N-CSRS

Invesco Semi-Annual Report to Shareholders

February 28, 2023

IBBQ Invesco Nasdaq Biotechnology ETF

SOXQ Invesco PHLX Semiconductor ETF

TAN Invesco Solar ETF

Table of Contents


Schedules of Investments

Invesco Nasdaq Biotechnology ETF (IBBQ)			3

Invesco PHLX Semiconductor ETF (SOXQ)			7

Invesco Solar ETF (TAN)			9

Statements of Assets and Liabilities			12

Statements of Operations			13

Statements of Changes in Net Assets			14

Financial Highlights			15

Notes to Financial Statements			18

Fund Expenses			28


		2

Invesco Nasdaq Biotechnology ETF (IBBQ)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Biotechnology-80.16%
2seventy bio, Inc.^(b)(c)		719	$	9,699
4D Molecular Therapeutics, Inc.^(b)		614		11,813
89bio, Inc.^(b)		882		12,013
Abcam PLC, ADR (United Kingdom)^(b)		586		8,444
Acadia Pharmaceuticals, Inc.^(b)(c)		3,049		63,084
Acumen Pharmaceuticals, Inc.^(b)		776		4,090
Adaptimmune Therapeutics PLC, ADR^(b)(c)		2,742		4,853
Adicet Bio, Inc.^(b)(c)		812		6,399
ADMA Biologics, Inc.^(b)(c)		4,182		14,846
Affimed N.V. (Germany)^(b)(c)		2,831		2,574
Agios Pharmaceuticals, Inc.^(b)		1,039		26,297
Akero Therapeutics, Inc.^(b)		879		40,003
Alaunos Therapeutics, Inc.^(b)		4,558		2,530
Alector, Inc.^(b)		1,568		13,391
Alkermes PLC^(b)		3,109		83,135
Allakos, Inc.^(b)		1,615		9,609
Allogene Therapeutics, Inc.^(b)(c)		2,734		17,361
Allovir, Inc.^(b)(c)		1,766		11,920
Alnylam Pharmaceuticals, Inc.^(b)		2,329		445,887
Alpine Immune Sciences, Inc.^(b)(c)		870		6,934
Altimmune, Inc.^(b)(c)		932		11,734
ALX Oncology Holdings, Inc.^(b)(c)		773		5,117
Amarin Corp. PLC, ADR (Ireland)^(b)		7,611		15,450
Amgen, Inc.		5,765		1,335,520
Amicus Therapeutics, Inc.^(b)(c)		5,303		69,947
AnaptysBio, Inc.^(b)(c)		539		13,421
Anavex Life Sciences Corp.^(b)(c)		1,478		14,071
Annexon, Inc.^(b)(c)		903		4,813
Apellis Pharmaceuticals, Inc.^(b)		2,091		136,919
Arbutus Biopharma Corp.^(b)		2,966		8,245
Arcellx, Inc.^(b)(c)		831		23,276
Arcturus Therapeutics Holdings, Inc.^(b)(c)		502		8,158
Arcutis Biotherapeutics, Inc.^(b)(c)		1,155		18,688
Ardelyx, Inc.^(b)		3,554		10,236
Argenx SE, ADR (Netherlands)^(b)		588		215,220
Arrowhead Pharmaceuticals, Inc.^(b)(c)		2,000		64,600
ARS Pharmaceuticals, Inc.^(b)		1,778		15,860
Ascendis Pharma A/S, ADR (Denmark)^(b)		1,056		117,311
Atara Biotherapeutics, Inc.^(b)(c)		1,799		7,286
Aurinia Pharmaceuticals, Inc. (Canada)^(b)		2,694		24,488
Avidity Biosciences, Inc.^(b)		1,258		29,815
Beam Therapeutics, Inc.^(b)(c)		1,327		53,398
BeiGene Ltd., ADR (China)^(b)(c)		906		203,515
BELLUS Health, Inc. (Canada)^(b)		2,385		18,364
Bicycle Therapeutics PLC, ADR (United Kingdom)^(b)(c)		484		11,001
BioAtla, Inc.^(b)		875		2,608
BioCryst Pharmaceuticals, Inc.^(b)(c)		3,524		31,187
Biogen, Inc.^(b)		2,705		729,971
BioMarin Pharmaceutical, Inc.^(b)		3,518		350,358
Biomea Fusion, Inc.^(b)		557		7,152
BioNTech SE, ADR (Germany)		1,741		226,417
Bluebird Bio, Inc.^(b)		1,959		10,187
Blueprint Medicines Corp.^(b)		1,125		47,666
Bridgebio Pharma, Inc.^(b)(c)		2,819		32,193
C4 Therapeutics, Inc.^(b)(c)		928		4,891
Caribou Biosciences, Inc.^(b)		1,157		7,046


	Shares		Value
Biotechnology-(continued)
Centessa Pharmaceuticals PLC, ADR^(b)(c)		995	$	3,502
Century Therapeutics, Inc.^(b)(c)		1,118		5,042
Chinook Therapeutics, Inc.^(b)(c)		1,212		26,446
Cogent Biosciences, Inc.^(b)		1,325		17,530
Coherus Biosciences, Inc.^(b)(c)		1,475		9,986
Compass Pathways PLC, ADR (United Kingdom)^(b)(c)		449		3,704
Concert Pharmaceuticals, Inc.^(b)		1,184		9,922
Crinetics Pharmaceuticals, Inc.^(b)(c)		1,020		20,033
CRISPR Therapeutics AG (Switzerland)^(b)(c)		1,478		72,895
Cullinan Oncology, Inc.^(b)		868		9,800
CureVac N.V. (Germany)^(b)		4,206		36,340
Cytokinetics, Inc.^(b)(c)		1,784		77,354
Day One Biopharmaceuticals, Inc.^(b)(c)		1,394		25,677
Deciphera Pharmaceuticals, Inc.^(b)		1,405		20,372
Denali Therapeutics, Inc.^(b)(c)		2,565		69,640
Design Therapeutics, Inc.^(b)		1,060		7,494
Dyne Therapeutics, Inc.^(b)		988		12,725
Eagle Pharmaceuticals, Inc.^(b)		247		6,916
Editas Medicine, Inc.^(b)(c)		1,304		11,788
Eiger BioPharmaceuticals, Inc.^(b)		836		1,572
Enanta Pharmaceuticals, Inc.^(b)		394		19,109
EQRx, Inc.^(b)		9,260		20,928
Erasca, Inc.^(b)(c)		2,610		9,396
Evelo Biosciences, Inc.^(b)(c)		2,078		1,288
Exelixis, Inc.^(b)(c)		6,100		104,188
Exscientia PLC, ADR (United Kingdom)^(b)		685		4,459
Fate Therapeutics, Inc.^(b)		1,842		11,273
FibroGen, Inc.^(b)(c)		1,776		39,427
Foghorn Therapeutics, Inc.^(b)(c)		793		4,544
G1 Therapeutics, Inc.^(b)		960		3,475
Galapagos N.V., ADR (Belgium)^(b)		254		9,521
Generation Bio Co.^(b)		1,127		4,463
Genmab A/S, ADR (Denmark)^(b)		810		30,424
Geron Corp.^(b)(c)		8,278		23,013
Gilead Sciences, Inc.		18,800		1,513,964
Gossamer Bio., Inc.^(b)(c)		1,791		3,098
Gracell Biotechnologies, Inc., ADR (China)^(b)		1,264		2,541
Graphite Bio, Inc.^(b)		1,103		2,901
GreenLight Biosciences Holdings PBC^(b)		2,873		1,379
Grifols S.A., ADR (Spain)^(b)		2,108		18,255
Gritstone bio, Inc.^(b)(c)		1,581		3,873
Halozyme Therapeutics, Inc.^(b)(c)		2,559		122,806
HilleVax, Inc.^(b)		632		10,649
Horizon Therapeutics PLC^(b)		4,290		469,712
Humacyte, Inc.^(b)		1,955		5,982
Ideaya Biosciences, Inc.^(b)(c)		912		16,097
IGM Biosciences, Inc.^(b)		552		11,603
I-Mab, ADR (China)^(b)		1,033		4,442
Immuneering Corp., Class A^(b)(c)		501		2,450
ImmunityBio, Inc.^(b)		7,539		18,395
Immunocore Holdings PLC, ADR (United Kingdom)^(b)(c)		486		26,657
ImmunoGen, Inc.^(b)		4,185		16,238
Immunovant, Inc.^(b)(c)		2,443		42,679
Incyte Corp.^(b)		4,211		324,163
Inhibrx, Inc.^(b)		826		19,874
Inovio Pharmaceuticals, Inc.^(b)		4,730		5,960

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


		3

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Biotechnology-(continued)
Insmed, Inc.^(b)(c)		2,549	$	51,949
Instil Bio, Inc.^(b)		2,460		1,912
Intellia Therapeutics, Inc.^(b)		1,484		59,612
Intercept Pharmaceuticals, Inc.^(b)		785		15,841
Invivyd, Inc.^(b)(c)		2,066		3,595
Ionis Pharmaceuticals, Inc.^(b)(c)		2,683		96,320
Iovance Biotherapeutics, Inc.^(b)		2,992		21,812
Ironwood Pharmaceuticals, Inc.^(b)		2,901		32,694
iTeos Therapeutics, Inc.^(b)		674		11,937
IVERIC bio, Inc.^(b)(c)		2,570		53,405
Karuna Therapeutics, Inc.^(b)(c)		649		129,424
Karyopharm Therapeutics, Inc.^(b)		2,154		6,505
Keros Therapeutics, Inc.^(b)(c)		522		27,781
Kezar Life Sciences, Inc.^(b)		1,296		8,152
Kiniksa Pharmaceuticals Ltd., Class A^(b)		655		8,423
Kinnate Biopharma, Inc.^(b)		837		4,419
Kodiak Sciences, Inc.^(b)		992		6,448
Krystal Biotech, Inc.^(b)(c)		488		39,972
Kura Oncology, Inc.^(b)		1,294		15,424
Kymera Therapeutics, Inc.^(b)(c)		1,034		32,447
Legend Biotech Corp., ADR^(b)(c)		1,223		56,478
Lexicon Pharmaceuticals, Inc.^(b)(c)		3,578		8,051
Lyell Immunopharma, Inc.^(b)(c)		4,727		10,163
MacroGenics, Inc.^(b)		1,166		7,101
Madrigal Pharmaceuticals, Inc.^(b)(c)		323		87,536
MannKind Corp.^(b)(c)		4,990		26,347
MeiraGTx Holdings PLC^(b)		848		6,547
Mersana Therapeutics, Inc.^(b)		1,892		11,466
Merus N.V. (Netherlands)^(b)(c)		878		16,743
Mirati Therapeutics, Inc.^(b)(c)		1,085		49,736
Mirum Pharmaceuticals, Inc.^(b)		699		16,433
Moderna, Inc.^(b)		7,269		1,009,010
Monte Rosa Therapeutics, Inc.^(b)(c)		918		5,581
Morphic Holding, Inc.^(b)(c)		727		30,912
Myriad Genetics, Inc.^(b)		1,536		29,061
Neurocrine Biosciences, Inc.^(b)		1,817		187,333
Nkarta, Inc.^(b)(c)		925		3,885
Novavax, Inc.^(b)(c)		1,488		13,779
Nurix Therapeutics, Inc.^(b)		894		8,430
Nuvalent, Inc., Class A^(b)(c)		965		29,230
Omega Therapeutics, Inc.^(b)		911		5,885
OmniAb, Inc.^(b)(d)		125		0
OmniAb, Inc.^(b)(d)		125		0
PepGen, Inc.^(b)		448		6,841
PMV Pharmaceuticals, Inc.^(b)(c)		866		6,244
Poseida Therapeutics, Inc.^(b)(c)		1,630		9,275
Precigen, Inc.^(b)		4,703		5,926
Prelude Therapeutics, Inc.^(b)		691		3,911
Prometheus Biosciences, Inc.^(b)(c)		877		107,336
Protagonist Therapeutics, Inc.^(b)		933		15,133
Prothena Corp. PLC (Ireland)^(b)		910		50,742
PTC Therapeutics, Inc.^(b)(c)		1,357		59,260
RAPT Therapeutics, Inc.^(b)		644		18,966
Recursion Pharmaceuticals, Inc., Class A^(b)(c)		3,429		27,946
Regeneron Pharmaceuticals, Inc.^(b)		2,026		1,540,611
REGENXBIO, Inc.^(b)		821		18,267
Relay Therapeutics, Inc.^(b)(c)		2,273		36,709
Repare Therapeutics, Inc. (Canada)^(b)(c)		796		8,159
Replimune Group, Inc.^(b)		1,068		23,389
REVOLUTION Medicines, Inc.^(b)(c)		1,680		44,957


	Shares		Value
Biotechnology-(continued)
Rhythm Pharmaceuticals, Inc.^(b)(c)		1,068	$	25,963
Rocket Pharmaceuticals, Inc.^(b)(c)		1,428		27,432
Roivant Sciences Ltd.^(b)		13,717		110,971
Sage Therapeutics, Inc.^(b)(c)		1,119		46,595
Sana Biotechnology, Inc.^(b)(c)		3,616		13,271
Sangamo Therapeutics, Inc.^(b)(c)		3,107		9,476
Sarepta Therapeutics, Inc.^(b)		1,662		202,980
Scholar Rock Holding Corp.^(b)(c)		979		8,400
Seagen, Inc.^(b)		3,515		631,610
Selecta Biosciences, Inc.^(b)(c)		2,901		4,729
Seres Therapeutics, Inc.^(b)		2,362		11,928
SpringWorks Therapeutics, Inc.^(b)(c)		1,177		37,546
Stoke Therapeutics, Inc.^(b)		748		6,650
Summit Therapeutics, Inc.^(b)		3,817		6,871
Sutro Biopharma, Inc.^(b)		1,090		6,148
Syndax Pharmaceuticals, Inc.^(b)(c)		1,278		32,397
Tango Therapeutics, Inc.^(b)(c)		1,672		8,745
Travere Therapeutics, Inc.^(b)(c)		1,217		26,969
Twist Bioscience Corp.^(b)(c)		1,072		20,861
Ultragenyx Pharmaceutical, Inc.^(b)		1,326		58,994
uniQure N.V. (Netherlands)^(b)		888		18,612
United Therapeutics Corp.^(b)		863		212,333
UroGen Pharma Ltd.^(b)		438		4,511
Vanda Pharmaceuticals, Inc.^(b)		1,073		6,910
Vaxcyte, Inc.^(b)		1,488		60,963
Veracyte, Inc.^(b)(c)		1,357		33,396
Vertex Pharmaceuticals, Inc.^(b)		4,857		1,409,939
Verve Therapeutics, Inc.^(b)(c)		1,168		22,192
Vir Biotechnology, Inc.^(b)(c)		2,513		57,296
Xencor, Inc.^(b)(c)		1,134		36,435
Xenon Pharmaceuticals, Inc. (Canada)^(b)(c)		1,176		46,405
Zai Lab Ltd., ADR (China)^(b)		1,303		48,406
Zentalis Pharmaceuticals, Inc.^(b)		1,082		20,482

				15,566,842

Health Care Equipment & Supplies-0.82%
Cue Health, Inc.^(b)		2,833		6,091
Novocure Ltd.^(b)(c)		1,984		152,709

				158,800

Health Care Providers & Services-0.47%
23andMe Holding Co., Class A^(b)		5,436		13,644
Castle Biosciences, Inc.^(b)(c)		500		12,590
Guardant Health, Inc.^(b)		1,933		59,710
PetIQ, Inc.^(b)(c)		549		5,117

				91,061

Life Sciences Tools & Services-4.97%
AbCellera Biologics, Inc. (Canada)^(b)		5,386		45,242
Absci Corp.^(b)		1,752		3,714
Adaptive Biotechnologies Corp.^(b)(c)		2,711		23,179
Codexis, Inc.^(b)		1,245		6,020
Illumina, Inc.^(b)		2,978		593,218
Maravai LifeSciences Holdings, Inc., Class A^(b)		2,491		36,742
MaxCyte, Inc.^(b)		1,935		8,785
Medpace Holdings, Inc.^(b)(c)		588		114,001
NanoString Technologies, Inc.^(b)		884		8,628
Nautilus Biotechnology, Inc.^(b)		2,365		5,014
Pacific Biosciences of California, Inc.^(b)(c)		4,269		38,763

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


		4

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Life Sciences Tools & Services-(continued)
Quantum-Si, Inc.^(b)		2,273	$	4,137
Syneos Health, Inc.^(b)		1,943		78,147

				965,590

Pharmaceuticals-13.48%
Aclaris Therapeutics, Inc.^(b)		1,264		15,749
Amphastar Pharmaceuticals, Inc.^(b)		916		29,184
Amylyx Pharmaceuticals, Inc.^(b)(c)		1,248		43,455
ANI Pharmaceuticals, Inc.^(b)		331		13,849
Arvinas, Inc.^(b)(c)		1,009		30,926
AstraZeneca PLC, ADR (United Kingdom)		11,565		753,807
ATAI Life Sciences N.V. (Germany)^(b)		3,145		5,284
Atea Pharmaceuticals, Inc.^(b)(c)		1,579		5,590
Avadel Pharmaceuticals PLC, ADR^(b)(c)		1,153		11,472
Axsome Therapeutics, Inc.^(b)(c)		818		55,779
Cara Therapeutics, Inc.^(b)(c)		1,019		10,353
Collegium Pharmaceutical, Inc.^(b)(c)		636		16,873
Cymabay Therapeutics, Inc.^(b)(c)		1,797		14,376
DICE Therapeutics, Inc.^(b)		898		26,796
Edgewise Therapeutics, Inc.^(b)(c)		1,198		11,477
Esperion Therapeutics, Inc.^(b)		1,397		8,633
Evolus, Inc.^(b)		1,066		9,669
Fulcrum Therapeutics, Inc.^(b)		1,165		7,037
Harmony Biosciences Holdings, Inc.^(b)(c)		1,119		49,270
Harrow Health, Inc.^(b)(c)		520		9,318
Hutchmed China Ltd., ADR (China)^(b)		701		11,602
Innoviva, Inc.^(b)(c)		1,323		15,969
Intra-Cellular Therapies, Inc.^(b)		1,789		87,715
Jazz Pharmaceuticals PLC^(b)		1,190		167,076
Ligand Pharmaceuticals, Inc.^(b)		320		23,085
Marinus Pharmaceuticals, Inc.^(b)(c)		905		6,244
Nektar Therapeutics^(b)		3,498		4,827
NGM Biopharmaceuticals, Inc.^(b)(c)		1,549		7,342
Ocular Therapeutix, Inc.^(b)(c)		1,460		8,818
Omeros Corp.^(b)(c)		1,189		4,482
Optinose, Inc.^(b)		2,082		3,748
Pacira BioSciences, Inc.^(b)		869		36,993
Phathom Pharmaceuticals, Inc.^(b)(c)		789		6,754
Phibro Animal Health Corp., Class A		386		6,064


	Shares		Value
Pharmaceuticals-(continued)
Pliant Therapeutics, Inc.^(b)		1,081	$	34,441
Provention Bio, Inc.^(b)(c)		1,653		13,720
Reata Pharmaceuticals, Inc., Class A^(b)(c)		600		18,702
Revance Therapeutics, Inc.^(b)(c)		1,548		53,716
Royalty Pharma PLC, Class A		8,352		299,419
Sanofi, ADR		5,470		256,269
SIGA Technologies, Inc.^(c)		1,384		9,480
Supernus Pharmaceuticals, Inc.^(b)		1,019		38,304
Tarsus Pharmaceuticals, Inc.^(b)		506		7,838
Terns Pharmaceuticals, Inc.^(b)		936		9,482
Theravance Biopharma, Inc.^(b)		1,277		13,792
Ventyx Biosciences, Inc.^(b)(c)		1,065		46,061
Verona Pharma PLC, ADR (United Kingdom)^(b)		1,151		24,677
Viatris, Inc.		22,959		261,733
WaVe Life Sciences Ltd.^(b)(c)		1,868		7,846
Xeris Biopharma Holdings, Inc.^(b)		2,578		3,558

				2,618,654

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $24,610,981)				19,400,947


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-17.55%
Invesco Private Government Fund, 4.58%^(e)(f)(g)		933,878		933,878
Invesco Private Prime Fund, 4.83%^(e)(f)(g)		2,473,934		2,474,429

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,408,437)				3,408,307

TOTAL INVESTMENTS IN SECURITIES-117.45% (Cost $28,019,418)				22,809,254
OTHER ASSETS LESS LIABILITIES-(17.45)%				(3,389,202	)

NET ASSETS-100.00%			$	19,420,052

Investment Abbreviations:

ADR-American Depositary Receipt

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


		5

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

February 28, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 4.

^(e⁾

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	62,619	$	(62,619	)		$	-			$	-		$	-	$	24

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			749,198		4,338,193		(4,153,513	)			-				-			933,878		16,881	*

Invesco Private Prime Fund			1,937,694		9,507,485		(8,970,697	)			(215	)			162			2,474,429		45,931	*


Total		$	2,686,892	$	13,908,297	$	(13,186,829	)		$	(215	)		$	162		$	3,408,307	$	62,836

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

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

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

Portfolio Composition

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

as of February 28, 2023



Biotechnology		80.16

Pharmaceuticals		13.48

Life Sciences Tools & Services		4.97

Industry Types Each Less Than 3%		1.29

Money Market Funds Plus Other Assets Less Liabilities		0.10

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


		6

Invesco PHLX Semiconductor ETF (SOXQ)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Electronic Equipment, Instruments & Components-1.52%
Coherent Corp.^(b)		11,872	$	512,039
IPG Photonics Corp.^(b)		4,172		514,157
Novanta, Inc.^(b)		3,062		480,459

				1,506,655

Life Sciences Tools & Services-0.29%
Azenta, Inc.^(b)		6,426		282,037

Semiconductors & Semiconductor Equipment-98.12%
Advanced Micro Devices, Inc.^(b)		97,314		7,646,934
Analog Devices, Inc.		22,033		4,042,395
Applied Materials, Inc.		34,562		4,014,376
ASML Holding N.V., New York Shares (Netherlands)		6,228		3,847,222
Broadcom, Inc.		13,748		8,170,299
Entegris, Inc.		12,777		1,088,984
GLOBALFOUNDRIES, Inc.^(b)(c)		46,729		3,053,273
Intel Corp.		125,954		3,140,033
KLA Corp.		9,633		3,654,568
Lam Research Corp.		8,018		3,896,828
Lattice Semiconductor Corp.^(b)		11,745		997,855
Marvell Technology, Inc.		73,076		3,299,381
Microchip Technology, Inc.		47,152		3,820,727
Micron Technology, Inc.		65,698		3,798,658
Monolithic Power Systems, Inc.		4,023		1,948,299
NVIDIA Corp.		44,763		10,392,178
NXP Semiconductors N.V. (China)		21,542		3,844,816
ON Semiconductor Corp.^(b)		37,063		2,869,047
Qorvo, Inc.^(b)		8,686		876,331
QUALCOMM, Inc.		59,889		7,398,088


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Skyworks Solutions, Inc.		13,725	$	1,531,298
Synaptics, Inc.^(b)		3,415		401,638
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		45,647		3,974,484
Teradyne, Inc.		13,349		1,350,118
Texas Instruments, Inc.		41,975		7,196,614
Wolfspeed, Inc.^(b)(c)		10,647		787,665

				97,042,109

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $100,137,492)				98,830,801


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.21%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		888,523		888,523
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		2,284,316		2,284,773

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,173,376)				3,173,296

TOTAL INVESTMENTS IN SECURITIES-103.14% (Cost $103,310,868)				102,004,097
OTHER ASSETS LESS LIABILITIES-(3.14)%				(3,107,058	)

NET ASSETS-100.00%			$	98,897,039

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 February 28, 2023.

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	764,991	$	(764,991	)		$	-		$	-		$	-	$	472

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


		7

Invesco PHLX Semiconductor ETF (SOXQ)–(continued)

February 28, 2023

(Unaudited)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	-		$	7,849,763		$	(6,961,240	)		$	-			$	-		$	888,523		$	8,546	*

Invesco Private Prime Fund			-			17,202,433			(14,917,608	)			(80	)			28			2,284,773			24,589	*


Total		$	-		$	25,817,187		$	(22,643,839	)		$	(80	)		$	28		$	3,173,296		$	33,607

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

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

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

Portfolio Composition

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

as of February 28, 2023



Semiconductors & Semiconductor Equipment		98.12

Industry Types Each Less Than 3%		1.81

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.


		8

Invesco Solar ETF (TAN)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.84%
Building Products-0.64%
Triumph New Energy Co. Ltd., H Shares (China)^(b)(c)(d)		13,542,458	$	14,871,774

Chemicals-2.57%
Hanwha Solutions Corp. (South Korea)^(c)		1,901,899		59,791,421

Construction & Engineering-1.45%
Emeren Group Ltd., ADR (China)^(c)(d)		2,701,793		12,239,122
Xinte Energy Co. Ltd., H Shares (China)^(d)		9,720,354		21,423,291

				33,662,413

Electrical Equipment-13.35%
Array Technologies, Inc.^(c)(d)		3,772,117		70,689,473
Shoals Technologies Group, Inc., Class A^(c)(d)		2,913,413		71,495,155
Soltec Power Holdings S.A. (Spain)^(c)(d)		1,999,244		12,318,358
SunPower Corp.^(c)(d)		2,729,949		41,003,834
Sunrun, Inc.^(c)(d)		4,799,387		115,377,263

				310,884,083

Independent Power and Renewable Electricity Producers-20.45%
Altus Power, Inc.^(c)(d)		2,059,922		13,945,672
Atlantica Sustainable Infrastructure PLC (Spain)^(d)		2,036,677		56,212,285
Doral Group Renewable Energy Resources Ltd. (Israel)^(c)(d)		4,068,364		7,740,249
Encavis AG (Germany)		3,551,553		69,848,328
Energix-Renewable Energies Ltd. (Israel)		6,131,994		16,870,118
Enlight Renewable Energy Ltd. (Israel)^(c)(d)		1,833,587		30,000,953
GCL New Energy Holdings Ltd. (China)^(c)(d)		62,130,336		8,152,653
Grenergy Renovables S.A. (Spain)^(c)(d)		700,533		21,648,560
Neoen S.A. (France)^(d)(e)		933,413		33,814,470
OY Nofar Energy Ltd. (Israel)^(c)		747,941		18,017,741
ReNew Energy Global PLC, Class A (India)^(c)(d)		2,451,653		10,640,174
RENOVA, Inc. (Japan)^(c)(d)		1,038,968		16,017,566
Scatec ASA (South Africa)^(e)		2,787,954		18,959,020
Solaria Energia y Medio Ambiente S.A. (Spain)^(c)		2,716,490		50,126,598
Sunnova Energy International, Inc.^(c)(d)		3,132,149		55,689,609
West Holdings Corp. (Japan)^(d)		905,756		22,308,933
Xinyi Energy Holdings Ltd. (China)^(d)		81,297,784		26,099,805

				476,092,734

Mortgage REITs-1.95%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(d)		1,448,780		45,506,180

Semiconductors & Semiconductor Equipment-59.43%
Canadian Solar, Inc. (Canada)^(c)(d)		1,633,022		64,912,624
Daqo New Energy Corp., ADR (China)^(c)		1,633,177		72,153,760


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Enphase Energy, Inc.^(c)		770,546	$	162,223,049
First Solar, Inc.		1,631,089		275,882,393
Flat Glass Group Co. Ltd., H Shares (China)^(d)		14,803,221		39,132,026
GCL Technology Holdings Ltd. (China)^(c)(d)		473,448,222		121,837,749
Gigasolar Materials Corp. (Taiwan)^(c)		2,274,000		8,060,257
Hyundai Energy Solutions Co. Ltd. (South Korea)		330,083		12,198,042
JinkoSolar Holding Co. Ltd., ADR (China)^(c)(d)		1,179,355		62,505,815
Maxeon Solar Technologies Ltd.^(c)(d)		1,084,273		19,083,205
Meyer Burger Technology AG (Switzerland)^(c)(d)		92,244,021		68,647,858
Motech Industries, Inc. (Taiwan)		15,736,000		14,641,382
SMA Solar Technology AG (Germany)^(c)(d)		561,335		43,992,378
SolarEdge Technologies, Inc.^(c)		775,502		246,547,596
TSEC Corp. (Taiwan)^(c)		19,078,000		23,229,584
United Renewable Energy Co. Ltd. (Taiwan)^(c)		50,400,458		34,323,159
Xinyi Solar Holdings Ltd. (China)		107,338,951		114,593,338

				1,383,964,215

Total Common Stocks & Other Equity Interests (Cost $2,714,387,671)				2,324,772,820


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(b)(f)(Cost $761,253)		761,253		761,253

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $2,715,148,924)				2,325,534,073


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-16.25%
Invesco Private Government Fund, 4.58%^(b)(f)(g)		105,885,675		105,885,675
Invesco Private Prime Fund, 4.83%^(b)(f)(g)		272,333,979		272,388,437

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $378,287,845)				378,274,112

TOTAL INVESTMENTS IN SECURITIES-116.12% (Cost $3,093,436,769)				2,703,808,185
OTHER ASSETS LESS LIABILITIES-(16.12)%				(375,298,231	)

NET ASSETS-100.00%			$	2,328,509,954

Investment Abbreviations:

ADR-American Depositary Receipt

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


		9

Invesco Solar ETF (TAN)–(continued)

February 28, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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 February 28, 2023.


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

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	49,563,995	$	(48,802,742	)		$	-		$	-			$	761,253	$	63,161

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			190,757,568		248,426,821		(333,298,714	)			-			-				105,885,675		2,019,243	*

Invesco Private Prime Fund			493,969,145		599,222,845		(820,812,332	)			(54,127	)		62,906				272,388,437		5,470,708	*

Investments in Other Affiliates:

Motech Industries, Inc.**			18,434,760		8,449,887		(11,965,853	)			3,549,852			(3,827,264	)			14,641,382		-

Triumph New Energy Co. Ltd., H Shares***			20,436,951		6,050,561		(6,237,810	)			(3,667,800	)		(1,710,128	)			14,871,774		-

TSEC Corp.,**			28,352,920		7,202,846		(10,168,703	)			404,795			(2,562,274	)			23,229,584		-


Total		$	751,951,344	$	918,916,955	$	(1,231,286,154	)		$	232,720		$	(8,036,760	)		$	431,778,105	$	7,553,112

*	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 February 28, 2023, this security was not considered as an affiliate of the Fund.

***	Formerly known as Luoyang Glass Co. Ltd., H Shares.

****	As of August 31, 2022, this security was not considered as an affiliate of the Fund.

^(c)	Non-income producing security.

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

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $52,773,490, which represented 2.27% of the Fund’s Net Assets.

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

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

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


China			21.17	%

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


		10

Invesco Solar ETF (TAN)–(continued)

February 28, 2023

(Unaudited)

Portfolio Composition

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

as of February 28, 2023



Semiconductors & Semiconductor Equipment		59.43

Independent Power and Renewable Electricity Producers		20.45

Electrical Equipment		13.35

Industry Types Each Less Than 3%		6.61

Money Market Funds Plus Other Assets Less Liabilities		0.16

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


		11

Statements of Assets and Liabilities

February 28, 2023

(Unaudited)


	Invesco Nasdaq Biotechnology ETF (IBBQ)				Invesco PHLX Semiconductor ETF (SOXQ)				Invesco Solar ETF (TAN)
Assets:
Unaffiliated investments in securities, at value^(a)		$	19,400,947			$	98,830,801		$	2,309,901,046
Affiliated investments in securities, at value			3,408,307				3,173,296			393,907,139
Foreign currencies, at value			-				-			4,141,301
Receivable for:
Dividends			27,035				112,883			136,651
Securities lending			1,080				7,316			106,431
Investments sold			24,114				-			415,742
Fund shares sold			-				-			90,350
Foreign tax reclaims			-				-			172,190
Other assets			-				-			12,051

Total assets			22,861,483				102,124,296			2,708,882,901


Liabilities:
Due to custodian			30,056				39,136			1,107
Payable for:
Investments purchased			-				-			200
Collateral upon return of securities loaned			3,408,437				3,173,376			378,287,845
Accrued unitary management fees			2,938				14,745			-
Accrued advisory fees			-				-			941,566
Accrued trustees’ and officer’s fees			-				-			20,292
Accrued expenses			-				-			1,114,048
Accrued tax expenses			-				-			7,889

Total liabilities			3,441,431				3,227,257			380,372,947

Net Assets		$	19,420,052			$	98,897,039		$	2,328,509,954


Net assets consist of:
Shares of beneficial interest		$	26,135,286			$	104,753,696		$	3,431,785,774
Distributable earnings (loss)			(6,715,234	)			(5,856,657	)		(1,103,275,820	)

Net Assets		$	19,420,052			$	98,897,039		$	2,328,509,954

Shares outstanding (unlimited amount authorized, $0.01 par value)			950,001				4,240,001			31,288,000
Net asset value		$	20.44			$	23.32		$	74.42

Market price		$	20.47			$	23.34		$	74.29

Unaffiliated investments in securities, at cost		$	24,610,981			$	100,137,492		$	2,697,931,415

Affiliated investments in securities, at cost		$	3,408,437			$	3,173,376		$	395,505,354

Foreign currencies, at cost		$	-			$	-		$	3,932,311

^(a)Includes securities on loan with an aggregate value of:		$	3,350,778			$	3,133,664		$	370,911,757

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


		12

Statements of Operations

For the six months ended February 28, 2023

(Unaudited)


	Invesco Nasdaq Biotechnology ETF (IBBQ)				Invesco PHLX Semiconductor ETF (SOXQ)				Invesco Solar ETF (TAN)
Investment income:
Unaffiliated dividend income		$	76,101			$	559,195		$	2,933,224
Affiliated dividend income			24				472			63,161
Non-cash dividend income			-				-			1,252,206
Securities lending income, net			6,757				27,414			1,214,459
Foreign withholding tax			-				(13,454	)		(104,716	)

Total investment income			82,882				573,627			5,358,334


Expenses:
Unitary management fees			19,061				71,871			-
Advisory fees			-				-			6,386,150
Sub-licensing fees			-				-			1,788,118
Accounting & administration fees			-				-			86,901
Custodian & transfer agent fees			-				-			165,619
Trustees’ and officer’s fees			-				-			16,340
Other expenses			-				-			131,315

Total expenses			19,061				71,871			8,574,443

Less: Waivers			(1	)			(12	)		(1,508	)

Net expenses			19,060				71,859			8,572,935

Net investment income (loss)			63,822				501,768			(3,214,601	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(900,119	)			(3,748,021	)		(120,067,201	)
Affiliated investment securities			162				28			(8,249,809	)
Unaffiliated in-kind redemptions			186,816				952,137			50,113,890
Affiliated in-kind redemptions			-				-			213,049
Foreign currencies			-				-			192,231

Net realized gain (loss)			(713,141	)			(2,795,856	)		(77,797,840	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			1,793,012				13,887,952			(307,415,566	)
Affiliated investment securities			(215	)			(80	)		(52,513	)
Foreign currencies			-				-			207,536

Change in net unrealized appreciation (depreciation)			1,792,797				13,887,872			(307,260,543	)

Net realized and unrealized gain (loss)			1,079,656				11,092,016			(385,058,383	)

Net increase (decrease) in net assets resulting from operations		$	1,143,478			$	11,593,784		$	(388,272,984	)

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


		13

Statements of Changes in Net Assets

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

(Unaudited)


	Invesco Nasdaq Biotechnology ETF (IBBQ)								Invesco PHLX Semiconductor ETF (SOXQ)								Invesco Solar ETF (TAN)
	Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income (loss)		$	63,822			$	226,454			$	501,768			$	712,963			$	(3,214,601	)		$	(6,607,150	)
Net realized gain (loss)			(713,141	)			(918,325	)			(2,795,856	)			5,375,577				(77,797,840	)			62,159,308
Change in net unrealized appreciation (depreciation)			1,792,797				(9,312,583	)			13,887,872				(18,852,741	)			(307,260,543	)			(273,869,705	)

Net increase (decrease) in net assets resulting from operations			1,143,478				(10,004,454	)			11,593,784				(12,764,201	)			(388,272,984	)			(218,317,547	)


Distributions to Shareholders from:
Distributable earnings			(79,360	)			(290,468	)			(455,923	)			(728,394	)			-				-


Shareholder Transactions:
Proceeds from shares sold			-				35,536,414				33,784,478				62,816,295				383,545,437				1,842,850,588
Value of shares repurchased			(1,997,776	)			(56,556,737	)			(6,410,952	)			(52,100,885	)			(642,244,999	)			(1,867,798,055	)

Net increase (decrease) in net assets resulting from share transactions			(1,997,776	)			(21,020,323	)			27,373,526				10,715,410				(258,699,562	)			(24,947,467	)

Net increase (decrease) in net assets			(933,658	)			(31,315,245	)			38,511,387				(2,777,185	)			(646,972,546	)			(243,265,014	)


Net assets:
Beginning of period			20,353,710				51,668,955				60,385,652				63,162,837				2,975,482,500				3,218,747,514

End of period		$	19,420,052			$	20,353,710			$	98,897,039			$	60,385,652			$	2,328,509,954			$	2,975,482,500


Changes in Shares Outstanding:
Shares sold			-				1,610,000				1,700,000				2,380,000				4,720,000				22,400,000
Shares repurchased			(100,000	)			(2,480,000	)			(320,000	)			(1,860,000	)			(8,720,000	)			(24,480,000	)
Shares outstanding, beginning of period			1,050,001				1,920,001				2,860,001				2,340,001				35,288,000				37,368,000

Shares outstanding, end of period			950,001				1,050,001				4,240,001				2,860,001				31,288,000				35,288,000

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


		14

Financial Highlights

Invesco Nasdaq Biotechnology ETF (IBBQ)


	Six Months Ended February 28, 2023 (Unaudited)				Year Ended August 31, 2022				For the Period June 9, 2021^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	19.38			$	26.91			$	25.34

Net investment income^(b)			0.07				0.17				0.04
Net realized and unrealized gain (loss) on investments			1.07				(7.47	)			1.53

Total from investment operations			1.14				(7.30	)			1.57

Distributions to shareholders from:
Net investment income			(0.08	)			(0.23	)			-

Net asset value at end of period		$	20.44			$	19.38			$	26.91

Market price at end of period^(c)		$	20.47			$	19.40			$	26.87

Net Asset Value Total Return^(d)			5.89	%			(27.24	)%			6.19	%^(e)
Market Price Total Return^(d)			5.93	%			(27.06	)%			6.04	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	19,420			$	20,354			$	51,669
Ratio to average net assets of:
Expenses, after Waivers			0.19	%^(f)			0.11	%			-	%^(f)
Expenses, prior to Waivers			0.19	%^(f)			0.19	%			0.19	%^(f)
Net investment income			0.64	%^(f)			0.76	%			0.65	%^(f)
Portfolio turnover rate^(g)			7	%			22	%			8	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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

^(e)	The net asset value total return from Fund Inception (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.16%. The market price total return from Fund Inception to August 31, 2021 was 5.00%.

^(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.


		15

Financial Highlights–(continued)

Invesco PHLX Semiconductor ETF (SOXQ)


	Six Months Ended February 28, 2023 (Unaudited)				Year Ended August 31, 2022				For the Period June 9, 2021^(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	21.11			$	26.99			$	24.88

Net investment income^(b)			0.14				0.31				0.06
Net realized and unrealized gain (loss) on investments			2.21				(5.83	)			2.05

Total from investment operations			2.35				(5.52	)			2.11

Distributions to shareholders from:
Net investment income			(0.14	)			(0.36	)			-

Net asset value at end of period		$	23.32			$	21.11			$	26.99

Market price at end of period^(c)		$	23.34			$	21.15			$	27.06

Net Asset Value Total Return^(d)			11.21	%			(20.70	)%			8.48	%^(e)
Market Price Total Return^(d)			11.09	%			(20.76	)%			8.76	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	98,897			$	60,386			$	63,163
Ratio to average net assets of:
Expenses, after Waivers			0.19	%^(f)			0.13	%			-	%^(f)
Expenses, prior to Waivers			0.19	%^(f)			0.19	%			0.19	%^(f)
Net investment income			1.33	%^(f)			1.22	%			1.09	%^(f)
Portfolio turnover rate^(g)			11	%			19	%			4	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	The net asset value total return from Fund Inception (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 7.08%.

^(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.


		16

Financial Highlights–(continued)

Invesco Solar ETF (TAN)


	Six Months Ended
	February 28,
	2023				Years Ended August 31,
	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	84.32		$	86.14		$	56.75		$	30.63		$	21.92		$	21.62

Net investment income (loss)^(a)			(0.10	)		(0.19	)		(0.05	)		0.17			0.05			0.54
Net realized and unrealized gain (loss) on investments			(9.80	)		(1.63	)		29.53			26.04			8.79			0.20

Total from investment operations			(9.90	)		(1.82	)		29.48			26.21			8.84			0.74

Distributions to shareholders from:
Net investment income			-			-			(0.09	)		(0.09	)		(0.13	)		(0.44	)

Net asset value at end of period		$	74.42		$	84.32		$	86.14		$	56.75		$	30.63		$	21.92

Market price at end of period^(b)		$	74.29		$	84.34		$	85.59		$	56.84		$	30.54		$	21.82

Net Asset Value Total Return^(c)			(11.74	)%		(2.11	)%		51.93	%		85.82	%		40.73	%		3.19	%
Market Price Total Return^(c)			(11.92	)%		(1.46	)%		50.72	%		86.67	%		40.96	%		2.33	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,328,510		$	2,975,483		$	3,218,748		$	1,335,274		$	456,086		$	319,383
Ratio to average net assets of:
Expenses, after Waivers			0.67	%^(d)		0.69	%		0.65	%		0.69	%		0.70	%		0.65	%
Expenses, prior to Waivers			0.67	%^(d)		0.69	%		0.65	%		0.69	%		0.71	%		0.69	%
Net investment income (loss)			(0.25	)%^(d)		(0.24	)%		(0.05	)%		0.49	%		0.22	%		2.23	%
Portfolio turnover rate^(e)			17	%		38	%		55	%		28	%		29	%		54	%

^(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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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2023

(Unaudited)

NOTE 1–Organization

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


Full Name		Short Name

Invesco Nasdaq Biotechnology ETF (IBBQ)		“Nasdaq Biotechnology ETF”

Invesco PHLX Semiconductor ETF (SOXQ)		“PHLX Semiconductor ETF”

Invesco Solar ETF (TAN)		“Solar ETF”

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

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by authorized participants (“APs”), 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

Nasdaq Biotechnology ETF		Nasdaq Biotechnology Index^®

PHLX Semiconductor ETF		PHLX Semiconductor Sector Index^®

Solar ETF		MAC Global Solar 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller,


		18

odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of


		19

withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

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

Dividends and Distributions to Shareholders - Each Fund (except for Solar ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Solar ETF declares and pays dividends from net investment income, if any, to its 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 Solar ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Solar 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, licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers 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


		20

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).

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

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 may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


	Amount

Nasdaq Biotechnology ETF		$370

PHLX Semiconductor ETF		2,994

Solar ETF		21,145


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

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

K.	Other Risks

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 APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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 regulatory, disclosure, 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 markets securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such 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 market securities may be subject to additional transaction costs, delays in settlement procedures,


		22

unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial 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 and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. 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 from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

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

Micro-Capitalization Company Risk. Investments in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations than other securities with larger capitalizations. Micro-capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may experience significant losses), their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-capitalization companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources, and they may lack management depth or may be overly reliant on specific key individuals. In addition, less public information may be available about these companies. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.

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


		23

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 each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

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

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to an Investment Advisory Agreement, Solar ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of the Fund’s average daily net assets. The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Solar ETF (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.65% of the Fund’s average daily net assets per year through August 31, 2025 (the “Expense Cap”). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

Pursuant to another Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees (as a % of average daily net assets)

Nasdaq Biotechnology ETF		0.19%

PHLX Semiconductor ETF		0.19%

Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the six months ended February 28, 2023, the Adviser waived fees for each Fund in the following amounts:



Nasdaq Biotechnology ETF	$	1

PHLX Semiconductor ETF		12

Solar ETF		1,508

The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, for Solar ETF 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 Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the


		24

fees and/or expenses subject to recapture were waived and/or borne by the Adviser. There are no amounts available for potential recapture by the Adviser as of February 28, 2023.

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

Nasdaq Biotechnology ETF		Nasdaq, Inc.

PHLX Semiconductor ETF		Nasdaq, Inc.

Solar ETF		MAC Indexing LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

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

For the six months ended February 28, 2023, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



Nasdaq Biotechnology ETF	$	1,467

PHLX Semiconductor ETF		341

Solar ETF		17,603

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–Additional Valuation Information

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


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

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2023. 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

Nasdaq Biotechnology ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	19,400,947	$	-		$	0	$	19,400,947

Money Market Funds		-		3,408,307			-		3,408,307


Total Investments	$	19,400,947	$	3,408,307		$	0	$	22,809,254


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	Level 1		Level 2		Level 3			Total

PHLX Semiconductor ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	98,830,801	$	-		$	-	$	98,830,801

Money Market Funds		-		3,173,296			-		3,173,296


Total Investments	$	98,830,801	$	3,173,296		$	-	$	102,004,097


Solar ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	2,264,981,399	$	59,791,421		$	-	$	2,324,772,820

Money Market Funds		761,253		378,274,112			-		379,035,365


Total Investments	$	2,265,742,652	$	438,065,533		$	-	$	2,703,808,185

NOTE 5–Tax Information

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

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

The Funds had capital loss carryforwards as of August 31, 2022, as follows:


	No expiration
	Short-Term		Long-Term		Total*

Nasdaq Biotechnology ETF	$	688,811	$	75,288	$	764,099

PHLX Semiconductor ETF		1,842,663		66,941		1,909,604

Solar ETF		196,052,127		276,529,141		472,581,268

*	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 6–Investment Transactions

For the six months ended February 28, 2023, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

Nasdaq Biotechnology ETF	$	1,429,445	$	1,463,308

PHLX Semiconductor ETF		8,126,901		8,094,185

Solar ETF		427,473,139		456,618,262

For the six months ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Nasdaq Biotechnology ETF	$	-	$	1,996,713

PHLX Semiconductor ETF		33,773,405		6,405,517

Solar ETF		321,804,922		557,490,831

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


		26

As of February 28, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost

Nasdaq Biotechnology ETF	$	1,427,735	$	(6,691,542	)	$	(5,263,807	)	$	28,073,061

PHLX Semiconductor ETF		5,894,943		(7,223,638	)		(1,328,695	)		103,332,792

Solar ETF		193,979,495		(743,827,399	)		(549,847,904	)		3,253,656,089

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Nasdaq Biotechnology ETF and PHLX Semiconductor 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 ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.


		27

Calculating your ongoing Fund expenses

Example

As a shareholder of the Invesco Solar ETF, you incur advisory fees and other Fund expenses. As a shareholder of Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2022 through February 28, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value September 1, 2022			Ending Account Value February 28, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Nasdaq Biotechnology ETF (IBBQ)

Actual		$	1,000.00		$	1,058.90		0.19	%		$	0.97

Hypothetical (5% return before expenses)			1,000.00			1,023.85		0.19				0.95

Invesco PHLX Semiconductor ETF (SOXQ)

Actual			1,000.00			1,112.10		0.19				1.00

Hypothetical (5% return before expenses)			1,000.00			1,023.85		0.19				0.95

Invesco Solar ETF (TAN)

Actual			1,000.00			882.60		0.67				3.13

Hypothetical (5% return before expenses)			1,000.00			1,021.47		0.67				3.36

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.


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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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


© 2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-SAR-2	invesco.com/ETFs