N-CSRS



		Invesco Semi-Annual Report to Shareholders
		October 31, 2021

		PBE		Invesco Dynamic Biotechnology & Genome ETF

		PKB		Invesco Dynamic Building & Construction ETF

		PXE		Invesco Dynamic Energy Exploration & Production ETF

		PBJ		Invesco Dynamic Food & Beverage ETF

		PEJ		Invesco Dynamic Leisure and Entertainment ETF

		PBS		Invesco Dynamic Media ETF

		PXQ		Invesco Dynamic Networking ETF

		PXJ		Invesco Dynamic Oil & Gas Services ETF

		PJP		Invesco Dynamic Pharmaceuticals ETF

		PSI		Invesco Dynamic Semiconductors ETF

		PSJ		Invesco Dynamic Software ETF

Table of Contents


Schedules of Investments

Invesco Dynamic Biotechnology & Genome ETF (PBE)			3

Invesco Dynamic Building & Construction ETF (PKB)			5

Invesco Dynamic Energy Exploration & Production ETF (PXE)			7

Invesco Dynamic Food & Beverage ETF (PBJ)			9

Invesco Dynamic Leisure and Entertainment ETF (PEJ)			11

Invesco Dynamic Media ETF (PBS)			13

Invesco Dynamic Networking ETF (PXQ)			15

Invesco Dynamic Oil & Gas Services ETF (PXJ)			17

Invesco Dynamic Pharmaceuticals ETF (PJP)			19

Invesco Dynamic Semiconductors ETF (PSI)			21

Invesco Dynamic Software ETF (PSJ)			23

Statements of Assets and Liabilities			26

Statements of Operations			28

Statements of Changes in Net Assets			30

Financial Highlights			34

Notes to Financial Statements			45

Fund Expenses			55

Invesco Dynamic Biotechnology & Genome ETF (PBE)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Biotechnology-70.99%
Alkermes PLC^(b)(c)		269,221	$	8,154,704
Amgen, Inc.		66,810		13,827,666
Arrowhead Pharmaceuticals, Inc.^(b)		129,910		8,290,856
Avid Bioservices, Inc.^(b)(c)		339,269		10,408,773
Biogen, Inc.^(b)		42,905		11,441,906
Blueprint Medicines Corp.^(b)(c)		86,231		9,700,125
CareDx, Inc.^(b)		104,765		5,343,015
Celldex Therapeutics, Inc.^(b)(c)		166,594		7,086,909
Dicerna Pharmaceuticals, Inc.^(b)(c)		396,328		8,247,586
Dynavax Technologies Corp.^(b)(c)		540,416		10,792,108
Emergent BioSolutions, Inc.^(b)(c)		130,260		6,209,494
Exelixis, Inc.^(b)		431,924		9,290,685
Gilead Sciences, Inc.		207,476		13,461,043
Halozyme Therapeutics, Inc.^(b)		202,136		7,695,318
Incyte Corp.^(b)		198,446		13,291,913
Ironwood Pharmaceuticals, Inc.^(b)(c)		617,073		7,880,022
Myriad Genetics, Inc.^(b)(c)		233,007		7,169,625
Neurocrine Biosciences, Inc.^(b)		88,201		9,297,268
OPKO Health, Inc.^(b)(c)		2,163,067		8,198,024
Prothena Corp. PLC (Ireland)^(b)(c)		127,795		7,073,453
United Therapeutics Corp.^(b)		39,778		7,588,051
Vericel Corp.^(b)(c)		155,115		7,138,392
Xencor, Inc.^(b)(c)		255,263		10,098,204

				207,685,140

Health Care Equipment-2.71%
Cardiovascular Systems, Inc.^(b)		225,928		7,925,554


Health Care Services-2.48%
Fulgent Genetics, Inc.^(b)(c)		87,411		7,248,120


Life Sciences Tools & Services-18.27%
Bio-Techne Corp.		30,439		15,939,382
Illumina, Inc.^(b)		31,253		12,971,870
QIAGEN N.V.^(b)		151,049		8,422,492
Repligen Corp.^(b)		55,449		16,107,935

				53,441,679



	Shares		Value
Pharmaceuticals-5.59%
Catalent, Inc.^(b)		118,734	$	16,368,669

Total Common Stocks & Other Equity Interests (Cost $271,062,513)				292,669,162


Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $115,549)		115,549		115,549

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.08% (Cost $271,178,062)				292,784,711


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-18.54%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		16,274,460		16,274,460
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		37,958,557		37,973,741

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $54,248,201)				54,248,201

TOTAL INVESTMENTS IN SECURITIES-118.62% (Cost $325,426,263)				347,032,912
OTHER ASSETS LESS LIABILITIES-(18.62)%				(54,483,625	)


NET ASSETS-100.00%			$	292,549,287

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)

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



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	97,394	$	6,842,292	$	(6,824,137	)		$-		$-		$ 115,549	$	26

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



		3
		3

Invesco Dynamic Biotechnology & Genome ETF (PBE)—(continued)

October 31, 2021

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	17,075,160		$	61,522,494		$	(62,323,194	)		$-		$-		$	16,274,460		$	1,160	*

Invesco Private Prime Fund			25,612,740			127,611,539			(115,250,538	)		-		-			37,973,741			16,393	*


Total		$	42,785,294		$	195,976,325		$	(184,397,869	)		$-		$-		$	54,363,750		$	17,579

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

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

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


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

Biotechnology	70.99

Life Sciences Tools & Services	18.27

Pharmaceuticals	5.59

Sub-Industry Types Each Less Than 3%	5.19

Money Market Funds Plus Other Assets Less Liabilities	(0.04	)

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



		4
		4

Invesco Dynamic Building & Construction ETF (PKB)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Building Products-30.53%
A.O. Smith Corp.		106,589	$	7,788,458
Allegion PLC		54,512		6,993,889
Armstrong World Industries, Inc.		72,060		7,613,139
Carlisle Cos., Inc.		36,965		8,240,238
Carrier Global Corp.		247,895		12,947,556
Cornerstone Building Brands, Inc.^(b)		473,086		6,769,861
Johnson Controls International PLC		188,062		13,798,109
Owens Corning		80,612		7,529,967
Trane Technologies PLC		71,384		12,915,507

				84,596,724

Construction & Engineering-8.13%
EMCOR Group, Inc.		63,320		7,692,747
Granite Construction, Inc.		191,607		7,112,452
MYR Group, Inc.^(b)		75,641		7,726,728

				22,531,927

Construction Machinery & Heavy Trucks-2.42%
Terex Corp.		149,536		6,699,213

Construction Materials-18.83%
Eagle Materials, Inc.		49,755		7,381,652
Forterra, Inc.^(b)		329,227		7,842,187
Martin Marietta Materials, Inc.		36,998		14,534,294
Summit Materials, Inc., Class A^(b)(c)		227,061		8,094,725
Vulcan Materials Co.		75,300		14,316,036

				52,168,894

Forest Products-2.70%
Louisiana-Pacific Corp.		126,753		7,469,554


Gas Utilities-2.76%
Southwest Gas Holdings, Inc.		110,581		7,657,734


Home Furnishings-4.41%
Mohawk Industries, Inc.^(b)		69,017		12,230,503


Home Improvement Retail-8.96%
Floor & Decor Holdings, Inc., Class A^(b)		64,463		8,761,811
Home Depot, Inc. (The)		43,194		16,056,937

				24,818,748

Homebuilding-15.29%
Cavco Industries, Inc.^(b)		29,901		7,187,602



	Shares		Value
Homebuilding-(continued)
LGI Homes, Inc.^(b)		49,050	$	7,323,165
M/I Homes, Inc.^(b)		118,970		6,812,222
NVR, Inc.^(b)		2,710		13,264,908
Skyline Champion Corp.^(b)		122,867		7,779,939

				42,367,836

Oil & Gas Equipment & Services-3.57%
Aspen Aerogels, Inc.^(b)		181,517		9,885,416

Specialized Consumer Services-2.44%
frontdoor, inc.^(b)		181,208		6,755,434

Total Common Stocks & Other Equity Interests (Cost $259,602,182)				277,181,983


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $67,447)		67,447		67,447

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $259,669,629)				277,249,430


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.04%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		1,691,808		1,691,808
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		3,945,973		3,947,552

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,639,360)				5,639,360

TOTAL INVESTMENTS IN SECURITIES-102.10% (Cost $265,308,989)				282,888,790
OTHER ASSETS LESS LIABILITIES-(2.10)%				(5,806,417	)

NET ASSETS-100.00%			$	277,082,373

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$161,244		$ 1,526,583		$ (1,620,380)		$-		$-		$ 67,447		$	16

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



		5
		5

Invesco Dynamic Building & Construction ETF (PKB)—(continued)

October 31, 2021

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	76,577		$	16,849,811		$	(15,234,580	)		$	-		$	-		$	1,691,808		$	237	*

Invesco Private Prime Fund			112,671			36,338,434			(32,503,553	)			-			-			3,947,552			3,363	*


Total		$	350,492		$	54,714,828		$	(49,358,513	)		$	-		$	-		$	5,706,807		$	3,616

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

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

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

Portfolio Composition

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

as of October 31, 2021



Building Products	30.53

Construction Materials	18.83

Homebuilding	15.29

Home Improvement Retail	8.96

Construction & Engineering	8.13

Home Furnishings	4.41

Oil & Gas Equipment & Services	3.57

Sub-Industry Types Each Less Than 3%	10.32

Money Market Funds Plus Other Assets Less Liabilities	(0.04	)

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



		6
		6

Invesco Dynamic Energy Exploration & Production ETF (PXE)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Integrated Oil & Gas-5.08%
Occidental Petroleum Corp.		214,975	$	7,208,112


Oil & Gas Exploration & Production-80.23%
Antero Resources Corp.^(b)		230,729		4,584,585
APA Corp.		159,877		4,190,376
California Resources Corp.^(b)		93,530		4,314,539
CNX Resources Corp.^(b)(c)		264,232		3,860,430
ConocoPhillips		94,551		7,043,104
Continental Resources, Inc.^(c)		76,547		3,736,259
Coterra Energy, Inc.		397,238		8,469,114
Denbury, Inc.^(b)		41,161		3,484,690
Diamondback Energy, Inc.		38,464		4,122,956
EOG Resources, Inc.		76,606		7,082,991
EQT Corp.(b)		172,390		3,432,285
Hess Corp.		76,799		6,341,293
Magnolia Oil & Gas Corp., Class A^(c)		199,638		4,168,441
Marathon Oil Corp.		246,314		4,019,845
Matador Resources Co.		103,338		4,324,695
Murphy Oil Corp.		133,601		3,718,116
Oasis Petroleum, Inc.		32,981		3,977,509
Ovintiv, Inc.		112,138		4,207,418
PDC Energy, Inc.		72,417		3,788,133
Pioneer Natural Resources Co.		35,756		6,685,657
Range Resources Corp.^(b)		217,724		5,077,324
SM Energy Co.		164,303		5,638,879
Southwestern Energy Co.^(b)		694,228		3,387,833
Whiting Petroleum Corp.^(b)		66,448		4,327,758

				113,984,230

Oil & Gas Refining & Marketing-14.66%
HollyFrontier Corp.		92,152		3,114,738
Marathon Petroleum Corp.		90,408		5,960,599



	Shares		Value
Oil & Gas Refining & Marketing-(continued)
Phillips 66		73,908	$	5,526,840
Valero Energy Corp.		80,498		6,224,910

				20,827,087

Total Common Stocks & Other Equity Interests (Cost $121,525,386)				142,019,429


Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $162,115)		162,115		162,115

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.08% (Cost $121,687,501)				142,181,544


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.58%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		2,802,746		2,802,746
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		6,537,126		6,539,741

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,342,487)				9,342,487

TOTAL INVESTMENTS IN SECURITIES-106.66% (Cost $131,029,988)				151,524,031
OTHER ASSETS LESS LIABILITIES-(6.66)%				(9,456,169	)

NET ASSETS-100.00%			$	142,067,862

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	126,666		$	1,907,907		$	(1,872,458	)		$-		$-		$	162,115		$	17

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,611,585			19,532,915			(18,341,754	)		-		-			2,802,746			232	*

Invesco Private Prime Fund			2,587,028			36,989,302			(33,036,589	)		-		-			6,539,741			3,338	*


Total		$	4,325,279		$	58,430,124		$	(53,250,801	)		$-		$-		$	9,504,602		$	3,587

*	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.



		7
		7

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

October 31, 2021

(Unaudited)

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

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

Portfolio Composition

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

as of October 31, 2021



Oil & Gas Exploration & Production			80.23

Oil & Gas Refining & Marketing			14.66

Integrated Oil & Gas			5.08

Money Market Funds Plus Other Assets Less Liabilities			0.03

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



		8
		8

Invesco Dynamic Food & Beverage ETF (PBJ)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Agricultural Products-12.18%
Archer-Daniels-Midland Co.		43,989	$	2,825,853
Bunge Ltd.		34,711		3,215,627
Darling Ingredients, Inc.^(b)		35,679		3,015,589
Fresh Del Monte Produce, Inc.		82,716		2,770,159

				11,827,228

Brewers-2.46%
Molson Coors Beverage Co., Class B		54,120		2,386,151


Distillers & Vintners-7.65%
Constellation Brands, Inc., Class A		22,169		4,806,461
MGP Ingredients, Inc.^(c)		40,855		2,623,300

				7,429,761

Food Distributors-8.20%
Sysco Corp.		61,276		4,712,124
United Natural Foods, Inc.^(b)		75,025		3,255,335

				7,967,459

Food Retail-5.31%
Albertsons Cos., Inc., Class A^(c)		92,491		2,862,597
Kroger Co. (The)		57,314		2,293,706

				5,156,303

Packaged Foods & Meats-42.44%
Dole PLC^(b)		162,966		2,379,304
Hain Celestial Group, Inc. (The)^(b)		65,389		2,934,004
Hershey Co. (The)		27,292		4,785,652
Hostess Brands, Inc.^(b)(c)		168,192		3,180,511
J&J Snack Foods Corp.		16,081		2,372,752
JM Smucker Co. (The)		20,611		2,532,267
Kraft Heinz Co. (The)		131,526		4,720,468
Mondelez International, Inc., Class A		77,224		4,690,586
Nomad Foods Ltd. (United Kingdom)^(b)		98,244		2,675,184
Pilgrim’s Pride Corp.^(b)		96,294		2,711,639
Sanderson Farms, Inc.		13,616		2,579,551
Simply Good Foods Co. (The)^(b)		75,457		2,991,870
Tyson Foods, Inc., Class A		33,140		2,650,206

				41,203,994

Personal Products-2.52%
Herbalife Nutrition Ltd.^(b)		52,705		2,445,512



	Shares		Value
Restaurants-4.56%
Starbucks Corp.		41,772	$	4,430,756

Soft Drinks-14.63%
Coca-Cola Consolidated, Inc.		6,595		2,647,233
Coca-Cola Europacific Partners PLC (United Kingdom)		44,991		2,368,776
Keurig Dr Pepper, Inc.		137,466		4,961,148
Monster Beverage Corp.^(b)		49,748		4,228,580

				14,205,737

Total Common Stocks & Other Equity Interests (Cost $87,765,509)				97,052,901


Money Market Funds-0.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $171,773)		171,773		171,773

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.13% (Cost $87,937,282)				97,224,674


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.32%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		2,110,189		2,110,189
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		4,997,315		4,999,315

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,109,504)				7,109,504

TOTAL INVESTMENTS IN SECURITIES-107.45% (Cost $95,046,786)				104,334,178
OTHER ASSETS LESS LIABILITIES-(7.45)%				(7,237,299	)

NET ASSETS-100.00%			$	97,096,879

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	178,307		$	2,231,105		$	(2,237,639	)		$	-		$	-		$	171,773		$	23

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



		9
		9

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

October 31, 2021

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	3,583,338		$	12,997,084		$	(14,470,233	)		$	-		$	-		$	2,110,189		$	166	*

Invesco Private Prime Fund			5,375,007			23,467,510			(23,843,202	)			-			-			4,999,315			2,559	*


Total		$	9,136,652		$	38,695,699		$	(40,551,074	)		$	-		$	-		$	7,281,277		$	2,748

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

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

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

Portfolio Composition

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

as of October 31, 2021



Packaged Foods & Meats			42.44

Soft Drinks			14.63

Agricultural Products			12.18

Food Distributors			8.20

Distillers & Vintners			7.65

Food Retail			5.31

Restaurants			4.56

Sub-Industry Types Each Less Than 3%			4.98

Money Market Funds Plus Other Assets Less Liabilities			0.05

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



		10
		10

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.06%
Airlines-2.58%
SkyWest, Inc.^(b)(c)		851,813	$	36,653,513


Broadcasting-11.44%
AMC Networks, Inc., Class A^(b)(c)		768,550		30,580,605
Discovery, Inc., Class A^(b)(c)		1,304,137		30,568,971
Fox Corp., Class A		1,009,674		40,124,445
ViacomCBS, Inc., Class B		1,685,983		61,066,304

				162,340,325


Casinos & Gaming-17.65%
Boyd Gaming Corp.^(b)(c)		621,942		39,667,461
Everi Holdings, Inc.^(b)		1,621,695		38,920,680
Golden Entertainment, Inc.^(b)		768,859		39,957,602
MGM Resorts International		914,894		43,146,401
Red Rock Resorts, Inc., Class A^(b)(c)		863,403		46,977,757
Scientific Games Corp.^(b)		523,836		41,933,072

				250,602,973


Food Distributors-7.45%
Sysco Corp.		874,689		67,263,584
US Foods Holding Corp.^(b)		1,110,640		38,505,889

				105,769,473


Hotels, Resorts & Cruise Lines-11.52%
Booking Holdings, Inc.^(b)		30,728		74,385,728
Choice Hotels International, Inc.^(c)		317,760		44,683,411
Wyndham Hotels & Resorts, Inc.		525,686		44,404,697

				163,473,836


Interactive Media & Services-5.55%
Eventbrite, Inc., Class A^(b)(c)		2,149,845		43,512,863
TripAdvisor, Inc.^(b)(c)		1,069,688		35,267,613

				78,780,476


Movies & Entertainment-20.62%
Cinemark Holdings, Inc.^(b)(c)		2,324,764		43,705,563
Live Nation Entertainment, Inc.^(b)(c)		436,530		44,155,010
Madison Square Garden Sports Corp., Class A^(b)(c)		227,384		43,091,542



	Shares		Value
Movies & Entertainment-(continued)
Walt Disney Co. (The)^(b)		384,491	$	65,005,893
Warner Music Group Corp., Class A		1,031,381		51,043,046
World Wrestling Entertainment, Inc., Class A^(c)		748,272		45,711,936

				292,712,990


Restaurants-23.25%
Bloomin’ Brands, Inc.^(b)(c)		1,450,727		31,364,718
Chipotle Mexican Grill, Inc.^(b)		35,737		63,577,195
Darden Restaurants, Inc.		256,584		36,984,018
McDonald’s Corp.		287,786		70,665,852
Starbucks Corp.		596,269		63,246,253
Yum! Brands, Inc.		513,851		64,200,544

				330,038,580

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $1,453,672,662)				1,420,372,166


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-13.52%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		57,594,300		57,594,300
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		134,332,965		134,386,700

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $191,980,999)				191,981,000

TOTAL INVESTMENTS IN SECURITIES-113.58% (Cost $1,645,653,661)				1,612,353,166
OTHER ASSETS LESS LIABILITIES-(13.58)%				(192,767,103	)

NET ASSETS-100.00%			$	1,419,586,063

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	480,462	$	172,980,781	$	(173,461,243	)	$	-	$	-	$	-	$	538

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



		11
		11

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

October 31, 2021

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund	$	168,230,291	$	256,294,839	$	(366,930,830	)	$	-		$	-		$	57,594,300	$	4,526	*

Invesco Private Prime Fund		254,337,814		513,927,442		(633,878,555	)		(1	)		-			134,386,700		72,473	*

Investments in Other Affiliates:

Manchester United PLC, Class A		50,018,741		17,670,650		(66,017,990	)		(1,005,808	)		(665,593	)		-		250,879


Total	$	473,067,308	$	960,873,712	$	(1,240,288,618	)	$	(1,005,809	)	$	(665,593	)	$	191,981,000	$	328,416

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

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

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

Portfolio Composition

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

as of October 31, 2021



Restaurants	23.25

Movies & Entertainment	20.62

Casinos & Gaming	17.65

Hotels, Resorts & Cruise Lines	11.52

Broadcasting	11.44

Food Distributors	7.45

Interactive Media & Services	5.55

Airlines	2.58

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.



		12
		12

Invesco Dynamic Media ETF (PBS)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.08%
Advertising-8.46%
Interpublic Group of Cos., Inc. (The)		83,544	$	3,055,204
Omnicom Group, Inc.		42,607		2,900,685
TechTarget, Inc.^(b)		40,450		3,814,839

				9,770,728


Broadcasting-17.54%
AMC Networks, Inc., Class A^(b)(c)		63,507		2,526,943
Discovery, Inc., Class A^(b)		107,765		2,526,012
Fox Corp., Class A		83,433		3,315,628
iHeartMedia, Inc., Class A^(b)		130,005		2,519,497
Nexstar Media Group, Inc., Class A		20,947		3,140,584
TEGNA, Inc.		176,532		3,470,619
ViacomCBS, Inc., Class B		75,991		2,752,394

				20,251,677


Cable & Satellite-7.56%
DISH Network Corp., Class A^(b)		71,577		2,939,668
Sirius XM Holdings, Inc.^(c)		490,147		2,984,995
WideOpenWest, Inc.^(b)		146,997		2,800,293

				8,724,956


Interactive Media & Services-34.57%
Alphabet, Inc., Class A^(b)		2,006		5,939,606
IAC/InterActiveCorp.^(b)		23,273		3,546,107
Match Group, Inc.^(b)		40,456		6,099,956
Meta Platforms, Inc., Class A^(b)		15,513		5,019,541
Pinterest, Inc., Class A^(b)		102,757		4,587,073
Twitter, Inc.^(b)		88,624		4,744,929
Yelp, Inc.^(b)		80,394		3,105,620
Ziff Davis, Inc.^(b)		27,435		3,519,087
ZipRecruiter, Inc., Class A^(b)		120,767		3,354,907

				39,916,826


Internet & Direct Marketing Retail-2.89%
Shutterstock, Inc.		27,567		3,339,742


IT Consulting & Other Services-2.95%
Gartner, Inc.^(b)		10,275		3,410,375


Movies & Entertainment-17.09%
Netflix, Inc.^(b)		10,245		7,072,226



	Shares		Value
Movies & Entertainment-(continued)
Spotify Technology S.A.^(b)		25,213	$	7,296,642
Walt Disney Co. (The)^(b)		31,771		5,371,523

				19,740,391


Publishing-9.02%
John Wiley & Sons, Inc., Class A		53,113		2,877,131
Meredith Corp.^(b)		74,924		4,363,574
News Corp., Class A		138,569		3,173,230

				10,413,935

Total Common Stocks & Other Equity Interests (Cost $109,506,397)				115,568,630


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $61,714)		61,714		61,714

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.13% (Cost $109,568,111)				115,630,344


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.91%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		986,436		986,436
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		2,369,685		2,370,633

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,357,069)				3,357,069

TOTAL INVESTMENTS IN SECURITIES-103.04% (Cost $112,925,180)				118,987,413
OTHER ASSETS LESS LIABILITIES-(3.04)%				(3,512,162	)

NET ASSETS-100.00%			$	115,475,251

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	103,023		$	1,210,537		$	(1,251,846	)		$-		$-		$	61,714		$	15

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



		13
		13

Invesco Dynamic Media ETF (PBS)—(continued)

October 31, 2021

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	5,913,120		$	14,217,101		$	(19,143,785	)		$-		$-		$	986,436		$	251	*

Invesco Private Prime Fund			8,869,680			29,987,879			(36,486,926	)		-		-			2,370,633			3,850	*


Total		$	14,885,823		$	45,415,517		$	(56,882,557	)		$-		$-		$	3,418,783		$	4,116

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

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

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

Portfolio Composition

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

as of October 31, 2021



Interactive Media & Services	34.57

Broadcasting	17.54

Movies & Entertainment	17.09

Publishing	9.02

Advertising	8.46

Cable & Satellite	7.56

Sub-Industry Types Each Less Than 3%	5.84

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.



		14
		14

Invesco Dynamic Networking ETF (PXQ)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Application Software-14.74%
Datadog, Inc., Class A^(b)		16,118	$	2,692,512
Dynatrace, Inc.^(b)		18,160		1,362,000
InterDigital, Inc.		16,573		1,109,563
Mimecast Ltd.^(b)		19,012		1,434,264

				6,598,339


Communications Equipment-33.99%
Arista Networks, Inc.^(b)		3,164		1,296,259
Calix, Inc.^(b)		25,429		1,591,601
Ciena Corp.^(b)		21,167		1,149,156
Cisco Systems, Inc.		36,812		2,060,368
CommScope Holding Co., Inc.^(b)		75,148		804,835
Extreme Networks, Inc.^(b)		108,875		1,070,241
F5 Networks, Inc.^(b)		5,793		1,223,192
Juniper Networks, Inc.		40,472		1,194,734
Motorola Solutions, Inc.		4,981		1,238,227
NetScout Systems, Inc.^(b)		42,600		1,152,756
Radware Ltd. (Israel)^(b)		35,094		1,243,380
Ubiquiti, Inc.		3,902		1,192,178


				15,216,927


Consumer Electronics-2.20%
Garmin Ltd.		6,869		986,388


Electronic Components-7.87%
Amphenol Corp., Class A		28,984		2,225,102
Belden, Inc.		21,544		1,297,164

				3,522,266


Semiconductors-4.49%
QUALCOMM, Inc.		15,116		2,011,033


Systems Software-31.83%
Crowdstrike Holdings, Inc., Class A^(b)		8,221		2,316,678
Fortinet, Inc.^(b)		7,283		2,449,564
KnowBe4, Inc., Class A^(b)		52,961		1,238,228
McAfee Corp., Class A		44,278		946,221
Qualys, Inc.^(b)		10,632		1,323,471



	Shares		Value
Systems Software-(continued)
SecureWorks Corp., Class A^(b)		60,925	$	1,122,238
Varonis Systems, Inc.^(b)(c)		19,601		1,268,969
VMware, Inc., Class A^(b)(c)		13,918		2,111,361
Zscaler, Inc.^(b)		4,617		1,472,177

				14,248,907


Technology Hardware, Storage & Peripherals-4.89%
Apple, Inc.		14,595		2,186,331

Total Common Stocks & Other Equity Interests (Cost $36,414,137)				44,770,191


Money Market Funds-0.21%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $93,768)		93,768		93,768

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.22% (Cost $36,507,905)				44,863,959


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.17%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		828,873		828,873
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		1,933,264		1,934,037

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,762,910)				2,762,910

TOTAL INVESTMENTS IN SECURITIES-106.39% (Cost $39,270,815)				47,626,869
OTHER ASSETS LESS LIABILITIES-(6.39)%				(2,861,140	)

NET ASSETS-100.00%			$	44,765,729

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	131,683	$	458,710	$	(496,625	)		$-		$-		$ 93,768		$ 13

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



		15
		15

Invesco Dynamic Networking ETF (PXQ)—(continued)

October 31, 2021

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	3,007,918		$	8,438,140		$	(10,617,185	)		$	-		$	-		$	828,873		$	74	*

Invesco Private Prime Fund			4,511,877			14,874,252			(17,452,092	)			-			-			1,934,037			1,186	*


Total		$	7,651,478		$	23,771,102		$	(28,565,902	)		$	-		$	-		$	2,856,678		$	1,273

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

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

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


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

Communications Equipment	33.99

Systems Software	31.83

Application Software	14.74

Electronic Components	7.87

Technology Hardware, Storage & Peripherals	4.89

Semiconductors	4.49

Consumer Electronics	2.20

Money Market Funds Plus Other Assets Less Liabilities	(0.01	)

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



		16
		16

Invesco Dynamic Oil & Gas Services ETF (PXJ)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-81.65%
Oil & Gas Drilling-17.80%
Helmerich & Payne, Inc.		76,981	$	2,389,490
Patterson-UTI Energy, Inc.		157,626		1,349,278
Transocean Ltd.^(b)(c)		387,562		1,368,094

				5,106,862

Oil & Gas Equipment & Services-59.07%
Baker Hughes Co., Class A		89,739		2,250,654
Cactus, Inc., Class A		30,955		1,346,543
ChampionX Corp.^(b)		86,993		2,281,826
Halliburton Co.		99,951		2,497,775
Liberty Oilfield Services, Inc., Class A^(b)(c)		104,176		1,345,954
NOV, Inc.^(b)		97,026		1,360,305
Schlumberger N.V.		70,635		2,278,685
TechnipFMC PLC (United Kingdom)^(b)		301,324		2,220,758
USA Compression Partners L.P.		86,005		1,366,619

				16,949,119

Oil & Gas Storage & Transportation-4.78%
Frontline Ltd. (Norway)^(c)		155,591		1,370,757

Total Common Stocks & Other Equity Interests (Cost $22,866,978)				23,426,738


Exchange-Traded Funds-9.57%
Energy Select Sector SPDR Fund		14,193		815,672
VanEck Oil Services ETF		5,201		1,093,458
Vanguard Energy ETF		10,318		838,028

Total Exchange-Traded Funds (Cost $2,747,351)				2,747,158



	Shares		Value
Money Market Funds-0.33%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $95,450)		95,450	$	95,450

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-91.55% (Cost $25,709,779)				26,269,346


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.62%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		1,085,928		1,085,928
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		2,532,820		2,533,833

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,619,761)				3,619,761

TOTAL INVESTMENTS IN SECURITIES-104.17% (Cost $29,329,540)				29,889,107
OTHER ASSETS LESS LIABILITIES-(4.17)%				(1,197,638	)

NET ASSETS-100.00%			$	28,691,469

Investment Abbreviations:

ETF -Exchange-Traded Fund

SPDR-Standard & Poor’s Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	105,292		$	7,112,190		$	(7,122,032	)		$	-		$	-		$	95,450		$	20

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



		17
		17

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

October 31, 2021

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	4,682,156		$	10,762,303		$	(14,358,531	)		$	-		$	-		$	1,085,928		$	96	*

Invesco Private Prime Fund			7,023,233			18,815,685			(23,305,085	)			-			-			2,533,833			1,527	*


Total		$	11,810,681		$	36,690,178		$	(44,785,648	)		$	-		$	-		$	3,715,211		$	1,643

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

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

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


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

Oil & Gas Equipment & Services			59.07

Oil & Gas Drilling			17.80

Investment Companies - Exchange- Traded Funds			9.57

Oil & Gas Storage & Transportation			4.78

Money Market Funds Plus Other Assets Less Liabilities			8.78

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



		18
		18

Invesco Dynamic Pharmaceuticals ETF (PJP)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Biotechnology-39.28%
AbbVie, Inc.		223,283	$	25,603,862
Amgen, Inc.		119,089		24,647,850
Biogen, Inc.^(b)		47,559		12,683,034
Emergent BioSolutions, Inc.^(b)(c)		264,772		12,621,681
Gilead Sciences, Inc.		369,861		23,996,582
Horizon Therapeutics PLC^(b)		153,014		18,347,909
Ligand Pharmaceuticals, Inc.^(b)(c)		143,491		20,941,076
Regeneron Pharmaceuticals, Inc.^(b)		24,806		15,874,352
United Therapeutics Corp.^(b)		80,674		15,389,372

				170,105,718

Health Care Equipment-6.34%
Abbott Laboratories		212,939		27,445,708


Pharmaceuticals-54.36%
Bausch Health Cos., Inc.^(b)		579,800		16,280,784
Corcept Therapeutics, Inc.^(b)		786,418		14,155,524
Eli Lilly and Co.		101,687		25,905,780
Jazz Pharmaceuticals PLC^(b)(c)		121,834		16,208,795
Johnson & Johnson		152,367		24,817,537
Merck & Co., Inc.		343,836		30,274,760
Pacira BioSciences, Inc.^(b)		284,245		14,860,329
Perrigo Co. PLC		405,419		18,304,668
Pfizer, Inc.		552,354		24,159,964
Prestige Consumer Healthcare, Inc.^(b)		290,053		17,400,279
Supernus Pharmaceuticals, Inc.^(b)(c)		660,744		19,723,208
Taro Pharmaceutical Industries Ltd.^(b)		240,377		13,357,750

				235,449,378

Total Common Stocks & Other Equity Interests (Cost $376,171,833)				433,000,804



	Shares		Value
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $59,889)		59,889	$	59,889

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $376,231,722)				433,060,693


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.55%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		8,505,459		8,505,459
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		19,838,137		19,846,072

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,351,531)				28,351,531

TOTAL INVESTMENTS IN SECURITIES-106.54% (Cost $404,583,253)				461,412,224
OTHER ASSETS LESS LIABILITIES-(6.54)%				(28,328,110	)

NET ASSETS-100.00%			$	433,084,114

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	7,449,948		$	(7,390,059	)		$	-		$	-		$	59,889		$	30

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,171,074			39,524,933			(32,190,548	)			-			-			8,505,459			499	*

Invesco Private Prime Fund			1,756,610			87,817,390			(69,727,928	)			-			-			19,846,072			6,797	*


Total		$	2,927,684		$	134,792,271		$	(109,308,535	)		$	-		$	-		$	28,411,420		$	7,326

*	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.



		19
		19

Invesco Dynamic Pharmaceuticals ETF (PJP) —(continued)

October 31, 2021

(Unaudited)

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

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


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

Pharmaceuticals			54.36

Biotechnology			39.28

Health Care Equipment			6.34

Money Market Funds Plus Other Assets Less Liabilities			0.02

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



		20
		20

Invesco Dynamic Semiconductors ETF (PSI)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Electronic Manufacturing Services-2.44%
TE Connectivity Ltd.		127,755	$	18,652,230

Semiconductor Equipment-42.50%
Amkor Technology, Inc.		750,021		16,440,460
Applied Materials, Inc.		269,358		36,807,771
Axcelis Technologies, Inc.^(b)		426,778		23,442,916
Brooks Automation, Inc.		236,480		27,538,096
Camtek Ltd. (Israel)^(b)		485,827		18,884,095
Entegris, Inc.		167,697		23,608,384
KLA Corp.		107,942		40,236,460
Kulicke & Soffa Industries, Inc. (Singapore)^(c).		298,189		16,996,773
Lam Research Corp.		60,481		34,085,277
MKS Instruments, Inc.		133,402		20,016,970
Nova Ltd. (Israel)^(b)(c)		201,994		21,940,588
Onto Innovation, Inc.^(b)		275,897		21,853,801
Ultra Clean Holdings, Inc.^(b)		452,924		22,451,443

				324,303,034

Semiconductors-52.49%
Allegro MicroSystems, Inc. (Japan)^(b)		680,018		22,685,400
Analog Devices, Inc.		213,490		37,038,380
Broadcom, Inc.		73,550		39,104,329
Diodes, Inc.^(b)		210,680		20,244,241
Lattice Semiconductor Corp.^(b)		332,065		23,058,594
MACOM Technology Solutions Holdings, Inc.^(b)(c)		317,776		22,187,120
MaxLinear, Inc.^(b)		379,941		23,936,283
Microchip Technology, Inc.		260,882		19,328,747
Monolithic Power Systems, Inc.		39,800		20,913,308
NVIDIA Corp.		162,462		41,536,660



	Shares		Value
Semiconductors-(continued)
NXP Semiconductors N.V. (China)		165,062	$	33,154,353
ON Semiconductor Corp.^(b)		442,940		21,292,126
Power Integrations, Inc.		186,185		19,216,154
Synaptics, Inc.^(b)		110,394		21,479,361
Texas Instruments, Inc.		188,493		35,338,668

				400,513,724

Specialty Chemicals-2.60%
Atotech Ltd. (China)^(b)		822,162		19,855,212

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $623,270,567)				763,324,200


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.33%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		7,332,279		7,332,279
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		18,058,923		18,066,146

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,398,425)				25,398,425

TOTAL INVESTMENTS IN SECURITIES-103.36% (Cost $648,668,992)				788,722,625
OTHER ASSETS LESS LIABILITIES-(3.36)%				(25,660,547	)

NET ASSETS-100.00%			$	763,062,078

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	452,681		$	1,591,500		$	(2,044,181	)		$	-		$	-		$	-		$	23

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			13,444,543			80,607,930			(86,720,194	)			-			-			7,332,279			400	*

Invesco Private Prime Fund			20,166,814			140,808,017			(142,908,685	)			-			-			18,066,146			5,455	*


Total		$	34,064,038		$	223,007,447		$	(231,673,060	)		$	-		$	-		$	25,398,425		$	5,878

*	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.



		21
		21

Invesco Dynamic Semiconductors ETF (PSI)—(continued)

October 31, 2021

(Unaudited)

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

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


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

Semiconductors	52.49

Semiconductor Equipment	42.50

Sub-Industry Types Each Less Than 3%	5.04

Money Market Funds Plus Other Assets Less Liabilities	(0.03	)

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



		22
		22

Invesco Dynamic Software ETF (PSJ)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Advertising-6.14%
Integral Ad Science Holding Corp.^(b)		669,921	$	16,459,959
Magnite, Inc.^(b)(c)		470,943		12,729,589

				29,189,548

Alternative Carriers-2.24%
Bandwidth, Inc., Class A^(b)(c)		124,586		10,624,694


Application Software-28.22%
Altair Engineering, Inc., Class A^(b)(c)		173,726		13,514,145
EverCommerce, Inc.^(b)(c)		649,270		13,426,904
HubSpot, Inc.^(b)		36,173		29,308,450
Intuit, Inc.		43,917		27,491,603
Manhattan Associates, Inc.^(b)		81,468		14,789,701
Olo, Inc., Class A^(b)(c)		345,781		9,412,159
PTC, Inc.^(b)		101,106		12,875,849
QAD, Inc., Class A		152,366		13,353,356

				134,172,167

Health Care Technology-13.65%
Cerner Corp.		315,199		23,416,134
Certara, Inc.^(b)(c)		432,565		17,869,260
Change Healthcare, Inc.^(b)		612,702		13,191,474
Doximity, Inc., Class A^(b)(c)		150,141		10,431,797

				64,908,665

Interactive Home Entertainment-17.79%
Activision Blizzard, Inc		297,471		23,259,257
Electronic Arts, Inc.		170,654		23,934,224
Playtika Holding Corp.^(b)(c)		511,608		14,468,274
ROBLOX Corp., Class A^(b)		272,582		22,902,340

				84,564,095

Interactive Media & Services-4.82%
Bumble, Inc., Class A^(b)(c)		246,402		12,941,033
MediaAlpha, Inc., Class A^(b)		568,844		9,971,835

				22,912,868

Systems Software-27.17%
CommVault Systems, Inc.^(b)		171,238		10,531,137



	Shares		Value
Systems Software-(continued)
Dolby Laboratories, Inc., Class A		133,714	$	11,813,632
ironSource Ltd., Class A (Israel)^(b)		1,386,741		15,794,980
KnowBe4, Inc., Class A^(b)		590,092		13,796,351
McAfee Corp., Class A		493,352		10,542,932
Microsoft Corp.		80,396		26,660,922
N-able, Inc.^(b)(c)		1,027,175		13,661,427
Oracle Corp.		274,767		26,361,146

				129,162,527

Total Common Stocks & Other Equity Interests (Cost $471,436,548)				475,534,564


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $115,042)		115,042		115,042

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $471,551,590)				475,649,606


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-16.62%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		23,695,464		23,695,464
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		55,267,308		55,289,415

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $78,984,879)				78,984,879

TOTAL INVESTMENTS IN SECURITIES-116.67% (Cost $550,536,469)				554,634,485
OTHER ASSETS LESS LIABILITIES-(16.67)%				(79,229,052	)

NET ASSETS-100.00%			$	475,405,433

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	17,939,917		$	15,559,012		$	(33,383,887	)		$	-		$	-		$	115,042		$	96

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



		23
		23

Invesco Dynamic Software ETF (PSJ)—(continued)

October 31, 2021

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	41,102,963		$	114,274,947		$	(131,682,446	)		$	-			$	-		$	23,695,464		$	2,208	*

Invesco Private Prime Fund			61,654,445			261,969,595			(268,334,624	)			(1	)			-			55,289,415			32,340	*


Total		$	120,697,325		$	391,803,554		$	(433,400,957	)		$	(1	)		$	-		$	79,099,921		$	34,644

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

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

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


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

Application Software	28.22

Systems Software	27.17

Interactive Home Entertainment	17.79

Health Care Technology	13.65

Advertising	6.14

Interactive Media & Services	4.82

Alternative Carriers	2.24

Money Market Funds Plus Other Assets Less Liabilities	(0.03	)

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



		24
		24

(This Page Intentionally Left Blank)



		25
		25

Statements of Assets and Liabilities

October 31, 2021

(Unaudited)



	Invesco Dynamic Biotechnology & Genome ETF (PBE)				Invesco Dynamic Building & Construction ETF (PKB)				Invesco Dynamic Energy Exploration & Production ETF (PXE)				Invesco Dynamic Food & Beverage ETF (PBJ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	292,669,162			$	277,181,983			$	142,019,429			$	97,052,901
Affiliated investments in securities, at value			54,363,750				5,706,807				9,504,602				7,281,277
Cash			-				-				-				124
Receivable for:
Dividends			4				80,743				52,458				12,795
Securities lending			7,423				393				563				734
Investments sold			-				-				2,282,189				-
Investments sold - affiliated broker			-				-				-				-
Fund shares sold			-				-				-				-
Other assets			657				1,048				1,256				657

Total assets			347,040,996				282,970,974				153,860,497				104,348,488


Liabilities:
Due to custodian			-				-				751				-
Payable for:
Investments purchased			-				-				-				-
Investments purchased - affiliated broker			-				-				-				-
Collateral upon return of securities loaned			54,248,201				5,639,360				9,342,487				7,109,504
Fund shares repurchased			-				-				2,284,717				-
Expenses recaptured			-				-				4,732				2,406
Accrued advisory fees			123,378				116,580				51,258				41,303
Accrued trustees’ and officer’s fees			85,325				58,875				60,277				70,154
Accrued expenses			34,805				73,786				48,413				28,242

Total liabilities			54,491,709				5,888,601				11,792,635				7,251,609

Net Assets		$	292,549,287			$	277,082,373			$	142,067,862			$	97,096,879


Net assets consist of:
Shares of beneficial interest		$	498,705,550			$	302,259,476			$	244,284,490			$	164,558,260
Distributable earnings (loss)			(206,156,263	)			(25,177,103	)			(102,216,628	)			(67,461,381	)

Net Assets		$	292,549,287			$	277,082,373			$	142,067,862			$	97,096,879

Shares outstanding (unlimited amount authorized, $0.01 par value)			3,900,000				5,530,000				6,840,000				2,280,000
Net asset value		$	75.01			$	50.11			$	20.77			$	42.59

Market price		$	74.96			$	50.09			$	20.78			$	42.60

Unaffiliated investments in securities, at cost		$	271,062,513			$	259,602,182			$	121,525,386			$	87,765,508

Affiliated investments in securities, at cost		$	54,363,750			$	5,706,807			$	9,504,602			$	7,281,277

^(a)Includes securities on loan with an aggregate value of:		$	52,153,516			$	5,508,032			$	8,913,226			$	7,058,619

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



		26
		26



Invesco Dynamic Leisure and Entertainment ETF (PEJ)			Invesco Dynamic Media ETF (PBS)				Invesco Dynamic Networking ETF (PXQ)				Invesco Dynamic Oil & Gas Services ETF (PXJ)				Invesco Dynamic Pharmaceuticals ETF (PJP)				Invesco Dynamic Semiconductors ETF (PSI)			Invesco Dynamic Software ETF (PSJ)

	$	1,420,372,166		$	115,568,630			$	44,770,191			$	26,173,896			$	433,000,804			$	763,324,200		$	475,534,564
		191,981,000			3,418,783				2,856,678				3,715,211				28,411,420				25,398,425			79,099,921
		-			-				-				-				-				-			-

		280,941			2				2				2				386,094				227,298			40
		25,017			982				2,342				438				2,015				1,631			19,447
		4,551,415			-				-				55,320				-				-			-
		-			-				-				5,231,526				-				-			-
		-			-				-				-				-				9,504,332			-
		1,048			1,047				1,047				657				1,047				1,048			1,048

		1,617,211,587			118,989,444				47,630,260				35,177,050				461,801,380				798,456,934			554,655,020


		186,777			-				-				-				-				31,778			-

		-			-				-				-				-				9,507,467			-
		-			-				-				2,747,351				-				-			-
		191,980,999			3,357,069				2,762,910				3,619,761				28,351,531				25,398,425			78,984,879
		4,543,483			-				-				-				-				-			-
		-			4,203				-				-				-				-			-
		621,243			49,253				17,824				8,650				181,956				297,018			199,265
		60,754			62,160				52,711				71,098				131,451				57,751			60,714
		232,268			41,508				31,086				38,721				52,328				102,417			4,729

		197,625,524			3,514,193				2,864,531				6,485,581				28,717,266				35,394,856			79,249,587

	$	1,419,586,063		$	115,475,251			$	44,765,729			$	28,691,469			$	433,084,114			$	763,062,078		$	475,405,433


	$	1,258,040,235		$	187,622,338			$	77,492,213			$	139,317,459			$	796,934,463			$	579,944,452		$	455,267,208
		161,545,828			(72,147,087	)			(32,726,484	)			(110,625,990	)			(363,850,349	)			183,117,626			20,138,225

	$	1,419,586,063		$	115,475,251			$	44,765,729			$	28,691,469			$	433,084,114			$	763,062,078		$	475,405,433

		28,120,000			2,130,000				460,000				7,820,000				5,470,000				5,620,000			3,110,000
	$	50.48		$	54.21			$	97.32			$	3.67			$	79.17			$	135.78		$	152.86

	$	50.41		$	54.15			$	97.32			$	3.67			$	79.14			$	135.56		$	152.78

	$	1,453,672,662		$	109,506,397			$	36,414,137			$	25,614,329			$	376,171,833			$	623,270,567		$	471,436,548

	$	191,980,999		$	3,418,783			$	2,856,678			$	3,715,211			$	28,411,420			$	25,398,425		$	79,099,921

	$	184,083,509		$	3,263,887			$	2,697,578			$	3,309,899			$	27,644,304			$	25,076,956		$	76,990,700

Statements of Operations

For the six months ended October 31, 2021

(Unaudited)



	Invesco Dynamic Biotechnology & Genome ETF (PBE)				Invesco Dynamic Building & Construction ETF (PKB)				Invesco Dynamic Energy Exploration & Production ETF (PXE)				Invesco Dynamic Food & Beverage ETF (PBJ)
Investment income:
Unaffiliated dividend income		$	543,153			$	1,325,577			$	1,326,851			$	595,632
Affiliated dividend income			26				16				17				23
Non-cash dividend income			-				-				318,815				-
Securities lending income			43,108				13,468				4,518				12,935
Foreign withholding tax			-				-				-				-

Total investment income			586,287				1,339,061				1,650,201				608,590


Expenses:
Advisory fees			735,713				732,261				216,301				241,258
Sub-licensing fees			44,142				43,935				12,978				14,475
Accounting & administration fees			13,910				10,165				6,689				8,625
Professional fees			12,318				12,092				12,118				11,802
Custodian & transfer agent fees			1,630				1,371				1,208				1,286
Trustees’ and officer’s fees			8,275				7,137				6,287				6,748
Recapture (Note 3)			-				-				4,268				6,447
Other expenses			19,176				16,389				12,831				13,344

Total expenses			835,164				823,350				272,680				303,985

Less: Waivers			-				(2	)			(1	)			(1	)

Net expenses			835,164				823,348				272,679				303,984

Net investment income (loss)			(248,877	)			515,713				1,377,522				304,606


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(10,374,332	)			(10,073,314	)			(1,635,572	)			857,582
In-kind redemptions			18,494,382				34,358,663				5,246,865				5,813,455

Net realized gain (loss)			8,120,050				24,285,349				3,611,293				6,671,037

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(9,744,099	)			(35,228,627	)			20,995,526				(3,137,914	)
Affiliated investment securities			-				-				-				-

Change in net unrealized appreciation (depreciation)			(9,744,099	)			(35,228,627	)			20,995,526				(3,137,914	)

Net realized and unrealized gain (loss)			(1,624,049	)			(10,943,278	)			24,606,819				3,533,123

Net increase (decrease) in net assets resulting from operations		$	(1,872,926	)		$	(10,427,565	)		$	25,984,341			$	3,837,729

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



		28
		28



Invesco Dynamic Leisure and Entertainment ETF (PEJ)				Invesco Dynamic Media ETF (PBS)				Invesco Dynamic Networking ETF (PXQ)				Invesco Dynamic Oil & Gas Services ETF (PXJ)				Invesco Dynamic Pharmaceuticals ETF (PJP)				Invesco Dynamic Semiconductors ETF (PSI)				Invesco Dynamic Software ETF (PSJ)

	$	4,701,757			$	338,482			$	334,061			$	210,024			$	3,011,301			$	2,460,119			$	3,874,993
		538				15				13				20				30				23				96
		-				-				-				-				-				-				-
		892,247				7,194				12,831				3,644				8,271				7,600				103,668
		-				-				-				(62	)			-				(19,571	)			-

		5,594,542				345,691				346,905				213,626				3,019,602				2,448,171				3,978,757


		3,827,180				284,820				106,965				93,126				1,028,749				1,632,033				1,383,759
		229,626				17,089				6,418				5,587				61,724				97,920				83,024
		15,350				7,350				6,720				6,403				17,571				15,450				22,889
		14,018				12,219				11,748				12,095				12,530				12,666				13,297
		1,789				1,063				2,230				1,067				1,810				1,779				2,181
		14,265				6,520				5,849				6,611				10,487				8,521				8,864
		-				17,422				-				-				-				-				-
		42,984				12,741				11,085				11,504				25,837				20,180				22,122

		4,145,212				359,224				151,015				136,393				1,158,708				1,788,549				1,536,136

		(5,194	)			(1	)			(16,239	)			(19,056	)			-				(4	)			(19	)

		4,140,018				359,223				134,776				117,337				1,158,708				1,788,545				1,536,117

		1,454,524				(13,532	)			212,129				96,289				1,860,894				659,626				2,442,640


		(164,761,497	)			(1,768,071	)			(642,191	)			(3,569,557	)			(5,389,981	)			(6,272,957	)			(60,716,598	)
		404,376,670				8,696,512				4,917,111				(559,826	)			10,019,679				60,010,832				54,737,401

		239,615,173				6,928,441				4,274,920				(4,129,383	)			4,629,698				53,737,875				(5,979,197	)

		(33,022,439	)			(2,132,989	)			975,554				9,824,645				111,198				19,339,311				(35,572,322	)
		(1,005,809	)			-				-				-				-				-				(1	)

		(34,028,248	)			(2,132,989	)			975,554				9,824,645				111,198				19,339,311				(35,572,323	)

		205,586,925				4,795,452				5,250,474				5,695,262				4,740,896				73,077,186				(41,551,520	)

	$	207,041,449			$	4,781,920			$	5,462,603			$	5,791,551			$	6,601,790			$	73,736,812			$	(39,108,880	)

Statements of Changes in Net Assets

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

(Unaudited)



	Invesco Dynamic Biotechnology & Genome ETF (PBE)								Invesco Dynamic Building & Construction ETF (PKB)

	Six Months Ended October 31, 2021				Year Ended April 30, 2021				Six Months Ended October 31, 2021				Year Ended April 30, 2021
Operations:
Net investment income (loss)		$	(248,877	)		$	(761,244	)		$	515,713			$	392,227
Net realized gain (loss)			8,120,050				67,179,974				24,285,349				32,425,536
Change in net unrealized appreciation (depreciation)			(9,744,099	)			19,983,176				(35,228,627	)			66,926,455

Net increase (decrease) in net assets resulting from operations			(1,872,926	)			86,401,906				(10,427,565	)			99,744,218


Distributions to Shareholders from:
Distributable earnings			-				-				(463,133	)			(433,800	)


Shareholder Transactions:
Proceeds from shares sold			68,859,544				249,457,084				218,192,826				288,004,286
Value of shares repurchased			(62,270,264	)			(268,637,283	)			(210,012,919	)			(177,274,953	)

Net increase (decrease) in net assets resulting from share transactions			6,589,280				(19,180,199	)			8,179,907				110,729,333

Net increase (decrease) in net assets			4,716,354				67,221,707				(2,710,791	)			210,039,751


Net assets:
Beginning of period			287,832,933				220,611,226				279,793,164				69,753,413

End of period		$	292,549,287			$	287,832,933			$	277,082,373			$	279,793,164


Changes in Shares Outstanding:
Shares sold			940,000				3,900,000				4,200,000				7,060,000
Shares repurchased			(860,000	)			(4,230,000	)			(4,110,000	)			(4,320,000	)
Shares outstanding, beginning of period			3,820,000				4,150,000				5,440,000				2,700,000

Shares outstanding, end of period			3,900,000				3,820,000				5,530,000				5,440,000

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



		30
		30



Invesco Dynamic Energy Exploration & Production ETF (PXE)								Invesco Dynamic Food & Beverage ETF (PBJ)									Invesco Dynamic Leisure and Entertainment ETF (PEJ)								Invesco Dynamic Media ETF (PBS)

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

	$	1,377,522			$	317,580			$	304,606			$	970,097			$	1,454,524			$	5,114,517			$	(13,532	)		$	475,547
		3,611,293				(2,089,734	)			6,671,037				7,662,630				239,615,173				187,824,254				6,928,441				14,734,003
		20,995,526				7,722,823				(3,137,914	)			13,690,303				(34,028,248	)			8,487,025				(2,132,989	)			10,739,630

		25,984,341				5,950,669				3,837,729				22,323,030				207,041,449				201,425,796				4,781,920				25,949,180


		(747,161	)			(792,552	)			(506,190	)			(944,117	)			(2,024,478	)			(5,848,193	)			(205,497	)			(314,727	)


		81,968,263				67,146,279				50,717,835				66,742,608				584,648,311				2,258,717,893				70,915,845				78,466,053
		(24,730,854	)			(29,403,787	)			(40,687,818	)			(68,132,059	)			(1,157,346,151	)			(802,618,106	)			(42,702,267	)			(52,082,996	)


		57,237,409				37,742,492				10,030,017				(1,389,451	)			(572,697,840	)			1,456,099,787				28,213,578				26,383,057

		82,474,589				42,900,609				13,361,556				19,989,462				(367,680,869	)			1,651,677,390				32,790,001				52,017,510


		59,593,273				16,692,664				83,735,323				63,745,861				1,787,266,932				135,589,542				82,685,250				30,667,740

	$	142,067,862			$	59,593,273			$	97,096,879			$	83,735,323			$	1,419,586,063			$	1,787,266,932			$	115,475,251			$	82,685,250


		4,310,000				4,820,000				1,190,000				1,870,000				12,110,000				53,600,000				1,350,000				1,570,000
		(1,420,000	)			(2,520,000	)			(940,000	)			(1,940,000	)			(22,840,000	)			(19,700,000	)			(810,000	)			(1,080,000	)
		3,950,000				1,650,000				2,030,000				2,100,000				38,850,000				4,950,000				1,590,000				1,100,000

		6,840,000				3,950,000				2,280,000				2,030,000				28,120,000				38,850,000				2,130,000				1,590,000

Statements of Changes in Net Assets—(continued)

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

(Unaudited)



	Invesco Dynamic Networking ETF (PXQ)							Invesco Dynamic Oil & Gas Services ETF (PXJ)

	Six Months Ended October 31, 2021				Year Ended April 30, 2021			Six Months Ended October 31, 2021				Year Ended April 30, 2021
Operations:
Net investment income (loss)		$	212,129		$	57,325			$	96,289		$	348,603
Net realized gain (loss)			4,274,920			15,522,503				(4,129,383	)		(5,447,439	)
Change in net unrealized appreciation (depreciation)			975,554			4,796,766				9,824,645			(1,639,162	)

Net increase (decrease) in net assets resulting from operations			5,462,603			20,376,594				5,791,551			(6,737,998	)


Distributions to Shareholders from:
Distributable earnings			(116,329	)		(100,661	)			(122,326	)		(1,344,733	)


Shareholder Transactions:
Proceeds from shares sold			26,312,623			40,969,788				1,585,273			70,697,978
Value of shares repurchased			(28,741,385	)		(65,467,082	)			(34,480,568	)		(12,668,363	)

Net increase (decrease) in net assets resulting from share transactions			(2,428,762	)		(24,497,294	)			(32,895,295	)		58,029,615

Net increase (decrease) in net assets			2,917,512			(4,221,361	)			(27,226,070	)		49,946,884


Net assets:
Beginning of period			41,848,217			46,069,578				55,917,539			5,970,655

End of period		$	44,765,729		$	41,848,217			$	28,691,469		$	55,917,539


Changes in Shares Outstanding:
Shares sold			290,000			540,000				440,000			18,710,000
Shares repurchased			(320,000	)		(850,000	)			(9,770,000	)		(4,060,000	)
Shares outstanding, beginning of period			490,000			800,000				17,150,000			2,500,000

Shares outstanding, end of period			460,000			490,000				7,820,000			17,150,000

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



		32
		32



Invesco Dynamic Pharmaceuticals ETF (PJP)								Invesco Dynamic Semiconductors ETF (PSI)								Invesco Dynamic Software ETF (PSJ)

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

	$	1,860,894			$	2,662,229			$	659,626			$	734,431			$	2,442,640			$	(1,751,609	)
		4,629,698				54,774,786				53,737,875				115,320,887				(5,979,197	)			245,206,146
		111,198				23,350,012				19,339,311				90,186,258				(35,572,323	)			22,821,313

		6,601,790				80,787,027				73,736,812				206,241,576				(39,108,880	)			266,275,850



		(1,646,046	)			(2,788,878	)			(732,205	)			(708,334	)			(573,612	)			-


		102,818,216				93,067,327				271,457,716				468,344,805				179,208,679				705,257,723
		(33,193,015	)			(169,059,725	)			(214,676,422	)			(269,548,269	)			(286,206,146	)			(749,787,527	)

		69,625,201				(75,992,398	)			56,781,294				198,796,536				(106,997,467	)			(44,529,804	)

		74,580,945				2,005,751				129,785,901				404,329,778				(146,679,959	)			221,746,046


		358,503,169				356,497,418				633,276,177				228,946,399				622,085,392				400,339,346

	$	433,084,114			$	358,503,169			$	763,062,078			$	633,276,177			$	475,405,433			$	622,085,392


		1,300,000				1,300,000				2,120,000				4,360,000				1,140,000				5,060,000
		(420,000	)			(2,410,000	)			(1,730,000	)			(2,730,000	)			(1,840,000	)			(5,300,000	)
		4,590,000				5,700,000				5,230,000				3,600,000				3,810,000				4,050,000

		5,470,000				4,590,000				5,620,000				5,230,000				3,110,000				3,810,000

Financial Highlights

Invesco Dynamic Biotechnology & Genome ETF (PBE)


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

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	75.35		$	53.16		$	52.22		$	48.02		$	43.11		$	39.35

Net investment income (loss)^(a)			(0.06	)		(0.19	)		0.00	^(b)		(0.16	)		0.00	^(b)		0.33
Net realized and unrealized gain (loss) on investments			(0.28	)		22.38			0.97			4.36			5.13			3.63

Total from investment operations			(0.34	)		22.19			0.97			4.20			5.13			3.96

Distributions to shareholders from:
Net investment income			-			-			(0.03	)		(0.00	)^(c)		(0.22	)		(0.20	)

Net asset value at end of period		$	75.01		$	75.35		$	53.16		$	52.22		$	48.02		$	43.11

Market price at end of period^(d)		$	74.96		$	75.31		$	53.27		$	52.22		$	48.08		$	43.13

Net Asset Value Total Return^(e)			(0.45	)%		41.74	%		1.87	%		8.75	%		11.94	%		10.09	%
Market Price Total Return^(e)			(0.47	)%		41.37	%		2.08	%		8.62	%		12.04	%		10.15	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	292,549		$	287,833		$	220,611		$	248,027		$	232,910		$	230,631
Ratio to average net assets of:
Expenses, after Waivers			0.57	%^(f)		0.59	%		0.58	%		0.57	%		0.59	%		0.58	%
Expenses, prior to Waivers			0.57	%^(f)		0.59	%		0.58	%		0.57	%		0.59	%		0.58	%
Net investment income (loss)			(0.17	)%^(f)		(0.30	)%		0.01	%		(0.29	)%		0.01	%		0.81	%
Portfolio turnover rate^(g)			59	%		151	%		252	%		117	%		141	%		69	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

^(c)	Amount represents less than $(0.005).

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

^(e)

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

^(f)	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.



		34
		34

Financial Highlights—(continued)

Invesco Dynamic Building & Construction ETF (PKB)


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

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	51.43		$	25.83		$	30.04		$	30.33		$	29.58		$	25.08

Net investment income^(a)			0.09			0.10			0.12			0.13			0.08			0.07
Net realized and unrealized gain (loss) on investments			(1.33	)		25.62			(4.19	)		(0.29	)		0.73			4.52

Total from investment operations			(1.24	)		25.72			(4.07	)		(0.16	)		0.81			4.59

Distributions to shareholders from:
Net investment income			(0.08	)		(0.12	)		(0.14	)		(0.13	)		(0.06	)		(0.09	)

Net asset value at end of period		$	50.11		$	51.43		$	25.83		$	30.04		$	30.33		$	29.58

Market price at end of period^(b)		$	50.09		$	51.48		$	25.89		$	30.05		$	30.34		$	29.60

Net Asset Value Total Return^(c)			(2.41	)%		99.81	%		(13.59	)%		(0.47	)%		2.73	%		18.33	%
Market Price Total Return^(c)			(2.54	)%		99.54	%		(13.42	)%		(0.47	)%		2.70	%		18.41	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	277,082		$	279,793		$	69,753		$	118,639		$	280,510		$	317,995
Ratio to average net assets of:
Expenses, after Waivers			0.56	%^(d)		0.60	%		0.59	%		0.60	%		0.58	%		0.63	%
Expenses, prior to Waivers			0.56	%^(d)		0.60	%		0.59	%		0.60	%		0.58	%		0.63	%
Net investment income			0.35	%^(d)		0.25	%		0.38	%		0.44	%		0.24	%		0.24	%
Portfolio turnover rate^(e)			74	%		136	%		139	%		148	%		143	%		129	%

^(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.



		35
		35

Financial Highlights—(continued)

Invesco Dynamic Energy Exploration & Production ETF (PXE)


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

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	15.09		$	10.12		$	19.55		$	24.06		$	20.28		$	22.63

Net investment income^(a)			0.28			0.15			0.26			0.20			0.28			0.24
Net realized and unrealized gain (loss) on investments			5.56			5.22			(9.41	)		(4.48	)		3.89			(1.15	)

Total from investment operations			5.84			5.37			(9.15	)		(4.28	)		4.17			(0.91	)

Distributions to shareholders from:
Net investment income			(0.16	)		(0.40	)		(0.28	)		(0.23	)		(0.39	)		(1.44	)

Net asset value at end of period		$	20.77		$	15.09		$	10.12		$	19.55		$	24.06		$	20.28

Market price at end of period^(b)		$	20.78		$	15.12		$	10.11		$	19.57		$	24.12		$	20.28

Net Asset Value Total Return^(c)			38.96	%		55.47	%		(47.06	)%		(17.84	)%		21.00	%		(3.96	)%
Market Price Total Return^(c)			38.75	%		55.94	%		(47.17	)%		(17.96	)%		21.31	%		(3.96	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	142,068		$	59,593		$	16,693		$	40,078		$	49,324		$	55,760
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(d)		0.63	%		0.65	%^(e)		0.63	%		0.65	%		0.80	%^(f)
Expenses, prior to Waivers			0.63	%^(d)		0.95	%		0.86	%^(e)		0.64	%		0.77	%		0.88	%^(f)
Net investment income			3.18	%^(d)		1.30	%		1.80	%^(e)		0.82	%		1.37	%		1.13	%
Portfolio turnover rate^(g)			39	%		73	%		126	%		110	%		87	%		91	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(f)	Expenses, after Waivers and Expenses, prior to Waivers include state income taxes paid during the fiscal year ended April 30, 2017. Expenses, after Waivers and Expenses, prior to Waivers excluding the taxes paid are 0.63% and 0.71%, respectively.

^(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.



		36
		36

Financial Highlights—(continued)

Invesco Dynamic Food & Beverage ETF (PBJ)


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

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	41.25		$	30.36		$	34.21		$	32.81		$	33.75		$	32.31

Net investment income^(a)			0.13			0.47			0.41			0.34			0.41			0.33
Net realized and unrealized gain (loss) on investments			1.43			10.87			(3.81	)		1.39			(0.99	)		1.61

Total from investment operations			1.56			11.34			(3.40	)		1.73			(0.58	)		1.94

Distributions to shareholders from:
Net investment income			(0.22	)		(0.45	)		(0.45	)		(0.33	)		(0.36	)		(0.50	)

Net asset value at end of period		$	42.59		$	41.25		$	30.36		$	34.21		$	32.81		$	33.75

Market price at end of period^(b)		$	42.60		$	41.27		$	30.38		$	34.19		$	32.76		$	33.74

Net Asset Value Total Return^(c)			3.79	%		37.65	%		(10.00	)%		5.37	%		(1.70	)%		6.03	%
Market Price Total Return^(c)			3.77	%		37.63	%		(9.90	)%		5.47	%		(1.82	)%		6.03	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	97,097		$	83,735		$	63,746		$	71,831		$	78,732		$	146,821
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(d)		0.63	%		0.64	%^(e)		0.63	%		0.63	%		0.59	%
Expenses, prior to Waivers			0.63	%^(d)		0.68	%		0.64	%^(e)		0.65	%		0.65	%		0.59	%
Net investment income			0.63	%^(d)		1.35	%		1.23	%^(e)		1.05	%		1.25	%		0.99	%
Portfolio turnover rate^(f)			55	%		116	%		136	%		122	%		147	%		145	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.



		37
		37

Financial Highlights—(continued)

Invesco Dynamic Leisure and Entertainment ETF (PEJ)


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

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	46.00		$	27.39		$	44.80		$	44.89		$	42.00		$	35.69

Net investment income^(a)			0.05			0.31	^(b)		0.18			0.19			0.41			0.31
Net realized and unrealized gain (loss) on investments			4.50			18.62			(17.35	)		(0.05	)		2.86			6.26

Total from investment operations			4.55			18.93			(17.17	)		0.14			3.27			6.57

Distributions to shareholders from:
Net investment income			(0.07	)		(0.32	)		(0.24	)		(0.23	)		(0.38	)		(0.26	)

Net asset value at end of period		$	50.48		$	46.00		$	27.39		$	44.80		$	44.89		$	42.00

Market price at end of period^(c)		$	50.41		$	45.93		$	27.48		$	44.78		$	44.96		$	42.00

Net Asset Value Total Return^(d)			9.90	%		69.34	%		(38.42	)%		0.33	%		7.84	%		18.52	%
Market Price Total Return^(d)			9.91	%		68.53	%		(38.19	)%		0.12	%		8.01	%		18.55	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,419,586		$	1,787,267		$	135,590		$	67,201		$	116,724		$	144,902
Ratio to average net assets of:
Expenses, after Waivers			0.54	%^(e)		0.55	%		0.64	%^(f)		0.63	%		0.63	%		0.61	%
Expenses, prior to Waivers			0.54	%^(e)		0.55	%		0.70	%^(f)		0.63	%		0.65	%		0.61	%
Net investment income			0.19	%^(e)		0.76	%^(b)		0.47	%^(f)		0.42	%		0.97	%		0.83	%
Portfolio turnover rate^(g)			94	%		126	%		163	%		207	%		177	%		183	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.01 and 0.02%, respectively.

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

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.



		38
		38

Financial Highlights—(continued)

Invesco Dynamic Media ETF (PBS)


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

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	52.00		$	27.88		$	34.65		$	29.14		$	27.97		$	25.13

Net investment income (loss)^(a)			(0.01	)		0.40	^(b)		0.12			0.16			0.15			0.06
Net realized and unrealized gain (loss) on investments			2.31			23.96			(6.75	)		5.58			1.14			2.82

Total from investment operations			2.30			24.36			(6.63	)		5.74			1.29			2.88

Distributions to shareholders from:
Net investment income			(0.09	)		(0.24	)		(0.14	)		(0.23	)		(0.12	)		(0.04	)

Net asset value at end of period		$	54.21		$	52.00		$	27.88		$	34.65		$	29.14		$	27.97

Market price at end of period^(c)		$	54.15		$	51.96		$	27.85		$	34.65		$	29.16		$	27.98

Net Asset Value Total Return^(d)			4.44	%		87.47	%		(19.20	)%		19.81	%		4.64	%		11.49	%
Market Price Total Return^(d)			4.40	%		87.53	%		(19.28	)%		19.73	%		4.67	%		11.57	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	115,475		$	82,685		$	30,668		$	88,348		$	48,080		$	148,230
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(e)		0.63	%		0.64	%^(f)		0.63	%		0.63	%		0.63	%
Expenses, prior to Waivers			0.63	%^(e)		0.72	%		0.67	%^(f)		0.67	%		0.68	%		0.63	%
Net investment income (loss)			(0.02	)%^(e)		0.94	%^(b)		0.36	%^(f)		0.49	%		0.53	%		0.21	%
Portfolio turnover rate^(g)			49	%		99	%		146	%		103	%		150	%		103	%

^(a)	Based on average shares outstanding.

^(b)

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

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.



		39
		39

Financial Highlights—(continued)

Invesco Dynamic Networking ETF (PXQ)


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

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	85.40		$	57.59		$	63.16		$	50.08		$	43.58		$	33.65

Net investment income^(a)			0.46	^(b)		0.08			0.10			0.66			0.18			0.21
Net realized and unrealized gain (loss) on investments			11.71			27.86			(5.51	)		13.13			6.62			9.90

Total from investment operations			12.17			27.94			(5.41	)		13.79			6.80			10.11

Distributions to shareholders from:
Net investment income			(0.25	)		(0.13	)		(0.16	)		(0.71	)		(0.30	)		(0.18	)

Net asset value at end of period		$	97.32		$	85.40		$	57.59		$	63.16		$	50.08		$	43.58

Market price at end of period^(c)		$	97.32		$	85.46		$	57.51		$	63.14		$	50.10		$	43.59

Net Asset Value Total Return^(d)			14.27	%		48.59	%		(8.56	)%		27.90	%		15.70	%		30.19	%
Market Price Total Return^(d)			14.19	%		48.90	%		(8.66	)%		27.81	%		15.73	%		30.22	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	44,766		$	41,848		$	46,070		$	101,051		$	60,091		$	26,145
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(e)		0.63	%		0.64	%^(f)		0.63	%		0.63	%		0.63	%
Expenses, prior to Waivers			0.71	%^(e)		0.73	%		0.65	%^(f)		0.64	%		0.83	%		0.89	%
Net investment income			0.99	%^(b)(e)		0.11	%		0.17	%^(f)		1.21	%		0.39	%		0.55	%
Portfolio turnover rate^(g)			60	%		103	%		99	%		98	%		79	%		97	%

^(a)	Based on average shares outstanding.

^(b)

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

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.



		40
		40

Financial Highlights—(continued)

Invesco Dynamic Oil & Gas Services ETF (PXJ)


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

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	3.26		$	2.39		$	6.87		$	9.70		$	10.70		$	13.20

Net investment income^(a)			0.01			0.07	^(b)		0.07			0.04			0.27	^(c)		0.06
Net realized and unrealized gain (loss) on investments			0.41			0.94	^(d)		(4.47	)		(2.81	)		(1.01	)		(2.41	)

Total from investment operations			0.42			1.01			(4.40	)		(2.77	)		(0.74	)		(2.35	)

Distributions to shareholders from:
Net investment income			(0.01	)		(0.14	)		(0.08	)		(0.06	)		(0.26	)		(0.08	)
Return of capital			-			-			-			-			-			(0.07	)

Total distributions			(0.01	)		(0.14	)		(0.08	)		(0.06	)		(0.26	)		(0.15	)

Net asset value at end of period		$	3.67		$	3.26		$	2.39		$	6.87		$	9.70		$	10.70

Market price at end of period^(e)		$	3.67		$	3.27		$	2.40		$	6.87		$	9.70		$	10.70

Net Asset Value Total Return^(f)			12.99	%		43.34	%		(63.87	)%		(28.69	)%		(6.71	)%		(17.99	)%
Market Price Total Return^(f)			12.64	%		43.19	%		(63.72	)%		(28.69	)%		(6.72	)%		(17.92	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,691		$	55,918		$	5,971		$	17,519		$	37,827		$	33,174
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(g)(h)		0.63	%		0.67	%⁽ⁱ⁾		0.63	%		0.63	%		0.63	%
Expenses, prior to Waivers			0.73	%^(g)(h)		1.17	%		1.09	%⁽ⁱ⁾		0.83	%		0.86	%		0.75	%
Net investment income			0.52	%^(g)		2.32	%^(b)		1.51	%⁽ⁱ⁾		0.48	%		2.90	%^(c)		0.47	%
Portfolio turnover rate^(j)			53	%		63	%		82	%		81	%		91	%		90	%

^(a)	Based on average shares outstanding.

^(b)

^(c)

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

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

^(f)

^(g)	Annualized.

^(h)

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.

⁽ⁱ⁾	Ratios include non-recurring costs associated with a proxy statement of 0.04%.

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

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



		41
		41

Financial Highlights—(continued)

Invesco Dynamic Pharmaceuticals ETF (PJP)


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

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	78.11		$	62.54		$	62.65		$	61.49		$	60.71		$	62.16

Net investment income^(a)			0.36			0.53			0.55			0.69			0.43			0.48
Net realized and unrealized gain (loss) on investments			1.02			15.60			(0.08	)		1.17			0.79			(1.40	)

Total from investment operations			1.38			16.13			0.47			1.86			1.22			(0.92	)

Distributions to shareholders from:
Net investment income			(0.32	)		(0.56	)		(0.58	)		(0.70	)		(0.44	)		(0.53	)

Net asset value at end of period		$	79.17		$	78.11		$	62.54		$	62.65		$	61.49		$	60.71

Market price at end of period^(b)		$	79.14		$	78.17		$	62.49		$	62.64		$	61.53		$	60.71

Net Asset Value Total Return^(c)			1.77	%		25.91	%		0.83	%		3.02	%		1.99	%		(1.47	)%
Market Price Total Return^(c)			1.66	%		26.10	%		0.77	%		2.94	%		2.05	%		(1.44	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	433,084		$	358,503		$	356,497		$	416,591		$	525,754		$	764,908
Ratio to average net assets of:
Expenses, after Waivers			0.56	%^(d)		0.58	%		0.56	%		0.56	%		0.57	%		0.56	%
Expenses, prior to Waivers			0.56	%^(d)		0.58	%		0.56	%		0.56	%		0.57	%		0.56	%
Net investment income			0.90	%^(d)		0.76	%		0.92	%		1.03	%		0.68	%		0.79	%
Portfolio turnover rate^(e)			18	%		48	%		63	%		81	%		98	%		26	%

^(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.



		42
		42

Financial Highlights—(continued)

Invesco Dynamic Semiconductors ETF (PSI)


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

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	121.09		$	63.60		$	58.09		$	48.91		$	42.47		$	24.50

Net investment income^(a)			0.13			0.19			0.29			0.38			0.14			0.19
Net realized and unrealized gain on investments			14.71			57.49			5.60			9.19			6.41			18.02

Total from investment operations			14.84			57.68			5.89			9.57			6.55			18.21

Distributions to shareholders from:
Net investment income			(0.15	)		(0.19	)		(0.38	)		(0.39	)		(0.11	)		(0.24	)

Net asset value at end of period		$	135.78		$	121.09		$	63.60		$	58.09		$	48.91		$	42.47

Market price at end of period^(b)		$	135.56		$	120.96		$	63.71		$	58.04		$	48.94		$	42.51

Net Asset Value Total Return^(c)			12.25	%		90.85	%		10.23	%		19.71	%		15.42	%		74.65	%
Market Price Total Return^(c)			12.19	%		90.32	%		10.51	%		19.53	%		15.38	%		74.96	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	763,062		$	633,276		$	228,946		$	200,423		$	315,455		$	235,699
Ratio to average net assets of:
Expenses, after Waivers			0.55	%^(d)		0.56	%		0.57	%		0.58	%		0.61	%		0.63	%
Expenses, prior to Waivers			0.55	%^(d)		0.56	%		0.57	%		0.58	%		0.61	%		0.63	%
Net investment income			0.20	%^(d)		0.20	%		0.49	%		0.73	%		0.29	%		0.55	%
Portfolio turnover rate^(e)			41	%		95	%		94	%		98	%		65	%		62	%

^(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.



		43
		43

Financial Highlights—(continued)

Invesco Dynamic Software ETF (PSJ)


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

	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	163.28		$	98.85		$	96.10		$	70.81		$	53.44		$	42.20

Net investment income (loss)^(a)			0.69	^(b)		(0.43	)		0.03			(0.22	)		(0.27	)		(0.05	)
Net realized and unrealized gain (loss) on investments			(10.94	)		64.86			2.83			25.51			17.64			11.30

Total from investment operations			(10.25	)		64.43			2.86			25.29			17.37			11.25

Distributions to shareholders from:
Net investment income			(0.17	)		-			(0.11	)		-			-			(0.01	)

Net asset value at end of period		$	152.86		$	163.28		$	98.85		$	96.10		$	70.81		$	53.44

Market price at end of period^(c)		$	152.78		$	163.23		$	98.80		$	96.13		$	70.90		$	53.39

Net Asset Value Total Return^(d)			(6.28	)%		65.17	%		2.99	%		35.71	%		32.51	%		26.67	%
Market Price Total Return^(d)			(6.30	)%		65.21	%		2.91	%		35.58	%		32.80	%		26.52	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	475,405		$	622,085		$	400,339		$	437,243		$	155,784		$	101,545
Ratio to average net assets of:
Expenses, after Waivers			0.56	%^(e)		0.56	%		0.56	%		0.58	%		0.63	%		0.63	%
Expenses, prior to Waivers			0.56	%^(e)		0.56	%		0.56	%		0.58	%		0.63	%		0.64	%
Net investment income (loss)			0.88	%^(b)(e)		(0.31	)%		0.03	%		(0.27	)%		(0.42	)%		(0.11	)%
Portfolio turnover rate^(f)			88	%		176	%		190	%		157	%		145	%		154	%

^(a)	Based on average shares outstanding.

^(b)

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

^(d)

^(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.



		44
		44

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2021

(Unaudited)

NOTE 1—Organization

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


Full Name		Short Name

Invesco Dynamic Biotechnology & Genome ETF (PBE)		“Dynamic Biotechnology & Genome ETF”

Invesco Dynamic Building & Construction ETF (PKB)		“Dynamic Building & Construction ETF”

Invesco Dynamic Energy Exploration & Production ETF (PXE)		“Dynamic Energy Exploration & Production ETF”

Invesco Dynamic Food & Beverage ETF (PBJ)		“Dynamic Food & Beverage ETF”

Invesco Dynamic Leisure and Entertainment ETF (PEJ)		“Dynamic Leisure and Entertainment ETF”

Invesco Dynamic Media ETF (PBS)		“Dynamic Media ETF”

Invesco Dynamic Networking ETF (PXQ)		“Dynamic Networking ETF”

Invesco Dynamic Oil & Gas Services ETF (PXJ)		“Dynamic Oil & Gas Services ETF”

Invesco Dynamic Pharmaceuticals ETF (PJP)		“Dynamic Pharmaceuticals ETF”

Invesco Dynamic Semiconductors ETF (PSI)		“Dynamic Semiconductors ETF”

Invesco Dynamic Software ETF (PSJ)		“Dynamic Software ETF”

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

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

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


Fund		Underlying Index

Dynamic Biotechnology & Genome ETF		Dynamic Biotech & Genome Intellidex^®Index

Dynamic Building & Construction ETF		Dynamic Building & Construction Intellidex^®Index

Dynamic Energy Exploration & Production ETF		Dynamic Energy Exploration & Production Intellidex^®Index

Dynamic Food & Beverage ETF		Dynamic Food & Beverage Intellidex^®Index

Dynamic Leisure and Entertainment ETF		Dynamic Leisure & Entertainment Intellidex^®Index

Dynamic Media ETF		Dynamic Media Intellidex^®Index

Dynamic Networking ETF		Dynamic Networking Intellidex^®Index

Dynamic Oil & Gas Services ETF		Dynamic Oil Services Intellidex^®Index

Dynamic Pharmaceuticals ETF		Dynamic Pharmaceutical Intellidex^®Index

Dynamic Semiconductors ETF		Dynamic Semiconductor Intellidex^®Index

Dynamic Software ETF		Dynamic Software Intellidex^®Index

NOTE 2—Significant Accounting Policies

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

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

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

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or,

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

B.	Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis.

Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest

income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. 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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on 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 is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, 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 directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

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 Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. BNY Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, there were no securities lending transactions with Invesco.

J.	Other Risks

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

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.

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

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

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

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

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

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

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 and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

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

NOTE 3—Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each Fund from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2023. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2023. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Dynamic Biotechnology & Genome ETF, Dynamic Building & Construction ETF, Dynamic Energy Exploration & Production ETF, Dynamic Food & Beverage ETF, Dynamic Leisure and Entertainment ETF, Dynamic Media ETF, Dynamic Pharmaceuticals ETF, Dynamic Semiconductors ETF and Dynamic Software ETF.

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

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



Dynamic Biotechnology & Genome ETF	$	-

Dynamic Building & Construction ETF		2

Dynamic Energy Exploration & Production ETF		1

Dynamic Food & Beverage ETF		1

Dynamic Leisure and Entertainment ETF		5,194

Dynamic Media ETF		1

Dynamic Networking ETF		16,239

Dynamic Oil & Gas Services ETF		19,056

Dynamic Pharmaceuticals ETF		-

Dynamic Semiconductors ETF		4

Dynamic Software ETF		19

The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of October 31, 2021 are as follows:


	Total Potential Recapture Amounts

			Potential Recapture Amounts Expiring

			4/30/22		4/30/23		4/30/24		4/30/25

Dynamic Energy Exploration & Production ETF		$135,991	$	2,781		$55,789		$77,421	$	-

Dynamic Food & Beverage ETF		34,987		2,297		-		32,690		-

Dynamic Media ETF		62,335		2,693		14,261		45,381		-

Dynamic Networking ETF		73,267		-		8,945		48,084		16,238

Dynamic Oil & Gas Services ETF		169,975		22,954		47,837		81,170		18,014

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

The Adviser has entered into a licensing agreement for each Fund with ICE Data Indices, LLC (the “Licensor”). Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

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

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



Dynamic Biotechnology & Genome ETF	$	6,000

Dynamic Building & Construction ETF		1,539

Dynamic Energy Exploration & Production ETF		10,467

Dynamic Food & Beverage ETF		4,608

Dynamic Leisure and Entertainment ETF		8,627

Dynamic Media ETF		3,657

Dynamic Networking ETF		3,254

Dynamic Oil & Gas Services ETF		11,523

Dynamic Pharmaceuticals ETF		5,788

Dynamic Semiconductors ETF		3,714

Dynamic Software ETF		6,011

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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2021. 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

Dynamic Biotechnology & Genome ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	292,669,162		$	-		$	-		$	292,669,162

Money Market Funds			115,549			54,248,201			-			54,363,750


Total Investments		$	292,784,711		$	54,248,201		$	-		$	347,032,912


	Level 1			Level 2			Level 3			Total

Dynamic Building & Construction ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	277,181,983		$	-		$	-		$	277,181,983

Money Market Funds			67,447			5,639,360			-			5,706,807


Total Investments		$	277,249,430		$	5,639,360		$	-		$	282,888,790


Dynamic Energy Exploration & Production ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	142,019,429		$	-		$	-		$	142,019,429

Money Market Funds			162,115			9,342,487			-			9,504,602


Total Investments		$	142,181,544		$	9,342,487		$	-		$	151,524,031


Dynamic Food & Beverage ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	97,052,901		$	-		$	-		$	97,052,901

Money Market Funds			171,773			7,109,504			-			7,281,277


Total Investments		$	97,224,674		$	7,109,504		$	-		$	104,334,178


Dynamic Leisure and Entertainment ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,420,372,166		$	-		$	-		$	1,420,372,166

Money Market Funds			-			191,981,000			-			191,981,000


Total Investments		$	1,420,372,166		$	191,981,000		$	-		$	1,612,353,166


Dynamic Media ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	115,568,630		$	-		$	-		$	115,568,630

Money Market Funds			61,714			3,357,069			-			3,418,783


Total Investments		$	115,630,344		$	3,357,069		$	-		$	118,987,413


Dynamic Networking ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	44,770,191		$	-		$	-		$	44,770,191

Money Market Funds			93,768			2,762,910			-			2,856,678


Total Investments		$	44,863,959		$	2,762,910		$	-		$	47,626,869


Dynamic Oil & Gas Services ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	23,426,738		$	-		$	-		$	23,426,738

Exchange-Traded Funds			2,747,158			-			-			2,747,158

Money Market Funds			95,450			3,619,761			-			3,715,211


Total Investments		$	26,269,346		$	3,619,761		$	-		$	29,889,107


Dynamic Pharmaceuticals ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	433,000,804		$	-		$	-		$	433,000,804

Money Market Funds			59,889			28,351,531			-			28,411,420


Total Investments		$	433,060,693		$	28,351,531		$	-		$	461,412,224


Dynamic Semiconductors ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	763,324,200		$	-		$	-		$	763,324,200

Money Market Funds			-			25,398,425			-			25,398,425


Total Investments		$	763,324,200		$	25,398,425		$	-		$	788,722,625


Dynamic Software ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	475,534,564		$	-		$	-		$	475,534,564

Money Market Funds			115,042			78,984,879			-			79,099,921


Total Investments		$	475,649,606		$	78,984,879		$	-		$	554,634,485

NOTE 5—Tax Information

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

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

The Funds had capital loss carryforwards as of April 30, 2021, as follows:


	No expiration

	Short-Term		Long-Term		Total*

Dynamic Biotechnology & Genome ETF	$	206,288,745	$	27,918,068	$	234,206,813

Dynamic Building & Construction ETF		57,303,210		8,653,667		65,956,877

Dynamic Energy Exploration & Production ETF		90,716,496		35,319,684		126,036,180

Dynamic Food & Beverage ETF		74,215,193		8,907,758		83,122,951

Dynamic Leisure and Entertainment ETF		39,231,050		1,653,707		40,884,757

Dynamic Media ETF		81,343,121		3,260,660		84,603,781

Dynamic Networking ETF		34,919,446		10,253,084		45,172,530

Dynamic Oil & Gas Services ETF		57,744,739		47,490,230		105,234,969

Dynamic Pharmaceuticals ETF		168,029,525		254,541,007		422,570,532

Dynamic Semiconductors ETF		8,334,233		-		8,334,233

Dynamic Software ETF		-		-		-

*	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 October 31, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

Dynamic Biotechnology & Genome ETF	$	173,845,314	$	173,650,388

Dynamic Building & Construction ETF		220,856,839		220,239,531

Dynamic Energy Exploration & Production ETF		34,179,538		34,769,932

Dynamic Food & Beverage ETF		52,287,077		52,449,146

Dynamic Leisure and Entertainment ETF		1,599,422,567		1,440,081,998

Dynamic Media ETF		55,904,624		54,980,486

Dynamic Networking ETF		26,426,405		26,562,771

Dynamic Oil & Gas Services ETF		20,589,130		19,092,742

Dynamic Pharmaceuticals ETF		74,951,595		75,014,281

Dynamic Semiconductors ETF		274,972,280		275,377,132

Dynamic Software ETF		493,585,214		492,794,435

For the six months ended October 31, 2021, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Dynamic Biotechnology & Genome ETF	$	68,890,297	$	62,784,706

Dynamic Building & Construction ETF		218,205,359		210,485,419

Dynamic Energy Exploration & Production ETF		81,892,136		23,496,434

Dynamic Food & Beverage ETF		50,680,830		40,698,313

Dynamic Leisure and Entertainment ETF		586,426,749		1,318,677,934

Dynamic Media ETF		69,280,942		42,167,148

Dynamic Networking ETF		26,319,841		28,508,282

Dynamic Oil & Gas Services ETF		1,585,888		34,480,858

Dynamic Pharmaceuticals ETF		102,717,527		33,208,962


	In-kind Purchases		In-kind Sales

Dynamic Semiconductors ETF	$	271,474,838	$	213,953,838

Dynamic Software ETF		179,252,409		284,955,488

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At October 31, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


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

Dynamic Biotechnology & Genome ETF	$	36,035,966	$	(15,235,647	)	$	20,800,319		$	326,232,593

Dynamic Building & Construction ETF		29,548,270		(13,056,404	)		16,491,866			266,396,924

Dynamic Energy Exploration & Production ETF		21,762,006		(2,131,763	)		19,630,243			131,893,788

Dynamic Food & Beverage ETF		11,624,554		(2,509,419	)		9,115,135			95,219,043

Dynamic Leisure and Entertainment ETF		76,128,780		(112,691,280	)		(36,562,500	)		1,648,915,666

Dynamic Media ETF		12,944,023		(7,324,904	)		5,619,119			113,368,294

Dynamic Networking ETF		9,899,439		(1,779,045	)		8,120,394			39,506,475

Dynamic Oil & Gas Services ETF		1,193,028		(2,242,315	)		(1,049,287	)		30,938,394

Dynamic Pharmaceuticals ETF		73,509,051		(19,835,323	)		53,673,728			407,738,496
Dynamic Semiconductors ETF		145,000,463		(7,210,711	)		137,789,752			650,932,873

Dynamic Software ETF		45,468,875		(42,150,103	)		3,318,772			551,315,713

NOTE 7—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco 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 Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

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

Calculating your ongoing Fund expenses

In addition to the fees and expenses which the Invesco Dynamic Oil & Gas Services ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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



	Beginning Account Value May 1, 2021			Ending Account Value October 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Dynamic Biotechnology & Genome ETF (PBE)

Actual		$	1,000.00		$	995.50		0.57	%		$	2.87

Hypothetical (5% return before expenses)			1,000.00			1,022.33		0.57				2.91

Invesco Dynamic Building & Construction ETF (PKB)

Actual			1,000.00			975.90		0.56				2.79

Hypothetical (5% return before expenses)			1,000.00			1,022.38		0.56				2.85

Invesco Dynamic Energy Exploration & Production ETF (PXE)

Actual			1,000.00			1,389.60		0.63				3.79

Hypothetical (5% return before expenses)			1,000.00			1,022.03		0.63				3.21

Invesco Dynamic Food & Beverage ETF (PBJ)

Actual			1,000.00			1,037.90		0.63				3.24

Hypothetical (5% return before expenses)			1,000.00			1,022.03		0.63				3.21

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

Actual			1,000.00			1,099.00		0.54				2.86

Hypothetical (5% return before expenses)			1,000.00			1,022.48		0.54				2.75

Invesco Dynamic Media ETF (PBS)

Actual			1,000.00			1,044.40		0.63				3.25

Hypothetical (5% return before expenses)			1,000.00			1,022.03		0.63				3.21

Calculating your ongoing Fund expenses—(continued)



	Beginning Account Value May 1, 2021			Ending Account Value October 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Dynamic Networking ETF (PXQ)

Actual		$	1,000.00		$	1,142.70		0.63	%		$	3.40

Hypothetical (5% return before expenses)			1,000.00			1,022.03		0.63				3.21

Invesco Dynamic Oil & Gas Services ETF (PXJ)

Actual			1,000.00			1,129.90		0.63				3.38

Hypothetical (5% return before expenses)			1,000.00			1,022.03		0.63				3.21

Invesco Dynamic Pharmaceuticals ETF (PJP)

Actual			1,000.00			1,017.70		0.56				2.85

Hypothetical (5% return before expenses)			1,000.00			1,022.38		0.56				2.85

Invesco Dynamic Semiconductors ETF (PSI)

Actual			1,000.00			1,122.50		0.55				2.94

Hypothetical (5% return before expenses)			1,000.00			1,022.43		0.55				2.80

Invesco Dynamic Software ETF (PSJ)

Actual			1,000.00			937.20		0.56				2.73

Hypothetical (5% return before expenses)			1,000.00			1,022.38		0.56				2.85

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365.

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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.

3500 Lacey Road, Suite 700


Downers Grove, IL 60515		P-PS-SAR-7		invesco.com/ETFs