

		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