N-CSRS


		Invesco Semi-Annual Report to Shareholders
		October 31, 2022
		PYZ		Invesco DWA Basic Materials Momentum ETF
		PEZ		Invesco DWA Consumer Cyclicals Momentum ETF
		PSL		Invesco DWA Consumer Staples Momentum ETF
		PXI		Invesco DWA Energy Momentum ETF
		PFI		Invesco DWA Financial Momentum ETF
		PTH		Invesco DWA Healthcare Momentum ETF
		PRN		Invesco DWA Industrials Momentum ETF
		PTF		Invesco DWA Technology Momentum ETF
		PUI		Invesco DWA Utilities Momentum ETF
		PNQI		Invesco NASDAQ Internet ETF

Table of Contents



Schedules of Investments

Invesco DWA Basic Materials Momentum ETF (PYZ)			3

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)			5

Invesco DWA Consumer Staples Momentum ETF (PSL)			7

Invesco DWA Energy Momentum ETF (PXI)			9

Invesco DWA Financial Momentum ETF (PFI)			11

Invesco DWA Healthcare Momentum ETF (PTH)			13

Invesco DWA Industrials Momentum ETF (PRN)			15

Invesco DWA Technology Momentum ETF (PTF)			17

Invesco DWA Utilities Momentum ETF (PUI)			19

Invesco NASDAQ Internet ETF (PNQI)			21

Statements of Assets and Liabilities			24

Statements of Operations			26

Statements of Changes in Net Assets			28

Financial Highlights			32

Notes to Financial Statements			42

Fund Expenses			53


		2

Invesco DWA Basic Materials Momentum ETF (PYZ)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Aluminum-2.86%
Alcoa Corp.		81,104	$	3,165,489

Commodity Chemicals-18.90%
AdvanSix, Inc.		43,476		1,581,657
Cabot Corp.		30,475		2,239,303
Dow, Inc.		40,187		1,878,340
LyondellBasell Industries N.V., Class A		34,124		2,608,780
Mativ Holdings, Inc., Class A		52,817		1,253,876
Olin Corp.		77,946		4,127,241
Orion Engineered Carbons S.A. (Germany)		85,740		1,368,410
PureCycle Technologies, Inc.^(b)(c)		183,688		1,519,100
Valvoline, Inc.		71,001		2,084,589
Westlake Corp.^(c)		23,333		2,255,134

				20,916,430

Construction Materials-1.83%
Summit Materials, Inc., Class A^(b)(c)		77,004		2,029,055

Diversified Chemicals-4.09%
Chemours Co. (The)^(c)		52,833		1,512,609
LSB Industries, Inc.^(b)		170,684		3,009,159

				4,521,768

Diversified Metals & Mining-3.46%
Materion Corp.^(c)		19,874		1,703,400
Piedmont Lithium, Inc.^(b)(c)		34,176		2,126,431

				3,829,831

Fertilizers & Agricultural Chemicals-11.73%
CF Industries Holdings, Inc.		33,946		3,607,102
Corteva, Inc.		55,018		3,594,876
FMC Corp.		17,753		2,110,832
Mosaic Co. (The)		68,359		3,674,296

				12,987,106

Forest Products-2.21%
Louisiana-Pacific Corp.^(c)		43,254		2,450,339

Industrial Gases-3.12%
Air Products and Chemicals, Inc.		13,804		3,456,522

Metal & Glass Containers-1.71%
O-I Glass, Inc.^(b)(c)		116,029		1,892,433

Paper Packaging-2.85%
Avery Dennison Corp.		18,616		3,156,343

Paper Products-2.43%
Sylvamo Corp.		55,940		2,694,630

Specialty Chemicals-19.09%
Albemarle Corp.		11,940		3,341,648
Ashland, Inc.		19,131		2,007,225
Avient Corp.		46,990		1,620,685
Celanese Corp.		19,137		1,839,448


	Shares		Value
Specialty Chemicals-(continued)
Element Solutions, Inc.		87,770	$	1,509,644
H.B. Fuller Co.^(c)		24,837		1,731,387
Innospec, Inc.^(c)		14,553		1,455,154
Livent Corp.^(b)(c)		112,990		3,567,094
Quaker Chemical Corp.^(c)		8,257		1,342,919
RPM International, Inc.		28,673		2,711,606

				21,126,810

Steel-25.71%
ATI, Inc.^(b)(c)		81,526		2,426,214
Carpenter Technology Corp.		45,987		1,719,914
Cleveland-Cliffs, Inc.^(b)(c)		177,826		2,309,960
Commercial Metals Co.		58,423		2,658,246
Nucor Corp.		31,719		4,167,242
Reliance Steel & Aluminum Co.		20,318		4,093,671
Ryerson Holding Corp.^(c)		64,451		2,162,331
Steel Dynamics, Inc.		41,938		3,944,269
United States Steel Corp.		183,456		3,735,164
Worthington Industries, Inc.^(c)		26,146		1,243,504

				28,460,515

Total Common Stocks & Other Equity Interests (Cost $104,719,981)				110,687,271


Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $99,228)		99,228		99,228

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.08% (Cost $104,819,209)				110,786,499


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-17.35%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		5,379,068		5,379,068
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		13,827,846		13,827,846

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $19,206,305)				19,206,914

TOTAL INVESTMENTS IN SECURITIES-117.43% (Cost $124,025,514)				129,993,413
OTHER ASSETS LESS LIABILITIES-(17.43)%				(19,297,766	)

NET ASSETS-100.00%.			$	110,695,647

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


		3

Invesco DWA Basic Materials Momentum ETF (PYZ)–(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 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			Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	273,111		$	2,155,640		$	(2,329,523	)		$	-		$	-			$	99,228		$	1,802

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			9,705,723			41,709,752			(46,036,407	)			-			-				5,379,068			61,143	*

Invesco Private Prime Fund			22,636,353			92,384,137			(101,193,114	)			609			(139	)			13,827,846			167,463	*


Total		$	32,615,187		$	136,249,529		$	(149,559,044	)		$	609		$	(139	)		$	19,306,142		$	230,408

*	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



Steel		25.71

Specialty Chemicals		19.09

Commodity Chemicals		18.90

Fertilizers & Agricultural Chemicals		11.73

Diversified Chemicals		4.09

Diversified Metals & Mining		3.46

Industrial Gases		3.12

Sub-Industry Types Each Less Than 3%		13.89

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.


		4

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Advertising-2.56%
Interpublic Group of Cos., Inc. (The)		21,427	$	638,310

Apparel Retail-4.01%
Designer Brands, Inc., Class A^(b)		34,845		530,689
Foot Locker, Inc.^(b)		14,771		468,241

				998,930

Apparel, Accessories & Luxury Goods-2.94%
Tapestry, Inc.		23,093		731,586

Auto Parts & Equipment-1.40%
Visteon Corp.^(c)		2,665		347,703

Automobile Manufacturers-2.85%
Ford Motor Co.		52,966		708,155

Automotive Retail-23.19%
AutoNation, Inc.^(b)(c)		8,206		872,380
AutoZone, Inc.^(c)		323		818,120
Murphy USA, Inc.		3,022		950,449
O’Reilly Automotive, Inc.^(c)		2,240		1,875,261
Penske Automotive Group, Inc.		4,867		543,255
Sonic Automotive, Inc., Class A^(b)		6,690		312,758
TravelCenters of America, Inc.^(c)		6,285		399,600

				5,771,823

Broadcasting-3.04%
Nexstar Media Group, Inc., Class A^(b)		4,411		755,604

Casinos & Gaming-1.56%
Churchill Downs, Inc.		1,868		388,376

Consumer Electronics-0.99%
Vizio Holding Corp., Class A^(b)(c)		22,084		247,341

Distributors-3.16%
LKQ Corp		14,144		786,972

Footwear-2.84%
Deckers Outdoor Corp.^(c)		2,018		706,159

General Merchandise Stores-2.83%
Dollar General Corp.		2,765		705,213

Health Care Distributors-3.49%
McKesson Corp.		2,230		868,295

Health Care Services-2.29%
CVS Health Corp.		6,011		569,242

Hotels, Resorts & Cruise Lines-4.63%
Hyatt Hotels Corp., Class A^(b)(c)		6,515		613,778
Target Hospitality Corp.^(b)(c)		44,154		537,354

				1,151,132

Hypermarkets & Super Centers-3.93%
BJ’s Wholesale Club Holdings, Inc.^(c)		12,622		976,943

Internet & Direct Marketing Retail-3.19%
Poshmark, Inc., Class A^(c)		22,138		395,385
Xometry, Inc., Class A^(c)		6,651		399,459

				794,844

Leisure Facilities-1.17%
Bowlero Corp.^(b)(c)		19,930		290,181


	Shares		Value
Leisure Products-2.48%
Acushnet Holdings Corp.^(b)		5,057	$	235,505
Topgolf Callaway Brands Corp.^(b)(c)		20,352		380,989

				616,494

Movies & Entertainment-2.62%
Liberty Media Corp.-Liberty Formula One, Class A^(c)		4,294		223,374
World Wrestling Entertainment, Inc., Class A^(b)		5,424		427,899

				651,273

Publishing-0.94%
Scholastic Corp.		6,149		234,523

Restaurants-12.27%
Chipotle Mexican Grill, Inc.^(c)		766		1,147,721
Jack in the Box, Inc.^(b)		5,658		499,205
Kura Sushi USA, Inc., Class A^(b)(c)		3,545		280,161
Texas Roadhouse, Inc.		6,455		638,722
Yum! Brands, Inc.		4,126		487,900

				3,053,709

Specialized REITs-1.42%
Lamar Advertising Co., Class A		3,836		353,794

Specialty Stores-10.19%
Academy Sports & Outdoors, Inc.^(b)		12,843		565,478
Dick’s Sporting Goods, Inc.^(b)		11,512		1,309,605
Ulta Beauty, Inc.^(c)		1,576		660,927

				2,536,010

Total Common Stocks & Other Equity Interests (Cost $22,776,924)				24,882,612


Money Market Funds-0.43%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $105,560)		105,560		105,560

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.42% (Cost $22,882,484)				24,988,172


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-27.35%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		1,901,458		1,901,458
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		4,905,452		4,905,452

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,806,878)				6,806,910

TOTAL INVESTMENTS IN SECURITIES-127.77% (Cost $29,689,362)				31,795,082
OTHER ASSETS LESS LIABILITIES-(27.77)%				(6,910,666	)

NET ASSETS-100.00%			$	24,884,416

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


		5

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)–(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)	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		$	140,012		$	707,969		$	(742,421	)		$	-		$	-		$	105,560		$	1,366

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,359,112			13,990,711			(13,448,365)				-			-			1,901,458			13,109*

Invesco Private Prime Fund			3,168,189			29,112,867			(27,375,864)				32			228			4,905,452			35,044*


Total		$	4,667,313		$	43,811,547		$	(41,566,650	)		$	32		$	228		$	6,912,470		$	49,519

*	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



Automotive Retail			23.19

Restaurants			12.27

Specialty Stores			10.19

Hotels, Resorts & Cruise Lines			4.63

Apparel Retail			4.01

Hypermarkets & Super Centers			3.93

Health Care Distributors			3.49

Internet & Direct Marketing Retail			3.19

Distributors			3.16

Broadcasting			3.04

Sub-Industry Types Each Less Than 3%			28.89

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.


		6

Invesco DWA Consumer Staples Momentum ETF (PSL)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.59%
Agricultural Products-6.26%
Archer-Daniels-Midland Co.		45,727	$	4,434,604
Bunge Ltd.		30,935		3,053,285

				7,487,889

Distillers & Vintners-5.09%
Brown-Forman Corp., Class B		47,162		3,207,016
MGP Ingredients, Inc.^(b)		25,734		2,883,495

				6,090,511

Education Services-5.20%
Adtalem Global Education, Inc.^(c)		52,011		2,168,859
Laureate Education, Inc., Class A		168,394		2,128,500
Stride, Inc.^(b)(c)		57,322		1,920,860

				6,218,219

Food Distributors-14.48%
Andersons, Inc. (The)		62,725		2,212,311
Chefs’ Warehouse, Inc. (The)^(b)(c)		62,038		2,272,452
Performance Food Group Co.^(c)		74,239		3,863,398
SpartanNash Co.		73,879		2,638,219
Sysco Corp.		49,179		4,256,934
US Foods Holding Corp.^(c)		69,524		2,069,034

				17,312,348

Food Retail-10.65%
Albertsons Cos., Inc., Class A		94,442		1,937,005
Casey’s General Stores, Inc.		14,825		3,449,926
Ingles Markets, Inc., Class A		24,053		2,269,882
Kroger Co. (The)		54,320		2,568,793
Sprouts Farmers Market, Inc.^(b)(c)		85,181		2,512,839

				12,738,445

Household Products-6.22%
Church & Dwight Co., Inc.		51,364		3,807,613
Procter & Gamble Co. (The)		26,962		3,630,973

				7,438,586

Hypermarkets & Super Centers-3.60%
Costco Wholesale Corp.		8,583		4,304,374

Packaged Foods & Meats-19.34%
Cal-Maine Foods, Inc.^(b)		30,884		1,745,255
General Mills, Inc.		43,346		3,536,167
Hershey Co. (The)		15,976		3,814,589
Kraft Heinz Co. (The)		85,556		3,291,339
Lamb Weston Holdings, Inc.		42,091		3,629,086
Mondelez International, Inc., Class A		48,888		3,005,634


	Shares		Value
Packaged Foods & Meats-(continued)
Post Holdings, Inc.^(c)		25,724	$	2,325,964
Utz Brands, Inc.^(b)		109,522		1,775,352

				23,123,386

Personal Products-6.45%
elf Beauty, Inc.^(c)		63,540		2,748,741
Estee Lauder Cos., Inc. (The), Class A		14,998		3,006,949
Inter Parfums, Inc.		24,273		1,963,200

				7,718,890

Soft Drinks-13.66%
Celsius Holdings, Inc.^(b)(c)		36,263		3,302,834
Keurig Dr Pepper, Inc.		107,002		4,155,958
Monster Beverage Corp.^(c)		33,530		3,142,431
National Beverage Corp.^(b)		39,666		1,880,962
PepsiCo, Inc.		21,236		3,856,033

				16,338,218

Specialized Consumer Services-6.26%
H&R Block, Inc.^(b)		78,885		3,246,118
Service Corp. International		69,996		4,242,457

				7,488,575

Tobacco-2.38%
Philip Morris International, Inc.		30,933		2,841,196

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.59% (Cost $109,268,713)				119,100,637


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-13.84%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		4,633,372		4,633,372
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		11,911,172		11,911,172

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $16,544,568)				16,544,544

TOTAL INVESTMENTS IN SECURITIES-113.43% (Cost $125,813,281)				135,645,181
OTHER ASSETS LESS LIABILITIES-(13.43)%				(16,056,919	)

NET ASSETS-100.00%.			$	119,588,262

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


		7

Invesco DWA Consumer Staples Momentum ETF (PSL)–(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)	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		$	24,532		$	4,221,293		$	(4,245,825	)		$	-			$	-		$	-		$	3,029

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			5,383,930			31,176,401			(31,926,959	)			-				-			4,633,372			46,339	*

Invesco Private Prime Fund			12,091,655			71,986,650			(72,168,469	)			(1,507	)			2,843			11,911,172			126,317	*


Total		$	17,500,117		$	107,384,344		$	(108,341,253	)		$	(1,507	)		$	2,843		$	16,544,544		$	175,685

*	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			19.34

Food Distributors			14.48

Soft Drinks			13.66

Food Retail			10.65

Personal Products			6.45

Specialized Consumer Services			6.26

Agricultural Products			6.26

Household Products			6.22

Education Services			5.20

Distillers & Vintners			5.09

Hypermarkets & Super Centers			3.60

Tobacco			2.38

Money Market Funds Plus Other Assets Less Liabilities			0.41

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


		8

Invesco DWA Energy Momentum ETF (PXI)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Coal & Consumable Fuels-5.20%
Centrus Energy Corp., Class A^(b)(c)		124,899	$	5,908,972
CONSOL Energy, Inc.		104,260		6,570,465

				12,479,437

Integrated Oil & Gas-5.90%
Exxon Mobil Corp.		61,887		6,857,699
Occidental Petroleum Corp.		100,704		7,311,110

				14,168,809

Oil & Gas Drilling-2.90%
Valaris Ltd.^(b)(c)		104,021		6,962,126

Oil & Gas Equipment & Services-7.60%
RPC, Inc.		714,478		7,952,140
Weatherford International PLC^(b)		247,300		10,307,464

				18,259,604

Oil & Gas Exploration & Production-64.12%
Antero Resources Corp.^(b)		221,277		8,112,015
Berry Corp.		626,693		5,558,767
California Resources Corp.^(c)		126,222		5,693,874
Chesapeake Energy Corp.^(c)		56,054		5,732,643
Chord Energy Corp.^(c)		47,038		7,201,047
Civitas Resources, Inc.		103,338		7,224,360
Comstock Resources, Inc.^(b)(c)		307,567		5,776,108
ConocoPhillips		60,664		7,649,124
Devon Energy Corp.		113,726		8,796,706
EOG Resources, Inc.		51,981		7,096,446
Hess Corp.		52,445		7,398,941
Marathon Oil Corp.		260,587		7,934,874
Matador Resources Co.		148,387		9,860,316
Murphy Oil Corp.		166,767		8,089,867
Pioneer Natural Resources Co.		25,289		6,484,352
Range Resources Corp.^(c)		239,340		6,816,403
SandRidge Energy, Inc.^(b)(c)		313,889		5,929,363
Sitio Royalties Corp.^(c)		213,419		6,052,563
SM Energy Co.		187,068		8,414,319
Texas Pacific Land Corp.^(c)		4,937		11,374,206
W&T Offshore, Inc.^(b)		890,537		6,759,176

				153,955,470


	Shares		Value
Oil & Gas Refining & Marketing-6.08%
CVR Energy, Inc.^(c)		188,383	$	7,358,240
Marathon Petroleum Corp.		63,678		7,235,094

				14,593,334

Oil & Gas Storage & Transportation-3.78%
Cheniere Energy, Inc.		51,453		9,076,824

Steel-4.36%
Alpha Metallurgical Resources, Inc.		62,072		10,480,857

Total Common Stocks & Other Equity Interests (Cost $178,306,080)				239,976,461


Money Market Funds-0.16%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $384,276)		384,276		384,276

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $178,690,356)				240,360,737


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-19.05%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		12,808,217		12,808,217
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		32,927,101		32,927,101

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $45,736,027)				45,735,318

TOTAL INVESTMENTS IN SECURITIES-119.15% (Cost $224,426,383)				286,096,055
OTHER ASSETS LESS LIABILITIES-(19.15)%				(45,978,133	)

NET ASSETS-100.00%.			$	240,117,922

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		$249,928		$8,924,159		$(8,789,811)		$ -		$ -		$384,276		$3,452

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


		9

Invesco DWA Energy Momentum ETF (PXI)–(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		$	13,426,783		$	75,768,067		$	(76,386,633	)		$	-			$	-			$	12,808,217		$	110,570	*

Invesco Private Prime Fund			31,312,864			161,569,705			(159,954,080	)			(1,114	)			(274	)			32,927,101			301,895	*


Total		$	44,989,575		$	246,261,931		$	(245,130,524	)		$	(1,114	)		$	(274	)		$	46,119,594		$	415,917

*	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		64.12

Oil & Gas Equipment & Services		7.60

Oil & Gas Refining & Marketing		6.08

Integrated Oil & Gas		5.90

Coal & Consumable Fuels		5.20

Steel		4.36

Oil & Gas Storage & Transportation		3.78

Oil & Gas Drilling		2.90

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.


		10

Invesco DWA Financial Momentum ETF (PFI)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Asset Management & Custody Banks-7.32%
Ameriprise Financial, Inc.		8,107	$	2,506,036
Ares Management Corp., Class A		28,050		2,127,031

				4,633,067

Consumer Finance-2.10%
American Express Co.		8,952		1,328,924

Data Processing & Outsourced Services-9.50%
International Money Express, Inc.^(b)(c)		28,198		762,192
Mastercard, Inc., Class A		9,757		3,202,052
Visa, Inc., Class A		9,878		2,046,327

				6,010,571

Financial Exchanges & Data-6.49%
Donnelley Financial Solutions, Inc.^(b)(c)		26,111		1,055,668
FactSet Research Systems, Inc.		2,850		1,212,646
Nasdaq, Inc.		29,550		1,839,192

				4,107,506

Hotel & Resort REITs-1.86%
Ryman Hospitality Properties, Inc.		13,251		1,178,279

Industrial REITs-2.00%
First Industrial Realty Trust, Inc.		26,568		1,265,434

Insurance Brokers-9.81%
Aon PLC, Class A		5,212		1,467,126
Arthur J. Gallagher & Co.		9,630		1,801,581
Brown & Brown, Inc.		23,599		1,387,385
Marsh & McLennan Cos., Inc.		9,598		1,549,981

				6,206,073

Investment Banking & Brokerage-9.11%
LPL Financial Holdings, Inc.		10,799		2,760,765
Morgan Stanley		15,641		1,285,221
Raymond James Financial, Inc.		14,537		1,717,401

				5,763,387

Life & Health Insurance-4.78%
Globe Life, Inc.		12,972		1,498,525
Unum Group		33,500		1,527,265

				3,025,790

Mortgage REITs-4.00%
Arbor Realty Trust, Inc.^(c)		67,916		935,203
Ellington Financial, Inc.		51,546		689,686
Ready Capital Corp.^(c)		75,101		910,224

				2,535,113

Property & Casualty Insurance-13.26%
American Financial Group, Inc.		8,307		1,205,429
Kinsale Capital Group, Inc.		6,183		1,948,696
Palomar Holdings, Inc.^(b)(c)		7,985		710,346
Progressive Corp. (The)		23,445		3,010,338
W.R. Berkley Corp.		20,361		1,514,451

				8,389,260

Regional Banks-17.54%
Ameris Bancorp		21,452		1,104,992


	Shares		Value
Regional Banks-(continued)
BancFirst Corp.^(c)		9,114	$	873,303
First Bancorp		76,176		1,202,819
First Citizens BancShares, Inc., Class A		1,439		1,183,031
First Merchants Corp.^(c)		18,249		819,380
Hancock Whitney Corp.		17,151		958,226
Lakeland Financial Corp.^(c)		9,445		780,629
OFG Bancorp		27,344		762,351
Popular, Inc.		11,083		783,790
ServisFirst Bancshares, Inc.^(c)		11,796		888,593
Stock Yards Bancorp, Inc.^(c)		10,124		791,596
Wintrust Financial Corp.		10,150		950,243

				11,098,953

Residential REITs-3.44%
Equity LifeStyle Properties, Inc.		34,088		2,180,268

Retail REITs-1.30%
Tanger Factory Outlet Centers, Inc.		45,732		823,633

Specialized REITs-5.45%
CubeSmart		36,462		1,526,664
Farmland Partners, Inc.^(c)		49,335		691,183
Life Storage, Inc.		11,135		1,231,643

				3,449,490

Thrifts & Mortgage Finance-1.95%
Mr. Cooper Group, Inc.^(b)		31,258		1,234,378

Total Common Stocks & Other Equity Interests (Cost $58,429,984)				63,230,126


Money Market Funds-0.19%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $121,537)		121,537		121,537

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $58,551,521)				63,351,663


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-11.51%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		2,040,090		2,040,090
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		5,244,435		5,244,435

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,284,343)				7,284,525

TOTAL INVESTMENTS IN SECURITIES-111.61% (Cost $65,835,864)				70,636,188
OTHER ASSETS LESS LIABILITIES-(11.61)%				(7,349,030	)

NET ASSETS-100.00%			$	63,287,158

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


		11

Invesco DWA Financial Momentum ETF (PFI)–(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			Realized Gain			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	196,176		$	1,344,936		$	(1,419,575	)		$	-		$	-		$	121,537		$	1,296

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			949,782			11,333,371			(10,243,063	)			-			-			2,040,090			10,953	*

Invesco Private Prime Fund			2,214,095			28,049,172			(25,019,107	)			182			93			5,244,435			29,631	*


Total		$	3,360,053		$	40,727,479		$	(36,681,745	)		$	182		$	93		$	7,406,062		$	41,880

*	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



Regional Banks			17.54

Property & Casualty Insurance			13.26

Insurance Brokers			9.81

Data Processing & Outsourced Services			9.50

Investment Banking & Brokerage			9.11

Asset Management & Custody Banks			7.32

Financial Exchanges & Data			6.49

Specialized REITs			5.45

Life & Health Insurance			4.78

Mortgage REITs			4.00

Residential REITs			3.44

Sub-Industry Types Each Less Than 3%			9.21

Money Market Funds Plus Other Assets Less Liabilities			0.09

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


		12

Invesco DWA Healthcare Momentum ETF (PTH)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Biotechnology-39.48%
Akero Therapeutics, Inc.^(b)(c)		154,108	$	6,512,604
Allakos, Inc.^(b)(c)		379,831		2,214,415
Apellis Pharmaceuticals, Inc.^(b)(c)		107,363		6,494,388
Avidity Biosciences, Inc.^(b)(c)		81,969		1,170,517
Bluebird Bio, Inc.^(b)(c)		1,102,463		6,912,443
Bridgebio Pharma, Inc.^(b)(c)		267,600		2,791,068
Caribou Biosciences, Inc.^(b)(c)		169,864		1,654,475
Catalyst Pharmaceuticals, Inc.^(b)(c)		340,825		4,727,243
Chinook Therapeutics, Inc.^(b)(c)		88,192		1,918,176
Cogent Biosciences, Inc.^(b)		309,337		4,222,450
Cytokinetics, Inc.^(b)(c)		162,563		7,097,501
Deciphera Pharmaceuticals, Inc.^(b)		196,003		3,179,169
Gossamer Bio., Inc.^(b)(c)		219,983		2,441,811
IVERIC bio, Inc.^(b)(c)		342,225		8,186,022
Karuna Therapeutics, Inc.^(b)(c)		33,910		7,437,819
Krystal Biotech, Inc.^(b)(c)		23,450		1,793,925
Lyell Immunopharma, Inc.^(b)(c)		249,728		1,468,401
Mersana Therapeutics, Inc.^(b)		330,563		2,598,225
Prometheus Biosciences, Inc.^(b)(c)		65,913		3,461,751
PTC Therapeutics, Inc.^(b)		49,292		1,864,223
RAPT Therapeutics, Inc.^(b)(c)		86,597		1,889,547
Sarepta Therapeutics, Inc.^(b)(c)		51,726		5,897,799
Seres Therapeutics, Inc.^(b)(c)		313,062		2,773,729
Verve Therapeutics, Inc.^(b)(c)		105,562		3,979,687
Viridian Therapeutics, Inc.^(b)(c)		143,415		2,853,958

				95,541,346

Health Care Equipment-11.61%
Axonics, Inc.^(b)		33,416		2,444,046
Cutera, Inc.^(b)(c)		88,309		4,059,565
PROCEPT BioRobotics Corp.^(b)(c)		82,965		3,769,100
Shockwave Medical, Inc.^(b)		26,488		7,764,957
STERIS PLC^(c)		31,371		5,414,007
TransMedics Group, Inc.^(b)(c)		96,340		4,645,515

				28,097,190

Health Care Facilities-4.78%
Acadia Healthcare Co., Inc.^(b)		65,632		5,335,882
Ensign Group, Inc. (The)^(c)		69,405		6,231,181

				11,567,063

Health Care Services-4.18%
Accolade, Inc.^(b)(c)		176,923		1,907,230
Cross Country Healthcare, Inc.^(b)		88,574		3,285,210
Oak Street Health, Inc.^(b)(c)		89,205		1,804,617
Option Care Health, Inc.^(b)		102,976		3,116,054

				10,113,111

Health Care Supplies-5.01%
Lantheus Holdings, Inc.^(b)		163,944		12,130,217

Health Care Technology-3.15%
Evolent Health, Inc., Class A^(b)(c)		152,757		4,859,200
Phreesia, Inc.^(b)(c)		101,297		2,767,434

				7,626,634


	Shares		Value
Life Sciences Tools & Services-2.84%
Medpace Holdings, Inc.^(b)(c)		30,935	$	6,866,951

Managed Health Care-11.88%
Elevance Health, Inc.		16,955		9,270,485
Molina Healthcare, Inc.^(b)		19,695		7,067,748
UnitedHealth Group, Inc.		22,343		12,403,717

				28,741,950

Pharmaceuticals-17.04%
Amylyx Pharmaceuticals, Inc.^(b)(c)		172,270		6,144,871
Axsome Therapeutics, Inc.^(b)(c)		129,262		5,836,179
Cassava Sciences, Inc.^(b)(c)		198,895		7,247,734
Eli Lilly and Co.		27,915		10,107,742
Esperion Therapeutics, Inc.^(b)(c)		278,152		2,261,376
Pliant Therapeutics, Inc.^(b)		266,084		6,617,509
Relmada Therapeutics, Inc.^(b)(c)		57,314		366,236
Revance Therapeutics, Inc.^(b)		119,712		2,670,775

				41,252,422

Total Common Stocks & Other Equity Interests (Cost $217,918,856)				241,936,884


Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $207,819)		207,819		207,819

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $218,126,675)				242,144,703


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-30.71%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		21,146,715		21,146,715
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		53,178,141		53,178,141

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $74,323,928)				74,324,856

TOTAL INVESTMENTS IN SECURITIES-130.76% (Cost $292,450,603)				316,469,559
OTHER ASSETS LESS LIABILITIES-(30.76)%				(74,451,155	)

NET ASSETS-100.00%.			$	242,018,404

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


		13

Invesco DWA Healthcare Momentum ETF (PTH)–(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			Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	481,376		$	9,459,954		$	(9,733,511	)		$	-		$	-			$	207,819		$	5,521

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			13,055,110			100,400,800			(92,309,195	)			-			-				21,146,715			139,651	*

Invesco Private Prime Fund			30,443,565			204,999,755			(182,264,184	)			502			(1,497	)			53,178,141			380,515	*


Total		$	43,980,051		$	314,860,509		$	(284,306,890	)		$	502		$	(1,497	)		$	74,532,675		$	525,687

*	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			39.48

Pharmaceuticals			17.04

Managed Health Care			11.88

Health Care Equipment			11.61

Health Care Supplies			5.01

Health Care Facilities			4.78

Health Care Services			4.18

Health Care Technology			3.15

Life Sciences Tools & Services			2.84

Money Market Funds Plus Other Assets Less Liabilities			0.03

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


		14

Invesco DWA Industrials Momentum ETF (PRN)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.05%
Aerospace & Defense-2.21%
TransDigm Group, Inc.		4,247	$	2,445,253

Building Products-10.44%
Advanced Drainage Systems, Inc.		28,485		3,300,842
Carlisle Cos., Inc.		10,821		2,584,055
CSW Industrials, Inc.		10,909		1,406,388
Trane Technologies PLC		26,723		4,265,792

				11,557,077

Construction & Engineering-10.62%
Comfort Systems USA, Inc.^(b)		16,753		2,065,310
MYR Group, Inc.^(c)		16,585		1,451,353
NV5 Global, Inc.^(b)(c)		10,245		1,485,013
Quanta Services, Inc.		25,021		3,553,983
WillScot Mobile Mini Holdings Corp.^(c)		75,280		3,201,658

				11,757,317

Data Processing & Outsourced Services-7.91%
Automatic Data Processing, Inc.		12,614		3,048,804
Broadridge Financial Solutions, Inc.		19,133		2,871,098
Fiserv, Inc.^(c)		27,626		2,838,295

				8,758,197

Diversified Support Services-3.56%
Cintas Corp.		9,209		3,937,308

Electrical Components & Equipment-13.73%
AMETEK, Inc.		38,340		4,971,164
Enovix Corp.^(b)(c)		130,719		2,466,668
Fluence Energy, Inc.^(b)(c)		107,125		1,599,376
Hubbell, Inc.		16,554		3,931,244
Stem, Inc.^(b)(c)		164,632		2,238,995

				15,207,447

Environmental & Facilities Services-7.25%
Republic Services, Inc.		18,278		2,424,028
Rollins, Inc.		73,280		3,083,623
Waste Management, Inc.		15,890		2,516,499

				8,024,150

Human Resource & Employment Services-1.75%
Insperity, Inc.		16,402		1,935,764

Industrial Machinery-3.98%
Energy Recovery, Inc.^(b)(c)		57,894		1,489,613
IDEX Corp.		13,147		2,922,709

				4,412,322

Oil & Gas Storage & Transportation-2.05%
International Seaways, Inc.^(b)		53,498		2,268,850

Paper Packaging-4.13%
Graphic Packaging Holding Co.		199,183		4,573,242


	Shares		Value
Railroads-3.53%
Union Pacific Corp.		19,855	$	3,914,215

Research & Consulting Services-6.53%
Booz Allen Hamilton Holding Corp.		25,955		2,825,202
CBIZ, Inc.^(c)		32,178		1,597,316
KBR, Inc.		56,365		2,805,286

				7,227,804

Trading Companies & Distributors-20.41%
Herc Holdings, Inc.^(b)		21,905		2,576,247
Rush Enterprises, Inc., Class A		29,656		1,479,538
Triton International Ltd. (Bermuda)^(b)		40,019		2,428,753
Veritiv Corp.^(b)(c)		23,586		2,742,108
W.W. Grainger, Inc.		7,427		4,339,968
Watsco, Inc.^(b)		17,693		4,794,095
WESCO International, Inc.^(c)		30,808		4,244,418

				22,605,127

Trucking-1.95%
ArcBest Corp.^(b)		27,143		2,155,969

Total Common Stocks & Other Equity Interests (Cost $102,996,691)				110,780,042


Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $103,875)		103,875		103,875

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% (Cost $103,100,566)				110,883,917


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.67%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		3,927,055		3,927,055
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		10,095,862		10,095,862

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,022,194)				14,022,917

TOTAL INVESTMENTS IN SECURITIES-112.81% (Cost $117,122,760)				124,906,834
OTHER ASSETS LESS LIABILITIES-(12.81)%				(14,183,020	)

NET ASSETS-100.00%.			$	110,723,814

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


		15

Invesco DWA Industrials Momentum ETF (PRN)–(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)	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 (Loss)				Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	253,005		$	4,282,695		$	(4,431,825	)		$	-		$	-			$	103,875		$	2,184

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,482,930			21,927,544			(20,483,419	)			-			-				3,927,055			31,332	*

Invesco Private Prime Fund			5,791,524			48,611,357			(44,307,098	)			723			(644	)			10,095,862			85,624	*


Total		$	8,527,459		$	74,821,596		$	(69,222,342	)		$	723		$	(644	)		$	14,126,792		$	119,140

*	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



Trading Companies & Distributors	20.41

Electrical Components & Equipment	13.73

Construction & Engineering	10.62

Building Products	10.44

Data Processing & Outsourced Services	7.91

Environmental & Facilities Services	7.25

Research & Consulting Services	6.53

Paper Packaging	4.13

Industrial Machinery	3.98

Diversified Support Services	3.56

Railroads	3.53

Sub-Industry Types Each Less Than 3%	7.96

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.


		16

Invesco DWA Technology Momentum ETF (PTF)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Advertising-1.77%
Trade Desk, Inc. (The), Class A^(b)		67,148	$	3,574,960

Alternative Carriers-1.95%
Iridium Communications, Inc.^(b)		76,309		3,932,203

Application Software-20.20%
Box,Inc.,Class A^(b)		131,326		3,815,020
Cadence Design Systems, Inc.^(b)		45,161		6,836,924
Intuit, Inc.		24,883		10,637,483
Manhattan Associates, Inc.^(b)		26,567		3,232,407
Paylocity Holding Corp.^(b)		18,679		4,329,605
PowerSchool Holdings, Inc., Class A^(b)		158,934		3,178,680
SPS Commerce, Inc.^(b)(c)		31,348		3,966,149
Synopsys, Inc.^(b)		16,139		4,721,464

				40,717,732

Communications Equipment-10.90%
Calix, Inc.^(b)		58,521		4,309,487
CommScope Holding Co., Inc.^(b)		318,545		4,217,536
Digi International, Inc.^(b)(c)		96,074		3,874,664
Extreme Networks, Inc.^(b)		313,363		5,621,732
Harmonic, Inc.^(b)(c)		255,286		3,944,169

				21,967,588

Data Processing & Outsourced Services-2.01%
ExlService Holdings, Inc.^(b)		22,350		4,064,348

Electrical Components & Equipment-4.78%
Array Technologies, Inc.^(b)		317,341		5,743,872
Shoals Technologies Group, Inc., Class A^(b)(c).		168,175		3,886,524

				9,630,396

Electronic Components-1.88%
Belden, Inc.		54,325		3,782,650

Electronic Equipment & Instruments-2.22%
Keysight Technologies, Inc.^(b)		25,769		4,487,671

Interactive Home Entertainment-2.66%
ROBLOX Corp., Class A^(b)(c)		119,888		5,363,789

Semiconductor Equipment-7.43%
Axcelis Technologies, Inc.^(b)		62,693		3,636,194
Enphase Energy, Inc.^(b)		18,761		5,759,627
KLA Corp.		17,654		5,586,608

				14,982,429

Semiconductors-21.15%
Broadcom, Inc.		9,235		4,341,558
First Solar, Inc.^(b)		38,164		5,555,534
Impinj, Inc.^(b)(c)		50,705		5,812,314
Lattice Semiconductor Corp.^(b)		124,467		6,037,894
MACOM Technology Solutions Holdings, Inc.^(b)(c)		70,682		4,090,367
Monolithic Power Systems, Inc.		20,472		6,949,220


	Shares		Value
Semiconductors-(continued)
ON Semiconductor Corp.^(b)		111,547	$	6,852,332
Wolfspeed, Inc.^(b)(c)		38,074		2,998,328

				42,637,547

Systems Software-8.75%
A10 Networks, Inc.		233,048		3,915,206
Microsoft Corp.		20,293		4,710,614
Palo Alto Networks, Inc.^(b)		28,066		4,815,845
Qualys, Inc.^(b)		29,421		4,194,258

				17,635,923

Technology Distributors-4.33%
CDW Corp.		29,459		5,090,810
Insight Enterprises, Inc.^(b)(c)		38,539		3,642,321

				8,733,131

Technology Hardware, Storage & Peripherals-9.95%
Apple, Inc.		68,925		10,568,959
Pure Storage, Inc., Class A^(b)		159,431		4,920,041
Super Micro Computer, Inc.^(b)(c)		65,673		4,570,184

				20,059,184

Total Common Stocks & Other Equity Interests (Cost $187,177,058)				201,569,551


Money Market Funds-0.14%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $283,280)		283,280		283,280

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12% (Cost $187,460,338)				201,852,831


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.37%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		8,676,535		8,676,535
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		22,300,737		22,300,737

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $30,977,736)				30,977,272

TOTAL INVESTMENTS IN SECURITIES-115.49% (Cost $218,438,074)				232,830,103
OTHER ASSETS LESS LIABILITIES-(15.49)%				(31,220,608	)

NET ASSETS-100.00%.			$	201,609,495

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


		17

Invesco DWA Technology Momentum ETF (PTF)–(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		$	357,742		$	1,073,411		$	(1,147,873	)		$	-			$	-		$	283,280		$	2,177

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			9,721,813			58,626,352			(59,671,630	)			-				-			8,676,535			88,102	*

Invesco Private Prime Fund			22,682,210			124,656,385			(125,039,670	)			(553	)			2,365			22,300,737			240,141	*


Total		$	32,761,765		$	184,356,148		$	(185,859,173	)		$	(553	)		$	2,365		$	31,260,552		$	330,420

*	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			21.15

Application Software			20.20

Communications Equipment			10.90

Technology Hardware, Storage & Peripherals			9.95

Systems Software			8.75

Semiconductor Equipment			7.43

Electrical Components & Equipment			4.78

Technology Distributors			4.33

Sub-Industry Types Each Less Than 3%			12.49

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.


		18

Invesco DWA Utilities Momentum ETF (PUI)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.82%
Construction & Engineering-1.41%
MDU Resources Group, Inc.		37,781	$	1,076,003

Electric Utilities-37.28%
Alliant Energy Corp.		53,470		2,789,530
American Electric Power Co., Inc.		15,999		1,406,632
Constellation Energy Corp.		36,703		3,469,902
Duke Energy Corp.		28,962		2,698,679
Evergy, Inc.		31,191		1,906,706
Eversource Energy		22,018		1,679,533
Exelon Corp.		58,117		2,242,735
IDACORP, Inc.		11,679		1,222,791
MGE Energy, Inc.		14,343		976,615
NextEra Energy, Inc.		33,114		2,566,335
NRG Energy, Inc.		53,016		2,353,910
Otter Tail Corp.^(b)		16,826		1,134,409
Pinnacle West Capital Corp.		21,024		1,413,023
Xcel Energy, Inc.		40,107		2,611,367

				28,472,167

Gas Utilities-12.61%
Atmos Energy Corp.		24,590		2,620,065
Chesapeake Utilities Corp.		11,218		1,395,295
National Fuel Gas Co.		25,102		1,694,134
New Jersey Resources Corp.^(b)		24,796		1,106,893
ONE Gas, Inc.		18,245		1,413,623
UGI Corp.		39,619		1,399,739

				9,629,749

Independent Power Producers & Energy Traders-4.19%
AES Corp. (The)		122,391		3,201,749

Multi-Utilities-24.00%
Ameren Corp.		17,847		1,454,887
CenterPoint Energy, Inc.		57,936		1,657,549
CMS Energy Corp.		42,534		2,426,565
Dominion Energy, Inc.		20,327		1,422,280
DTE Energy Co.		23,374		2,620,459
NiSource, Inc.		112,797		2,897,755
Sempra Energy		20,170		3,044,460
WEC Energy Group, Inc.		30,716		2,805,292

				18,329,247

Oil & Gas Exploration & Production-3.40%
EQT Corp.		61,995		2,593,871


	Shares		Value
Oil & Gas Storage & Transportation-3.61%
ONEOK, Inc.		46,442	$	2,754,939

Renewable Electricity-6.55%
Clearway Energy, Inc., Class C^(b)		50,395		1,750,722
Montauk Renewables, Inc.^(c)		69,586		1,041,703
Ormat Technologies, Inc.^(b)		24,443		2,210,869

				5,003,294

Water Utilities-6.77%
American Water Works Co., Inc.		20,085		2,919,154
Essential Utilities, Inc.		27,203		1,202,916
Middlesex Water Co.^(b)		11,768		1,052,883

				5,174,953

Total Common Stocks & Other Equity Interests (Cost $77,340,659)				76,235,972

Money Market Funds-0.20%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e) (Cost $148,065)		148,065		148,065

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $77,488,724)				76,384,037

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.92%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		1,694,579		1,694,579
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		4,356,777		4,356,777

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,051,188)				6,051,356

TOTAL INVESTMENTS IN SECURITIES-107.94% (Cost $83,539,912)				82,435,393
OTHER ASSETS LESS LIABILITIES-(7.94)%				(6,061,549	)

NET ASSETS-100.00%			$	76,373,844

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


		19

Invesco DWA Utilities Momentum ETF (PUI)—(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)	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 (Loss)		Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 141,321		$ 1,428,756		$ (1,422,012)		$ -		$ -		$ 148,065		$ 1,182

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		935,498		13,492,135		(12,733,054)		-		-		1,694,579		11,943*

Invesco Private Prime Fund		2,182,493		30,629,355		(28,455,078)		168		(161)		4,356,777		32,896*


Total		$3,259,312		$45,550,246		$(42,610,144)		$168		$(161)		$6,199,421		$46,021

*	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



Electric Utilities		37.28

Multi-Utilities		24.00

Gas Utilities		12.61

Water Utilities		6.77

Renewable Electricity		6.55

Independent Power Producers & Energy

Traders		4.19

Oil & Gas Storage & Transportation		3.61

Oil & Gas Exploration & Production		3.40

Construction & Engineering		1.41

Money Market Funds Plus Other Assets

Less Liabilities		0.18

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


		20

Invesco NASDAQ Internet ETF (PNQI)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Advertising-0.10%
Criteo S.A., ADR (France)^(b)		15,844	$	404,022

Application Software-13.73%
Adobe, Inc.^(b)		52,232		16,635,892
Alarm.com Holdings, Inc.^(b)(c)		12,878		757,742
Box,Inc.,Class A^(b)		36,848		1,070,434
Coupa Software, Inc.^(b)		19,561		1,041,232
DocuSign, Inc.^(b)		51,768		2,500,394
Dropbox, Inc., Class A^(b)		74,099		1,611,653
eGain Corp.^(b)(c)		8,239		66,324
Envestnet, Inc.^(b)(c)		14,291		704,689
LivePerson, Inc.^(b)(c)		19,421		205,280
New Relic, Inc.^(b)		17,429		1,032,494
Open Text Corp. (Canada)		69,859		2,022,418
Paylocity Holding Corp.^(b)(c)		14,312		3,317,379
PROS Holdings, Inc.^(b)(c)		11,730		292,664
salesforce.com, inc.^(b)		124,939		20,313,832
SPS Commerce, Inc.^(b)(c)		9,325		1,179,799
Zoom Video Communications, Inc., Class A(b)		64,980		5,421,931

				58,174,157

Automotive Retail-0.09%
Carvana Co.^(b)(c)		27,393		370,627

Casinos & Gaming-0.43%
DraftKings, Inc., Class A^(b)(c)		116,133		1,834,901

Data Processing & Outsourced Services-4.34%
Dlocal Ltd. (Uruguay)^(b)(c)		41,678		929,419
PayPal Holdings, Inc.^(b)		208,749		17,447,242

				18,376,661

Education Services-0.20%
2U, Inc.^(b)(c)		20,062		124,184
Chegg, Inc.^(b)(c)		32,726		705,900

				830,084

Financial Exchanges & Data-0.72%
Coinbase Global, Inc., Class A^(b)(c)		45,784		3,033,190

Health Care Technology-0.32%
GoodRx Holdings, Inc., Class A^(b)(c)		21,851		117,340
Teladoc Health, Inc.^(b)(c)		41,855		1,240,582

				1,357,922

Hotels, Resorts & Cruise Lines-8.76%
Airbnb, Inc., Class A^(b)		103,348		11,048,935
Booking Holdings, Inc.^(b)		10,280		19,218,254
Expedia Group, Inc.^(b)		39,363		3,679,260
MakeMyTrip Ltd. (India)^(b)(c)		16,986		472,720
Trip.com Group Ltd., ADR (China)^(b)		120,129		2,718,519

				37,137,688

Interactive Home Entertainment-1.75%
Bilibili, Inc., ADR (China)^(b)(c)		33,566		299,409
NetEase, Inc., ADR (China)^(c)		42,046		2,338,599
Sea Ltd., ADR (Singapore)^(b)(c)		96,202		4,779,315

				7,417,323

Interactive Media & Services-15.96%
Alphabet, Inc., Class C^(b)		357,407		33,832,147
Autohome, Inc., ADR (China)^(c)		17,327		452,581


	Shares		Value
Interactive Media & Services-(continued)
Baidu, Inc., ADR (China)^(b)(c)		47,127	$	3,608,514
Cars.com, Inc.^(b)(c)		17,571		243,886
Eventbrite, Inc., Class A^(b)(c)		20,870		137,116
Hello Group, Inc., ADR (China)^(c)		43,866		206,170
JOYY, Inc., ADR (China)^(c)		15,014		378,803
Meta Platforms, Inc., Class A^(b)		239,434		22,305,671
Shutterstock, Inc.^(c)		9,313		465,929
Snap, Inc., Class A^(b)(c)		361,102		3,578,521
TripAdvisor, Inc.^(b)(c)		32,893		776,933
Yelp, Inc.^(b)(c)		18,195		698,870
Ziff Davis, Inc.^(b)(c)		12,218		945,551

				67,630,692

Internet & Direct Marketing Retail-16.83%
1-800-Flowers.com, Inc., Class A^(b)(c)		9,655		70,385
Alibaba Group Holding Ltd., ADR (China)^(b)(c).		204,439		12,998,232
Amazon.com, Inc.^(b)		307,730		31,523,861
Chewy, Inc., Class A^(b)(c)		28,876		1,118,368
eBay, Inc.		142,237		5,666,722
Global-e Online Ltd. (Israel)^(b)		40,512		1,024,548
JD.com, Inc., ADR (China)		130,654		4,872,088
Lands’ End, Inc.^(b)(c)		8,651		90,662
MercadoLibre, Inc. (Brazil)^(b)		13,033		11,750,813
Overstock.com, Inc.^(b)(c)		11,831		275,071
PetMed Express, Inc.^(c)		5,441		116,002
Stitch Fix, Inc., Class A^(b)(c)		21,429		85,716
Vipshop Holdings Ltd., ADR (China)^(b)(c)		134,829		939,758
Wayfair, Inc., Class A^(b)(c)		20,881		791,808

				71,324,034

Internet Services & Infrastructure-6.32%
Akamai Technologies, Inc.^(b)		41,156		3,635,310
Brightcove, Inc.^(b)		10,848		72,682
Fastly, Inc., Class A^(b)(c)		31,587		268,174
GoDaddy, Inc., Class A^(b)		40,485		3,254,994
Okta, Inc.^(b)		39,044		2,191,149
Shopify, Inc., Class A (Canada)^(b)(c)		307,184		10,514,908
VeriSign, Inc.^(b)		27,777		5,568,177
Wix.com Ltd. (Israel)^(b)		14,878		1,251,240

				26,756,634

Movies & Entertainment-16.12%
Netflix, Inc.^(b)		87,249		25,466,238
Roku, Inc., Class A^(b)(c)		31,259		1,736,125
Spotify Technology S.A.^(b)		49,881		4,019,411
Walt Disney Co. (The)^(b)		348,064		37,082,739

				68,304,513

Real Estate Services-0.36%
Redfin Corp.^(b)(c)		28,080		135,065
Zillow Group, Inc., Class C^(b)(c)		45,562		1,406,043

				1,541,108

Research & Consulting Services-2.00%
CoStar Group, Inc.^(b)		102,515		8,480,041

Systems Software-8.43%
Gitlab, Inc., Class A^(b)(c)		22,525		1,091,561
Microsoft Corp.		149,199		34,633,564

				35,725,125

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


		21

Invesco NASDAQ Internet ETF (PNQI)–(continued)

October 31, 2022

(Unaudited)


	Shares		Value
Trucking-3.52%
Lyft,Inc.,Class A^(b)(c)		89,102	$	1,304,453
Uber Technologies, Inc.^(b)		512,621		13,620,340

				14,924,793

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $609,046,668)				423,623,515


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.07%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		16,701,715		16,701,715


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		42,931,344	$	42,931,344

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $59,634,224)				59,633,059

TOTAL INVESTMENTS IN SECURITIES-114.05% (Cost $668,680,892)				483,256,574
OTHER ASSETS LESS LIABILITIES-(14.05)%				(59,526,073	)

NET ASSETS-100.00%.			$	423,730,501

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 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		$	376,768		$	922,201		$	(1,298,969	)		$	-			$	-			$	-		$	989

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			14,297,896			124,713,371			(122,309,552	)			-				-				16,701,715			133,945	*

Invesco Private Prime Fund			33,326,145			251,139,543			(241,531,812	)			(2,481	)			(51	)			42,931,344			359,068	*


Total		$	48,000,809		$	376,775,115		$	(365,140,333	)		$	(2,481	)		$	(51	)		$	59,633,059		$	494,002

*	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.


		22

Invesco NASDAQ Internet ETF (PNQI)–(continued)

October 31, 2022

(Unaudited)

Portfolio Composition

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

as of October 31, 2022


Internet & Direct Marketing Retail			16.83

Movies & Entertainment			16.12

Interactive Media & Services			15.96

Application Software			13.73

Hotels, Resorts & Cruise Lines			8.76

Systems Software			8.43

Internet Services & Infrastructure			6.32

Data Processing & Outsourced Services			4.34

Trucking			3.52

Sub-Industry Types Each Less Than 3%			5.97

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.


		23

Statements of Assets and Liabilities

October 31, 2022

(Unaudited)


	Invesco DWA Basic Materials Momentum ETF (PYZ)				Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)				Invesco DWA Consumer Staples Momentum ETF (PSL)				Invesco DWA Energy Momentum ETF (PXI)
Assets:
Unaffiliated investments in securities, at value^(a)		$	110,687,271			$	24,882,612			$	119,100,637		$	239,976,461
Affiliated investments in securities, at value			19,306,142				6,912,470				16,544,544			46,119,594
Receivable for:
Dividends			80,017				5,216				746,478			28,961
Securities lending			3,170				982				1,533			8,648
Investments sold			-				-				-			-
Foreign tax reclaims			-				-				-			-
Other assets			-				12,620				-			-

Total assets			130,076,600				31,813,900				136,393,192			286,133,664

Liabilities:
Due to custodian			-				-				56,512			-
Payable for:
Investments purchased			-				-				-			-
Collateral upon return of securities loaned			19,206,305				6,806,878				16,544,568			45,736,027
Fund shares repurchased			-				-				-			-
Accrued unitary management fees			-				-				-			-
Accrued advisory fees			31,694				80				37,967			78,438
Accrued trustees’ and officer’s fees			47,810				43,237				48,738			53,151
Accrued expenses			95,144				79,289				117,145			148,126

Total liabilities			19,380,953				6,929,484				16,804,930			46,015,742

Net Assets		$	110,695,647			$	24,884,416			$	119,588,262		$	240,117,922

Net assets consist of:
Shares of beneficial interest		$	196,874,393			$	110,831,455			$	224,457,679		$	366,395,147
Distributable earnings (loss)			(86,178,746	)			(85,947,039	)			(104,869,417	)		(126,277,225	)

Net Assets		$	110,695,647			$	24,884,416			$	119,588,262		$	240,117,922

Shares outstanding (unlimited amount authorized, $0.01 par value)			1,390,000				380,000				1,460,000			4,990,000
Net asset value		$	79.64			$	65.49			$	81.91		$	48.12

Market price		$	79.68			$	65.52			$	81.93		$	48.16

Unaffiliated investments in securities, at cost		$	104,719,981			$	22,776,924			$	109,268,713		$	178,306,080

Affiliated investments in securities, at cost		$	19,305,533			$	6,912,438			$	16,544,568		$	46,120,303

^(a)Includes securities on loan with an aggregate value of:		$	18,671,553			$	6,624,983			$	16,176,074		$	45,563,405

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


		24


Invesco DWA Financial Momentum ETF (PFI)				Invesco DWA Healthcare Momentum ETF (PTH)				Invesco DWA Industrials Momentum ETF (PRN)				Invesco DWA Technology Momentum ETF (PTF)				Invesco DWA Utilities Momentum ETF (PUI)				Invesco NASDAQ Internet ETF (PNQI)

	$	63,230,126			$	241,936,884			$	110,780,042			$	201,569,551			$	76,235,972			$	423,623,515
		7,406,062				74,532,675				14,126,792				31,260,552				6,199,421				59,633,059

		67,527				3,102				2,993				808				151,193				330
		586				189,532				1,829				2,399				893				6,487
		-				-				-				2,303,259				1,007,449				10,414,337
		-				-				-				10,778				-				-

		4,156				-				986				465				394				-


		70,708,457				316,662,193				124,912,642				235,147,812				83,595,322				493,677,728


		-				-				-				-				-				9,336,401
		-				-				-				-				-				729,191

		7,284,343				74,323,928				14,022,194				30,977,736				6,051,188				59,634,224
		261				-				-				2,304,114				1,009,344				27,395
		-				-				-				-				-				220,016
		19,914				82,935				44,814				61,248				25,613				-
		42,955				53,787				48,867				48,600				45,768				-
		73,826				183,139				72,953				146,619				89,565				-

		7,421,299				74,643,789				14,188,828				33,538,317				7,221,478				69,947,227

	$	63,287,158			$	242,018,404			$	110,723,814			$	201,609,495			$	76,373,844			$	423,730,501


	$	108,039,126			$	544,451,835			$	223,739,883			$	383,252,820			$	105,484,729			$	768,544,336
		(44,751,968	)			(302,433,431	)			(113,016,069	)			(181,643,325	)			(29,110,885	)			(344,813,835	)

	$	63,287,158			$	242,018,404			$	110,723,814			$	201,609,495			$	76,373,844			$	423,730,501


		1,480,000				1,920,000				1,240,000				1,750,000				2,270,000				3,710,000
	$	42.76			$	126.05			$	89.29			$	115.21			$	33.64			$	114.21

	$	42.79			$	126.04			$	89.32			$	115.18			$	33.66			$	114.23

	$	58,429,984			$	217,918,856			$	102,996,691			$	187,177,058			$	77,340,659			$	609,046,668

	$	7,405,880			$	74,531,747			$	14,126,069			$	31,261,016			$	6,199,253			$	59,634,224


	$	7,021,258			$	72,350,178			$	13,813,143			$	29,862,526			$	5,863,882			$	57,944,141


		25

Statements of Operations

For the six months ended October 31, 2022

(Unaudited)


	Invesco DWA Basic Materials Momentum ETF (PYZ)				Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)				Invesco DWA Consumer Staples Momentum ETF (PSL)				Invesco DWA Energy Momentum ETF (PXI)
Investment income:
Unaffiliated dividend income		$	1,383,876			$	142,889			$	1,970,636			$	4,300,963
Affiliated dividend income			1,802				1,366				3,029				3,452
Securities lending income, net			166,836				39,340				13,276				212,259
Foreign withholding tax			-				-				-				-

Total investment income			1,552,514				183,595				1,986,941				4,516,674


Expenses:
Unitary management fees			-				-				-				-
Advisory fees			336,027				71,767				301,200				573,552
Sub-licensing fees			100,808				21,530				90,361				172,066
Accounting & administration fees			11,320				9,926				9,817				10,770
Professional fees			13,426				16,937				13,301				13,326
Custodian & transfer agent fees			4,262				1,484				1,435				2,085
Trustees’ and officer’s fees			(5,133	)			(5,109	)			(5,617	)			(5,949	)
Other expenses			11,729				13,259				12,789				12,569

Total expenses			472,439				129,794				423,286				778,419

Less: Waivers			(69,307	)			(43,742	)			(61,977	)			(90,340	)

Net expenses			403,132				86,052				361,309				688,079

Net investment income (loss)			1,149,382				97,543				1,625,632				3,828,595


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities.			(25,425,900	)			(8,101,004	)			(15,661,947	)			(7,769,368	)
Affiliated investment securities.			(139	)			228				2,843				(274	)
In-kind redemptions			(117,430	)			(1,053,572	)			1,030,208				12,031,053

Net realized gain (loss)			(25,543,469	)			(9,154,348	)			(14,628,896	)			4,261,411

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities.			(4,007,303	)			6,345,392				10,496,672				22,866,250
Affiliated investment securities.			609				32				(1,507	)			(1,114	)

Change in net unrealized appreciation (depreciation)			(4,006,694	)			6,345,424				10,495,165				22,865,136

Net realized and unrealized gain (loss)			(29,550,163	)			(2,808,924	)			(4,133,731	)			27,126,547

Net increase (decrease) in net assets resulting from operations		$	(28,400,781	)		$	(2,711,381	)		$	(2,508,099	)		$	30,955,142

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


		26


Invesco DWA Financial Momentum ETF (PFI)				Invesco DWA Healthcare Momentum ETF (PTH)				Invesco DWA Industrials Momentum ETF (PRN)				Invesco DWA Technology Momentum ETF (PTF)				Invesco DWA Utilities Momentum ETF (PUI)				Invesco NASDAQ Internet ETF (PNQI)

	$	816,848			$	379,129			$	1,035,061			$	491,503			$	1,118,697			$	549,973
		1,296				5,521				2,184				2,177				1,182				989
		1,829				323,768				6,185				28,250				2,456				57,279
		(3,514	)			-				-				(4,212	)			-				(2,869	)

		816,459				708,418				1,043,430				517,718				1,122,335				605,372



		-				-				-				-				-				1,502,714
		159,116				623,024				302,709				496,575				188,272				-
		32,379				186,908				30,656				148,973				56,482				-
		9,704				19,713				14,546				17,294				3,564				-
		13,222				14,268				13,771				14,111				13,066				-
		1,998				2,426				1,761				3,997				703				-
		(4,452)				(6,062	)			(5,396	)			(5,034	)			(5,187	)			-
		13,957				19,811				16,934				18,003				10,275				-

		225,924				860,088				374,981				693,919				267,175				1,502,714

		(35,061)				(112,710	)			(11,826	)			(98,144	)			(41,310	)			(67	)

		190,863				747,378				363,155				595,775				225,865				1,502,647

		625,596				(38,960	)			680,275				(78,057	)			896,470				(897,275	)




		(10,550,104)				(41,334,656	)			(21,898,911	)			(49,144,310	)			(3,041,607	)			(16,231,018	)
		93				(1,497	)			(644	)			2,365				(161	)			(51	)
		(3,020,029)				(1,093,730	)			(184,487	)			802,531				2,113,962				11,665,864

		(13,570,040)				(42,429,883	)			(22,084,042	)			(48,339,414	)			(927,806	)			(4,565,205	)



		10,167,660				50,080,698				19,720,685				44,535,840				(5,163,045	)			(93,342,073	)
		182				502				723				(553	)			168				(2,481	)

		10,167,842				50,081,200				19,721,408				44,535,287				(5,162,877	)			(93,344,554	)

		(3,402,198)				7,651,317				(2,362,634	)			(3,804,127	)			(6,090,683	)			(97,909,759	)


		$(2,776,602)			$	7,612,357			$	(1,682,359	)		$	(3,882,184	)		$	(5,194,213	)		$	(98,807,034	)


		27

Statements of Changes in Net Assets

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

(Unaudited)


	Invesco DWA Basic Materials Momentum ETF (PYZ)							Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
	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)		$	1,149,382		$	681,094			$	97,543		$	256,531
Net realized gain (loss)			(25,543,469	)		8,809,809				(9,154,348	)		(3,638,383	)
Change in net unrealized appreciation (depreciation)			(4,006,694	)		(4,279,541	)			6,345,424			(19,881,708	)

Net increase (decrease) in net assets resulting from operations			(28,400,781	)		5,211,362				(2,711,381	)		(23,263,560	)

Distributions to Shareholders from:
Distributable earnings			(978,327	)		(713,538	)			(62,937	)		(274,022	)

Shareholder Transactions:
Proceeds from shares sold			2,544,217			194,398,106				-			108,859,338
Value of shares repurchased			(49,757,248	)		(126,409,880	)			(11,058,897	)		(173,596,534	)

Net increase (decrease) in net assets resulting from share transactions			(47,213,031	)		67,988,226				(11,058,897	)		(64,737,196	)

Net increase (decrease) in net assets.			(76,592,139	)		72,486,050				(13,833,215	)		(88,274,778	)

Net assets:
Beginning of period			187,287,786			114,801,736				38,717,631			126,992,409

End of period		$	110,695,647		$	187,287,786			$	24,884,416		$	38,717,631

Changes in Shares Outstanding:
Shares sold			30,000			2,100,000				-			1,190,000
Shares repurchased			(680,000	)		(1,400,000	)			(170,000	)		(2,060,000	)
Shares outstanding, beginning of period			2,040,000			1,340,000				550,000			1,420,000

Shares outstanding, end of period			1,390,000			2,040,000				380,000			550,000

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


		28


Invesco DWA Consumer Staples Momentum ETF (PSL)								Invesco DWA Energy Momentum ETF (PXI)								Invesco DWA Financial Momentum ETF (PFI)								Invesco DWA Healthcare Momentum ETF (PTH)
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

	$	1,625,632			$	1,470,236			$	3,828,595			$	1,580,112			$	625,596			$	1,287,670			$	(38,960	)		$	(2,069,621	)
		(14,628,896	)			6,343,307				4,261,411				32,581,657				(13,570,040	)			(624,663	)			(42,429,883	)			(41,069,263	)
		10,495,165				(19,410,012	)			22,865,136				32,988,858				10,167,842				(14,529,598	)			50,081,200				(51,286,438	)

		(2,508,099	)			(11,596,469	)			30,955,142				67,150,627				(2,776,602	)			(13,866,591	)			7,612,357				(94,425,322	)


		(911,892	)			(1,442,905	)			(3,416,024	)			(1,335,094	)			(522,115	)			(1,320,002	)			-				-


		31,603,905				118,293,134				24,645,284				288,217,685				22,720,237				154,026,851				4,965,922				359,960,194
		(8,135,864	)			(116,934,578	)			(52,769,087	)			(252,911,675	)			(40,304,035	)			(110,378,841	)			(44,144,300	)			(550,184,148	)

		23,468,041				1,358,556				(28,123,803	)			35,306,010				(17,583,798	)			43,648,010				(39,178,378	)			(190,223,954	)

		20,048,050				(11,680,818	)			(584,685	)			101,121,543				(20,882,515	)			28,461,417				(31,566,021	)			(284,649,276	)


		99,540,212				111,221,030				240,702,607				139,581,064				84,169,673				55,708,256				273,584,425				558,233,701

	$	119,588,262			$	99,540,212			$	240,117,922			$	240,702,607			$	63,287,158			$	84,169,673			$	242,018,404			$	273,584,425


		380,000				1,330,000				540,000				8,510,000				570,000				2,890,000				40,000				2,170,000
		(100,000	)			(1,330,000	)			(1,280,000	)			(8,480,000	)			(940,000	)			(2,130,000	)			(370,000	)			(3,490,000	)
		1,180,000				1,180,000				5,730,000				5,700,000				1,850,000				1,090,000				2,250,000				3,570,000

		1,460,000				1,180,000				4,990,000				5,730,000				1,480,000				1,850,000				1,920,000				2,250,000


		29

Statements of Changes in Net Assets–(continued)

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

(Unaudited)


	Invesco DWA Industrials Momentum ETF (PRN)							Invesco DWA Technology Momentum ETF (PTF)
	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)		$	680,275		$	342,575			$	(78,057	)	$	(923,523	)
Net realized gain (loss)			(22,084,042	)		10,839,783				(48,339,414	)		4,544,435
Change in net unrealized appreciation (depreciation)			19,721,408			(37,772,934	)			44,535,287			(61,071,017	)

Net increase (decrease) in net assets resulting from operations			(1,682,359	)		(26,590,576	)			(3,882,184	)		(57,450,105	)

Distributions to Shareholders from:
Distributable earnings.			(509,691	)		(391,888	)			-			-

Shareholder Transactions:
Proceeds from shares sold			2,386,928			225,521,096				29,578,752			400,259,524
Value of shares repurchased			(63,379,499	)		(339,515,702	)			(29,526,300	)		(434,606,833	)

Net increase (decrease) in net assets resulting from share transactions.			(60,992,571	)		(113,994,606	)			52,452			(34,347,309	)

Net increase (decrease) in net assets.			(63,184,621	)		(140,977,070	)			(3,829,732	)		(91,797,414	)

Net assets:
Beginning of period			173,908,435			314,885,505				205,439,227			297,236,641

End of period.		$	110,723,814		$	173,908,435			$	201,609,495		$	205,439,227

Changes in Shares Outstanding:
Shares sold			30,000			2,110,000				260,000			2,540,000
Shares repurchased			(710,000	)		(3,260,000	)			(250,000	)		(2,880,000	)
Shares outstanding, beginning of period			1,920,000			3,070,000				1,740,000			2,080,000

Shares outstanding, end of period			1,240,000			1,920,000				1,750,000			1,740,000

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


		30


Invesco DWA Utilities Momentum ETF (PUI)								Invesco NASDAQ Internet ETF (PNQI)
Six Months Ended October 31, 2022				Year Ended April 30, 2022				Six Months Ended October 31, 2022				Year Ended April 30, 2022

	$	896,470			$	992,395			$	(897,275	)		$	(5,131,630	)
		(927,806	)			618,594				(4,565,205	)			27,108,254

		(5,162,877	)			363,406				(93,344,554	)			(453,536,469	)

		(5,194,213	)			1,974,395				(98,807,034	)			(431,559,845	)


		(873,979	)			(978,385	)			-				-


		45,625,309				12,709,138				55,843,623				155,935,644
		(18,945,126	)			(7,671,363	)			(90,223,629	)			(236,899,762	)

		26,680,183				5,037,775				(34,380,006	)			(80,964,118	)

		20,611,991				6,033,785				(133,187,040	)			(512,523,963	)


		55,761,853				49,728,068				556,917,541				1,069,441,504

	$	76,373,844			$	55,761,853			$	423,730,501			$	556,917,541


		1,240,000				350,000				460,000				720,000
		(550,000	)			(220,000	)			(730,000	)			(1,120,000	)
		1,580,000				1,450,000				3,980,000				4,380,000

		2,270,000				1,580,000				3,710,000				3,980,000


		31

Financial Highlights

Invesco DWA Basic Materials Momentum ETF (PYZ)


	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		$	91.81		$	85.67		$	47.51		$	60.49		$	66.74		$	61.38

Net investment income^(a)			0.69			0.35			0.47			0.79			0.72			0.49
Net realized and unrealized gain (loss) on investments			(12.28	)		6.16			38.31			(12.77	)		(6.30	)		5.27

Total from investment operations			(11.59	)		6.51			38.78			(11.98	)		(5.58	)		5.76

Distributions to shareholders from:
Net investment income			(0.58	)		(0.37	)		(0.62	)		(1.00	)		(0.67	)		(0.40	)

Net asset value at end of period.		$	79.64		$	91.81		$	85.67		$	47.51		$	60.49		$	66.74

Market price at end of period^(b)		$	79.68		$	91.90		$	85.68		$	47.63		$	60.48		$	66.79

Net Asset Value Total Return^(c)			(12.61	)%		7.61	%		82.25	%		(19.95	)%		(8.36	)%		9.40	%
Market Price Total Return^(c)			(12.65	)%		7.70	%		81.80	%		(19.74	)%		(8.46	)%		9.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	110,696		$	187,288		$	114,802		$	35,634		$	63,518		$	100,114
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.60	%		0.61	%^(e)		0.60	%		0.60	%
Expenses, prior to Waivers			0.70	%^(d)		0.70	%		0.82	%		0.79	%^(e)		0.76	%		0.76	%
Net investment income			1.71	%^(d)		0.38	%		0.70	%		1.40	%^(e)		1.12	%		0.75	%
Portfolio turnover rate^(f)			52	%		125	%		132	%		90	%		89	%		75	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	Annualized.

^(e)	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.


		32

Financial Highlights–(continued)

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)


	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.		$	70.40		$	89.43		$	41.64		$	56.86		$	50.42		$	44.36

Net investment income^(a)			0.22			0.22			(0.00	)^(b)		0.06			0.08			0.25
Net realized and unrealized gain (loss) on investments			(4.98	)		(19.05	)		47.98			(15.17	)		6.53			6.03

Total from investment operations			(4.76	)		(18.83	)		47.98			(15.11	)		6.61			6.28

Distributions to shareholders from:
Net investment income			(0.15	)		(0.20	)		(0.19	)		(0.11	)		(0.17	)		(0.22	)

Net asset value at end of period		$	65.49		$	70.40		$	89.43		$	41.64		$	56.86		$	50.42

Market price at end of period^(c)		$	65.52		$	70.54		$	89.37		$	41.67		$	56.87		$	50.48

Net Asset Value Total Return^(d)			(6.75	)%		(21.10	)%		115.43	%		(26.51	)%		13.15	%		14.20	%
Market Price Total Return^(d)			(6.90	)%		(20.90	)%		115.13	%		(26.47	)%		13.03	%		14.31	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	24,884		$	38,718		$	126,992		$	16,657		$	31,271		$	55,464
Ratio to average net assets of:
Expenses, after Waivers.			0.60	%^(e)		0.60	%		0.60	%		0.61	%^(f)		0.60	%		0.60	%
Expenses, prior to Waivers			0.90	%^(e)		0.73	%		0.80	%		0.82	%^(f)		0.80	%		0.90	%
Net investment income			0.68	%^(e)		0.25	%		(0.00	)%^(g)		0.12	%^(f)		0.15	%		0.52	%
Portfolio turnover rate^(h)			95	%		227	%		163	%		176	%		136	%		185	%

^(a)	Based on average shares outstanding.

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

^(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)	Amount represents less than 0.005%.

^(h)	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.


		33

Financial Highlights–(continued)

Invesco DWA Consumer Staples Momentum ETF (PSL)


	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		$	84.36		$	94.26		$	60.84		$	72.67		$	67.39		$	59.38

Net investment income^(a)			1.09			1.21			0.73			0.46			0.45			0.41
Net realized and unrealized gain (loss) on investments			(2.93	)		(9.89	)		33.35			(11.78	)		5.25			7.90

Total from investment operations			(1.84	)		(8.68	)		34.08			(11.32	)		5.70			8.31

Distributions to shareholders from:
Net investment income			(0.61	)		(1.22	)		(0.66	)		(0.51	)		(0.42	)		(0.30	)

Net asset value at end of period		$	81.91		$	84.36		$	94.26		$	60.84		$	72.67		$	67.39

Market price at end of period^(b)		$	81.93		$	84.28		$	94.31		$	60.81		$	72.65		$	67.61

Net Asset Value Total Return^(c)			(2.15	)%		(9.27	)%		56.25	%		(15.61	)%		8.50	%		14.03	%
Market Price Total Return^(c)			(2.03	)%		(9.41	)%		56.42	%		(15.63	)%		8.12	%		14.40	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	119,588		$	99,540		$	111,221		$	109,513		$	174,401		$	90,977
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers			0.70	%^(d)		0.73	%		0.75	%		0.71	%		0.71	%		0.79	%
Net investment income			2.70	%^(d)		1.34	%		0.93	%		0.65	%		0.64	%		0.65	%
Portfolio turnover rate^(e)			84	%		94	%		97	%		119	%		118	%		80	%

^(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.


		34

Financial Highlights–(continued)

Invesco DWA Energy Momentum ETF (PXI)


	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		$	42.01		$	24.49		$	15.20		$	31.95		$	42.26		$	36.36

Net investment income^(a)			0.73			0.32			0.17			0.74	^(b)		0.28			0.41
Net realized and unrealized gain (loss) on investments			6.04			17.47			9.33			(16.70	)		(10.24	)		5.80

Total from investment operations			6.77			17.79			9.50			(15.96	)		(9.96	)		6.21

Distributions to shareholders from:
Net investment income			(0.66	)		(0.27	)		(0.21	)		(0.79	)		(0.35	)		(0.31	)

Net asset value at end of period.		$	48.12		$	42.01		$	24.49		$	15.20		$	31.95		$	42.26

Market price at end of period^(c)		$	48.16		$	42.02		$	24.51		$	15.24		$	31.95		$	42.32

Net Asset Value Total Return^(d)			16.33	%		72.99	%		63.39	%		(50.75	)%		(23.63	)%		17.28	%
Market Price Total Return^(d)			16.39	%		72.89	%		63.10	%		(50.62	)%		(23.74	)%		17.47	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	240,118		$	240,703		$	139,581		$	17,479		$	51,127		$	88,738
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(e)		0.60	%		0.60	%		0.62	%^(f)		0.60	%		0.60	%
Expenses, prior to Waivers			0.68	%^(e)		0.70	%		0.85	%		0.86	%^(f)		0.75	%		0.78	%
Net investment income			3.34	%^(e)		1.00	%		0.86	%		2.98	%^(b)(f)		0.72	%		1.15	%
Portfolio turnover rate^(g)			74	%		115	%		196	%		92	%		113	%		95	%

^(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 $0.58 and 2.35%, 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 0.02%.

^(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.


		35

Financial Highlights–(continued)

Invesco DWA Financial Momentum ETF (PFI)


	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		$	45.50		$	51.11		$	31.88		$	35.52		$	35.16		$	30.66

Net investment income^(a)			0.41			0.75			0.47			0.52			0.41			0.35
Net realized and unrealized gain (loss) on investments			(2.74	)		(5.61	)		19.34			(3.54	)		0.39			4.44

Total from investment operations.			(2.33	)		(4.86	)		19.81			(3.02	)		0.80			4.79

Distributions to shareholders from:
Net investment income			(0.41	)		(0.75	)		(0.58	)		(0.62	)		(0.44	)		(0.29	)

Net asset value at end of period		$	42.76		$	45.50		$	51.11		$	31.88		$	35.52		$	35.16

Market price at end of period^(b)		$	42.79		$	45.43		$	51.16		$	31.86		$	35.49		$	35.22

Net Asset Value Total Return^(c)			(5.06	)%		(9.63	)%		62.64	%		(8.33	)%		2.44	%		15.64	%
Market Price Total Return^(c)			(4.85	)%		(9.85	)%		62.90	%		(8.31	)%		2.18	%		15.91	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	63,287		$	84,170		$	55,708		$	28,695		$	24,861		$	70,330
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.60	%		0.61	%^(e)		0.60	%		0.60	%
Expenses, prior to Waivers			0.71	%^(d)		0.70	%		0.82	%		0.71	%^(e)		0.79	%		0.75	%
Net investment income			1.97	%^(d)		1.44	%		1.16	%		1.40	%^(e)		1.22	%		1.04	%
Portfolio turnover rate^(f)			63	%		153	%		167	%		158	%		132	%		105	%

^(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.


		36

Financial Highlights–(continued)

Invesco DWA Healthcare Momentum ETF (PTH)


	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		$	121.59		$	156.37		$	98.32		$	77.79		$	77.65		$	55.03

Net investment income (loss)^(a)			(0.02	)		(0.72	)		(0.47	)		(0.30	)		(0.33	)		(0.21	)
Net realized and unrealized gain (loss) on investments			4.48			(34.06	)		58.52			20.83			0.47			22.83

Total from investment operations.			4.46			(34.78	)		58.05			20.53			0.14			22.62

Net asset value at end of period		$	126.05		$	121.59		$	156.37		$	98.32		$	77.79		$	77.65

Market price at end of period^(b)		$	126.04		$	121.51		$	156.15		$	98.49		$	77.69		$	77.80

Net Asset Value Total Return^(c)			3.66	%		(22.24	)%		59.04	%		26.39	%		0.18	%		41.11	%
Market Price Total Return^(c)			3.73	%		(22.18	)%		58.54	%		26.78	%		(0.15	)%		41.40	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	242,018		$	273,584		$	558,234		$	265,463		$	163,351		$	155,292
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers.			0.69	%^(d)		0.68	%		0.67	%		0.73	%		0.69	%		0.73	%
Net investment income (loss)			(0.03	)%^(d)		(0.47	)%		(0.32	)%		(0.34	)%		(0.39	)%		(0.31	)%
Portfolio turnover rate^(e)			104	%		204	%		217	%		175	%		166	%		130	%

^(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.


		37

Financial Highlights–(continued)

Invesco DWA Industrials Momentum ETF (PRN)


	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		$	90.58		$	102.57		$	61.51		$	63.65		$	57.87		$	52.27

Net investment income^(a)			0.49			0.14			0.05			0.30			0.17			0.23
Net realized and unrealized gain (loss) on investments			(1.40	)		(11.97	)		41.11			(2.16	)		5.76			5.73

Total from investment operations			(0.91	)		(11.83	)		41.16			(1.86	)		5.93			5.96

Distributions to shareholders from:
Net investment income.			(0.38	)		(0.16	)		(0.10	)		(0.28	)		(0.15	)		(0.23	)
Return of capital			-			-			-			-			-			(0.13	)

Total distributions			(0.38	)		(0.16	)		(0.10	)		(0.28	)		(0.15	)		(0.36	)

Net asset value at end of period		$	89.29		$	90.58		$	102.57		$	61.51		$	63.65		$	57.87

Market price at end of period^(b)		$	89.32		$	90.42		$	102.49		$	61.72		$	63.64		$	57.91

Net Asset Value Total Return^(c)			(0.99	)%		(11.56	)%		66.98	%		(2.95	)%		10.28	%		11.43	%
Market Price Total Return^(c)			(0.77	)%		(11.64	)%		66.28	%		(2.61	)%		10.19	%		11.53	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	110,724		$	173,908		$	314,886		$	58,431		$	101,839		$	107,053
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.60	%		0.61	%^(e)		0.60	%		0.60	%
Expenses, prior to Waivers			0.62	%^(d)		0.63	%		0.64	%		0.62	%^(e)		0.64	%		0.64	%
Net investment income.			1.12	%^(d)		0.13	%		0.06	%		0.46	%^(e)		0.29	%		0.39	%
Portfolio turnover rate^(f)			73	%		152	%		169	%		111	%		104	%		106	%

^(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.


		38

Financial Highlights–(continued)

Invesco DWA Technology Momentum ETF (PTF)


	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		$	118.07		$	142.90		$	76.63		$	71.82		$	56.19		$	45.25

Net investment income (loss)^(a)			(0.05	)		(0.46	)		(0.46	)		(0.12	)		(0.09	)		0.04
Net realized and unrealized gain (loss) on investments			(2.81	)		(24.37	)		66.73			4.93			15.76			10.92

Total from investment operations.			(2.86	)		(24.83	)		66.27			4.81			15.67			10.96

Distributions to shareholders from:
Net investment income			-			-			-			-			(0.04	)		(0.02	)

Net asset value at end of period		$	115.21		$	118.07		$	142.90		$	76.63		$	71.82		$	56.19

Market price at end of period^(b)		$	115.18		$	118.10		$	142.85		$	76.69		$	71.91		$	56.21

Net Asset Value Total Return^(c)			(2.42	)%		(17.37	)%		86.48	%		6.70	%		27.90	%		24.22	%
Market Price Total Return^(c)			(2.48	)%		(17.33	)%		86.28	%		6.65	%		28.01	%		24.35	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	201,609		$	205,439		$	297,237		$	157,096		$	175,966		$	117,996
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers.			0.70	%^(d)		0.69	%		0.69	%		0.69	%		0.72	%		0.74	%
Net investment income (loss)			(0.08	)%^(d)		(0.31	)%		(0.37	)%		(0.17	)%		(0.15	)%		0.08	%
Portfolio turnover rate^(e)			91	%		207	%		172	%		159	%		133	%		107	%

^(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.


		39

Financial Highlights–(continued)

Invesco DWA Utilities Momentum ETF (PUI)


	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.		$	35.29		$	34.30		$	30.19		$	32.18		$	27.11		$	27.50

Net investment income^(a)			0.42			0.73			0.64			0.65			0.63			0.65
Net realized and unrealized gain (loss) on investments			(1.69	)		0.98			4.27			(1.87	)		4.98			(0.31	)

Total from investment operations			(1.27	)		1.71			4.91			(1.22	)		5.61			0.34

Distributions to shareholders from:
Net investment income			(0.38	)		(0.72	)		(0.80	)		(0.77	)		(0.54	)		(0.73	)

Net asset value at end of period		$	33.64		$	35.29		$	34.30		$	30.19		$	32.18		$	27.11

Market price at end of period^(b)		$	33.66		$	35.27		$	34.24		$	30.29		$	32.18		$	27.13

Net Asset Value Total Return^(c)			(3.62	)%		5.08	%		16.63	%		(3.84	)%		20.98	%		1.16	%
Market Price Total Return^(c)			(3.51	)%		5.20	%		16.05	%		(3.53	)%		20.89	%		1.19	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	76,374		$	55,762		$	49,728		$	81,526		$	223,637		$	44,730
Ratio to average net assets of:
Expenses, after Waivers.			0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers			0.71	%^(d)		0.81	%		0.81	%		0.69	%		0.73	%		0.83	%
Net investment income			2.38	%^(d)		2.12	%		2.06	%		1.93	%		2.08	%		2.35	%
Portfolio turnover rate^(e)			31	%		61	%		64	%		69	%		49	%		41	%

^(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.


		40

Financial Highlights–(continued)

Invesco NASDAQ Internet ETF (PNQI)


	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		$	139.93		$	244.16		$	146.82		$	142.44		$	129.15		$	99.14

Net investment income (loss)^(a)			(0.23	)		(1.21	)		(1.15	)		(0.44	)		(0.44	)		(0.36	)
Net realized and unrealized gain (loss) on investments			(25.49	)		(103.02	)		98.49			4.82			13.73			30.40

Total from investment operations			(25.72	)		(104.23	)		97.34			4.38			13.29			30.04

Distributions to shareholders from:
Net investment income			-			-			-			-			-			(0.03	)

Net asset value at end of period		$	114.21		$	139.93		$	244.16		$	146.82		$	142.44		$	129.15

Market price at end of period^(b)		$	114.23		$	139.77		$	244.35		$	146.75		$	142.41		$	129.29

Net Asset Value Total Return^(c)			(18.39	)%		(42.68	)%		66.30	%		3.07	%		10.29	%		30.30	%
Market Price Total Return^(c)			(18.27	)%		(42.81	)%		66.50	%		3.05	%		10.15	%		30.40	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	423,731		$	556,918		$	1,069,442		$	557,897		$	598,232		$	600,535
Ratio to average net assets of:
Expenses.			0.60	%^(d)		0.60	%		0.60	%		0.60	%^(e)		0.60	%		0.60	%
Net investment income (loss)			(0.36	)%^(d)		(0.55	)%		(0.54	)%		(0.32	)%		(0.34	)%		(0.31	)%
Portfolio turnover rate^(f)			10	%		29	%		27	%		41	%		20	%		20	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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

^(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.


		41

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 DWA Basic Materials Momentum ETF (PYZ)		“DWA Basic Materials Momentum ETF”

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)		“DWA Consumer Cyclicals Momentum ETF”

Invesco DWA Consumer Staples Momentum ETF (PSL)		“DWA Consumer Staples Momentum ETF”

Invesco DWA Energy Momentum ETF (PXI)		“DWA Energy Momentum ETF”

Invesco DWA Financial Momentum ETF (PFI)		“DWA Financial Momentum ETF”

Invesco DWA Healthcare Momentum ETF (PTH)		“DWA Healthcare Momentum ETF”

Invesco DWA Industrials Momentum ETF (PRN)		“DWA Industrials Momentum ETF”

Invesco DWA Technology Momentum ETF (PTF)		“DWA Technology Momentum ETF”

Invesco DWA Utilities Momentum ETF (PUI)		“DWA Utilities Momentum ETF”

Invesco NASDAQ Internet ETF (PNQI)		“NASDAQ Internet 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 The Nasdaq Stock Market.

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
DWA Basic Materials Momentum ETF		Dorsey Wright^® Basic Materials Technical Leaders Index

DWA Consumer Cyclicals Momentum ETF		Dorsey Wright^® Consumer Cyclicals Technical Leaders Index

DWA Consumer Staples Momentum ETF		Dorsey Wright^® Consumer Staples Technical Leaders Index

DWA Energy Momentum ETF		Dorsey Wright^® Energy Technical Leaders Index

DWA Financial Momentum ETF		Dorsey Wright^® Financials Technical Leaders Index

DWA Healthcare Momentum ETF		Dorsey Wright^® Healthcare Technical Leaders Index

DWA Industrials Momentum ETF		Dorsey Wright^® Industrials Technical Leaders Index

DWA Technology Momentum ETF		Dorsey Wright^® Technology Technical Leaders Index

DWA Utilities Momentum ETF		Dorsey Wright^® Utilities Technical Leaders Index

NASDAQ Internet ETF		NASDAQ CTA Internet Index^SM

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


		42

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


		43

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 (except for NASDAQ Internet ETF) 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


		44

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).

NASDAQ Internet ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other 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 excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and 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


		45

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

DWA Basic Materials Momentum ETF	$	14,592

DWA Consumer Cyclicals Momentum ETF		3,241

DWA Consumer Staples Momentum ETF		753

DWA Energy Momentum ETF		17,521

DWA Financial Momentum ETF		176

DWA Healthcare Momentum ETF		18,529

DWA Industrials Momentum ETF		403

DWA Technology Momentum ETF		1,174

DWA Utilities Momentum ETF		198

NASDAQ Internet ETF		2,491

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.


		46

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.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

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 NASDAQ Internet ETF 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 the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the 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 Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, 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 an Investment Advisory Agreement, each Fund (except for NASDAQ Internet ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, NASDAQ Internet ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.60% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of NASDAQ Internet ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other 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).

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except NASDAQ Internet ETF), pursuant to which the Adviser has contractually 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, 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 (except NASDAQ Internet ETF) 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


		47

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.

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. This waiver does 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:



DWA Basic Materials Momentum ETF	$	69,307

DWA Consumer Cyclicals Momentum ETF		43,742

DWA Consumer Staples Momentum ETF		61,977

DWA Energy Momentum ETF		90,340

DWA Financial Momentum ETF		35,061

DWA Healthcare Momentum ETF		112,710

DWA Industrials Momentum ETF		11,826

DWA Technology Momentum ETF		98,144

DWA Utilities Momentum ETF		41,310

NASDAQ Internet ETF		67

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 at October 31, 2022 are as follows:


	Total Potential Recapture			Potential Recapture Amounts Expiring
	Amounts			4/30/23			4/30/24			4/30/25			10/31/25

DWA Basic Materials Momentum ETF		$	394,763		$	37,540		$	120,236		$	167,780		$	69,207

DWA Consumer Cyclicals Momentum ETF			318,966			29,370			113,510			132,414			43,672

DWA Consumer Staples Momentum ETF			443,755			79,386			163,949			138,574			61,846

DWA Energy Momentum ETF			398,822			35,305			117,061			156,302			90,154

DWA Financial Momentum ETF			225,508			25,565			75,623			89,336			34,984

DWA Healthcare Momentum ETF			996,456			95,536			426,000			362,462			112,458

DWA Industrials Momentum ETF			166,683			11,295			60,753			82,905			11,730

DWA Technology Momentum ETF			685,675			72,851			255,670			259,127			98,027

DWA Utilities Momentum ETF			331,948			60,064			131,512			99,123			41,249

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 the following entities (each, a “Licensor”):


Fund		Licensor

DWA Basic Materials Momentum ETF		Dorsey Wright & Associates, LLC

DWA Consumer Cyclicals Momentum ETF		Dorsey Wright & Associates, LLC

DWA Consumer Staples Momentum ETF		Dorsey Wright & Associates, LLC

DWA Energy Momentum ETF		Dorsey Wright & Associates, LLC

DWA Financial Momentum ETF		Dorsey Wright & Associates, LLC

DWA Healthcare Momentum ETF		Dorsey Wright & Associates, LLC

DWA Industrials Momentum ETF		Dorsey Wright & Associates, LLC

DWA Technology Momentum ETF		Dorsey Wright & Associates, LLC

DWA Utilities Momentum ETF		Dorsey Wright & Associates, LLC

NASDAQ Internet ETF		Nasdaq, Inc.


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Each Underlying Index name trademark is owned by its respective 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 (except for NASDAQ Internet ETF) 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 Licensors, and the Licensors make 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:



DWA Basic Materials Momentum ETF	$	17,964

DWA Consumer Cyclicals Momentum ETF		5,562

DWA Consumer Staples Momentum ETF		11,027

DWA Energy Momentum ETF		59,360

DWA Financial Momentum ETF		14,981

DWA Healthcare Momentum ETF		64,771

DWA Industrials Momentum ETF		17,360

DWA Technology Momentum ETF		24,601

DWA Utilities Momentum ETF		3,234

NASDAQ Internet ETF		1,649

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
DWA Basic Materials Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	110,687,271	$	-	$	-	$	110,687,271

Money Market Funds		99,228		19,206,914		-		19,306,142


Total Investments	$	110,786,499	$	19,206,914	$	-	$	129,993,413


DWA Consumer Cyclicals Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	24,882,612	$	-	$	-	$	24,882,612

Money Market Funds		105,560		6,806,910		-		6,912,470


Total Investments	$	24,988,172	$	6,806,910	$	-	$	31,795,082


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	Level 1		Level 2		Level 3		Total

DWA Consumer Staples Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	119,100,637	$	-	$	-	$	119,100,637

Money Market Funds		-		16,544,544		-		16,544,544


Total Investments	$	119,100,637	$	16,544,544	$	-	$	135,645,181


DWA Energy Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	239,976,461	$	-	$	-	$	239,976,461

Money Market Funds		384,276		45,735,318		-		46,119,594


Total Investments	$	240,360,737	$	45,735,318	$	-	$	286,096,055


DWA Financial Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	63,230,126	$	-	$	-	$	63,230,126

Money Market Funds		121,537		7,284,525		-		7,406,062


Total Investments	$	63,351,663	$	7,284,525	$	-	$	70,636,188


DWA Healthcare Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	241,936,884	$	-	$	-	$	241,936,884

Money Market Funds		207,819		74,324,856		-		74,532,675


Total Investments	$	242,144,703	$	74,324,856	$	-	$	316,469,559


DWA Industrials Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	110,780,042	$	-	$	-	$	110,780,042

Money Market Funds		103,875		14,022,917		-		14,126,792


Total Investments	$	110,883,917	$	14,022,917	$	-	$	124,906,834


DWA Technology Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	201,569,551	$	-	$	-	$	201,569,551

Money Market Funds		283,280		30,977,272		-		31,260,552


Total Investments	$	201,852,831	$	30,977,272	$	-	$	232,830,103


DWA Utilities Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	76,235,972	$	-	$	-	$	76,235,972

Money Market Funds		148,065		6,051,356		-		6,199,421


Total Investments	$	76,384,037	$	6,051,356	$	-	$	82,435,393


NASDAQ Internet ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	423,623,515	$	-	$	-	$	423,623,515

Money Market Funds		-		59,633,059		-		59,633,059


Total Investments	$	423,623,515	$	59,633,059	$	-	$	483,256,574

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.


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


	No expiration
	Short-Term		Long-Term		Total*

DWA Basic Materials Momentum ETF	$	53,745,128	$	12,738,184	$	66,483,312

DWA Consumer Cyclicals Momentum ETF		78,866,192		-		78,866,192

DWA Consumer Staples Momentum ETF		94,614,870		5,417,904		100,032,774

DWA Energy Momentum ETF		160,559,808		31,635,453		192,195,261

DWA Financial Momentum ETF		35,741,932		-		35,741,932

DWA Healthcare Momentum ETF		283,466,503		-		283,466,503

DWA Industrials Momentum ETF		98,465,984		-		98,465,984

DWA Technology Momentum ETF		146,998,007		-		146,998,007

DWA Utilities Momentum ETF		23,047,531		3,921,442		26,968,973

NASDAQ Internet ETF		73,466,804		63,383,716		136,850,520

*	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

DWA Basic Materials Momentum ETF	$	71,341,088	$	71,064,867

DWA Consumer Cyclicals Momentum ETF		27,492,192		27,504,434

DWA Consumer Staples Momentum ETF		97,848,526		97,625,438

DWA Energy Momentum ETF		169,106,452		168,900,119

DWA Financial Momentum ETF		41,051,740		40,975,147

DWA Healthcare Momentum ETF		257,739,772		257,864,887

DWA Industrials Momentum ETF		91,321,990		103,118,387

DWA Technology Momentum ETF		180,200,561		180,376,305

DWA Utilities Momentum ETF		22,562,284		22,634,715

NASDAQ Internet ETF		47,242,152		48,158,410

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


	In-kind		In-kind
	Purchases		Sales

DWA Basic Materials Momentum ETF	$	2,542,409	$	49,767,969

DWA Consumer Cyclicals Momentum ETF		-		11,051,195

DWA Consumer Staples Momentum ETF		31,610,448		8,134,020

DWA Energy Momentum ETF		24,612,106		52,690,342

DWA Financial Momentum ETF		22,703,268		40,304,367

DWA Healthcare Momentum ETF		4,966,232		44,137,414

DWA Industrials Momentum ETF		1,767,382		50,690,349

DWA Technology Momentum ETF		29,577,795		29,539,477

DWA Utilities Momentum ETF		45,596,857		18,927,486

NASDAQ Internet ETF		55,837,445		90,197,202

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


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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
DWA Basic Materials Momentum ETF	$	14,133,869	$	(8,403,625	)	$	5,730,244		$	124,263,169

DWA Consumer Cyclicals Momentum ETF		2,461,868		(361,326	)		2,100,542			29,694,540
DWA Consumer Staples Momentum ETF		12,433,458		(3,594,140	)		8,839,318			126,805,863

DWA Energy Momentum ETF		61,670,381		(645,431	)		61,024,950			225,071,105
DWA Financial Momentum ETF		6,201,662		(1,697,590	)		4,504,072			66,132,116

DWA Healthcare Momentum ETF		32,496,312		(8,569,086	)		23,927,226			292,542,333
DWA Industrials Momentum ETF		10,162,361		(2,744,384	)		7,417,977			117,488,857

DWA Technology Momentum ETF		23,363,923		(9,194,523	)		14,169,400			218,660,703
DWA Utilities Momentum ETF		3,269,553		(4,474,135	)		(1,204,582	)		83,639,975

NASDAQ Internet ETF		18,945,083		(220,233,901	)		(201,288,818	)		684,545,392

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 Adviser, as a result of the unitary management fee, pays for such compensation for NASDAQ Internet ETF. 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.


		52

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco NASDAQ Internet ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Invesco NASDAQ Internet ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other 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). 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 DWA Basic Materials Momentum ETF (PYZ)

Actual	$1,000.00	$ 873.90	0.60%	$2.83

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

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

Actual	1,000.00	932.50	0.60	2.92

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

Invesco DWA Consumer Staples Momentum ETF (PSL)

Actual	1,000.00	978.50	0.60	2.99

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

Invesco DWA Energy Momentum ETF (PXI)

Actual	1,000.00	1,163.30	0.60	3.27

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

Invesco DWA Financial Momentum ETF (PFI)

Actual	1,000.00	949.40	0.60	2.95

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


		53

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 DWA Healthcare Momentum ETF (PTH)

Actual	$1,000.00	$1,036.60	0.60%	$3.08

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

Invesco DWA Industrials Momentum ETF (PRN)

Actual	1,000.00	990.10	0.60	3.01

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

Invesco DWA Technology Momentum ETF (PTF)

Actual	1,000.00	975.80	0.60	2.99

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

Invesco DWA Utilities Momentum ETF (PUI)

Actual	1,000.00	963.80	0.60	2.97

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

Invesco NASDAQ Internet ETF (PNQI)

Actual	1,000.00	816.10	0.60	2.75

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

⁽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.


		54

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.


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Downers Grove, IL 60515	P-PS-SAR-3	invesco.com/ETFs