N-CSR

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.¹ Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,² the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,³ causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.² To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.³ The CPI rose by 7.9% for the 12 months ended February 28, 2022, the largest 12-month increase since 1982.² To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.⁴

¹	Source: US Bureau of Economic Analysis

²	Source: US Bureau of Labor Statistics

³	Source: Bloomberg L.P.

⁴	Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year, global equity markets were bolstered by the acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets, with growth stocks outperforming value stocks in most regions.

Developed global equity markets ended the second half of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the fiscal year, resulting in higher costs for companies and consumers. Emerging market equities declined during the fiscal year, primarily due to weak performance of Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector, the potential default of a large Chinese property developer (which did, in fact, default later in 2021) and COVID-19 concerns.

Global equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply and value stocks outperforming growth stocks.

At the end of the fiscal year, global equity markets continued their decline, as they were impacted by the war in Ukraine, COVID-19 lockdowns in China and the increase of interest rates in the US to combat inflation. For the overall fiscal year, most regions were in negative territory, but developed market equities outperformed emerging market equities.

As an index fund, the Invesco Dynamic Biotechnology & Genome ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Biotech & Genome Intellidex^® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index which is composed of common stocks of U.S. biotechnology and genome companies. These companies are engaged principally in the research, development, manufacture and marketing and distribution of various biotechnological products, services and processes, and are companies that benefit significantly from scientific and technological advances in biotechnology and genetic engineering and research. These companies may include, for example, biopharmaceutical companies that actively participate in the research and development, animal testing and partial human testing phases of drug development, typically using biotechnological techniques that required the use of living organisms, cells and/or components of cells; outsourced services companies that utilize drug delivery technologies in the development of therapeutics for the biopharmaceutical industry or provide biopharmaceutical companies with novel biological targets and drug leads, and scientific products such as bio-analytical instruments, reagents, and chemicals. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (25.32)%. On a net asset value (“NAV”) basis, the Fund returned (25.32)%. During the same time period, the Index returned (24.84)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P Composite 1500^® Biotechnology Index (the “Benchmark Index”) returned 2.24%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 26 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the biotech industry. It is important to note, however, that the Index includes stocks from its proprietary “Biotechnology & Genome Group Universe” of which approximately 95% are considered pharmaceuticals, biotechnology and life sciences, while the remaining 5% of the Index contains stocks in other industry groups including materials, health care equipment & services, and technology hardware & equipment. The Benchmark Index contains 100% biotechnology

companies. This Benchmark Index is relevant as a comparison, but the disparity compared to pure biotechnology exposure may produce potentially significant differences in performance when compared to the Fund.

Relative to the Benchmark Index, the Fund was most overweight in the life sciences tools & services sub-industry and most underweight in the biotechnology sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s stock selection within the biotechnology sub-industry.

For the fiscal year ended April 30, 2022, no sub-industry contributed to the Fund’s return. The biotechnology sub-industry detracted most significantly from the Fund’s return, followed by the life sciences tools & services sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Dicerna Pharmaceuticals, Inc., a pharmaceuticals company (no longer held at fiscal year-end), and Alkermes PLC, a biotechnology company (portfolio average weight of 3.05%). Positions that detracted most significantly from the Fund’s return during this period included Novavax, Inc., a biotechnology company (no longer held at fiscal year-end), and FibroGen, Inc., a biotechnology company (portfolio average weight of 1.09%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Biotechnology			79.96
Life Sciences Tools & Services			10.12
Health Care Services			5.09
Pharmaceuticals			4.87
Money Market Funds Plus Other Assets Less Liabilities			(0.04)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Vertex Pharmaceuticals, Inc.			6.24
Incyte Corp.			5.78
Regeneron Pharmaceuticals, Inc.			5.75
Amgen, Inc.			5.54
Biogen, Inc.			5.20
Gilead Sciences, Inc.			5.12
Bio-Techne Corp.			4.99
Catalent, Inc.			4.87
Halozyme Therapeutics, Inc.			3.49
Alkermes PLC			3.31
Total			50.29

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.59%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

As an index fund, the Invesco Dynamic Building & Construction ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Building & Construction Intellidex^® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. building and construction companies. These companies are engaged primarily in providing construction and related engineering services for building and remodeling residential properties, commercial or industrial buildings, or working on large- scale infrastructure projects, such as highways, tunnels, bridges, dams, power lines and airports. These companies also may include manufacturers of building materials for home improvement and general construction projects and specialized machinery used for building and construction; companies that provide installation, maintenance or repair work; and land developers. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (19.39)%. On a net asset value (“NAV”) basis, the Fund returned (19.31)%. During the same time period, the Index returned (18.86)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Construction & Engineering Index (the “Benchmark Index”) returned (0.01)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 13 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the building & construction industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the homebuilding sub-industry and most underweight in the construction & engineering sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the homebuilding and building products sub-industries.

For the fiscal year ended April 30, 2022, the gas utilities sub- industry contributed most significantly to the Fund’s return. The homebuilding sub-industry detracted most significantly from the Fund’s return, followed by the construction & engineering sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Southwest Gas Holdings, Inc., a gas utilities company (portfolio average weight of 2.93%) and Carlisle Cos. Inc., a building products company (portfolio average weight of 1.91%). Positions that detracted most significantly from the Fund’s return during this period included D.R. Horton, Inc., a homebuilding company (portfolio average weight of 1.32%) and Dream Finders Homes, Inc., Class A, a homebuilding company (no longer held at fiscal year-end).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Homebuilding			44.38
Construction Materials			15.48
Building Products			11.53
Home Improvement Retail			10.34
Specialty Stores			5.55
Gas Utilities			4.04
Sub-Industry Types Each Less Than 3%			8.65
Money Market Funds Plus Other Assets Less Liabilities			0.03

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Tractor Supply Co.			5.55
Home Depot, Inc. (The)			5.25
Vulcan Materials Co.			5.19
Martin Marietta Materials, Inc.			5.15
Lowe’s Cos., Inc.			5.09
NVR, Inc.			5.01
Lennar Corp., Class A			4.91
D.R. Horton, Inc.			4.78
Southwest Gas Holdings, Inc.			4.04
Carlisle Cos., Inc.			3.35
Total			48.32

*	Excluding money market fund holdings.

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

As an index fund, the Invesco Dynamic Energy Exploration & Production ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Energy Exploration & Production Intellidex^® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. companies involved in the exploration and production of natural resources used to produce energy. These companies are engaged principally in exploration, extraction and production of crude oil and natural gas from land-based or offshore wells. These companies may include petroleum refineries that process the crude oil into finished products, such as gasoline and automotive lubricants, and companies involved in gathering and processing natural gas, and manufacturing natural gas liquid. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 88.04%. On a net asset value (“NAV”) basis, the Fund returned 88.75%. During the same time period, the Index returned 90.05%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, the effect of which was compounded during a time period of high returns, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P Composite 1500^® Oil & Gas Exploration & Production Index (the “Benchmark Index”) returned 84.39%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 23 securities. The Benchmark Index was selected for its recognition in the marketplace and because its performance comparison is a useful measure for investors as a broad representation of the oil & gas exploration & production sub-industry.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas refining & marketing sub-industry and most underweight in the oil & gas exploration & production sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s stock selection in the oil & gas exploration & production sub-industry.

For the fiscal year ended April 30, 2022, the oil & gas refining & marketing sub-industry contributed most significantly to the Fund’s return, followed by the oil & gas exploration & production sub-industry. There were no detracting sub-industries during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Occidental Petroleum Corp., an integrated oil & gas company (portfolio average weight of 3.92%) and Antero Resources Corp., an oil & gas exploration & production company (portfolio average weight of 3.01%). Positions that detracted most significantly from the Fund’s return during this period included Delek US Holdings Inc, an oil & gas refining & marketing company (no longer held at fiscal year-end) and Civitas Resources, Inc., an oil & gas exploration & production company (no longer held at fiscal year-end).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Oil & Gas Exploration & Production			71.45
Oil & Gas Refining & Marketing			20.07
Integrated Oil & Gas			5.80
Gas Utilities			2.61
Money Market Funds Plus Other Assets Less Liabilities			0.07

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Occidental Petroleum Corp.			5.80
Valero Energy Corp.			5.24
Comstock Resources, Inc.			5.07
Marathon Petroleum Corp.			4.66
Devon Energy Corp.			4.46
ConocoPhillips			4.40
EOG Resources, Inc.			4.34
Pioneer Natural Resources Co.			4.26
Phillips 66			4.16
Antero Resources Corp.			3.80
Total			46.19

*	Excluding money market fund holdings.

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.95% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund

at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

As an index fund, the Invesco Dynamic Food & Beverage ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Food & Beverage Intellidex^® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. food and beverage companies. These companies are engaged principally in the manufacture, sale or distribution of food and beverage products, agricultural products and products related to the development of new food technologies. These companies may include consumer manufacturing of agricultural inputs like livestock and crops, as well as processed food and beverage products; food and beverage stores such as grocery stores, supermarkets, wholesale distributors of grocery items; and food and beverage services like restaurants, bars, snack bars, coffeehouses and other establishments providing food and refreshment. Companies with focused operations, such as tobacco growers and manufacturers or pet supplies stores, are specifically excluded from this universe. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 14.18%. On a net asset value (“NAV”) basis, the Fund returned 14.14%. During the same time period, the Index returned 14.85%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Food Beverage & Tobacco Index (the “Benchmark Index”) returned 15.07%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 46 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the food & beverage industry.

Relative to the Benchmark Index, the Fund was most overweight in the packaged foods & meats sub-industry and most underweight in the soft drinks sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that

period can be attributed to the Fund’s overweight allocation to the personal products sub-industry, followed by the Fund’s underweight allocation to the soft drinks sub-industry.

For the fiscal year ended April 30, 2022, the food retail sub-industry contributed most significantly to the Fund’s return, followed by the packaged foods & meats sub-industry. The personal products and brewers sub-industries detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Albertsons Cos., Inc., Class A, a food retail company (portfolio average weight of 2.89%) and Coca-Cola Consolidated, Inc., a soft drinks company (portfolio average weight of 2.74%). Positions that detracted most significantly from the Fund’s return during this period included Herbalife Nutrition Ltd., a personal products company (portfolio average weight of 2.53%) and J & J Snack Foods Corp., a packaged foods & meats company (no longer held at fiscal year-end).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Packaged Foods & Meats			44.34
Soft Drinks			16.30
Food Retail			15.00
Agricultural Products			8.48
Food Distributors			6.16
Distillers & Vintners			5.37
Sub-Industry Types Each Less Than 3%			4.26
Money Market Funds Plus Other Assets Less Liabilities			0.09

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Archer-Daniels-Midland Co.			5.53
Constellation Brands, Inc., Class A			5.37
Hershey Co. (The)			5.28
General Mills, Inc.			4.97
Coca-Cola Co. (The)			4.91
PepsiCo, Inc.			4.83
Keurig Dr Pepper, Inc.			4.59
Mondelez International, Inc., Class A			4.59
Weis Markets, Inc.			3.41
Andersons, Inc. (The)			3.26
Total			46.74

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.68% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

As an index fund, the Invesco Dynamic Leisure and Entertainment ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Leisure & Entertainment Intellidex^® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. leisure and entertainment companies. These companies are engaged principally in the design, production or distribution of goods or services in the leisure and entertainment industries. These companies may include hospitality industry companies such as hotels, restaurants and bars, cruise lines, casinos, and all other recreation and amusement businesses, as well as entertainment programming companies engaged in the production of motion pictures, music by recording artists, programming for radio and television, related post-production and movie theaters. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (5.32)%. On a net asset value (“NAV”) basis, the Fund returned (5.47)%. During the same time period, the Index returned (5.14)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by revenue generated through the Fund’s securities lending program.

During this same time period, the S&P Composite 1500^® Hotels Restaurants & Leisure Index (the “Benchmark Index”) returned (10.70)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 45 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the leisure & entertainment industry.

Relative to the Benchmark Index, the Fund was most overweight in the movies & entertainment sub-industry and most underweight in the restaurants sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative overweight allocation to the movies & entertainment sub-industry.

For the fiscal year ended April 30, 2022, the movies & entertainment sub-industry contributed most significantly to the Fund’s return, followed by the hotels resorts & cruise lines sub-industry. The restaurants sub-industry detracted most significantly from the Fund’s return, followed by the broadcasting sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included AMC Entertainment Holdings, Inc., Class A, a movies & entertainment company (portfolio average weight of 0.94%) and Marriott International, Inc., Class A, a hotels resorts & cruise lines company (portfolio average weight of 2.13%). Positions that detracted most significantly from the Fund’s return during this period included Walt Disney Co. (The), a movies & entertainment company (portfolio average weight of 4.84%) and Eventbrite, Inc., Class A, an interactive media & services company (portfolio average weight of 2.70%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Movies & Entertainment			31.07
Hotels, Resorts & Cruise Lines			21.06
Casinos & Gaming			15.67
Broadcasting			10.38
Restaurants			8.40
Leisure Facilities			5.74
Food Distributors			5.54
Interactive Media & Services			2.24
Money Market Funds Plus Other Assets Less Liabilities			(0.10)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Marriott International, Inc., Class A			5.60
Sysco Corp.			5.54
McDonald’s Corp.			5.39
Live Nation Entertainment, Inc.			4.89
Booking Holdings, Inc.			4.78
Fox Corp., Class A			4.68
Expedia Group, Inc.			4.66
Walt Disney Co. (The)			4.12
Paramount Global, Class B			3.11
Wyndham Hotels & Resorts, Inc.			3.10
Total			45.87

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

As an index fund, the Invesco Dynamic Media ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Media Intellidex^® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. media companies. These companies are engaged principally in the development, production, sale and distribution of goods or services used in the media industry. These companies produce and distribute information and entertainment content and may include television and radio stations, broadcast and cable networks, motion picture companies, music producers, print publishers, and providers of content delivered via the internet, as well as direct to home satellite services, traditional cable services, and advertising and related services. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (21.92)%. On a net asset value (“NAV”) basis, the Fund returned (21.90)%. During the same time period, the Index returned (21.31)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Media Index (the “Benchmark Index”) returned (26.11)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 22 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the media industry.

Relative to the Benchmark Index, the Fund was most overweight in the interactive media & services sub-industry and most underweight in the cable & satellite sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to and selection within the cable & satellite sub-industry.

For the fiscal year ended April 30, 2022, the IT consulting & other services sub-industry contributed most significantly to the Fund’s return, followed by the internet & direct marketing retail sub-industry. The movies & entertainment sub-industry detracted most significantly from the Fund’s return, followed by the interactive media & services sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Meredith Corp., a publishing company (no longer held at fiscal year-end) and CarGurus, Inc., Class A, an interactive media & services company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Netflix, Inc., a movies & entertainment company (portfolio average weight of 4.84%) and Spotify Technology SA, a movies & entertainment media company (portfolio average weight of 4.47%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Interactive Media & Services			30.81
Broadcasting			20.36
Movies & Entertainment			19.51
Publishing			11.93
Advertising			10.90
IT Consulting & Other Services			3.33
Cable & Satellite			3.21
Money Market Funds Plus Other Assets Less Liabilities			(0.05)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Twitter, Inc.			8.80
Meta Platforms, Inc., Class A			5.87
Alphabet, Inc., Class A			5.21
Walt Disney Co. (The)			4.46
Match Group, Inc.			4.37
Spotify Technology S.A.			4.02
ZipRecruiter, Inc., Class A			3.75
Paramount Global, Class B			3.37
Gartner, Inc.			3.33
Lions Gate Entertainment Corp., Class A			3.31
Total			46.49

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.72% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

As an index fund, the Invesco Dynamic Networking ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Networking Intellidex^® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. networking companies. These companies are principally engaged in the development, manufacture, sale or distribution of products, services or technologies that support the flow of electronic information, including voice, data, images and commercial transactions. These companies may include communications equipment companies that offer a broad range of access, transport, and connectivity equipment and devices which span across a diverse set of markets including enterprise networking, home networking, satellite, wireless (terrestrial), wireline wide area networking, and cable (CATV). Such companies also may provide integrated circuits specialized to facilitate communications within a network; software that enables, manages, supports, and secures enterprise networks; and equipment used to build storage networks, which are specialized, high speed networks dedicated to accessing storage data. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (4.91)%. On a net asset value (“NAV”) basis, the Fund returned (4.66)%. During the same time period, the Index returned (5.55)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to income received from the securities lending program in which the Fund participates, partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Communications Equipment Index (the “Benchmark Index”) returned 2.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 19 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the communications equipment industry.

Relative to the Benchmark Index, the Fund was most overweight in the systems software sub-industry and most underweight in the communications equipment sub-industry during the fiscal year

ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative overweight allocation to the application software sub-industry.

For the fiscal year ended April 30, 2022, the technology hardware storage & peripherals sub-industry contributed most significantly to the Fund’s return, followed by the semiconductors and systems software sub-industries, respectively. The application software sub-industry detracted most significantly from the Fund’s return, followed by the communications equipment and internet services & infrastructure sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Fortinet, Inc., a systems software company (portfolio average weight of 5.19%) and Marvell Technology, Inc., a semiconductors company (portfolio average weight of 2.78%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended April 30, 2022, included Arqit Quantum, Inc. (United Kingdom), an application software company (portfolio average weight of 0.93%) and CommScope Holding Co., Inc., a communications equipment company (no longer held at fiscal year-end).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Communications Equipment			29.48
Systems Software			26.04
Application Software			16.80
Semiconductors			11.26
Electronic Components			7.93
Technology Hardware, Storage & Peripherals			5.15
Internet Services & Infrastructure			3.27
Money Market Funds Plus Other Assets Less Liabilities			0.07

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Palo Alto Networks, Inc.			6.33
Fortinet, Inc.			5.21
Apple, Inc.			5.15
Amphenol Corp., Class A			5.12
Marvell Technology, Inc.			4.67
Cisco Systems, Inc.			4.67
QUALCOMM, Inc.			4.52
Datadog, Inc., Class A			4.08
KnowBe4, Inc., Class A			3.63
Qualys, Inc.			3.53
Total			46.91

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.73% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

As an index fund, the Invesco Dynamic Oil & Gas Services ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Oil Services Intellidex^® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. companies that assist in the production, processing and distribution of oil and gas. The Index may include companies engaged in the drilling of oil and gas wells; manufacturing oil and gas field machinery and equipment; or providing services to the oil and gas industry, such as well analysis, platform and pipeline engineering and construction, logistics and transportation services, oil and gas well emergency management and geophysical data acquisition and processing. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 33.00%. On a net asset value (“NAV”) basis, the Fund returned 33.40%. During the same time period, the Index returned 36.18%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, the effect of which was compounded during a time period of high returns, and differences in the treatment of corporate actions.

During this same time period, the S&P Composite 1500^® Energy Equipment & Services Index (the “Benchmark Index”) returned 50.51%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 19 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the oil & gas services industry.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas drilling sub-industry and most underweight in the oil & gas equipment & services sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to stock selection in the oil & gas equipment & services industry, as well as the Fund’s relative overweight allocation to the oil & gas storage & transportation sub-industry.

For the fiscal year ended April 30, 2022, the oil & gas equipment & services sub-industry contributed most significantly to the Fund’s return, followed by the oil & gas drilling sub-industry. The oil & gas storage & transportation sub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Patterson-UTI Energy, Inc., an oil & gas drilling company (portfolio average weight of 6.08%) and Halliburton Co., an oil & gas equipment & services company (portfolio average weight of 7.61%). Positions that detracted most significantly from the Fund’s return during this period included Oceaneering International, Inc., an oil & gas equipment & services company (portfolio average weight of 1.78%) and Scorpio Tankers Inc., an oil & gas storage & transportation company (no longer held at fiscal year-end).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Oil & Gas Equipment & Services			71.09
Oil & Gas Drilling			20.96
Oil & Gas Storage & Transportation			7.61
Money Market Funds Plus Other Assets Less Liabilities			0.34

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Helmerich & Payne, Inc.			7.12
Patterson-UTI Energy, Inc.			6.45
Halliburton Co.			5.78
Baker Hughes Co., Class A			5.57
TechnipFMC PLC			5.48
NOV, Inc.			5.32
ChampionX Corp.			5.17
Schlumberger N.V.			5.05
NexTier Oilfield Solutions, Inc.			4.73
Golar LNG Ltd.			4.53
Total			55.20

*	Excluding money market fund holdings.

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 1.17% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

As an index fund, the Invesco Dynamic Pharmaceuticals ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Pharmaceutical Intellidex^® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

- Big Pharmaceutical: Large, vertically integrated drug companies that actively participate in all major phases of the drug development process, including research and development, animal and human testing, manufacturing and sales and marketing.

- Specialty Pharmaceutical: Midsize, often vertically integrated drug companies specializing in one or two therapeutic areas using both traditional chemical techniques and biotechnological techniques (involving living organisms, cells, and/or components of cells) to develop drugs.

- Generic Pharmaceutical: Generally midsize to small non-vertically integrated drug companies that actively participate only in the manufacturing and sometimes sales and marketing of patent- expired drugs.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (1.94)%. On a net asset value (“NAV”) basis, the Fund returned (1.89)%. During the same time period, the Index returned (1.40)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Pharmaceuticals Index (the “Benchmark Index”) returned 23.19%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 24 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the pharmaceuticals industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology,

whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the biotechnology sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the biotechnology sub-industry followed by its stock selection in the pharmaceuticals sub-industry.

For the fiscal year ended April 30, 2022, the pharmaceuticals sub-industry contributed most significantly to the Fund’s return. The biotechnology sub-industry detracted most significantly from the Fund’s return, followed by the health care equipment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Eli Lilly and Co., a pharmaceuticals company (portfolio average weight of 5.91%) and AbbVie, Inc., a biotechnology company (portfolio average weight of 5.88%). Positions that detracted most significantly from the Fund’s return during this period included Endo International PLC, a pharmaceuticals company (no longer held at fiscal year-end) and Taro Pharmaceutical Industries Ltd., a pharmaceuticals company (portfolio average weight of 3.17%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Pharmaceuticals			55.02
Biotechnology			39.83
Health Care Equipment			5.14
Money Market Funds Plus Other Assets Less Liabilities			0.01

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Eli Lilly and Co.			6.50
Merck & Co., Inc.			6.22
Johnson & Johnson			5.96
Amgen, Inc.			5.61
Pfizer, Inc.			5.50
AbbVie, Inc.			5.37
Gilead Sciences, Inc.			5.18
Abbott Laboratories			5.14
Amphastar Pharmaceuticals, Inc.			4.20
Pacira BioSciences, Inc.			3.67
Total			53.35

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.58%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

As an index fund, the Invesco Dynamic Semiconductors ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Semiconductor Intellidex^® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (9.41)%. On a net asset value (“NAV”) basis, the Fund returned (9.49)%. During the same time period, the Index returned (9.03)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Semiconductor Index (the “Benchmark Index”) returned 2.22%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 52 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the semiconductors industry.

Relative to the Benchmark Index, the Fund was most overweight in the semiconductor equipment sub-industry and most underweight in the semiconductors sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the semiconductor equipment sub-industry and stock selection in the semiconductors sub-industry.

For the fiscal year ended April 30, 2022, the life sciences tools & services sub-industry contributed most significantly to the Fund’s

return, followed by the specialty chemicals sub-industry. The semiconductors sub-industry detracted most significantly from the Fund’s return, followed by the semiconductor equipment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Broadcom, Inc., a semiconductors company (portfolio average weight of 5.25%) and Monolithic Power Systems, Inc., a semiconductors company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Micron Technology, Inc., a semiconductors company (portfolio average weight of 2.28%) and Navitas Semiconductor Corp., a semiconductors company (no longer held at fiscal year-end).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Semiconductors			64.82
Semiconductor Equipment			29.63
Sub-Industry Types Each Less Than 3%			5.61
Money Market Funds Plus Other Assets Less Liabilities			(0.06)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Texas Instruments, Inc.			5.92
Broadcom, Inc.			5.56
Analog Devices, Inc.			5.56
Applied Materials, Inc.			4.91
QUALCOMM, Inc.			4.88
NVIDIA Corp.			4.59
Micron Technology, Inc.			4.36
Advanced Micro Devices, Inc.			4.28
SiTime Corp.			2.92
NXP Semiconductors N.V.			2.88
Total			45.86

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.56%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

As an index fund, the Invesco Dynamic Software ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Software Intellidex^® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (35.59)%. On a net asset value (“NAV”) basis, the Fund returned (35.56)%. During the same time period, the Index returned (35.23)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Software & Services Index (the “Benchmark Index”) returned (5.11)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 84 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the software industry.

Relative to the Benchmark Index, the Fund was most overweight in the application software sub-industry and most underweight in the systems software sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the interactive home entertainment sub-industry as well as an overweight allocation to and stock selection in the application software sub-industry.

For the fiscal year ended April 30, 2022, the data processing & outsourced services sub-industry contributed most significantly to the Fund’s return, followed by the health care services sub-industry. The application software sub-industry detracted most significantly from the Fund’s return, followed by the interactive home entertainment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Vocera Communications, Inc., a communications equipment company (no longer held at fiscal year-end) and Box, Inc., Class A, an application software company (portfolio average weight of 1.36%). Positions that detracted most significantly from the Fund’s return during this period included ROBLOX Corp., Class A, an interactive home entertainment company (portfolio average weight of 4.13%) and Roku, Inc., Class A, an interactive home entertainment company (portfolio average weight of 3.33%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Application Software			36.69
Interactive Home Entertainment			14.36
Data Processing & Outsourced Services			13.58
Health Care Technology			10.68
Systems Software			10.59
Health Care Sevices			3.35
Sub-Industry Types Each Less Than 3%			10.78
Money Market Funds Plus Other Assets Less Liabilities			(0.03)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Cadence Design Systems, Inc.			6.09
Cerner Corp.			5.57
Synopsys, Inc.			5.41
Microsoft Corp.			5.27
Activision Blizzard, Inc.			5.08
SS&C Technologies Holdings, Inc.			4.76
Datadog, Inc., Class A			4.15
Box, Inc., Class A			3.63
ROBLOX Corp., Class A			3.47
Signify Health, Inc., Class A			3.35
Total			46.78

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.56%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Notes Regarding Indexes and Fund Performance History:

-	Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.



	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Biotechnology-79.96%
Acadia Pharmaceuticals, Inc.^(b)(c)		228,349	$	4,210,756
Alkermes PLC^(b)		238,760		6,888,226
Amgen, Inc.^(c)		49,436		11,527,981
Arrowhead Pharmaceuticals, Inc.(b)(c)		138,485		5,693,118
Biogen, Inc.^(b)		52,178		10,823,804
ChemoCentryx, Inc.^(b)(c)		200,176		3,695,249
Dynavax Technologies Corp.^(b)(c)		486,660		4,297,208
Emergent BioSolutions, Inc.^(b)		141,402		4,578,597
Enanta Pharmaceuticals, Inc.^(b)(c)		91,520		5,893,888
Exelixis, Inc.^(b)(c)		304,663		6,806,171
FibroGen, Inc.^(b)(c)		413,514		3,845,680
Gilead Sciences, Inc.		179,526		10,653,073
Halozyme Therapeutics, Inc.^(b)(c)		182,109		7,266,149
Incyte Corp.^(b)		160,589		12,037,751
Ironwood Pharmaceuticals, Inc.^(b)(c)		549,327		6,591,924
Myriad Genetics, Inc.^(b)		232,705		4,770,453
Neurocrine Biosciences, Inc.^(b)		68,087		6,129,873
Prothena Corp. PLC (Ireland)^(b)(c)		174,845		5,098,480
Regeneron Pharmaceuticals, Inc.^(b)		18,160		11,969,438
United Therapeutics Corp.^(b)		30,837		5,475,418
Vericel Corp.^(b)(c)		179,423		5,113,555
Vertex Pharmaceuticals, Inc.^(b)		47,545		12,990,245
Xencor, Inc.^(b)		186,137		4,649,702
Xenon Pharmaceuticals, Inc. (Canada)^(b)		193,362		5,466,344

				166,473,083

Health Care Services-5.09%
Fulgent Genetics, Inc.^(b)(c)		95,912		5,263,651
OPKO Health, Inc.^(b)(c)		1,977,232		5,338,526

				10,602,177

Life Sciences Tools & Services-10.12%
Bio-Techne Corp.		27,360		10,388,318
QIAGEN N.V.^(b)		121,367		5,506,421
Repligen Corp.^(b)(c)		32,905		5,173,982

				21,068,721



	Shares		Value
Pharmaceuticals-4.87%
Catalent, Inc.^(b)		111,874	$	10,131,309

Total Common Stocks & Other Equity Interests (Cost $230,189,309)				208,275,290


Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e) (Cost $138,087)		138,087		138,087

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $230,327,396)				208,413,377


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-25.90%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		16,183,722		16,183,722
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		37,737,721		37,737,721

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $53,920,110)				53,921,443

TOTAL INVESTMENTS IN SECURITIES-126.01% (Cost $284,247,506)				262,334,820
OTHER ASSETS LESS LIABILITIES-(26.01)%				(54,144,086	)

NET ASSETS-100.00%			$	208,190,734

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



	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Building Products-11.53%
A.O. Smith Corp.		63,812	$	3,728,535
Carlisle Cos., Inc.		19,048		4,940,289
Owens Corning		47,405		4,310,537
Simpson Manufacturing Co., Inc.		38,623		4,004,046

				16,983,407

Construction & Engineering-2.96%
AECOM		61,895		4,367,311

Construction Materials-15.48%
Eagle Materials, Inc.		32,593		4,019,369
Martin Marietta Materials, Inc.		21,407		7,582,788
Summit Materials, Inc., Class A^(b)(c)		127,773		3,552,089
Vulcan Materials Co.		44,388		7,647,608

				22,801,854

Environmental & Facilities Services-2.83%
Tetra Tech, Inc.		29,994		4,177,564

Forest Products-2.86%
Louisiana-Pacific Corp.		65,232		4,208,769

Gas Utilities-4.04%
Southwest Gas Holdings, Inc.		67,532		5,950,245

Home Improvement Retail-10.34%
Home Depot, Inc. (The)		25,743		7,733,197
Lowe’s Cos., Inc.		37,917		7,497,329

				15,230,526

Homebuilding-44.38%
Cavco Industries, Inc.^(b)(c)		16,269		3,843,551
Century Communities, Inc.		73,989		3,900,700
D.R. Horton, Inc.		101,146		7,038,750
KB Home		122,115		3,960,189
Lennar Corp., Class A		94,483		7,227,005
M.D.C. Holdings, Inc.		106,758		3,940,438
M/I Homes, Inc.^(b)		95,425		4,225,419
Meritage Homes Corp.^(b)		49,223		4,063,359
NVR, Inc.^(b)		1,686		7,378,290



	Shares		Value
Homebuilding-(continued)
PulteGroup, Inc.		95,945	$	4,006,663
Skyline Champion Corp.^(b)		64,843		3,309,587
Taylor Morrison Home Corp., Class A^(b)		160,087		4,192,678
Toll Brothers, Inc.		84,891		3,936,396
Tri Pointe Homes, Inc.^(b)		211,230		4,366,124

				65,389,149

Specialty Stores-5.55%
Tractor Supply Co.		40,582		8,175,244

Total Common Stocks & Other Equity Interests (Cost $161,980,631)				147,284,069


Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)(Cost $142,552)		142,552		142,552

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.07% (Cost $162,123,183)				147,426,621


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.89%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		834,839		834,839
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		1,948,889		1,948,889

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,783,728)				2,783,728

TOTAL INVESTMENTS IN SECURITIES-101.96% (Cost $164,906,911)				150,210,349
OTHER ASSETS LESS LIABILITIES-(1.96)%				(2,888,525	)

NET ASSETS-100.00%			$	147,321,824

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



	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Gas Utilities-2.61%
National Fuel Gas Co.		98,296	$	6,893,498

Integrated Oil & Gas-5.80%
Occidental Petroleum Corp.		278,284		15,330,666

Oil & Gas Exploration & Production-71.45%
Antero Resources Corp.^(b)		285,572		10,052,134
APA Corp.		187,376		7,669,300
Centennial Resource Development, Inc., Class A^(b)(c)		755,447		5,847,160
Comstock Resources, Inc.^(b)(c)		786,055		13,386,517
ConocoPhillips		121,797		11,634,049
Continental Resources, Inc.^(c)		113,118		6,285,967
Coterra Energy, Inc.		257,859		7,423,761
Devon Energy Corp.		202,456		11,776,866
Diamondback Energy, Inc.		45,440		5,735,891
EOG Resources, Inc.		98,159		11,461,045
Hess Corp.		61,956		6,385,805
HighPeak Energy, Inc.^(c)		293,339		8,011,088
Kosmos Energy Ltd. (Ghana)^(b)		1,394,942		9,429,808
Magnolia Oil & Gas Corp., Class A^(c)		288,404		6,702,509
Marathon Oil Corp.		269,316		6,711,355
Matador Resources Co.		134,361		6,559,504
Murphy Oil Corp.^(c)		180,416		6,870,241
Oasis Petroleum, Inc.		48,484		6,431,887
PDC Energy, Inc.		109,809		7,658,080
Pioneer Natural Resources Co.^(c)		48,430		11,258,522
Range Resources Corp.^(b)		291,144		8,716,851
SM Energy Co.		171,746		6,102,135
Whiting Petroleum Corp.		91,398		6,676,624

				188,787,099

Oil & Gas Refining & Marketing-20.07%
HF Sinclair Corp.		168,904		6,421,730
Marathon Petroleum Corp.		141,027		12,306,016



	Shares		Value
Oil & Gas Refining & Marketing-(continued)
PBF Energy, Inc., Class A^(b)		324,947	$	9,442,960
Phillips 66		126,824		11,003,250
Valero Energy Corp.		124,241		13,850,387

				53,024,343

Total Common Stocks & Other Equity Interests (Cost $197,192,428)				264,035,606


Money Market Funds-0.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)(Cost $340,711)		340,711		340,711

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $197,533,139)				264,376,317


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.52%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		11,513,827		11,513,827
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		26,845,754		26,845,754

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,357,077)				38,359,581

TOTAL INVESTMENTS IN SECURITIES-114.58% (Cost $235,890,216)				302,735,898
OTHER ASSETS LESS LIABILITIES-(14.58)%				(38,519,671	)

NET ASSETS-100.00%			$	264,216,227

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



	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Agricultural Products-8.48%
Archer-Daniels-Midland Co.		186,933	$	16,741,720
Bunge Ltd.		79,019		8,938,629

				25,680,349

Distillers & Vintners-5.37%
Constellation Brands, Inc., Class A		66,143		16,277,131

Food Distributors-6.16%
Andersons, Inc. (The)		196,466		9,868,487
United Natural Foods, Inc.^(b)(c)		204,602		8,783,564

				18,652,051

Food Retail-15.00%
Albertsons Cos., Inc., Class A^(c)		276,490		8,648,607
Ingles Markets, Inc., Class A		95,466		8,889,794
Kroger Co. (The)		173,779		9,377,115
Sprouts Farmers Market, Inc.^(b)		274,661		8,184,898
Weis Markets, Inc.^(c)		129,248		10,324,330

				45,424,744

Packaged Foods & Meats-44.34%
Cal-Maine Foods, Inc.^(c)		181,120		9,731,578
Dole PLC^(c)		522,494		6,222,904
Flowers Foods, Inc.		275,270		7,300,160
General Mills, Inc.		212,925		15,060,185
Hershey Co. (The)		70,885		16,003,706
Hostess Brands, Inc.^(b)(c)		369,202		8,377,193
JM Smucker Co. (The)		56,438		7,728,055
Kellogg Co.		118,228		8,098,618
McCormick & Co., Inc.^(c)		80,589		8,104,836
Mondelez International, Inc., Class A		215,634		13,904,080
Pilgrim’s Pride Corp.^(b)		325,128		9,217,379
Sanderson Farms, Inc.		43,600		8,256,532
Tootsie Roll Industries, Inc.^(c)		239,664		8,395,430
Tyson Foods, Inc., Class A		84,518		7,873,697

				134,274,353

Personal Products-1.65%
Herbalife Nutrition Ltd.^(b)(c)		188,133		5,000,575



	Shares		Value
Restaurants-2.61%
Arcos Dorados Holdings, Inc., Class A (Brazil)		1,090,968	$	7,909,518

Soft Drinks-16.30%
Coca-Cola Co. (The)		230,317		14,880,782
Coca-Cola Consolidated, Inc.		13,494		5,957,601
Keurig Dr Pepper, Inc.		371,838		13,906,741
PepsiCo, Inc.		85,117		14,615,440

				49,360,564

Total Common Stocks & Other Equity Interests (Cost $286,752,231)				302,579,285


Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^(d)(e)(Cost $364,851)		364,851		364,851

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $287,117,082)				302,944,136


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.82%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		11,654,821		11,654,821
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		27,185,071		27,185,071

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,839,892)				38,839,892

TOTAL INVESTMENTS IN SECURITIES-112.85% (Cost $325,956,974)				341,784,028
OTHER ASSETS LESS LIABILITIES-(12.85)%				(38,931,290	)

NET ASSETS-100.00%			$	302,852,738

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



	Shares		Value
Common Stocks & Other Equity Interests-100.10%
Broadcasting-10.38%
AMC Networks, Inc., Class A^(b)(c)		1,069,163	$	34,886,789
Fox Corp., Class A		1,762,077		63,152,840
Paramount Global, Class B		1,442,544		42,006,881

				140,046,510

Casinos & Gaming-15.67%
Boyd Gaming Corp.^(c)		601,169		36,418,818
Everi Holdings, Inc.^(b)(c)		1,806,607		31,362,698
International Game Technology PLC^(c)		1,430,482		31,227,422
MGM Resorts International		931,512		38,229,252
Monarch Casino & Resort, Inc.^(b)(c)		548,276		38,461,561
Red Rock Resorts, Inc., Class A		814,102		35,787,924

				211,487,675

Food Distributors-5.54%
Sysco Corp.		874,685		74,768,074

Hotels, Resorts & Cruise Lines-21.06%
Booking Holdings, Inc.^(b)		29,186		64,510,107
Choice Hotels International, Inc.^(c)		280,989		39,467,715
Expedia Group, Inc.^(b)		359,877		62,888,506
Marriott International, Inc., Class A^(b)		425,731		75,575,767
Wyndham Hotels & Resorts, Inc.^(c)		475,050		41,785,398

				284,227,493

Interactive Media & Services-2.24%
Eventbrite, Inc., Class A^(b)(c)		2,851,289		30,166,638

Leisure Facilities-5.74%
Cedar Fair L.P.^(b)		704,116		37,627,959
SeaWorld Entertainment, Inc.^(b)		590,877		39,848,745

				77,476,704

Movies & Entertainment-31.07%
AMC Entertainment Holdings, Inc., Class A^(b)(c)		2,438,871		37,314,726
Liberty Media Corp.-Liberty Formula One, Class A^(b)		711,154		40,834,463
Lions Gate Entertainment Corp., Class A^(b).		3,057,351		41,243,665
Live Nation Entertainment, Inc.^(b)(c)		629,604		66,032,867



	Shares		Value
Movies & Entertainment-(continued)
Madison Square Garden Sports Corp., Class A^(b)		230,703	$	37,399,263
Manchester United PLC, Class A (United Kingdom)^(c)(d)		3,039,045		41,148,669
Walt Disney Co. (The)^(b)		497,690		55,557,135
Warner Bros Discovery, Inc.^(b)		1,432,213		25,994,666
Warner Music Group Corp., Class A		1,115,771		33,216,503
World Wrestling Entertainment, Inc., Class A^(c)		695,181		40,591,619

				419,333,576

Restaurants-8.40%
Arcos Dorados Holdings, Inc., Class A (Brazil)^(c)		5,602,305		40,616,711
McDonald’s Corp.^(c)		291,686		72,676,484

				113,293,195

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $1,487,027,117)				1,350,799,865


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.35%
Invesco Private Government Fund, 0.40%^(d)(e)(f)		33,799,807		33,799,807
Invesco Private Prime Fund, 0.35%^(d)(e)(f)		78,835,195		78,835,195

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $112,633,820)				112,635,002

TOTAL INVESTMENTS IN SECURITIES-108.45% (Cost $1,599,660,937)				1,463,434,867
OTHER ASSETS LESS LIABILITIES-(8.45)%				(114,013,151	)

NET ASSETS-100.00%			$	1,349,421,716

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



	Shares		Value
Common Stocks & Other Equity Interests-100.05%
Advertising-10.90%
Clear Channel Outdoor Holdings, Inc.^(b)		332,516	$	817,989
Interpublic Group of Cos., Inc. (The)		34,080		1,111,690
Omnicom Group, Inc.^(c)		14,750		1,122,918
TechTarget, Inc.^(b)(c)		16,901		1,137,606

				4,190,203

Broadcasting-20.36%
Fox Corp., Class A		29,660		1,063,014
Gray Television, Inc.		60,379		1,118,219
iHeartMedia, Inc., Class A^(b)		62,232		995,090
Nexstar Media Group, Inc., Class A		7,018		1,111,792
Paramount Global, Class B		44,532		1,296,772
Sinclair Broadcast Group, Inc., Class A		46,138		1,026,109


PBE		Management’s Discussion of Fund Performance
PBE		Invesco Dynamic Biotechnology & Genome ETF (PBE)


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Dynamic Biotech & Genome Intellidex^® Index		(24.84	)%		3.22	%		9.96	%		6.12	%		34.60	%		10.34	%		167.61	%		8.89	%		320.21	%
S&P Composite 1500^® Biotechnology Index		2.24			11.56			38.86			7.66			44.62			14.76			296.18			12.58			637.11
Fund
NAV Return		(25.32	)		2.54			7.83			5.59			31.27			10.02			159.85			8.49			295.05
Market Price Return		(25.32	)		2.53			7.77			5.57			31.15			10.04			160.29			8.49			294.58


PKB		Management’s Discussion of Fund Performance
PKB		Invesco Dynamic Building & Construction ETF (PKB)


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Dynamic Building & Construction Intellidex^® Index		(18.86	)%		12.37	%		41.88	%		8.00	%		46.95	%		12.37	%		221.14	%		7.65	%		237.71	%
S&P Composite 1500^® Construction & Engineering Index		(0.01	)		18.54			66.58			12.13			77.24			9.22			141.64			8.53			286.16
Fund
NAV Return		(19.31	)		11.68			39.31			7.33			42.43			11.59			199.31			6.83			197.68
Market Price Return		(19.39	)		11.67			39.26			7.32			42.34			11.61			199.96			6.82			197.48


PXE		Management’s Discussion of Fund Performance
PXE		Invesco Dynamic Energy Exploration & Production ETF (PXE)



		Invesco Annual Report to Shareholders
		April 30, 2022

		PBE		Invesco Dynamic Biotechnology & Genome ETF

		PKB		Invesco Dynamic Building & Construction ETF

		PXE		Invesco Dynamic Energy Exploration & Production ETF

		PBJ		Invesco Dynamic Food & Beverage ETF

		PEJ		Invesco Dynamic Leisure and Entertainment ETF

		PBS		Invesco Dynamic Media ETF

		PXQ		Invesco Dynamic Networking ETF

		PXJ		Invesco Dynamic Oil & Gas Services ETF

		PJP		Invesco Dynamic Pharmaceuticals ETF

		PSI		Invesco Dynamic Semiconductors ETF

		PSJ		Invesco Dynamic Software ETF



The Market Environment		3

Management’s Discussion of Fund Performance		4

Liquidity Risk Management Program		26

Schedules of Investments

Invesco Dynamic Biotechnology & Genome ETF (PBE)		27

Invesco Dynamic Building & Construction ETF (PKB)		29

Invesco Dynamic Energy Exploration & Production ETF (PXE)		31

Invesco Dynamic Food & Beverage ETF (PBJ)		33

Invesco Dynamic Leisure and Entertainment ETF (PEJ)		35

Invesco Dynamic Media ETF (PBS)		37

Invesco Dynamic Networking ETF (PXQ)		39

Invesco Dynamic Oil & Gas Services ETF (PXJ)		41

Invesco Dynamic Pharmaceuticals ETF (PJP)		43

Invesco Dynamic Semiconductors ETF (PSI)		45

Invesco Dynamic Software ETF (PSJ)		47

Statements of Assets and Liabilities		50

Statements of Operations		52

Statements of Changes in Net Assets		54

Financial Highlights		58

Notes to Financial Statements		66

Report of Independent Registered Public Accounting Firm		78

Fund Expenses		79

Tax Information		81

Trustees and Officers		82

Approval of Investment Advisory Contracts		92


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Dynamic Media Intellidex^® Index		(21.31	)%		6.44	%		20.60	%		8.88	%		53.01	%		11.90	%		207.93	%		7.37	%		231.25	%
S&P Composite 1500^® Media Index		(26.11	)		0.23			0.68			2.87			15.21			10.96			182.82			8.34			285.51
Fund
NAV Return		(21.90	)		5.76			18.31			8.20			48.31			11.15			187.82			6.71			198.83
Market Price Return		(21.92	)		5.73			18.19			8.17			48.12			11.14			187.53			6.71			198.55



	Value April 30, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	97,394	$	7,656,102	$	(7,615,409)		$ -		$ -		$ 138,087	$	100



	Value April 30, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain			Value April 30, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	161,244		$	8,341,974		$	(8,360,666)		$-		$	-		$	142,552		$	202



	Value April 30, 2021			Purchases at Cost	Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain			Value April 30, 2022			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	76,577	$ 58,820,726		$	(58,062,464	)		$-		$	-		$	834,839		$	2,682	*

Invesco Private Prime Fund			112,671	128,153,857			(126,318,040	)		-			401			1,948,889			10,803	*


Total		$	350,492	$195,316,557		$	(192,741,170	)		$-		$	401		$	2,926,280		$	13,687



	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	126,666		$	5,280,988		$	(5,066,943	)		$ -		$ -		$	340,711		$	167