
		Invesco Semi-Annual Report to Shareholders
		October 31, 2020
		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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

LOGO

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			56


		2

Invesco Dynamic Biotechnology & Genome ETF (PBE)

October 31, 2020

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.05%
Biotechnology-80.98%
Acceleron Pharma, Inc.^(b)		64,227	$	6,716,860
Akebia Therapeutics, Inc.^(b)(c)		597,542		1,326,543
Alkermes PLC^(b)		375,724		6,105,515
Amgen, Inc.		44,113		9,569,874
Amicus Therapeutics, Inc.^(b)		423,606		7,552,895
Biogen, Inc.^(b)		39,934		10,066,163
CareDx, Inc.^(b)		178,229		8,742,132
Coherus Biosciences, Inc.^(b)(c)		320,664		5,345,469
CRISPR Therapeutics AG (Switzerland)^(b)(c)		68,028		6,246,331
Dicerna Pharmaceuticals, Inc.^(b)		336,821		7,069,873
Emergent BioSolutions, Inc.^(b)		51,390		4,623,558
Exelixis, Inc.^(b)		279,420		5,722,522
Fate Therapeutics, Inc.^(b)		175,555		7,794,642
FibroGen, Inc.^(b)		145,144		5,570,627
Gilead Sciences, Inc.		170,131		9,893,118
Halozyme Therapeutics, Inc.^(b)		218,812		6,126,736
Insmed, Inc.^(b)		220,558		7,265,181
Intellia Therapeutics, Inc.^(b)(c)		297,166		7,114,154
Ironwood Pharmaceuticals, Inc.^(b)		595,787		5,886,376
Neurocrine Biosciences, Inc.^(b)		97,680		9,638,086
OPKO Health, Inc.^(b)(c)		1,837,758		6,468,908
Regeneron Pharmaceuticals, Inc.^(b)		18,134		9,856,917
Sangamo Therapeutics, Inc.^(b)		563,760		5,829,278
United Therapeutics Corp.^(b)		57,566		7,727,084
Vertex Pharmaceuticals, Inc.^(b)		40,651		8,470,042

				176,728,884

Life Sciences Tools & Services-16.77%
Fluidigm Corp.^(b)		724,164		4,156,701
Illumina, Inc.^(b)		31,762		9,296,737
Pacific Biosciences of California, Inc.^(b)		962,497		12,618,336
QIAGEN N.V.^(b)(c)		221,713		10,518,065

				36,589,839


	Shares		Value
Pharmaceuticals-2.30%
Nektar Therapeutics^(b)		317,318	$	5,026,317

Total Common Stocks & Other Equity Interests (Cost $212,157,549)				218,345,040


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)(Cost $125,128)		125,128		125,128

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $212,282,677)				218,470,168


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.20%
Invesco Private Government Fund, 0.04%^(d)(e)(f)		13,268,653		13,268,653
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		19,897,010		19,902,979

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $33,171,496)				33,171,632

TOTAL INVESTMENTS IN SECURITIES-115.31% (Cost $245,454,173)				251,641,800
OTHER ASSETS LESS LIABILITIES-(15.31)%				(33,403,311	)

NET ASSETS-100.00%			$	218,238,489

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, 2020.

^(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, 2020.


								Change in
	Value		Purchases		Proceeds			Unrealized		Realized		Value		Dividend
	April 30, 2020		at Cost		from Sales			Appreciation		Gain		October 31, 2020		Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	289,760	$	(164,632	)	$	-	$	-	$	125,128	$	3
Invesco Premier U.S. Government Money Portfolio, Institutional Class		2,626		5,451,095		(5,453,721	)		-		-		-		60

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


		3

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

October 31, 2020

(Unaudited)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	6,405,928		$	67,537,422		$	(60,674,697	)		$	-		$	-		$	13,268,653		$	2,778	*
Invesco Private Prime Fund			-			37,117,917			(17,215,584	)			136			510			19,902,979			3,049	*

Total		$	6,408,554		$	110,396,194		$	(83,508,634	)		$	136		$	510		$	33,296,760		$	5,890

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement 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, 2020.

^(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 2J.


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Biotechnology	80.98
Life Sciences Tools & Services	16.77
Pharmaceuticals	2.30
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.


		4

Invesco Dynamic Building & Construction ETF (PKB)

October 31, 2020

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Building Products-18.34%
American Woodmark Corp.^(b)		42,518	$	3,512,412
JELD-WEN Holding, Inc.^(b)		175,553		3,691,880
Masonite International Corp.^(b)		39,972		3,517,536
Owens Corning		53,670		3,513,775
Simpson Manufacturing Co., Inc.		37,196		3,300,029
Trane Technologies PLC		57,132		7,584,273

				25,119,905

Construction & Engineering-16.80%
Argan, Inc.		86,727		3,572,285
Comfort Systems USA, Inc.		72,510		3,320,958
Dycom Industries, Inc.^(b)		68,897		4,474,171
EMCOR Group, Inc.		49,414		3,369,541
Primoris Services Corp.		198,387		3,743,563
Quanta Services, Inc.		72,666		4,536,538

				23,017,056

Construction Materials-17.47%
Eagle Materials, Inc.		44,595		3,801,723
Forterra, Inc.^(b)		271,295		3,540,400
Martin Marietta Materials, Inc.		32,495		8,655,043
Vulcan Materials Co.		54,764		7,932,018

				23,929,184

Gas Utilities-2.88%
Southwest Gas Holdings, Inc.		59,949		3,939,848

Home Improvement Retail-10.12%
GrowGeneration Corp.^(b)(c)		246,077		4,109,486
Lowe’s Cos., Inc.		40,855		6,459,175
Lumber Liquidators Holdings, Inc.^(b)		148,771		3,290,815

				13,859,476

Homebuilding-30.02%
Century Communities, Inc.^(b)		98,429		3,822,982
D.R. Horton, Inc.		93,712		6,260,899
Green Brick Partners, Inc.^(b)		247,720		4,431,711
Installed Building Products, Inc.^(b)		42,068		3,808,837
Lennar Corp., Class A		89,633		6,294,926


	Shares		Value
Homebuilding-(continued)
LGI Homes, Inc.^(b)		32,772	$	3,502,671
Meritage Homes Corp.^(b)		37,643		3,278,329
PulteGroup, Inc.		148,508		6,053,186
TopBuild Corp.^(b)		23,901		3,661,872

				41,115,413

Specialty Stores-4.37%
Tractor Supply Co.		44,987		5,992,718

Total Common Stocks & Other Equity Interests (Cost $125,493,015)				136,973,600


Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)(Cost $146,192)		146,192		146,192

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $125,639,207)				137,119,792


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.16%
Invesco Private Government Fund, 0.04%^(d)(e)(f)		1,729,712		1,729,712
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		2,593,790		2,594,568

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,324,280)				4,324,280

TOTAL INVESTMENTS IN SECURITIES-103.26% (Cost $129,963,487)				141,444,072
OTHER ASSETS LESS LIABILITIES-(3.26)%				(4,466,881	)

NET ASSETS-100.00%			$	136,977,191

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, 2020.

^(d)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	374,211		$	(228,019	)		$	-		$	-		$	146,192		$	2
Invesco Premier U.S. Government Money Portfolio, Institutional Class			136,080			824,684			(960,764	)			-			-			-			38

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


		5

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

October 31, 2020

(Unaudited)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	-		$	14,604,185		$	(12,874,473	)		$	-		$	-		$	1,729,712		$	159	*
Invesco Private Prime Fund			-			6,379,251			(3,784,778	)			-			95			2,594,568			256	*

Total		$	136,080		$	22,182,331		$	(17,848,034	)		$	-		$	95		$	4,470,472		$	455

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement 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, 2020.

^(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 2J.


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Homebuilding	30.02
Building Products	18.34
Construction Materials	17.47
Construction & Engineering	16.80
Home Improvement Retail	10.12
Specialty Stores	4.37
Gas Utilities	2.88
Money Market Funds Plus Other Assets Less Liabilities	(0.00	)

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


		6

Invesco Dynamic Energy Exploration & Production ETF (PXE)

October 31, 2020

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Oil & Gas Exploration & Production-80.12%
Antero Resources Corp.^(b)(c)		123,145	$	418,693
Apache Corp.		29,605		245,722
Cabot Oil & Gas Corp.		22,665		403,210
Cimarex Energy Co.		15,283		387,730
CNX Resources Corp.^(b)		38,456		373,023
Comstock Resources, Inc.^(b)		70,974		376,872
Concho Resources, Inc.		15,295		634,895
ConocoPhillips		20,772		594,495
Continental Resources, Inc.^(c)		24,685		296,961
Devon Energy Corp.		40,170		358,718
Diamondback Energy, Inc.		10,868		282,133
EOG Resources, Inc.		17,628		603,583
EQT Corp.		26,765		405,222
Hess Corp.		17,071		635,383
Magnolia Oil & Gas Corp., Class A^(b)		67,539		293,119
Marathon Oil Corp.		80,641		319,338
Matador Resources Co.^(b)		43,661		308,683
Murphy Oil Corp.		30,039		231,901
Ovintiv, Inc.		37,784		347,613
Parsley Energy, Inc., Class A		38,942		389,809
PDC Energy, Inc.^(b)		27,636		329,421
Pioneer Natural Resources Co.		7,520		598,291
Range Resources Corp.		54,784		360,479
Southwestern Energy Co.^(b)		149,564		399,336
WPX Energy, Inc.^(b)		74,784		344,754

				9,939,384

Oil & Gas Refining & Marketing-19.80%
CVR Energy, Inc.		25,577		281,603
HollyFrontier Corp.		17,318		320,556
Marathon Petroleum Corp.		22,655		668,322


	Shares		Value
Oil & Gas Refining & Marketing-(continued)
Phillips 66		13,150	$	613,579
Valero Energy Corp.		14,829		572,548

				2,456,608


Total Common Stocks & Other Equity Interests (Cost $20,584,465)				12,395,992


Money Market Funds-0.72%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)(Cost $88,887)		88,887		88,887

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.64% (Cost $20,673,352)				12,484,879


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.18%
Invesco Private Government Fund, 0.04%^(d)(e)(f)		306,746		306,746
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		459,981		460,118

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $766,862)				766,864

TOTAL INVESTMENTS IN SECURITIES-106.82% (Cost $21,440,214)				13,251,743
OTHER ASSETS LESS LIABILITIES-(6.82)%				(846,295	)

NET ASSETS-100.00%			$	12,405,448

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, 2020.

^(d)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	327,039		$	(238,152	)		$	-		$	-		$	88,887		$	2
Invesco Premier U.S. Government Money Portfolio, Institutional Class			106,816			556,027			(662,843	)			-			-			-			27

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


		7

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

October 31, 2020

(Unaudited)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	3,284,808		$	12,517,077		$	(15,495,139	)		$	-		$	-		$	306,746		$	317	*
Invesco Private Prime Fund			-			3,559,825			(3,099,792	)			2			83			460,118			251	*

Total		$	3,391,624		$	16,959,968		$	(19,495,926	)		$	2		$	83		$	855,751		$	597

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement 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, 2020.

^(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 2J.


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Oil & Gas Exploration & Production			80.12
Oil & Gas Refining & Marketing			19.80
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.


		8

Invesco Dynamic Food & Beverage ETF (PBJ)

October 31, 2020

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Agricultural Products-9.52%
Archer-Daniels-Midland Co.		45,360	$	2,097,447
Darling Ingredients, Inc.^(b)		62,205		2,674,815
Fresh Del Monte Produce, Inc.		84,946		1,828,887

				6,601,149

Brewers-3.42%
Boston Beer Co., Inc. (The), Class A^(b)		2,281		2,370,370

Distillers & Vintners-5.13%
Brown-Forman Corp., Class B		51,014		3,556,186

Food Distributors-4.85%
SpartanNash Co.		97,524		1,795,417
United Natural Foods, Inc.^(b)		107,613		1,567,921

				3,363,338

Food Retail-16.10%
Albertsons Cos., Inc., Class A^(c)		138,370		2,032,655
Grocery Outlet Holding Corp.^(b)		48,552		2,137,259
Ingles Markets, Inc., Class A		48,962		1,755,777
Kroger Co. (The)		56,098		1,806,917
Sprouts Farmers Market, Inc.^(b)		82,644		1,574,368
Weis Markets, Inc.		40,897		1,857,133

				11,164,109

Packaged Foods & Meats-38.12%
B&G Foods, Inc.^(c)		64,664		1,717,476
Campbell Soup Co.		38,065		1,776,494
Conagra Brands, Inc.		52,322		1,835,979
General Mills, Inc.		57,471		3,397,686
Hain Celestial Group, Inc. (The)^(b)		62,705		1,928,179
Hershey Co. (The)		25,010		3,437,875
JM Smucker Co. (The)		16,776		1,882,267
Kellogg Co.		28,790		1,810,603
Kraft Heinz Co. (The)		106,989		3,272,793
Mondelez International, Inc., Class A		63,976		3,398,405
Nomad Foods Ltd. (United Kingdom)^(b)		81,630		1,979,527

				26,437,284


	Shares		Value
Personal Products-2.66%
Herbalife Nutrition Ltd.^(b)		40,831	$	1,843,111

Soft Drinks-20.19%
Coca-Cola Consolidated, Inc.		7,371		1,687,590
Keurig Dr Pepper, Inc.		124,254		3,342,433
Monster Beverage Corp.^(b)		44,624		3,416,860
National Beverage Corp.^(b)(c)		25,190		1,972,125
PepsiCo, Inc.		26,871		3,581,635

				14,000,643

Total Common Stocks & Other Equity Interests (Cost $69,801,749)				69,336,190


Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)(Cost $49,270)		49,270		49,270

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $69,851,019)				69,385,460


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.57%
Invesco Private Government Fund, 0.04%^(d)(e)(f).		2,376,516		2,376,516
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		3,563,705		3,564,774

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,941,183)				5,941,290

TOTAL INVESTMENTS IN SECURITIES-108.63% (Cost $75,792,202)				75,326,750
OTHER ASSETS LESS LIABILITIES-(8.63)%				(5,987,204	)

NET ASSETS-100.00%			$	69,339,546

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, 2020.

^(d)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	383,996		$	(334,726	)		$	-		$	-		$	49,270		$	2
Invesco Premier U.S. Government Money Portfolio, Institutional Class			99,354			1,857,324			(1,956,678	)			-			-			-			33

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


		9

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

October 31, 2020

(Unaudited)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	304,437		$	10,943,077		$	(8,870,998	)		$	-		$	-		$	2,376,516		$	252	*
Invesco Private Prime Fund			-			5,833,722			(2,269,102	)			107			47			3,564,774			385	*

Total		$	403,791		$	19,018,119		$	(13,431,504	)		$	107		$	47		$	5,990,560		$	672

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement 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, 2020.

^(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 2J.


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Packaged Foods & Meats			38.12
Soft Drinks			20.19
Food Retail			16.10
Agricultural Products			9.52
Distillers & Vintners			5.13
Food Distributors			4.85
Brewers			3.42
Personal Products			2.66
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.


		10

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

October 31, 2020

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Broadcasting-16.10%
AMC Networks, Inc., Class A^(b)(c)		305,260	$	6,486,775
Discovery, Inc., Class A^(b)		335,971		6,800,053
Fox Corp., Class A		510,720		13,544,295
ViacomCBS, Inc., Class B		498,086		14,230,317

				41,061,440

Casinos & Gaming-5.37%
Accel Entertainment, Inc.^(b)		644,862		6,190,675
Penn National Gaming, Inc.^(b)		139,287		7,518,712

				13,709,387

Food Distributors-5.45%
Performance Food Group Co.^(b)		214,654		7,214,521
US Foods Holding Corp.^(b)		320,548		6,699,453

				13,913,974

Hotels, Resorts & Cruise Lines-5.46%
Hilton Worldwide Holdings, Inc.		158,566		13,923,681

Interactive Media & Services-5.01%
Eventbrite, Inc., Class A^(b)(c)		732,156		6,757,800
TripAdvisor, Inc.		315,155		6,022,612

				12,780,412

Internet & Direct Marketing Retail-6.24%
Grubhub, Inc.^(b)		104,551		7,732,592
Qurate Retail, Inc., Class A		1,208,407		8,180,915

				15,913,507

Movies & Entertainment-26.84%
Cinemark Holdings, Inc.^(c)		540,106		4,423,468
Lions Gate Entertainment Corp., Class A^(b)(c)		805,911		5,399,604
Live Nation Entertainment, Inc.^(b)		134,130		6,545,544
Madison Square Garden Entertainment Corp.^(b)		106,053		6,893,445
Madison Square Garden Sports Corp., Class A^(b)		45,958		6,509,491
Manchester United PLC, Class A (United Kingdom)		497,752		6,799,292
Walt Disney Co. (The)		105,289		12,766,291
Warner Music Group Corp., Class A		488,231		12,952,769
World Wrestling Entertainment, Inc., Class A		170,144		6,186,436

				68,476,340


	Shares		Value
Multi-Sector Holdings-2.87%
Cannae Holdings, Inc.^(b)		197,791	$	7,314,311

Restaurants-26.61%
Bloomin’ Brands, Inc.		591,705		8,272,036
Chipotle Mexican Grill, Inc.^(b)		11,010		13,228,295
Domino’s Pizza, Inc.		33,822		12,795,539
Papa John’s International, Inc.		78,660		6,025,356
Texas Roadhouse, Inc.		122,590		8,584,978
Wingstop, Inc.		46,389		5,396,432
Yum China Holdings, Inc. (China)		255,087		13,578,281

				67,880,917


Total Common Stocks & Other Equity Interests (Cost $269,844,176)				254,973,969


Money Market Funds-0.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)(Cost $338,576)		338,576		338,576

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.08% (Cost $270,182,752)				255,312,545


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.32%
Invesco Private Government Fund, 0.04%^(d)(e)(f)		4,550,639		4,550,639
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		11,557,716		11,561,183

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $16,111,500)				16,111,822

TOTAL INVESTMENTS IN SECURITIES-106.40% (Cost $286,294,252)				271,424,367
OTHER ASSETS LESS LIABILITIES-(6.40)%				(16,334,172	)

NET ASSETS-100.00%			$	255,090,195

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


		11

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

October 31, 2020

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2020.

^(d)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	480,581		$	(142,005	)		$	-		$	-		$	338,576		$	5
Invesco Premier U.S. Government Money Portfolio, Institutional Class			121,538			3,040,032			(3,161,570	)			-			-			-			31
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			5,113,813			86,711,767			(87,274,941	)			-			-			4,550,639			2,041	*
Invesco Private Prime Fund			-			29,515,234			(17,954,745	)			322			372			11,561,183			2,225	*

Total		$	5,235,351		$	119,747,614		$	(108,533,261	)		$	322		$	372		$	16,450,398		$	4,302

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement 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, 2020.

^(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 2J.


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Movies & Entertainment			26.84
Restaurants			26.61
Broadcasting			16.10
Internet & Direct Marketing Retail			6.24
Hotels, Resorts & Cruise Lines			5.46
Food Distributors			5.45
Casinos & Gaming			5.37
Interactive Media & Services			5.01
Multi-Sector Holdings			2.87
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.


		12

Invesco Dynamic Media ETF (PBS)

October 31, 2020

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Advertising-8.28%
Interpublic Group of Cos., Inc. (The)		54,252	$	981,419
Omnicom Group, Inc.		18,163		857,293
TechTarget, Inc.^(b)		25,266		1,106,651

				2,945,363

Broadcasting-12.64%
AMC Networks, Inc., Class A^(b)(c)		39,676		843,115
Discovery, Inc., Class A^(b)(c)		43,668		883,841
Fox Corp., Class A		36,208		960,236
Gray Television, Inc.^(b)		63,100		800,108
ViacomCBS, Inc., Class B		35,311		1,008,835

				4,496,135

Cable & Satellite-4.78%
DISH Network Corp., Class A^(b)		28,760		733,092
Sirius XM Holdings, Inc.^(c)		169,194		969,482

				1,702,574

Interactive Media & Services-41.65%
Alphabet, Inc., Class A^(b)		1,124		1,816,508
ANGI Homeservices, Inc., Class A^(b)		72,706		770,683
EverQuote, Inc., Class A^(b)		27,141		908,952
Facebook, Inc., Class A^(b)		6,242		1,642,333
Match Group, Inc.^(b)		16,410		1,916,360
Pinterest, Inc., Class A^(b)		28,943		1,706,190
QuinStreet, Inc.^(b)		75,056		1,201,271
SINA Corp. (China)^(b)		24,642		1,055,910
Twitter, Inc.^(b)		45,311		1,874,063
Yandex N.V., Class A (Russia)^(b)		15,455		889,744
Zillow Group, Inc., Class C^(b)		11,711		1,037,829

				14,819,843

Internet & Direct Marketing Retail-6.61%
Fiverr International Ltd. (Israel)^(b)(c)		8,770		1,284,103
Qurate Retail, Inc., Class A		157,496		1,066,248

				2,350,351

Movies & Entertainment-15.82%
Lions Gate Entertainment Corp., Class A^(b)(c)		104,748		701,812
Netflix, Inc.^(b)		3,477		1,654,148


	Shares		Value
Movies & Entertainment-(continued)
Spotify Technology S.A.^(b)		6,729	$	1,614,220
Walt Disney Co. (The)		13,685		1,659,306

				5,629,486

Publishing-5.01%
New York Times Co. (The), Class A		23,017		912,854
News Corp., Class A		66,285		870,322

				1,783,176

Research & Consulting Services-5.18%
IHS Markit Ltd.		22,809		1,844,564

Total Common Stocks & Other Equity Interests (Cost $30,898,738)				35,571,492


Money Market Funds-0.29%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)(Cost $104,008)		104,008		104,008

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.26% (Cost $31,002,746)				35,675,500


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.48%
Invesco Private Government Fund, 0.04%^(d)(e)(f)		1,064,421		1,064,421
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		1,596,153		1,596,631

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,661,052)				2,661,052

TOTAL INVESTMENTS IN SECURITIES-107.74% (Cost $33,663,798)				38,336,552
OTHER ASSETS LESS LIABILITIES-(7.74)%				(2,754,209	)

NET ASSETS-100.00%			$	35,582,343

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


		13

Invesco Dynamic Media ETF (PBS)–(continued)

October 31, 2020

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2020.

^(d)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	151,639		$	(47,631	)		$	-		$	-		$	104,008		$	2
Invesco Premier U.S. Government Money Portfolio, Institutional Class			105,640			702,371			(808,011	)			-			-			-			28
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			4,547,956			18,636,776			(22,120,311	)			-			-			1,064,421			431	*
Invesco Private Prime Fund			-			6,206,520			(4,610,038	)			-			149			1,596,631			365	*

Total		$	4,653,596		$	25,697,306		$	(27,585,991	)		$	-		$	149		$	2,765,060		$	826

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement 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, 2020.

^(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 2J.


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Interactive Media & Services			41.65
Movies & Entertainment			15.82
Broadcasting			12.64
Advertising			8.28
Internet & Direct Marketing Retail			6.61
Research & Consulting Services			5.18
Publishing			5.01
Cable & Satellite			4.78
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.


		14

Invesco Dynamic Networking ETF (PXQ)

October 31, 2020

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Application Software-10.41%
Citrix Systems, Inc.		10,168	$	1,151,730
Datadog, Inc., Class A^(b)		31,690		2,875,867
Dynatrace, Inc.^(b)		33,886		1,196,515

				5,224,112

Communications Equipment-31.35%
AudioCodes Ltd. (Israel)		45,652		1,323,452
Calix, Inc.^(b)		70,696		1,654,993
Ciena Corp.^(b)		25,830		1,017,444
Cisco Systems, Inc.		62,587		2,246,873
CommScope Holding Co., Inc.^(b)		140,960		1,254,544
Lumentum Holdings, Inc.^(b)		17,130		1,416,480
Motorola Solutions, Inc.		17,438		2,756,250
NETGEAR, Inc.^(b)		43,353		1,336,139
NetScout Systems, Inc.^(b)		62,017		1,272,589
Ubiquiti, Inc.^(c)		7,844		1,455,925

				15,734,689

Consumer Electronics-2.92%
Garmin Ltd.		14,100		1,466,682

Electronic Components-5.51%
Amphenol Corp., Class A		24,488		2,763,226

Internet Services & Infrastructure-7.47%
Akamai Technologies, Inc.^(b)		12,680		1,206,121
Okta, Inc.^(b)		12,119		2,542,930

				3,749,051

Semiconductors-9.22%
Inphi Corp.^(b)		12,950		1,809,892
QUALCOMM, Inc.		22,816		2,814,582

				4,624,474

Systems Software-28.54%
Check Point Software Technologies Ltd. (Israel)^(b)		11,332		1,286,862
Crowdstrike Holdings, Inc., Class A^(b)		12,321		1,525,833
FireEye, Inc.^(b)		98,586		1,364,430
Fortinet, Inc.^(b)		10,951		1,208,662


	Shares		Value
Systems Software-(continued)
Qualys, Inc.^(b)		13,552	$	1,190,543
SecureWorks Corp., Class A^(b)		118,739		1,234,886
Tenable Holdings, Inc.^(b)		39,809		1,357,885
Varonis Systems, Inc.^(b)		11,755		1,358,525
VMware, Inc., Class A^(b)(c)		18,524		2,384,594
Zscaler, Inc.^(b)		10,401		1,411,936

				14,324,156

Technology Hardware, Storage & Peripherals-4.59%
Apple, Inc.		21,174		2,305,002

Total Common Stocks & Other Equity Interests (Cost $44,013,330)				50,191,392


Money Market Funds-0.21%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)(Cost $105,044)		105,044		105,044

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.22% (Cost $44,118,374)				50,296,436


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.67%
Invesco Private Government Fund, 0.04%^(d)(e)(f)		1,138,646		1,138,646
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		1,707,457		1,707,969

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,846,615)				2,846,615

TOTAL INVESTMENTS IN SECURITIES-105.89% (Cost $46,964,989)				53,143,051
OTHER ASSETS LESS LIABILITIES-(5.89)%				(2,954,397	)

NET ASSETS-100.00%			$	50,188,654

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, 2020.

^(d)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	223,489		$	(118,445	)		$	-		$	-		$	105,044		$	1
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			340,136			(340,136	)			-			-			-			7

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


		15

Invesco Dynamic Networking ETF (PXQ)–(continued)

October 31, 2020

(Unaudited)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	1,998,897		$	19,012,200		$	(19,872,451	)		$	-		$	-		$	1,138,646		$	399	*
Invesco Private Prime Fund			-			6,495,857			(4,788,038	)			-			150			1,707,969			379	*

Total		$	1,998,897		$	26,071,682		$	(25,119,070	)		$	-		$	150		$	2,951,659		$	786

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement 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, 2020.

^(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 2J.


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Communications Equipment	31.35
Systems Software	28.54
Application Software	10.41
Semiconductors	9.22
Internet Services & Infrastructure	7.47
Electronic Components	5.51
Technology Hardware, Storage & Peripherals	4.59
Consumer Electronics	2.92
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

Invesco Dynamic Oil & Gas Services ETF (PXJ)

October 31, 2020

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-94.68%
Oil & Gas Drilling-14.72%
Helmerich & Payne, Inc.		28,754	$	427,572
Patterson-UTI Energy, Inc.		82,702		211,717
Transocean Ltd.^(b)(c)		254,724		170,792

				810,081

Oil & Gas Equipment & Services-66.56%
Archrock, Inc.		42,199		250,240
Baker Hughes Co., Class A		32,424		478,903
Cactus, Inc., Class A		13,922		236,674
ChampionX Corp.^(b)		46,370		404,810
Core Laboratories N.V.		14,741		213,007
Dril-Quip, Inc.^(b)		9,519		246,542
Halliburton Co.		29,813		359,545
National Oilwell Varco, Inc.		29,896		251,126
RPC, Inc.^(b)		103,044		245,245
Schlumberger Ltd.		25,540		381,568
TechnipFMC PLC (United Kingdom)		62,843		347,522
USA Compression Partners L.P.		24,646		246,706

				3,661,888

Oil & Gas Storage & Transportation-13.40%
DHT Holdings, Inc.		51,166		246,109
Frontline Ltd. (Norway)^(c)		45,188		244,467
Scorpio Tankers, Inc. (Monaco)		28,004		246,995

				737,571

Total Common Stocks & Other Equity Interests (Cost $11,580,538)				5,209,540


	Shares		Value
Money Market Funds-1.41%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)(Cost $77,333)		77,333	$	77,333

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-96.09% (Cost $11,657,871)				5,286,873


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-11.09%
Invesco Private Government Fund, 0.04%^(d)(e)(f)		244,017		244,017
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		365,916		366,026

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $610,043)				610,043

TOTAL INVESTMENTS IN SECURITIES-107.18% (Cost $12,267,914)				5,896,916
OTHER ASSETS LESS LIABILITIES-(7.18)%				(394,927	)

NET ASSETS-100.00%			$	5,501,989

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, 2020.

^(d)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	190,191		$	(112,858	)		$	-		$	-		$	77,333		$	1
Invesco Premier U.S. Government Money Portfolio, Institutional Class			116,865			378,972			(495,837	)			-			-			-			29
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			693,740			3,698,923			(4,148,646	)			-			-			244,017			136	*
Invesco Private Prime Fund			-			1,285,369			(919,385	)			-			42			366,026			114	*

Total		$	810,605		$	5,553,455		$	(5,676,726	)		$	-		$	42		$	687,376		$	280

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement 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.


		17

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

October 31, 2020

(Unaudited)

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(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 2J.


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Oil & Gas Equipment & Services			66.56
Oil & Gas Drilling			14.72
Oil & Gas Storage & Transportation			13.40
Money Market Funds Plus Other Assets Less Liabilities			5.32

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


		18

Invesco Dynamic Pharmaceuticals ETF (PJP)

October 31, 2020

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Biotechnology-36.67%
AbbVie, Inc.		175,776	$	14,958,538
Alexion Pharmaceuticals, Inc.^(b)		86,519		9,961,798
Amgen, Inc.		65,566		14,223,888
Biogen, Inc.^(b)		32,874		8,286,549
Emergent BioSolutions, Inc.^(b)		77,556		6,977,713
Enanta Pharmaceuticals, Inc.^(b)		184,829		8,064,089
Gilead Sciences, Inc.		252,872		14,704,507
Ligand Pharmaceuticals, Inc.^(b)(c)		88,803		7,321,807
Regeneron Pharmaceuticals, Inc.^(b)		14,929		8,114,807
Retrophin, Inc.^(b)		477,650		9,667,636
United Therapeutics Corp.^(b)		86,879		11,661,768

				113,943,100

Health Care Equipment-5.04%
Abbott Laboratories		148,943		15,655,399

Pharmaceuticals-58.28%
Amphastar Pharmaceuticals, Inc.^(b)		452,015		8,854,974
Bausch Health Cos., Inc.^(b)(c)		540,026		8,910,429
Corcept Therapeutics, Inc.^(b)		736,793		12,363,386
Eli Lilly and Co.		111,269		14,516,154
Endo International PLC^(b)		3,290,480		15,037,493
Horizon Therapeutics PLC^(b)		125,194		9,380,786
Innoviva, Inc.^(b)		787,345		8,511,199
Jazz Pharmaceuticals PLC^(b)		70,586		10,171,443
Johnson & Johnson		108,353		14,856,280
Merck & Co., Inc.		193,147		14,526,586
Mylan N.V.^(b)		567,394		8,249,909
Pacira BioSciences, Inc.^(b)		152,222		7,961,211
Perrigo Co. PLC		175,233		7,687,472
Pfizer, Inc.		437,819		15,533,818
Prestige Consumer Healthcare, Inc.^(b)		246,587		8,144,769


	Shares		Value
Pharmaceuticals-(continued)
Supernus Pharmaceuticals, Inc.^(b)		407,296	$	7,477,954
Taro Pharmaceutical Industries Ltd.^(b)		152,222		8,924,776

				181,108,639

Total Common Stocks & Other Equity Interests (Cost $291,280,047)				310,707,138


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)(Cost $98,237)		98,237		98,237

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $291,378,284)				310,805,375


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.48%
Invesco Private Government Fund, 0.04%^(d)(e)(f)		3,084,057		3,084,057
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		4,624,699		4,626,086

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,709,995)				7,710,143

TOTAL INVESTMENTS IN SECURITIES-102.50% (Cost $299,088,279)				318,515,518
OTHER ASSETS LESS LIABILITIES-(2.50)%				(7,770,624	)

NET ASSETS-100.00%			$	310,744,894

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, 2020.

^(d)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	921,923		$	(823,686	)		$	-		$	-		$	98,237		$	4
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			2,745,516			(2,745,516	)			-			-			-			47

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


		19

Invesco Dynamic Pharmaceuticals ETF (PJP)–(continued)

October 31, 2020

(Unaudited)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	8,293,767		$	19,766,469		$	(24,976,179	)		$	-		$	-		$	3,084,057		$	1,536	*
Invesco Private Prime Fund			-			10,105,447			(5,479,855	)			148			346			4,626,086			1,354	*

Total		$	8,293,767		$	33,539,355		$	(34,025,236	)		$	148		$	346		$	7,808,380		$	2,941

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement 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, 2020.

^(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 2J.


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Pharmaceuticals			58.28
Biotechnology			36.67
Health Care Equipment			5.04
Money Market Funds Plus Other Assets Less Liabilities			0.01

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


		20

Invesco Dynamic Semiconductors ETF (PSI)

October 31, 2020

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Electronic Equipment & Instruments-2.60%
nLight, Inc.^(b)		337,768	$	7,174,192
Semiconductor Equipment-44.05%
ACM Research, Inc., Class A^(b)		82,359		5,795,603
Amkor Technology, Inc.^(b)		596,616		7,069,900
Applied Materials, Inc.		221,122		13,097,056
Axcelis Technologies, Inc.^(b)		317,824		7,014,376
Brooks Automation, Inc.		146,239		6,829,361
Cohu, Inc.		443,484		9,636,907
Entegris, Inc.		110,283		8,245,860
FormFactor, Inc.^(b)		282,964		8,022,029
KLA Corp.		67,088		13,228,412
Lam Research Corp.		40,171		13,741,696
MKS Instruments, Inc.		63,088		6,838,108
Nova Measuring Instruments Ltd. (Israel)^(b)		141,348		7,863,189
Teradyne, Inc.		88,247		7,752,499
Ultra Clean Holdings, Inc.^(b)		311,603		6,634,028

				121,769,024

Semiconductors-53.36%
Advanced Micro Devices, Inc.^(b)		163,678		12,323,317
CEVA, Inc.^(b)		180,323		7,270,623
Inphi Corp.^(b)		66,991		9,362,662
Lattice Semiconductor Corp.^(b)		259,237		9,047,371
MACOM Technology Solutions Holdings, Inc.^(b)		209,568		7,649,232


	Shares		Value
Semiconductors-(continued)
Maxim Integrated Products, Inc.		106,819	$	7,439,943
Microchip Technology, Inc.		127,700		13,418,716
Monolithic Power Systems, Inc.		28,338		9,056,825
NVIDIA Corp.		27,153		13,613,428
ON Semiconductor Corp.^(b)		350,754		8,800,418
Power Integrations, Inc.		134,561		8,101,918
Semtech Corp.^(b)		125,593		6,893,800
Skyworks Solutions, Inc.		97,903		13,832,715
Synaptics, Inc.^(b)		86,995		6,669,907
Texas Instruments, Inc.		96,941		14,016,699

				147,497,574

Total Common Stocks & Other Equity Interests (Cost $219,239,294)				276,440,790


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(c)(d)(Cost $138,888)		138,888		138,888

TOTAL INVESTMENTS IN SECURITIES-100.06% (Cost $219,378,182)				276,579,678
OTHER ASSETS LESS LIABILITIES-(0.06)%				(155,648	)

NET ASSETS-100.00%			$	276,424,030

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)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	493,145		$	(354,257	)		$	-		$	-		$	138,888		$	4
Invesco Premier U.S. Government Money Portfolio, Institutional Class			396,362			1,473,582			(1,869,944	)			-			-			-			45
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			567,334			8,236,317			(8,803,651	)			-			-			-			31	*
Invesco Private Prime Fund			-			4,354,681			(4,354,707	)			-			26			-			47	*

Total		$	963,696		$	14,557,725		$	(15,382,559	)		$	-		$	26		$	138,888		$	127

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

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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


		21

Invesco Dynamic Semiconductors ETF (PSI)–(continued)

October 31, 2020

(Unaudited)


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Semiconductors	53.36
Semiconductor Equipment	44.05
Electronic Equipment & Instruments	2.60
Money Market Funds Plus Other Assets Less Liabilities	(0.01	)

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


		22

Invesco Dynamic Software ETF (PSJ)

October 31, 2020

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.08%
Alternative Carriers-2.93%
Bandwidth, Inc., Class A^(b)		92,722	$	14,868,436

Application Software-39.35%
Adobe, Inc.^(b)		49,630		22,189,573
Avalara, Inc.^(b)		107,191		15,976,819
Avaya Holdings Corp.^(b)		914,877		15,735,884
Blackline, Inc.^(b)		162,851		15,907,286
Cerence, Inc.^(b)		267,882		14,621,000
Citrix Systems, Inc.		97,123		11,001,122
DocuSign, Inc.^(b)		117,926		23,850,533
Dynatrace, Inc.^(b)		323,681		11,429,176
Everbridge, Inc.^(b)		95,253		9,972,037
Fair Isaac Corp.^(b)		32,505		12,724,082
Five9, Inc.^(b)		109,511		16,615,009
Nuance Communications, Inc.^(b)		465,767		14,862,625
SPS Commerce, Inc.^(b)		171,569		14,684,591

				199,569,737

Cable & Satellite-5.01%
Liberty Broadband Corp., Class C^(b)		179,330		25,412,854

Data Processing & Outsourced Services-5.30%
Black Knight, Inc.^(b)		165,426		14,549,217
Jack Henry & Associates, Inc.		83,295		12,348,484

				26,897,701

Electronic Components-2.92%
Dolby Laboratories, Inc., Class A		197,550		14,832,054

Health Care Technology-2.11%
Inovalon Holdings, Inc., Class A^(b)		564,094		10,712,145


	Shares		Value
Interactive Home Entertainment-11.18%
Activision Blizzard, Inc.		301,870	$	22,860,615
Electronic Arts, Inc.^(b)		178,647		21,407,270
Glu Mobile, Inc.^(b)		1,735,508		12,426,237

				56,694,122

Interactive Media & Services-9.05%
Snap, Inc., Class A^(b)		1,164,989		45,888,917

Internet Services & Infrastructure-4.39%
Shopify, Inc., Class A (Canada)^(b)		24,041		22,248,263

Movies & Entertainment-3.43%
Roku, Inc.^(b)		85,821		17,370,170

Semiconductors-2.83%
Rambus, Inc.^(b)		1,041,437		14,361,416

Systems Software-11.58%
Microsoft Corp.		111,779		22,631,894
NortonLifeLock, Inc.		571,562		11,757,030
Qualys, Inc.^(b)		129,447		11,371,919
Tenable Holdings, Inc.^(b)		381,095		12,999,151

				58,759,994


TOTAL INVESTMENTS IN SECURITIES-100.08% (Cost $438,052,688)				507,615,809
OTHER ASSETS LESS LIABILITIES-(0.08)%				(383,059	)

NET ASSETS-100.00%			$	507,232,750

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.


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	274,985		$	(274,985	)		$	-		$	-		$	-		$	2
Invesco Premier U.S. Government Money Portfolio, Institutional Class			144,610			2,741,531			(2,886,141	)			-			-			-			104
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,593,790			35,210,356			(38,804,146	)			-			-			-			529	*
Invesco Private Prime Fund			-			8,816,434			(8,816,708	)			-			274			-			311	*

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


		23

Invesco Dynamic Software ETF (PSJ)–(continued)

October 31, 2020

(Unaudited)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2020			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments in Other Affiliates:
Sciplay Corp., Class A		$	12,666,267		$	7,639,840		$	(24,067,809	)		$	2,391,823		$	1,369,879		$	-		$	-

Total		$	16,404,667		$	54,683,146		$	(74,849,789	)		$	2,391,823		$	1,370,153		$	-		$	946

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


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Application Software	39.35
Systems Software	11.58
Interactive Home Entertainment	11.18
Interactive Media & Services	9.05
Data Processing & Outsourced Services	5.30
Cable & Satellite	5.01
Internet Services & Infrastructure	4.39
Movies & Entertainment	3.43
Sub-Industry Types Each Less Than 3%	10.79
Other Assets Less Liabilities	(0.08	)

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


		24

(This Page Intentionally Left Blank)


		25

Statements of Assets and Liabilities

October 31, 2020

(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)		$	218,345,040			$	136,973,600			$	12,395,992			$	69,336,190
Affiliated investments in securities, at value			33,296,760				4,470,472				855,751				5,990,560
Cash			-				-				-				124
Receivable for:
Dividends			2				36,909				9,673				77,597
Securities lending			4,054				1,834				220				3,631
Investments sold			-				-				-				-
Investments sold - affiliated broker			-				-				-				-
Expenses absorbed			-				-				3,043				-
Other assets			1,047				1,438				1,646				1,047

Total assets			251,646,903				141,484,253				13,266,325				75,409,149


Liabilities:
Due to custodian			-				-				-				-
Payable for:
Collateral upon return of securities loaned			33,171,496				4,324,280				766,862				5,941,183
Fund shares repurchased			-				-				-				-
Accrued advisory fees			97,295				62,975				-				28,442
Accrued trustees’ and officer’s fees			68,588				48,411				48,810				56,453
Accrued expenses			71,035				71,396				45,205				43,525

Total liabilities			33,408,414				4,507,062				860,877				6,069,603

Net Assets		$	218,238,489			$	136,977,191			$	12,405,448			$	69,339,546


Net assets consist of:
Shares of beneficial interest		$	417,009,828			$	193,376,876			$	148,359,399			$	148,062,901
Distributable earnings (loss)			(198,771,339	)			(56,399,685	)			(135,953,951	)			(78,723,355	)

Net Assets		$	218,238,489			$	136,977,191			$	12,405,448			$	69,339,546

Shares outstanding (unlimited amount authorized, $0.01 par value)			3,850,000				3,850,000				1,700,000				2,150,000
Net asset value		$	56.69			$	35.58			$	7.30			$	32.25

Market price		$	56.60			$	35.54			$	7.28			$	32.21

Unaffiliated investments in securities, at cost		$	212,157,549			$	125,493,015			$	20,584,465			$	69,801,749

Affiliated investments in securities, at cost		$	33,296,624			$	4,470,472			$	855,749			$	5,990,453

^(a)Includes securities on loan with an aggregate value of:		$	30,393,821			$	4,068,388			$	708,493			$	5,665,012

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


		26


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

	$	254,973,969		$	35,571,492			$	50,191,392			$	5,209,540			$	310,707,138			$	276,440,790		$	507,615,809
		16,450,398			2,765,060				2,951,659				687,376				7,808,380				138,888			-
		10			20				-				-				-				-			-

		5			3,879				1				126				263,648				107,705			2
		36,695			4,065				863				304				2,207				142			-
		-			-				-				14,586				3,121,557				-			-
		-			-				-				292,860				-				-			-
		-			-				-				6,513				-				-			-
		1,438			1,437				1,437				1,046				1,437				1,438			1,437

		271,462,515			38,345,953				53,145,352				6,212,351				321,904,367				276,688,963			507,617,248



		-			-				-				-				-				-			22,010

		16,111,500			2,661,052				2,846,615				610,043				7,709,995				-			-
		-			-				-				-				3,122,028				-			-
		115,838			9,383				18,321				-				138,985				119,612			224,471
		48,462			50,306				43,387				56,727				103,823				48,209			51,939
		96,520			42,869				48,375				43,592				84,642				97,112			86,078

		16,372,320			2,763,610				2,956,698				710,362				11,159,473				264,933			384,498

	$	255,090,195		$	35,582,343			$	50,188,654			$	5,501,989			$	310,744,894			$	276,424,030		$	507,232,750



	$	324,787,761		$	115,521,831			$	84,812,731			$	117,255,759			$	707,503,434			$	230,318,504		$	427,597,141
		(69,697,566)			(79,939,488	)			(34,624,077	)			(111,753,770	)			(396,758,540	)			46,105,526			79,635,609

	$	255,090,195		$	35,582,343			$	50,188,654			$	5,501,989			$	310,744,894			$	276,424,030		$	507,232,750

		8,500,000			1,000,000				750,000				2,900,000				5,000,000				3,450,000			4,100,000
	$	30.01		$	35.58			$	66.92			$	1.90			$	62.15			$	80.12		$	123.72

	$	29.96		$	35.53			$	66.58			$	1.90			$	62.02			$	79.87		$	123.44

	$	269,844,176		$	30,898,738			$	44,013,330			$	11,580,538			$	291,280,047			$	219,239,294		$	438,052,688

	$	16,450,076		$	2,765,060			$	2,951,659			$	687,376			$	7,808,232			$	138,888		$	-

	$	14,962,999		$	2,576,866			$	2,765,652			$	497,995			$	7,486,110			$	-		$	-


		27

Statements of Operations

For the six months ended October 31, 2020

(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		$	412,196			$	549,313			$	210,191			$	699,266
Affiliated dividend income			63				40				29				35
Non-cash dividend income			-				-				43,418				-
Securities lending income			45,694				4,510				9,219				7,122
Foreign withholding tax			-				-				-				-

Total investment income			457,953				553,863				262,857				706,423


Expenses:
Advisory fees			587,820				267,192				42,968				181,555
Sub-licensing fees			35,269				16,031				2,578				10,893
Accounting & administration fees			18,916				13,546				10,859				12,127
Professional fees			13,407				12,878				12,996				12,557
Printing fees			11,305				4,612				5,955				4,154
Custodian & transfer agent fees			2,718				633				4,775				1,021
Trustees’ and officer’s fees			19,377				14,087				13,851				15,756
Listing fee and expenses			4,537				3,529				3,529				4,537
Recapture (Note 3)			-				-				-				-
Other expenses			3,645				2,584				2,342				2,904

Total expenses			696,994				335,092				99,853				245,504

Less: Waivers			(250	)			(2,326	)			(45,778	)			(16,769	)

Net expenses			696,744				332,766				54,075				228,735

Net investment income (loss)			(238,791	)			221,097				208,782				477,688


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(6,226,772	)			(1,593,970	)			(5,460,121	)			(2,516,981	)
Affiliated investment securities			510				95				83				47
In-kind redemptions			26,746,525				4,300,184				(87,615	)			5,587,971

Net realized gain (loss)			20,520,263				2,706,309				(5,547,653	)			3,071,037

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(5,180,081	)			25,598,612				35,833				799,437
Affiliated investment securities			136				-				2				107

Change in net unrealized appreciation (depreciation)			(5,179,945	)			25,598,612				35,835				799,544

Net realized and unrealized gain (loss)			15,340,318				28,304,921				(5,511,818	)			3,870,581

Net increase (decrease) in net assets resulting from operations		$	15,101,527			$	28,526,018			$	(5,303,036	)		$	4,348,269

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


		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)

	$	1,836,255		$	279,027			$	175,042			$	181,216			$	2,246,626			$	1,149,331			$	587,755
		36			30				8				30				51				49				106
		-			-				-				-				-				-				-
		46,841			39,604				74,887				9,434				10,177				358				5,824
		-			-				(1,376	)			(60	)			-				-				(15,935	)

		1,883,132			318,661				248,561				190,620				2,256,854				1,149,738				577,750



		624,142			86,918				133,389				17,387				866,777				683,487				1,239,154
		37,448			5,215				8,003				1,043				52,006				41,009				74,348
		12,305			11,804				12,311				10,042				24,936				15,759				22,993
		13,161			12,986				12,556				12,790				14,368				13,177				13,690
		11,612			4,090				3,562				2,377				17,910				5,978				13,839
		949			1,516				2,455				2,047				1,017				1,453				1,576
		14,751			14,301				12,917				15,497				27,500				15,319				17,316
		4,033			4,537				3,529				3,528				3,529				3,528				3,530
		31,135			-				-				-				-				-				-
		2,661			2,600				2,031				2,194				4,166				2,481				2,560

		752,197			143,967				190,753				66,905				1,012,209				782,191				1,389,006

		(121)			(34,499	)			(22,684	)			(45,080	)			(200	)			(171	)			(362	)

		752,076			109,468				168,069				21,825				1,012,009				782,020				1,388,644

		1,131,056			209,193				80,492				168,795				1,244,845				367,718				(810,894	)




		(6,823,887)			(318,066	)			(364,498	)			(2,684,682	)			(4,665,392	)			7,098,367				(3,793,629	)
		372			149				150				42				346				26				274
		27,307,266			659,937				4,626,990				59,668				17,944,372				26,355,257				58,087,612

		20,483,751			342,020				4,262,642				(2,624,972	)			13,279,326				33,453,650				54,294,257


		(7,110,935)			7,217,162				3,594,328				1,254,918				(13,940,670	)			26,673,432				50,322,272
		322			-				-				-				148				-				2,391,823

		(7,110,613)			7,217,162				3,594,328				1,254,918				(13,940,522	)			26,673,432				52,714,095

		13,373,138			7,559,182				7,856,970				(1,370,054	)			(661,196	)			60,127,082				107,008,352

	$	14,504,194		$	7,768,375			$	7,937,462			$	(1,201,259	)		$	583,649			$	60,494,800			$	106,197,458


		29

Statements of Changes in Net Assets

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)


	Invesco Dynamic Biotechnology & Genome ETF (PBE)								Invesco Dynamic Building & Construction ETF (PKB)
	Six Months Ended October 31, 2020				Year Ended April 30, 2020				Six Months Ended October 31, 2020				Year Ended April 30, 2020
Operations:
Net investment income (loss)		$	(238,791	)		$	13,023			$	221,097			$	407,651
Net realized gain (loss)			20,520,263				(4,611,125	)			2,706,309				11,983,007
Change in net unrealized appreciation (depreciation)			(5,179,945	)			6,780,837				25,598,612				(23,718,866	)

Net increase (decrease) in net assets resulting from operations			15,101,527				2,182,735				28,526,018				(11,328,208	)


Distributions to Shareholders from:
Distributable earnings			-				(123,165	)			(260,219	)			(481,809	)


Shareholder Transactions:
Proceeds from shares sold			104,583,555				181,960,855				86,502,748				84,855,125
Value of shares repurchased			(122,057,819	)			(211,436,290	)			(47,544,769	)			(121,930,900	)

Net increase (decrease) in net assets resulting from share transactions			(17,474,264	)			(29,475,435	)			38,957,979				(37,075,775	)

Net increase (decrease) in net assets			(2,372,737	)			(27,415,865	)			67,223,778				(48,885,792	)


Net assets:
Beginning of period			220,611,226				248,027,091				69,753,413				118,639,205

End of period		$	218,238,489			$	220,611,226			$	136,977,191			$	69,753,413


Changes in Shares Outstanding:
Shares sold			1,800,000				3,400,000				2,500,000				2,600,000
Shares repurchased			(2,100,000	)			(4,000,000	)			(1,350,000	)			(3,850,000	)
Shares outstanding, beginning of period			4,150,000				4,750,000				2,700,000				3,950,000

Shares outstanding, end of period			3,850,000				4,150,000				3,850,000				2,700,000

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


		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, 2020			Year Ended April 30, 2020				Six Months Ended October 31, 2020				Year Ended April 30, 2020				Six Months Ended October 31, 2020				Year Ended April 30, 2020				Six Months Ended October 31, 2020				Year Ended April 30, 2020

	$	208,782		$	468,712			$	477,688			$	848,794			$	1,131,056			$	252,678			$	209,193			$	193,810
		(5,547,653)			(18,085,047	)			3,071,037				474,486				20,483,751				(3,220,693	)			342,020				(2,632,077	)
		35,835			1,607,346				799,544				(8,005,140	)			(7,110,613	)			(10,956,892	)			7,217,162				(8,731,231	)

		(5,303,036)			(16,008,989	)			4,348,269				(6,681,860	)			14,504,194				(13,924,907	)			7,768,375				(11,169,498	)



		(375,454)			(505,197	)			(481,237	)			(932,756	)			(150,315	)			(332,937	)			(43,916	)			(217,169	)



		12,838,075			3,595,646				39,011,146				38,927,220				321,112,526				149,321,109				3,549,812				21,268,264
		(11,446,801)			(10,467,051	)			(37,284,493	)			(39,397,641	)			(215,965,752	)			(66,674,797	)			(6,359,668	)			(67,562,077	)

		1,391,274			(6,871,405	)			1,726,653				(470,421	)			105,146,774				82,646,312				(2,809,856	)			(46,293,813	)

		(4,287,216)			(23,385,591	)			5,593,685				(8,085,037	)			119,500,653				68,388,468				4,914,603				(57,680,480	)



		16,692,664			40,078,255				63,745,861				71,830,898				135,589,542				67,201,074				30,667,740				88,348,220

	$	12,405,448		$	16,692,664			$	69,339,546			$	63,745,861			$	255,090,195			$	135,589,542			$	35,582,343			$	30,667,740



		1,300,000			500,000				1,150,000				1,150,000				10,450,000				5,200,000				100,000				650,000
		(1,250,000)			(900,000	)			(1,100,000	)			(1,150,000	)			(6,900,000	)			(1,750,000	)			(200,000	)			(2,100,000	)
		1,650,000			2,050,000				2,100,000				2,100,000				4,950,000				1,500,000				1,100,000				2,550,000

		1,700,000			1,650,000				2,150,000				2,100,000				8,500,000				4,950,000				1,000,000				1,100,000


		31

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)


	Invesco Dynamic Networking ETF (PXQ)								Invesco Dynamic Oil & Gas Services ETF (PXJ)
	Six Months Ended October 31, 2020				Year Ended April 30, 2020				Six Months Ended October 31, 2020				Year Ended April 30, 2020
Operations:
Net investment income (loss)		$	80,492			$	106,161			$	168,795			$	174,382
Net realized gain (loss)			4,262,642				5,433,539				(2,624,972	)			(8,810,221	)
Change in net unrealized appreciation (depreciation)			3,594,328				(13,283,642	)			1,254,918				(2,081,894	)

Net increase (decrease) in net assets resulting from operations			7,937,462				(7,743,942	)			(1,201,259	)			(10,717,733	)


Distributions to Shareholders from:
Distributable earnings			(98,179	)			(172,521	)			(163,561	)			(179,231	)


Shareholder Transactions:
Proceeds from shares sold			13,919,876				25,528,975				1,483,901				939,565
Value of shares repurchased			(17,640,083	)			(72,593,520	)			(587,747	)			(1,590,954	)

Net increase (decrease) in net assets resulting from share transactions			(3,720,207	)			(47,064,545	)			896,154				(651,389	)

Net increase (decrease) in net assets			4,119,076				(54,981,008	)			(468,666	)			(11,548,353	)


Net assets:
Beginning of period			46,069,578				101,050,586				5,970,655				17,519,008

End of period		$	50,188,654			$	46,069,578			$	5,501,989			$	5,970,655


Changes in Shares Outstanding:
Shares sold			200,000				450,000				650,000				350,000
Shares repurchased			(250,000	)			(1,250,000	)			(250,000	)			(400,000	)
Shares outstanding, beginning of period			800,000				1,600,000				2,500,000				2,550,000

Shares outstanding, end of period			750,000				800,000				2,900,000				2,500,000

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


		32


Invesco Dynamic Pharmaceuticals ETF (PJP)							Invesco Dynamic Semiconductors ETF (PSI)								Invesco Dynamic Software ETF (PSJ)
Six Months Ended October 31, 2020			Year Ended April 30, 2020				Six Months Ended October 31, 2020				Year Ended April 30, 2020				Six Months Ended October 31, 2020				Year Ended April 30, 2020

	$	1,244,845		$	3,373,232			$	367,718			$	995,435			$	(810,894	)		$	157,105
		13,279,326			(28,443,828	)			33,453,650				10,136,046				54,294,257				36,158,803
		(13,940,522)			21,870,879				26,673,432				1,244,540				52,714,095				(43,614,074	)

		583,649			(3,199,717	)			60,494,800				12,376,021				106,197,458				(7,298,166	)



		(1,444,364)			(3,496,032	)			(532,908	)			(1,250,725	)			-				(498,339	)



		19,647,590			123,300,920				67,175,832				121,622,255				233,658,666				552,465,454
		(64,539,399)			(176,698,349	)			(79,660,093	)			(104,224,135	)			(232,962,720	)			(581,572,532	)

		(44,891,809)			(53,397,429	)			(12,484,261	)			17,398,120				695,946				(29,107,078	)

		(45,752,524)			(60,093,178	)			47,477,631				28,523,416				106,893,404				(36,903,583	)



		356,497,418			416,590,596				228,946,399				200,422,983				400,339,346				437,242,929

	$	310,744,894		$	356,497,418			$	276,424,030			$	228,946,399			$	507,232,750			$	400,339,346



		300,000			2,000,000				850,000				1,950,000				2,050,000				5,650,000
		(1,000,000)			(2,950,000	)			(1,000,000	)			(1,800,000	)			(2,000,000	)			(6,150,000	)
		5,700,000			6,650,000				3,600,000				3,450,000				4,050,000				4,550,000

		5,000,000			5,700,000				3,450,000				3,600,000				4,100,000				4,050,000


		33

Financial Highlights

Invesco Dynamic Biotechnology & Genome ETF (PBE)


	Six Months Ended
	October 31,
	2020				Years Ended April 30,
	(Unaudited)				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	53.16			$	52.22			$	48.02			$	43.11			$	39.35			$	52.98

Net investment income (loss)^(a)			(0.06	)			0.00	^(b)			(0.16	)			0.00	^(b)			0.33				0.50
Net realized and unrealized gain (loss) on investments			3.59				0.97				4.36				5.13				3.63				(13.56	)

Total from investment operations			3.53				0.97				4.20				5.13				3.96				(13.06	)

Distributions to shareholders from:
Net investment income			-				(0.03	)			(0.00	)^(c)			(0.22	)			(0.20	)			(0.57	)

Net asset value at end of period		$	56.69			$	53.16			$	52.22			$	48.02			$	43.11			$	39.35

Market price at end of period^(d)		$	56.60			$	53.27			$	52.22			$	48.08			$	43.13			$	39.35

Net Asset Value Total Return^(e)			6.64	%			1.87	%			8.75	%			11.94	%			10.09	%			(24.92	)%
Market Price Total Return^(e)			6.25	%			2.08	%			8.62	%			12.04	%			10.15	%			(24.88	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	218,238			$	220,611			$	248,027			$	232,910			$	230,631			$	267,584
Ratio to average net assets of:
Expenses, after Waivers			0.59	%^(f)			0.58	%			0.57	%			0.59	%			0.58	%			0.58	%
Expenses, prior to Waivers			0.59	%^(f)			0.58	%			0.57	%			0.59	%			0.58	%			0.58	%
Net investment income (loss)			(0.20	)%^(f)			0.01	%			(0.29	)%			0.01	%			0.81	%			1.00	%
Portfolio turnover rate^(g)			77	%			252	%			117	%			141	%			69	%			74	%

^(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

Financial Highlights–(continued)

Invesco Dynamic Building & Construction ETF (PKB)


	Six Months Ended
	October 31,
	2020				Years Ended April 30,
	(Unaudited)				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	25.83			$	30.04			$	30.33			$	29.58			$	25.08			$	22.99

Net investment income^(a)			0.07				0.12				0.13				0.08				0.07				0.04
Net realized and unrealized gain (loss) on investments			9.77				(4.19	)			(0.29	)			0.73				4.52				2.08

Total from investment operations			9.84				(4.07	)			(0.16	)			0.81				4.59				2.12

Distributions to shareholders from:
Net investment income			(0.09	)			(0.14	)			(0.13	)			(0.06	)			(0.09	)			(0.03	)

Net asset value at end of period		$	35.58			$	25.83			$	30.04			$	30.33			$	29.58			$	25.08

Market price at end of period^(b)		$	35.54			$	25.89			$	30.05			$	30.34			$	29.60			$	25.08

Net Asset Value Total Return^(c)			38.11	%			(13.59	)%			(0.47	)%			2.73	%			18.33	%			9.21	%
Market Price Total Return^(c)			37.64	%			(13.42	)%			(0.47	)%			2.70	%			18.41	%			9.26	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	136,977			$	69,753			$	118,639			$	280,510			$	317,995			$	60,201
Ratio to average net assets of:
Expenses, after Waivers			0.62	%^(d)			0.59	%			0.60	%			0.58	%			0.63	%			0.63	%
Expenses, prior to Waivers			0.63	%^(d)			0.59	%			0.60	%			0.58	%			0.63	%			0.68	%
Net investment income			0.41	%^(d)			0.38	%			0.44	%			0.24	%			0.24	%			0.18	%
Portfolio turnover rate^(e)			75	%			139	%			148	%			143	%			129	%			90	%

^(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

Financial Highlights–(continued)

Invesco Dynamic Energy Exploration & Production ETF (PXE)


	Six Months Ended
	October 31,
	2020				Years Ended April 30,
	(Unaudited)				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	10.12			$	19.55			$	24.06			$	20.28			$	22.63			$	31.78

Net investment income^(a)			0.11				0.26				0.20				0.28				0.24				0.51
Net realized and unrealized gain (loss) on investments			(2.72	)			(9.41	)			(4.48	)			3.89				(1.15	)			(9.04	)

Total from investment operations			(2.61	)			(9.15	)			(4.28	)			4.17				(0.91	)			(8.53	)

Distributions to shareholders from:
Net investment income			(0.21	)			(0.28	)			(0.23	)			(0.39	)			(1.44	)			(0.62	)

Net asset value at end of period		$	7.30			$	10.12			$	19.55			$	24.06			$	20.28			$	22.63

Market price at end of period^(b)		$	7.28			$	10.11			$	19.57			$	24.12			$	20.28			$	22.63

Net Asset Value Total Return^(c)			(26.14	)%			(47.06	)%			(17.84	)%			21.00	%			(3.96	)%			(26.93	)%
Market Price Total Return^(c)			(26.27	)%			(47.17	)%			(17.96	)%			21.31	%			(3.96	)%			(26.91	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	12,405			$	16,693			$	40,078			$	49,324			$	55,760			$	74,682
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(d)			0.65	%^(e)			0.63	%			0.65	%			0.80	%^(f)			0.65	%
Expenses, prior to Waivers			1.16	%^(d)			0.86	%^(e)			0.64	%			0.77	%			0.88	%^(f)			0.67	%
Net investment income			2.43	%^(d)			1.80	%^(e)			0.82	%			1.37	%			1.13	%			2.09	%
Portfolio turnover rate^(g)			60	%			126	%			110	%			87	%			91	%			134	%

^(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

Financial Highlights–(continued)

Invesco Dynamic Food & Beverage ETF (PBJ)


	Six Months Ended
	October 31,
	2020				Years Ended April 30,
	(Unaudited)				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	30.36			$	34.21			$	32.81			$	33.75			$	32.31			$	31.45

Net investment income^(a)			0.22				0.41				0.34				0.41				0.33				0.39
Net realized and unrealized gain (loss) on investments			1.88				(3.81	)			1.39				(0.99	)			1.61				0.88

Total from investment operations			2.10				(3.40	)			1.73				(0.58	)			1.94				1.27

Distributions to shareholders from:
Net investment income			(0.21	)			(0.45	)			(0.33	)			(0.36	)			(0.50	)			(0.41	)

Net asset value at end of period		$	32.25			$	30.36			$	34.21			$	32.81			$	33.75			$	32.31

Market price at end of period^(b)		$	32.21			$	30.38			$	34.19			$	32.76			$	33.74			$	32.30

Net Asset Value Total Return^(c)			6.93	%			(10.00	)%			5.37	%			(1.70	)%			6.03	%			4.06	%
Market Price Total Return^(c)			6.73	%			(9.90	)%			5.47	%			(1.82	)%			6.03	%			4.10	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	69,340			$	63,746			$	71,831			$	78,732			$	146,821			$	300,455
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(d)			0.64	%^(e)			0.63	%			0.63	%			0.59	%			0.58	%
Expenses, prior to Waivers			0.68	%^(d)			0.64	%^(e)			0.65	%			0.65	%			0.59	%			0.58	%
Net investment income			1.32	%^(d)			1.23	%^(e)			1.05	%			1.25	%			0.99	%			1.21	%
Portfolio turnover rate^(f)			71	%			136	%			122	%			147	%			145	%			109	%

^(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

Financial Highlights–(continued)

Invesco Dynamic Leisure and Entertainment ETF (PEJ)


	Six Months Ended
	October 31,
	2020				Years Ended April 30,
	(Unaudited)				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	27.39			$	44.80			$	44.89			$	42.00			$	35.69			$	36.40

Net investment income^(a)			0.14	^(b)			0.18				0.19				0.41				0.31				0.11
Net realized and unrealized gain (loss) on investments			2.50				(17.35	)			(0.05	)			2.86				6.26				(0.74	)

Total from investment operations			2.64				(17.17	)			0.14				3.27				6.57				(0.63	)

Distributions to shareholders from:
Net investment income			(0.02	)			(0.24	)			(0.23	)			(0.38	)			(0.26	)			(0.08	)

Net asset value at end of period		$	30.01			$	27.39			$	44.80			$	44.89			$	42.00			$	35.69

Market price at end of period^(c)		$	29.96			$	27.48			$	44.78			$	44.96			$	42.00			$	35.68

Net Asset Value Total Return^(d)			9.63	%			(38.42	)%			0.33	%			7.84	%			18.52	%			(1.73	)%
Market Price Total Return^(d)			9.09	%			(38.19	)%			0.12	%			8.01	%			18.55	%			(1.73	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	255,090			$	135,590			$	67,201			$	116,724			$	144,902			$	142,754
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(e)			0.64	%^(f)			0.63	%			0.63	%			0.61	%			0.61	%
Expenses, prior to Waivers			0.60	%^(e)			0.70	%^(f)			0.63	%			0.65	%			0.61	%			0.61	%
Net investment income			0.91	%^(b)(e)			0.47	%^(f)			0.42	%			0.97	%			0.83	%			0.29	%
Portfolio turnover rate^(g)			79	%			163	%			207	%			177	%			183	%			136	%

^(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 (0.07)%, 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

Financial Highlights–(continued)

Invesco Dynamic Media ETF (PBS)


	Six Months Ended
	October 31,
	2020				Years Ended April 30,
	(Unaudited)				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	27.88			$	34.65			$	29.14			$	27.97			$	25.13			$	26.73

Net investment income^(a)			0.21	^(b)			0.12				0.16				0.15				0.06				0.07
Net realized and unrealized gain (loss) on investments			7.53				(6.75	)			5.58				1.14				2.82				(1.45	)

Total from investment operations			7.74				(6.63	)			5.74				1.29				2.88				(1.38	)

Distributions to shareholders from:
Net investment income			(0.04	)			(0.14	)			(0.23	)			(0.12	)			(0.04	)			(0.22	)

Net asset value at end of period		$	35.58			$	27.88			$	34.65			$	29.14			$	27.97			$	25.13

Market price at end of period^(c)		$	35.53			$	27.85			$	34.65			$	29.16			$	27.98			$	25.12

Net Asset Value Total Return^(d)			27.79	%			(19.20	)%			19.81	%			4.64	%			11.49	%			(5.18	)%
Market Price Total Return^(d)			27.75	%			(19.28	)%			19.73	%			4.67	%			11.57	%			(5.18	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	35,582			$	30,668			$	88,348			$	48,080			$	148,230			$	90,461
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(e)			0.64	%^(f)			0.63	%			0.63	%			0.63	%			0.61	%
Expenses, prior to Waivers			0.83	%^(e)			0.67	%^(f)			0.67	%			0.68	%			0.63	%			0.61	%
Net investment income			1.20	%^(b)(e)			0.36	%^(f)			0.49	%			0.53	%			0.21	%			0.26	%
Portfolio turnover rate^(g)			61	%			146	%			103	%			150	%			103	%			124	%

^(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

Financial Highlights–(continued)

Invesco Dynamic Networking ETF (PXQ)


	Six Months Ended
	October 31,
	2020				Years Ended April 30,
	(Unaudited)				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	57.59			$	63.16			$	50.08			$	43.58			$	33.65			$	36.65

Net investment income^(a)			0.10				0.10				0.66				0.18				0.21				0.15
Net realized and unrealized gain (loss) on investments			9.36				(5.51	)			13.13				6.62				9.90				(3.15	)

Total from investment operations			9.46				(5.41	)			13.79				6.80				10.11				(3.00	)

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

Net asset value at end of period		$	66.92			$	57.59			$	63.16			$	50.08			$	43.58			$	33.65

Market price at end of period^(b)		$	66.58			$	57.51			$	63.14			$	50.10			$	43.59			$	33.65

Net Asset Value Total Return^(c)			16.43	%			(8.56	)%			27.90	%			15.70	%			30.19	%			(8.19	)%
Market Price Total Return^(c)			16.00	%			(8.66	)%			27.81	%			15.73	%			30.22	%			(8.16	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	50,189			$	46,070			$	101,051			$	60,091			$	26,145			$	20,189
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(d)			0.64	%^(e)			0.63	%			0.63	%			0.63	%			0.63	%
Expenses, prior to Waivers			0.71	%^(d)			0.65	%^(e)			0.64	%			0.83	%			0.89	%			0.88	%
Net investment income			0.30	%^(d)			0.17	%^(e)			1.21	%			0.39	%			0.55	%			0.42	%
Portfolio turnover rate^(f)			54	%			99	%			98	%			79	%			97	%			87	%

^(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.


		40

Financial Highlights–(continued)

Invesco Dynamic Oil & Gas Services ETF (PXJ)


	Six Months Ended
	October 31,
	2020				Years Ended April 30,
	(Unaudited)				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	2.39			$	6.87			$	9.70			$	10.70			$	13.20			$	18.91

Net investment income^(a)			0.06				0.07				0.04				0.27	^(b)			0.06				0.20
Net realized and unrealized gain (loss) on investments			(0.50	)			(4.47	)			(2.81	)			(1.01	)			(2.41	)			(5.69	)

Total from investment operations			(0.44	)			(4.40	)			(2.77	)			(0.74	)			(2.35	)			(5.49	)

Distributions to shareholders from:
Net investment income			(0.05	)			(0.08	)			(0.06	)			(0.26	)			(0.08	)			(0.22	)
Return of capital			-				-				-				-				(0.07	)			-

Total distributions			(0.05	)			(0.08	)			(0.06	)			(0.26	)			(0.15	)			(0.22	)

Net asset value at end of period		$	1.90			$	2.39			$	6.87			$	9.70			$	10.70			$	13.20

Market price at end of period^(c)		$	1.90			$	2.40			$	6.87			$	9.70			$	10.70			$	13.19

Net Asset Value Total Return^(d)			(18.61	)%			(63.87	)%			(28.69	)%			(6.71	)%			(17.99	)%			(29.06	)%
Market Price Total Return^(d)			(18.95	)%			(63.72	)%			(28.69	)%			(6.72	)%			(17.92	)%			(29.15	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,502			$	5,971			$	17,519			$	37,827			$	33,174			$	45,534
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(e)			0.67	%^(f)			0.63	%			0.63	%			0.63	%			0.63	%
Expenses, prior to Waivers			1.92	%^(e)			1.09	%^(f)			0.83	%			0.86	%			0.75	%			0.72	%
Net investment income			4.85	%^(e)			1.51	%^(f)			0.48	%			2.90	%^(b)			0.47	%			1.46	%
Portfolio turnover rate^(g)			46	%			82	%			81	%			91	%			90	%			89	%

^(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 0.04%.

^(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.


		41

Financial Highlights–(continued)

Invesco Dynamic Pharmaceuticals ETF (PJP)


	Six Months Ended
	October 31,
	2020				Years Ended April 30,
	(Unaudited)				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	62.54			$	62.65			$	61.49			$	60.71			$	62.16			$	74.40

Net investment income^(a)			0.23				0.55				0.69				0.43				0.48				0.41
Net realized and unrealized gain (loss) on investments			(0.35	)			(0.08	)			1.17				0.79				(1.40	)			(8.81	)

Total from investment operations			(0.12	)			0.47				1.86				1.22				(0.92	)			(8.40	)

Distributions to shareholders from:
Net investment income			(0.27	)			(0.58	)			(0.70	)			(0.44	)			(0.53	)			(0.39	)
Net realized gains			-				-				-				-				-				(3.45	)

Total distributions			(0.27	)			(0.58	)			(0.70	)			(0.44	)			(0.53	)			(3.84	)

Net asset value at end of period		$	62.15			$	62.54			$	62.65			$	61.49			$	60.71			$	62.16

Market price at end of period^(b)		$	62.02			$	62.49			$	62.64			$	61.53			$	60.71			$	62.14

Net Asset Value Total Return^(c)			(0.20	)%			0.83	%			3.02	%			1.99	%			(1.47	)%			(11.86	)%
Market Price Total Return^(c)			(0.33	)%			0.77	%			2.94	%			2.05	%			(1.44	)%			(11.83	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	310,745			$	356,497			$	416,591			$	525,754			$	764,908			$	1,168,526
Ratio to average net assets of:
Expenses, after Waivers			0.58	%^(d)			0.56	%			0.56	%			0.57	%			0.56	%			0.57	%
Expenses, prior to Waivers			0.58	%^(d)			0.56	%			0.56	%			0.57	%			0.56	%			0.57	%
Net investment income			0.72	%^(d)			0.92	%			1.03	%			0.68	%			0.79	%			0.58	%
Portfolio turnover rate^(e)			25	%			63	%			81	%			98	%			26	%			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

Financial Highlights–(continued)

Invesco Dynamic Semiconductors ETF (PSI)


	Six Months Ended
	October 31,
	2020				Years Ended April 30,
	(Unaudited)				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	63.60			$	58.09			$	48.91			$	42.47			$	24.50			$	26.30

Net investment income^(a)			0.10				0.29				0.38				0.14				0.19				0.10
Net realized and unrealized gain (loss) on investments			16.57				5.60				9.19				6.41				18.02				(1.86	)

Total from investment operations			16.67				5.89				9.57				6.55				18.21				(1.76	)

Distributions to shareholders from:
Net investment income			(0.15	)			(0.38	)			(0.39	)			(0.11	)			(0.24	)			(0.04	)

Net asset value at end of period		$	80.12			$	63.60			$	58.09			$	48.91			$	42.47			$	24.50

Market price at end of period^(b)		$	79.87			$	63.71			$	58.04			$	48.94			$	42.51			$	24.48

Net Asset Value Total Return^(c)			26.23	%			10.23	%			19.71	%			15.42	%			74.65	%			(6.69	)%
Market Price Total Return^(c)			25.62	%			10.51	%			19.53	%			15.38	%			74.96	%			(6.80	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	276,424			$	228,946			$	200,423			$	315,455			$	235,699			$	48,999
Ratio to average net assets of:
Expenses, after Waivers			0.57	%^(d)			0.57	%			0.58	%			0.61	%			0.63	%			0.63	%
Expenses, prior to Waivers			0.57	%^(d)			0.57	%			0.58	%			0.61	%			0.63	%			0.68	%
Net investment income			0.27	%^(d)			0.49	%			0.73	%			0.29	%			0.55	%			0.38	%
Portfolio turnover rate^(e)			50	%			94	%			98	%			65	%			62	%			104	%

^(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

Financial Highlights–(continued)

Invesco Dynamic Software ETF (PSJ)


	Six Months Ended
	October 31,
	2020				Years Ended April 30,
	(Unaudited)				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	98.85			$	96.10			$	70.81			$	53.44			$	42.20			$	42.47

Net investment income (loss)^(a)			(0.19	)			0.03				(0.22	)			(0.27	)			(0.05	)			(0.08	)
Net realized and unrealized gain (loss) on investments			25.06				2.83				25.51				17.64				11.30				(0.13	)

Total from investment operations			24.87				2.86				25.29				17.37				11.25				(0.21	)

Distributions to shareholders from:
Net investment income			-				(0.11	)			-				-				(0.01	)			(0.06	)

Net asset value at end of period		$	123.72			$	98.85			$	96.10			$	70.81			$	53.44			$	42.20

Market price at end of period^(b)		$	123.44			$	98.80			$	96.13			$	70.90			$	53.39			$	42.21

Net Asset Value Total Return^(c)			25.16	%			2.99	%			35.71	%			32.51	%			26.67	%			(0.50	)%
Market Price Total Return^(c)			24.93	%			2.91	%			35.58	%			32.80	%			26.52	%			(0.50	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	507,233			$	400,339			$	437,243			$	155,784			$	101,545			$	73,847
Ratio to average net assets of:
Expenses, after Waivers			0.56	%^(d)			0.56	%			0.58	%			0.63	%			0.63	%			0.63	%
Expenses, prior to Waivers			0.56	%^(d)			0.56	%			0.58	%			0.63	%			0.64	%			0.66	%
Net investment income (loss)			(0.33	)%^(d)			0.03	%			(0.27	)%			(0.42	)%			(0.11	)%			(0.19	)%
Portfolio turnover rate^(e)			67	%			190	%			157	%			145	%			154	%			154	%

^(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.


		44

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2020

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:


Full Name		Short Name
Invesco Dynamic Biotechnology & Genome ETF (PBE)		“Dynamic Biotechnology & Genome ETF”
Invesco Dynamic Building & Construction ETF (PKB)		“Dynamic Building & Construction ETF”
Invesco Dynamic Energy Exploration & Production ETF (PXE)		“Dynamic Energy Exploration & Production ETF”
Invesco Dynamic Food & Beverage ETF (PBJ)		“Dynamic Food & Beverage ETF”
Invesco Dynamic Leisure and Entertainment ETF (PEJ)		“Dynamic Leisure and Entertainment ETF”
Invesco Dynamic Media ETF (PBS)		“Dynamic Media ETF”
Invesco Dynamic Networking ETF (PXQ)		“Dynamic Networking ETF”
Invesco Dynamic Oil & Gas Services ETF (PXJ)		“Dynamic Oil & Gas Services ETF”
Invesco Dynamic Pharmaceuticals ETF (PJP)		“Dynamic Pharmaceuticals ETF”
Invesco Dynamic Semiconductors ETF (PSI)		“Dynamic Semiconductors ETF”
Invesco Dynamic Software ETF (PSJ)		“Dynamic Software ETF”

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

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

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


Fund		Underlying Index
Dynamic Biotechnology & Genome ETF		Dynamic Biotech & Genome Intellidex^SMIndex
Dynamic Building & Construction ETF		Dynamic Building & Construction Intellidex^SMIndex
Dynamic Energy Exploration & Production ETF		Dynamic Energy Exploration & Production Intellidex^SMIndex
Dynamic Food & Beverage ETF		Dynamic Food & Beverage Intellidex^SMIndex
Dynamic Leisure and Entertainment ETF		Dynamic Leisure & Entertainment Intellidex^SMIndex
Dynamic Media ETF		Dynamic Media Intellidex^SMIndex
Dynamic Networking ETF		Dynamic Networking Intellidex^SMIndex
Dynamic Oil & Gas Services ETF		Dynamic Oil Services Intellidex^SMIndex
Dynamic Pharmaceuticals ETF		Dynamic Pharmaceutical Intellidex^SMIndex
Dynamic Semiconductors ETF		Dynamic Semiconductor Intellidex^SMIndex
Dynamic Software ETF		Dynamic Software Intellidex^SMIndex

NOTE 2–Significant Accounting Policies

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

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

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,


		45

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.


		46

B.	Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that 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 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 from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in 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. To the extent certain Funds become non-diversified, such Funds 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 certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective 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 their respective 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


		47

result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. 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.

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. 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


		48

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. However, based on experience, the Trust believes the risk of loss to be remote.

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

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, 2022. Unless


		49

the Adviser continues the Expense Agreement, it will terminate on August 31, 2022. 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 Leisure and Entertainment ETF, Dynamic Pharmaceuticals ETF, Dynamic Semiconductors ETF and Dynamic Software ETF.

Further, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from 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-month period ended October 31, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:


Dynamic Biotechnology & Genome ETF	$	250
Dynamic Building & Construction ETF		2,326
Dynamic Energy Exploration & Production ETF		45,778
Dynamic Food & Beverage ETF		16,769
Dynamic Leisure and Entertainment ETF		121
Dynamic Media ETF		34,499
Dynamic Networking ETF		22,684
Dynamic Oil & Gas Services ETF		45,080
Dynamic Pharmaceuticals ETF		200
Dynamic Semiconductors ETF		171
Dynamic Software ETF		362

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, 2020 are as follows:


	Total Potential Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/21		4/30/22		4/30/23		10/31/23
Dynamic Building & Construction ETF	$	2,200	$	-	$	-	$	-	$	2,200
Dynamic Energy Exploration & Production ETF		130,288		21,754		7,050		55,789		45,695
Dynamic Food & Beverage ETF		46,467		13,793		16,009		-		16,665
Dynamic Media ETF		101,758		28,473		24,608		14,261		34,416
Dynamic Networking ETF		64,936		23,274		10,092		8,945		22,625
Dynamic Oil & Gas Services ETF		176,664		30,307		53,533		47,836		44,988

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.


		50

For the six-month period ended October 31, 2020, 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 Fund, as listed below:


Dynamic Biotechnology & Genome ETF	$	2,762
Dynamic Building & Construction ETF		4,105
Dynamic Energy Exploration & Production ETF		15,851
Dynamic Food & Beverage ETF		7,202
Dynamic Leisure and Entertainment ETF		15,136
Dynamic Media ETF		4,296
Dynamic Networking ETF		4,450
Dynamic Oil & Gas Services ETF		4,239
Dynamic Pharmaceuticals ETF		5,080
Dynamic Semiconductors ETF		6,445
Dynamic Software ETF		7,313

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

NOTE 4–Security Transactions with Affiliated Funds

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

For the six-month period ended October 31, 2020, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*
Dynamic Biotechnology & Genome ETF		$	312,494		$	435,553		$	(65,482)
Dynamic Building & Construction ETF			-			3,283,191			69,886
Dynamic Energy Exploration & Production ETF			187,893			-			-
Dynamic Food & Beverage ETF			2,571,161			807,379			(16,582	)
Dynamic Leisure and Entertainment ETF			-			231,837			(45,904)
Dynamic Media ETF			389,134			-			-
Dynamic Networking ETF			297,177			1,028,816			90,477
Dynamic Oil & Gas Services ETF			313,813			245,590			(15,768	)
Dynamic Pharmaceuticals ETF			3,459,110			1,787,323			(39,110)
Dynamic Semiconductors ETF			5,004,949			6,235,074			(580,306	)
Dynamic Software ETF			1,550,270			4,661,978			(55,032)

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

NOTE 5–Additional Valuation Information

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

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

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

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


		51

The following is a summary of the tiered valuation input levels, as of October 31, 2020, for each Fund (except for Dynamic Semiconductors ETF and Dynamic Software ETF). As of October 31, 2020, all of the securities in Dynamic Semiconductors ETF and Dynamic Software ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total
Dynamic Biotechnology & Genome ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	218,345,040		$	-		$	-		$	218,345,040
Money Market Funds			125,128			33,171,632			-			33,296,760

Total Investments		$	218,470,168		$	33,171,632		$	-		$	251,641,800

Dynamic Building & Construction ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	136,973,600		$	-		$	-		$	136,973,600
Money Market Funds			146,192			4,324,280			-			4,470,472

Total Investments		$	137,119,792		$	4,324,280		$	-		$	141,444,072

Dynamic Energy Exploration & Production ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	12,395,992		$	-		$	-		$	12,395,992
Money Market Funds			88,887			766,864			-			855,751

Total Investments		$	12,484,879		$	766,864		$	-		$	13,251,743

Dynamic Food & Beverage ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	69,336,190		$	-		$	-		$	69,336,190
Money Market Funds			49,270			5,941,290			-			5,990,560

Total Investments		$	69,385,460		$	5,941,290		$	-		$	75,326,750

Dynamic Leisure and Entertainment ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	254,973,969		$	-		$	-		$	254,973,969
Money Market Funds			338,576			16,111,822			-			16,450,398

Total Investments		$	255,312,545		$	16,111,822		$	-		$	271,424,367

Dynamic Media ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	35,571,492		$	-		$	-		$	35,571,492
Money Market Funds			104,008			2,661,052			-			2,765,060

Total Investments		$	35,675,500		$	2,661,052		$	-		$	38,336,552

Dynamic Networking ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	50,191,392		$	-		$	-		$	50,191,392
Money Market Funds			105,044			2,846,615			-			2,951,659

Total Investments		$	50,296,436		$	2,846,615		$	-		$	53,143,051

Dynamic Oil & Gas Services ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	5,209,540		$	-		$	-		$	5,209,540
Money Market Funds			77,333			610,043			-			687,376

Total Investments		$	5,286,873		$	610,043		$	-		$	5,896,916

Dynamic Pharmaceuticals ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	310,707,138		$	-		$	-		$	310,707,138
Money Market Funds			98,237			7,710,143			-			7,808,380

Total Investments		$	310,805,375		$	7,710,143		$	-		$	318,515,518


		52

NOTE 6–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, 2020, as follows:


	No expiration
	Short-Term		Long-Term		Total*
Dynamic Biotechnology & Genome ETF	$	196,158,095	$	28,014,650	$	224,172,745
Dynamic Building & Construction ETF		61,591,341		8,796,744		70,388,085
Dynamic Energy Exploration & Production ETF		88,627,435		32,954,106		121,581,541
Dynamic Food & Beverage ETF		71,464,519		9,797,010		81,261,529
Dynamic Leisure and Entertainment ETF		74,287,611		1,668,220		75,955,831
Dynamic Media ETF		81,857,354		2,854,087		84,711,441
Dynamic Networking ETF		34,669,195		10,113,312		44,782,507
Dynamic Oil & Gas Services ETF		56,751,317		44,859,043		101,610,360
Dynamic Pharmaceuticals ETF		174,337,472		252,004,757		426,342,229
Dynamic Semiconductors ETF		42,758,957		-		42,758,957
Dynamic Software ETF		42,451,161		772,124		43,223,285

*	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 7–Investment Transactions

For the six-month period ended October 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales
Dynamic Biotechnology & Genome ETF	$	183,482,705	$	180,001,764
Dynamic Building & Construction ETF		83,706,512		82,896,744
Dynamic Energy Exploration & Production ETF		9,628,992		9,838,944
Dynamic Food & Beverage ETF		54,049,937		53,131,420
Dynamic Leisure and Entertainment ETF		193,754,516		193,904,850
Dynamic Media ETF		20,997,803		20,696,746
Dynamic Networking ETF		30,098,790		28,907,003
Dynamic Oil & Gas Services ETF		3,037,608		3,258,331
Dynamic Pharmaceuticals ETF		84,638,188		84,200,119
Dynamic Semiconductors ETF		140,215,721		138,783,664
Dynamic Software ETF		332,948,360		332,925,078

For the six-month period ended October 31, 2020, in-kind transactions associated with creations and redemptions were as follows:


	Cost of Securities Received		Value of Securities Delivered
Dynamic Biotechnology & Genome ETF	$	102,378,371	$	123,685,917
Dynamic Building & Construction ETF		86,499,447		48,394,803
Dynamic Energy Exploration & Production ETF		12,839,482		11,445,698
Dynamic Food & Beverage ETF		38,986,040		38,142,875
Dynamic Leisure and Entertainment ETF		320,995,084		214,850,230
Dynamic Media ETF		3,550,136		6,359,811
Dynamic Networking ETF		13,915,367		18,845,752


		53


	Cost of Securities Received		Value of Securities Delivered
Dynamic Oil & Gas Services ETF	$	1,424,125	$	555,107
Dynamic Pharmaceuticals ETF		19,626,910		65,240,760
Dynamic Semiconductors ETF		67,184,291		81,084,683
Dynamic Software ETF		233,536,980		233,289,714

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At October 31, 2020, 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	$	24,770,696	$	(19,605,559	)	$	5,165,137		$	246,476,663
Dynamic Building & Construction ETF		14,081,771		(2,752,110	)		11,329,661			130,114,411
Dynamic Energy Exploration & Production ETF		204,144		(9,198,411	)		(8,994,267)			22,246,010
Dynamic Food & Beverage ETF		3,283,573		(3,852,842	)		(569,269	)		75,896,019
Dynamic Leisure and Entertainment ETF		7,631,717		(22,806,818	)		(15,175,101)			286,599,468
Dynamic Media ETF		6,852,684		(2,555,371	)		4,297,313			34,039,239
Dynamic Networking ETF		8,589,256		(2,656,463	)		5,932,793			47,210,258
Dynamic Oil & Gas Services ETF		-		(7,463,981	)		(7,463,981	)		13,360,897
Dynamic Pharmaceuticals ETF		40,002,416		(23,827,092	)		16,175,324			302,340,194
Dynamic Semiconductors ETF		61,628,870		(6,023,561	)		55,605,309			220,974,369
Dynamic Software ETF		93,360,736		(23,955,377	)		69,405,359			438,210,450

NOTE 8–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 9–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.


		54

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.


		55

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2020 through October 31, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value May 1, 2020			Ending Account Value October 31, 2020			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		$	1,066.40		0.59	%		$	3.07

Hypothetical (5% return before expenses)			1,000.00			1,022.23		0.59				3.01

Invesco Dynamic Building & Construction ETF (PKB)

Actual			1,000.00			1,381.10		0.62				3.72

Hypothetical (5% return before expenses)			1,000.00			1,022.08		0.62				3.16

Invesco Dynamic Energy Exploration & Production ETF (PXE)

Actual			1,000.00			738.60		0.63				2.76

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			1,069.30		0.63				3.29

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			1,096.30		0.60				3.17

Hypothetical (5% return before expenses)			1,000.00			1,022.18		0.60				3.06

Invesco Dynamic Media ETF (PBS)

Actual			1,000.00			1,277.90		0.63				3.62

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


		56

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value May 1, 2020			Ending Account Value October 31, 2020			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		$	1,164.30		0.63	%		$	3.44

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			813.90		0.63				2.88

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

Invesco Dynamic Pharmaceuticals ETF (PJP)

Actual			1,000.00			998.00		0.58				2.92

Hypothetical (5% return before expenses)			1,000.00			1,022.28		0.58				2.96

Invesco Dynamic Semiconductors ETF (PSI)

Actual			1,000.00			1,262.30		0.57				3.25

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

Invesco Dynamic Software ETF (PSJ)

Actual			1,000.00			1,251.60		0.56				3.18

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, 2020. 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.


		57

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