N-CSRS


				Invesco Semi-Annual Report to Shareholders February 28, 2023

				KBWB		Invesco KBW Bank ETF

				KBWD		Invesco KBW High Dividend Yield Financial ETF

				KBWY		Invesco KBW Premium Yield Equity REIT ETF

				KBWP		Invesco KBW Property & Casualty Insurance ETF

				KBWR		Invesco KBW Regional Banking ETF

Table of Contents


Schedules of Investments

Invesco KBW Bank ETF (KBWB)			3

Invesco KBW High Dividend Yield Financial ETF (KBWD)			5

Invesco KBW Premium Yield Equity REIT ETF (KBWY)			7

Invesco KBW Property & Casualty Insurance ETF (KBWP)			9

Invesco KBW Regional Banking ETF (KBWR)			10

Statements of Assets and Liabilities			12

Statements of Operations			13

Statements of Changes in Net Assets			14

Financial Highlights			16

Notes to Financial Statements			21

Fund Expenses			30


		2

Invesco KBW Bank ETF (KBWB)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Asset Management & Custody Banks-12.32%
Bank of New York Mellon Corp. (The)		2,051,902	$	104,400,774
Northern Trust Corp.		864,991		82,407,692
State Street Corp.^(b)		1,182,145		104,832,619

				291,641,085

Consumer Finance-4.20%
Capital One Financial Corp.^(b)		912,263		99,509,648

Diversified Banks-35.73%
Bank of America Corp.		4,976,713		170,701,256
Citigroup, Inc.		3,890,951		197,232,306
JPMorgan Chase & Co.		1,363,221		195,417,730
U.S. Bancorp		2,074,990		99,039,273
Wells Fargo & Co.		3,928,461		183,734,121

				846,124,686

Regional Banks-47.67%
Citizens Financial Group, Inc.		2,044,447		85,376,107
Comerica, Inc.		543,582		38,105,098
East West Bancorp, Inc.		585,043		44,586,127
Fifth Third Bancorp		2,590,195		94,024,079
First Republic Bank		737,959		90,776,337
Huntington Bancshares, Inc.^(b)		5,988,592		91,745,229
KeyCorp		3,872,489		70,827,824
M&T Bank Corp.		553,922		86,018,547
PNC Financial Services Group, Inc. (The)		1,119,533		176,796,651
Regions Financial Corp		3,878,740		90,452,217
Signature Bank		261,179		30,048,644


	Shares		Value
Regional Banks-(continued)
SVB Financial Group^(c)		245,367	$	70,692,686
Truist Financial Corp.		2,011,996		94,463,212
Western Alliance Bancorporation^(b)		451,999		33,556,406
Zions Bancorporation N.A.		620,947		31,432,337

				1,128,901,501

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $2,839,073,222)				2,366,176,920


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.19%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		1,246,715		1,246,715
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		3,205,197		3,205,838

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,452,553)				4,452,553

TOTAL INVESTMENTS IN SECURITIES-100.11% (Cost $2,843,525,775)				2,370,629,473
OTHER ASSETS LESS LIABILITIES-(0.11)%				(2,540,667	)

NET ASSETS-100.00%			$	2,368,088,806

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)

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		$	-		$	36,642,905		$	(36,642,905	)		$	-			$	-		$	-		$	14,959

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			6,003,556			85,614,903			(90,371,744	)			-				-			1,246,715			98,989	*

Invesco Private Prime Fund			15,437,715			216,823,379			(229,057,461)				(876)				3,081			3,205,838			268,032*

Total		$	21,441,271		$	339,081,187		$	(356,072,110	)		$	(876	)		$	3,081		$	4,452,553		$	381,980

*	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.

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


		3

Invesco KBW Bank ETF (KBWB)–(continued)

February 28, 2023

(Unaudited)

^(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

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

as of February 28, 2023



Regional Banks			47.67

Diversified Banks			35.73

Asset Management & Custody Banks			12.32

Consumer Finance			4.20

Money Market Funds Plus Other Assets Less Liabilities			0.08

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


		4

Invesco KBW High Dividend Yield Financial ETF (KBWD)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-67.74%
Asset Management & Custody Banks-5.75%
Artisan Partners Asset Management, Inc., Class A^(b)		171,385	$	5,650,563
GCM Grosvenor, Inc., Class A^(b)		526,689		4,334,651
Janus Henderson Group PLC^(b)		224,561		6,166,445
Patria Investments Ltd., Class A (Cayman Islands)		337,974		5,360,268

				21,511,927


Consumer Finance-3.82%
Ally Financial, Inc.		151,436		4,550,652
OneMain Holdings, Inc.^(b)		225,823		9,730,713

				14,281,365


Data Processing & Outsourced Services-1.40%
Western Union Co. (The)^(b)		402,684		5,218,785


Diversified Banks-1.29%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		133,807		4,837,123


Investment Banking & Brokerage-4.76%
B. Riley Financial, Inc.^(b)		190,912		7,594,479
Lazard Ltd., Class A		137,381		5,132,554
Moelis & Co., Class A^(b)		118,289		5,066,318

				17,793,351


Life & Health Insurance-0.93%
Lincoln National Corp.		109,290		3,466,679


Mortgage REITs-42.69%
AGNC Investment Corp.		1,328,415		14,439,871
Annaly Capital Management, Inc.		690,132		14,271,930
ARMOUR Residential REIT, Inc.		3,195,424		17,351,152
Chimera Investment Corp.^(b)		1,805,143		11,715,378
Dynex Capital, Inc.^(b)		836,923		11,072,491
Ellington Financial, Inc.		890,731		11,463,708
MFA Financial, Inc.		1,296,377		13,884,198
Orchid Island Capital, Inc.^(b)		1,498,801		17,026,380
PennyMac Mortgage Investment Trust^(b)		742,311		9,672,312
Ready Capital Corp.^(b)		861,397		9,699,330
TPG RE Finance Trust, Inc.^(b)		1,609,685		13,666,226
Two Harbors Investment Corp.^(b)		931,077		15,427,946

				159,690,922


Other Diversified Financial Services-1.76%
Jackson Financial, Inc., Class A		145,184		6,588,450


Property & Casualty Insurance-1.20%
Argo Group International Holdings Ltd.		154,529		4,489,067

Investment Abbreviations:

BDC -Business Development Company

REIT -Real Estate Investment Trust


	Shares		Value
Regional Banks-2.44%
Central Pacific Financial Corp.		213,254	$	4,783,287
Northwest Bancshares, Inc.		315,040		4,353,853

				9,137,140


Thrifts & Mortgage Finance-1.70%
New York Community Bancorp, Inc.		716,124		6,359,181

Total Common Stocks & Other Equity Interests (Cost $280,367,999)				253,373,990


Closed-End Funds-32.02%
Bain Capital Specialty Finance, Inc., BDC		725,294		9,399,810
Capital Southwest Corp.		581,958		10,934,991
CION Investment Corp.		1,119,124		12,254,408
FS KKR Capital Corp., BDC^(b)		634,906		12,513,997
Goldman Sachs BDC, Inc., BDC^(b)		690,675		11,030,080
MidCap Financial Investment Corp.^(b)		887,597		11,219,226
NewtekOne, Inc., BDC^(b)		683,893		10,470,402
PennantPark Investment Corp.		1,580,747		8,947,028
SLR Investment Corp.^(b)		691,189		10,201,949
Trinity Capital, Inc.^(b)		984,765		13,146,613
TriplePoint Venture Growth BDC Corp.^(b)		813,761		9,659,343

				119,777,847

Total Closed-End Funds (Cost $119,627,243)				119,777,847

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.76% (Cost $399,995,242)				373,151,837


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-26.32%
Invesco Private Government Fund, 4.58%^(c)(d)(e)		27,565,428		27,565,428
Invesco Private Prime Fund, 4.83%^(c)(d)(e)		70,893,273		70,907,449

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $98,477,814)				98,472,877

TOTAL INVESTMENTS IN SECURITIES-126.08% (Cost $498,473,056)				471,624,714
OTHER ASSETS LESS LIABILITIES-(26.08)%				(97,564,740	)

NET ASSETS-100.00%			$	374,059,974

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


		5

Invesco KBW High Dividend Yield Financial ETF (KBWD)–(continued)

February 28, 2023

(Unaudited)

Notes to Schedule of Investments:

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

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

^(c)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ -		$ 17,303,837		$ (17,303,837)		$ -		$ -		$ -		$ 8,303

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		26,654,039		121,753,307		(120,841,918)		-		-		27,565,428		502,963*

Invesco Private Prime Fund		68,547,907		236,349,882		(234,000,051)		(7,308)		17,019		70,907,449		1,373,746*


Total		$95,201,946		$375,407,026		$(372,145,806)		$(7,308)		$17,019		$98,472,877		$1,885,012

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

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

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

Portfolio Composition

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

as of February 28, 2023



Mortgage REITs			42.69

Closed-End Funds			32.02

Asset Management & Custody Banks			5.75

Investment Banking & Brokerage			4.76

Consumer Finance			3.82

Sub-Industry Types Each Less Than 3%			10.72

Money Market Funds Plus Other Assets Less Liabilities			0.24

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


		6

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Diversified REITs-14.41%
Armada Hoffler Properties, Inc.		606,409	$	7,774,163
Broadstone Net Lease, Inc.		449,921		7,986,098
Gladstone Commercial Corp.^(b)		491,482		6,723,474
Global Net Lease, Inc.^(b)		1,028,678		14,524,933

				37,008,668


Health Care REITs-17.30%
Global Medical REIT, Inc.^(b)		970,083		9,759,035
Medical Properties Trust, Inc.^(b)		793,729		8,175,409
National Health Investors, Inc.^(b)		133,957		7,367,635
Omega Healthcare Investors, Inc.^(b)		344,255		9,222,591
Sabra Health Care REIT, Inc.		832,088		9,910,168

				44,434,838


Hotel & Resort REITs-9.03%
Apple Hospitality REIT, Inc.		388,325		6,411,246
Service Properties Trust		1,528,042		16,777,901

				23,189,147


Industrial REITs-6.16%
Innovative Industrial Properties, Inc.^(b)		57,987		5,126,631
LXP Industrial Trust^(b)		511,150		5,331,294
STAG Industrial, Inc.		159,554		5,367,397

				15,825,322

Office REITs-20.87%
Brandywine Realty Trust		1,873,123		11,032,695
Hudson Pacific Properties, Inc.^(b)		881,254		8,133,974
Office Properties Income Trust^(b)		1,107,719		18,210,900
SL Green Realty Corp.		249,526		8,496,360
Vornado Realty Trust		390,346		7,721,044

				53,594,973


Residential REITs-4.19%
Apartment Income REIT Corp.		147,154		5,562,421
UMH Properties, Inc.^(b)		305,335		5,193,749

				10,756,170


	Shares		Value
Retail REITs-11.40%
Getty Realty Corp.^(b)		186,708	$	6,409,685
Necessity Retail REIT, Inc. (The)^(b)		2,241,936		15,379,681
Spirit Realty Capital, Inc.		182,060		7,497,231

				29,286,597


Specialized REITs-16.58%
EPR Properties		224,513		9,169,111
Four Corners Property Trust, Inc.^(b)		218,550		5,933,633
Gaming and Leisure Properties, Inc.		120,582		6,496,958
National Storage Affiliates Trust		163,439		6,913,470
Outfront Media, Inc.		422,501		7,372,642
Uniti Group, Inc.^(b)		1,216,804		6,680,254

				42,566,068


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $280,840,603)				256,661,783


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-24.06%
Invesco Private Government Fund, 4.58%^(c)(d)(e)		17,302,880		17,302,880
Invesco Private Prime Fund, 4.83%^(c)(d)(e)		44,484,223		44,493,118

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $61,799,018)				61,795,998

TOTAL INVESTMENTS IN SECURITIES-124.00% (Cost $342,639,621)				318,457,781
OTHER ASSETS LESS LIABILITIES-(24.00)%				(61,645,767	)

NET ASSETS-100.00%			$	256,812,014

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

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

^(c)


	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		$	-		$	9,646,638		$	(9,646,638	)		$	-		$	-		$	-		$	5,306

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


		7

Invesco KBW Premium Yield Equity REIT ETF (KBWY)–(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		$	11,365,194		$	78,953,773		$	(73,016,087	)		$	-			$	-		$	17,302,880		$	216,289	*

Invesco Private Prime Fund			29,170,947			185,065,959			(169,744,790	)			(3,915	)			4,917			44,493,118			605,575	*


Total		$	40,536,141		$	273,666,370		$	(252,407,515	)		$	(3,915	)		$	4,917		$	61,795,998		$	827,170

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

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

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

Portfolio Composition

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

as of February 28, 2023



Office REITs			20.87

Health Care REITs			17.30

Specialized REITs			16.58

Diversified REITs			14.41

Retail REITs			11.40

Hotel & Resort REITs			9.03

Industrial REITs			6.16

Residential REITs			4.19

Money Market Funds Plus Other Assets Less Liabilities			0.06

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


		8

Invesco KBW Property & Casualty Insurance ETF (KBWP)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Multi-line Insurance-17.20%
American International Group, Inc.		513,681	$	31,391,046
Assurant, Inc.		126,429		16,105,790
Hartford Financial Services Group, Inc. (The)		212,234		16,613,678
Horace Mann Educators Corp.		190,545		7,042,543

				71,153,057


Property & Casualty Insurance-72.53%
Allstate Corp. (The)		242,116		31,179,699
American Financial Group, Inc.		113,961		15,283,310
Arch Capital Group Ltd.^(b)		270,559		18,939,130
AXIS Capital Holdings Ltd.		281,600		17,098,752
Chubb Ltd.		147,630		31,152,883
Cincinnati Financial Corp.		146,092		17,633,304
Hanover Insurance Group, Inc. (The)		110,048		15,349,495
James River Group Holdings Ltd.		174,527		4,206,101
Kemper Corp.		284,768		17,541,709
Mercury General Corp.		257,957		8,783,436
ProAssurance Corp.		251,409		5,000,525


	Shares		Value
Property & Casualty Insurance-(continued)
Progressive Corp. (The)		245,322	$	35,208,613
RLI Corp.		124,628		17,187,447
Selective Insurance Group, Inc.		168,635		17,121,512
Travelers Cos., Inc. (The)		170,802		31,618,866
Universal Insurance Holdings, Inc.		142,156		2,747,875
W.R. Berkley Corp.		212,497		14,065,176

				300,117,833


Reinsurance-10.20%
Everest Re Group Ltd.		47,966		18,417,505
RenaissanceRe Holdings Ltd. (Bermuda)		85,811		18,440,784
SiriusPoint Ltd. (Bermuda)^(b)		755,528		5,364,249

				42,222,538

TOTAL INVESTMENTS IN SECURITIES-99.93% (Cost $381,175,861)				413,493,428
OTHER ASSETS LESS LIABILITIES-0.07%				275,826

NET ASSETS-100.00%.			$	413,769,254

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	158,610		$	4,374,608		$	(4,533,218	)		$	-		$	-		$	-		$	3,189

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			39,834,826			(39,834,826	)			-			-			-			82,056

Invesco Private Prime Fund			-			80,277,761			(80,281,856	)			-			4,095			-			219,729


Total		$	158,610		$	124,487,195		$	(124,649,900	)		$	-		$	4,095		$	-		$	304,974

Portfolio Composition

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

as of February 28, 2023



Property & Casualty Insurance			72.53

Multi-line Insurance			17.20

Reinsurance			10.20

Other Assets Less Liabilities			0.07

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


		9

Invesco KBW Regional Banking ETF (KBWR)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.80%
Regional Banks-94.70%
Ameris Bancorp		25,421	$	1,216,903
Associated Banc-Corp.		54,649		1,265,124
Atlantic Union Bankshares Corp.^(b)		30,451		1,140,694
Bank of Hawaii Corp.		16,308		1,220,817
Bank OZK^(b)		29,130		1,340,854
BankUnited, Inc.^(b)		31,499		1,115,695
BOK Financial Corp.^(b)		20,801		2,177,449
Brookline Bancorp, Inc.		31,343		406,205
Cadence Bank		46,624		1,238,333
Cathay General Bancorp		28,932		1,241,761
Columbia Banking System, Inc.^(b)		32,061		953,174
Commerce Bancshares, Inc.		37,689		2,493,127
Community Bank System, Inc.		20,643		1,260,255
Cullen/Frost Bankers, Inc.		18,532		2,442,888
CVB Financial Corp.		46,886		1,121,982
Eastern Bankshares, Inc.		68,570		1,075,178
F.N.B. Corp.		95,341		1,360,516
First Bancorp		75,244		1,091,790
First Commonwealth Financial Corp.^(b)		38,049		609,165
First Financial Bancorp		38,643		952,164
First Financial Bankshares, Inc.		36,385		1,334,602
First Hawaiian, Inc.^(b)		50,634		1,384,840
First Interstate BancSystem, Inc., Class A^(b)		30,830		1,095,698
Fulton Financial Corp.		68,261		1,174,089
Glacier Bancorp, Inc.^(b)		23,221		1,100,211
Hancock Whitney Corp.		24,517		1,204,275
Home BancShares, Inc.^(b)		52,841		1,273,468
Hope Bancorp, Inc.		48,684		623,642
Independent Bank Corp.^(b)		14,852		1,183,407
Old National Bancorp		70,350		1,243,085
Pacific Premier Bancorp, Inc.		36,378		1,179,375
PacWest Bancorp		48,024		1,332,666
Pinnacle Financial Partners, Inc.		16,028		1,187,515
Popular, Inc.		18,413		1,314,688
Prosperity Bancshares, Inc.^(b)		28,244		2,075,652
Simmons First National Corp., Class A^(b)		51,758		1,150,580
South State Corp.^(b)		15,305		1,234,807
Synovus Financial Corp.^(b)		31,916		1,334,408
Texas Capital Bancshares, Inc.^(b)(c)		20,339		1,347,052
Trustmark Corp.		24,849		730,561
UMB Financial Corp.		15,716		1,424,813


	Shares		Value
Regional Banks-(continued)
United Bankshares, Inc.		31,341	$	1,277,773
United Community Banks, Inc.^(b)		34,503		1,142,394
Valley National Bancorp^(b)		106,195		1,229,738
Washington Federal, Inc.		26,621		933,599
Webster Financial Corp.^(b)		49,478		2,628,271
Wintrust Financial Corp.^(b)		14,708		1,355,048

				60,220,331


Thrifts & Mortgage Finance-5.10%
New York Community Bancorp, Inc.^(b)		143,777		1,276,739
Provident Financial Services, Inc.^(b)		30,668		716,098
WSFS Financial Corp.^(b)		25,101		1,252,791

				3,245,628

Total Common Stocks & Other Equity Interests (Cost $68,443,840)				63,465,959


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e) (Cost $28,285)		28,285		28,285


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $68,472,125)				63,494,244


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-20.73%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		3,690,913		3,690,913
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		9,489,020		9,490,918

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,182,050)				13,181,831

TOTAL INVESTMENTS IN SECURITIES-120.58% (Cost $81,654,175)				76,676,075
OTHER ASSETS LESS LIABILITIES-(20.58)%				(13,085,736	)

NET ASSETS-100.00%			$	63,590,339

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


		10

Invesco KBW Regional Banking ETF (KBWR)–(continued)

February 28, 2023

(Unaudited)

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	15,014		$	1,204,098		$	(1,190,827	)		$	-			$	-		$	28,285		$	790

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,369,206			21,660,035			(21,338,328	)			-				-			3,690,913			55,451	*

Invesco Private Prime Fund			8,663,673			51,682,381			(50,855,881	)			(582	)			1,327			9,490,918			150,213	*


Total		$	12,047,893		$	74,546,514		$	(73,385,036	)		$	(582	)		$	1,327		$	13,210,116		$	206,454

*	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

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

as of February 28, 2023



Regional Banks			94.70

Thrifts & Mortgage Finance			5.10

Money Market Funds Plus Other Assets Less Liabilities			0.20

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 KBW Bank ETF (KBWB)			Invesco KBW High Dividend Yield Financial ETF (KBWD)			Invesco KBW Premium Yield Equity REIT ETF (KBWY)			Invesco KBW Property & Casualty Insurance ETF (KBWP)		Invesco KBW Regional Banking ETF (KBWR)
Assets:
Unaffiliated investments in securities, at value^(a)	$	2,366,176,920		$	373,151,837		$	256,661,783		$	413,493,428	$	63,465,959
Affiliated investments in securities, at value		4,452,553			98,472,877			61,795,998			-		13,210,116
Receivable for:
Dividends		2,946,364			1,086,398			244,629			369,942		112,741
Securities lending		3,009			95,202			9,595			1,331		1,627
Fund shares sold		190,754,077			-			-			17,202,660		-

Total assets		2,564,332,923			472,806,314			318,712,005			431,067,361		76,790,443


Liabilities:
Due to custodian		648,603			163,415			26,770			32		-
Payable for:
Investments purchased		-			-			-			17,194,763		-
Collateral upon return of securities loaned		4,452,553			98,477,814			61,799,018			-		13,182,050
Fund shares repurchased		190,528,252			-			-			-		-
Accrued unitary management fees		614,709			105,111			74,203			103,312		18,054

Total liabilities		196,244,117			98,746,340			61,899,991			17,298,107		13,200,104

Net Assets	$	2,368,088,806		$	374,059,974		$	256,812,014		$	413,769,254	$	63,590,339


Net assets consist of:
Shares of beneficial interest	$	2,946,235,691		$	588,694,313		$	461,576,007		$	377,811,901	$	79,778,397
Distributable earnings (loss)		(578,146,885	)		(214,634,339	)		(204,763,993	)		35,957,353		(16,188,058	)

Net Assets	$	2,368,088,806		$	374,059,974		$	256,812,014		$	413,769,254	$	63,590,339

Shares outstanding (unlimited amount authorized, $0.01 par value)		42,020,000			23,300,000			12,470,000			4,570,000		1,080,000
Net asset value	$	56.36		$	16.05		$	20.59		$	90.54	$	58.88

Market price	$	56.33		$	16.06		$	20.60		$	90.57	$	58.91

Unaffiliated investments in securities, at cost	$	2,839,073,222		$	399,995,242		$	280,840,603		$	381,175,861	$	68,443,840

Affiliated investments in securities, at cost	$	4,452,553		$	98,477,814		$	61,799,018		$	-	$	13,210,335

^(a)Includes securities on loan with an aggregate value of:	$	4,360,307		$	93,365,651		$	59,709,447		$	-	$	12,852,508

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 KBW Bank ETF (KBWB)			Invesco KBW High Dividend Yield Financial ETF (KBWD)			Invesco KBW Premium Yield Equity REIT ETF (KBWY)			Invesco KBW Property & Casualty Insurance ETF (KBWP)			Invesco KBW Regional Banking ETF (KBWR)
Investment income:
Unaffiliated dividend income	$	31,603,446		$	22,113,279		$	10,205,380		$	4,254,862		$	1,095,624
Affiliated dividend income		14,959			8,303			5,306			3,189			790
Securities lending income, net		17,779			373,933			36,591			13,985			10,334
Foreign withholding tax		-			-			-			-			(4,385	)

Total investment income		31,636,184			22,495,515			10,247,277			4,272,036			1,102,363


Expenses:
Unitary management fees		3,462,439			644,852			451,216			576,887			129,826

Less: Waivers		(461	)		(195	)		(149	)		(92	)		(24	)

Net expenses		3,461,978			644,657			451,067			576,795			129,802

Net investment income		28,174,206			21,850,858			9,796,210			3,695,241			972,561


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(70,979,817	)		(19,766,858	)		(21,565,188	)		(561,056	)		(1,433,334	)
Affiliated investment securities		3,081			17,019			4,917			4,095			1,327
In-kind redemptions		(2,349,907	)		(502,957	)		1,040,539			12,048,908			713,031

Net realized gain (loss)		(73,326,643	)		(20,252,796	)		(20,519,732	)		11,491,947			(718,976	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		96,062,476			(13,786,073	)		794,648			40,768,181			1,465,430
Affiliated investment securities		(876	)		(7,308	)		(3,915	)		-			(582	)

Change in net unrealized appreciation (depreciation)		96,061,600			(13,793,381	)		790,733			40,768,181			1,464,848

Net realized and unrealized gain (loss)		22,734,957			(34,046,177	)		(19,728,999	)		52,260,128			745,872

Net increase (decrease) in net assets resulting from operations	$	50,909,163		$	(12,195,319	)	$	(9,932,789	)	$	55,955,369		$	1,718,433

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 KBW Bank ETF (KBWB)						Invesco KBW High Dividend Yield Financial ETF (KBWD)
	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	$	28,174,206		$	62,100,244		$	21,850,858		$	30,363,494
Net realized gain (loss)		(73,326,643	)		64,064,570			(20,252,796	)		14,084,867
Change in net unrealized appreciation (depreciation)		96,061,600			(616,755,963	)		(13,793,381	)		(92,543,242	)

Net increase (decrease) in net assets resulting from operations		50,909,163			(490,591,149	)		(12,195,319	)		(48,094,881	)


Distributions to Shareholders from:
Distributable earnings		(29,056,056	)		(65,164,401	)		(19,870,704	)		(39,784,352	)


Shareholder Transactions:
Proceeds from shares sold		1,492,879,161			4,094,517,993			18,835,349			160,076,565
Value of shares repurchased		(1,115,844,491	)		(4,547,864,150	)		(35,561,205	)		(114,842,574	)

Net increase (decrease) in net assets resulting from share transactions		377,034,670			(453,346,157	)		(16,725,856	)		45,233,991

Net increase (decrease) in net assets		398,887,777			(1,009,101,707	)		(48,791,879	)		(42,645,242	)


Net assets:
Beginning of period		1,969,201,029			2,978,302,736			422,851,853			465,497,095

End of period	$	2,368,088,806		$	1,969,201,029		$	374,059,974		$	422,851,853


Changes in Shares Outstanding:
Shares sold.		26,480,000			61,560,000			1,160,000			7,970,000
Shares repurchased		(20,640,000	)		(70,360,000	)		(2,450,000	)		(5,890,000	)
Shares outstanding, beginning of period		36,180,000			44,980,000			24,590,000			22,510,000

Shares outstanding, end of period		42,020,000			36,180,000			23,300,000			24,590,000

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


		14


Invesco KBW Premium Yield						Invesco KBW Property & Casualty						Invesco KBW Regional
Equity REIT ETF (KBWY)						Insurance ETF (KBWP)						Banking ETF (KBWR)
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

$	9,796,210		$	9,812,455		$	3,695,241		$	2,414,200		$	972,561		$	1,799,159
	(20,519,732	)		64,149,135			11,491,947			2,514,282			(718,976	)		(609,545	)
	790,733			(79,458,900	)		40,768,181			(16,681,345	)		1,464,848			(4,112,163	)

	(9,932,789	)		(5,497,310	)		55,955,369			(11,752,863	)		1,718,433			(2,922,549	)



	(9,731,540	)		(17,784,899	)		(3,068,103	)		(2,788,226	)		(1,009,033	)		(1,800,845	)



	23,910,815			116,944,071			207,873,957			151,564,768			8,325,829			24,061,190
	(35,854,132	)		(155,305,074	)		(53,680,530	)		(18,928,465	)		(20,712,913	)		(17,597,678	)


	(11,943,317	)		(38,361,003	)		154,193,427			132,636,303			(12,387,084	)		6,463,512

	(31,607,646	)		(61,643,212	)		207,080,693			118,095,214			(11,677,684	)		1,740,118



	288,419,660			350,062,872			206,688,561			88,593,347			75,268,023			73,527,905

$	256,812,014		$	288,419,660		$	413,769,254		$	206,688,561		$	63,590,339		$	75,268,023



	1,170,000			4,910,000			2,500,000			1,840,000			140,000			370,000
	(1,770,000	)		(6,480,000	)		(630,000	)		(240,000	)		(360,000	)		(300,000	)
	13,070,000			14,640,000			2,700,000			1,100,000			1,300,000			1,230,000

	12,470,000			13,070,000			4,570,000			2,700,000			1,080,000			1,300,000


		15

Financial Highlights

Invesco KBW Bank ETF (KBWB)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	54.43		$	66.21		$	39.58		$	48.15		$	57.01			$	52.36		$	38.40

Net investment income^(a)			0.76			1.49			1.31			1.40			1.27				0.83			0.77
Net realized and unrealized gain (loss) on investments			1.96			(11.66	)		26.56			(8.45	)		(8.86	)			4.51			13.92

Total from investment operations			2.72			(10.17	)		27.87			(7.05	)		(7.59	)			5.34			14.69

Distributions to shareholders from:
Net investment income			(0.79	)		(1.61	)		(1.24	)		(1.52	)		(1.27	)			(0.69	)		(0.73	)

Net asset value at end of period		$	56.36		$	54.43		$	66.21		$	39.58		$	48.15			$	57.01		$	52.36

Market price at end of period^(b)		$	56.33		$	54.52		$	66.11		$	39.68		$	48.22			$	57.01		$	52.39

Net Asset Value Total Return^(c)			5.11	%		(15.59	)%		71.42	%		(14.81	)%		(13.30	)%			10.24	%		38.42	%
Market Price Total Return^(c)			4.89	%		(15.33	)%		70.75	%		(14.72	)%		(13.18	)%			10.18	%		38.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,368,089		$	1,969,201		$	2,978,303		$	763,963		$	563,393			$	1,023,260		$	932,052
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%			0.35	%^(d)		0.35	%
Net investment income			2.85	%^(d)		2.30	%		2.25	%		3.07	%		2.51	%			1.78	%^(d)		1.60	%
Portfolio turnover rate^(e)			12	%		23	%		22	%		18	%		13	%			7	%		9	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	Annualized.

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

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


		16

Financial Highlights–(continued)

Invesco KBW High Dividend Yield Financial ETF (KBWD)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	17.20		$	20.68		$	13.75		$	19.81		$	23.68			$	23.43		$	21.49

Net investment income^(a)			0.93			1.25			1.19			1.39			1.59				1.23			1.84
Net realized and unrealized gain (loss) on investments			(1.23	)		(3.08	)		7.14			(5.66	)		(3.67	)			0.69			2.16

Total from investment operations			(0.30	)		(1.83	)		8.33			(4.27	)		(2.08	)			1.92			4.00

Distributions to shareholders from:
Net investment income			(0.85	)		(1.65	)		(1.40	)		(1.79	)		(1.79	)			(1.67	)		(1.88	)
Return of capital			-			-			-			-			-				-			(0.18	)

Total distributions			(0.85	)		(1.65	)		(1.40	)		(1.79	)		(1.79	)			(1.67	)		(2.06	)

Net asset value at end of period		$	16.05		$	17.20		$	20.68		$	13.75		$	19.81			$	23.68		$	23.43

Market price at end of period^(b)		$	16.06		$	17.21		$	20.69		$	13.77		$	19.80			$	23.69		$	23.46

Net Asset Value Total Return^(c)			(1.54	)%		(9.15	)%		62.77	%		(22.34	)%		(9.06	)%			8.57	%		18.95	%
Market Price Total Return^(c)			(1.54	)%		(9.15	)%		62.61	%		(22.18	)%		(9.15	)%			8.47	%		18.99	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	374,060		$	422,852		$	465,497		$	229,636		$	270,390			$	344,556		$	319,788
Ratio to average net assets of:
Expenses^(d)			0.35	%^(e)		0.35	%		0.35	%		0.35	%		0.35	%			0.35	%^(e)		0.35	%
Net investment income			11.86	%^(e)		6.54	%		6.55	%		8.08	%		7.32	%			6.36	%^(e)		7.77	%
Portfolio turnover rate^(f)			48	%		76	%		59	%		77	%		54	%			46	%		52	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)

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

^(e)	Annualized.

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

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


		17

Financial Highlights–(continued)

Invesco KBW Premium Yield Equity REIT ETF (KBWY)


	Six Months Ended February 28, 2023				Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	(Unaudited)				2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	22.07		$	23.91		$	18.71		$	29.25		$	35.80			$	36.64		$	33.95

Net investment income^(a)			0.78			0.74			0.69			1.36			1.21				1.45			1.49
Net realized and unrealized gain (loss) on investments			(1.49	)		(1.23	)		5.94			(9.62	)		(5.86	)			(0.18	)		3.78

Total from investment operations			(0.71	)		(0.49	)		6.63			(8.26	)		(4.65	)			1.27			5.27

Distributions to shareholders from:
Net investment income			(0.77	)		(1.35	)		(1.43	)		(2.28	)		(1.90	)			(2.11	)		(2.58	)

Net asset value at end of period		$	20.59		$	22.07		$	23.91		$	18.71		$	29.25			$	35.80		$	36.64

Market price at end of period^(b)		$	20.60		$	22.09		$	23.89		$	18.74		$	29.26			$	35.80		$	36.67

Net Asset Value Total Return^(c)			(3.17	)%		(2.23	)%		36.86	%		(28.96	)%		(12.94	)%			4.05	%		15.71	%
Market Price Total Return^(c)			(3.21	)%		(2.06	)%		36.52	%		(28.87	)%		(12.91	)%			3.95	%		15.79	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	256,812		$	288,420		$	350,063		$	173,025		$	317,390			$	442,126		$	381,021
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%			0.35	%^(d)		0.35	%
Net investment income			7.60	%^(d)		3.09	%		3.16	%		5.45	%		3.94	%			5.16	%^(d)		4.04	%
Portfolio turnover rate^(e)			46	%		77	%		72	%		100	%		69	%			53	%		61	%

^(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.


		18

Financial Highlights–(continued)

Invesco KBW Property & Casualty Insurance ETF (KBWP)


	Six Months Ended February 28, 2023			Years Ended August 31,											Ten Months Ended August 31,			Year Ended October 31,
	(Unaudited)			2022			2021			2020			2019		2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	76.55	$	80.54		$	60.03		$	70.73		$	63.85		$	59.67	$	50.41

Net investment income^(a)			0.93		1.68			1.94	^(b)		1.28			1.35			1.22		1.12
Net realized and unrealized gain (loss) on investments			13.83		(3.26	)		20.09			(10.63	)		7.06			4.06		9.23

Total from investment operations			14.76		(1.58	)		22.03			(9.35	)		8.41			5.28		10.35

Distributions to shareholders from: