

		Invesco Semi-Annual Report to Shareholders
		October 31, 2022

		PBE		Invesco Dynamic Biotechnology & Genome ETF

		PKB		Invesco Dynamic Building & Construction ETF

		PXE		Invesco Dynamic Energy Exploration & Production ETF

		PBJ		Invesco Dynamic Food & Beverage ETF

		PEJ		Invesco Dynamic Leisure and Entertainment ETF

		PBS		Invesco Dynamic Media ETF

		PXQ		Invesco Dynamic Networking ETF

		PXJ		Invesco Dynamic Oil & Gas Services ETF

		PJP		Invesco Dynamic Pharmaceuticals ETF

		PSI		Invesco Dynamic Semiconductors ETF

		PSJ		Invesco Dynamic Software ETF

Table of Contents


Schedules of Investments

Invesco Dynamic Biotechnology & Genome ETF (PBE)			3

Invesco Dynamic Building & Construction ETF (PKB)			5

Invesco Dynamic Energy Exploration & Production ETF (PXE)			7

Invesco Dynamic Food & Beverage ETF (PBJ)			9

Invesco Dynamic Leisure and Entertainment ETF (PEJ)			11

Invesco Dynamic Media ETF (PBS)			14

Invesco Dynamic Networking ETF (PXQ)			16

Invesco Dynamic Oil & Gas Services ETF (PXJ)			18

Invesco Dynamic Pharmaceuticals ETF (PJP)			20

Invesco Dynamic Semiconductors ETF (PSI)			22

Invesco Dynamic Software ETF (PSJ)			24

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

Invesco Dynamic Biotechnology & Genome ETF (PBE)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Biotechnology-89.02%
Acadia Pharmaceuticals, Inc.^(b)(c)		402,958	$	6,459,417
Alkermes PLC^(b)		273,057		6,198,394
Amgen, Inc.		51,007		13,789,742
Amicus Therapeutics, Inc.^(b)		563,067		5,630,670
Biogen, Inc.^(b)		61,485		17,427,308
BioMarin Pharmaceutical, Inc.^(b)		136,155		11,795,108
Catalyst Pharmaceuticals, Inc.^(b)(c)		456,197		6,327,452
Dynavax Technologies Corp.^(b)(c)		579,382		6,633,924
Emergent BioSolutions, Inc.^(b)		249,244		5,199,230
Enanta Pharmaceuticals, Inc.^(b)(c)		99,789		4,501,482
Exelixis, Inc.^(b)		355,929		5,901,303
FibroGen, Inc.^(b)(c)		497,213		8,094,627
Gilead Sciences, Inc.		195,826		15,364,508
Halozyme Therapeutics, Inc.^(b)(c)		160,273		7,662,652
Incyte Corp.^(b)		170,850		12,700,989
Ionis Pharmaceuticals, Inc.^(b)(c)		155,085		6,854,757
Ironwood Pharmaceuticals, Inc.^(b)(c)		587,886		6,431,473
Neurocrine Biosciences, Inc.^(b)		64,397		7,413,382
Regeneron Pharmaceuticals, Inc.^(b)		20,704		15,502,120
REGENXBIO, Inc.^(b)(c)		214,369		5,074,114
Sarepta Therapeutics, Inc.^(b)(c)		62,334		7,107,323
United Therapeutics Corp.^(b)		30,028		6,922,355
Veracyte, Inc.^(b)(c)		316,954		6,373,945
Vericel Corp.^(b)(c)		249,153		6,697,233
Vertex Pharmaceuticals, Inc.^(b)		43,570		13,593,840
Xencor, Inc.^(b)(c)		234,791		6,574,148

				222,231,496

Health Care Services-4.39%
Fulgent Genetics, Inc.^(b)(c)		144,847		5,740,287
OPKO Health, Inc.^(b)(c)		2,742,701		5,211,132

				10,951,419



	Shares		Value

Life Sciences Tools & Services-6.63%
QIAGEN N.V.^(b)		146,438	$	6,378,839
Repligen Corp.^(b)(c)		55,666		10,158,489

				16,537,328

Total Common Stocks & Other Equity Interests (Cost $240,968,643)				249,720,243


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $125,977)		125,977		125,977

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $241,094,620)				249,846,220


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-28.24%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		20,544,016		20,544,016
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		49,953,795		49,953,795

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $70,499,234)				70,497,811

TOTAL INVESTMENTS IN SECURITIES-128.33% (Cost $311,593,854)				320,344,031
OTHER ASSETS LESS LIABILITIES-(28.33)%				(70,712,883	)


NET ASSETS-100.00%.			$	249,631,148

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, 2022.

^(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, 2022.



	Value April 30, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	138,087	$	5,557,115	$	(5,569,225)		$ -		$ -		$ 125,977	$	878

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



		3
		3

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

October 31, 2022

(Unaudited)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	16,183,722		$	82,446,281		$	(78,085,987	)		$	-			$	-		$	20,544,016		$	155,625	*

Invesco Private Prime Fund			37,737,721			163,083,833			(150,867,004	)			(2,756	)			2,001			49,953,795			427,377	*


Total		$	54,059,530		$	251,087,229		$	(234,522,216	)		$	(2,756	)		$	2,001		$	70,623,788		$	583,880

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2022

Biotechnology			89.02

Life Sciences Tools & Services			6.63

Health Care Services			4.39

Money Market Funds Plus Other Assets Less Liabilities			(0.04)

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



		4
		4

Invesco Dynamic Building & Construction ETF (PKB)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.06%
Building Products-12.03%
Carlisle Cos., Inc.		18,768	$	4,481,799
Owens Corning		36,246		3,103,020
PGT Innovations, Inc.^(b)		141,262		3,010,293
Tecnoglass, Inc.^(c)		126,053		2,587,868

				13,182,980

Construction & Engineering-8.95%
AECOM		41,656		3,135,864
Dycom Industries, Inc.^(b)		27,964		3,304,785
NV5 Global, Inc.^(b)(c)		23,202		3,363,130

				9,803,779

Construction Materials-15.31%
Eagle Materials, Inc.		24,770		3,029,619
Martin Marietta Materials, Inc.		16,225		5,451,275
Summit Materials, Inc., Class A^(b)(c)		105,441		2,778,370
Vulcan Materials Co.		33,717		5,519,473

				16,778,737

Forest Products-2.83%
Louisiana-Pacific Corp.^(c)		54,653		3,096,092


Gas Utilities-2.67%
Southwest Gas Holdings, Inc.		39,977		2,921,119


Home Improvement Retail-10.03%
Home Depot, Inc. (The)		18,795		5,565,763
Lowe’s Cos., Inc.		27,810		5,421,560

				10,987,323

Homebuilding-39.99%
Cavco Industries, Inc.^(b)(c)		12,071		2,736,134
Century Communities, Inc.^(c)		64,880		2,887,809
D.R. Horton, Inc.		79,200		6,088,896
Green Brick Partners, Inc.^(b)(c)		118,504		2,740,998
Installed Building Products, Inc.^(c)		31,947		2,747,442
Lennar Corp., Class A		70,280		5,671,596
M/I Homes, Inc.^(b)		71,588		2,970,186
Meritage Homes Corp.^(b)		38,798		2,954,856
PulteGroup, Inc.		76,492		3,058,915
Skyline Champion Corp.^(b)(c)		51,895		3,020,808



	Shares		Value
Homebuilding-(continued)
Taylor Morrison Home Corp., Class A^(b)(c)		120,448	$	3,172,600
Toll Brothers, Inc.		68,974		2,971,400
TopBuild Corp.^(b)		16,418		2,793,358

				43,814,998


Specialized Consumer Services-2.46%
frontdoor, inc.^(b)(c)		122,420		2,700,585


Specialty Stores-5.79%
Tractor Supply Co.		28,854		6,341,244

Total Common Stocks & Other Equity Interests (Cost $117,427,813)				109,626,857


Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $41,701)		41,701		41,701

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $117,469,514)				109,668,558


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.51%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		4,760,750		4,760,750
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		12,238,935		12,238,935

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $16,999,987)				16,999,685

TOTAL INVESTMENTS IN SECURITIES-115.61% (Cost $134,469,501)				126,668,243
OTHER ASSETS LESS LIABILITIES-(15.61)%				(17,103,087	)

NET ASSETS-100.00%.			$	109,565,156

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, 2022.

^(d)



	Value April 30, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$142,552		$6,769,576		$(6,870,427)		$ -		$ -		$41,701	$	2,330

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



		5
		5

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

October 31, 2022

(Unaudited)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	834,839		$	26,886,520		$	(22,960,609	)		$	-			$	-		$	4,760,750		$	42,356	*

Invesco Private Prime Fund			1,948,889			66,099,508			(55,809,461	)			(302	)			301			12,238,935			115,493	*


Total		$	2,926,280		$	99,755,604		$	(85,640,497	)		$	(302	)		$	301		$	17,041,386		$	160,179

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2022

Homebuilding	39.99

Construction Materials	15.31

Building Products	12.03

Home Improvement Retail	10.03

Construction & Engineering	8.95

Specialty Stores	5.79

Sub-Industry Types Each Less Than 3%	7.96

Money Market Funds Plus Other Assets Less Liabilities	(0.06	)

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



		6
		6

Invesco Dynamic Energy Exploration & Production ETF (PXE)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Gas Utilities-2.38%
National Fuel Gas Co.		117,291	$	7,915,970


Industrial Conglomerates-2.71%
Icahn Enterprises L.P.		165,093		9,004,172


Integrated Oil & Gas-4.59%
Occidental Petroleum Corp.		210,660		15,293,916


Oil & Gas Exploration & Production-68.98%
APA Corp.		218,587		9,936,965
Callon Petroleum Co.^(b)(c)		199,069		8,751,073
Chord Energy Corp.^(c)		58,722		8,989,751
Comstock Resources, Inc.^(b)(c)		446,980		8,394,284
ConocoPhillips		145,200		18,308,268
Continental Resources, Inc.^(c)		219,561		16,240,927
Devon Energy Corp.		219,329		16,965,098
Diamondback Energy, Inc.		115,027		18,071,892
Earthstone Energy, Inc., Class A^(b)(c)		554,224		8,956,260
Laredo Petroleum, Inc.^(b)(c)		110,360		7,134,774
Magnolia Oil & Gas Corp., Class A		347,545		8,924,956
Marathon Oil Corp.		329,823		10,043,110
Matador Resources Co.		138,035		9,172,426
Murphy Oil Corp.		225,903		10,958,554
Ovintiv, Inc.		161,658		8,187,978
PDC Energy, Inc.		127,970		9,231,756
Permian Resources Corp.^(b)(c)		1,095,554		10,703,563
Pioneer Natural Resources Co.		61,747		15,832,548
SM Energy Co.		187,749		8,444,950
Southwestern Energy Co.^(b)		1,094,111		7,582,189
Talos Energy, Inc.^(b)(c)		414,021		8,810,367

				229,641,689

Oil & Gas Refining & Marketing-21.29%
CVR Energy, Inc.^(c)		247,288		9,659,069
Delek US Holdings, Inc.^(c)		284,853		8,448,740



	Shares		Value
Oil & Gas Refining & Marketing-(continued)
HF Sinclair Corp.^(c)		158,948	$	9,722,849
Marathon Petroleum Corp.		150,236		17,069,815
PBF Energy, Inc., Class A^(b)(c)		225,621		9,983,729
Valero Energy Corp.		127,330		15,986,282

				70,870,484

Total Common Stocks & Other Equity Interests (Cost $295,931,950)				332,726,231


Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $330,383)		330,383		330,383

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $296,262,333)				333,056,614


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.62%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		14,567,828		14,567,828
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		37,449,550		37,449,550

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $52,017,034)				52,017,378

TOTAL INVESTMENTS IN SECURITIES-115.67% (Cost $348,279,367)				385,073,992
OTHER ASSETS LESS LIABILITIES-(15.67)%				(52,170,828	)

NET ASSETS-100.00%.			$	332,903,164

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, 2022.

^(d)



	Value April 30, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$340,711		$19,228,117		$(19,238,445)		$ -		$ -		$330,383	$	2,977

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



		7
		7

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

October 31, 2022

(Unaudited)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	11,513,827		$	96,777,893		$	(93,723,892	)		$	-			$	-			$	14,567,828		$	168,830	*

Invesco Private Prime Fund			26,845,754			242,108,015			(231,499,136	)			(2,160	)			(2,923	)			37,449,550			461,193	*


Total		$	38,700,292		$	358,114,025		$	(344,461,473	)		$	(2,160	)		$	(2,923	)		$	52,347,761		$	633,000

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2022

Oil & Gas Exploration & Production			68.98

Oil & Gas Refining & Marketing			21.29

Integrated Oil & Gas			4.59

Sub-Industry Types Each Less Than 3%			5.09

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.



		8
		8

Invesco Dynamic Food & Beverage ETF (PBJ)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Agricultural Products-5.53%
Archer-Daniels-Midland Co.		192,431	$	18,661,958


Brewers-2.47%
Molson Coors Beverage Co., Class B		165,389		8,340,567


Distillers & Vintners-2.69%
MGP Ingredients, Inc.^(b)		81,046		9,081,204


Food Distributors-19.03%
Andersons, Inc. (The)		230,068		8,114,498
Chefs’ Warehouse, Inc. (The)^(b)(c)		271,261		9,936,290
Performance Food Group Co.^(c)		184,875		9,620,895
SpartanNash Co.^(b)		295,457		10,550,770
Sysco Corp.		198,680		17,197,741
US Foods Holding Corp.^(c)		295,645		8,798,395

				64,218,589

Food Retail-15.88%
Albertsons Cos., Inc., Class A		436,708		8,956,881
Grocery Outlet Holding Corp.^(b)(c)		231,567		8,005,271
Ingles Markets, Inc., Class A		91,904		8,672,981
Kroger Co. (The)		186,328		8,811,451
Sprouts Farmers Market, Inc.^(b)(c)		304,409		8,980,066
Weis Markets, Inc.^(b)		108,536		10,166,567

				53,593,217

Packaged Foods & Meats-36.87%
Cal-Maine Foods, Inc.^(b)		175,102		9,895,014
Campbell Soup Co.^(b)		180,646		9,557,980
General Mills, Inc.		217,587		17,750,748
Hershey Co. (The)		72,857		17,396,066
Hormel Foods Corp.		180,260		8,373,077
Hostess Brands, Inc.^(b)(c)		404,459		10,710,074
Kellogg Co.		121,302		9,318,420
Kraft Heinz Co. (The)		437,589		16,834,049
Pilgrim’s Pride Corp.^(b)(c)		312,649		7,206,559



	Shares		Value
Packaged Foods & Meats-(continued)
Post Holdings, Inc.^(c)		104,322	$	9,432,795
Tyson Foods, Inc., Class A		115,769		7,912,811

				124,387,593

Restaurants-2.75%
Arcos Dorados Holdings, Inc., Class A (Brazil)		1,230,614		9,278,830


Soft Drinks-14.73%
Coca-Cola Co. (The)		263,630		15,778,256
Keurig Dr Pepper, Inc.		429,057		16,664,574
PepsiCo, Inc.		94,990		17,248,284

				49,691,114

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $328,230,404)				337,253,072


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-13.10%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		12,374,620		12,374,620
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		31,811,315		31,811,315

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $44,185,612)				44,185,935

TOTAL INVESTMENTS IN SECURITIES-113.05% (Cost $372,416,016)				381,439,007
OTHER ASSETS LESS LIABILITIES-(13.05)%				(44,030,514	)

NET ASSETS-100.00%.			$	337,408,493

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at October 31, 2022.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	364,851	$	16,220,887	$	(16,585,738)	$	-	$	-	$	-	$	1,894

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



		9
		9

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

October 31, 2022

(Unaudited)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	11,654,821		$	50,598,020		$	(49,878,221	)		$	-		$	-		$	12,374,620		$	89,430	*

Invesco Private Prime Fund			27,185,071			105,433,315			(100,809,160	)			323			1,766			31,811,315			246,802	*


Total		$	39,204,743		$	172,252,222		$	(167,273,119	)		$	323		$	1,766		$	44,185,935		$	338,126

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2022

Packaged Foods & Meats			36.87

Food Distributors			19.03

Food Retail			15.88

Soft Drinks			14.73

Agricultural Products			5.53

Sub-Industry Types Each Less Than 3%			7.91

Money Market Funds Plus Other Assets Less Liabilities			0.05

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



		10
		10

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Airlines-5.73%
Alaska Air Group, Inc.^(b)		386,334	$	17,176,409
Copa Holdings S.A., Class A (Panama)^(b)(c)		236,099		17,761,728

				34,938,137


Broadcasting-8.87%
AMC Networks, Inc., Class A^(b)		654,815		14,739,886
Fox Corp., Class A		914,025		26,387,902
Paramount Global, Class B^(c)		704,022		12,897,683

				54,025,471


Casinos & Gaming-5.74%
Churchill Downs, Inc.^(c)		82,857		17,226,799
Red Rock Resorts, Inc., Class A		425,942		17,740,484

				34,967,283


Food Distributors-10.88%
Performance Food Group Co.^(b)(c)		343,966		17,899,991
Sysco Corp.		370,135		32,038,886
US Foods Holding Corp.^(b)		550,423		16,380,588

				66,319,465


Hotels, Resorts & Cruise Lines-21.90%
Choice Hotels International, Inc.^(c)		145,062		18,834,850
Hilton Worldwide Holdings, Inc.		238,541		32,265,056
Hyatt Hotels Corp., Class A^(b)(c)		187,488		17,663,245
Marriott International, Inc., Class A		198,849		31,837,713
Marriott Vacations Worldwide Corp.^(c)		117,948		17,427,996
Playa Hotels & Resorts N.V.^(b)		2,492,331		15,377,682

				133,406,542


Interactive Media & Services-2.66%
TripAdvisor, Inc.^(b)(c)		686,090		16,205,446


Leisure Facilities-3.51%
Bowlero Corp.^(b)(c)		1,468,842		21,386,340


Movies & Entertainment-29.74%
Cinemark Holdings, Inc.^(b)(c)		1,127,802		11,965,979
Endeavor Group Holdings, Inc., Class A^(b)		754,581		16,480,049
Liberty Media Corp.-Liberty Formula One, Class A^(b)(c)		280,419		14,587,396
Lions Gate Entertainment Corp., Class A^(b)(c)		1,749,847		14,103,767
Live Nation Entertainment, Inc.^(b)		340,118		27,076,794



	Shares		Value
Movies & Entertainment-(continued)
Walt Disney Co. (The)^(b)		274,662	$	29,262,490
Warner Bros Discovery, Inc.^(b)(c)		2,466,937		32,070,181
Warner Music Group Corp., Class A^(c)		607,602		15,809,804
World Wrestling Entertainment, Inc., Class A^(c)		251,648		19,852,511

				181,208,971


Restaurants-10.93%
Arcos Dorados Holdings, Inc., Class A (Brazil)^(c)		2,290,204		17,268,138
Dave & Buster’s Entertainment, Inc.^(b)(c)		409,953		16,336,627
McDonald’s Corp.		120,885		32,960,504

				66,565,269

Total Common Stocks & Other Equity Interests (Cost $685,218,176)				609,022,924


Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $707,847)		707,847		707,847

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.08% (Cost $685,926,023)				609,730,771


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-31.73%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		54,301,357		54,301,357
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		139,051,504		139,051,504

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $193,354,402)				193,352,861

TOTAL INVESTMENTS IN SECURITIES-131.81% (Cost $879,280,425)				803,083,632
OTHER ASSETS LESS LIABILITIES-(31.81)%				(193,796,356	)

NET ASSETS-100.00%			$	609,287,276

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



		11
		11

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

October 31, 2022

(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, 2022.

^(d)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022.



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	96,295,511		$	(95,587,664	)		$	-			$	-			$	707,847		$	5,846

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			33,799,807			195,778,259			(175,276,709	)			-				-				54,301,357			299,417	*

Invesco Private Prime Fund			78,835,195			450,173,825			(389,964,039	)			(2,723	)			9,246				139,051,504			826,024	*
Investments in Other Affiliates:

Manchester United PLC, Class A			41,148,669			2,411,581			(40,351,378	)			3,718,614				(6,927,486	)			-			-


Total		$	153,783,671		$	744,659,176		$	(701,179,790	)		$	3,715,891			$	(6,918,240	)		$	194,060,708		$	1,131,287

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

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



		12
		12

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

October 31, 2022

(Unaudited)


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2022

Movies & Entertainment			29.74

Hotels, Resorts & Cruise Lines			21.90

Restaurants			10.93

Food Distributors			10.88

Broadcasting			8.87

Casinos & Gaming			5.74

Airlines			5.73

Leisure Facilities			3.51

Interactive Media & Services			2.66

Money Market Funds Plus Other Assets Less Liabilities			0.04

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



		13
		13

Invesco Dynamic Media ETF (PBS)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Advertising-11.59%
Advantage Solutions, Inc.^(b)		243,322	$	822,428
Interpublic Group of Cos., Inc. (The)		33,625		1,001,689
Omnicom Group, Inc.		13,893		1,010,716
TechTarget, Inc.^(b)(c)		14,261		920,547

				3,755,380


Broadcasting-19.96%
AMC Networks, Inc., Class A^(b)		36,850		829,493
E.W. Scripps Co. (The), Class A^(b)(c)		64,263		911,892
Fox Corp., Class A		28,063		810,179
Gray Television, Inc.		49,458		699,831
iHeartMedia, Inc., Class A^(b)(c)		109,180		904,010
Nexstar Media Group, Inc., Class A		5,002		856,843
Paramount Global, Class B		39,528		724,153
Sinclair Broadcast Group, Inc., Class A^(c)		41,190		733,594

				6,469,995


Cable & Satellite-5.27%
Sirius XM Holdings, Inc.^(c)		282,712		1,707,581


Interactive Media & Services-19.30%
Alphabet, Inc., Class A^(b)		15,594		1,473,789
Cargurus, Inc.^(b)(c)		51,648		751,995
Meta Platforms, Inc., Class A^(b)		11,020		1,026,623
Yelp, Inc.^(b)		28,308		1,087,310
Ziff Davis, Inc.^(b)(c)		11,793		912,660
ZipRecruiter, Inc., Class A^(b)(c)		59,742		1,001,874

				6,254,251


IT Consulting & Other Services-5.48%
Gartner, Inc.^(b)		5,878		1,774,686


Movies & Entertainment-30.47%
Lions Gate Entertainment Corp., Class A^(b)(c)		98,517		794,047
Netflix, Inc.^(b)		7,907		2,307,895
Spotify Technology S.A.^(b)		16,435		1,324,332
Walt Disney Co. (The)^(b)		15,457		1,646,789
Warner Bros Discovery, Inc.^(b)		138,815		1,804,595
Warner Music Group Corp., Class A^(c)		34,111		887,568
World Wrestling Entertainment, Inc., Class A^(c)		14,068		1,109,825

				9,875,051



	Shares		Value
Publishing-7.92%
John Wiley & Sons, Inc., Class A		18,952	$	799,585
News Corp., Class A		55,945		943,792
Scholastic Corp.		21,573		822,794

				2,566,171

Total Common Stocks & Other Equity Interests (Cost $44,340,347)				32,403,115


Money Market Funds-0.22%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $70,979)		70,979		70,979

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.21% (Cost $44,411,326)				32,474,094


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-29.62%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		2,688,461		2,688,461
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		6,911,370		6,911,370

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,599,846)				9,599,831

TOTAL INVESTMENTS IN SECURITIES-129.83% (Cost $54,011,172)				42,073,925
OTHER ASSETS LESS LIABILITIES-(29.83)%				(9,667,990	)

NET ASSETS-100.00%			$	32,405,935

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, 2022.

^(d)



	Value April 30, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$85,837		$305,134		$(319,992)		$ -		$ -		$70,979	$	700

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



		14
		14

Invesco Dynamic Media ETF (PBS)–(continued)

October 31, 2022

(Unaudited)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	1,846,466		$	12,403,891		$	(11,561,896	)		$	-			$	-		$	2,688,461		$	19,669	*

Invesco Private Prime Fund			4,304,883			23,894,387			(21,287,972	)			(47	)			119			6,911,370			52,624	*


Total		$	6,237,186		$	36,603,412		$	(33,169,860	)		$	(47	)		$	119		$	9,670,810		$	72,993

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2022

Movies & Entertainment			30.47

Broadcasting			19.96

Interactive Media & Services			19.30

Advertising			11.59

Publishing			7.92

IT Consulting & Other Services			5.48

Cable & Satellite			5.27

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.



		15
		15

Invesco Dynamic Networking ETF (PXQ)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Application Software-4.82%
Datadog, Inc., Class A^(b)		11,422	$	919,585
New Relic, Inc.^(b)		18,740		1,110,158

				2,029,743

Communications Equipment-40.08%
ADTRAN Holdings, Inc.^(c)		48,053		1,079,270
Arista Networks, Inc.^(b)		9,265		1,119,768
Ciena Corp.^(b)(c)		21,736		1,041,154
Cisco Systems, Inc.		45,489		2,066,565
Clearfield, Inc.^(b)(c)		9,395		1,141,211
CommScope Holding Co., Inc.^(b)		114,653		1,518,006
Extreme Networks, Inc.^(b)		83,964		1,506,314
F5, Inc.^(b)(c)		7,095		1,013,947
Harmonic, Inc.^(b)(c)		105,785		1,634,378
Lumentum Holdings, Inc.^(b)(c)		12,821		954,524
Motorola Solutions, Inc.		4,778		1,193,114
NetScout Systems, Inc.^(b)(c)		36,251		1,302,136
Ubiquiti, Inc.		3,707		1,285,402

				16,855,789

Electronic Components-9.58%
Amphenol Corp., Class A		27,827		2,110,121
Belden, Inc.^(c)		17,335		1,207,036
Coherent Corp.^(b)(c)		21,142		710,583

				4,027,740

Semiconductors-8.23%
Marvell Technology, Inc.		41,811		1,659,061
QUALCOMM, Inc.		15,326		1,803,257

				3,462,318

Systems Software-32.61%
A10 Networks, Inc.		76,685		1,288,308
Check Point Software Technologies Ltd. (Israel)^(b)		9,647		1,246,682
Crowdstrike Holdings, Inc., Class A^(b)		11,211		1,807,213
CyberArk Software Ltd.^(b)		7,926		1,243,669
Fortinet, Inc.^(b)		42,630		2,436,731



	Shares		Value
Systems Software-(continued)
KnowBe4, Inc., Class A^(b)		60,950	$	1,498,151
Palo Alto Networks, Inc.^(b)		11,360		1,949,262
Qualys, Inc.^(b)(c)		7,671		1,093,578
Tenable Holdings, Inc.^(b)(c)		28,332		1,151,412

				13,715,006

Technology Hardware, Storage & Peripherals-4.70%
Apple, Inc.		12,897		1,977,626

Total Common Stocks & Other Equity Interests (Cost $39,664,554)				42,068,222

Money Market Funds-0.18%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $74,280)		74,280		74,280

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.20% (Cost $39,738,834)				42,142,502


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-20.74%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		2,442,416		2,442,416
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		6,279,381		6,279,381

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,721,799)				8,721,797

TOTAL INVESTMENTS IN SECURITIES-120.94% (Cost $48,460,633)				50,864,299
OTHER ASSETS LESS LIABILITIES-(20.94)%				(8,805,661	)

NET ASSETS-100.00%			$	42,058,638

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, 2022.

^(d)



	Value April 30, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	41,355	$	797,574	$	(764,649)	$	-	$	-	$	74,280	$	709

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



		16
		16

Invesco Dynamic Networking ETF (PXQ)–(continued)

October 31, 2022

(Unaudited)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	1,436,610		$	17,421,135		$	(16,415,329	)		$	-			$	-			$	2,442,416		$	14,687	*

Invesco Private Prime Fund			3,350,983			32,793,179			(29,864,745	)			(2	)			(34	)			6,279,381			39,360	*


Total		$	4,828,948		$	51,011,888		$	(47,044,723	)		$	(2	)		$	(34	)		$	8,796,077		$	54,756

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

Portfolio Composition

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

as of October 31, 2022



Communications Equipment	40.08

Systems Software	32.61

Electronic Components	9.58

Semiconductors	8.23

Application Software	4.82

Technology Hardware, Storage & Peripherals	4.70

Money Market Funds Plus Other Assets Less Liabilities	(0.02	)

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



		17
		17

Invesco Dynamic Oil & Gas Services ETF (PXJ)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Oil & Gas Drilling-22.25%
Helmerich & Payne, Inc.		53,172	$	2,632,546
Nabors Industries Ltd.^(b)(c)		10,006		1,741,344
Noble Corp. PLC^(b)		43,286		1,560,027
Patterson-UTI Energy, Inc.		85,347		1,506,375
Transocean Ltd.^(b)(c)		371,325		1,366,476
Valaris Ltd.^(b)		48,428		3,241,286

				12,048,054

Oil & Gas Equipment & Services-63.14%
Archrock, Inc.^(c)		174,221		1,308,400
Baker Hughes Co., Class A		91,147		2,521,126
Cactus, Inc., Class A^(c)		31,622		1,635,490
ChampionX Corp.^(c)		105,194		3,010,652
Expro Group Holdings N.V.^(b)		106,734		2,020,475
Halliburton Co.		76,164		2,773,893
Liberty Energy, Inc., Class A^(b)(c)		89,464		1,512,836
NexTier Oilfield Solutions, Inc.^(b)		141,132		1,422,610
NOV, Inc.		129,581		2,902,614
Oceaneering International, Inc.^(b)		144,528		2,021,947
ProPetro Holding Corp.^(b)(c)		142,181		1,683,423
RPC, Inc.		165,247		1,839,199
Schlumberger Ltd.		60,484		3,146,983
TechnipFMC PLC (United Kingdom)^(b)(c)		278,193		2,946,064
USA Compression Partners L.P.		72,669		1,314,582
Weatherford International PLC^(b)		51,154		2,132,099

				34,192,393

Oil & Gas Storage & Transportation-14.61%
DHT Holdings, Inc.		175,039		1,559,597
Frontline Ltd. (Norway)^(c)		117,117		1,470,989
Golar LNG Ltd. (Cameroon)^(b)		47,957		1,334,164
International Seaways, Inc.		45,561		1,932,242
Scorpio Tankers, Inc. (Monaco)		33,736		1,617,304

				7,914,296

Total Common Stocks & Other Equity Interests (Cost $51,206,613)				54,154,743



	Shares		Value
Money Market Funds-0.14%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $75,608)		75,608	$	75,608

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% (Cost $51,282,221)				54,230,351


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-16.81%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		2,548,644		2,548,644
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		6,551,637		6,551,637

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,100,244)				9,100,281

TOTAL INVESTMENTS IN SECURITIES-116.95% (Cost $60,382,465)				63,330,632
OTHER ASSETS LESS LIABILITIES-(16.95)%				(9,177,211	)

NET ASSETS-100.00%			$	54,153,421

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	126,244		$	853,290		$	(903,926	)		$	-		$	-		$	75,608		$	851

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



		18
		18

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

October 31, 2022

(Unaudited)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	5,339,810		$	16,547,767		$	(19,338,933	)		$	-			$	-			$	2,548,644		$	21,031	*

Invesco Private Prime Fund			12,457,065			33,747,469			(39,652,244	)			(164	)			(489	)			6,551,637			56,780	*


Total		$	17,923,119		$	51,148,526		$	(59,895,103	)		$	(164	)		$	(489	)		$	9,175,889		$	78,662

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

Portfolio Composition

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

as of October 31, 2022



Oil & Gas Equipment & Services	63.14

Oil & Gas Drilling	22.25

Oil & Gas Storage & Transportation	14.61

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.



		19
		19

Invesco Dynamic Pharmaceuticals ETF (PJP)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Biotechnology-44.42%
AbbVie, Inc.		123,886	$	18,136,910
Amgen, Inc.		70,434		19,041,832
Biogen, Inc.^(b)		50,922		14,433,331
Emergent BioSolutions, Inc.^(b)		379,379		7,913,846
Enanta Pharmaceuticals, Inc.^(b)		151,903		6,852,344
Gilead Sciences, Inc.		270,467		21,220,841
Horizon Therapeutics PLC^(b)		168,959		10,529,525
Ligand Pharmaceuticals, Inc.^(b)(c)		101,909		8,932,324
Regeneron Pharmaceuticals, Inc.^(b)		17,144		12,836,570
Travere Therapeutics, Inc.^(b)(c)		381,332		8,267,278
United Therapeutics Corp.^(b)		45,709		10,537,296

				138,702,097

Health Care Equipment-5.15%
Abbott Laboratories		162,459		16,073,694


Pharmaceuticals-50.41%
Amphastar Pharmaceuticals, Inc.^(b)(c)		319,448		9,870,943
Bausch Health Cos., Inc.^(b)(c)		1,964,565		12,769,673
Corcept Therapeutics, Inc.^(b)		382,474		10,938,756
Eli Lilly and Co.		54,655		19,790,029
Jazz Pharmaceuticals PLC^(b)		66,022		9,493,303
Johnson & Johnson		103,671		18,035,644
Merck & Co., Inc.		190,924		19,321,509
Pacira BioSciences, Inc.^(b)(c)		183,925		9,519,958
Perrigo Co. PLC^(c)		260,881		10,508,287
Pfizer, Inc.		358,699		16,697,438
Prestige Consumer Healthcare, Inc.^(b)(c)		190,738		10,391,406
Supernus Pharmaceuticals, Inc.^(b)(c)		294,722		10,100,123

				157,437,069

Total Common Stocks & Other Equity Interests (Cost $289,637,008)				312,212,860



	Shares		Value
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $118,329)		118,329	$	118,329

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $289,755,337)				312,331,189


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.00%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		12,245,803		12,245,803
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		31,481,271		31,481,271

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $43,727,713)				43,727,074

TOTAL INVESTMENTS IN SECURITIES-114.02% (Cost $333,483,050)				356,058,263
OTHER ASSETS LESS LIABILITIES-(14.02)%				(43,769,329	)

NET ASSETS-100.00%.			$	312,288,934

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, 2022.

^(d)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	137,871		$	2,608,784		$	(2,628,326)		$	-		$	-		$	118,329		$	1,645

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



		20
		20

Invesco Dynamic Pharmaceuticals ETF (PJP)–(continued)

October 31, 2022

(Unaudited)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	18,280,630		$	59,469,544		$	(65,504,371	)		$	-			$	-			$	12,245,803		$	94,933	*

Invesco Private Prime Fund			42,636,270			140,110,321			(151,263,895	)			(912	)			(513	)			31,481,271			258,555	*


Total		$	61,054,771		$	202,188,649		$	(219,396,592	)		$	(912	)		$	(513	)		$	43,845,403		$	355,133

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

Portfolio Composition

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

as of October 31, 2022



Pharmaceuticals			50.41

Biotechnology			44.42

Health Care Equipment			5.15

Money Market Funds Plus Other Assets Less Liabilities			0.02

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



		21
		21

Invesco Dynamic Semiconductors ETF (PSI)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Electronic Components-3.22%
Vishay Intertechnology, Inc.^(b)		685,159	$	14,326,675


Semiconductor Equipment-34.73%
Amkor Technology, Inc.^(b)		668,012		13,887,969
Applied Materials, Inc.		254,009		22,426,455
Axcelis Technologies, Inc.^(b)(c)		195,916		11,363,128
Cohu, Inc.^(b)(c)		498,798		16,420,430
FormFactor, Inc.^(b)(c)		432,414		8,739,087
KLA Corp.		38,943		12,323,512
Kulicke & Soffa Industries, Inc. (Singapore)^(b)		311,303		13,056,048
Lam Research Corp.		55,813		22,591,986
Onto Innovation, Inc.^(b)(c)		182,766		12,216,079
Photronics, Inc.^(b)(c)		607,757		9,857,819
Veeco Instruments, Inc.^(b)(c)		642,513		11,713,012

				154,595,525

Semiconductors-61.99%
Alpha & Omega Semiconductor Ltd.^(b)(c)		342,667		11,222,344
Analog Devices, Inc.		157,463		22,457,373
Broadcom, Inc.		48,868		22,973,824
Cirrus Logic, Inc.^(b)(c)		167,438		11,238,439
Diodes, Inc.^(c)		181,703		13,022,654
GLOBALFOUNDRIES, Inc.^(b)(c)		235,831		13,371,618
Lattice Semiconductor Corp.^(c)		237,340		11,513,363
MaxLinear, Inc.^(b)(c)		372,708		11,509,223
Microchip Technology, Inc.		204,217		12,608,358
Micron Technology, Inc.^(b)		447,441		24,206,558
Monolithic Power Systems, Inc.		28,435		9,652,261
NVIDIA Corp.		150,663		20,334,985
NXP Semiconductors N.V. (China)		81,144		11,853,516
ON Semiconductor Corp.^(c)		198,124		12,170,757
QUALCOMM, Inc.		183,973		21,646,263
Silicon Laboratories, Inc.^(b)(c)		105,558		12,130,725



	Shares		Value
Semiconductors-(continued)
Texas Instruments, Inc.		150,073	$	24,106,226
Wolfspeed, Inc.^(b)(c)		126,037		9,925,414

				275,943,901

Total Common Stocks & Other Equity Interests (Cost $535,702,508)				444,866,101


Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $417,123)		417,123		417,123

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $536,119,631)				445,283,224


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-20.86%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		25,999,305		25,999,305
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		66,837,263		66,837,263

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $92,836,394)				92,836,568

TOTAL INVESTMENTS IN SECURITIES-120.89% (Cost $628,956,025)				538,119,792
OTHER ASSETS LESS LIABILITIES-(20.89)%				(92,983,366	)

NET ASSETS-100.00%			$	445,136,426

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at October 31, 2022.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 114,354		$ 2,696,169		$ (2,393,400)		$ -		$ -		$ 417,123		$ 1,816

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



		22
		22

Invesco Dynamic Semiconductors ETF (PSI)–(continued)

October 31, 2022

(Unaudited)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	11,548,793		$	141,822,550		$	(127,372,038	)		$	-			$	-		$	25,999,305		$	214,167	*

Invesco Private Prime Fund			26,909,169			288,560,475			(248,633,838	)			(1,086	)			2,543			66,837,263			585,336	*


Total		$	38,572,316		$	433,079,194		$	(378,399,276	)		$	(1,086	)		$	2,543		$	93,253,691		$	801,319

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

Portfolio Composition

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

as of October 31, 2022



Semiconductors			61.99

Semiconductor Equipment			34.73

Electronic Components			3.22

Money Market Funds Plus Other Assets Less Liabilities			0.06

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



		23
		23

Invesco Dynamic Software ETF (PSJ)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Aerospace & Defense-3.20%
Parsons Corp.^(b)		135,556	$	6,354,865


Application Software-30.70%
Box, Inc., Class A^(b)		196,875		5,719,219
Cadence Design Systems, Inc.^(b)		57,870		8,760,939
Consensus Cloud Solutions, Inc.^(b)(c)		107,575		6,039,261
EngageSmart, Inc.^(b)(c)		281,744		5,533,452
Fair Isaac Corp.^(b)(c)		12,151		5,818,385
Instructure Holdings, Inc.^(b)(c)		250,295		5,911,968
Manhattan Associates, Inc.^(b)(c)		40,038		4,871,424
New Relic, Inc.^(b)(c)		92,150		5,458,966
Synopsys, Inc.^(b)		29,539		8,641,634
Verint Systems, Inc.^(b)(c)		119,507		4,234,133

				60,989,381

Communications Equipment-3.22%
NetScout Systems, Inc.^(b)(c)		178,251		6,402,776


Data Processing & Outsourced Services-11.76%
Broadridge Financial Solutions, Inc.		61,062		9,162,964
CSG Systems International, Inc.^(c)		100,774		6,517,055
Jack Henry & Associates, Inc.		28,790		5,730,937
WeTrade Group, Inc. (China)^(b)(c)		1,796,356		1,958,028

				23,368,984

Health Care Technology-10.11%
Allscripts Healthcare Solutions, Inc.^(b)(c)		346,987		5,100,709
Multiplan Corp.^(b)(c)		1,522,174		4,368,639
NextGen Healthcare, Inc.^(b)(c)		333,962		6,692,598
Simulations Plus, Inc.		94,759		3,932,499

				20,094,445

Interactive Home Entertainment-18.88%
Electronic Arts, Inc.		83,680		10,540,333
Playtika Holding Corp.^(b)		561,035		5,301,781
ROBLOX Corp., Class A^(b)(c)		258,207		11,552,181
Take-Two Interactive Software, Inc.^(b)		85,272		10,103,026

				37,497,321

Interactive Media & Services-7.79%
Bumble, Inc., Class A^(b)(c)		218,768		5,556,707
Snap, Inc., Class A^(b)(c)		1,000,421		9,914,172

				15,470,879



	Shares		Value
Semiconductors-3.18%
Rambus, Inc.^(b)(c)		209,350	$	6,313,996

Systems Software-11.19%
Check Point Software Technologies Ltd. (Israel)^(b)		86,965		11,238,487
NortonLifeLock, Inc.^(c)		249,104		5,612,313
Qualys, Inc.^(b)(c)		37,722		5,377,649

				22,228,449

Total Common Stocks & Other Equity Interests (Cost $216,471,197)				198,721,096


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $31,340)		31,340		31,340

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $216,502,537)				198,752,436


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-30.56%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		17,004,704		17,004,704
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		43,716,240		43,716,240

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $60,721,614)				60,720,944

TOTAL INVESTMENTS IN SECURITIES-130.61% (Cost $277,224,151)				259,473,380
OTHER ASSETS LESS LIABILITIES-(30.61)%				(60,813,415	)

NET ASSETS-100.00%.			$	198,659,965

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



		24
		24

Invesco Dynamic Software ETF (PSJ)–(continued)

October 31, 2022

(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, 2022.

^(d)



	Value April 30, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	10,951		$	20,371,834		$	(20,351,445	)		$	-			$	-		$	31,340		$	1,953

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			11,459,301			78,679,696			(73,134,293	)			-				-			17,004,704			104,382	*

Invesco Private Prime Fund			26,722,975			171,903,623			(154,909,281	)			(1,979	)			902			43,716,240			288,251	*


Total		$	38,193,227		$	270,955,153		$	(248,395,019	)		$	(1,979	)		$	902		$	60,752,284		$	394,586

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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


Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2022

Application Software	30.70

Interactive Home Entertainment	18.88

Data Processing & Outsourced Services	11.76

Systems Software	11.19

Health Care Technology	10.11

Interactive Media & Services	7.79

Communications Equipment	3.22

Aerospace & Defense	3.20

Semiconductors	3.18

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.



		25
		25

Statements of Assets and Liabilities

October 31, 2022

(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)		$	249,720,243			$	109,626,857			$	332,726,231			$	337,253,072
Affiliated investments in securities, at value			70,623,788				17,041,386				52,347,761				44,185,935
Cash			-				-				2,993				-
Receivable for:
Dividends			428				42,692				80,512				3,363,665
Securities lending			6,101				1,678				10,418				4,065
Investments sold			-				-				-				-
Fund shares sold			-				-				1,669,522				-
Other assets			18,681				23,606				24,738				25,389

Total assets			320,369,241				126,736,219				386,862,175				384,832,126


Liabilities:
Due to custodian			-				-				-				2,970,525
Payable for:
Investments purchased			-				-				1,668,838				-
Collateral upon return of securities loaned			70,499,234				16,999,987				52,017,034				44,185,612
Fund shares repurchased			-								-				-
Expenses recaptured			-				-				5,233				-
Accrued advisory fees			100,740				45,962				126,797				134,749
Accrued trustees’ and officer’s fees			72,359				50,536				51,572				59,697
Accrued expenses			65,760				74,578				89,217				73,050
Accrued tax expenses			-				-				320				-

Total liabilities			70,738,093				17,171,063				53,959,011				47,423,633

Net Assets		$	249,631,148			$	109,565,156			$	332,903,164			$	337,408,493


Net assets consist of:
Shares of beneficial interest		$	519,664,297			$	224,031,663			$	359,712,824			$	408,949,302
Distributable earnings (loss)			(270,033,149	)			(114,466,507	)			(26,809,660	)			(71,540,809	)

Net Assets		$	249,631,148			$	109,565,156			$	332,903,164			$	337,408,493

Shares outstanding (unlimited amount authorized, $0.01 par value)			3,940,000				2,740,000				9,970,000				7,200,000
Net asset value		$	63.36			$	39.99			$	33.39			$	46.86

Market price		$	63.36			$	40.00			$	33.41			$	46.91

Unaffiliated investments in securities, at cost		$	240,968,643			$	117,427,813			$	295,931,950			$	328,230,404

Affiliated investments in securities, at cost		$	70,625,211			$	17,041,688			$	52,347,417			$	44,185,612

^(a)Includes securities on loan with an aggregate value of:		$	67,673,289			$	16,358,152			$	51,772,026			$	43,080,091

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



		26
		26



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

	$	609,022,924			$	32,403,115			$	42,068,222			$	54,154,743			$	312,212,860			$	444,866,101			$	198,721,096
		194,060,708				9,670,810				8,796,077				9,175,889				43,845,403				93,253,691				60,752,284
		-				-				-				-				-				-				-

		1,617				4,481				165				218				252,655				187,112				5,750
		34,688				12,450				617				2,222				3,944				36,851				68,129
		4,626,710				-				-				22,674				-				-				-
		-				-				-				797,840				-				-				-
		52,164				20,228				20,439				22,530				19,450				24,119				19,908

		807,798,811				42,111,084				50,885,520				64,176,116				356,334,312				538,367,874				259,567,167


		-				-				-				-				-				-				224

		-				-				-				797,575				-				-				-
		193,354,402				9,599,846				8,721,799				9,100,244				43,727,713				92,836,394				60,721,614
		4,627,510				-				-				-				-				-				-
		-				-				-				-				-				-				-
		257,447				12,721				13,010				21,202				128,440				187,667				92,928
		53,878				52,940				44,869				60,479				111,334				50,149				51,639
		218,298				39,642				47,204				43,195				77,891				157,238				40,797
		-				-				-				-				-				-				-

		198,511,535				9,705,149				8,826,882				10,022,695				44,045,378				93,231,448				60,907,202

	$	609,287,276			$	32,405,935			$	42,058,638			$	54,153,421			$	312,288,934			$	445,136,426			$	198,659,965


	$	1,220,076,556			$	142,141,293			$	92,206,783			$	161,777,103			$	727,204,243			$	653,461,122			$	390,083,109
		(610,789,280	)			(109,735,358	)			(50,148,145	)			(107,623,682	)			(414,915,309	)			(208,324,696	)			(191,423,144	)

	$	609,287,276			$	32,405,935			$	42,058,638			$	54,153,421			$	312,288,934			$	445,136,426			$	198,659,965

		15,800,000				950,000				540,000				10,860,000				4,080,000				4,750,000				2,080,000
	$	38.56			$	34.11			$	77.89			$	4.99			$	76.54			$	93.71			$	95.51

	$	38.59			$	34.11			$	77.97			$	5.00			$	76.57			$	93.68			$	95.47

	$	685,218,176			$	44,340,347			$	39,664,554			$	51,206,613			$	289,637,008			$	535,702,508			$	216,471,197

	$	194,062,249			$	9,670,825			$	8,796,079			$	9,175,852			$	43,846,042			$	93,253,517			$	60,752,954

	$	188,452,451			$	9,175,988			$	8,482,818			$	9,040,529			$	42,277,227			$	88,835,593			$	58,927,333

Statements of Operations

For the six months ended October 31, 2022

(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		$	462,190			$	740,660			$	5,451,009			$	6,020,544
Affiliated dividend income			878				2,330				2,977				1,894
Securities lending income, net			27,040				11,896				168,276				16,055
Foreign withholding tax			-				-				-				-

Total investment income			490,108				754,886				5,622,262				6,038,493


Expenses:
Advisory fees			584,502				311,313				734,059				774,985
Sub-licensing fees			35,070				18,678				44,043				46,498
Accounting & administration fees			15,109				15,257				10,951				7,090
Professional fees			13,798				13,870				13,845				13,340
Custodian & transfer agent fees			4,583				2,849				1,883				1,547
Trustees’ and officer’s fees			(10,156	)			(5,498	)			(5,427	)			(7,374	)
Recapture (Note 3)			-				-				99,282				5,173
Tax expenses			-				-				628				-
Other expenses			20,248				17,694				11,525				13,349

Total expenses			663,154				374,163				910,789				854,608

Less: Waivers			(47	)			(76	)			(189	)			(127	)

Net expenses			663,107				374,087				910,600				854,481

Net investment income (loss)			(172,999	)			380,799				4,711,662				5,184,012


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(19,479,740	)			(10,618,793	)			162,804				(12,151,644	)
Affiliated investment securities			2,001				301				(2,923	)			1,766
In-kind redemptions			15,991,309				(1,184,127	)			62,746,613				15,129,724

Net realized gain (loss)			(3,486,430	)			(11,802,619	)			62,906,494				2,979,846

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			30,665,619				6,895,606				(30,048,897	)			(6,804,386	)
Affiliated investment securities			(2,756	)			(302	)			(2,160	)			323

Change in net unrealized appreciation (depreciation)			30,662,863				6,895,304				(30,051,057	)			(6,804,063	)

Net realized and unrealized gain (loss)			27,176,433				(4,907,315	)			32,855,437				(3,824,217	)

Net increase (decrease) in net assets resulting from operations		$	27,003,434			$	(4,526,516	)		$	37,567,099			$	1,359,795

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



		28
		28



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

	$	3,905,302			$	163,173			$	115,235			$	240,141			$	2,226,555			$	2,989,105			$	287,545
		5,846				700				709				851				1,645				1,816				1,953
		313,845				64,376				48,569				19,755				16,925				143,749				3,237,357
		-				-				-				(186	)			-				(10,787	)			(13,414	)

		4,224,993				228,249				164,513				260,561				2,245,125				3,123,883				3,513,441


		2,488,535				90,987				103,841				109,118				792,975				1,356,116				538,720
		149,309				5,459				6,230				6,547				47,578				81,365				32,323
		59,459				8,897				7,763				7,028				13,649				33,227				18,883
		17,728				13,688				17,106				13,459				14,253				15,756				14,213
		11,253				874				1,402				1,108				1,901				5,770				77,748
		(908	)			(6,850	)			(5,040	)			(8,500	)			(18,157	)			(2,979	)			(5,107	)
		-				-				-				-				-				-				-
		-				-				-				-				-				-				-
		43,978				13,279				12,470				11,328				18,934				23,876				24,895

		2,769,354				126,334				143,772				140,088				871,133				1,513,131				701,675

		(534)				(11,729	)			(12,973	)			(2,647	)			(96	)			(85	)			(37,188	)

		2,768,820				114,605				130,799				137,441				871,037				1,513,046				664,487

		1,456,173				113,644				33,714				123,120				1,374,088				1,610,837				2,848,954


		(172,650,552	)			(6,768,738	)			(5,564,393	)			(1,215,313	)			(12,771,843	)			(83,581,651	)			(40,283,347	)
		(6,918,240)				119				(34	)			(489	)			(513	)			2,543				902
		(35,533,454)				(27,672	)			142,580				179,902				11,009,397				1,865,589				(637,371	)

		(215,102,246)				(6,796,291	)			(5,421,847	)			(1,035,900	)			(1,762,959	)			(81,713,519	)			(40,919,816	)

		56,313,386				585,222				4,254,814				707,523				3,306,946				976,321				31,182,226
		3,715,891				(47	)			(2	)			(164	)			(912	)			(1,086	)			(1,979	)

		60,029,277				585,175				4,254,812				707,359				3,306,034				975,235				31,180,247

		(155,072,969	)			(6,211,116	)			(1,167,035	)			(328,541	)			1,543,075				(80,738,284	)			(9,739,569	)

	$	(153,616,796	)		$	(6,097,472	)		$	(1,133,321	)		$	(205,421	)		$	2,917,163			$	(79,127,447	)		$	(6,890,615	)

Statements of Changes in Net Assets

For the six months ended October 31, 2022 and the year ended April 30, 2022

(Unaudited)



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

	Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022
Operations:
Net investment income (loss)		$	(172,999	)		$	(374,703	)		$	380,799			$	772,861
Net realized gain (loss)			(3,486,430	)			(21,173,123	)			(11,802,619	)			14,530,032
Change in net unrealized appreciation (depreciation)			30,662,863				(53,263,434	)			6,895,304				(67,504,990	)

Net increase (decrease) in net assets resulting from operations			27,003,434				(74,811,260	)			(4,526,516	)			(52,202,097	)


Distributions to Shareholders from:
Distributable earnings			-				-				(274,805	)			(775,962	)


Shareholder Transactions:
Proceeds from shares sold			83,033,474				75,848,619				-				262,827,248
Value of shares repurchased			(68,596,494	)			(80,679,558	)			(32,955,347	)			(342,320,529	)

Net increase (decrease) in net assets resulting from share transactions			14,436,980				(4,830,939	)			(32,955,347	)			(79,493,281	)

Net increase (decrease) in net assets			41,440,414				(79,642,199	)			(37,756,668	)			(132,471,340	)


Net assets:
Beginning of period			208,190,734				287,832,933				147,321,824				279,793,164

End of period		$	249,631,148			$	208,190,734			$	109,565,156			$	147,321,824


Changes in Shares Outstanding:
Shares sold			1,370,000				1,050,000				-				5,050,000
Shares repurchased			(1,130,000	)			(1,170,000	)			(820,000	)			(6,930,000	)
Shares outstanding, beginning of period			3,700,000				3,820,000				3,560,000				5,440,000

Shares outstanding, end of period			3,940,000				3,700,000				2,740,000				3,560,000

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



		30
		30



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

Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022					Year Ended April 30, 2022				Six Months Ended October 31, 2022					Year Ended April 30, 2022

	$	4,711,662			$	3,287,551			$	5,184,012			$	944,073				$	1,456,173			$	5,394,365				$	113,644			$	106,392
		62,906,494				14,207,105				2,979,846				9,338,352					(215,102,246	)			118,870,100					(6,796,291	)			6,982,328
		(30,051,057	)			67,347,165				(6,804,063	)			3,401,747					60,029,277				(136,953,823	)				585,175				(20,717,644	)

		37,567,099				84,841,821				1,359,795				13,684,172					(153,616,796	)			(12,689,358	)				(6,097,472	)			(13,628,924	)


		(4,834,816	)			(2,912,994	)			(1,794,401	)			(1,060,636	)				(1,814,967	)			(5,931,416	)				(121,025	)			(290,662	)


		269,064,814				182,255,982				181,812,242				295,475,317					93,256,131				1,001,348,301					4,044,070				81,740,045
		(233,110,160	)			(59,561,855	)			(146,821,881	)			(88,981,438	)				(677,958,808	)			(1,420,572,743	)				(3,869,531	)			(112,055,816	)


		35,954,654				122,694,127				34,990,361				206,493,879					(584,702,677	)			(419,224,442	)				174,539				(30,315,771	)

		68,686,937				204,622,954				34,555,755				219,117,415					(740,134,440	)			(437,845,216	)				(6,043,958	)			(44,235,357	)


		264,216,227				59,593,273				302,852,738				83,735,323					1,349,421,716				1,787,266,932					38,449,893				82,685,250

	$	332,903,164			$	264,216,227			$	337,408,493			$	302,852,738				$	609,287,276			$	1,349,421,716				$	32,405,935			$	38,449,893


		8,240,000				8,470,000				3,990,000				6,510,000					2,260,000				20,770,000					110,000				1,560,000
		(7,760,000	)			(2,930,000	)			(3,280,000	)			(2,050,000	)				(17,630,000	)			(28,450,000	)				(110,000	)			(2,200,000	)
		9,490,000				3,950,000				6,490,000				2,030,000					31,170,000				38,850,000					950,000				1,590,000

		9,970,000				9,490,000				7,200,000				6,490,000					15,800,000				31,170,000					950,000				950,000

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2022 and the year ended April 30, 2022

(Unaudited)



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

	Six Months Ended October 31, 2022				Year Ended April 30, 2022			Six Months Ended October 31, 2022				Year Ended April 30, 2022
Operations:
Net investment income		$	33,714		$	1,094,891			$	123,120		$	44,996
Net realized gain (loss)			(5,421,847	)		4,954,846				(1,035,900	)		(4,015,700	)
Change in net unrealized appreciation (depreciation)			4,254,812			(9,231,646	)			707,359			11,505,886

Net increase (decrease) in net assets resulting from operations			(1,133,321	)		(3,181,909	)			(205,421	)		7,535,182


Distributions to Shareholders from:
Distributable earnings			(388,204	)		(519,279	)			(175,081	)		(138,481	)


Shareholder Transactions:
Proceeds from shares sold			-			43,601,425				36,975,689			47,048,626
Value of shares repurchased			(1,501,704	)		(36,666,587	)			(50,388,232	)		(42,416,400	)

Net increase (decrease) in net assets resulting from share transactions			(1,501,704	)		6,934,838				(13,412,543	)		4,632,226

Net increase (decrease) in net assets			(3,023,229	)		3,233,650				(13,793,045	)		12,028,927


Net assets:
Beginning of period			45,081,867			41,848,217				67,946,466			55,917,539

End of period		$	42,058,638		$	45,081,867			$	54,153,421		$	67,946,466


Changes in Shares Outstanding:
Shares sold			-			470,000				7,980,000			10,540,000
Shares repurchased			(20,000	)		(400,000	)			(12,810,000	)		(12,000,000	)
Shares outstanding, beginning of period			560,000			490,000				15,690,000			17,150,000

Shares outstanding, end of period			540,000			560,000				10,860,000			15,690,000

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



		32
		32



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

Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022

	$	1,374,088			$	3,592,671			$	1,610,837			$	1,919,551			$	2,848,954			$	1,957,130
		(1,762,959	)			30,141,042				(81,713,519	)			118,746,733				(40,919,816	)			(82,001,377	)
		3,306,034				(37,448,594	)			975,235				(212,525,790	)			31,180,247				(88,601,357	)

		2,917,163				(3,714,881	)			(79,127,447	)			(91,859,506	)			(6,890,615	)			(168,645,604	)


		(1,575,341	)			(3,500,523	)			(1,587,547	)			(1,713,558	)			(1,666,396	)			(23,142,175	)




		30,557,043				113,139,478				36,879,020				644,996,347				2,006,325				188,174,802
		(40,092,281	)			(143,944,893	)			(101,337,294	)			(594,389,766	)			(35,027,538	)			(378,234,226	)

		(9,535,238	)			(30,805,415	)			(64,458,274	)			50,606,581				(33,021,213	)			(190,059,424	)

		(8,193,416	)			(38,020,819	)			(145,173,268	)			(42,966,483	)			(41,578,224	)			(381,847,203	)


		320,482,350				358,503,169				590,309,694				633,276,177				240,238,189				622,085,392

	$	312,288,934			$	320,482,350			$	445,136,426			$	590,309,694			$	198,659,965			$	240,238,189


		400,000				1,430,000				320,000				4,740,000				20,000				1,220,000
		(540,000	)			(1,800,000	)			(970,000	)			(4,570,000	)			(370,000	)			(2,600,000	)
		4,220,000				4,590,000				5,400,000				5,230,000				2,430,000				3,810,000

		4,080,000				4,220,000				4,750,000				5,400,000				2,080,000				2,430,000

Financial Highlights

Invesco Dynamic Biotechnology & Genome ETF (PBE)


	Six Months Ended October 31, 2022				Years Ended April 30,

	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	56.27		$	75.35		$	53.16		$	52.22		$	48.02		$	43.11

Net investment income (loss)^(a)			(0.04	)		(0.10	)		(0.19	)		0.00	^(b)		(0.16	)		0.00	^(b)
Net realized and unrealized gain (loss) on investments			7.13			(18.98	)		22.38			0.97			4.36			5.13

Total from investment operations			7.09			(19.08	)		22.19			0.97			4.20			5.13

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

Net asset value at end of period		$	63.36		$	56.27		$	75.35		$	53.16		$	52.22		$	48.02

Market price at end of period^(d)		$	63.36		$	56.24		$	75.31		$	53.27		$	52.22		$	48.08

Net Asset Value Total Return^(e)			12.60	%		(25.32	)%		41.74	%		1.87	%		8.75	%		11.94	%
Market Price Total Return^(e)			12.66	%		(25.32	)%		41.37	%		2.08	%		8.62	%		12.04	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	249,631		$	208,191		$	287,833		$	220,611		$	248,027		$	232,910
Ratio to average net assets of:
Expenses			0.57	%^(f)		0.57	%		0.59	%		0.58	%		0.57	%		0.59	%
Net investment income (loss)			(0.15	)%^(f)		(0.14	)%		(0.30	)%		0.01	%		(0.29	)%		0.01	%
Portfolio turnover rate^(g)			38	%		121	%		151	%		252	%		117	%		141	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

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

^(e)

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

^(f)	Annualized.

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

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



		34
		34

Financial Highlights–(continued)

Invesco Dynamic Building & Construction ETF (PKB)


	Six Months Ended October 31, 2022				Years Ended April 30,

	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	41.38		$	51.43		$	25.83		$	30.04		$	30.33		$	29.58

Net investment income^(a)			0.12			0.14			0.10			0.12			0.13			0.08
Net realized and unrealized gain (loss) on investments			(1.42	)		(10.05	)		25.62			(4.19	)		(0.29	)		0.73

Total from investment operations			(1.30	)		(9.91	)		25.72			(4.07	)		(0.16	)		0.81

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

Net asset value at end of period		$	39.99		$	41.38		$	51.43		$	25.83		$	30.04		$	30.33

Market price at end of period^(b)		$	40.00		$	41.38		$	51.48		$	25.89		$	30.05		$	30.34

Net Asset Value Total Return^(c)			(3.13	)%		(19.31	)%		99.81	%		(13.59	)%		(0.47	)%		2.73	%
Market Price Total Return^(c)			(3.10	)%		(19.39	)%		99.54	%		(13.42	)%		(0.47	)%		2.70	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	109,565		$	147,322		$	279,793		$	69,753		$	118,639		$	280,510
Ratio to average net assets of:
Expenses			0.60	%^(d)		0.57	%		0.60	%		0.59	%		0.60	%		0.58	%
Net investment income			0.61	%^(d)		0.29	%		0.25	%		0.38	%		0.44	%		0.24	%
Portfolio turnover rate^(e)			53	%		151	%		136	%		139	%		148	%		143	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		35
		35

Financial Highlights–(continued)

Invesco Dynamic Energy Exploration & Production ETF (PXE)


	Six Months Ended October 31, 2022				Years Ended April 30,

	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	27.84		$	15.09		$	10.12		$	19.55		$	24.06		$	20.28

Net investment income^(a)			0.48			0.51			0.15			0.26			0.20			0.28
Net realized and unrealized gain (loss) on investments			5.54			12.68			5.22			(9.41	)		(4.48	)		3.89

Total from investment operations			6.02			13.19			5.37			(9.15	)		(4.28	)		4.17

Distributions to shareholders from:
Net investment income			(0.47	)		(0.44	)		(0.40	)		(0.28	)		(0.23	)		(0.39	)

Net asset value at end of period		$	33.39		$	27.84		$	15.09		$	10.12		$	19.55		$	24.06

Market price at end of period^(b)		$	33.41		$	27.79		$	15.12		$	10.11		$	19.57		$	24.12

Net Asset Value Total Return^(c)			21.88	%		88.75	%		55.47	%		(47.06	)%		(17.84	)%		21.00	%
Market Price Total Return^(c)			22.17	%		88.04	%		55.94	%		(47.17	)%		(17.96	)%		21.31	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	332,903		$	264,216		$	59,593		$	16,693		$	40,078		$	49,324
Ratio to average net assets of:
Expenses, after Waivers			0.62	%^(d)		0.63	%		0.63	%		0.65	%^(e)		0.63	%		0.65	%
Expenses, prior to Waivers			0.62	%^(d)		0.63	%		0.95	%		0.86	%^(e)		0.64	%		0.77	%
Net investment income			3.21	%^(d)		2.41	%		1.30	%		1.80	%^(e)		0.82	%		1.37	%
Portfolio turnover rate^(f)			41	%		63	%		73	%		126	%		110	%		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 0.02%.

^(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.



		36
		36

Financial Highlights–(continued)

Invesco Dynamic Food & Beverage ETF (PBJ)


	Six Months Ended October 31, 2022				Years Ended April 30,

	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	46.66		$	41.25		$	30.36		$	34.21		$	32.81		$	33.75

Net investment income^(a)			0.75			0.34			0.47			0.41			0.34			0.41
Net realized and unrealized gain (loss) on investments			(0.29	)		5.46			10.87			(3.81	)		1.39			(0.99	)

Total from investment operations			0.46			5.80			11.34			(3.40	)		1.73			(0.58	)

Distributions to shareholders from:
Net investment income			(0.26	)		(0.39	)		(0.45	)		(0.45	)		(0.33	)		(0.36	)

Net asset value at end of period		$	46.86		$	46.66		$	41.25		$	30.36		$	34.21		$	32.81

Market price at end of period^(b)		$	46.91		$	46.70		$	41.27		$	30.38		$	34.19		$	32.76

Net Asset Value Total Return^(c)			1.03	%		14.14	%		37.65	%		(10.00	)%		5.37	%		(1.70	)%
Market Price Total Return^(c)			1.05	%		14.18	%		37.63	%		(9.90	)%		5.47	%		(1.82	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	337,408		$	302,853		$	83,735		$	63,746		$	71,831		$	78,732
Ratio to average net assets of:
Expenses, after Waivers			0.55	%^(d)		0.63	%		0.63	%		0.64	%^(e)		0.63	%		0.63	%
Expenses, prior to Waivers			0.55	%^(d)		0.63	%		0.68	%		0.64	%^(e)		0.65	%		0.65	%
Net investment income			3.34	%^(d)		0.78	%		1.35	%		1.23	%^(e)		1.05	%		1.25	%
Portfolio turnover rate^(f)			50	%		98	%		116	%		136	%		122	%		147	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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

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



		37
		37

Financial Highlights–(continued)

Invesco Dynamic Leisure and Entertainment ETF (PEJ)


	Six Months Ended October 31, 2022				Years Ended April 30,

	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	43.29		$	46.00		$	27.39		$	44.80		$	44.89		$	42.00

Net investment income^(a)			0.06			0.18			0.31	^(b)		0.18			0.19			0.41
Net realized and unrealized gain (loss) on investments			(4.73	)		(2.68	)		18.62			(17.35	)		(0.05	)		2.86

Total from investment operations			(4.67	)		(2.50	)		18.93			(17.17	)		0.14			3.27

Distributions to shareholders from:
Net investment income			(0.06	)		(0.21	)		(0.32	)		(0.24	)		(0.23	)		(0.38	)

Net asset value at end of period		$	38.56		$	43.29		$	46.00		$	27.39		$	44.80		$	44.89

Market price at end of period^(c)		$	38.59		$	43.29		$	45.93		$	27.48		$	44.78		$	44.96

Net Asset Value Total Return^(d)			(10.77	)%		(5.47	)%		69.34	%		(38.42	)%		0.33	%		7.84	%
Market Price Total Return^(d)			(10.70	)%		(5.32	)%		68.53	%		(38.19	)%		0.12	%		8.01	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	609,287		$	1,349,422		$	1,787,267		$	135,590		$	67,201		$	116,724
Ratio to average net assets of:
Expenses, after Waivers			0.56	%^(e)		0.54	%		0.55	%		0.64	%^(f)		0.63	%		0.63	%
Expenses, prior to Waivers			0.56	%^(e)		0.55	%		0.55	%		0.70	%^(f)		0.63	%		0.65	%
Net investment income			0.29	%^(e)		0.38	%		0.76	%^(b)		0.47	%^(f)		0.42	%		0.97	%
Portfolio turnover rate^(g)			77	%		153	%		126	%		163	%		207	%		177	%

^(a)	Based on average shares outstanding.

^(b)

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

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

^(d)

^(e)	Annualized.

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

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

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



		38
		38

Financial Highlights–(continued)

Invesco Dynamic Media ETF (PBS)


	Six Months Ended October 31, 2022				Years Ended April 30,

	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	40.47		$	52.00		$	27.88		$	34.65		$	29.14		$	27.97

Net investment income^(a)			0.11			0.06			0.40	^(b)		0.12			0.16			0.15
Net realized and unrealized gain (loss) on investments			(6.35	)		(11.42	)		23.96			(6.75	)		5.58			1.14

Total from investment operations			(6.24	)		(11.36	)		24.36			(6.63	)		5.74			1.29

Distributions to shareholders from:
Net investment income			(0.12	)		(0.17	)		(0.24	)		(0.14	)		(0.23	)		(0.12	)

Net asset value at end of period		$	34.11		$	40.47		$	52.00		$	27.88		$	34.65		$	29.14

Market price at end of period^(c)		$	34.11		$	40.43		$	51.96		$	27.85		$	34.65		$	29.16

Net Asset Value Total Return^(d)			(15.43	)%		(21.90	)%		87.47	%		(19.20	)%		19.81	%		4.64	%
Market Price Total Return^(d)			(15.34	)%		(21.92	)%		87.53	%		(19.28	)%		19.73	%		4.67	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	32,406		$	38,450		$	82,685		$	30,668		$	88,348		$	48,080
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(e)		0.63	%		0.63	%		0.64	%^(f)		0.63	%		0.63	%
Expenses, prior to Waivers			0.69	%^(e)		0.64	%		0.72	%		0.67	%^(f)		0.67	%		0.68	%
Net investment income			0.62	%^(e)		0.12	%		0.94	%^(b)		0.36	%^(f)		0.49	%		0.53	%
Portfolio turnover rate^(g)			42	%		99	%		99	%		146	%		103	%		150	%

^(a)	Based on average shares outstanding.

^(b)

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

^(d)

^(e)	Annualized.

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

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

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



		39
		39

Financial Highlights–(continued)

Invesco Dynamic Networking ETF (PXQ)


	Six Months Ended October 31, 2022				Years Ended April 30,

	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	80.50		$	85.40		$	57.59		$	63.16		$	50.08		$	43.58

Net investment income^(a)			0.06			2.23	^(b)		0.08			0.10			0.66			0.18
Net realized and unrealized gain (loss) on investments			(1.96	)		(6.10	)		27.86			(5.51	)		13.13			6.62

Total from investment operations			(1.90	)		(3.87	)		27.94			(5.41	)		13.79			6.80

Distributions to shareholders from:
Net investment income			(0.71	)		(1.03	)		(0.13	)		(0.16	)		(0.71	)		(0.30	)

Net asset value at end of period		$	77.89		$	80.50		$	85.40		$	57.59		$	63.16		$	50.08

Market price at end of period^(c)		$	77.97		$	80.36		$	85.46		$	57.51		$	63.14		$	50.10

Net Asset Value Total Return^(d)			(2.29	)%		(4.67	)%		48.59	%		(8.56	)%		27.90	%		15.70	%
Market Price Total Return^(d)			(2.02	)%		(4.91	)%		48.90	%		(8.66	)%		27.81	%		15.73	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	42,059		$	45,082		$	41,848		$	46,070		$	101,051		$	60,091
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(e)		0.63	%		0.63	%		0.64	%^(f)		0.63	%		0.63	%
Expenses, prior to Waivers			0.69	%^(e)		0.69	%		0.73	%		0.65	%^(f)		0.64	%		0.83	%
Net investment income			0.16	%^(e)		2.42	%^(b)		0.11	%		0.17	%^(f)		1.21	%		0.39	%
Portfolio turnover rate^(g)			60	%		109	%		103	%		99	%		98	%		79	%

^(a)	Based on average shares outstanding.

^(b)

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

^(d)

^(e)	Annualized.

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

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

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



		40
		40

Financial Highlights–(continued)

Invesco Dynamic Oil & Gas Services ETF (PXJ)


	Six Months Ended October 31, 2022				Years Ended April 30,

	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	4.33		$	3.26		$	2.39		$	6.87		$	9.70		$	10.70

Net investment income^(a)			0.01			0.00			0.07	^(b)		0.07			0.04			0.27	^(c)
Net realized and unrealized gain (loss) on investments			0.67	^(d)		1.09			0.94	^(d)		(4.47	)		(2.81	)		(1.01	)

Total from investment operations			0.68			1.09			1.01			(4.40	)		(2.77	)		(0.74	)

Distributions to shareholders from:
Net investment income			(0.02	)		(0.02	)		(0.14	)		(0.08	)		(0.06	)		(0.26	)

Net asset value at end of period		$	4.99		$	4.33		$	3.26		$	2.39		$	6.87		$	9.70

Market price at end of period^(e)		$	5.00		$	4.33		$	3.27		$	2.40		$	6.87		$	9.70

Net Asset Value Total Return^(f)			15.67	%		33.40	%		43.34	%		(63.87	)%		(28.69	)%		(6.71	)%
Market Price Total Return^(f)			15.90	%		33.00	%		43.19	%		(63.72	)%		(28.69	)%		(6.72	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	54,153		$	67,946		$	55,918		$	5,971		$	17,519		$	37,827
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(g)		0.63	%		0.63	%		0.67	%^(h)		0.63	%		0.63	%
Expenses, prior to Waivers			0.64	%^(g)		0.74	%		1.17	%		1.09	%^(h)		0.83	%		0.86	%
Net investment income			0.56	%^(g)		0.12	%		2.32	%^(b)		1.51	%^(h)		0.48	%		2.90	%^(c)
Portfolio turnover rate⁽ⁱ⁾			27	%		109	%		63	%		82	%		81	%		91	%

^(a)	Based on average shares outstanding.

^(b)

^(c)

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

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

^(f)

^(g)	Annualized.

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

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

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



		41
		41

Financial Highlights–(continued)

Invesco Dynamic Pharmaceuticals ETF (PJP)


	Six Months Ended October 31, 2022				Years Ended April 30,

	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	75.94		$	78.11		$	62.54		$	62.65		$	61.49		$	60.71

Net investment income^(a)			0.32			0.73			0.53			0.55			0.69			0.43
Net realized and unrealized gain (loss) on investments			0.66			(2.19	)		15.60			(0.08	)		1.17			0.79

Total from investment operations			0.98			(1.46	)		16.13			0.47			1.86			1.22

Distributions to shareholders from:
Net investment income			(0.38	)		(0.71	)		(0.56	)		(0.58	)		(0.70	)		(0.44	)

Net asset value at end of period		$	76.54		$	75.94		$	78.11		$	62.54		$	62.65		$	61.49

Market price at end of period^(b)		$	76.57		$	75.97		$	78.17		$	62.49		$	62.64		$	61.53

Net Asset Value Total Return^(c)			1.32	%		(1.91	)%		25.91	%		0.83	%		3.02	%		1.99	%
Market Price Total Return^(c)			1.32	%		(1.94	)%		26.10	%		0.77	%		2.94	%		2.05	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	312,289		$	320,482		$	358,503		$	356,497		$	416,591		$	525,754
Ratio to average net assets of:
Expenses			0.55	%^(d)		0.56	%		0.58	%		0.56	%		0.56	%		0.57	%
Net investment income			0.87	%^(d)		0.92	%		0.76	%		0.92	%		1.03	%		0.68	%
Portfolio turnover rate^(e)			17	%		40	%		48	%		63	%		81	%		98	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		42
		42

Financial Highlights–(continued)

Invesco Dynamic Semiconductors ETF (PSI)


	Six Months Ended October 31, 2022				Years Ended April 30,

	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	109.32		$	121.09		$	63.60		$	58.09		$	48.91		$	42.47

Net investment income^(a)			0.31			0.35			0.19			0.29			0.38			0.14
Net realized and unrealized gain (loss) on investments			(15.61	)		(11.81	)		57.49			5.60			9.19			6.41

Total from investment operations			(15.30	)		(11.46	)		57.68			5.89			9.57			6.55

Distributions to shareholders from:
Net investment income			(0.31	)		(0.31	)		(0.19	)		(0.38	)		(0.39	)		(0.11	)

Net asset value at end of period		$	93.71		$	109.32		$	121.09		$	63.60		$	58.09		$	48.91

Market price at end of period^(b)		$	93.68		$	109.31		$	120.96		$	63.71		$	58.04		$	48.94

Net Asset Value Total Return^(c)			(14.01	)%		(9.50	)%		90.85	%		10.23	%		19.71	%		15.42	%
Market Price Total Return^(c)			(14.03	)%		(9.41	)%		90.32	%		10.51	%		19.53	%		15.38	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	445,136		$	590,310		$	633,276		$	228,946		$	200,423		$	315,455
Ratio to average net assets of:
Expenses			0.56	%^(d)		0.55	%		0.56	%		0.57	%		0.58	%		0.61	%
Net investment income			0.59	%^(d)		0.26	%		0.20	%		0.49	%		0.73	%		0.29	%
Portfolio turnover rate^(e)			65	%		84	%		95	%		94	%		98	%		65	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		43
		43

Financial Highlights–(continued)

Invesco Dynamic Software ETF (PSJ)


	Six Months Ended October 31, 2022				Years Ended April 30,

	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	98.86		$	163.28		$	98.85		$	96.10		$	70.81		$	53.44

Net investment income (loss)^(a)			1.28			0.63	^(b)		(0.43	)		0.03			(0.22	)		(0.27	)
Net realized and unrealized gain (loss) on investments			(3.85	)		(57.12	)		64.86			2.83			25.51			17.64

Total from investment operations			(2.57	)		(56.49	)		64.43			2.86			25.29			17.37

Distributions to shareholders from:
Net investment income			(0.78	)		(0.71	)		-			(0.11	)		-			-
Net realized gains			-			(7.22	)		-			-			-			-

Total distributions			(0.78	)		(7.93	)		-			(0.11	)		-			-

Net asset value at end of period		$	95.51		$	98.86		$	163.28		$	98.85		$	96.10		$	70.81

Market price at end of period^(c)		$	95.47		$	98.80		$	163.23		$	98.80		$	96.13		$	70.90

Net Asset Value Total Return^(d)			(2.59	)%		(35.58	)%		65.17	%		2.99	%		35.71	%		32.51	%
Market Price Total Return^(d)			(2.57	)%		(35.59	)%		65.21	%		2.91	%		35.58	%		32.80	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	198,660		$	240,238		$	622,085		$	400,339		$	437,243		$	155,784
Ratio to average net assets of:
Expenses, after Waivers			0.62	%^(e)		0.56	%		0.56	%		0.56	%		0.58	%		0.63	%
Expenses, prior to Waivers			0.65	%^(e)		0.56	%		0.56	%		0.56	%		0.58	%		0.63	%
Net investment income (loss)			2.64	%^(e)		0.44	%^(b)		(0.31	)%		0.03	%		(0.27	)%		(0.42	)%
Portfolio turnover rate^(f)			103	%		209	%		176	%		190	%		157	%		145	%

^(a)	Based on average shares outstanding.

^(b)

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

^(d)

^(e)	Annualized.

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

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



		44
		44

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2022

(Unaudited)

NOTE 1–Organization

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


Full Name		Short Name

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

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

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

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

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

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

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

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

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

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

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

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

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

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


Fund		Underlying Index

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

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

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

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

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

Dynamic Media ETF		Dynamic Media Intellidex^®Index

Dynamic Networking ETF		Dynamic Networking Intellidex^®Index

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

Dynamic Pharmaceuticals ETF		Dynamic Pharmaceutical Intellidex^®Index

Dynamic Semiconductors ETF		Dynamic Semiconductor Intellidex^®Index

Dynamic Software ETF		Dynamic Software Intellidex^®Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day,

the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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

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

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

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

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

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market

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

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

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

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

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

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

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

Expenses - Each Fund is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

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

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to

Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


	Amount

Dynamic Biotechnology & Genome ETF	$	1,619

Dynamic Building & Construction ETF		638

Dynamic Energy Exploration & Production ETF		14,686

Dynamic Food & Beverage ETF		1,260

Dynamic Leisure and Entertainment ETF		14,575

Dynamic Media ETF		2,260

Dynamic Networking ETF		1,724

Dynamic Oil & Gas Services ETF		1,746

Dynamic Pharmaceuticals ETF		1,118

Dynamic Semiconductors ETF		11,655

Dynamic Software ETF		28,689

J.	Other Risks

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

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

Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index.

Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

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

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

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

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

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

NOTE 3–Investment Advisory 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, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Dynamic Biotechnology & Genome ETF, Dynamic Building & Construction ETF, Dynamic Leisure and Entertainment ETF, Dynamic Pharmaceuticals ETF, Dynamic Semiconductors ETF and Dynamic Software ETF.

Further, through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the six months ended October 31, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



Dynamic Biotechnology & Genome ETF	$	47

Dynamic Building & Construction ETF		76

Dynamic Energy Exploration & Production ETF		189

Dynamic Food & Beverage ETF		127

Dynamic Leisure and Entertainment ETF		534

Dynamic Media ETF		11,729

Dynamic Networking ETF		12,973

Dynamic Oil & Gas Services ETF		2,647

Dynamic Pharmaceuticals ETF		96

Dynamic Semiconductors ETF		85

Dynamic Software ETF		37,188

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, 2022 are as follows:


	Total Potential Recapture Amounts

				Potential Recapture Amounts Expiring

				4/30/23			4/30/24		4/30/25		10/31/25

Dynamic Media ETF		$	83,303		$	13,872		$45,381		$12,359		$	11,691

Dynamic Networking ETF			98,199			8,945		48,084		28,238			12,932

Dynamic Oil & Gas Services ETF			148,300			25,254		81,170		39,278			2,598

Dynamic Software ETF			37,103			-		-		-			37,103

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

For the six months ended October 31, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



Dynamic Biotechnology & Genome ETF	$	22,008

Dynamic Building & Construction ETF		13,516

Dynamic Energy Exploration & Production ETF		26,002

Dynamic Food & Beverage ETF		11,801

Dynamic Leisure and Entertainment ETF		61,781

Dynamic Media ETF		8,396

Dynamic Networking ETF		5,948

Dynamic Oil & Gas Services ETF		8,008

Dynamic Pharmaceuticals ETF		18,160

Dynamic Semiconductors ETF		30,874

Dynamic Software ETF		40,482

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

NOTE 4–Additional Valuation Information

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


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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2022. 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		$	249,720,243		$	-		$	-		$	249,720,243

Money Market Funds			125,977			70,497,811			-			70,623,788


Total Investments		$	249,846,220		$	70,497,811		$	-		$	320,344,031


Dynamic Building & Construction ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	109,626,857		$	-		$	-		$	109,626,857

Money Market Funds			41,701			16,999,685			-			17,041,386


Total Investments		$	109,668,558		$	16,999,685		$	-		$	126,668,243


Dynamic Energy Exploration & Production ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	332,726,231		$	-		$	-		$	332,726,231

Money Market Funds			330,383			52,017,378			-			52,347,761


Total Investments		$	333,056,614		$	52,017,378		$	-		$	385,073,992


Dynamic Food & Beverage ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	337,253,072		$	-		$	-		$	337,253,072

Money Market Funds			-			44,185,935			-			44,185,935


Total Investments		$	337,253,072		$	44,185,935		$	-		$	381,439,007


Dynamic Leisure and Entertainment ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	609,022,924		$	-		$	-		$	609,022,924

Money Market Funds			707,847			193,352,861			-			194,060,708


Total Investments		$	609,730,771		$	193,352,861		$	-		$	803,083,632


Dynamic Media ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	32,403,115		$	-		$	-		$	32,403,115

Money Market Funds			70,979			9,599,831			-			9,670,810


Total Investments		$	32,474,094		$	9,599,831		$	-		$	42,073,925


	Level 1			Level 2			Level 3			Total

Dynamic Networking ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	42,068,222		$	-		$	-		$	42,068,222

Money Market Funds			74,280			8,721,797			-			8,796,077


Total Investments		$	42,142,502		$	8,721,797		$	-		$	50,864,299


Dynamic Oil & Gas Services ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	54,154,743		$	-		$	-		$	54,154,743

Money Market Funds			75,608			9,100,281			-			9,175,889


Total Investments		$	54,230,351		$	9,100,281		$	-		$	63,330,632


Dynamic Pharmaceuticals ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	312,212,860		$	-		$	-		$	312,212,860

Money Market Funds			118,329			43,727,074			-			43,845,403


Total Investments		$	312,331,189		$	43,727,074		$	-		$	356,058,263


Dynamic Semiconductors ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	444,866,101		$	-		$	-		$	444,866,101

Money Market Funds			417,123			92,836,568			-			93,253,691


Total Investments		$	445,283,224		$	92,836,568		$	-		$	538,119,792


Dynamic Software ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	198,721,096		$	-		$	-		$	198,721,096

Money Market Funds			31,340			60,720,944			-			60,752,284


Total Investments		$	198,752,436		$	60,720,944		$	-		$	259,473,380

NOTE 5–Tax Information

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

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

The Funds had capital loss carryforwards as of April 30, 2022, as follows:


	No expiration

	Short-Term		Long-Term		Total*

Dynamic Biotechnology & Genome ETF	$	246,055,592	$	27,265,057	$	273,320,649

Dynamic Building & Construction ETF		86,209,891		8,004,968		94,214,859

Dynamic Energy Exploration & Production ETF		89,055,187		35,636,899		124,692,086

Dynamic Food & Beverage ETF		77,003,014		8,769,352		85,772,366

Dynamic Leisure and Entertainment ETF		306,244,861		3,478,324		309,723,185

Dynamic Media ETF		86,678,244		3,437,277		90,115,521

Dynamic Networking ETF		37,595,173		9,451,243		47,046,416

Dynamic Oil & Gas Services ETF		59,801,100		48,223,255		108,024,355

Dynamic Pharmaceuticals ETF		178,303,547		254,808,693		433,112,240

Dynamic Semiconductors ETF		30,192,127		-		30,192,127

Dynamic Software ETF		129,943,145		1,995,280		131,938,425

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions

For the six months ended October 31, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

Dynamic Biotechnology & Genome ETF	$	88,936,233	$	88,323,843

Dynamic Building & Construction ETF		66,008,034		65,764,599

Dynamic Energy Exploration & Production ETF		126,631,887		124,439,714

Dynamic Food & Beverage ETF		159,814,228		155,520,168

Dynamic Leisure and Entertainment ETF		754,790,299		759,303,936

Dynamic Media ETF		15,048,562		15,116,752

Dynamic Networking ETF		24,805,998		25,117,538

Dynamic Oil & Gas Services ETF		13,226,573		12,752,512

Dynamic Pharmaceuticals ETF		53,209,878		53,464,894

Dynamic Semiconductors ETF		348,810,177		349,430,810

Dynamic Software ETF		221,344,701		220,244,885

For the six months ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Dynamic Biotechnology & Genome ETF	$	83,137,834	$	69,475,452

Dynamic Building & Construction ETF		-		32,990,365

Dynamic Energy Exploration & Production ETF		268,549,902		234,904,196

Dynamic Food & Beverage ETF		181,726,323		147,516,041

Dynamic Leisure and Entertainment ETF		93,090,478		675,096,758

Dynamic Media ETF		4,033,434		3,820,243

Dynamic Networking ETF		-		1,500,851

Dynamic Oil & Gas Services ETF		36,951,453		50,594,723

Dynamic Pharmaceuticals ETF		30,544,531		40,071,682

Dynamic Semiconductors ETF		36,909,937		101,337,526

Dynamic Software ETF		2,007,726		34,960,196

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

As of October 31, 2022, 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	$	28,275,450	$	(21,105,919	)	$	7,169,531		$	313,174,500

Dynamic Building & Construction ETF		1,599,070		(10,100,971	)		(8,501,901	)		135,170,144

Dynamic Energy Exploration & Production ETF		46,884,943		(12,110,085	)		34,774,858			350,299,134

Dynamic Food & Beverage ETF		23,291,894		(15,390,212	)		7,901,682			373,537,325

Dynamic Leisure and Entertainment ETF		27,967,210		(113,513,242	)		(85,546,032	)		888,629,664

Dynamic Media ETF		874,607		(13,634,665	)		(12,760,058	)		54,833,983

Dynamic Networking ETF		5,929,227		(3,785,163	)		2,144,064			48,720,235

Dynamic Oil & Gas Services ETF		3,968,001		(2,195,663	)		1,772,338			61,558,294

Dynamic Pharmaceuticals ETF		51,193,222		(31,326,136	)		19,867,086			336,191,177
Dynamic Semiconductors ETF		9,599,376		(106,244,520	)		(96,645,144	)		634,764,936

Dynamic Software ETF		6,534,545		(26,226,705	)		(19,692,160	)		279,165,540

NOTE 7–Trustees’ and Officer’s Fees

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

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

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

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

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

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, 2022 through October 31, 2022.

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, 2022			Ending Account Value October 31, 2022			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		$	1,126.00		0.57	%		$	3.05

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

Invesco Dynamic Building & Construction ETF (PKB)

Actual			1,000.00			968.70		0.60				2.98

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

Invesco Dynamic Energy Exploration & Production ETF (PXE)

Actual			1,000.00			1,218.80		0.62				3.47

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

Invesco Dynamic Food & Beverage ETF (PBJ)

Actual			1,000.00			1,010.30		0.55				2.79

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

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

Actual			1,000.00			892.30		0.56				2.67

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

Invesco Dynamic Media ETF (PBS)

Actual			1,000.00			845.70		0.63				2.93

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

Calculating your ongoing Fund expenses–(continued)



	Beginning Account Value May 1, 2022			Ending Account Value October 31, 2022			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		$	977.10		0.63	%		$	3.14

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

Invesco Dynamic Oil & Gas Services ETF (PXJ)

Actual			1,000.00			1,156.70		0.63				3.42

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

Invesco Dynamic Pharmaceuticals ETF (PJP)

Actual			1,000.00			1,013.20		0.55				2.79

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

Invesco Dynamic Semiconductors ETF (PSI)

Actual			1,000.00			859.90		0.56				2.63

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

Invesco Dynamic Software ETF (PSJ)

Actual			1,000.00			974.10		0.62				3.09

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

⁽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, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365.

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700


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