,215	)
		-				-			(2,509	)		-			-			-				(83,741,671	)
		10,332,507				13,592,166			6,126,239			263,990,910			209,966			129,908,810				84,753,991
		-				-			1,207			-			-			-				-
		-				-			(4,601	)		-			-			-				-
		(7,260	)			-			-			-			-			-				-
		-				-			-			-			-			-				-
		-				-			2,783,292			-			-			-				-

		5,979,311				14,656,531			9,280,645			316,717,949			(1,114,440	)		148,435,275				(57,909,895	)


		34,746,940				(9,661,684	)		10,825,368			24,964,126			1,341,429			30,809,256				56,226,483
		1				-			(1,499	)		1			-			-				(4,908,116	)
		(12,061	)			-			-			-			-			-				-
		-				-			-			-			-			-				-
		-				-			(3,935,115	)		-			-			-				-

		34,734,880				(9,661,684	)		6,888,754			24,964,127			1,341,429			30,809,256				51,318,367

		40,714,191				4,994,847			16,169,399			341,682,076			226,989			179,244,531				(6,591,528	)

	$	42,728,734			$	5,533,773		$	17,011,639		$	363,244,492		$	510,687		$	181,235,056			$	3,807,620

Statements of Changes in Net Assets

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)



	Invesco Aerospace & Defense ETF (PPA)							Invesco DWA Momentum ETF (PDP)

	Six Months Ended October 31, 2021				Year Ended April 30, 2021			Six Months Ended October 31, 2021			Year Ended April 30, 2021

Operations:
Net investment income (loss)		$	1,812,926		$	4,901,284		$	(1,292,414	)	$	(3,200,469	)
Net realized gain (loss)			47,520,632			46,232,750			176,316,914			600,380,405
Change in net unrealized appreciation (depreciation)			(66,076,245	)		179,147,318			11,013,964			11,364,728

Net increase (decrease) in net assets resulting from operations			(16,742,687	)		230,281,352			186,038,464			608,544,664


Distributions to Shareholders from:
Distributable earnings			(1,917,937	)		(4,974,374	)		-			(513,422	)


Shareholder Transactions:
Proceeds from shares sold			115,908,961			96,845,229			1,105,143,696			1,889,632,495
Value of shares repurchased			(158,600,530	)		(287,278,268	)		(1,199,026,488	)		(1,999,394,937	)

Net increase (decrease) in net assets resulting from share transactions			(42,691,569	)		(190,433,039	)		(93,882,792	)		(109,762,442	)

Net increase (decrease) in net assets			(61,352,193	)		34,873,939			92,155,672			498,268,800


Net assets:
Beginning of period			743,395,030			708,521,091			1,789,036,972			1,290,768,172

End of period		$	682,042,837		$	743,395,030		$	1,881,192,644		$	1,789,036,972


Changes in Shares Outstanding:
Shares sold			1,520,000			1,410,000			12,220,000			24,410,000
Shares repurchased			(2,130,000	)		(4,650,000	)		(13,400,000	)		(25,260,000	)
Shares outstanding, beginning of period			9,910,000			13,150,000			20,450,000			21,300,000

Shares outstanding, end of period			9,300,000			9,910,000			19,270,000			20,450,000

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



		42
		42



Invesco Global Listed Private Equity ETF (PSP)							Invesco Golden Dragon China ETF (PGJ)							Invesco MSCI Sustainable Future ETF (ERTH)						Invesco Raymond James SB-1 Equity ETF (RYJ)

Six Months Ended October 31, 2021				Year Ended April 30, 2021			Six Months Ended October 31, 2021				Year Ended April 30, 2021			Six Months Ended October 31, 2021			Year Ended April 30, 2021			Six Months Ended October 31, 2021				Year Ended April 30, 2021

	$	6,188,053		$	4,229,129			$	(190,060	)	$	(461,867	)	$	2,014,543		$	565,792			$	538,926		$	581,231
		23,389,110			17,098,597				(2,864,255	)		35,506,391			5,979,311			143,803,097				14,656,531			28,594,856
		(2,129,772	)		76,392,248				(80,179,175	)		38,219,950			34,734,880			21,171,270				(9,661,684	)		38,569,122

		27,447,391			97,719,974				(83,233,490	)		73,264,474			42,728,734			165,540,159				5,533,773			67,745,209


		(15,843,015	)		(7,353,679	)			-			(416,183	)		(62,073,656	)		(1,027,732	)			-			(349,993	)


		62,348,651			55,921,055				70,057,547			149,050,053			45,597,512			206,512,897				34,861,932			48,213,600
		(30,593,718	)		(53,468,279	)			(21,941,591	)		(109,053,471	)		(66,842,188	)		(108,276,729	)			(40,988,293	)		(75,982,774	)


		31,754,933			2,452,776				48,115,956			39,996,582			(21,244,676	)		98,236,168				(6,126,361	)		(27,769,174	)

		43,359,309			92,819,071				(35,117,534	)		112,844,873			(40,589,598	)		262,748,595				(592,588	)		39,626,042


		234,352,582			141,533,511				274,294,658			161,449,785			486,807,140			224,058,545				141,229,726			101,603,684

	$	277,711,891		$	234,352,582			$	239,177,124		$	274,294,658		$	446,217,542		$	486,807,140			$	140,637,138		$	141,229,726


		3,900,000			4,400,000				1,510,000			2,220,000			650,000			3,100,000				570,000			970,000
		(1,900,000	)		(4,600,000	)			(430,000	)		(1,900,000	)		(950,000	)		(1,850,000	)			(670,000	)		(1,620,000	)
		15,000,000			15,200,000				4,320,000			4,000,000			6,500,000			5,250,000				2,322,822			2,972,822

		17,000,000			15,000,000				5,400,000			4,320,000			6,200,000			6,500,000				2,222,822			2,322,822

Statements of Changes in Net Assets—(continued)

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)



	Invesco S&P 500 BuyWrite ETF (PBP)							Invesco S&P 500^® Quality ETF (SPHQ)

	Six Months Ended October 31, 2021				Year Ended April 30, 2021			Six Months Ended October 31, 2021			Year Ended April 30, 2021

Operations:
Net investment income		$	842,240		$	2,060,239		$	21,562,416		$	35,964,127
Net realized gain (loss)			9,280,645			4,276,581			316,717,949			239,214,898
Change in net unrealized appreciation (depreciation)			6,888,754			34,491,286			24,964,127			442,404,302

Net increase in net assets resulting from operations			17,011,639			40,828,106			363,244,492			717,583,327


Distributions to Shareholders from:
Distributable earnings			(960,802	)		(2,096,531	)		(19,521,456	)		(35,227,013	)


Shareholder Transactions:
Proceeds from shares sold			4,580,303			5,023,505			1,300,157,781			1,566,882,564
Value of shares repurchased			(11,510,580	)		(68,749,755	)		(1,053,425,353	)		(1,335,231,097	)

Net increase (decrease) in net assets resulting from share transactions			(6,930,277	)		(63,726,250	)		246,732,428			231,651,467

Net increase (decrease) in net assets			9,120,560			(24,994,675	)		590,455,464			914,007,781


Net assets:
Beginning of period			167,818,220			192,812,895			2,670,217,957			1,756,210,176

End of period		$	176,938,780		$	167,818,220		$	3,260,673,421		$	2,670,217,957


Changes in Shares Outstanding:
Shares sold			200,000			250,000			27,250,000			40,490,000
Shares repurchased			(500,000	)		(3,600,000	)		(22,310,000	)		(34,350,000	)
Shares outstanding, beginning of period			7,700,000			11,050,000			58,390,000			52,250,000

Shares outstanding, end of period			7,400,000			7,700,000			63,330,000			58,390,000

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



		44
		44



Invesco S&P Spin-Off ETF (CSD)							Invesco Water Resources ETF (PHO)						Invesco WilderHill Clean Energy ETF (PBW)

Six Months Ended October 31, 2021				Year Ended April 30, 2021			Six Months Ended October 31, 2021			Year Ended April 30, 2021			Six Months Ended October 31, 2021			Year Ended April 30, 2021

	$	283,698		$	443,581		$	1,990,525		$	4,714,395		$	10,399,148		$	10,162,137
		(1,114,440	)		(4,609,226	)		148,435,275			139,703,627			(57,909,895	)		702,026,622
		1,341,429			45,720,361			30,809,256			363,934,247			51,318,367			(283,880,388	)

		510,687			41,554,716			181,235,056			508,352,269			3,807,620			428,308,371


		-			(669,670	)		(1,993,390	)		(4,879,305	)		(12,811,783	)		(9,830,994	)


		644,755			12,625,886			472,300,190			393,235,944			797,332,672			3,043,741,601
		(654,610	)		(36,410,061	)		(230,615,623	)		(284,142,432	)		(981,403,873	)		(1,513,699,302	)


		(9,855	)		(23,784,175	)		241,684,567			109,093,512			(184,071,201	)		1,530,042,299

		500,832			17,100,871			420,926,233			612,566,476			(193,075,364	)		1,948,519,676


		75,547,951			58,447,080			1,604,412,087			991,845,611			2,196,395,872			247,876,196

	$	76,048,783		$	75,547,951		$	2,025,338,320		$	1,604,412,087		$	2,003,320,508		$	2,196,395,872


		10,000			280,000			8,440,000			8,560,000			9,430,000			33,950,000
		(10,000	)		(810,000	)		(4,230,000	)		(6,610,000	)		(11,900,000	)		(16,720,000	)
		1,170,000			1,700,000			30,750,000			28,800,000			24,998,273			7,768,273

		1,170,000			1,170,000			34,960,000			30,750,000			22,528,273			24,998,273

Financial Highlights

Invesco Aerospace & Defense ETF (PPA)



	Six Months Ended

	October 31,

	2021				Years Ended April 30,


	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	75.01		$	53.88		$	61.93		$	55.62		$	44.81		$	36.43

Net investment income^(a)			0.19			0.44			0.80			0.49			0.42			0.60
Net realized and unrealized gain (loss) on investments			(1.66	)		21.13			(7.98	)		6.30			10.79			8.43

Total from investment operations			(1.47	)		21.57			(7.18	)		6.79			11.21			9.03

Distributions to shareholders from:
Net investment income			(0.20	)		(0.44	)		(0.87	)		(0.48	)		(0.40	)		(0.65	)

Net asset value at end of period		$	73.34		$	75.01		$	53.88		$	61.93		$	55.62		$	44.81

Market price at end of period^(b)		$	73.23		$	74.97		$	53.98		$	61.94		$	55.66		$	44.84

Net Asset Value Total Return^(c)			(1.96	)%		40.21	%		(11.64	)%		12.33	%		25.13	%		25.06	%
Market Price Total Return^(c)			(2.05	)%		39.87	%		(11.48	)%		12.27	%		25.14	%		25.18	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	682,043		$	743,395		$	708,521		$	938,246		$	1,006,709		$	569,149
Ratio to average net assets of:
Expenses, after Waivers			0.59	%^(d)		0.61	%		0.59	%		0.59	%		0.60	%		0.61	%
Expenses, prior to Waivers			0.59	%^(d)		0.61	%		0.59	%		0.59	%		0.60	%		0.61	%
Net investment income			0.50	%^(d)		0.71	%		1.22	%		0.86	%		0.80	%		1.47	%
Portfolio turnover rate^(e)			15	%		22	%		18	%		15	%		7	%		10	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	Annualized.

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

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



		46
		46

Financial Highlights—(continued)

Invesco DWA Momentum ETF (PDP)



	Six Months Ended October 31, 2021				Years Ended April 30,


	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	87.48		$	60.60		$	58.78		$	52.66		$	45.86		$	40.51

Net investment income (loss)^(a)			(0.06	)		(0.15	)		0.19			0.11			0.13			0.28
Net realized and unrealized gain on investments			10.20			27.05			1.86			6.10			6.81			5.41

Total from investment operations			10.14			26.90			2.05			6.21			6.94			5.69

Distributions to shareholders from:
Net investment income			-			(0.02	)		(0.23	)		(0.09	)		(0.13	)		(0.34	)
Return of capital			-			-			-			-			(0.01	)		-

Total distributions			-			(0.02	)		(0.23	)		(0.09	)		(0.14	)		(0.34	)

Net asset value at end of period		$	97.62		$	87.48		$	60.60		$	58.78		$	52.66		$	45.86

Market price at end of period^(b)		$	97.54		$	87.44		$	60.68		$	58.79		$	52.72		$	45.87

Net Asset Value Total Return^(c)			11.59	%		44.41	%		3.53	%		11.81	%		15.17	%		14.12	%
Market Price Total Return^(c)			11.55	%		44.15	%		3.65	%		11.70	%		15.28	%		14.17	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,881,193		$	1,789,037		$	1,290,768		$	1,545,947		$	1,521,909		$	1,417,070
Ratio to average net assets of:
Expenses, after Waivers			0.62	%^(d)		0.62	%		0.62	%		0.62	%		0.63	%		0.63	%
Expenses, prior to Waivers			0.62	%^(d)		0.62	%		0.62	%		0.62	%		0.63	%		0.63	%
Net investment income (loss)			(0.14	)%^(d)		(0.18	)%		0.32	%		0.20	%		0.26	%		0.65	%
Portfolio turnover rate^(e)			90	%		124	%		82	%		82	%		68	%		68	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		47
		47

Financial Highlights—(continued)

Invesco Global Listed Private Equity ETF (PSP)



	Six Months Ended October 31, 2021				Years Ended April 30,


	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	15.62		$	9.31		$	12.10		$	12.19		$	12.25		$	10.45

Net investment income^(a)			0.38	^(b)		0.30			0.52	^(c)		0.32			0.40	^(d)		0.41
Net realized and unrealized gain (loss) on investments			1.32			6.53			(2.36	)		(0.03	)		0.99			1.85

Total from investment operations			1.70			6.83			(1.84	)		0.29			1.39			2.26

Distributions to shareholders from:
Net investment income			(0.98	)		(0.52	)		(0.95	)		(0.38	)		(1.40	)		(0.46	)
Return of capital			-			-			-			-			(0.05	)		-

Total distributions			(0.98	)		(0.52	)		(0.95	)		(0.38	)		(1.45	)		(0.46	)

Net asset value at end of period		$	16.34		$	15.62		$	9.31		$	12.10		$	12.19		$	12.25

Market price at end of period^(e)		$	16.40		$	15.60		$	9.32		$	12.13		$	12.21		$	12.29

Net Asset Value Total Return^(f)			11.45	%		75.17	%		(15.82	)%		2.28	%		11.76	%		22.21	%
Market Price Total Return^(f)			12.01	%		74.76	%		(15.92	)%		2.36	%		11.57	%		23.32	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	277,712		$	234,353		$	141,534		$	244,443		$	245,052		$	286,143
Ratio to average net assets of:
Expenses, after Waivers^(g)			0.65	%^(h)		0.68	%		0.63	%		0.64	%		0.64	%		0.66	%
Expenses, prior to Waivers^(g)			0.65	%^(h)		0.69	%		0.65	%		0.66	%		0.65	%		0.67	%
Net investment income			4.81	%^(b)(h)		2.42	%		4.47	%^(c)		2.79	%		3.16	%^(d)		3.77	%
Portfolio turnover rate⁽ⁱ⁾			34	%		47	%		50	%		64	%		44	%		39	%

^(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 $0.22 and 2.75%, respectively.

^(c)

^(d)

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

^(f)

^(g)

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

^(h)	Annualized.

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

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



		48
		48

Financial Highlights—(continued)

Invesco Golden Dragon China ETF (PGJ)



	Six Months Ended October 31, 2021				Years Ended April 30,


	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	63.49		$	40.36		$	42.08		$	45.58		$	35.69		$	30.51

Net investment income (loss)^(a)			(0.04	)		(0.12	)		0.16			0.11			0.31			0.19
Net realized and unrealized gain (loss) on investments			(19.16	)		23.36			(1.72	)		(3.51	)		10.50			5.54

Total from investment operations			(19.20	)		23.24			(1.56	)		(3.40	)		10.81			5.73

Distributions to shareholders from:
Net investment income			-			(0.11	)		(0.16	)		(0.10	)		(0.92	)		(0.55	)

Net asset value at end of period		$	44.29		$	63.49		$	40.36		$	42.08		$	45.58		$	35.69

Market price at end of period^(b)		$	44.26		$	63.52		$	40.32		$	42.11		$	45.58		$	35.69

Net Asset Value Total Return^(c)			(30.24	)%		57.61	%		(3.67	)%		(7.46	)%		30.46	%		19.23	%
Market Price Total Return^(c)			(30.32	)%		57.84	%		(3.83	)%		(7.39	)%		30.46	%		19.31	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	239,177		$	274,295		$	161,450		$	216,730		$	271,208		$	153,460
Ratio to average net assets of:
Expenses, after Waivers			0.68	%^(d)		0.69	%		0.70	%^(e)		0.70	%		0.70	%		0.70	%
Expenses, prior to Waivers			0.68	%^(d)		0.69	%		0.71	%^(e)		0.70	%		0.70	%		0.73	%
Net investment income (loss)			(0.16	)%^(d)		(0.20	)%		0.40	%^(e)		0.27	%		0.70	%		0.61	%
Portfolio turnover rate^(f)			25	%		40	%		30	%		36	%		25	%		30	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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



		49
		49

Financial Highlights—(continued)

Invesco MSCI Sustainable Future ETF (ERTH)



	Six Months Ended October 31, 2021				Years Ended April 30,


	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	74.89		$	42.68		$	45.03		$	42.12		$	37.06		$	30.41

Net investment income^(a)			0.32			0.10			0.23			0.19			0.25			0.59	^(b)
Net realized and unrealized gain (loss) on investments			(2.80	)^(c)		32.29			(2.25	)		2.95			5.18			6.41

Total from investment operations			(2.48	)		32.39			(2.02	)		3.14			5.43			7.00

Distributions to shareholders from:
Net investment income			(0.44	)		(0.18	)		(0.33	)		(0.23	)		(0.37	)		(0.35	)

Net asset value at end of period		$	71.97		$	74.89		$	42.68		$	45.03		$	42.12		$	37.06

Market price at end of period^(d)		$	72.01		$	74.75		$	42.74		$	45.21		$	42.26		$	37.19

Net Asset Value Total Return^(e)			10.86	%		75.99	%		(4.49	)%		7.48	%		14.74	%		23.21	%
Market Price Total Return^(e)			11.06	%		75.42	%		(4.73	)%		7.55	%		14.72	%		24.13	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	446,218		$	486,807		$	224,059		$	180,121		$	160,057		$	92,639
Ratio to average net assets of:
Expenses, after Waivers			0.54	%^(f)		0.61	%		0.65	%		0.68	%		0.67	%		0.68	%
Expenses, prior to Waivers			0.54	%^(f)		0.61	%		0.65	%		0.68	%		0.68	%		0.73	%
Net investment income			0.94	%^(f)		0.16	%		0.51	%		0.47	%		0.61	%		1.81	%^(b)
Portfolio turnover rate^(g)			18	%		140	%		75	%		21	%		17	%		24	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(e)

^(f)	Annualized.

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

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



		50
		50

Financial Highlights—(continued)

Invesco Raymond James SB-1 Equity ETF (RYJ)



	Six Months Ended October 31, 2021				Years Ended April 30,						Eight Months Ended April 30,				Years Ended August 31,

	(Unaudited)				2021			2020			2019				2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	60.80		$	34.18		$	45.30			$	49.24		$	39.34		$	35.99		$	34.24

Net investment income^(a)			0.24			0.23			0.33				0.13			0.27			0.12			0.29
Net realized and unrealized gain (loss) on investments			2.23			26.53			(11.35	)			(3.55	)		9.63			3.82			1.76

Total from investment operations			2.47			26.76			(11.02	)			(3.42	)		9.90			3.94			2.05

Distributions to shareholders from:
Net investment income			-			(0.14	)		(0.10	)			(0.52	)		-			(0.52	)		(0.30	)
Return of capital			-			-			-				-			-			(0.07	)		-

Total distributions			-			(0.14	)		(0.10	)			(0.52	)		-			(0.59	)		(0.30	)

Net asset value at end of period		$	63.27		$	60.80		$	34.18			$	45.30		$	49.24		$	39.34		$	35.99

Market price at end of period		$	63.21	^(b)	$	60.81	^(b)	$	34.22	^(b)		$	45.30	^(b)	$	49.19	^(b)	$	39.32		$	36.01

Net Asset Value Total Return^(c)			4.06	%		78.39	%		(24.40	)%			(6.60	)%		25.16	%		11.00	%		6.08	%
Market Price Total Return^(c)			3.95	%		78.21	%		(24.31	)%			(6.51	)%		25.10	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	140,637		$	141,230		$	101,604			$	173,156		$	200,560		$	185,801		$	180,784
Ratio to average net assets of:
Expenses, after Waivers			0.75	%^(d)		0.75	%^(e)		0.75	%			0.75	%^(d)(e)		0.71	%		0.75	%		0.75	%
Expenses, prior to Waivers			0.75	%^(d)		0.75	%^(e)		0.75	%			0.75	%^(d)(e)		0.71	%		0.75	%		0.75	%
Net investment income			0.77	%^(d)		0.49	%		0.78	%			0.44	%^(d)		0.60	%		0.30	%		0.87	%
Portfolio turnover rate^(f)			44	%		110	%		114	%			65	%		82	%		90	%		118	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

^(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.



		51
		51

Financial Highlights—(continued)

Invesco S&P 500 BuyWrite ETF (PBP)



	Six Months Ended October 31, 2021				Years Ended April 30,

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	21.79		$	17.45		$	21.39		$	21.29		$	22.21		$	20.33

Net investment income^(a)			0.11			0.23			0.33			0.32			0.28			0.29
Net realized and unrealized gain (loss) on investments			2.14			4.35			(3.05	)		0.32			1.16			2.10

Total from investment operations			2.25			4.58			(2.72	)		0.64			1.44			2.39

Distributions to shareholders from:
Net investment income			(0.13	)		(0.24	)		(0.36	)		(0.31	)		(1.09	)		(0.33	)
Net realized gains			-			-			(0.86	)		(0.23	)		(1.27	)		(0.18	)

Total distributions			(0.13	)		(0.24	)		(1.22	)		(0.54	)		(2.36	)		(0.51	)

Net asset value at end of period		$	23.91		$	21.79		$	17.45		$	21.39		$	21.29		$	22.21

Market price at end of period^(b)		$	23.88		$	21.76		$	17.40		$	21.39		$	21.33		$	22.23

Net Asset Value Total Return^(c)			10.35	%		26.40	%		(13.62	)%		3.16	%		6.59	%		11.86	%
Market Price Total Return^(c)			10.36	%		26.59	%		(13.85	)%		2.97	%		6.68	%		12.18	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	176,939		$	167,818		$	192,813		$	320,778		$	302,296		$	327,596
Ratio to average net assets of:
Expenses			0.49	%^(d)		0.49	%		0.49	%		0.53	%		0.75	%		0.75	%
Net investment income			0.97	%^(d)		1.19	%		1.56	%		1.47	%		1.25	%		1.37	%
Portfolio turnover rate^(e)			14	%		19	%		19	%		15	%		16	%		24	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		52
		52

Financial Highlights—(continued)

Invesco S&P 500^® Quality ETF (SPHQ)



	Six Months Ended October 31, 2021				Years Ended April 30,
	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	45.73		$	33.61		$	33.29		$	29.53		$	27.62		$	24.70

Net investment income^(a)			0.35			0.63			0.61			0.51			0.57			0.54
Net realized and unrealized gain on investments			5.73			12.11			0.35			3.75			1.89			2.84

Total from investment operations			6.08			12.74			0.96			4.26			2.46			3.38

Distributions to shareholders from:
Net investment income			(0.32	)		(0.62	)		(0.64	)		(0.50	)		(0.55	)		(0.46	)

Net asset value at end of period		$	51.49		$	45.73		$	33.61		$	33.29		$	29.53		$	27.62

Market price at end of period^(b)		$	51.47		$	45.75		$	33.62		$	33.30		$	29.55		$	27.63

Net Asset Value Total Return^(c)			13.33	%		38.23	%		3.03	%		14.63	%		8.94	%		13.84	%
Market Price Total Return^(c)			13.24	%		38.26	%		3.03	%		14.59	%		8.98	%		13.88	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,260,673		$	2,670,218		$	1,756,210		$	1,469,785		$	1,327,157		$	1,222,223
Ratio to average net assets of:
Expenses, after Waivers			0.15	%^(d)		0.15	%		0.15	%		0.19	%		0.29	%		0.29	%
Expenses, prior to Waivers			0.19	%^(d)		0.19	%		0.21	%		0.26	%		0.37	%		0.38	%
Net investment income			1.41	%^(d)		1.59	%		1.79	%		1.67	%		1.95	%		2.10	%
Portfolio turnover rate^(e)			39	%		57	%		56	%		73	%		60	%		49	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



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Financial Highlights—(continued)

Invesco S&P Spin-Off ETF (CSD)



	Six Months Ended October 31, 2021				Years Ended April 30,									Eight Months Ended April 30,				Years Ended August 31,

	(Unaudited)				2021			2020			2019			2018				2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$	64.57		$	34.38		$	52.43		$	52.61			$	49.42		$	42.42		$	40.90

Net investment income^(a)			0.24			0.33			0.58			0.43				0.04			0.39			0.61
Net realized and unrealized gain (loss) on investments			0.19			30.41			(18.08	)		(0.19	)			3.46			7.31			1.91

Total from investment operations			0.43			30.74			(17.50	)		0.24				3.50			7.70			2.52

Distributions to shareholders from:
Net investment income			-			(0.55	)		(0.55	)		(0.42	)			(0.20	)		(0.70	)		(1.00	)
Return of capital			-			-			-			-				(0.11	)		-			-

Total distributions			-			(0.55	)		(0.55	)		(0.42	)			(0.31	)		(0.70	)		(1.00	)

Net asset value at end of period		$	65.00		$	64.57		$	34.38		$	52.43			$	52.61		$	49.42		$	42.42

Market price at end of period		$	64.98	^(b)	$	64.57	^(b)	$	34.41	^(b)	$	52.41	^(b)		$	52.55	^(b)	$	49.34		$	42.42

Net Asset Value Total Return^(c)			0.67	%		89.69	%		(33.72	)%		0.71	%			7.10	%		18.39	%		6.42	%
Market Price Total Return^(c)			0.63	%		89.53	%		(33.64	)%		0.78	%			7.15	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	76,049		$	75,548		$	58,447		$	146,814			$	202,534		$	195,208		$	216,319
Ratio to average net assets of:
Expenses, after Waivers			0.65	%^(d)		0.65	%		0.62	%		0.62	%			0.64	%^(d)		0.64	%		0.65	%
Expenses, prior to Waivers			0.65	%^(d)		0.68	%		0.62	%		0.62	%			0.65	%^(d)		0.64	%		0.71	%
Net investment income			0.74	%^(d)		0.68	%		1.27	%		0.84	%			0.12	%^(d)		0.86	%		1.54	%
Portfolio turnover rate^(e)			39	%		57	%		55	%		49	%			24	%		44	%		116	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



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		54

Financial Highlights—(continued)

Invesco Water Resources ETF (PHO)



	Six Months Ended October 31, 2021				Years Ended April 30,

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	52.18		$	34.44		$	34.67		$	30.09		$	26.71		$	22.99

Net investment income^(a)			0.06			0.17			0.15			0.16			0.09			0.16
Net realized and unrealized gain (loss) on investments			5.75			17.74			(0.18	)		4.55			3.39			3.68

Total from investment operations			5.81			17.91			(0.03	)		4.71			3.48			3.84

Distributions to shareholders from:
Net investment income			(0.06	)		(0.17	)		(0.20	)		(0.13	)		(0.10	)		(0.12	)

Net asset value at end of period		$	57.93		$	52.18		$	34.44		$	34.67		$	30.09		$	26.71

Market price at end of period^(b)		$	57.88		$	52.17		$	34.49		$	34.70		$	30.09		$	26.70

Net Asset Value Total Return^(c)			11.14	%		52.15	%		(0.07	)%		15.74	%		13.07	%		16.73	%
Market Price Total Return^(c)			11.07	%		51.90	%		(0.01	)%		15.84	%		13.11	%		16.74	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,025,338		$	1,604,412		$	991,846		$	941,269		$	821,548		$	797,147
Ratio to average net assets of:
Expenses, after Waivers			0.59	%^(d)		0.60	%		0.60	%		0.60	%		0.62	%		0.62	%
Expenses, prior to Waivers			0.59	%^(d)		0.60	%		0.60	%		0.60	%		0.62	%		0.62	%
Net investment income			0.22	%^(d)		0.39	%		0.42	%		0.51	%		0.31	%		0.64	%
Portfolio turnover rate^(e)			15	%		22	%		26	%		31	%		23	%		44	%

(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		55
		55

Financial Highlights—(continued)

Invesco WilderHill Clean Energy ETF (PBW)



	Six Months Ended October 31, 2021				Years Ended April 30,

	(Unaudited)				2021			2020			2019			2018			2017^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	87.86		$	31.91		$	28.30		$	24.64		$	20.85		$	20.55

Net investment income^(b)			0.45			0.61			0.49			0.39			0.31			0.30
Net realized and unrealized gain on investments			1.14	^(c)		55.82			3.73			3.66			3.78			0.40

Total from investment operations			1.59			56.43			4.22			4.05			4.09			0.70

Distributions to shareholders from:
Net investment income			(0.53	)		(0.48	)		(0.61	)		(0.39	)		(0.30	)		(0.40	)

Net asset value at end of period		$	88.92		$	87.86		$	31.91		$	28.30		$	24.64		$	20.85

Market price at end of period^(d)		$	88.85		$	87.72		$	31.93		$	28.31		$	24.66		$	20.85

Net Asset Value Total Return^(e)			1.87	%		176.87	%		15.13	%		16.76	%		19.78	%		3.60	%
Market Price Total Return^(e)			1.95	%		176.26	%		15.16	%		16.70	%		19.87	%		3.60	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,003,321		$	2,196,396		$	247,876		$	144,857		$	116,263		$	103,177
Ratio to average net assets of:
Expenses, after Waivers			0.61	%^(f)		0.61	%		0.70	%		0.70	%		0.70	%		0.70	%
Expenses, prior to Waivers			0.61	%^(f)		0.61	%		0.70	%		0.71	%		0.77	%		0.76	%
Net investment income			1.08	%^(f)		0.71	%		1.57	%		1.56	%		1.30	%		1.59	%
Portfolio turnover rate^(g)			26	%		81	%		40	%		40	%		43	%		59	%

^(a)	Per share amounts have been adjusted to reflect a one-for-five reverse stock split effective after the close of business on October 20, 2017.

^(b)	Based on average shares outstanding.

^(c)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(e)

^(f)	Annualized.

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

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



		56
		56

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2021

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:


Full Name		Short Name

Invesco Aerospace & Defense ETF (PPA)		“Aerospace & Defense ETF”

Invesco DWA Momentum ETF (PDP)		“DWA Momentum ETF”

Invesco Global Listed Private Equity ETF (PSP)		“Global Listed Private Equity ETF”

Invesco Golden Dragon China ETF (PGJ)		“Golden Dragon China ETF”

Invesco MSCI Sustainable Future ETF (ERTH)		“MSCI Sustainable Future ETF”

Invesco Raymond James SB-1 Equity ETF (RYJ)		“Raymond James SB-1 Equity ETF”

Invesco S&P 500 BuyWrite ETF (PBP)		“S&P 500 BuyWrite ETF”

Invesco S&P 500^® Quality ETF (SPHQ)		“S&P 500^® Quality ETF”

Invesco S&P Spin-Off ETF (CSD)		“S&P Spin-Off ETF”

Invesco Water Resources ETF (PHO)		“Water Resources ETF”

Invesco WilderHill Clean Energy ETF (PBW)		“WilderHill Clean Energy ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of DWA Momentum ETF, Golden Dragon China ETF and Water Resources ETF, which are listed and traded on The Nasdaq Stock Market.

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

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


Fund		Underlying Index

Aerospace & Defense ETF		SPADE^® Defense Index

DWA Momentum ETF		Dorsey Wright^® Technical Leaders Index

Global Listed Private Equity ETF		Red Rocks Global Listed Private Equity Index

Golden Dragon China ETF		NASDAQ Golden Dragon China Index

MSCI Sustainable Future ETF		MSCI Global Environment Select Index

Raymond James SB-1 Equity ETF		Raymond James SB-1 Equity index

S&P 500 BuyWrite ETF		CBOE S&P 500 BuyWrite Index^SM

S&P 500^® Quality ETF		S&P 500^® Quality Index

S&P Spin-Off ETF		S&P U.S. Spin-Off Index

Water Resources ETF		NASDAQ OMX US Water Index^SM

WilderHill Clean Energy ETF		WilderHill Clean Energy Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

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

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent

uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to 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 (except Raymond James SB-1 Equity ETF and S&P Spin-Off ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Raymond James SB-1 Equity ETF and S&P Spin-Off ETF declare and pay dividends from net investment income, if any, to shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

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

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

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

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

Expenses - Each Fund (except for S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF) is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions,

sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF have agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

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

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

Securities Lending - Each Fund (except for S&P 500 BuyWrite ETF) may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. BNY Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities

lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, S&P 500^® Quality ETF had affiliated securities lending transactions with Invesco and the fees paid to Invesco by the Fund were less than $100.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

Call Options Purchased and Written - Certain Funds may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statements of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Swap Agreements - Certain Funds may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain, among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect

to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the futures commission merchant (“FCM”)) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statements of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statements of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of the Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statements of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to over-the-counter (“OTC”) derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty.

M.	Other Risks

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

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

China Investment Risk. Investments in companies located or operating in Greater China involve risks not associated with investments in Western nations, such as nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater

China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Further, health events, such as the recent coronavirus outbreak, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, the inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

From time to time, certain companies in which a Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U. S. Government identifies as state sponsors of terrorism or subjects to sanctions.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

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

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

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

Listed Private Equity Companies Risk. There are certain risks inherent in investing in listed private equity companies, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to or provide services to privately held companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. A Fund is also subject to the underlying risks which affect the listed private equity companies in which the financial institutions or vehicles held by the Fund invest. Listed private equity companies are subject to various risks depending on their underlying investments, which include additional liquidity risk, industry risk, foreign security risk, currency risk, valuation risk and credit risk. Listed private equity companies may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings, which may be adversely impacted by the poor performance of a small number of investments. By investing in companies in the capital markets whose business is to lend money, there is a risk that the issuer may default on its payments or declare bankruptcy.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

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

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

Non-Diversified Fund Risk. Because Aerospace & Defense ETF, Golden Dragon China ETF, S&P Spin-Off ETF and Water Resources ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Thematic Investing Risk. MSCI Sustainable Future ETF relies on the index provider for its Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. The Fund’s performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that the index provider evaluates environmental, social and governance (“ESG”) factors as part of an Underlying Index’s methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider’s ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact the Fund’s performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in the Underlying Index. There is no guarantee that the Underlying Index will reflect complete exposure to any particular environmental theme.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500^® Quality ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. S&P 500^® Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.15% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF accrue daily and pay monthly to the Adviser an annual unitary management fee of 0.75% and 0.49%, respectively, of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except for Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500^® Quality ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2023. The Expense Cap (including sub-licensing fees) for S&P 500^® Quality ETF is 0.15% of the Fund’s average daily net assets per year through at least August 31, 2023. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2023. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Aerospace & Defense ETF, DWA Momentum ETF, Global Listed Private Equity ETF, Golden Dragon China ETF, MSCI Sustainable Future ETF, S&P Spin-Off ETF, Water Resources ETF and WilderHill Clean Energy ETF.

Additionally, through at least August 31, 2023, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the six months ended ended October 31, 2021, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



Aerospace & Defense ETF	$	17

DWA Momentum ETF		3

Global Listed Private Equity ETF		99

Golden Dragon China ETF		4

MSCI Sustainable Future ETF		-

Raymond James SB-1 Equity ETF		-

S&P 500 BuyWrite ETF		-

S&P 500^® Quality ETF		537,875

S&P Spin-Off ETF		2

Water Resources ETF		8

WilderHill Clean Energy ETF		8,687

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, 2021 are as follows:


	Total
	Potential
	Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/22		4/30/23		4/30/24		4/30/25

S&P 500^® Quality ETF	$	2,784,904	$	309,287	$	943,093	$	994,660	$	537,864

S&P Spin-Off ETF		17,273		-		-		17,273		-

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

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


Fund				Licensor

Aerospace & Defense ETF				SPADE Indexes

DWA Momentum ETF				Dorsey Wright & Associates, LLC

Global Listed Private Equity ETF				Red Rocks Capital, LLC

Golden Dragon China ETF				Nasdaq, Inc.

MSCI Sustainable Future ETF				MSCI, Inc.

Raymond James SB-1 Equity ETF				Raymond James Research Services, LLC

S&P 500 BuyWrite ETF				S&P Dow Jones Indices LLC

S&P 500^® Quality ETF				S&P Dow Jones Indices LLC

S&P Spin-Off ETF				S&P Dow Jones Indices LLC

Water Resources ETF				Nasdaq, Inc.

WilderHill Clean Energy ETF				WilderHill

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

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

For the six months ended October 31, 2021, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



Aerospace & Defense ETF	$	5,050

DWA Momentum ETF		67,830

Golden Dragon China ETF		386

MSCI Sustainable Future ETF		13,053

Raymond James SB-1 Equity ETF		15,973

S&P 500 BuyWrite ETF		20

S&P 500^® Quality ETF		7,804

S&P Spin-Off ETF		6,869

Water Resources ETF		837

WilderHill Clean Energy ETF		15,711

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the six months ended October 31, 2021, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains*

S&P 500 BuyWrite ETF		$	–		$	1,164		$	173

S&P 500^® Quality ETF			1,187,175			3,717,057			407,002

*	Net realized gains from securities sold to affiliates are included in net realized gain from investment securities in the Statements of Operations.

NOTE 5–Additional Valuation Information

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


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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2021, for each Fund (except for S&P 500 BuyWrite ETF). As of October 31, 2021, all of the securities in S&P 500 BuyWrite ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The value on options held in S&P 500 BuyWrite ETF was based on Level 1 inputs. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in

those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2			Level 3			Total

Aerospace & Defense ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	682,217,796	$	-			$	-	$	682,217,796

Money Market Funds		536,729		47,990,425				-		48,527,154


Total Investments	$	682,754,525	$	47,990,425			$	-	$	730,744,950


DWA Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	1,881,813,304	$	-			$	-	$	1,881,813,304

Money Market Funds		252,422		125,293,593				-		125,546,015


Total Investments	$	1,882,065,726	$	125,293,593			$	-	$	2,007,359,319


Global Listed Private Equity ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	251,222,729	$	-			$	-	$	251,222,729

Closed-End Funds		10,222,014		-				-		10,222,014

Money Market Funds		15,660,084		36,465,485				-		52,125,569


Total Investments in Securities		277,104,827		36,465,485				-		313,570,312


Other Investments - Assets*

Swap Agreements		-		404,871				-		404,871


Other Investments - Liabilities*

Swap Agreements		-		(3,349	)			-		(3,349	)


Total Investments	$	277,104,827	$	36,867,007			$	-	$	313,971,834


Golden Dragon China ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	239,195,921	$	-			$	0	$	239,195,921

Money Market Funds		273,639		74,261,563				-		74,535,202


Total Investments	$	239,469,560	$	74,261,563			$	0	$	313,731,123


MSCI Sustainable Future ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	440,676,266	$	566,038			$	-	$	441,242,304

Exchange-Traded Funds		5,098,798		-				-		5,098,798

Money Market Funds		-		93,329,139				-		93,329,139


Total Investments	$	445,775,064	$	93,895,177			$	-	$	539,670,241


Raymond James SB-1 Equity ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	140,623,457	$	-			$	-	$	140,623,457

Money Market Funds		-		13,417,009				-		13,417,009


Total Investments	$	140,623,457	$	13,417,009			$	-	$	154,040,466


S&P 500^® Quality ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	3,259,935,699	$	-			$	-	$	3,259,935,699

Money Market Funds		-		83,235,468				-		83,235,468


Total Investments	$	3,259,935,699	$	83,235,468			$	-	$	3,343,171,167


S&P Spin-Off ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	76,033,206	$	-			$	-	$	76,033,206

Money Market Funds		129,615		6,076,247				-		6,205,862


Total Investments	$	76,162,821	$	6,076,247			$	-	$	82,239,068


	Level 1		Level 2		Level 3			Total

Water Resources ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	2,025,241,497	$	-		$	-	$	2,025,241,497

Money Market Funds		1,672,153		35,100,437			-		36,772,590

Total Investments	$	2,026,913,650	$	35,100,437		$	-	$	2,062,014,087


WilderHill Clean Energy ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	2,001,918,381	$	-		$	-	$	2,001,918,381

Money Market Funds		2,113,195		451,691,655			-		453,804,850

Total Investments	$	2,004,031,576	$	451,691,655		$	-	$	2,455,723,231

*	Unrealized appreciation (depreciation).

NOTE 6–Derivative Investments

The Funds may enter into an ISDA Master Agreement under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2021:


	Value
	Global Listed Private Equity ETF				S&P 500 BuyWrite ETF

Derivative Assets		Equity Risk				Equity Risk


Unrealized appreciation on swap agreements-OTC		$	404,871			$	-


Total Derivative Assets subject to master netting agreements		$	404,871			$	-

	Value
	Global Listed Private Equity ETF				S&P 500 BuyWrite ETF

Derivative Liabilities		Equity Risk				Equity Risk


Unrealized depreciation on swap agreements-OTC		$	(3,349	)		$	-

Options written, at value-Exchange-Traded			-				(6,119,755	)


Total Derivative Liabilities			(3,349	)			(6,119,755	)


Derivatives not subject to master netting agreements			-				6,119,755


Total Derivative Liabilities subject to master netting agreements		$	(3,349	)		$	-

Offsetting Assets and Liabilities

The table below reflects the Funds’ exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2021:

Global Listed Private Equity ETF


	Financial Derivative Assets			Financial Derivative Liabilities							Collateral (Received)/Pledged

Counterparty	Swap Agreements			Swap Agreements				Net Value of Derivatives			Non-Cash			Cash			Net Amount

Citibank, N.A.		$	404,871		$	(3,349	)		$	401,522		$	-		$	-		$	401,522

Effect of Derivative Investments for the Six-Month Period Ended October 31, 2021

The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statements of Operations
	Global Listed Private Equity ETF			S&P 500 BuyWrite ETF
	Equity Risk


Realized Gain:

Options written		$	-		$	2,783,292

Swap agreements			4,347,444			-

Change in Net Unrealized Appreciation (Depreciation):

Options written			-			(3,935,115	)

Swap agreements			152,415			-


Total		$	4,499,859		$	(1,151,823	)


The table below summarizes the average notional value of derivatives held during the period.


	Average Notional Value
	Global Listed Private Equity ETF			S&P 500 BuyWrite ETF

Options written		$	-		$	172,775,286

Swap agreements			13,731,660			-

NOTE 7–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, 2021, as follows:


	No expiration
	Short-Term		Long-Term		Total*

Aerospace & Defense ETF	$	18,499,572	$	23,005,498	$	41,505,070

DWA Momentum ETF		402,014,109		-		402,014,109

Global Listed Private Equity ETF		24,988,933		65,477,437		90,466,370

Golden Dragon China ETF		34,844,569		189,109,766		223,954,335

MSCI Sustainable Future ETF		-		-		-

Raymond James SB-1 Equity ETF		38,711,527		29,376,800		68,088,327

S&P 500 BuyWrite ETF		-		6,805,905		6,805,905

S&P 500^® Quality ETF		127,172,054		103,873,770		231,045,824

S&P Spin-Off ETF		60,713,774		92,076,260		152,790,034

Water Resources ETF		159,825,458		126,040,212		285,865,670

WilderHill Clean Energy ETF		110,387,806		346,087,966		456,475,772

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

NOTE 8–Investment Transactions

For the six months ended October 31, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

Aerospace & Defense ETF	$	110,569,867	$	108,907,633

DWA Momentum ETF		1,748,798,621		1,757,680,192

Global Listed Private Equity ETF		81,145,144		88,829,466

Golden Dragon China ETF		60,712,188		60,734,793

MSCI Sustainable Future ETF		77,542,624		136,795,666

Raymond James SB-1 Equity ETF		62,113,918		60,837,433

S&P 500 BuyWrite ETF		26,952,479		24,243,950

S&P 500^® Quality ETF		1,175,957,654		1,176,126,263

S&P Spin-Off ETF		30,237,113		29,954,399

Water Resources ETF		269,551,781		268,210,998

WilderHill Clean Energy ETF		515,269,034		519,866,068

For the six months ended October 31, 2021, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Aerospace & Defense ETF	$	115,973,101	$	160,704,399

DWA Momentum ETF		1,103,575,942		1,189,776,372

Global Listed Private Equity ETF		60,443,176		30,252,435

Golden Dragon China ETF		70,048,327		21,919,767

MSCI Sustainable Future ETF		40,153,074		62,142,380

Raymond James SB-1 Equity ETF		34,704,371		41,433,002

S&P 500 BuyWrite ETF		4,638,063		11,832,116

S&P 500^® Quality ETF		1,294,604,528		1,043,704,323

S&P Spin-Off ETF		644,687		654,291

Water Resources ETF		472,078,428		231,656,409

WilderHill Clean Energy ETF		788,714,932		971,020,763

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

At October 31, 2021, 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

Aerospace & Defense ETF	$	94,476,203	$	(25,758,526	)	$	68,717,677		$	662,027,273

DWA Momentum ETF		254,907,081		(19,855,039	)		235,052,042			1,772,307,277

Global Listed Private Equity ETF		60,881,969		(22,842,177	)		38,039,792			275,932,042

Golden Dragon China ETF		25,869,463		(73,777,664	)		(47,908,201	)		361,639,324

MSCI Sustainable Future ETF		98,016,684		(15,261,305	)		82,755,379			456,914,862

Raymond James SB-1 Equity ETF		30,243,965		(7,475,775	)		22,768,190			131,272,276

S&P 500 BuyWrite ETF		82,869,298		(75,980,543	)		6,888,755			170,036,830

S&P 500^® Quality ETF		578,110,684		(48,422,636	)		529,688,048			2,813,483,119

S&P Spin-Off ETF		19,077,550		(4,301,129	)		14,776,421			67,462,647

Water Resources ETF		554,374,976		(14,027,836	)		540,347,140			1,521,666,947

WilderHill Clean Energy ETF		211,295,345		(501,536,962	)		(290,241,617	)		2,745,964,848

NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of 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 10–Capital

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

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

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

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

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco S&P 500 BuyWrite ETF and Invesco Raymond James SB-1 Equity ETF), you incur advisory fees and other Fund expenses. As a shareholder of Invesco S&P 500 BuyWrite ETF or Invesco Raymond James SB-1 Equity ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2021 through October 31, 2021.

In addition to the fees and expenses which the Invesco Global Listed Private Equity ETF bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolios invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total returns.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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



	Beginning Account Value May 1, 2021			Ending Account Value October 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Aerospace & Defense ETF (PPA)

Actual		$	1,000.00		$	980.40		0.59	%		$	2.95

Hypothetical (5% return before expenses)			1,000.00			1,022.23		0.59				3.01

Invesco DWA Momentum ETF (PDP)

Actual			1,000.00			1,115.90		0.62				3.31

Hypothetical (5% return before expenses)			1,000.00			1,022.08		0.62				3.16

Calculating your ongoing Fund expenses—(continued)



	Beginning Account Value May 1, 2021			Ending Account Value October 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Global Listed Private Equity ETF (PSP)

Actual		$	1,000.00		$	1,114.50		0.65	%		$	3.46

Hypothetical (5% return before expenses)			1,000.00			1,021.93		0.65				3.31

Invesco Golden Dragon China ETF (PGJ)

Actual			1,000.00			697.60		0.68				2.91

Hypothetical (5% return before expenses)			1,000.00			1,021.78		0.68				3.47

Invesco MSCI Sustainable Future ETF (ERTH)

Actual			1,000.00			1,108.60		0.54				2.87

Hypothetical (5% return before expenses)			1,000.00			1,022.48		0.54				2.75

Invesco Raymond James SB-1 Equity ETF (RYJ)

Actual			1,000.00			1,040.60		0.75				3.86

Hypothetical (5% return before expenses)			1,000.00			1,021.42		0.75				3.82

Invesco S&P 500 BuyWrite ETF (PBP)

Actual			1,000.00			1,103.50		0.49				2.60

Hypothetical (5% return before expenses)			1,000.00			1,022.74		0.49				2.50

Invesco S&P 500^® Quality ETF (SPHQ)

Actual			1,000.00			1,133.30		0.15				0.81

Hypothetical (5% return before expenses)			1,000.00			1,024.45		0.15				0.77

Invesco S&P Spin-Off ETF (CSD)

Actual			1,000.00			1,006.70		0.65				3.29

Hypothetical (5% return before expenses)			1,000.00			1,021.93		0.65				3.31

Invesco Water Resources ETF (PHO)

Actual			1,000.00			1,111.40		0.59				3.14

Hypothetical (5% return before expenses)			1,000.00			1,022.23		0.59				3.01

Invesco WilderHill Clean Energy ETF (PBW)

Actual			1,000.00			1,018.70		0.61				3.10

Hypothetical (5% return before expenses)			1,000.00			1,022.13		0.61				3.11

⁽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, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365.

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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


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