N-CSRS



		Invesco Semi-Annual Report to Shareholders
		October 31, 2022
		PPA		Invesco Aerospace & Defense ETF

		PDP		Invesco DWA Momentum ETF

		PSP		Invesco Global Listed Private Equity ETF

		PGJ		Invesco Golden Dragon China ETF

		ERTH		Invesco MSCI Sustainable Future ETF

		RYJ		Invesco Raymond James SB-1 Equity ETF

		PBP		Invesco S&P 500 BuyWrite ETF

		SPHQ		Invesco S&P 500^®Quality ETF

		CSD		Invesco S&P Spin-Off ETF

		PHO		Invesco Water Resources ETF

		PBW		Invesco WilderHill Clean Energy ETF

Table of Contents



Schedules of Investments

Invesco Aerospace & Defense ETF (PPA)			3

Invesco DWA Momentum ETF (PDP)			5

Invesco Global Listed Private Equity ETF (PSP)			8

Invesco Golden Dragon China ETF (PGJ)			11

Invesco MSCI Sustainable Future ETF (ERTH)			14

Invesco Raymond James SB-1 Equity ETF (RYJ)			19

Invesco S&P 500 BuyWrite ETF (PBP)			23

Invesco S&P 500^®Quality ETF (SPHQ)			29

Invesco S&P Spin-Off ETF (CSD)			32

Invesco Water Resources ETF (PHO)			34

Invesco WilderHill Clean Energy ETF (PBW)			36

Statements of Assets and Liabilities			39

Statements of Operations			41

Statements of Changes in Net Assets			43

Financial Highlights			47

Notes to Financial Statements			58

Fund Expenses			74

Invesco Aerospace & Defense ETF (PPA)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Aerospace & Defense-70.57%
AAR Corp.^(b)		158,813	$	7,038,592
Aerojet Rocketdyne Holdings, Inc.^(b)(c)		342,556		16,596,838
AeroVironment, Inc.^(b)(c)		111,989		10,246,994
Axon Enterprise, Inc.^(b)(c)		302,693		44,023,670
Boeing Co. (The)^(b)		716,869		102,161,001
BWX Technologies, Inc.^(c)		322,600		18,381,748
CAE, Inc. (Canada)^(b)(c)		1,364,316		26,044,792
Curtiss-Wright Corp.		113,590		19,063,810
Ducommun, Inc., (Acquired 03/14/2019 - 10/31/2022; Cost $2,468,375)^(b)(d)		50,851		2,400,676
Elbit Systems Ltd. (Israel)^(c)		192,822		39,092,732
General Dynamics Corp.		429,179		107,208,914
HEICO Corp.^(c)		201,693		32,803,350
Hexcel Corp.		320,516		17,852,741
Howmet Aerospace, Inc.		1,135,974		40,383,876
Huntington Ingalls Industries, Inc.		153,984		39,584,667
Kaman Corp.		99,173		3,183,453
Kratos Defense & Security Solutions, Inc.^(b)(c)		564,617		6,255,956
L3Harris Technologies, Inc.		338,666		83,471,009
Lockheed Martin Corp.^(c)		235,547		114,636,014
Maxar Technologies, Inc.		332,723		7,433,032
Mercury Systems, Inc.^(b)(c)		258,550		12,513,820
Moog, Inc., Class A^(c)		89,621		7,595,380
Northrop Grumman Corp.		200,234		109,930,468
Parsons Corp.^(b)(c)		247,560		11,605,613
RADA Electronic Industries Ltd. (Israel)^(b)		222,905		2,563,408
Raytheon Technologies Corp.^(c)		1,191,526		112,980,495
Spirit AeroSystems Holdings, Inc., Class A^(c)		470,928		10,906,692
Textron, Inc.		701,719		48,025,648
TransDigm Group, Inc.		80,141		46,141,982
Triumph Group, Inc.^(b)		282,571		2,557,268
V2X, Inc.^(b)		111,878		4,585,879
Woodward, Inc.^(c)		178,025		16,324,893

				1,123,595,411

Communications Equipment-0.52%
Comtech Telecommunications Corp.		123,357		1,363,095
Viasat, Inc.^(b)(c)		168,157		6,887,711

				8,250,806

Containers & Packaging-0.55%
Ball Corp.^(c)		178,422		8,812,263

Diversified Telecommunication Services-0.38%
Iridium Communications, Inc.^(b)(c)		116,550		6,005,821

Electronic Equipment, Instruments & Components-2.83%
Keysight Technologies, Inc.^(b)		80,136		13,955,684
OSI Systems, Inc.^(b)(c)		47,617		3,913,165
Teledyne Technologies, Inc.^(b)		60,926		24,247,330
TTM Technologies, Inc.^(b)(c)		192,080		2,940,745

				45,056,924



	Shares		Value
Industrial Conglomerates-9.70%
General Electric Co.^(c)		877,603	$	68,286,289
Honeywell International, Inc.		422,275		86,152,546

				154,438,835

Machinery-3.35%
Oshkosh Corp.		115,592		10,172,096
Parker-Hannifin Corp.		148,775		43,236,990

				53,409,086

Metals & Mining-0.66%
ATI, Inc.^(b)(c)		350,540		10,432,070

Professional Services-10.67%
Booz Allen Hamilton Holding Corp.		450,882		49,078,506
CACI International, Inc., Class A^(b)		77,397		23,531,010
Jacobs Solutions, Inc.		106,018		12,215,394
KBR, Inc.		506,071		25,187,154
Leidos Holdings, Inc.		399,613		40,596,685
Planet Labs PBC^(b)(c)		145,546		764,116
Science Applications International Corp.		170,504		18,472,403

				169,845,268

Software-0.80%
Palantir Technologies, Inc., Class A^(b)(c)		1,185,271		10,418,532
Telos Corp.^(b)(c)		224,260		2,377,156

				12,795,688

Total Common Stocks & Other Equity Interests (Cost $1,512,950,702)				1,592,642,172


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(e)(f)(Cost $177,740)		177,740		177,740

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $1,513,128,442)				1,592,819,912


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.44%
Invesco Private Government Fund, 3.18%^(e)(f)(g)		55,510,825		55,510,825
Invesco Private Prime Fund, 3.28%^(e)(f)(g)		142,542,526		142,542,526

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $198,039,710)				198,053,351


TOTAL INVESTMENTS IN SECURITIES-112.48% (Cost $1,711,168,152)				1,790,873,263
OTHER ASSETS LESS LIABILITIES-(12.48)%				(198,710,888	)

NET ASSETS-100.00%			$	1,592,162,375

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



		3
		3

Invesco Aerospace & Defense ETF (PPA)–(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)	Restricted security. The value of this security at October 31, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)

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			Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	337,190		$	15,546,093		$	(15,705,543	)		$	-		$	-		$	177,740		$	6,296

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			25,045,121			207,883,036			(177,417,332	)			-			-			55,510,825			296,891	*

Invesco Private Prime Fund			59,781,622			429,322,389			(346,575,974	)			11,360			3,129			142,542,526			820,975	*


Total		$	85,163,933		$	652,751,518		$	(539,698,849	)		$	11,360		$	3,129		$	198,231,091		$	1,124,162

*	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.

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

^(g)	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

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

as of October 31, 2022



Aerospace & Defense	70.57

Professional Services	10.67

Industrial Conglomerates	9.70

Machinery	3.35

Industry Types Each Less Than 3%	5.74

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.



		4
		4

Invesco DWA Momentum ETF (PDP)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Communication Services-1.24%
Alphabet, Inc., Class A^(b)		59,068	$	5,582,517
T-Mobile US, Inc.^(b)		54,351		8,237,437

				13,819,954

Consumer Discretionary-7.44%
AutoNation, Inc.^(b)(c)		54,621		5,806,759
Chipotle Mexican Grill, Inc.^(b)		4,848		7,263,904
Dick’s Sporting Goods, Inc.^(c)		66,246		7,536,145
H&R Block, Inc.^(c)		131,425		5,408,139
MGM Resorts International		180,950		6,436,391
O’Reilly Automotive, Inc.^(b)		42,587		35,652,559
Penske Automotive Group, Inc.		57,570		6,425,963
TJX Cos., Inc. (The)		115,344		8,316,302

				82,846,162

Consumer Staples-2.10%
BJ’s Wholesale Club Holdings, Inc.^(b)		79,843		6,179,848
Costco Wholesale Corp.		21,434		10,749,151
Darling Ingredients, Inc.^(b)		82,677		6,488,491

				23,417,490

Energy-18.77%
Antero Midstream Corp.^(c)		603,428		6,426,508
Antero Resources Corp.^(b)		555,469		20,363,493
APA Corp.		152,158		6,917,103
Cheniere Energy, Inc.		37,764		6,661,947
Chord Energy Corp.^(c)		55,600		8,511,804
ConocoPhillips		55,758		7,030,526
Devon Energy Corp.^(c)		208,248		16,107,983
Diamondback Energy, Inc.^(c)		65,675		10,318,199
Enviva, Inc.^(c)		84,917		5,081,433
EOG Resources, Inc.		51,411		7,018,630
EQT Corp.		139,725		5,846,094
Hess Corp.		50,964		7,190,001
Marathon Oil Corp.		400,631		12,199,214
Marathon Petroleum Corp.		66,327		7,536,074
Matador Resources Co.		268,868		17,866,279
Murphy Oil Corp.		235,753		11,436,378
Occidental Petroleum Corp.		98,397		7,143,622
Ovintiv, Inc.		215,138		10,896,740
PDC Energy, Inc.		161,534		11,653,063
Range Resources Corp.^(c)		269,554		7,676,898
SM Energy Co.^(c)		146,157		6,574,142
Texas Pacific Land Corp.^(c)		3,730		8,593,435

				209,049,566

Financials-8.38%
Aon PLC, Class A		26,905		7,573,488
Ares Management Corp., Class A		85,118		6,454,498
Arthur J. Gallagher & Co.		33,582		6,282,521
Kinsale Capital Group, Inc.^(c)		60,922		19,200,787
LPL Financial Holdings, Inc.		29,444		7,527,359
MSCI, Inc.		34,839		16,334,613
W.R. Berkley Corp.		403,162		29,987,189

				93,360,455

Health Care-9.62%
Acadia Healthcare Co., Inc.^(b)		94,019		7,643,745
Chemed Corp.		13,266		6,193,497



	Shares		Value
Health Care-(continued)
Danaher Corp.		81,179	$	20,430,319
Eli Lilly and Co.		19,894		7,203,419
iRhythm Technologies, Inc.^(b)		48,163		6,140,301
Lantheus Holdings, Inc.^(b)		151,517		11,210,743
Medpace Holdings, Inc.^(b)(c)		49,584		11,006,656
Option Care Health, Inc.^(b)(c)		193,227		5,847,049
R1 RCM, Inc.^(b)(c)		738,750		13,046,325
Thermo Fisher Scientific, Inc.		13,125		6,745,856
UnitedHealth Group, Inc.		21,135		11,733,095

				107,201,005

Industrials-16.67%
Advanced Drainage Systems, Inc.^(c)		66,857		7,747,389
Booz Allen Hamilton Holding Corp.		74,748		8,136,320
Carlisle Cos., Inc.		22,804		5,445,595
Cintas Corp.		24,159		10,329,181
CoStar Group, Inc.^(b)		176,922		14,634,988
IDEX Corp.		68,938		15,325,607
Old Dominion Freight Line, Inc.^(c)		69,237		19,012,480
Quanta Services, Inc.		51,046		7,250,574
Rollins, Inc.		768,707		32,347,191
Snap-on, Inc.		31,445		6,982,362
Trane Technologies PLC^(c)		52,287		8,346,574
TransDigm Group, Inc.		29,321		16,881,859
W.W. Grainger, Inc.^(c)		28,018		16,372,318
WESCO International, Inc.^(b)		72,535		9,993,147
WillScot Mobile Mini Holdings Corp.^(b)		162,544		6,912,996

				185,718,581

Information Technology-23.89%
Amphenol Corp., Class A		265,541		20,135,974
Apple, Inc.		209,532		32,129,637
Cadence Design Systems, Inc.^(b)		139,980		21,191,572
CDW Corp.		42,529		7,349,437
EPAM Systems, Inc.^(b)		30,307		10,607,450
Fiserv, Inc.^(b)		156,358		16,064,221
Intuit, Inc.		31,004		13,254,210
Keysight Technologies, Inc.^(b)		40,910		7,124,477
KLA Corp.		19,995		6,327,418
Lattice Semiconductor Corp.^(b)		253,663		12,305,192
Marvell Technology, Inc.		130,753		5,188,279
Mastercard, Inc., Class A		93,345		30,633,962
Microsoft Corp.		26,042		6,045,129
Monolithic Power Systems, Inc.		50,314		17,079,087
ON Semiconductor Corp.^(b)		138,415		8,502,833
Paylocity Holding Corp.^(b)		61,420		14,236,542
Synopsys, Inc.^(b)		36,341		10,631,560
Teledyne Technologies, Inc.^(b)		45,461		18,092,569
Visa, Inc., Class A^(c)		44,483		9,215,098

				266,114,647

Materials-4.83%
Albemarle Corp.^(c)		22,937		6,419,378
CF Industries Holdings, Inc.		62,030		6,591,308
Graphic Packaging Holding Co.		695,482		15,968,267
Livent Corp.^(b)(c)		276,081		8,715,877
Mosaic Co. (The)		160,838		8,645,042
Steel Dynamics, Inc.		79,618		7,488,073

				53,827,945

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



		5
		5

Invesco DWA Momentum ETF (PDP)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Real Estate-6.07%
American Tower Corp.		131,908	$	27,330,018
Crown Castle, Inc.^(c)		38,786		5,168,622
Equity LifeStyle Properties, Inc.		121,278		7,756,941
Extra Space Storage, Inc.		78,061		13,851,144
First Industrial Realty Trust, Inc.		131,874		6,281,159
Ryman Hospitality Properties, Inc.^(c)		81,227		7,222,705

				67,610,589

Utilities-0.99%
NextEra Energy, Inc.		142,797		11,066,768

Total Common Stocks & Other Equity Interests (Cost $1,030,767,154)				1,114,033,162


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $141,171)		141,171		141,171

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $1,030,908,325)				1,114,174,333



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.49%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		32,811,278	$	32,811,278
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		84,064,797		84,064,797

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $116,874,215)				116,876,075

TOTAL INVESTMENTS IN SECURITIES-110.50% (Cost $1,147,782,540)				1,231,050,408
OTHER ASSETS LESS LIABILITIES-(10.50)%				(116,974,440	)

NET ASSETS-100.00%			$	1,114,075,968

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		$	932,748		$	7,628,204		$	(8,419,781	)		$	-		$	-		$	141,171		$	5,086

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			18,147,289			169,414,043			(154,750,054	)			-			-			32,811,278			189,542	*

Invesco Private Prime Fund			41,729,944			394,417,132			(352,085,153	)			1,651			1,223			84,064,797			526,239	*

Total		$	60,809,981		$	571,459,379		$	(515,254,988	)		$	1,651		$	1,223		$	117,017,246		$	720,867

*	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.



		6
		6

Invesco DWA Momentum ETF (PDP)–(continued)

October 31, 2022

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2022



Information Technology			23.89

Energy			18.77

Industrials			16.67

Health Care			9.62

Financials			8.38

Consumer Discretionary			7.44

Real Estate			6.07

Materials			4.83

Sector Types Each Less Than 3%			4.33

Money Market Funds Plus Other Assets Less Liabilities			0.00

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



		7
		7

Invesco Global Listed Private Equity ETF (PSP)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-82.75%
Biotechnology-0.50%
PureTech Health PLC^(b)		311,160	$	834,732

Capital Markets-55.77%
3i Group PLC (United Kingdom)		655,274		8,755,390
Alaris Equity Partners Income (Canada)^(c)		68,769		796,562
AURELIUS Equity Opportunities SE & Co. KGaA (Germany)		57,833		1,224,352
Blackstone Secured Lending Fund^(c)		56,464		1,315,047
Blackstone, Inc., Class A		89,956		8,198,590
Blue Owl Capital, Inc.^(c)		739,689		7,411,684
Bridgepoint Group PLC (United Kingdom)^(c)(d)		1,107,581		2,541,501
Carlyle Group, Inc. (The)		220,325		6,230,791
Chrysalis Investments Ltd. (Guernsey)^(b)		1,025,401		663,495
EQT AB (Sweden)^(c)		377,662		7,436,733
Gimv N.V. (Belgium)		26,065		1,114,179
Hamilton Lane, Inc., Class A^(c)		39,729		2,376,589
Intermediate Capital Group PLC (United Kingdom)		320,313		3,916,576
IP Group PLC (United Kingdom)		1,637,723		1,112,500
JAFCO Group Co. Ltd. (Japan)		118,834		1,825,263
KKR & Co., Inc., Class A^(c)		171,372		8,333,820
Molten Ventures PLC (United Kingdom)^(b)		224,791		828,202
Mutares SE & Co. KGaA (Germany)^(c)		27,215		478,784
Onex Corp. (Canada)		109,079		5,483,338
Partners Group Holding AG (Switzerland)^(c)		8,789		7,898,902
Patria Investments Ltd., Class A (Cayman Islands)		97,352		1,384,345
Petershill Partners PLC (United Kingdom)^(d)		1,041,170		2,375,925
Ratos AB, Class B (Sweden)^(c)		434,911		1,628,193
StepStone Group, Inc., Class A^(c)		83,282		2,458,485
TPG, Inc.^(c)		228,746		7,033,939

				92,823,185

Diversified Consumer Services-1.51%
Graham Holdings Co., Class B		4,015		2,504,838

Diversified Financial Services-13.62%
Cannae Holdings, Inc.^(b)(c)		61,922		1,434,114
Compass Diversified Holdings		65,425		1,392,244
Eurazeo SE (France)		105,204		6,009,955
Kinnevik AB, Class B (Sweden)^(b)		306,909		3,791,074
Sofina S.A. (Belgium)^(c)		35,467		6,923,133
Wendel SE (France)		39,800		3,119,373

				22,669,893

Industrial Conglomerates-6.81%
Brookfield Business Partners L.P., Class U (Canada)		94,139		2,084,233
Fosun International Ltd. (China)		4,382,288		2,679,667
Melrose Industries PLC (United Kingdom)		4,885,348		6,575,328

				11,339,228

Interactive Media & Services-1.63%
IAC, Inc.^(b)(c)		55,825		2,717,561

IT Services-0.71%
Digital Garage, Inc. (Japan)		49,485		1,188,559



	Shares		Value
Trading Companies & Distributors-2.20%
Seven Group Holdings Ltd. (Australia)^(c)		312,846	$	3,668,907

Total Common Stocks & Other Equity Interests (Cost $188,269,015)				137,746,903


Closed-End Funds-16.27%
Apax Global Alpha Ltd. (Guernsey)^(d)		693,071		1,324,626
Ares Capital Corp.^(c)		253,181		4,919,307
Barings BDC, Inc.^(c)		45,230		402,999
FS KKR Capital Corp.^(c)		125,076		2,401,459
Goldman Sachs BDC, Inc.^(c)		26,387		407,943
Golub Capital BDC, Inc. ^(c)		66,456		861,934
HBM Healthcare Investments AG (Switzerland),Class A^(b)(c)		8,413		1,866,286
Hercules Capital, Inc.^(c)		33,031		479,940
HgCapital Trust PLC (United Kingdom)^(c)		728,497		2,918,868
Main Street Capital Corp.		32,992		1,218,725
NB Private Equity Partners Ltd. (Guernsey)		70,375		1,292,369
New Mountain Finance Corp. (Acquired 03/28/2019 - 10/19/2022; Cost $833,825)^(c)(e)		68,713		834,863
Oakley Capital Investments Ltd. (Bermuda)^(c).		283,719		1,273,974
Oaktree Specialty Lending Corp.^(c)		65,134		429,884
Owl Rock Capital Corp.^(c)		172,589		2,048,632
Princess Private Equity Holding Ltd. (Guernsey)^(c)		120,816		1,140,352
Prospect Capital Corp.^(c)		120,558		875,251
Sixth Street Specialty Lending, Inc.^(c)		23,889		433,824
Syncona Ltd. (United Kingdom)^(b)(c)		785,056		1,581,780
Trinity Capital, Inc.^(c)		30,237		360,425

Total Closed-End Funds (Cost $28,270,147)				27,073,441


	Shares
Money Market Funds-0.71%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(f)(g) (Cost $1,191,066)		1,191,066		1,191,066

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.73% (Cost $217,730,228)				166,011,410


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-28.06%
Invesco Private Government Fund, 3.18%^(f)(g)(h)		13,100,360		13,100,360
Invesco Private Prime Fund, 3.28%^(f)(g)(h)		33,605,157		33,605,157

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $46,707,026)				46,705,517

TOTAL INVESTMENTS IN SECURITIES-127.79% (Cost $264,437,254)				212,716,927
OTHER ASSETS LESS LIABILITIES-(27.79)%				(46,264,747	)

NET ASSETS-100.00%.			$	166,452,180

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



		8
		8

Invesco Global Listed Private Equity ETF (PSP)–(continued)

October 31, 2022

(Unaudited)

Investment Abbreviations:

BDC-Business Development Company

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)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $6,242,052, which represented 3.75% of the Fund’s Net Assets.

^(e)	Restricted security. The value of this security at October 31, 2022 represented less than 1% of the Fund’s Net Assets.

^(f)



	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		$	2,395,158		$	6,963,219		$	(8,167,311	)		$	-			$	-		$	1,191,066		$	12,806

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			8,533,789			35,421,433			(30,854,862	)			-				-			13,100,360			108,056	*

Invesco Private Prime Fund			20,226,755			80,934,261			(67,555,004	)			(1,729	)			874			33,605,157			293,757	*


Total		$	31,155,702		$	123,318,913		$	(106,577,177	)		$	(1,729	)		$	874		$	47,896,583		$	414,619

*	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.

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

^(h)	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.

This Fund has holdings greater than 10% of net assets in the following country:


United Kingdom			18.39	%

Open Over-The-Counter Total Return Swap Agreements^(a)

Counterparty

Pay/
Receive

Reference Entity

Rate

Payment
Frequency

Maturity Date

Notional Value^(b)

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation

Equity Risk

Citibank, N.A.

Receive

Brookfield Business Partners LP

1-Day CORRA plus 55 basis points

Monthly

October-2023

CAD 1,890,740

96,351

Abbreviations:

CAD -Canadian Dollar

CORRA -Canadian Overnight Repo Rate Average

^(a)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(b)	Notional Value is denominated in U.S. Dollars unless otherwise noted.

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



		9
		9

Invesco Global Listed Private Equity ETF (PSP)–(continued)

October 31, 2022

(Unaudited)


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

Capital Markets			55.77

Closed-End Funds			16.27

Diversified Financial Services			13.62

Industrial Conglomerates			6.81

Industry Types Each Less Than 3%			6.55

Money Market Funds Plus Other Assets Less Liabilities			0.98

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



		10
		10

Invesco Golden Dragon China ETF (PGJ)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.01%^(b)
Communication Services-21.09%
Autohome,Inc., ADR^(c)		90,998	$	2,376,868
Baidu, Inc., ADR^(c)(d)		150,050		11,489,329
Bilibili, Inc., ADR^(c)(d)		176,286		1,572,471
DouYu International Holdings Ltd., ADR^(d)		239,718		239,694
Hello Group, Inc., ADR^(c)		230,387		1,082,819
iQIYI, Inc., ADR^(c)(d)		501,381		1,012,790
JOYY, Inc., ADR^(c)		78,854		1,989,486
Kanzhun Ltd., ADR^(c)(d)		292,293		3,194,762
NetEase, Inc., ADR^(c)		122,036		6,787,642
Sohu.com Ltd., ADR^(c)(d)		54,437		770,828
Tencent Music Entertainment Group, ADR^(d)		929,897		3,356,928
Weibo Corp., ADR^(c)(d)		114,039		1,290,921
WiMi Hologram Cloud, Inc., ADR^(d)		75,940		75,872

				35,240,410

Consumer Discretionary-55.64%
Alibaba Group Holding Ltd., ADR^(c)(d)		226,419		14,395,720
Baozun, Inc., ADR^(c)(d)		65,881		259,571
Dada Nexus Ltd., ADR^(c)(d)		129,333		399,639
H World Group Ltd., ADR^(c)		217,274		5,883,780
JD.com, Inc., ADR^(c)		340,250		12,687,923
Kaixin Auto Holdings (Hong Kong)^(d)		268,276		137,062
Kandi Technologies Group, Inc.^(c)(d)		103,037		297,777
Li Auto, Inc., ADR^(c)(d)		375,435		5,113,425
MINISO Group Holding Ltd., ADR^(c)		117,977		601,683
New Oriental Education & Technology Group, Inc., ADR^(d)		172,347		4,091,518
Newegg Commerce, Inc.^(c)(d)		507,453		1,101,173
NIO, Inc., ADR^(c)(d)		1,085,020		10,492,143
Niu Technologies, ADR^(d)		69,036		180,874
Pinduoduo, Inc., ADR^(c)(d)		302,985		16,612,667
TAL Education Group, ADR^(d)		616,117		2,901,911
Trip.com Group Ltd., ADR^(d)		419,964		9,503,785
Uxin Ltd., ADR.		39,480		162,658
Vipshop Holdings Ltd., ADR^(c)(d)		708,114		4,935,555
XPeng, Inc., ADR^(c)(d)		482,350		3,193,157

				92,952,021

Consumer Staples-0.40%
111, Inc., ADR^(d)		65,668		177,303
Yatsen Holding Ltd., ADR^(d)		432,191		488,376

				665,679

Financials-3.35%
360 DigiTech, Inc., ADR^(c)		182,223		1,851,386
Fanhua, Inc., ADR		45,069		217,683
LexinFintech Holdings Ltd., ADR^(d)		194,741		264,848
Lufax Holding Ltd., ADR		1,137,991		1,809,406
Noah Holdings Ltd., ADR^(c)(d)		44,958		589,849
Qudian, Inc., ADR^(d)		272,294		226,004
Up Fintech Holding Ltd., ADR^(c)(d)		173,443		641,739

				5,600,915

Health Care-1.68%
Burning Rock Biotech Ltd., ADR^(c)(d)		75,505		155,540
Gracell Biotechnologies, Inc., ADR^(c)(d)		90,692		289,308



	Shares		Value
Health Care-(continued)
I-Mab, ADR^(c)(d)		72,267	$	268,111
Zai Lab Ltd., ADR, (Acquired 07/01/2019 -10/26/2022; Cost $6,098,035)^(c)(d)(e)		94,301		2,101,026

				2,813,985

Industrials-4.58%
CBAK Energy Technology, Inc.^(d)		121,007		143,998
EHang Holdings Ltd., ADR^(c)(d)		47,967		179,876
ReneSola Ltd., ADR^(c)(d)		70,326		317,874
ZTO Express (Cayman), Inc., ADR^(c)		414,644		7,003,337

				7,645,085

Information Technology-9.27%
Agora, Inc., ADR^(c)(d)		93,316		260,352
Bit Digital, Inc.^(c)(d)		112,110		118,837
Canaan, Inc., ADR^(c)(d)		215,298		624,364
Canadian Solar, Inc. (Canada)^(c)(d)		87,387		2,962,419
Chindata Group Holdings Ltd., ADR^(c)(d)		169,926		902,307
Daqo New Energy Corp., ADR^(c)(d)		90,000		3,959,100
GDS Holdings Ltd., ADR^(c)(d)		126,264		1,089,658
Hollysys Automation Technologies Ltd		84,256		1,343,041
JinkoSolar Holding Co. Ltd., ADR^(c)(d)		54,350		2,580,538
Kingsoft Cloud Holdings Ltd., ADR^(c)(d)		143,604		363,318
OneConnect Financial Technology Co. Ltd., ADR^(d)		183,443		116,615
Powerbridge Technologies Co. Ltd.^(d)		107,383		17,374
Renren, Inc., ADR^(c)(d)		12,172		388,774
Vnet Group, Inc., ADR^(c)(d)		182,911		766,397

				15,493,094

Materials-0.24%
Huadi International Group Co. Ltd.^(c)(d)		17,992		395,824

Real Estate-3.76%
KE Holdings, Inc., ADR^(c)(d)		598,746		6,095,234
Nam Tai Property, Inc.^(d)(f)		51,293		194,349

				6,289,583

Total Common Stocks & Other Equity Interests (Cost $350,856,185)				167,096,596


Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(g)(h) (Cost $185,292)		185,292		185,292

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12% (Cost $351,041,477)				167,281,888


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-31.66%
Invesco Private Government Fund, 3.18%^(g)(h)(i)		13,656,063		13,656,063

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



		11
		11

Invesco Golden Dragon China ETF (PGJ)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.28%^(g)(h)(i)		39,238,315	$	39,238,315

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $52,895,185)				52,894,378

TOTAL INVESTMENTS IN SECURITIES-131.78% (Cost $403,936,662)				220,176,266
OTHER ASSETS LESS LIABILITIES-(31.78)%				(53,101,622	)

NET ASSETS-100.00%			$	167,074,644

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)	Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.

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

^(d)	Non-income producing security.

^(e)	Restricted security. The value of this security at October 31, 2022 represented 1.26% of the Fund’s Net Assets.

^(f)	Security valued using significant unobservable inputs (Level 3). See Note 5.

^(g)



	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		$	163,140		$	3,331,707		$	(3,309,555	)		$	-			$	-		$	185,292		$	2,495

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			22,508,565			86,682,106			(95,534,608	)			-				-			13,656,063			211,992	*

Invesco Private Prime Fund			52,545,493			140,188,588			(153,496,081	)			(5,323	)			5,638			39,238,315			590,178	*


Total		$	75,217,198		$	230,202,401		$	(252,340,244	)		$	(5,323	)		$	5,638		$	53,079,670		$	804,665

*	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.

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

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

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



		12
		12

Invesco Golden Dragon China ETF (PGJ)–(continued)

October 31, 2022

(Unaudited)


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

Consumer Discretionary	55.64

Communication Services	21.09

Information Technology	9.27

Industrials	4.58

Real Estate	3.76

Financials	3.35

Sector Types Each Less Than 3%	2.32

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.



		13
		13

Invesco MSCI Sustainable Future ETF (ERTH)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-97.82%
Automobiles-14.45%
Li Auto, Inc., ADR (China)^(b)(c)		380,739	$	5,185,665
Lucid Group, Inc.^(b)(c)		291,589		4,166,807
NIO, Inc., ADR (China)^(b)(c)		949,200		9,178,764
Niu Technologies, ADR (China)^(b)		13,683		35,849
Rivian Automotive, Inc., Class A^(b)(c)		215,741		7,544,463
Tesla, Inc.^(b)		64,652		14,710,916
Workhorse Group, Inc.^(b)(c)		115,664		312,293
XPeng, Inc., ADR (China)^(b)(c)		290,583		1,923,659
Yadea Group Holdings Ltd. (China)^(d)		855,245		1,305,227

				44,363,643

Building Products-3.87%
Advanced Drainage Systems, Inc.		46,509		5,389,463
Kingspan Group PLC (Ireland)		105,528		5,329,663
ROCKWOOL A/S, Class B (Denmark)^(c)		5,819		1,158,771

				11,877,897

Chemicals-1.54%
FutureFuel Corp.		1,018		6,963
Umicore S.A. (Belgium)		143,441		4,728,030

				4,734,993

Commercial Services & Supplies-0.40%
China Everbright Environment Group Ltd. (China)		2,373,512		789,170
Dynagreen Environmental Protection Group Co. Ltd., H Shares (China)^(d)		329,394		90,218
Midac Holdings Co. Ltd. (Japan)		4,995		124,342
Sunny Friend Environmental Technology Co. Ltd. (Taiwan)		54,000		225,401

				1,229,131

Construction & Engineering-0.71%
China Conch Venture Holdings Ltd. (China)		1,113,472		1,642,580
OX2 AB (Sweden)^(b)		66,909		461,381
ReneSola Ltd., ADR (China)^(b)(c)		17,376		78,539

				2,182,500

Electric Utilities-0.01%
Fastned B.V., CVA (Netherlands)^(b)(c)		1,221		41,947

Electrical Equipment-14.65%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia S.A. (Brazil)		224,800		79,257
Alfen Beheer B.V. (Netherlands)^(c)(d)		15,522		1,649,944
Blink Charging Co.^(b)(c)		27,057		400,443
China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong)^(b)		346,269		140,716
Contemporary Amperex Technology Co. Ltd., A Shares (China)		97,500		4,981,202
CS Wind Corp. (South Korea)		17,210		710,413
Energiekontor AG (Germany)		5,636		500,774
Fagerhult AB (Sweden)		58,059		231,176
Ginlong Technologies Co. Ltd., A Shares (China)^(b)		17,200		440,216
Ming Yang Smart Energy Group Ltd., A Shares (China)		106,500		363,337
Nordex SE (Germany)^(b)(c)		88,105		823,590
Plug Power, Inc.^(b)(c)		360,023		5,753,167



	Shares		Value
Electrical Equipment-(continued)
PNE AG (Germany)^(c)		37,382	$	711,590
PowerCell Sweden AB (Sweden)^(b)(c)		35,195		386,970
Shoals Technologies Group, Inc., Class A^(b)(c)		80,015		1,849,147
Siemens Gamesa Renewable Energy S.A., Class R (Spain)^(b)(c)		163,576		2,903,602
Signify N.V.		84,720		2,349,550
Stem, Inc.^(b)(c)		39,831		541,701
Sungrow Power Supply Co. Ltd., A Shares (China)		64,400		1,155,187
SunPower Corp.^(b)(c)		61,872		1,144,013
Sunrun, Inc.^(b)(c)		131,426		2,958,399
Titan Wind Energy Suzhou Co. Ltd., A Shares (China)		109,500		176,134
TPI Composites, Inc.^(b)		25,757		256,540
Vestas Wind Systems A/S (Denmark)		703,345		13,856,715
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares (China)		682,500		592,091

				44,955,874

Electronic Equipment, Instruments & Components-0.67%
Badger Meter, Inc.		18,241		2,051,748

Equity REITs-15.60%
AEON REIT Investment Corp. (Japan)		1,104		1,188,415
Brandywine Realty Trust		92,231		605,035
CapitaLand Integrated Commercial Trust (Singapore)		3,815,889		5,069,515
Centuria Office REIT (Australia)		226,254		217,741
Covivio (France)		27,120		1,452,781
CRE Logistics REIT, Inc. (Japan)		492		677,251
Digital Realty Trust, Inc.		149,485		14,985,871
Douglas Emmett, Inc.		123,603		2,174,177
First Capital REIT (Canada)		46,083		535,476
Fukuoka REIT Corp. (Japan)		273		318,854
Global One Real Estate Investment Corp. (Japan)		326		251,790
Inmobiliaria Colonial SOCIMI S.A. (Spain)		142,101		749,277
Itochu Advance Logistics Investment Corp. (Japan)		741		724,872
Japan Excellent, Inc. (Japan)		623		576,328
Keppel REIT (Singapore)		1,723,630		1,090,134
Klepierre S.A. (France)		148,815		2,993,107
Lar Espana Real Estate SOCIMI S.A. (Spain)		2		8
Mapletree Pan Asia Commercial Trust (Singapore)		1,639,686		1,842,344
Mercialys S.A. (France)		37,494		324,807
Merlin Properties SOCIMI S.A. (Spain)		202,659		1,716,555
Mitsubishi Estate Logistics REIT Investment Corp. (Japan)^(c)		396		1,172,268
Mori Hills REIT Investment Corp. (Japan)		1,057		1,157,022
Nippon Prologis REIT, Inc. (Japan)		1,564		3,277,734
OUE Commercial REIT (Singapore), (Acquired 03/24/2021 - 09/29/2022; Cost $448,519)^(e)		1,526,496		350,584
Paramount Group, Inc.^(c)		105,316		681,394
Piedmont Office Realty Trust, Inc., Class A		65,516		684,642
SPH REIT (Singapore)		667,124		384,217
Vornado Realty Trust		113,132		2,668,784

				47,870,983

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



		14
		14

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Food Products-3.86%
Darling Ingredients, Inc.^(b)		112,535	$	8,831,747
Grieg Seafood ASA (Norway)		33,149		229,562
Local Bounti Corp.^(b)(c)		31,879		94,362
Minerva S.A. (Brazil)		211,000		550,094
Salmar ASA (Norway)		41,309		1,399,369
SLC Agricola S.A. (Brazil)		83,450		730,769

				11,835,903

Household Durables-1.18%
KB Home		53,786		1,550,113
Meritage Homes Corp.^(b)		25,378		1,932,788
Neinor Homes S.A. (Spain)^(c)(d)		16,024		127,807

				3,610,708

Independent Power and Renewable Electricity Producers-10.41%
Altus Power, Inc.^(b)		42,970		427,981
BCPG PCL, NVDR (Thailand)		690,489		173,257
Beijing Energy International Holding Co. Ltd. (Hong Kong)^(b)		7,910,786		183,413
Boralex, Inc., Class A (Canada)		75,017		2,124,487
Canvest Environmental Protection Group Co. Ltd. (Hong Kong)^(c)(d)		636,192		391,448
CECEP Solar Energy Co. Ltd., A Shares (China)		221,800		205,432
CECEP Wind-Power Corp., A Shares (China)		339,500		199,087
China Datang Corp. Renewable Power Co. Ltd., H Shares (China)		1,655,293		447,043
China Everbright Greentech Ltd. (China)^(c)(d)		330,673		53,920
China Three Gorges Renewables Group Co. Ltd., A Shares (China)		1,310,300		999,969
Concord New Energy Group Ltd. (Hong Kong)		5,315,301		406,273
EDP Renovaveis S.A. (Spain)		216,674		4,563,535
Encavis AG (Germany)		90,231		1,681,041
Energix-Renewable Energies Ltd. (Israel)		207,559		728,919
Enlight Renewable Energy Ltd. (Israel)^(b)		787,808		1,603,820
eRex Co. Ltd. (Japan)^(c)		28,248		479,495
GCL New Energy Holdings Ltd. (China)^(b)(c)		479,234		32,357
Grenergy Renovables S.A. (Spain)		12,535		386,536
Montauk Renewables, Inc.^(b)		50,054		749,308
Neoen S.A. (France)^(d)		37,766		1,318,356
NextEra Energy Partners L.P.		60,789		4,502,641
Omega Energia S.A. (Brazil)^(b)		241,991		495,765
Omega Energia S.A., Rts., expiring 11/07/2022 (Brazil)^(b)		32,120		122
Ormat Technologies, Inc.		32,879		2,973,906
RENOVA, Inc. (Japan)^(b)		26,857		590,859
Scatec ASA (South Africa)^(d)		85,817		607,504
Solaria Energia y Medio Ambiente S.A. (Spain)^(b)		60,732		960,392
SPCG PCL, NVDR (Thailand)		328,463		118,233
Sunnova Energy International, Inc.^(b)(c)		72,803		1,349,768
Super Energy Corp. PCL, NVDR (Thailand)		12,317,830		226,550
Terna Energy S.A. (Greece)		53,831		1,001,298
TransAlta Renewables, Inc. (Canada)^(c)		84,585		907,209
Voltalia S.A. (France)^(b)(c)		26,181		498,889
West Holdings Corp. (Japan)		18,710		560,790

				31,949,603



	Shares		Value
IT Services-1.26%
Chindata Group Holdings Ltd., ADR
(China)^(b)(c)		91,707	$	486,964
Kingsoft Cloud Holdings Ltd., ADR (China)^(b).		65,303		165,217
Switch, Inc., Class A		94,937		3,232,605

				3,884,786

Machinery-2.29%
Alstom S.A. (France)^(c)		214,153		4,415,192
Energy Recovery, Inc.^(b)(c)		29,607		761,788
Lion Electric Co. (The) (Canada)^(b)		17,001		51,599
Proterra, Inc.^(b)(c)		121,728		759,583
Riyue Heavy Industry Co. Ltd., A Shares (China)		35,100		106,234
Stadler Rail AG (Switzerland)^(c)		31,302		922,717

				7,017,113

Metals & Mining-0.42%
Schnitzer Steel Industries, Inc., Class A		16,323		440,558
Sims Ltd.		110,490		863,378

				1,303,936

Oil, Gas & Consumable Fuels-0.93%
Enviva, Inc.^(c)		23,588		1,411,506
REX American Resources Corp.^(b)		9,565		286,854
VERBIO Vereinigte BioEnergie AG (Germany)		14,895		1,173,303

				2,871,663

Paper & Forest Products-3.04%
Canfor Corp. (Canada)^(b)		38,564		578,722
Mercer International, Inc. (Germany)		31,617		424,300
Suzano S.A. (Brazil)		505,800		5,128,126
West Fraser Timber Co. Ltd. (Canada)		42,548		3,190,671

				9,321,819

Real Estate Management & Development-0.46%
Deutsche EuroShop AG (Germany)		4,156		89,135
Platzer Fastigheter Holding AB, Class B (Sweden)		19,216		119,117
Swire Properties Ltd. (Hong Kong)		625,884		1,202,358

				1,410,610

Road & Rail-5.60%
Beijing-Shanghai High Speed Railway Co. Ltd., A Shares (China)		1,133,400		692,594
BTS Group Holdings PCL, NVDR (Thailand)		4,140,874		903,028
BTS Group Holdings PCL, Wts., expring 11/20/2026 (Thailand)^(b)		1		0
Central Japan Railway Co. (Japan)		96,436		11,201,719
MTR Corp. Ltd. (Hong Kong)		996,878		4,387,617

				17,184,958

Semiconductors & Semiconductor Equipment-15.82%
Duk San Neolux Co. Ltd. (South Korea)^(b)		3,716		100,045
Enphase Energy, Inc.^(b)		67,876		20,837,932
First Solar, Inc.^(b)		66,792		9,722,911
GCL System Integration Technology Co. Ltd., A Shares (China)^(b)		218,700		97,984
JA Solar Technology Co. Ltd., A Shares (China)		102,920		881,333
LONGi Green Energy Technology Co. Ltd., A Shares (China)		311,272		2,046,260
Maxeon Solar Technologies Ltd.^(b)(c)		17,873		308,845
SMA Solar Technology AG (Germany)^(b)		7,409		359,105

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



		15
		15

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
SolarEdge Technologies, Inc.^(b)		38,619	$	8,883,529
Trina Solar Co. Ltd., A Shares (China)		93,127		847,618
TSEC Corp. (Taiwan)^(b)		407,000		423,136
United Renewable Energy Co. Ltd. (Taiwan)^(b)		1,092,075		711,726
Xinyi Solar Holdings Ltd. (China)		3,373,816		3,348,093

				48,568,517

Software-0.08%
CM.com N.V. (Netherlands)^(b)(c)(d)		11,775		132,206
Tuya, Inc., ADR (China)^(b)(c)		142,558		127,390

				259,596

Transportation Infrastructure-0.32%
Taiwan High Speed Rail Corp. (Taiwan)		1,113,000		970,604

Water Utilities-0.25%
Beijing Enterprises Water Group Ltd. (China)		3,101,928		652,010
China Everbright Water Ltd. (China)		663,963		105,570

				757,580

Total Common Stocks & Other Equity Interests (Cost $374,474,464)				300,256,112


Exchange-Traded Funds-2.12%
iShares MSCI India ETF^(c)(Cost $6,621,410)		154,769		6,531,252


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $381,095,874)				306,787,364



	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-20.34%
Invesco Private Government Fund, 3.18%^(f)(g)(h)		17,483,119	$	17,483,119
Invesco Private Prime Fund, 3.28%^(f)(g)(h)		44,944,069		44,944,069

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $62,427,657)				62,427,188

TOTAL INVESTMENTS IN SECURITIES-120.28% (Cost $443,523,531)				369,214,552
OTHER ASSETS LESS LIABILITIES-(20.28)%				(62,263,625	)

NET ASSETS-100.00%.			$	306,950,927

Investment Abbreviations:

ADR-American Depositary Receipt

CVA-Dutch Certificates

ETF-Exchange-Traded Fund

NVDR-Non-Voting Depositary Receipt

REIT-Real Estate Investment Trust

Rts.-Rights

Wts.-Warrants

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



		16
		16

Invesco MSCI Sustainable Future ETF (ERTH)–(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)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $5,676,630, which represented 1.85% of the Fund’s Net Assets.

^(e)	Restricted security. The value of this security at October 31, 2022 represented less than 1% of the Fund’s Net Assets.

^(f)



	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		$	-	$	6,442,580	$	(6,442,580	)		$	-			$	-		$	-		$	1,317

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			28,369,013		83,437,642		(94,323,536	)			-				-			17,483,119			207,077	*

Invesco Private Prime Fund			66,151,778		171,249,537		(192,455,925	)			(949	)			(372	)		44,944,069			565,261	*


Total		$	94,520,791	$	261,129,759	$	(293,222,041	)		$	(949	)		$	(372	)	$	62,427,188		$	773,655

*	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.

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

^(h)	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.

This Fund has holdings greater than 10% of net assets in the following country:


China			12.85	%

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



		17
		17

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

October 31, 2022

(Unaudited)


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

Semiconductors & Semiconductor Equipment			15.82

Equity REITs			15.60

Electrical Equipment			14.65

Automobiles			14.45

Independent Power and Renewable Electricity Producers			10.41

Road & Rail			5.60

Building Products			3.87

Food Products			3.86

Paper & Forest Products			3.04

Industry Types Each Less Than 3%			12.64

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.



		18
		18

Invesco Raymond James SB-1 Equity ETF (RYJ)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Communication Services-5.12%
DISH Network Corp., Class A^(b)(c)		41,341	$	616,394
EchoStar Corp., Class A^(b)(c)		32,371		610,841
Integral Ad Science Holding Corp.^(b)(c)		74,596		628,098
Iridium Communications, Inc.^(b)		12,430		640,518
Radius Global Infrastructure, Inc., Class A^(b)(c)		71,096		664,748
Telephone & Data Systems, Inc.		37,298		634,066
T-Mobile US, Inc.^(b)		4,234		641,705
United States Cellular Corp.^(b)		20,051		624,990
WideOpenWest, Inc.^(b)(c)		43,561		597,221
ZipRecruiter, Inc., Class A^(b)(c)		33,230		557,267

				6,215,848

Consumer Discretionary-11.31%
Advance Auto Parts, Inc.		3,382		642,309
Arko Corp.^(c)		63,214		647,943
Bath & Body Works, Inc.		17,595		587,321
Bloomin’ Brands, Inc.^(c)		27,203		653,144
D.R. Horton, Inc.		8,577		659,400
Dave & Buster’s Entertainment, Inc.^(b)(c)		16,199		645,530
Dollar General Corp.		2,428		619,261
Everi Holdings, Inc.^(b)(c)		32,244		611,991
KB Home		21,748		626,777
lululemon athletica, inc.^(b)		1,964		646,235
M.D.C. Holdings, Inc.		20,066		611,210
Newell Brands, Inc.		39,096		539,916
Planet Fitness, Inc., Class A^(b)(c)		9,764		639,347
Polaris, Inc.^(c)		6,216		631,546
PulteGroup, Inc.		15,739		629,403
Ruth’s Hospitality Group, Inc.		30,119		625,873
Target Corp.		3,730		612,653
Tempur Sealy International, Inc.		22,382		601,852
Texas Roadhouse, Inc.		6,170		610,522
Tractor Supply Co.		3,038		667,661
Ulta Beauty, Inc.^(b)		1,509		632,829
Xponential Fitness, Inc., Class A^(b)(c)		30,088		582,203

				13,724,926

Consumer Staples-1.49%
Darling Ingredients, Inc.^(b)		7,802		612,301
Estee Lauder Cos., Inc. (The), Class A		2,866		574,604
Primo Water Corp.^(c)		42,066		613,743

				1,800,648

Energy-10.94%
Antero Resources Corp.^(b)		16,468		603,717
APA Corp.		13,873		630,667
Black Stone Minerals L.P.		32,646		599,707
Brigham Minerals, Inc., Class A		19,152		593,712
Cheniere Energy, Inc.		3,312		584,270
ConocoPhillips		4,728		596,154
DCP Midstream L.P.		14,736		585,756
Devon Energy Corp.		8,034		621,430
Diamondback Energy, Inc.		3,929		617,285
Energy Transfer L.P.		48,434		618,502
Enterprise Products Partners L.P.		23,044		581,861
Enviva, Inc.^(c)		11,372		680,500
EOG Resources, Inc.		4,376		597,412



	Shares		Value
Energy-(continued)
Kimbell Royalty Partners L.P.		30,697	$	584,471
Marathon Oil Corp.		20,400		621,180
Marathon Petroleum Corp.		5,267		598,437
Northern Oil and Gas, Inc.		16,943		578,434
Occidental Petroleum Corp.		8,364		607,226
Pioneer Natural Resources Co.		2,267		581,281
Targa Resources Corp.		8,756		598,648
Valero Energy Corp.		4,628		581,045
Williams Cos., Inc. (The)		18,637		609,989

				13,271,684

Financials-16.19%
Allstate Corp. (The)		4,892		617,615
Arthur J. Gallagher & Co.		3,313		619,796
AssetMark Financial Holdings, Inc.^(b)		31,887		660,380
Axos Financial, Inc.^(b)		16,463		641,398
Banner Corp.		8,558		639,710
Cadence Bank^(c)		21,528		595,249
Chubb Ltd.		2,996		643,810
Finance Of America Cos., Inc., Class A^(b)(c)		109,889		176,921
First Merchants Corp.^(c)		13,640		612,436
First Republic Bank		5,166		620,437
Globe Life, Inc.		5,245		605,902
Hancock Whitney Corp.		11,361		634,739
Heritage Commerce Corp.		45,309		647,919
Huntington Bancshares, Inc.		43,627		662,258
Intercontinental Exchange, Inc.		6,375		609,259
Ladder Capital Corp.		60,239		642,750
Merchants Bancorp.		24,621		589,673
Nexpoint Real Estate Finance, Inc.^(c)		37,566		660,035
Old Second Bancorp, Inc.		41,076		657,216
Open Lending Corp., Class A^(b)(c)		83,704		600,158
Origin Bancorp, Inc.		14,535		600,732
Pacific Premier Bancorp, Inc.		17,033		620,171
Prudential Financial, Inc.		6,049		636,294
Redwood Trust, Inc.		90,263		643,575
Signature Bank		4,037		639,986
Starwood Property Trust, Inc.^(c)		30,341		626,845
Texas Capital Bancshares, Inc.^(b)		10,276		616,560
TPG RE Finance Trust, Inc.		77,196		653,850
Travelers Cos., Inc. (The)		3,370		621,630
Voya Financial, Inc.^(c)		9,174		627,135
Willis Towers Watson PLC		2,803		611,643
Wintrust Financial Corp.		6,400		599,168

				19,635,250

Health Care-12.92%
89bio, Inc.^(b)		67,911		648,550
Acadia Healthcare Co., Inc.^(b)		7,205		585,767
ADMA Biologics, Inc.^(b)		223,210		629,452
AngioDynamics, Inc.^(b)		42,438		597,951
Apellis Pharmaceuticals, Inc.^(b)(c)		9,929		600,605
Argenx SE, ADR (Netherlands)^(b)		1,591		617,197
Aveanna Healthcare Holdings, Inc.^(b)(c)		146,608		203,785
Avidity Biosciences, Inc.^(b)(c)		39,853		569,101
Blueprint Medicines Corp.^(b)(c)		11,741		608,653
Boston Scientific Corp.^(b)		14,315		617,120
CareDx, Inc.^(b)(c)		34,796		692,788
Cigna Corp.		1,957		632,228

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



		19
		19

Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Health Care-(continued)
Cymabay Therapeutics, Inc.^(b)(c)		176,110	$	612,863
Encompass Health Corp.		11,660		634,770
Figs, Inc., Class A^(b)(c)		82,387		608,016
Health Catalyst, Inc.^(b)(c)		62,528		551,497
InflaRx N.V. (Germany)		131,731		342,501
Jounce Therapeutics, Inc.^(b)(c)		237,862		518,539
Mirum Pharmaceuticals, Inc.^(b)(c)		29,012		654,221
Ocular Therapeutix, Inc.^(b)(c)		151,548		547,088
QuidelOrtho Corp.^(b)		7,316		657,123
REGENXBIO, Inc.^(b)(c)		25,436		602,070
Sol-Gel Technologies Ltd. (Israel)^(c)		4,721		23,227
Tarsus Pharmaceuticals, Inc.^(b)(c)		36,356		669,678
Tenet Healthcare Corp.^(b)		10,602		470,305
UnitedHealth Group, Inc.		1,106		613,996
VBI Vaccines, Inc.^(b)		779,794		561,530
Xencor, Inc.^(b)		21,601		604,828

				15,675,449

Industrials-12.31%
Ads-Tec Energy PLC (Ireland)^(c)		13,203		74,597
Axon Enterprise, Inc.^(b)		4,548		661,461
Bloom Energy Corp., Class A^(b)(c)		35,439		663,064
Byrna Technologies, Inc.^(b)(c)		53,145		375,735
Casella Waste Systems, Inc., Class A^(b)		7,570		619,302
Clean Harbors, Inc.^(b)		4,989		610,953
Construction Partners, Inc., Class A^(b)(c)		20,108		626,163
Copa Holdings S.A., Class A (Panama)^(b)(c)		7,791		586,117
Delta Air Lines, Inc.^(b)		17,912		607,754
Federal Signal Corp.		13,251		618,159
Forward Air Corp.		6,051		640,619
FTC Solar, Inc.^(b)(c)		274,229		567,654
Griffon Corp.		19,555		628,498
PACCAR, Inc.		6,576		636,754
ReneSola Ltd., ADR (China)^(b)		136,789		618,286
Ryanair Holdings PLC, ADR (Ireland)^(b)(c)		9,260		637,922
Shyft Group, Inc. (The)^(c)		28,495		654,815
Southwest Airlines Co.^(b)		17,552		638,015
Tecnoglass, Inc.		28,794		591,141
Union Pacific Corp.		3,089		608,966
United Parcel Service, Inc., Class B		3,577		600,113
V2X, Inc.^(b)		15,139		620,548
Wabash National Corp.		37,371		809,082
Waste Connections, Inc.		4,441		585,812
WESCO International, Inc.^(b)		4,764		656,336

				14,937,866

Information Technology-15.56%
Advanced Micro Devices, Inc.^(b)		9,969		598,738
Alarm.com Holdings, Inc.^(b)		9,023		530,913
Avnet, Inc.		15,036		604,297
Cambium Networks Corp.^(b)		32,889		636,402
Cognex Corp.		13,560		626,879
Edgio, Inc.^(b)(c)		206,409		555,240
EngageSmart, Inc.^(b)		28,852		566,653
Envestnet, Inc.^(b)(c)		12,730		627,716
Fastly, Inc., Class A^(b)(c)		72,438		614,999
Fidelity National Information Services, Inc.		7,523		624,334
Flywire Corp.^(b)(c)		27,567		605,096
GoDaddy, Inc., Class A^(b)		7,590		610,236
HubSpot, Inc.^(b)(c)		2,173		644,425
I3 Verticals, Inc., Class A^(b)(c)		28,968		630,344



	Shares		Value
Information Technology-(continued)
Itron, Inc.^(b)		13,711	$	670,331
Jabil, Inc.		9,645		619,691
KVH Industries, Inc.^(b)(c)		31,427		337,212
Microchip Technology, Inc.		9,718		599,989
MiX Telematics Ltd., ADR (South Africa)		15,618		125,256
New Relic, Inc.^(b)		9,981		591,275
nLight, Inc.^(b)(c)		58,288		627,762
NVIDIA Corp.		4,723		637,463
Palantir Technologies, Inc., Class A^(b)(c)		71,627		629,601
Pure Storage, Inc., Class A^(b)(c)		20,835		642,968
QUALCOMM, Inc.		5,143		605,126
RingCentral, Inc., Class A^(b)		17,424		618,901
Roper Technologies, Inc.		1,567		649,584
salesforce.com, inc.^(b)		3,656		594,429
SS&C Technologies Holdings, Inc.		12,172		625,884
TD SYNNEX Corp.		6,802		622,451
UserTesting, Inc.^(b)(c)		162,678		1,203,817

				18,878,012

Materials-1.02%
Graphic Packaging Holding Co.		27,620		634,155
Scotts Miracle-Gro Co. (The)^(c)		13,166		604,451

				1,238,606

Real Estate-12.57%
Agree Realty Corp.		8,948		614,728
American Homes 4 Rent, Class A		18,241		582,618
CareTrust REIT, Inc.^(c)		33,040		617,187
CBRE Group, Inc., Class A^(b)		8,498		602,848
CubeSmart		14,919		624,658
Cushman & Wakefield PLC^(b)(c)		52,022		600,854
Digital Realty Trust, Inc.		6,057		607,214
DigitalBridge Group, Inc.^(c)		44,746		572,749
EPR Properties		15,709		606,367
Equinix, Inc.		1,095		620,252
Federal Realty Investment Trust		6,360		629,513
Gaming and Leisure Properties, Inc.		12,582		630,610
Invitation Homes, Inc.		17,698		560,850
Kite Realty Group Trust^(c)		32,683		641,894
Medical Properties Trust, Inc.^(c)		52,400		599,980
National Retail Properties, Inc.		14,628		614,815
NETSTREIT Corp.^(c)		32,926		619,667
PotlatchDeltic Corp.		13,139		584,554
Prologis, Inc.		5,621		622,526
SBA Communications Corp., Class A		2,322		626,708
Uniti Group, Inc.^(c)		81,570		632,983
Ventas, Inc.		15,381		601,858
VICI Properties, Inc.		19,396		621,060
Welltower, Inc.		9,764		595,995
Weyerhaeuser Co.		19,899		615,476

				15,247,964

Utilities-0.57%
Sunnova Energy International, Inc.^(b)(c)		37,298		691,505

Total Common Stocks & Other Equity Interests (Cost $112,089,349)				121,317,758

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



		20
		20

Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $16,291)		16,291	$	16,291


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $112,105,640)				121,334,049


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-22.47%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		7,669,325		7,669,325



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		19,586,400	$	19,586,400

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $27,256,438)				27,255,725

TOTAL INVESTMENTS IN SECURITIES-122.48% (Cost $139,362,078)				148,589,774
OTHER ASSETS LESS LIABILITIES-(22.48)%				(27,270,089	)

NET ASSETS-100.00%.			$	121,319,685

Investment Abbreviations:

ADR -American Depositary Receipt

REIT -Real Estate Investment Trust

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		$	9,638		$	1,225,786		$	(1,219,133	)		$	-			$	-		$	16,291		$	297

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			6,869,651			21,194,793			(20,395,119	)			-				-			7,669,325			60,796	*

Invesco Private Prime Fund			15,899,917			45,565,643			(41,879,191	)			(2,662	)			2,693			19,586,400			164,558	*


Total		$	22,779,206		$	67,986,222		$	(63,493,443	)		$	(2,662	)		$	2,693		$	27,272,016		$	225,651

*	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.



		21
		21

Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)

October 31, 2022

(Unaudited)


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

Financials			16.19

Information Technology			15.56

Health Care			12.92

Real Estate			12.57

Industrials			12.31

Consumer Discretionary			11.31

Energy			10.94

Communication Services			5.12

Sector Types Each Less Than 3%			3.08

Money Market Funds Plus Other Assets Less Liabilities			0.00

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



		22
		22

Invesco S&P 500 BuyWrite ETF (PBP)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-105.99%
Communication Services-7.79%
Activision Blizzard, Inc.		2,261	$	164,601
Alphabet, Inc., Class A^(b)		19,046		1,800,037
Alphabet, Inc., Class C^(b)		17,030		1,612,060
AT&T, Inc.		22,635		412,636
Charter Communications, Inc., Class A^(b)		351		129,035
Comcast Corp., Class A		13,989		444,011
DISH Network Corp., Class A^(b)		797		11,883
Electronic Arts, Inc.		838		105,554
Fox Corp., Class A		972		28,062
Fox Corp., Class B		445		12,104
Interpublic Group of Cos., Inc. (The)		1,239		36,910
Live Nation Entertainment, Inc.^(b)		450		35,824
Lumen Technologies, Inc.		3,021		22,234
Match Group, Inc.^(b)		898		38,794
Meta Platforms, Inc., Class A^(b)		7,243		674,758
Netflix, Inc.^(b)		1,411		411,843
News Corp., Class A		1,222		20,615
News Corp., Class B		378		6,475
Omnicom Group, Inc.		649		47,215
Paramount Global, Class B		1,599		29,294
Take-Two Interactive Software, Inc.^(b)		498		59,003
T-Mobile US, Inc.^(b)		1,911		289,631
Verizon Communications, Inc.		13,338		498,441
Walt Disney Co. (The)^(b)		5,789		616,760
Warner Bros Discovery, Inc.^(b)		7,018		91,234

				7,599,014

Consumer Discretionary-11.53%
Advance Auto Parts, Inc.		193		36,655
Amazon.com, Inc.^(b)		28,153		2,883,993
Aptiv PLC^(b)		859		78,229
AutoZone, Inc.^(b)		62		157,039
Bath & Body Works, Inc.		726		24,234
Best Buy Co., Inc.		634		43,372
Booking Holdings, Inc.^(b)		128		239,293
BorgWarner, Inc.		750		28,148
Caesars Entertainment, Inc.^(b)		680		29,736
CarMax, Inc.^(b)		507		31,946
Carnival Corp.^(b)		3,130		28,358
Chipotle Mexican Grill, Inc.^(b)		88		131,853
D.R. Horton, Inc.		1,004		77,188
Darden Restaurants, Inc.		389		55,681
Dollar General Corp.		722		184,146
Dollar Tree, Inc.^(b)		670		106,195
Domino’s Pizza, Inc.		115		38,208
eBay, Inc.		1,742		69,401
Etsy, Inc.^(b)		402		37,752
Expedia Group, Inc.^(b)		482		45,053
Ford Motor Co.		12,545		167,727
Garmin Ltd.		490		43,140
General Motors Co.		4,630		181,728
Genuine Parts Co.		449		79,859
Hasbro, Inc.		413		26,948
Hilton Worldwide Holdings, Inc.		871		117,811
Home Depot, Inc. (The)		3,263		966,272
Las Vegas Sands Corp.^(b)		1,041		39,568
Lennar Corp., Class A		811		65,448



	Shares		Value
Consumer Discretionary-(continued)
LKQ Corp.		827	$	46,014
Lowe’s Cos., Inc.		2,030		395,749
Marriott International, Inc., Class A		876		140,256
McDonald’s Corp.		2,337		637,206
MGM Resorts International		1,033		36,744
Mohawk Industries, Inc.^(b)		167		15,823
Newell Brands, Inc.		1,194		16,489
NIKE, Inc., Class B		4,015		372,110
Norwegian Cruise Line Holdings Ltd.^(b)		1,335		22,548
NVR, Inc.^(b)		11		46,615
O’Reilly Automotive, Inc.^(b)		204		170,783
Pool Corp.		127		38,637
PulteGroup, Inc.		733		29,313
Ralph Lauren Corp.		138		12,791
Ross Stores, Inc.		1,113		106,503
Royal Caribbean Cruises Ltd.^(b)		696		37,153
Starbucks Corp.		3,643		315,447
Tapestry, Inc.		799		25,312
Target Corp.		1,473		241,940
Tesla, Inc.^(b)		8,460		1,924,988
TJX Cos., Inc. (The)		3,722		268,356
Tractor Supply Co.		352		77,359
Ulta Beauty, Inc.^(b)		164		68,777
VF Corp.		1,046		29,550
Whirlpool Corp.		173		23,916
Wynn Resorts Ltd.^(b)		329		21,023
Yum! Brands, Inc.		904		106,898

				11,243,281

Consumer Staples-7.35%
Altria Group, Inc.		5,719		264,618
Archer-Daniels-Midland Co.		1,781		172,721
Brown-Forman Corp., Class B		580		39,440
Campbell Soup Co.		637		33,704
Church & Dwight Co., Inc.		772		57,228
Clorox Co. (The)		392		57,248
Coca-Cola Co. (The)		12,364		739,985
Colgate-Palmolive Co.		2,650		195,676
Conagra Brands, Inc.		1,521		55,821
Constellation Brands, Inc., Class A		507		125,270
Costco Wholesale Corp.		1,405		704,607
Estee Lauder Cos., Inc. (The), Class A		735		147,360
General Mills, Inc.		1,890		154,186
Hershey Co. (The)		466		111,267
Hormel Foods Corp.		919		42,688
JM Smucker Co. (The)		340		51,224
Kellogg Co.		812		62,378
Keurig Dr Pepper, Inc.		2,697		104,751
Kimberly-Clark Corp.		1,073		133,546
Kraft Heinz Co. (The)		2,530		97,329
Kroger Co. (The)		2,069		97,843
Lamb Weston Holdings, Inc.		455		39,230
McCormick & Co., Inc.		795		62,519
Molson Coors Beverage Co., Class B		597		30,107
Mondelez International, Inc., Class A		4,353		267,622
Monster Beverage Corp.^(b)		1,220		114,338
PepsiCo, Inc.		4,384		796,047
Philip Morris International, Inc.		4,922		452,086

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



		23
		23

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Consumer Staples-(continued)
Procter & Gamble Co. (The)		7,591	$	1,022,280
Sysco Corp.		1,617		139,968
Tyson Foods, Inc., Class A		921		62,950
Walgreens Boots Alliance, Inc.		2,279		83,183
Walmart, Inc.		4,526		644,186

				7,163,406

Energy-5.69%
APA Corp.		1,034		47,006
Baker Hughes Co., Class A		3,213		88,872
Chevron Corp.		5,719		1,034,567
ConocoPhillips		4,042		509,656
Coterra Energy, Inc.		2,527		78,665
Devon Energy Corp.		2,081		160,965
Diamondback Energy, Inc.		564		88,610
EOG Resources, Inc.		1,861		254,064
EQT Corp.		1,174		49,120
Exxon Mobil Corp.		13,239		1,467,014
Halliburton Co.		2,880		104,890
Hess Corp.		885		124,856
Kinder Morgan, Inc.		6,297		114,102
Marathon Oil Corp.		2,149		65,437
Marathon Petroleum Corp.		1,584		179,974
Occidental Petroleum Corp.		2,368		171,917
ONEOK, Inc.		1,418		84,116
Phillips 66		1,526		159,146
Pioneer Natural Resources Co.		757		194,102
Schlumberger Ltd.		4,493		233,771
Targa Resources Corp.		720		49,226
Valero Energy Corp.		1,250		156,937
Williams Cos., Inc. (The)		3,869		126,632

				5,543,645

Financials-12.14%
Aflac, Inc.		1,825		118,826
Allstate Corp. (The)		858		108,323
American Express Co.		1,903		282,500
American International Group, Inc.		2,414		137,598
Ameriprise Financial, Inc.		343		106,028
Aon PLC, Class A		669		188,317
Arch Capital Group Ltd.^(b)		1,168		67,160
Arthur J. Gallagher & Co.		668		124,969
Assurant, Inc.		169		22,960
Bank of America Corp.		22,204		800,232
Bank of New York Mellon Corp. (The)		2,335		98,327
Berkshire Hathaway, Inc., Class B^(b)		5,733		1,691,751
BlackRock, Inc.		479		309,391
Brown & Brown, Inc.		743		43,681
Capital One Financial Corp.		1,217		129,026
Cboe Global Markets, Inc.		338		42,081
Charles Schwab Corp. (The)		4,850		386,399
Chubb Ltd.		1,325		284,729
Cincinnati Financial Corp.		507		52,383
Citigroup, Inc.		6,152		282,131
Citizens Financial Group, Inc.		1,575		64,418
CME Group, Inc., Class A		1,141		197,735
Comerica, Inc.		416		29,328
Discover Financial Services		866		90,462
Everest Re Group Ltd.		127		40,978
FactSet Research Systems, Inc.		121		51,484
Fifth Third Bancorp		2,180		77,804



	Shares		Value
Financials-(continued)
First Republic Bank		580	$	69,658
Franklin Resources, Inc.		902		21,152
Globe Life, Inc.		288		33,270
Goldman Sachs Group, Inc. (The)		1,084		373,449
Hartford Financial Services Group, Inc. (The)		1,024		74,148
Huntington Bancshares, Inc.		4,581		69,540
Intercontinental Exchange, Inc.		1,774		169,541
Invesco Ltd.^(c)		1,442		22,091
JPMorgan Chase & Co.		9,314		1,172,446
KeyCorp.		2,961		52,913
Lincoln National Corp.		492		26,504
Loews Corp.		633		36,094
M&T Bank Corp.		557		93,782
MarketAxess Holdings, Inc.		120		29,285
Marsh & McLennan Cos., Inc.		1,585		255,962
MetLife, Inc.		2,128		155,791
Moody’s Corp.		502		132,965
Morgan Stanley		4,253		349,469
MSCI, Inc.		255		119,559
Nasdaq, Inc.		1,077		67,032
Northern Trust Corp.		660		55,671
PNC Financial Services Group, Inc. (The)		1,303		210,864
Principal Financial Group, Inc.		735		64,776
Progressive Corp. (The)		1,858		238,567
Prudential Financial, Inc.		1,182		124,335
Raymond James Financial, Inc.		618		73,011
Regions Financial Corp.		2,966		65,104
S&P Global, Inc.		1,082		347,593
Signature Bank		200		31,706
State Street Corp.		1,167		86,358
SVB Financial Group^(b)		188		43,420
Synchrony Financial		1,530		54,407
T. Rowe Price Group, Inc.		718		76,223
Travelers Cos., Inc. (The)		753		138,898
Truist Financial Corp.		4,214		188,745
U.S. Bancorp		4,295		182,323
W.R. Berkley Corp.		647		48,124
Wells Fargo & Co.		12,048		554,088
Willis Towers Watson PLC		349		76,155
Zions Bancorporation N.A		477		24,775

				11,838,815

Health Care-16.24%
Abbott Laboratories		5,564		550,502
AbbVie, Inc.		5,615		822,036
ABIOMED, Inc.^(b)		144		36,300
Agilent Technologies, Inc.		947		131,017
Align Technology, Inc.^(b)		232		45,078
AmerisourceBergen Corp.		494		77,667
Amgen, Inc.		1,697		458,784
Baxter International, Inc.		1,601		87,014
Becton, Dickinson and Co.		906		213,789
Biogen, Inc.^(b)		460		130,382
Bio-Rad Laboratories, Inc., Class A^(b)		68		23,916
Bio-Techne Corp.		126		37,329
Boston Scientific Corp.^(b)		4,546		195,978
Bristol-Myers Squibb Co.		6,782		525,402
Cardinal Health, Inc.		865		65,653
Catalent, Inc.^(b)		568		37,335
Centene Corp.^(b)		1,814		154,426

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



		24
		24

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Health Care-(continued)
Charles River Laboratories International, Inc.^(b).		161	$	34,172
Cigna Corp.		968		312,722
Cooper Cos., Inc. (The)		156		42,649
CVS Health Corp.		4,169		394,804
Danaher Corp.		2,080		523,474
DaVita, Inc.^(b)		176		12,850
DENTSPLY SIRONA, Inc.		683		21,050
DexCom, Inc.^(b)		1,246		150,492
Edwards Lifesciences Corp.^(b)		1,970		142,687
Elevance Health, Inc.		762		416,639
Eli Lilly and Co.		2,504		906,673
Gilead Sciences, Inc.		3,981		312,349
HCA Healthcare, Inc.		684		148,749
Henry Schein, Inc.^(b)		433		29,643
Hologic, Inc.^(b)		794		53,833
Humana, Inc.		402		224,348
IDEXX Laboratories, Inc.^(b)		264		94,956
Illumina, Inc.^(b)		499		114,181
Incyte Corp.^(b)		587		43,638
Intuitive Surgical, Inc.^(b)		1,133		279,251
IQVIA Holdings, Inc.^(b)		592		124,125
Johnson & Johnson.		8,351		1,452,823
Laboratory Corp. of America Holdings		288		63,896
McKesson Corp.		456		177,553
Medtronic PLC		4,219		368,487
Merck & Co., Inc.		8,046		814,255
Mettler-Toledo International, Inc.^(b)		71		89,810
Moderna, Inc.^(b)		1,068		160,552
Molina Healthcare, Inc.^(b)		185		66,389
Organon & Co.		807		21,127
PerkinElmer, Inc.		401		53,566
Pfizer, Inc.		17,826		829,800
Quest Diagnostics, Inc.		370		53,150
Regeneron Pharmaceuticals, Inc.^(b)		339		253,826
ResMed, Inc.		465		104,016
STERIS PLC		319		55,053
Stryker Corp.		1,069		245,058
Teleflex, Inc.		148		31,755
Thermo Fisher Scientific, Inc.		1,243		638,865
UnitedHealth Group, Inc.		2,969		1,648,240
Universal Health Services, Inc., Class B		210		24,333
Vertex Pharmaceuticals, Inc.^(b)		816		254,592
Viatris, Inc.		3,844		38,940
Waters Corp.^(b)		190		56,842
West Pharmaceutical Services, Inc.		237		54,534
Zimmer Biomet Holdings, Inc.		667		75,604
Zoetis, Inc.		1,487		224,210

				15,833,169

Industrials-8.76%
3M Co.		1,758		221,139
A.O. Smith Corp.		408		22,350
Alaska Air Group, Inc.^(b)		402		17,873
Allegion PLC		278		29,126
American Airlines Group, Inc.^(b)		2,060		29,211
AMETEK, Inc.		728		94,392
Boeing Co. (The)^(b)		1,774		252,813
C.H. Robinson Worldwide, Inc.		393		38,404
Carrier Global Corp.		2,671		106,199
Caterpillar, Inc.		1,677		363,003



	Shares		Value
Industrials-(continued)
Cintas Corp.		273	$	116,721
Copart, Inc.^(b)		679		78,099
CoStar Group, Inc.^(b)		1,257		103,979
CSX Corp.		6,801		197,637
Cummins, Inc.		447		109,296
Deere & Co.		883		349,509
Delta Air Lines, Inc.^(b)		2,036		69,081
Dover Corp.		455		59,464
Eaton Corp. PLC		1,265		189,839
Emerson Electric Co.		1,879		162,721
Equifax, Inc.		389		65,951
Expeditors International of Washington, Inc.		520		50,882
Fastenal Co.		1,824		88,154
FedEx Corp.		759		121,653
Fortive Corp.		1,127		72,015
Fortune Brands Home & Security, Inc.		412		24,852
Generac Holdings, Inc.^(b)		204		23,646
General Dynamics Corp.		715		178,607
General Electric Co.		3,482		270,934
Honeywell International, Inc.		2,139		436,399
Howmet Aerospace, Inc.		1,173		41,700
Huntington Ingalls Industries, Inc.		128		32,905
IDEX Corp.		241		53,577
Illinois Tool Works, Inc.		896		191,323
Ingersoll Rand, Inc.		1,280		64,625
J.B. Hunt Transport Services, Inc.		264		45,162
Jacobs Solutions, Inc.		406		46,779
Johnson Controls International PLC		2,186		126,438
L3Harris Technologies, Inc.		609		150,100
Leidos Holdings, Inc.		434		44,090
Lockheed Martin Corp.		749		364,523
Masco Corp.		716		33,129
Nordson Corp.		171		38,475
Norfolk Southern Corp.		745		169,912
Northrop Grumman Corp.		461		253,094
Old Dominion Freight Line, Inc.		291		79,909
Otis Worldwide Corp.		1,334		94,234
PACCAR, Inc.		1,104		106,900
Parker-Hannifin Corp.		409		118,864
Pentair PLC		523		22,463
Quanta Services, Inc.		453		64,344
Raytheon Technologies Corp.		4,691		444,801
Republic Services, Inc.		652		86,468
Robert Half International, Inc.		346		26,455
Rockwell Automation, Inc.		366		93,440
Rollins, Inc.		732		30,803
Snap-on, Inc.		169		37,526
Southwest Airlines Co.^(b)		1,885		68,520
Stanley Black & Decker, Inc.		469		36,812
Textron, Inc.		671		45,923
Trane Technologies PLC		735		117,328
TransDigm Group, Inc.		163		93,849
Union Pacific Corp.		1,984		391,126
United Airlines Holdings, Inc.^(b)		1,035		44,588
United Parcel Service, Inc., Class B		2,325		390,065
United Rentals, Inc.^(b)		223		70,403
Verisk Analytics, Inc.		499		91,232
W.W. Grainger, Inc.		146		85,315
Wabtec Corp.		577		53,823

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



		25
		25

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Industrials-(continued)
Waste Management, Inc.		1,196	$	189,410
Xylem, Inc.		571		58,488

				8,542,870

Information Technology-27.87%
Accenture PLC, Class A		2,008		570,071
Adobe, Inc.^(b)		1,487		473,609
Advanced Micro Devices, Inc.^(b)		5,127		307,928
Akamai Technologies, Inc.^(b)		505		44,607
Amphenol Corp., Class A		1,891		143,395
Analog Devices, Inc.		1,651		235,466
ANSYS, Inc.^(b)		276		61,040
Apple, Inc.		48,021		7,363,540
Applied Materials, Inc.		2,765		244,122
Arista Networks, Inc.^(b)		783		94,633
Autodesk, Inc.^(b)		691		148,081
Automatic Data Processing, Inc.		1,318		318,561
Broadcom, Inc.		1,283		603,164
Broadridge Financial Solutions, Inc.		372		55,822
Cadence Design Systems, Inc.^(b)		870		131,709
CDW Corp.		431		74,481
Ceridian HCM Holding, Inc.^(b)		487		32,235
Cisco Systems, Inc.		13,152		597,495
Cognizant Technology Solutions Corp., Class A		1,644		102,339
Corning, Inc.		2,416		77,723
DXC Technology Co.^(b)		727		20,901
Enphase Energy, Inc.^(b)		431		132,317
EPAM Systems, Inc.^(b)		183		64,050
F5, Inc.^(b)		190		27,153
Fidelity National Information Services, Inc.		1,931		160,254
Fiserv, Inc.^(b)		2,031		208,665
FleetCor Technologies, Inc.^(b)		240		44,669
Fortinet, Inc.^(b)		2,079		118,836
Gartner, Inc.^(b)		250		75,480
Global Payments, Inc.		880		100,549
Hewlett Packard Enterprise Co.		4,121		58,807
HP, Inc.		2,890		79,822
Intel Corp.		13,043		370,812
International Business Machines Corp.		2,867		396,477
Intuit, Inc.		897		383,467
Jack Henry & Associates, Inc.		233		46,381
Juniper Networks, Inc.		1,022		31,273
Keysight Technologies, Inc.^(b)		571		99,440
KLA Corp.		450		142,402
Lam Research Corp.		437		176,889
Mastercard, Inc., Class A		2,710		889,368
Microchip Technology, Inc.		1,755		108,354
Micron Technology, Inc.		3,504		189,566
Microsoft Corp.		23,706		5,502,874
Monolithic Power Systems, Inc.		143		48,541
Motorola Solutions, Inc.		532		132,846
NetApp, Inc.		698		48,350
NortonLifeLock, Inc.		1,878		42,311
NVIDIA Corp.		7,953		1,073,416
NXP Semiconductors N.V. (China)		833		121,685
ON Semiconductor Corp.^(b)		1,375		84,466
Oracle Corp.		4,823		376,532
Paychex, Inc.		1,019		120,558
Paycom Software, Inc.^(b)		154		53,284
PayPal Holdings, Inc.^(b)		3,672		306,906



	Shares		Value
Information Technology-(continued)
PTC, Inc.^(b)		337	$	39,709
Qorvo, Inc.^(b)		328		28,234
QUALCOMM, Inc.		3,566		419,576
Roper Technologies, Inc.		338		140,114
salesforce.com, inc.^(b)		3,159		513,622
Seagate Technology Holdings PLC		621		30,839
ServiceNow, Inc.^(b)		640		269,274
Skyworks Solutions, Inc.		511		43,951
SolarEdge Technologies, Inc.^(b)		176		40,485
Synopsys, Inc.^(b)		485		141,887
TE Connectivity Ltd. (Switzerland)		1,017		124,308
Teledyne Technologies, Inc.^(b)		148		58,901
Teradyne, Inc.		498		40,512
Texas Instruments, Inc.		2,902		466,148
Trimble, Inc.^(b)		785		47,226
Tyler Technologies, Inc.^(b)		134		43,326
VeriSign, Inc.^(b)		297		59,537
Visa, Inc., Class A		5,192		1,075,575
Western Digital Corp.^(b)		993		34,129
Zebra Technologies Corp., Class A^(b)		164		46,448

				27,181,523

Materials-2.68%
Air Products and Chemicals, Inc.		705		176,532
Albemarle Corp.		372		104,112
Amcor PLC		4,774		55,283
Avery Dennison Corp.		257		43,574
Ball Corp.		997		49,242
Celanese Corp.		317		30,470
CF Industries Holdings, Inc.		632		67,156
Corteva, Inc.		2,280		148,975
Dow, Inc.		2,279		106,520
DuPont de Nemours, Inc.		1,592		91,062
Eastman Chemical Co.		390		29,956
Ecolab, Inc.		787		123,614
FMC Corp.		400		47,560
Freeport-McMoRan, Inc.		4,541		143,904
International Flavors & Fragrances, Inc.		811		79,162
International Paper Co.		1,147		38,551
Linde PLC (United Kingdom)		1,583		470,705
LyondellBasell Industries N.V., Class A		810		61,925
Martin Marietta Materials, Inc.		198		66,524
Mosaic Co. (The)		1,097		58,964
Newmont Corp.		2,520		106,646
Nucor Corp.		829		108,914
Packaging Corp. of America		298		35,823
PPG Industries, Inc.		745		85,064
Sealed Air Corp.		459		21,858
Sherwin-Williams Co. (The)		749		168,548
Vulcan Materials Co.		423		69,245
WestRock Co.		807		27,486

				2,617,375

Real Estate-2.80%
Alexandria Real Estate Equities, Inc.		471		68,436
American Tower Corp.		1,479		306,434
AvalonBay Communities, Inc.		443		77,578
Boston Properties, Inc.		451		32,788
Camden Property Trust		340		39,287
CBRE Group, Inc., Class A^(b)		1,018		72,217
Crown Castle, Inc.		1,376		183,366

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



		26
		26

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Real Estate-(continued)
Digital Realty Trust, Inc.		914	$	91,629
Equinix, Inc.		290		164,268
Equity Residential		1,074		67,683
Essex Property Trust, Inc.		208		46,226
Extra Space Storage, Inc.		427		75,767
Federal Realty Investment Trust		233		23,062
Healthpeak Properties, Inc.		1,710		40,578
Host Hotels & Resorts, Inc.		2,268		42,820
Invitation Homes, Inc.		1,838		58,246
Iron Mountain, Inc.		921		46,114
Kimco Realty Corp.		1,962		41,948
Mid-America Apartment Communities, Inc.		367		57,784
Prologis, Inc.		2,933		324,830
Public Storage		502		155,495
Realty Income Corp.		1,962		122,174
Regency Centers Corp.		489		29,589
SBA Communications Corp., Class A		341		92,036
Simon Property Group, Inc.		1,039		113,230
UDR, Inc.		969		38,527
Ventas, Inc.		1,267		49,578
VICI Properties, Inc.		3,058		97,917
Vornado Realty Trust		511		12,055
Welltower, Inc.		1,472		89,851
Weyerhaeuser Co.		2,352		72,747

				2,734,260

Utilities-3.14%
AES Corp. (The)		2,117		55,381
Alliant Energy Corp.		797		41,579
Ameren Corp.		821		66,928
American Electric Power Co., Inc.		1,631		143,398
American Water Works Co., Inc.		577		83,861
Atmos Energy Corp.		443		47,202
CenterPoint Energy, Inc.		1,998		57,163
CMS Energy Corp.		920		52,486
Consolidated Edison, Inc.		1,124		98,867



	Shares		Value
Utilities-(continued)
Constellation Energy Corp.		1,037	$	98,038
Dominion Energy, Inc.		2,645		185,071
DTE Energy Co.		616		69,060
Duke Energy Corp.		2,446		227,918
Edison International		1,211		72,708
Entergy Corp.		645		69,105
Evergy, Inc.		728		44,503
Eversource Energy		1,101		83,984
Exelon Corp.		3,151		121,597
FirstEnergy Corp.		1,723		64,974
NextEra Energy, Inc.		6,242		483,755
NiSource, Inc.		1,288		33,089
NRG Energy, Inc.		745		33,078
PG&E Corp.^(b)		5,113		76,337
Pinnacle West Capital Corp.		357		23,994
PPL Corp.		2,338		61,934
Public Service Enterprise Group, Inc.		1,585		88,871
Sempra Energy		999		150,789
Southern Co. (The)		3,375		220,995
WEC Energy Group, Inc.		1,001		91,421
Xcel Energy, Inc.		1,737		113,096

				3,061,182


Total Common Stocks & Other Equity Interests (Cost $89,630,085)				103,358,540


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(c)(d)(Cost $5,928)		5,928		5,928


TOTAL INVESTMENTS IN SECURITIES-105.99% (Cost $89,636,013)				103,364,468
OTHER ASSETS LESS LIABILITIES-(5.99)%				(5,844,788	)

NET ASSETS-100.00%.			$	97,519,680

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)



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

Invesco Ltd.		$	24,206		$	9,745		$	(7,957	)		$	(1,494	)		$	(2,409	)		$	22,091		$	485

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			-			1,164,864			(1,158,936	)			-				-				5,928			247


Total		$	24,206		$	1,174,609		$	(1,166,893	)		$	(1,494	)		$	(2,409	)		$	28,019		$	732

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

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



		27
		27

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

October 31, 2022

(Unaudited)

Open Exchange-Traded Index Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise
Price

Notional
Value*

Value

Equity Risk

S&P 500 Index

Call

11/18/2022

267

$3,680

$98,256,000

$(5,920,725)

*	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022



Information Technology	27.87

Health Care	16.24

Financials	12.14

Consumer Discretionary	11.53

Industrials	8.76

Communication Services	7.79

Consumer Staples	7.35

Energy	5.69

Utilities	3.14

Sector Types Each Less Than 3%	5.48

Money Market Funds Plus Other Assets Less Liabilities	(5.99	)

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



		28
		28

Invesco S&P 500^® Quality ETF (SPHQ)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-3.13%
Electronic Arts, Inc.		121,289	$	15,277,562
Interpublic Group of Cos., Inc. (The)		192,974		5,748,696
Meta Platforms, Inc., Class A^(b)		939,039		87,480,873

				108,507,131

Consumer Discretionary-2.24%
Best Buy Co., Inc.		100,907		6,903,048
eBay, Inc.		272,142		10,842,137
NVR, Inc.^(b)		1,642		6,958,386
Ralph Lauren Corp.		21,045		1,950,661
Tapestry, Inc.		128,227		4,062,231
Target Corp.		216,647		35,584,270
Ulta Beauty, Inc.^(b)		27,050		11,343,958

				77,644,691

Consumer Staples-13.70%
Coca-Cola Co. (The)		1,690,827		101,195,996
Costco Wholesale Corp.		196,487		98,538,231
Kraft Heinz Co. (The)		315,464		12,135,900
PepsiCo, Inc.		607,553		110,319,474
Procter & Gamble Co. (The)		1,063,639		143,240,264
Tyson Foods, Inc., Class A		136,966		9,361,626

				474,791,491

Energy-14.09%
Baker Hughes Co., Class A		380,483		10,524,160
Chevron Corp.		846,848		153,194,803
EOG Resources, Inc.		259,041		35,364,277
Exxon Mobil Corp.		1,765,698		195,656,995
Marathon Oil Corp.		364,855		11,109,835
Marathon Petroleum Corp.		273,146		31,034,849
Occidental Petroleum Corp.		439,004		31,871,690
Phillips 66		186,082		19,406,492

				488,163,101

Financials-13.24%
Allstate Corp. (The)		148,099		18,697,499
American International Group, Inc.		378,989		21,602,373
Ameriprise Financial, Inc.		72,064		22,276,424
Assurant, Inc.		26,790		3,639,689
Charles Schwab Corp. (The)		798,985		63,655,135
CME Group, Inc., Class A		154,691		26,807,950
FactSet Research Systems, Inc.		17,751		7,552,873
Fifth Third Bancorp		303,652		10,837,340
First Republic Bank		93,396		11,216,860
Hartford Financial Services Group, Inc. (The)		148,822		10,776,201
KeyCorp.		417,234		7,455,972
Lincoln National Corp.		79,992		4,309,169
Loews Corp.		86,511		4,932,857
MarketAxess Holdings, Inc.		16,871		4,117,199
PNC Financial Services Group, Inc. (The)		187,492		30,341,830
Raymond James Financial, Inc.		95,308		11,259,687
Regions Financial Corp.		443,653		9,738,183
S&P Global, Inc.		155,024		49,801,460
State Street Corp.		184,470		13,650,780
Truist Financial Corp.		592,505		26,538,299



	Shares		Value
Financials-(continued)
Wells Fargo & Co.		1,869,511	$	85,978,811
Willis Towers Watson PLC		63,335		13,820,330

				459,006,921

Health Care-7.31%
Abbott Laboratories		813,980		80,535,181
Biogen, Inc.^(b)		61,554		17,446,866
Bristol-Myers Squibb Co.		937,368		72,617,899
IDEXX Laboratories, Inc.^(b)		45,789		16,469,387
Quest Diagnostics, Inc.		55,887		8,028,168
ResMed, Inc.		63,731		14,255,987
Teleflex, Inc.		21,167		4,541,592
Waters Corp.^(b)		26,745		8,001,302
Zoetis, Inc.		208,749		31,475,174

				253,371,556

Industrials-6.03%
3M Co.		255,981		32,199,850
Allegion PLC		42,390		4,441,200
Carrier Global Corp.		378,597		15,053,017
Cintas Corp.		40,232		17,201,192
Fastenal Co.		253,302		12,242,086
Illinois Tool Works, Inc.		129,591		27,671,566
Ingersoll Rand, Inc.		173,201		8,746,650
L3Harris Technologies, Inc.		83,462		20,570,879
Nordson Corp.^(c)		24,015		5,403,375
Northrop Grumman Corp.		63,190		34,691,942
Old Dominion Freight Line, Inc.		42,923		11,786,656
Robert Half International, Inc.^(c)		52,004		3,976,226
Rollins, Inc.		97,561		4,105,367
W.W. Grainger, Inc.		18,372		10,735,678

				208,825,684

Information Technology-34.07%
Apple, Inc.		1,248,111		191,385,341
Applied Materials, Inc.		419,160		37,007,636
Automatic Data Processing, Inc.		230,301		55,663,752
Broadcom, Inc.		189,709		89,185,995
Cadence Design Systems, Inc.^(b)		122,852		18,598,564
Cisco Systems, Inc.		1,866,035		84,773,970
Jack Henry & Associates, Inc.		34,183		6,804,468
KLA Corp.		80,947		25,615,678
Lam Research Corp.		75,971		30,751,541
Mastercard, Inc., Class A		374,012		122,743,258
Microsoft Corp.		682,885		158,518,095
Paychex, Inc.		158,403		18,740,659
Qorvo, Inc.^(b)		51,703		4,450,594
QUALCOMM, Inc.		562,365		66,167,866
Roper Technologies, Inc.		50,749		21,037,491
Teradyne, Inc.^(c)		92,370		7,514,300
Texas Instruments, Inc.		420,078		67,477,129
Visa, Inc., Class A^(c)		841,632		174,352,485

				1,180,788,822

Materials-5.16%
CF Industries Holdings, Inc.		125,066		13,289,513
Corteva, Inc.		316,430		20,675,536
DuPont de Nemours, Inc.		256,446		14,668,711
Freeport-McMoRan, Inc.		645,142		20,444,550

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



		29
		29

Invesco S&P 500^® Quality ETF (SPHQ)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Materials-(continued)
International Paper Co.		196,255	$	6,596,131
Linde PLC (United Kingdom)		230,400		68,509,440
LyondellBasell Industries N.V., Class A^(c)		130,515		9,977,872
Mosaic Co. (The)^(c)		177,144		9,521,490
Newmont Corp.		357,000		15,108,240

				178,791,483

Real Estate-0.31%
Weyerhaeuser Co.		344,068		10,642,023

Utilities-0.66%
Constellation Energy Corp.		141,844		13,409,932
PPL Corp.		352,836		9,346,626

				22,756,558

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $3,361,647,942)				3,463,289,461



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.39%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		32,891,275	$	32,891,275
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		84,553,085		84,553,085

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $117,446,231)				117,444,360

TOTAL INVESTMENTS IN SECURITIES-103.33% (Cost $3,479,094,173)				3,580,733,821
OTHER ASSETS LESS LIABILITIES-(3.33)%				(115,289,836	)

NET ASSETS-100.00%			$	3,465,443,985

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		$	-		$	35,536,698		$	(35,536,698	)		$	-			$	-		$	-		$	13,247
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			70,708,076			224,429,799			(262,246,600	)			-				-			32,891,275			411,308	*
Invesco Private Prime Fund			164,924,660			482,927,471			(563,298,604	)			(15,754	)			15,312			84,553,085			1,128,882	*


Total		$	235,632,736		$	742,893,968		$	(861,081,902	)		$	(15,754	)		$	15,312		$	117,444,360		$	1,553,437

*	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.



		30
		30

Invesco S&P 500^® Quality ETF (SPHQ)–(continued)

October 31, 2022

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022



Information Technology			34.07

Energy			14.09

Consumer Staples			13.70

Financials			13.24

Health Care			7.31

Industrials			6.03

Materials			5.16

Communication Services			3.13

Sector Types Each Less Than 3%			3.21

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.



		31
		31

Invesco S&P Spin-Off ETF (CSD)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-2.00%
Madison Square Garden Entertainment Corp.^(b)(c)		16,057	$	787,275
Vimeo, Inc.^(b)		81,406		309,343

				1,096,618

Consumer Discretionary-10.53%
Kontoor Brands, Inc.^(c)		36,786		1,313,260
PENN Entertainment, Inc.^(b)(c)		76,715		2,539,267
Victoria’s Secret & Co.^(b)(c)		51,235		1,926,436

				5,778,963

Energy-8.87%
DT Midstream, Inc.		41,981		2,506,266
Equitrans Midstream Corp.		280,717		2,363,637

				4,869,903

Health Care-6.59%
Embecta Corp.^(c)		26,290		812,887
Enhabit, Inc.^(b)		25,552		317,356
Organon & Co.		95,076		2,489,089

				3,619,332

Industrials-32.47%
Arcosa, Inc.		27,929		1,793,042
Carrier Global Corp.		107,353		4,268,355
Esab Corp.		24,225		903,592
GXO Logistics, Inc.^(b)(c)		62,504		2,283,896
IAA, Inc.^(b)		64,521		2,447,282
Otis Worldwide Corp.		58,004		4,097,403
Resideo Technologies, Inc.^(b)		85,933		2,029,737

				17,823,307

Information Technology-12.45%
Concentrix Corp.		22,513		2,751,764
Consensus Cloud Solutions, Inc.^(b)		9,876		554,439
Kyndryl Holdings, Inc.^(b)		105,419		1,019,402
Vontier Corp.		131,416		2,510,045

				6,835,650

Materials-14.53%
Corteva, Inc.		61,647		4,028,015
Dow, Inc.		84,445		3,946,959

				7,974,974

Investment Abbreviations:

REIT -Real Estate Investment Trust



	Shares		Value
Real Estate-4.64%
Apartment Income REIT Corp.		61,842	$	2,376,588
Orion Office REIT, Inc.		18,340		171,846

				2,548,434

Utilities-7.86%
Constellation Energy Corp.		45,613		4,312,253

Total Common Stocks & Other Equity Interests (Cost $51,026,001)				54,859,434


Money Market Funds-0.21%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $113,364)		113,364		113,364

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.15% (Cost $51,139,365)				54,972,798


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-16.92%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		2,601,377		2,601,377
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		6,687,525		6,687,525

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,289,237)				9,288,902

TOTAL INVESTMENTS IN SECURITIES-117.07% (Cost $60,428,602)				64,261,700
OTHER ASSETS LESS LIABILITIES-(17.07)%				(9,372,019	)

NET ASSETS-100.00%			$	54,889,681

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



		32
		32

Invesco S&P Spin-Off ETF (CSD)–(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		$	45,749		$	1,622,573		$	(1,554,958	)		$	-			$	-		$	113,364		$	1,256

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,332,430			12,805,813			(12,536,866	)			-				-			2,601,377			21,611	*

Invesco Private Prime Fund			8,088,332			25,055,780			(26,456,888	)			(336	)			637			6,687,525			58,643	*


Total		$	10,466,511		$	39,484,166		$	(40,548,712	)		$	(336	)		$	637		$	9,402,266		$	81,510

*	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

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2022



Industrials			32.47

Materials			14.53

Information Technology			12.45

Consumer Discretionary			10.53

Energy			8.87

Utilities			7.86

Health Care			6.59

Real Estate			4.64

Communication Services			2.00

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.



		33
		33

Invesco Water Resources ETF (PHO)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Building Products-9.74%
A.O. Smith Corp.		1,179,112	$	64,591,755
Advanced Drainage Systems, Inc.		490,495		56,838,561
Zurn Elkay Water Solutions Corp.^(b)		1,804,691		42,392,191

				163,822,507

Chemicals-7.59%
Ecolab, Inc.		812,536		127,625,029

Commercial Services & Supplies-4.12%
Tetra Tech, Inc.		490,095		69,240,622

Construction & Engineering-3.04%
Northwest Pipe Co.^(c)		52,649		1,789,540
Stantec, Inc. (Canada)		113,871		5,570,569
Valmont Industries, Inc.		137,181		43,790,919

				51,151,028

Electronic Equipment, Instruments & Components-3.05%
Badger Meter, Inc.		175,666		19,758,912
Itron, Inc.^(b)(c)		645,773		31,571,842

				51,330,754

Life Sciences Tools & Services-15.32%
Danaher Corp.		493,196		124,122,637
Waters Corp.^(c)		445,821		133,376,269

				257,498,906

Machinery-27.42%
Energy Recovery, Inc.^(b)(c)		466,542		12,004,126
Evoqua Water Technologies Corp.^(b)(c)		998,552		39,123,267
Franklin Electric Co., Inc.		269,898		22,115,442
Gorman-Rupp Co. (The)		114,525		3,108,209
IDEX Corp.		330,765		73,532,367
Lindsay Corp.		87,839		14,871,143
Mueller Industries, Inc.^(b)		478,928		30,000,050
Mueller Water Products, Inc., Class A		1,513,415		17,706,956
Pentair PLC		1,495,750		64,242,462
Toro Co. (The)^(b)		727,735		76,725,101
Watts Water Technologies, Inc., Class A		224,158		32,807,765
Xylem, Inc.		730,582		74,833,514

				461,070,402

Software-8.15%
Roper Technologies, Inc.		330,658		137,070,967

Trading Companies & Distributors-3.75%
Ferguson PLC		576,333		62,970,143

Investment Abbreviations:

ADR -American Depositary Receipt



	Shares		Value
Water Utilities-17.80%
American States Water Co.^(b)		251,872	$	22,784,341
American Water Works Co., Inc.		896,743		130,332,628
Artesian Resources Corp., Class A		56,742		2,966,472
California Water Service Group		352,336		21,865,972
Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil)^(b)		2,804,049		32,414,807
Essential Utilities, Inc.		1,354,237		59,884,360
Global Water Resources, Inc.		35,474		452,648
Middlesex Water Co.^(b)		153,724		13,753,686
SJW Group		168,527		11,911,488
York Water Co. (The)		65,760		2,864,506

				299,230,908

Total Common Stocks & Other Equity Interests (Cost $1,477,621,970)				1,681,011,266


Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $1,902,676)		1,902,676		1,902,676

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $1,479,524,646)				1,682,913,942


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.34%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		15,820,982		15,820,982
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		40,254,905		40,254,905

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $56,075,519)				56,075,887

TOTAL INVESTMENTS IN SECURITIES-103.43% (Cost $1,535,600,165)				1,738,989,829
OTHER ASSETS LESS LIABILITIES-(3.43)%				(57,695,469	)

NET ASSETS-100.00%			$	1,681,294,360

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



		34
		34

Invesco Water Resources ETF (PHO)–(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		$	2,036,333		$	12,573,839		$	(12,707,496	)		$	-		$	-		$	1,902,676		$	9,372

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			14,403,192			98,500,418			(97,082,628	)			-			-			15,820,982			136,883	*

Invesco Private Prime Fund			32,750,005			235,285,628			(227,784,576	)			368			3,480			40,254,905			373,566	*


Total		$	49,189,530		$	346,359,885		$	(337,574,700	)		$	368		$	3,480		$	57,978,563		$	519,821

*	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

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

as of October 31, 2022



Machinery			27.42

Water Utilities			17.80

Life Sciences Tools & Services			15.32

Building Products			9.74

Software			8.15

Chemicals			7.59

Commercial Services & Supplies			4.12

Trading Companies & Distributors			3.75

Electronic Equipment, Instruments & Components			3.05

Construction & Engineering			3.04

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.



		35
		35

Invesco WilderHill Clean Energy ETF (PBW)

October 31, 2022

(Unaudited)

Schedule of Investments^(a)



	Shares		Value

Common Stocks & Other Equity Interests-99.62%
Aerospace & Defense-3.93%
Archer Aviation, Inc., Class A^(b)		4,592,980	$	13,089,993
Lilium N.V. (Germany)^(b)(c)		7,060,509		13,132,547
Vertical Aerospace Ltd. (United Kingdom)^(b)(c)		2,117,063		10,839,362

				37,061,902

Airlines-1.35%
Joby Aviation, Inc.^(b)(c)		2,644,173		12,744,914

Auto Components-4.23%
Gentherm, Inc.^(b)		235,440		13,754,405
QuantumScape Corp.^(b)(c)		1,484,579		12,366,543
Solid Power, Inc.^(b)(c)		2,443,876		13,710,144

				39,831,092

Automobiles-11.81%
Arcimoto, Inc.^(b)(c)(d)		3,051,415		2,251,639
Canoo, Inc.^(b)(c)		5,899,407		8,082,188
ElectraMeccanica Vehicles Corp. (Canada)^(b)(c)		3,992,117		4,750,619
Fisker, Inc.^(b)(c)		1,669,648		13,607,631
Gogoro, Inc. (Taiwan)^(b)(c)		2,708,898		8,343,406
Lordstown Motors Corp., Class A^(b)(c)		7,398,468		13,391,227
NIO, Inc., ADR (China)^(b)		737,818		7,134,700
Polestar Automotive Holding UK PLC, ADR (Hong Kong)^(b)(c)		2,117,063		9,442,101
Rivian Automotive, Inc., Class A^(b)		406,232		14,205,933
Tesla, Inc.^(b)		46,915		10,675,039
Workhorse Group, Inc.^(b)(c)		4,801,136		12,963,067
XPeng, Inc., ADR (China)^(b)		985,417		6,523,461

				111,371,011

Building Products-0.94%
View, Inc.^(b)(c)		6,571,169		8,871,078

Chemicals-4.28%
Albemarle Corp.		49,779		13,931,649
Livent Corp.^(b)		428,323		13,522,157
Sociedad Quimica y Minera de Chile S.A., ADR (Chile)		137,742		12,903,670

				40,357,476

Commercial Services & Supplies-1.38%
Li-Cycle Holdings Corp. (Canada)^(b)(c)		2,186,745		13,033,000

Construction & Engineering-5.56%
Ameresco, Inc., Class A^(b)		199,659		12,075,376
MYR Group, Inc.^(b)		151,941		13,296,357
Quanta Services, Inc.		97,808		13,892,649
ReneSola Ltd., ADR (China)^(b)(c)		2,909,802		13,152,305

				52,416,687

Consumer Finance-0.64%
Sunlight Financial Holdings, Inc.^(b)(c)		4,997,898		6,047,457

Electrical Equipment-26.79%
American Superconductor Corp.^(b)		1,139,371		5,149,957
Array Technologies, Inc.^(b)		880,777		15,942,064
Ballard Power Systems, Inc. (Canada)^(b)(c)		2,017,333		11,438,278
Beam Global^(b)(c)		396,503		4,976,113
Blink Charging Co.^(b)(c)		712,535		10,545,518
Bloom Energy Corp., Class A^(b)		580,633		10,863,643



	Shares		Value
Electrical Equipment-(continued)
ChargePoint Holdings, Inc.^(b)(c)		865,340	$	12,097,453
Energy Vault Holdings, Inc.^(b)(c)		2,930,206		9,435,263
Enovix Corp.^(b)		684,106		12,909,080
Eos Energy Enterprises, Inc.^(b)(c)		2,779,882		4,308,817
ESS Tech, Inc.^(b)(c)		3,119,649		13,196,115
Fluence Energy, Inc.^(b)(c)		870,108		12,990,712
FTC Solar, Inc.^(b)		4,517,583		9,351,397
FuelCell Energy, Inc.^(b)		3,568,223		11,132,856
Heliogen, Inc.^(b)(c)		4,939,106		8,890,391
Plug Power, Inc.^(b)		554,453		8,860,159
SES AI Corp.^(b)(c)		2,729,676		16,405,353
Shoals Technologies Group, Inc., Class A^(b)		626,442		14,477,075
Stem, Inc.^(b)		888,448		12,082,893
SunPower Corp.^(b)(c)		527,117		9,746,393
Sunrun, Inc.^(b)		408,456		9,194,345
TPI Composites, Inc.^(b)		1,132,763		11,282,319
Tritium DCFC Ltd. (Australia)^(b)(c)		3,030,573		6,182,369
Wallbox N.V. (Spain)^(b)(c)		1,585,860		11,101,020

				252,559,583

Electronic Equipment, Instruments & Components-2.89%
Advanced Energy Industries, Inc.		163,483		12,857,938
Itron, Inc.^(b)		293,332		14,341,001

				27,198,939

Independent Power and Renewable Electricity Producers-7.72%
Altus Power, Inc.^(b)(c)		1,223,049		12,181,568
Azure Power Global Ltd. (India)^(b)(c)		2,310,882		13,380,007
Brookfield Renewable Corp., Class A		356,520		11,062,816
Ormat Technologies, Inc.		162,925		14,736,566
ReNew Energy Global PLC, Class A (India)^(b)(c)		2,011,219		11,685,182
Sunnova Energy International, Inc.^(b)		522,623		9,689,431

				72,735,570

Machinery-4.98%
ESCO Technologies, Inc.		173,899		14,984,877
Hyzon Motors, Inc.^(b)(c)		7,214,029		13,778,795
Lightning eMotors, Inc.^(b)(c)		2,982,872		4,593,623
Lion Electric Co. (The) (Canada)^(b)(c)		4,468,358		13,539,125

				46,896,420

Metals & Mining-8.70%
5E Advanced Materials, Inc.^(b)(c)		886,064		11,855,536
Lithium Americas Corp. (Canada)^(b)(c)		498,166		12,394,370
MP Materials Corp.^(b)		434,497		13,052,290
Piedmont Lithium, Inc.^(b)		231,202		14,385,389
Sigma Lithium Corp. (Brazil)^(b)(c)		514,236		18,378,795
Standard Lithium Ltd. (Canada)^(b)(c)		2,886,829		11,980,340

				82,046,720

Oil, Gas & Consumable Fuels-1.08%
Gevo, Inc.^(b)(c)		4,518,757		10,167,203

Semiconductors & Semiconductor Equipment-12.09%
Canadian Solar, Inc. (Canada)^(b)		402,489		13,644,377
Enphase Energy, Inc.^(b)		46,794		14,365,758
First Solar, Inc.^(b)		114,163		16,618,708

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



		36
		36

Invesco WilderHill Clean Energy ETF (PBW)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
JinkoSolar Holding Co. Ltd., ADR (China)^(b)		272,451	$	12,935,973
Maxeon Solar Technologies Ltd.^(b)(c)		660,072		11,406,044
Navitas Semiconductor Corp.^(b)(c)		2,714,506		11,428,070
SolarEdge Technologies, Inc.^(b)		48,993		11,269,860
Universal Display Corp.		134,130		12,771,859
Wolfspeed, Inc.^(b)		120,878		9,519,143

				113,959,792

Specialty Retail-1.25%
EVgo, Inc.^(b)(c)		1,587,753		11,765,250

Total Common Stocks & Other Equity Interests (Cost $1,665,841,800)				939,064,094


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)(Cost $14,254)		14,254		14,254

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.62% (Cost $1,665,856,054)				939,078,348



	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan Money Market Funds-27.32%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		71,604,622	$	71,604,622
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		185,985,066		185,985,066

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $257,590,859)				257,589,688

TOTAL INVESTMENTS IN SECURITIES-126.94% (Cost $1,923,446,913)				1,196,668,036
OTHER ASSETS LESS LIABILITIES-(26.94)%				(254,000,099	)

NET ASSETS-100.00%			$	942,667,937

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)

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



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	24,483,445		$	(24,469,191	)		$	-			$	-		$	14,254		$	7,093

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			104,086,434			241,055,566			(273,537,378	)			-				-			71,604,622			775,618	*

Invesco Private Prime Fund			246,283,566			560,111,221			(620,426,939	)			(34,543	)			51,761			185,985,066			2,139,842	*

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



		37
		37

Invesco WilderHill Clean Energy ETF (PBW)–(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 in Other Affiliates:

American Superconductor Corp.**		$	10,901,875		$	6,905,808		$	(11,227,854	)		$	14,866,465		$	(16,296,337	)		$	5,149,957		$	-

Arcimoto, Inc.			8,451,757			6,967,531			(7,664,130	)			8,339,205			(13,842,724	)			2,251,639			-

ElectraMeccanica Vehicles Corp.**			12,798,781			6,472,050			(10,582,508	)			19,241,223			(23,178,927	)			4,750,619			-


Total		$	382,522,413		$	845,995,621		$	(947,908,000	)		$	42,412,350		$	(53,266,227	)		$	269,756,157		$	2,922,553

*	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.

**	As of October 31, 2022, this security was not considered as an affiliate of the Fund.

^(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

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

as of October 31, 2022



Electrical Equipment			26.79

Semiconductors & Semiconductor Equipment			12.09

Automobiles			11.81

Metals & Mining			8.70

Independent Power and Renewable Electricity Producers			7.72

Construction & Engineering			5.56

Machinery			4.98

Chemicals			4.28

Auto Components			4.23

Aerospace & Defense			3.93

Industry Types Each Less Than 3%			9.53

Money Market Funds Plus Other Assets Less Liabilities			0.38

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



		38
		38

Statements of Assets and Liabilities

October 31, 2022

(Unaudited)



	Invesco Aerospace & Defense ETF (PPA)			Invesco DWA Momentum ETF (PDP)				Invesco Global Listed Private Equity ETF (PSP)				Invesco Golden Dragon China ETF (PGJ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	1,592,642,172		$	1,114,033,162			$	164,820,344			$	167,096,596
Affiliated investments in securities, at value			198,231,091			117,017,246				47,896,583				53,079,670
Other investments:
Unrealized appreciation on swap agreements – OTC			-			-				96,351				-
Cash			21,674			-				717				30,503
Deposits with brokers:
Cash segregated as collateral			-			-				157,028				-
Receivable for:
Dividends			527,698			278,116				192,240				394
Securities lending			16,205			10,087				31,699				62,435
Investments sold			-			4,468,461				108				-
Fund shares sold			6,071,082			-				9,556				-
Foreign tax reclaims			-			-				320,088				-
Other assets			22,827			678,419				22,867				18,741

Total assets			1,797,532,749			1,236,485,491				213,547,581				220,288,339


Liabilities:
Other investments:
Open written options, at value			-			-				-				-
Due to custodian			-			-				-				-
Due to foreign custodian			-			-				46,327				-
Payable for:
Investments purchased			6,067,112			-				-				-
Investments purchased - affiliated broker			-			-				9,556				-
Collateral upon return of securities loaned			198,039,710			116,874,215				46,707,026				52,895,185
Collateral upon receipt of securities in-kind			-			-				157,028				-
Fund shares repurchased			-			4,483,929				-				-
Accrued unitary management fees			-			-				-				-
Accrued advisory fees			599,815			452,218				66,157				59,795
Accrued trustees’ and officer’s fees			73,996			155,431				78,383				81,497
Accrued expenses			589,741			443,730				30,924				177,218

Total liabilities			205,370,374			122,409,523				47,095,401				53,213,695

Net Assets		$	1,592,162,375		$	1,114,075,968			$	166,452,180			$	167,074,644


Net assets consist of:
Shares of beneficial interest		$	1,565,580,493		$	1,885,372,860			$	331,243,939			$	628,044,025
Distributable earnings (loss)			26,581,882			(771,296,892	)			(164,791,759	)			(460,969,381	)

Net Assets		$	1,592,162,375		$	1,114,075,968			$	166,452,180			$	167,074,644

Shares outstanding (unlimited amount authorized, $0.01 par value)			20,980,000			14,910,000				18,200,000				8,780,000
Net asset value		$	75.89		$	74.72			$	9.15			$	19.03

Market price		$	75.94		$	74.74			$	9.15			$	19.04

Unaffiliated investments in securities, at cost		$	1,512,950,702		$	1,030,767,154			$	216,539,162			$	350,856,185

Affiliated investments in securities, at cost		$	198,217,450		$	117,015,386			$	47,898,092			$	53,080,477

Foreign currencies (due to foreign custodian), at cost		$	-		$	-			$	(51,050	)		$	-

Premium received on written options		$	-		$	-			$	-			$	-

^(a)Includes securities on loan with an aggregate value of:		$	194,238,385		$	114,965,559			$	43,859,663			$	50,503,528

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



		39
		39



Invesco MSCI Sustainable Future ETF (ERTH)				Invesco Raymond James SB-1 Equity ETF (RYJ)				Invesco S&P 500 BuyWrite ETF (PBP)				Invesco S&P 500^® Quality ETF (SPHQ)				Invesco S&P Spin-Off ETF (CSD)				Invesco Water Resources ETF (PHO)				Invesco WilderHill Clean Energy ETF (PBW)

	$	306,787,364			$	121,317,758			$	103,336,449			$	3,463,289,461			$	54,859,434			$	1,681,011,266			$	936,812,455
		62,427,188				27,272,016				28,019				117,444,360				9,402,266				57,978,563				259,855,581

		-				-				-				-				-				-				-
		-				263,034				179,103				-				-				-				-

		-				-				-				-				-				-				-

		86,028				36,133				75,727				3,384,900				23,484				1,772,018				464
		40,960				4,872				-				13,299				901				7,362				4,310,285
		20				17,794				3,342,099				-				-				2,014,206				12,309,953
		-				-				-				-				-				-				33,752,169
		277,074				754				-				-				-				1,278				-
		37,311				-				-				60,550				10,490				32,758				60,724

		369,655,945				148,912,361				106,961,397				3,584,192,570				64,296,575				1,742,817,451				1,247,101,631




		-				-				5,920,725				-				-				-				-
		102,054				-				-				877,080				-				1,022				-
		660				-				-				-				-				-				-

		2				263,034				257,707				-				-				328,590				33,614,103
		-				-				-				-				-				1,355,307				-
		62,427,657				27,256,438				-				117,446,231				9,289,237				56,075,519				257,590,859
		-				-				-				-				-				-				-
		-				-				3,222,805				-				-				2,017,005				12,360,494
		-				73,204				40,480				-				-				-				-
		128,494				-				-				301,569				12,651				671,459				421,518
		54,393				-				-				98,030				8,668				199,405				102,662
		(8,242	)			-				-				25,675				96,338				874,784				344,058

		62,705,018				27,592,676				9,441,717				118,748,585				9,406,894				61,523,091				304,433,694

	$	306,950,927			$	121,319,685			$	97,519,680			$	3,465,443,985			$	54,889,681			$	1,681,294,360			$	942,667,937



	$	399,525,261			$	185,031,792			$	113,875,413			$	3,960,983,295			$	207,287,320			$	1,759,586,626			$	2,640,181,712
		(92,574,334	)			(63,712,107	)			(16,355,733	)			(495,539,310	)			(152,397,639	)			(78,292,266	)			(1,697,513,775	)

	$	306,950,927			$	121,319,685			$	97,519,680			$	3,465,443,985			$	54,889,681			$	1,681,294,360			$	942,667,937

		6,450,000				2,192,822				4,850,000				79,730,000				1,030,000				33,360,000				20,388,273
	$	47.59			$	55.33			$	20.11			$	43.46			$	53.29			$	50.40			$	46.24

	$	47.66			$	55.33			$	20.10			$	43.48			$	53.34			$	50.42			$	46.17

	$	381,095,874			$	112,089,349			$	89,587,741			$	3,361,647,942			$	51,026,001			$	1,477,621,970			$	1,648,416,761

	$	62,427,657			$	27,272,729			$	48,272			$	117,446,231			$	9,402,601			$	57,978,195			$	275,030,152

	$	(395	)		$	-			$	-			$	-			$	-			$	-			$	-

	$	-			$	-			$	3,691,289			$	-			$	-			$	-			$	-

	$	59,756,091			$	26,421,961			$	-			$	114,003,304			$	9,016,194			$	55,207,638			$	254,467,440

Statements of Operations

For the six months ended October 31, 2022

(Unaudited)



	Invesco Aerospace & Defense ETF (PPA)				Invesco DWA Momentum ETF (PDP)				Invesco Global Listed Private Equity ETF (PSP)				Invesco Golden Dragon China ETF (PGJ)
Investment income:
Unaffiliated dividend income		$	9,214,435			$	8,379,518			$	3,681,401			$	956,640
Affiliated dividend income			6,296				5,086				12,806				2,495
Securities lending income, net			2,712,065				254,293				313,456				770,589
Foreign withholding tax			(29,692	)			-				(330,039	)			(10,535	)


Total investment income			11,903,104				8,638,897				3,677,624				1,719,189


Expenses:
Unitary management fees			-				-				-				-
Advisory fees			3,428,539				2,853,134				441,021				647,271
Sub-licensing fees			411,417				570,622				88,203				129,453
Accounting & administration fees			28,115				63,975				15,509				13,920
Professional fees			15,067				18,964				13,455				16,035
Custodian & transfer agent fees			3,775				8,308				8,566				45,408
Trustees’ and officer’s fees			(5,176	)			(22,384	)			(11,452	)			(12,255	)
Recapture (Note 3)			-				-				-				777
Other expenses			72,176				45,130				21,958				16,723

Total expenses			3,953,913				3,537,749				577,260				857,332

Less: Waivers			(361	)			(329	)			(767	)			(139	)

Net expenses			3,953,552				3,537,420				576,493				857,193

Net investment income			7,949,552				5,101,477				3,101,131				861,996


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(40,250,800	)			(171,156,763	)			(13,374,374	)			(27,159,177	)
Affiliated investment securities			3,129				1,223				874				5,638
Unaffiliated in-kind redemptions			48,918,919				(963,716	)			1,508,226				5,663,874
Affiliated in-kind redemptions			-				-				-				-
Short Sales			-				-				-				-
Foreign currencies			-				-				(61,960	)			-
Swap agreements			-				-				(236,094	)			-
Written options			-				-				-				-

Net realized gain (loss)			8,671,248				(172,119,256	)			(12,163,328	)			(21,489,665	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			59,033,669				164,072,141				(24,136,808	)			(55,254,697	)
Affiliated investment securities			11,360				1,651				(1,729	)			(5,323	)
Foreign currencies			-				-				27,732				-
Swap agreements			-				-				193,679				-
Written options			-				-				-				-

Change in net unrealized appreciation (depreciation)			59,045,029				164,073,792				(23,917,126	)			(55,260,020	)

Net realized and unrealized gain (loss)			67,716,277				(8,045,464	)			(36,080,454	)			(76,749,685	)

Net increase (decrease) in net assets resulting from operations		$	75,665,829			$	(2,943,987	)		$	(32,979,323	)		$	(75,887,689	)

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



		41
		41



Invesco MSCI Sustainable Future ETF (ERTH)				Invesco Raymond James SB-1 Equity ETF (RYJ)				Invesco S&P 500 BuyWrite ETF (PBP)				Invesco S&P 500^® Quality ETF (SPHQ)				Invesco S&P Spin-Off ETF (CSD)				Invesco Water Resources ETF (PHO)				Invesco WilderHill Clean Energy ETF (PBW)

	$	3,682,998			$	1,141,317			$	1,061,960			$	36,034,691			$	496,203			$	10,028,331			$	1,147,512
		1,317				297				732				13,247				1,256				9,372				7,093
		204,518				48,854				-				140,922				3,784				24,308				24,154,313
		(229,570	)			(1,846	)			(244	)			-				-				(4,610	)			(166,596	)


		3,659,263				1,188,622				1,062,448				36,188,860				501,243				10,057,401				25,142,322



		-				444,966				291,305				-				-				-				-
		901,998				-				-				2,631,919				143,462				4,114,794				2,719,722
		11,275				-				-				419,931				14,346				617,222				543,940
		20,977				-				-				140,715				8,658				71,786				70,305
		21,834				-				-				24,142				13,292				19,365				18,314
		58,710				-				-				24,409				536				13,085				28,650
		(5,439	)			-				-				2,055				3,328				(30,574	)			(12,827	)
		-				-				-				-				-				-				-
		38,346				-				-				76,771				12,025				51,386				64,810

		1,047,701				444,966				291,305				3,319,942				195,647				4,857,064				3,432,914

		(921	)			(14	)			(17	)			(688,747	)			(9,190	)			(474	)			(387	)

		1,046,780				444,952				291,288				2,631,195				186,457				4,856,590				3,432,527

		2,612,483				743,670				771,160				33,557,665				314,786				5,200,811				21,709,795




		(20,732,615	)			(7,607,598	)			(2,210,764	)			(481,292,040	)			(4,095,634	)			(38,450,208	)			(237,475,485	)
		(372	)			2,693				(2,077	)			15,312				637				3,480				(53,266,227	)
		11,004,741				2,578,569				10,963,089				74,629,290				3,088,342				31,544,353				45,900,288
		-				-				(332	)			-				-				-				-
		-				-				(7,119	)			-				-				-				-
		(65,256	)			-				-				-				-				-				-
		-								-				-				-				-				-
		-				-				(26,060	)			-				-				-				-

		(9,793,502	)			(5,026,336	)			8,716,737				(406,647,438	)			(1,006,655	)			(6,902,375	)			(244,841,424	)



		(36,589,522	)			1,861,583				(15,918,020	)			159,270,049				(3,074,357	)			54,207,239				60,201,928
		(949	)			(2,662	)			(1,494	)			(15,754	)			(336	)			368				61,643,015
		(8,901	)			-				-				-				-				-				-
		-								-				-				-				-				-
		-				-				(4,944,815	)			-				-				-				-

		(36,599,372	)			1,858,921				(20,864,329	)			159,254,295				(3,074,693	)			54,207,607				121,844,943

		(46,392,874	)			(3,167,415	)			(12,147,592	)			(247,393,143	)			(4,081,348	)			47,305,232				(122,996,481	)

	$	(43,780,391	)		$	(2,423,745	)		$	(11,376,432	)		$	(213,835,478	)		$	(3,766,562	)		$	52,506,043			$	(101,286,686	)

Statements of Changes in Net Assets

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

(Unaudited)



	Invesco Aerospace & Defense ETF (PPA)								Invesco DWA Momentum ETF (PDP)

	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)		$	7,949,552			$	4,657,496			$	5,101,477			$	(2,402,291	)
Net realized gain (loss)			8,671,248				52,491,256				(172,119,256	)			56,794,585
Change in net unrealized appreciation (depreciation)			59,045,029				(128,364,883	)			164,073,792				(307,621,573	)

Net increase (decrease) in net assets resulting from operations			75,665,829				(71,216,131	)			(2,943,987	)			(253,229,279	)


Distributions to Shareholders from:
Distributable earnings			(8,957,598	)			(4,267,913	)			(1,289,301	)			-


Shareholder Transactions:
Proceeds from shares sold			321,909,043				984,265,515				30,268,534				1,703,552,968
Value of shares repurchased			(252,865,133	)			(195,766,267	)			(138,486,970	)			(2,012,832,969	)

Net increase (decrease) in net assets resulting from share transactions			69,043,910				788,499,248				(108,218,436	)			(309,280,001	)

Net increase (decrease) in net assets			135,752,141				713,015,204				(112,451,724	)			(562,509,280	)


Net assets:
Beginning of period			1,456,410,234				743,395,030				1,226,527,692				1,789,036,972

End of period		$	1,592,162,375			$	1,456,410,234			$	1,114,075,968			$	1,226,527,692


Changes in Shares Outstanding:
Shares sold			4,550,000				12,760,000				400,000				18,770,000
Shares repurchased			(3,610,000	)			(2,630,000	)			(1,940,000	)			(22,770,000	)
Shares outstanding, beginning of period			20,040,000				9,910,000				16,450,000				20,450,000

Shares outstanding, end of period			20,980,000				20,040,000				14,910,000				16,450,000

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



		43
		43



Invesco Global Listed Private Equity ETF (PSP)								Invesco Golden Dragon China ETF (PGJ)								Invesco MSCI Sustainable Future ETF (ERTH)								Invesco Raymond James SB-1 Equity ETF (RYJ)

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


	$	3,101,131			$	6,973,925			$	861,996			$	797,148			$	2,612,483			$	3,556,707			$	743,670			$	852,164
		(12,163,328	)			26,589,776				(21,489,665	)			(16,708,153	)			(9,793,502	)			10,279,351				(5,026,336	)			19,535,352
		(23,917,126	)			(85,955,218	)			(55,260,020	)			(169,087,371	)			(36,599,372	)			(87,176,938	)			1,858,921				(29,169,464	)

		(32,979,323	)			(52,391,517	)			(75,887,689	)			(184,998,376	)			(43,780,391	)			(73,340,880	)			(2,423,745	)			(8,781,948	)



		(2,967,539	)			(27,104,093	)			(1,335,594	)			-				(3,475,500	)			(62,642,968	)			-				(729,997	)



		16,205,457				98,337,239				41,989,307				187,483,856				16,978,104				130,708,572				10,093,669				40,714,492
		(8,931,119	)			(58,069,507	)			(36,696,894	)			(37,774,624	)			(49,508,330	)			(94,794,820	)			(7,704,454	)			(51,078,058	)

		7,274,338				40,267,732				5,292,413				149,709,232				(32,530,226	)			35,913,752				2,389,215				(10,363,566	)

		(28,672,524	)			(39,227,878	)			(71,930,870	)			(35,289,144	)			(79,786,117	)			(100,070,096	)			(34,530	)			(19,875,511	)



		195,124,704				234,352,582				239,005,514				274,294,658				386,737,044				486,807,140				121,354,215				141,229,726

	$	166,452,180			$	195,124,704			$	167,074,644			$	239,005,514			$	306,950,927			$	386,737,044			$	121,319,685			$	121,354,215



		1,700,000				6,350,000				1,440,000				5,230,000				300,000				1,900,000				170,000				660,000
		(850,000	)			(4,000,000	)			(1,340,000	)			(870,000	)			(900,000	)			(1,350,000	)			(130,000	)			(830,000	)
		17,350,000				15,000,000				8,680,000				4,320,000				7,050,000				6,500,000				2,152,822				2,322,822

		18,200,000				17,350,000				8,780,000				8,680,000				6,450,000				7,050,000				2,192,822				2,152,822

Statements of Changes in Net Assets–(continued)

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

(Unaudited)



	Invesco S&P 500 BuyWrite ETF (PBP)								Invesco S&P 500^® Quality ETF (SPHQ)

	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		$	771,160			$	1,546,284			$	33,557,665			$	46,977,249
Net realized gain (loss)			8,716,737				47,822,543				(406,647,438	)			510,517,542
Change in net unrealized appreciation (depreciation)			(20,864,329	)			(35,943,392	)			159,254,295				(582,787,059	)

Net increase (decrease) in net assets resulting from operations			(11,376,432	)			13,425,435				(213,835,478	)			(25,292,268	)


Distributions to Shareholders from:
Distributable earnings			(758,268	)			(11,042,019	)			(32,245,890	)			(44,708,736	)


Shareholder Transactions:
Proceeds from shares sold			-				44,741,889				841,147,227				3,017,069,728
Value of shares repurchased			(28,392,467	)			(76,896,678	)			(787,409,590	)			(1,959,498,965	)

Net increase (decrease) in net assets resulting from share transactions.			(28,392,467	)			(32,154,789	)			53,737,637				1,057,570,763

Net increase (decrease) in net assets.			(40,527,167	)			(29,771,373	)			(192,343,731	)			987,569,759


Net assets:
Beginning of period			138,046,847				167,818,220				3,657,787,716				2,670,217,957

End of period.		$	97,519,680			$	138,046,847			$	3,465,443,985			$	3,657,787,716


Changes in Shares Outstanding:
Shares sold			-				1,950,000				19,550,000				60,470,000
Shares repurchased			(1,400,000	)			(3,400,000	)			(18,700,000	)			(39,980,000	)
Shares outstanding, beginning of period			6,250,000				7,700,000				78,880,000				58,390,000

Shares outstanding, end of period			4,850,000				6,250,000				79,730,000				78,880,000

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



		45
		45



Invesco S&P Spin-Off ETF (CSD)								Invesco Water Resources ETF (PHO)								Invesco WilderHill Clean Energy ETF (PBW)

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


	$	314,786			$	443,908			$	5,200,811			$	4,736,431			$	21,709,795			$	20,751,444
		(1,006,655	)			(54,631	)			(6,902,375	)			225,596,434				(244,841,424	)			(255,724,106	)
		(3,074,693	)			(8,802,589	)			54,207,607				(367,552,552	)			121,844,943				(572,211,383	)

		(3,766,562	)			(8,413,312	)			52,506,043				(137,219,687	)			(101,286,686	)			(807,184,045	)



		-				(531,999	)			(2,626,757	)			(4,449,322	)			(15,788,694	)			(31,654,543	)



		5,551,868				644,755				57,586,565				593,002,133				851,079,272				1,706,005,079
		(11,731,826	)			(2,411,194	)			(84,248,137	)			(397,668,565	)			(861,603,510	)			(1,993,294,808	)

		(6,179,958	)			(1,766,439	)			(26,661,572	)			195,333,568				(10,524,238	)			(287,289,729	)

		(9,946,520	)			(10,711,750	)			23,217,714				53,664,559				(127,599,618	)			(1,126,128,317	)



		64,836,201				75,547,951				1,658,076,646				1,604,412,087				1,070,267,555				2,196,395,872

	$	54,889,681			$	64,836,201			$	1,681,294,360			$	1,658,076,646			$	942,667,937			$	1,070,267,555



		100,000				10,000				1,120,000				10,520,000				16,640,000				23,700,000
		(210,000	)			(40,000	)			(1,750,000	)			(7,280,000	)			(17,240,000	)			(27,710,000	)
		1,140,000				1,170,000				33,990,000				30,750,000				20,988,273				24,998,273

		1,030,000				1,140,000				33,360,000				33,990,000				20,388,273				20,988,273

Financial Highlights

Invesco Aerospace & Defense ETF (PPA)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
	Six Months Ended October 31, 2022 (Unaudited)				2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	72.68			$	75.01			$	53.88			$	61.93			$	55.62			$	44.81

Net investment income^(a)			0.41				0.44				0.44				0.80				0.49				0.42
Net realized and unrealized gain (loss) on investments			3.28				(2.38	)			21.13				(7.98	)			6.30				10.79

Total from investment operations			3.69				(1.94	)			21.57				(7.18	)			6.79				11.21

Distributions to shareholders from:
Net investment income			(0.48	)			(0.39	)			(0.44	)			(0.87	)			(0.48	)			(0.40	)

Net asset value at end of period		$	75.89			$	72.68			$	75.01			$	53.88			$	61.93			$	55.62

Market price at end of period^(b)		$	75.94			$	72.65			$	74.97			$	53.98			$	61.94			$	55.66

Net Asset Value Total Return^(c)			5.15	%			(2.59	)%			40.21	%			(11.64	)%			12.33	%			25.13	%
Market Price Total Return^(c)			5.26	%			(2.58	)%			39.87	%			(11.48	)%			12.27	%			25.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,592,162			$	1,456,410			$	743,395			$	708,521			$	938,246			$	1,006,709
Ratio to average net assets of:
Expenses			0.58	%^(d)			0.58	%			0.61	%			0.59	%			0.59	%			0.60	%
Net investment income			1.16	%^(d)			0.59	%			0.71	%			1.22	%			0.86	%			0.80	%
Portfolio turnover rate^(e)			13	%			26	%			22	%			18	%			15	%			7	%

^(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)	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.



		47
		47

Financial Highlights–(continued)

Invesco DWA Momentum ETF (PDP)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	74.56		$	87.48		$	60.60		$	58.78		$	52.66		$	45.86

Net investment income (loss)^(a)			0.33			(0.12	)		(0.15	)		0.19			0.11			0.13
Net realized and unrealized gain (loss) on investments			(0.09	)		(12.80	)		27.05			1.86			6.10			6.81

Total from investment operations			0.24			(12.92	)		26.90			2.05			6.21			6.94

Distributions to shareholders from:
Net investment income			(0.08	)		-			(0.02	)		(0.23	)		(0.09	)		(0.13	)
Return of capital			-			-			-			-			-			(0.01	)

Total distributions			(0.08	)		-			(0.02	)		(0.23	)		(0.09	)		(0.14	)

Net asset value at end of period		$	74.72		$	74.56		$	87.48		$	60.60		$	58.78		$	52.66

Market price at end of period^(b)		$	74.74		$	74.53		$	87.44		$	60.68		$	58.79		$	52.72

Net Asset Value Total Return^(c)			0.33	%		(14.77	)%		44.41	%		3.53	%		11.81	%		15.17	%
Market Price Total Return^(c)			0.39	%		(14.77	)%		44.15	%		3.65	%		11.70	%		15.28	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,114,076		$	1,226,528		$	1,789,037		$	1,290,768		$	1,545,947		$	1,521,909
Ratio to average net assets of:
Expenses			0.62	%^(d)		0.62	%		0.62	%		0.62	%		0.62	%		0.63	%
Net investment income (loss)			0.89	%^(d)		(0.14	)%		(0.18	)%		0.32	%		0.20	%		0.26	%
Portfolio turnover rate^(e)			77	%		173	%		124	%		82	%		82	%		68	%

^(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.



		48
		48

Financial Highlights–(continued)

Invesco Global Listed Private Equity ETF (PSP)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	11.25		$	15.62		$	9.31		$	12.10		$	12.19		$	12.25

Net investment income^(a)			0.18			0.41			0.30			0.52	^(b)		0.32			0.40	^(c)
Net realized and unrealized gain (loss) on investments			(2.11	)		(3.17	)		6.53			(2.36	)		(0.03	)		0.99

Total from investment operations			(1.93	)		(2.76	)		6.83			(1.84	)		0.29			1.39

Distributions to shareholders from:
Net investment income			(0.17	)		(1.61	)		(0.52	)		(0.95	)		(0.38	)		(1.40	)
Return of capital			-			-			-			-			-			(0.05	)

Total distributions			(0.17	)		(1.61	)		(0.52	)		(0.95	)		(0.38	)		(1.45	)

Net asset value at end of period		$	9.15		$	11.25		$	15.62		$	9.31		$	12.10		$	12.19

Market price at end of period^(d)		$	9.15		$	11.27		$	15.60		$	9.32		$	12.13		$	12.21

Net Asset Value Total Return^(e)			(17.23	)%		(19.85	)%		75.17	%		(15.82	)%		2.28	%		11.76	%
Market Price Total Return^(e)			(17.38	)%		(19.61	)%		74.76	%		(15.92	)%		2.36	%		11.57	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	166,452		$	195,125		$	234,353		$	141,534		$	244,443		$	245,052
Ratio to average net assets of:
Expenses, after Waivers^(f)			0.65	%^(g)		0.65	%		0.68	%		0.63	%		0.64	%		0.64	%
Expenses, prior to Waivers^(f)			0.65	%^(g)		0.65	%		0.69	%		0.65	%		0.66	%		0.65	%
Net investment income			3.52	%^(g)		2.73	%		2.42	%		4.47	%^(b)		2.79	%		3.16	%^(c)
Portfolio turnover rate^(h)			18	%		62	%		47	%		50	%		64	%		44	%

^(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 $0.33 and 2.82%, respectively.

^(c)

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

^(e)

^(f)

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.

^(g)	Annualized.

^(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.



		49
		49

Financial Highlights–(continued)

Invesco Golden Dragon China ETF (PGJ)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	27.54		$	63.49		$	40.36		$	42.08		$	45.58		$	35.69

Net investment income (loss)^(a)			0.09			0.14			(0.12	)		0.16			0.11			0.31
Net realized and unrealized gain (loss) on investments			(8.45	)		(36.09	)		23.36			(1.72	)		(3.51	)		10.50

Total from investment operations.			(8.36	)		(35.95	)		23.24			(1.56	)		(3.40	)		10.81

Distributions to shareholders from:
Net investment income			(0.15	)		-			(0.11	)		(0.16	)		(0.10	)		(0.92	)

Net asset value at end of period		$	19.03		$	27.54		$	63.49		$	40.36		$	42.08		$	45.58

Market price at end of period^(b)		$	19.04		$	27.57		$	63.52		$	40.32		$	42.11		$	45.58

Net Asset Value Total Return^(c)			(30.54	)%		(56.62	)%		57.61	%		(3.67	)%		(7.46	)%		30.46	%
Market Price Total Return^(c)			(30.60	)%		(56.60	)%		57.84	%		(3.83	)%		(7.39	)%		30.46	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	167,075		$	239,006		$	274,295		$	161,450		$	216,730		$	271,208
Ratio to average net assets of:
Expenses, after Waivers			0.66	%^(d)		0.70	%		0.69	%		0.70	%^(e)		0.70	%		0.70	%
Expenses, prior to Waivers			0.66	%^(d)		0.71	%		0.69	%		0.71	%^(e)		0.70	%		0.70	%
Net investment income (loss)			0.67	%^(d)		0.35	%		(0.20	)%		0.40	%^(e)		0.27	%		0.70	%
Portfolio turnover rate^(f)			11	%		42	%		40	%		30	%		36	%		25	%

^(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 less than 0.005%.

^(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.



		50
		50

Financial Highlights–(continued)

Invesco MSCI Sustainable Future ETF (ERTH)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	54.86			$	74.89			$	42.68			$	45.03			$	42.12			$	37.06

Net investment income^(a)			0.39				0.54				0.10				0.23				0.19				0.25
Net realized and unrealized gain (loss) on investments			(7.15	)			(10.40	)			32.29				(2.25	)			2.95				5.18

Total from investment operations.			(6.76	)			(9.86	)			32.39				(2.02	)			3.14				5.43

Distributions to shareholders from:
Net investment income			(0.51	)			(0.52	)			(0.18	)			(0.33	)			(0.23	)			(0.37	)
Net realized gains			-				(9.65	)			-				-				-				-

Total distributions			(0.51	)			(10.17	)			(0.18	)			(0.33	)			(0.23	)			(0.37	)

Net asset value at end of period		$	47.59			$	54.86			$	74.89			$	42.68			$	45.03			$	42.12

Market price at end of period^(b)		$	47.66			$	54.67			$	74.75			$	42.74			$	45.21			$	42.26

Net Asset Value Total Return^(c)			(12.45	)%			(15.38	)%			75.99	%			(4.49	)%			7.48	%			14.74	%
Market Price Total Return^(c)			(12.01	)%			(15.57	)%			75.42	%			(4.73	)%			7.55	%			14.72	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	306,951			$	386,737			$	486,807			$	224,059			$	180,121			$	160,057
Ratio to average net assets of:
Expenses, after Waivers			0.58	%^(d)			0.55	%			0.61	%			0.65	%			0.68	%			0.67	%
Expenses, prior to Waivers			0.58	%^(d)			0.55	%			0.61	%			0.65	%			0.68	%			0.68	%
Net investment income			1.45	%^(d)			0.83	%			0.16	%			0.51	%			0.47	%			0.61	%
Portfolio turnover rate^(e)			23	%			30	%			140	%			75	%			21	%			17	%

^(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.



		51
		51

Financial Highlights–(continued)

Invesco Raymond James SB-1 Equity ETF (RYJ)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,									Eight Months Ended April 30, 2019				Years Ended August 31,
	Six Months Ended October 31, 2022 (Unaudited)				2022			2021			2020			Eight Months Ended April 30, 2019				2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	56.37		$	60.80		$	34.18		$	45.30			$	49.24		$	39.34		$	35.99

Net investment income^(a)			0.35			0.38			0.23			0.33				0.13			0.27			0.12
Net realized and unrealized gain (loss) on investments			(1.39	)		(4.48	)		26.53			(11.35	)			(3.55	)		9.63			3.82

Total from investment operations			(1.04	)		(4.10	)		26.76			(11.02	)			(3.42	)		9.90			3.94

Distributions to shareholders from:
Net investment income			-			(0.33	)		(0.14	)		(0.10	)			(0.52	)		-			(0.52	)
Return of capital			-			-			-			-				-			-			(0.07	)

Total distributions			-			(0.33	)		(0.14	)		(0.10	)			(0.52	)		-			(0.59	)

Net asset value at end of period		$	55.33		$	56.37		$	60.80		$	34.18			$	45.30		$	49.24		$	39.34

Market price at end of period		$	55.33	^(b)	$	56.30	^(b)	$	60.81	^(b)	$	34.22	^(b)		$	45.30	^(b)	$	49.19	^(b)	$	39.32

Net Asset Value Total Return^(c)			(1.84	)%		(6.78	)%		78.39	%		(24.40	)%			(6.60	)%		25.16	%		11.00	%
Market Price Total Return^(c)			(1.72	)%		(6.90	)%		78.21	%		(24.31	)%			(6.51	)%		25.10	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	121,320		$	121,354		$	141,230		$	101,604			$	173,156		$	200,560		$	185,801
Ratio to average net assets of:
Expenses			0.75	%^(d)		0.75	%		0.75	%^(e)		0.75	%			0.75	%^(d)(e)		0.71	%		0.75	%
Net investment income			1.25	%^(d)		0.62	%		0.49	%		0.78	%			0.44	%^(d)		0.60	%		0.30	%
Portfolio turnover rate^(f)			48	%		92	%		110	%		114	%			65	%		82	%		90	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

^(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.



		52
		52

Financial Highlights–(continued)

Invesco S&P 500 BuyWrite ETF (PBP)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	22.09		$	21.79		$	17.45		$	21.39		$	21.29		$	22.21

Net investment income^(a)			0.14			0.21			0.23			0.33			0.32			0.28
Net realized and unrealized gain (loss) on investments			(1.99	)		1.57			4.35			(3.05	)		0.32			1.16

Total from investment operations			(1.85	)		1.78			4.58			(2.72	)		0.64			1.44

Distributions to shareholders from:
Net investment income			(0.13	)		(0.24	)		(0.24	)		(0.36	)		(0.31	)		(1.09	)
Net realized gains			-			(1.24	)		-			(0.86	)		(0.23	)		(1.27	)

Total distributions			(0.13	)		(1.48	)		(0.24	)		(1.22	)		(0.54	)		(2.36	)

Net asset value at end of period		$	20.11		$	22.09		$	21.79		$	17.45		$	21.39		$	21.29

Market price at end of period^(b)		$	20.10		$	22.02		$	21.76		$	17.40		$	21.39		$	21.33

Net Asset Value Total Return^(c)			(8.36	)%		8.06	%		26.40	%		(13.62	)%		3.16	%		6.59	%
Market Price Total Return^(c)			(8.12	)%		7.86	%		26.59	%		(13.85	)%		2.97	%		6.68	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	97,520		$	138,047		$	167,818		$	192,813		$	320,778		$	302,296
Ratio to average net assets of:
Expenses			0.49	%^(d)		0.49	%		0.49	%		0.49	%		0.53	%		0.75	%
Net investment income			1.30	%^(d)		0.92	%		1.19	%		1.56	%		1.47	%		1.25	%
Portfolio turnover rate^(e)			23	%		33	%		19	%		19	%		15	%		16	%

^(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.



		53
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Financial Highlights–(continued)

Invesco S&P 500^®Quality ETF (SPHQ)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	46.37		$	45.73		$	33.61		$	33.29		$	29.53		$	27.62

Net investment income^(a)			0.42			0.70			0.63			0.61			0.51			0.57
Net realized and unrealized gain (loss) on investments			(2.92	)		0.60			12.11			0.35			3.75			1.89

Total from investment operations			(2.50	)		1.30			12.74			0.96			4.26			2.46

Distributions to shareholders from:
Net investment income			(0.41	)		(0.66	)		(0.62	)		(0.64	)		(0.50	)		(0.55	)

Net asset value at end of period		$	43.46		$	46.37		$	45.73		$	33.61		$	33.29		$	29.53

Market price at end of period^(b)		$	43.48		$	46.36		$	45.75		$	33.62		$	33.30		$	29.55

Net Asset Value Total Return^(c)			(5.37	)%		2.76	%		38.23	%		3.03	%		14.63	%		8.94	%
Market Price Total Return^(c)			(5.31	)%		2.70	%		38.26	%		3.03	%		14.59	%		8.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,465,444		$	3,657,788		$	2,670,218		$	1,756,210		$	1,469,785		$	1,327,157
Ratio to average net assets of:
Expenses, after Waivers			0.15	%^(d)		0.15	%		0.15	%		0.15	%		0.19	%		0.29	%
Expenses, prior to Waivers			0.19	%^(d)		0.19	%		0.19	%		0.21	%		0.26	%		0.37	%
Net investment income			1.91	%^(d)		1.40	%		1.59	%		1.79	%		1.67	%		1.95	%
Portfolio turnover rate^(e)			49	%		48	%		57	%		56	%		73	%		60	%

^(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.



		54
		54

Financial Highlights–(continued)

Invesco S&P Spin-Off ETF (CSD)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,												Eight Months Ended April 30, 2018				Year Ended August 31, 2017
					2022			2021			2020			2019			Eight Months Ended April 30, 2018				Year Ended August 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period		$	56.87		$	64.57		$	34.38		$	52.43		$	52.61			$	49.42		$	42.42

Net investment income^(a)			0.29			0.38			0.33			0.58			0.43				0.04			0.39
Net realized and unrealized gain (loss) on investments			(3.87	)		(7.63	)		30.41			(18.08	)		(0.19	)			3.46			7.31

Total from investment operations			(3.58	)		(7.25	)		30.74			(17.50	)		0.24				3.50			7.70

Distributions to shareholders from:
Net investment income			-			(0.45	)		(0.55	)		(0.55	)		(0.42	)			(0.20	)		(0.70	)
Return of capital.			-			-			-			-			-				(0.11	)		-

Total distributions			-			(0.45	)		(0.55	)		(0.55	)		(0.42	)			(0.31	)		(0.70	)

Net asset value at end of period		$	53.29		$	56.87		$	64.57		$	34.38		$	52.43			$	52.61		$	49.42

Market price at end of period		$	53.34	^(b)	$	56.92	^(b)	$	64.57	^(b)	$	34.41	^(b)	$	52.41	^(b)		$	52.55	^(b)	$	49.34

Net Asset Value Total Return^(c)			(6.29	)%		(11.24	)%		89.69	%		(33.72	)%		0.71	%			7.10	%		18.39	%
Market Price Total Return^(c)			(6.29	)%		(11.16	)%		89.53	%		(33.64	)%		0.78	%			7.15	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	54,890		$	64,836		$	75,548		$	58,447		$	146,814			$	202,534		$	195,208
Ratio to average net assets of:
Expenses, after Waivers			0.65	%^(d)		0.65	%		0.65	%		0.62	%		0.62	%			0.64	%^(d)		0.64	%
Expenses, prior to Waivers			0.68	%^(d)		0.65	%		0.68	%		0.62	%		0.62	%			0.65	%^(d)		0.64	%
Net investment income			1.10	%^(d)		0.60	%		0.68	%		1.27	%		0.84	%			0.12	%^(d)		0.86	%
Portfolio turnover rate^(e)			34	%		68	%		57	%		55	%		49	%			24	%		44	%

^(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.



		55
		55

Financial Highlights–(continued)

Invesco Water Resources ETF (PHO)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
	Six Months Ended October 31, 2022 (Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	48.78		$	52.18		$	34.44		$	34.67		$	30.09		$	26.71

Net investment income^(a)			0.16			0.14			0.17			0.15			0.16			0.09
Net realized and unrealized gain (loss) on investments.			1.54			(3.41	)		17.74			(0.18	)		4.55			3.39

Total from investment operations			1.70			(3.27	)		17.91			(0.03	)		4.71			3.48

Distributions to shareholders from:
Net investment income			(0.08	)		(0.13	)		(0.17	)		(0.20	)		(0.13	)		(0.10	)

Net asset value at end of period		$	50.40		$	48.78		$	52.18		$	34.44		$	34.67		$	30.09

Market price at end of period^(b)		$	50.42		$	48.78		$	52.17		$	34.49		$	34.70		$	30.09

Net Asset Value Total Return^(c)			3.49	%		(6.29	)%		52.15	%		(0.07	)%		15.74	%		13.07	%
Market Price Total Return^(c)			3.53	%		(6.27	)%		51.90	%		(0.01	)%		15.84	%		13.11	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,681,294		$	1,658,077		$	1,604,412		$	991,846		$	941,269		$	821,548
Ratio to average net assets of:
Expenses			0.59	%^(d)		0.59	%		0.60	%		0.60	%		0.60	%		0.62	%
Net investment income			0.63	%^(d)		0.25	%		0.39	%		0.42	%		0.51	%		0.31	%
Portfolio turnover rate^(e)			13	%		29	%		22	%		26	%		31	%		23	%

^(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.



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		56

Financial Highlights–(continued)

Invesco WilderHill Clean Energy ETF (PBW)



	Six Months Ended October 31, 2022 (Unaudited)				Years Ended April 30,
					2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	50.99		$	87.86		$	31.91		$	28.30		$	24.64		$	20.85

Net investment income^(a)			1.04			0.93			0.61			0.49			0.39			0.31
Net realized and unrealized gain (loss) on investments			(5.07	)		(36.46	)		55.82			3.73			3.66			3.78

Total from investment operations			(4.03	)		(35.53	)		56.43			4.22			4.05			4.09

Distributions to shareholders from:
Net investment income			(0.72	)		(1.34	)		(0.48	)		(0.61	)		(0.39	)		(0.30	)

Net asset value at end of period		$	46.24		$	50.99		$	87.86		$	31.91		$	28.30		$	24.64

Market price at end of period^(b)		$	46.17		$	50.92		$	87.72		$	31.93		$	28.31		$	24.66

Net Asset Value Total Return^(c)			(8.07	)%		(40.88	)%		176.87	%		15.13	%		16.76	%		19.78	%
Market Price Total Return^(c)			(8.09	)%		(40.86	)%		176.26	%		15.16	%		16.70	%		19.87	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	942,668		$	1,070,268		$	2,196,396		$	247,876		$	144,857		$	116,263
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(d)		0.62	%		0.61	%		0.70	%		0.70	%		0.70	%
Expenses, prior to Waivers			0.63	%^(d)		0.62	%		0.61	%		0.70	%		0.71	%		0.77	%
Net investment income			3.99	%^(d)		1.23	%		0.71	%		1.57	%		1.56	%		1.30	%
Portfolio turnover rate^(e)			27	%		60	%		81	%		40	%		40	%		43	%

^(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.



		57
		57

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 Aerospace & Defense ETF (PPA)		“Aerospace & Defense ETF”

Invesco DWA Momentum ETF (PDP)		“DWA Momentum ETF”

Invesco Global Listed Private Equity ETF (PSP)		“Global Listed Private Equity ETF”

Invesco Golden Dragon China ETF (PGJ)		“Golden Dragon China ETF”

Invesco MSCI Sustainable Future ETF (ERTH)		“MSCI Sustainable Future ETF”

Invesco Raymond James SB-1 Equity ETF (RYJ)		“Raymond James SB-1 Equity ETF”

Invesco S&P 500 BuyWrite ETF (PBP)		“S&P 500 BuyWrite ETF”

Invesco S&P 500^®Quality ETF (SPHQ)		“S&P 500^®Quality ETF”

Invesco S&P Spin-Off ETF (CSD)		“S&P Spin-Off ETF”

Invesco Water Resources ETF (PHO)		“Water Resources ETF”

Invesco WilderHill Clean Energy ETF (PBW)		“WilderHill Clean Energy ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of DWA Momentum ETF, Golden Dragon China ETF and Water Resources ETF, which 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

Aerospace & Defense ETF		SPADE^®Defense Index

DWA Momentum ETF		Dorsey Wright^®Technical Leaders Index

Global Listed Private Equity ETF		Red Rocks Global Listed Private Equity Index

Golden Dragon China ETF		NASDAQ Golden Dragon China Index

MSCI Sustainable Future ETF		MSCI Global Environment Select Index

Raymond James SB-1 Equity ETF		Raymond James SB-1 Equity index

S&P 500 BuyWrite ETF		CBOE S&P 500 BuyWrite Index^SM

S&P 500^®Quality ETF		S&P 500^®Quality Index

S&P Spin-Off ETF		S&P U.S. Spin-Off Index

Water Resources ETF		NASDAQ OMX US Water Index^SM

WilderHill Clean Energy ETF		WilderHill Clean Energy Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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

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

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

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

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

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in

interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. 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 (except Raymond James SB-1 Equity ETF and S&P Spin-Off ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Raymond James SB-1 Equity ETF and S&P Spin-Off ETF declare and pay dividends from net investment income, if any, to shareholders annually 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, partnerships 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 S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF) is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees 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).

S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF have 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 (except for S&P 500 BuyWrite ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:


	Amount

Aerospace & Defense ETF		$10,444

DWA Momentum ETF		22,745

Global Listed Private Equity ETF		8,455

Golden Dragon China ETF		34,583

MSCI Sustainable Future ETF		5,488

Raymond James SB-1 Equity ETF		3,351

S&P 500^® Quality ETF		8,791

S&P Spin-Off ETF		262

Water Resources ETF		707

WilderHill Clean Energy ETF		1,125,576

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

Call Options Purchased and Written - Certain Funds may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statements of

Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statements of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Swap Agreements - Certain Funds may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain, among other conditions, events of default and termination events, and various covenants and representations such as provisions that require each Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of each Fund’s NAV over specific periods of time. If each Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the futures commission merchant (“FCM”)) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statements of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statements of Operations. Cash held as collateral is recorded as deposits with brokers on the Statements of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty.

M.	Other Risks

ADR and GDR Risk. Certain Funds may invest in American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price

of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

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.

China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events, such as the recent coronavirus outbreak, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, the inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging markets securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

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.

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

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.

Listed Private Equity Companies Risk. There are certain risks inherent in investing in listed private equity companies, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to or provide services to privately held companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. A Fund is also subject to the underlying risks which affect the listed private equity companies in which the financial institutions or vehicles held by the Fund invest. Listed private equity companies are subject to various risks depending on their underlying investments, which include additional liquidity risk, industry risk, foreign security risk, currency risk, valuation risk and credit risk. Listed private equity companies may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings, which may be adversely impacted by the poor performance of a small number of investments. By investing in companies in the capital markets whose business is to lend money, there is a risk that the issuer may default on its payments or declare bankruptcy.

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

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 Aerospace & Defense ETF, Golden Dragon China ETF, S&P Spin-Off ETF and Water Resources ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

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

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

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.

Thematic Investing Risk. Certain Funds rely on the index provider for its Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. The Fund’s performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that the index provider evaluates environmental, social and governance (“ESG”) factors as part of an Underlying Index’s methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider’s ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact the Fund’s performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in the Underlying Index. There is no guarantee that the Underlying Index will reflect complete exposure to any particular environmental theme.

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 Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500^® Quality ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. S&P 500^® Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.15% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF accrue daily and pay monthly to the Adviser an annual unitary management fee of 0.75% and 0.49%, respectively, 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 Raymond James SB-1 Equity ETF and S&P 500 BuyWrite 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 Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except for Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500^® Quality ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2024. The Expense Cap (including sub-licensing fees) for S&P 500^® Quality ETF is 0.15% of the Fund’s average daily net assets per year through at least August 31, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Aerospace & Defense ETF, DWA Momentum ETF, Global Listed Private Equity ETF, Golden Dragon China ETF, MSCI Sustainable Future ETF, Water Resources ETF and WilderHill Clean Energy ETF.

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

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



Aerospace & Defense ETF	$	361

DWA Momentum ETF		329

Global Listed Private Equity ETF		767

Golden Dragon China ETF		139

MSCI Sustainable Future ETF		921

Raymond James SB-1 Equity ETF		14

S&P 500 BuyWrite ETF		17

S&P 500^®Quality ETF		688,747

S&P Spin-Off ETF		9,190

Water Resources ETF		474

WilderHill Clean Energy ETF		387

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

S&P 500^®Quality ETF	$	3,489,122	$	616,081	$	994,660	$	1,190,350	$	688,031

S&P Spin-Off ETF		30,145		-		12,903		8,096		9,146

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

Aerospace & Defense ETF				SPADE Indexes

DWA Momentum ETF				Dorsey Wright & Associates, LLC

Global Listed Private Equity ETF				Red Rocks Capital, LLC

Golden Dragon China ETF				Nasdaq, Inc.

MSCI Sustainable Future ETF				MSCI, Inc.

Raymond James SB-1 Equity ETF				Raymond James Research Services, LLC

S&P 500 BuyWrite ETF				S&P Dow Jones Indices LLC

S&P 500^®Quality ETF				S&P Dow Jones Indices LLC

S&P Spin-Off ETF				S&P Dow Jones Indices LLC

Water Resources ETF				Nasdaq, Inc.

WilderHill Clean Energy ETF				WilderHill

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 Raymond James SB-1 Equity ETF and S&P 500 BuyWrite 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:



Aerospace & Defense ETF	$	20,780

DWA Momentum ETF		104,901

Global Listed Private Equity ETF		2,152

Golden Dragon China ETF		7,862

MSCI Sustainable Future ETF		15,330

Raymond James SB-1 Equity ETF		20,133

S&P 500 BuyWrite ETF		53

S&P 500^®Quality ETF		202,031

S&P Spin-Off ETF		5,843

Water Resources ETF		3,066

WilderHill Clean Energy ETF		79,898

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

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the six months ended October 31, 2022, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases		Securities Sales		Net Realized Gains*

DWA Momentum ETF		$3,630,010		$-		$-

S&P 500 BuyWrite ETF		26,340		-		-

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

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active

market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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, for each Fund (except for S&P 500 BuyWrite ETF). As of October 31, 2022, all of the securities in S&P 500 BuyWrite ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The value of options held in S&P 500 BuyWrite ETF was based on Level 1 inputs. 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

Aerospace & Defense ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	1,592,642,172	$	-		$	-	$	1,592,642,172

Money Market Funds		177,740		198,053,351			-		198,231,091


Total Investments	$	1,592,819,912	$	198,053,351		$	-	$	1,790,873,263


DWA Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	1,114,033,162	$	-		$	-	$	1,114,033,162

Money Market Funds		141,171		116,876,075			-		117,017,246


Total Investments	$	1,114,174,333	$	116,876,075		$	-	$	1,231,050,408


Global Listed Private Equity ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	137,746,903	$	-		$	-	$	137,746,903

Closed-End Funds		27,073,441		-			-		27,073,441

Money Market Funds		1,191,066		46,705,517			-		47,896,583


Total Investments in Securities		166,011,410		46,705,517			-		212,716,927


Other Investments - Assets*

Swap Agreements		-		96,351			-		96,351


Total Investments	$	166,011,410	$	46,801,868		$	-	$	212,813,278


Golden Dragon China ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	166,902,247	$	-		$	194,349	$	167,096,596

Money Market Funds		185,292		52,894,378			-		53,079,670


Total Investments	$	167,087,539	$	52,894,378		$	194,349	$	220,176,266


MSCI Sustainable Future ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	300,256,112	$	-		$	-	$	300,256,112

Exchange-Traded Funds		6,531,252		-			-		6,531,252

Money Market Funds		-		62,427,188			-		62,427,188


Total Investments	$	306,787,364	$	62,427,188		$	-	$	369,214,552


Raymond James SB-1 Equity ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	121,317,758	$	-		$	-	$	121,317,758

Money Market Funds		16,291		27,255,725			-		27,272,016


Total Investments	$	121,334,049	$	27,255,725		$	-	$	148,589,774


	Level 1		Level 2		Level 3			Total

S&P 500^®Quality ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	3,463,289,461	$	-		$	-	$	3,463,289,461

Money Market Funds		-		117,444,360			-		117,444,360

Total Investments	$	3,463,289,461	$	117,444,360		$	-	$	3,580,733,821


S&P Spin-Off ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	54,859,434	$	-		$	-	$	54,859,434

Money Market Funds		113,364		9,288,902			-		9,402,266

Total Investments	$	54,972,798	$	9,288,902		$	-	$	64,261,700


Water Resources ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	1,681,011,266	$	-		$	-	$	1,681,011,266

Money Market Funds		1,902,676		56,075,887			-		57,978,563

Total Investments	$	1,682,913,942	$	56,075,887		$	-	$	1,738,989,829


WilderHill Clean Energy ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	939,064,094	$	-		$	-	$	939,064,094

Money Market Funds		14,254		257,589,688			-		257,603,942

Total Investments	$	939,078,348	$	257,589,688		$	-	$	1,196,668,036

*	Unrealized appreciation (depreciation).

NOTE 6–Derivative Investments

The Funds may enter into an ISDA Master Agreement under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:


	Value
	Global Listed Private Equity ETF			S&P 500 BuyWrite ETF

Derivative Assets		Equity Risk			Equity Risk


Unrealized appreciation on swap agreements - OTC		$	96,351		$	-


Total Derivative Assets subject to master netting agreements		$	96,351		$	-


	Value
	Global Listed Private Equity ETF			S&P 500 BuyWrite ETF

Derivative Liabilities		Equity Risk			Equity Risk


Options written, at value - Exchange-Traded		$	-		$	(5,920,725	)

Derivatives not subject to master netting agreements			-			5,920,725


Total Derivative Liabilities subject to master netting agreements		$	-		$	-

Offsetting Assets and Liabilities

The table below reflects the Funds’ exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022:

Global Listed Private Equity ETF

Financial Derivative
Assets

Financial Derivative
Liabilities

Collateral
(Received)/Pledged

Counterparty

Swap Agreements

Net Value of
Derivatives

Non-Cash

Cash

Net Amount

Citibank, N.A.

$96,351

Effect of Derivative Investments for the Six-Month Period Ended October 31, 2022

The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statements of Operations
	Global Listed Private Equity ETF				S&P 500 BuyWrite ETF
	Equity Risk

Realized Gain (Loss):

Options written		$	-			$	(26,060	)

Swap agreements			(236,094	)			-

Change in Net Unrealized Appreciation (Depreciation):

Options written			-				(4,944,815	)

Swap agreements			193,679				-


Total		$	(42,415	)		$	(4,970,875	)


The table below summarizes the average notional value of derivatives held during the period.


	Average Notional Value
	Global Listed Private Equity ETF			S&P 500 BuyWrite ETF

Options written		$	-		$	120,910,571

Swap agreements			1,911,701			-

NOTE 7–Tax Information

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

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

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


	No expiration
	Short-Term		Long-Term		Total*

Aerospace & Defense ETF	$	19,822,014	$	23,869,011	$	43,691,025

DWA Momentum ETF		684,672,196		-		684,672,196

Global Listed Private Equity ETF		27,836,489		64,909,993		92,746,482

Golden Dragon China ETF		50,072,764		190,903,927		240,976,691

MSCI Sustainable Future ETF		2,748,131		-		2,748,131

Raymond James SB-1 Equity ETF		35,681,310		25,841,477		61,522,787

S&P 500 BuyWrite ETF		-		-		-

S&P 500^®Quality ETF		102,200,757		78,182,646		180,383,403


	No expiration
	Short-Term		Long-Term		Total*

S&P Spin-Off ETF	$	60,379,440	$	92,090,390	$	152,469,830

Water Resources ETF		157,156,657		112,369,044		269,525,701

WilderHill Clean Energy ETF		306,687,515		362,212,982		668,900,497

*	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 8–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

Aerospace & Defense ETF	$	179,769,767	$	180,641,893

DWA Momentum ETF		884,726,141		880,846,583

Global Listed Private Equity ETF		34,198,887		31,425,808

Golden Dragon China ETF		28,535,559		28,695,513

MSCI Sustainable Future ETF		80,858,172		88,371,188

Raymond James SB-1 Equity ETF		57,833,613		57,090,391

S&P 500 BuyWrite ETF		30,192,112		28,499,663

S&P 500^®Quality ETF		1,709,934,732		1,700,708,185

S&P Spin-Off ETF		19,605,767		19,291,287

Water Resources ETF		222,101,721		218,732,702

WilderHill Clean Energy ETF		302,437,617		297,108,506

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


	In-kind Purchases		In-kind Sales

Aerospace & Defense ETF	$	321,284,356	$	251,234,066

DWA Momentum ETF		30,169,173		138,254,839

Global Listed Private Equity ETF		15,583,634		8,741,482

Golden Dragon China ETF		41,664,001		36,536,046

MSCI Sustainable Future ETF		9,825,180		35,806,012

Raymond James SB-1 Equity ETF		10,095,407		7,571,737

S&P 500 BuyWrite ETF		-		29,422,471

S&P 500^®Quality ETF		839,078,229		793,288,265

S&P Spin-Off ETF		5,551,516		11,803,956

Water Resources ETF		57,608,557		84,228,504

WilderHill Clean Energy ETF		848,755,435		859,126,341

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

As of October 31, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


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

Aerospace & Defense ETF	$	156,787,691	$	(94,510,676	)	$	62,277,015		$	1,728,596,248

DWA Momentum ETF		111,584,772		(29,367,215	)		82,217,557			1,148,832,851

Global Listed Private Equity ETF		3,304,865		(63,192,441	)		(59,887,576	)		272,700,854

Golden Dragon China ETF		3,807,785		(203,264,327	)		(199,456,542	)		419,632,808

MSCI Sustainable Future ETF		30,410,599		(110,518,259	)		(80,107,660	)		449,322,212

Raymond James SB-1 Equity ETF		20,764,856		(17,474,459	)		3,290,397			145,299,377

S&P 500 BuyWrite ETF		19,897,074		(40,761,402	)		(20,864,328	)		118,308,071

S&P 500^®Quality ETF		300,786,710		(215,260,374	)		85,526,336			3,495,207,485

S&P Spin-Off ETF		10,036,518		(9,306,041	)		730,477			63,531,223


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

Water Resources ETF	$	255,921,592	$	(60,560,021	)	$	195,361,571		$	1,543,628,258

WilderHill Clean Energy ETF		31,770,957		(815,685,049	)		(783,914,092	)		1,980,582,128

NOTE 9–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 Raymond James SB-1 Equity ETF and S&P 500 BuyWrite 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 Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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 10–Capital

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

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

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

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

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco S&P 500 BuyWrite ETF and Invesco Raymond James SB-1 Equity ETF), you incur advisory fees and other Fund expenses. As a shareholder of Invesco S&P 500 BuyWrite ETF or Invesco Raymond James SB-1 Equity 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.

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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



	Beginning Account Value May 1, 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 Aerospace & Defense ETF (PPA)

Actual		$	1,000.00		$	1,051.50		0.58	%		$	3.00

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

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 Momentum ETF (PDP)

Actual		$1,000.00		$1,003.30		0.62	%		$3.13

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

Invesco Global Listed Private Equity ETF (PSP)

Actual		1,000.00		827.70		0.65			2.99

Hypothetical (5% return before expenses)		1,000.00		1,021.93		0.65			3.31

Invesco Golden Dragon China ETF (PGJ)

Actual		1,000.00		694.60		0.66			2.82

Hypothetical (5% return before expenses)		1,000.00		1,021.88		0.66			3.36

Invesco MSCI Sustainable Future ETF (ERTH)

Actual		1,000.00		875.50		0.58			2.74

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

Invesco Raymond James SB-1 Equity ETF (RYJ)

Actual		1,000.00		981.60		0.75			3.75

Hypothetical (5% return before expenses)		1,000.00		1,021.42		0.75			3.82

Invesco S&P 500 BuyWrite ETF (PBP)

Actual		1,000.00		916.40		0.49			2.37

Hypothetical (5% return before expenses)		1,000.00		1,022.74		0.49			2.50

Invesco S&P 500^®Quality ETF (SPHQ)

Actual		1,000.00		946.30		0.15			0.74

Hypothetical (5% return before expenses)		1,000.00		1,024.45		0.15			0.77

Invesco S&P Spin-Off ETF (CSD)

Actual		1,000.00		937.10		0.65			3.17

Hypothetical (5% return before expenses)		1,000.00		1,021.93		0.65			3.31

Invesco Water Resources ETF (PHO)

Actual		1,000.00		1,034.90		0.59			3.03

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

Invesco WilderHill Clean Energy ETF (PBW)

Actual		1,000.00		919.30		0.63			3.05

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

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365.

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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


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Downers Grove, IL 60515	P-PS-SAR-4	invesco.com/ETFs