N-CSRS



		Invesco Semi-Annual Report to Shareholders October 31, 2021

		PYZ		Invesco DWA Basic Materials Momentum ETF

		PEZ		Invesco DWA Consumer Cyclicals Momentum ETF

		PSL		Invesco DWA Consumer Staples Momentum ETF

		PXI		Invesco DWA Energy Momentum ETF

		PFI		Invesco DWA Financial Momentum ETF

		PTH		Invesco DWA Healthcare Momentum ETF

		PRN		Invesco DWA Industrials Momentum ETF

		PTF		Invesco DWA Technology Momentum ETF

		PUI		Invesco DWA Utilities Momentum ETF

		PNQI		Invesco NASDAQ Internet ETF

Table of Contents



Schedules of Investments

Invesco DWA Basic Materials Momentum ETF (PYZ)			3

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)			5

Invesco DWA Consumer Staples Momentum ETF (PSL)			7

Invesco DWA Energy Momentum ETF (PXI)			9

Invesco DWA Financial Momentum ETF (PFI)			11

Invesco DWA Healthcare Momentum ETF (PTH)			13

Invesco DWA Industrials Momentum ETF (PRN)			15

Invesco DWA Technology Momentum ETF (PTF)			17

Invesco DWA Utilities Momentum ETF (PUI)			19

Invesco NASDAQ Internet ETF (PNQI)			21

Statements of Assets and Liabilities			24

Statements of Operations			26

Statements of Changes in Net Assets			28

Financial Highlights			32

Notes to Financial Statements			42

Fund Expenses			53

Invesco DWA Basic Materials Momentum ETF (PYZ)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Aluminum-6.03%
Alcoa Corp.		110,074	$	5,057,900
Arconic Corp.^(b)(c)		95,329		2,804,579
Kaiser Aluminum Corp.		13,442		1,305,756

				9,168,235

Commodity Chemicals-10.45%
AdvanSix, Inc.^(b)		56,064		2,724,710
Cabot Corp.		45,174		2,410,033
LyondellBasell Industries N.V., Class A		26,803		2,487,855
Olin Corp.		69,212		3,943,700
Trinseo PLC		40,777		2,285,959
Valvoline, Inc.		59,818		2,031,419

				15,883,676

Construction Materials-2.14%
Summit Materials, Inc., Class A^(b)		91,096		3,247,572

Copper-3.01%
Freeport-McMoRan, Inc.		121,285		4,574,870

Diversified Chemicals-1.37%
Chemours Co. (The)		74,208		2,079,308

Fertilizers & Agricultural Chemicals-11.47%
CF Industries Holdings, Inc.		52,062		2,957,121
Corteva, Inc.		85,420		3,685,873
FMC Corp.		46,062		4,192,103
Mosaic Co. (The)		159,067		6,612,415

				17,447,512

Forest Products-2.09%
Louisiana-Pacific Corp.		54,026		3,183,752

Industrial Gases-3.25%
Air Products and Chemicals, Inc.		16,471		4,938,171

Life Sciences Tools & Services-2.61%
Avantor, Inc.^(b)		98,450		3,975,411

Metal & Glass Containers-0.87%
O-I Glass, Inc.^(b)		101,087		1,319,185

Paper Packaging-3.45%
Avery Dennison Corp.		24,104		5,247,923

Specialty Chemicals-30.18%
Albemarle Corp.		21,021		5,265,130
Avient Corp.		65,381		3,522,728
Balchem Corp.		10,427		1,596,270
Celanese Corp.		32,050		5,176,396
Ecolab, Inc.		13,944		3,098,636
Element Solutions, Inc.		128,199		2,911,399
Ingevity Corp.^(b)		26,589		2,071,550
Innospec, Inc.		24,628		2,231,543
Kraton Corp.^(b)		52,161		2,381,150


	Shares		Value
Specialty Chemicals-(continued)
Livent Corp.^(b)(c)		202,779	$	5,722,423
Minerals Technologies, Inc.		24,027		1,704,475
PPG Industries, Inc.		24,228		3,890,290
Quaker Houghton		9,101		2,237,390
RPM International, Inc.		28,641		2,497,495
Stepan Co.		13,155		1,578,863

				45,885,738

Steel-22.98%
Allegheny Technologies, Inc.^(b)		107,836		1,736,160
Carpenter Technology Corp.		45,508		1,405,287
Cleveland-Cliffs, Inc.^(b)(c)		248,710		5,996,398
Commercial Metals Co.		82,367		2,650,570
Nucor Corp.		46,845		5,230,244
Reliance Steel & Aluminum Co.		19,168		2,801,595
Schnitzer Steel Industries, Inc., Class A		39,210		2,109,498
Steel Dynamics, Inc.		81,914		5,412,877
TimkenSteel Corp.^(b)(c)		148,552		2,072,301
United States Steel Corp.^(c)		154,042		4,065,168
Worthington Industries, Inc.		26,970		1,465,010

				34,945,108

Total Common Stocks & Other Equity Interests (Cost $137,784,770)				151,896,461


Money Market Funds-0.21%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $326,938)		326,938		326,938

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $138,111,708)				152,223,399


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-11.79%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		4,456,880		4,456,880
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		13,463,584		13,468,969

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,925,849)				17,925,849


TOTAL INVESTMENTS IN SECURITIES-111.90% (Cost $156,037,557)				170,149,248

OTHER ASSETS LESS LIABILITIES-(11.90)%				(18,097,856	)


NET ASSETS-100.00%			$	152,051,392

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



		3
		3

Invesco DWA Basic Materials Momentum ETF (PYZ)—(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021.



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	127,943	$	929,303	$	(730,308	)		$	-		$	-		$	326,938		$	35

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			6,678,994		52,351,638		(54,573,752	)			-			-			4,456,880			764	*

Invesco Private Prime Fund			10,018,491		101,282,243		(97,831,765	)			-			-			13,468,969			10,673	*


Total		$	16,825,428	$	154,563,184	$	(153,135,825	)		$	-		$	-		$	18,252,787		$	11,472

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

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

as of October 31, 2021



Specialty Chemicals			30.18

Steel			22.98

Fertilizers & Agricultural Chemicals			11.47

Commodity Chemicals			10.45

Aluminum			6.03

Paper Packaging			3.45

Industrial Gases			3.25

Copper			3.01

Sub-Industry Types Each Less Than 3%			9.08

Money Market Funds Plus Other Assets Less Liabilities			0.10

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



		4
		4

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Apparel Retail-3.64%
Boot Barn Holdings, Inc.^(b)		26,101	$	2,727,294
Shoe Carnival, Inc.		38,551		1,305,722

				4,033,016

Auto Parts & Equipment-1.63%
Fox Factory Holding Corp.^(b)		11,224		1,806,503

Automotive Retail-7.31%
AutoNation, Inc.^(b)		22,532		2,729,076
Carvana Co.^(b)		11,697		3,546,296
TravelCenters of America, Inc.^(b)		33,922		1,828,735

				8,104,107

Casinos & Gaming-5.95%
Golden Entertainment, Inc.^(b)		35,007		1,819,314
Scientific Games Corp.^(b)		59,717		4,780,346

				6,599,660

Computer & Electronics Retail-3.44%
GameStop Corp., Class A^(b)(c)		20,793		3,815,723

Consumer Electronics-2.02%
Garmin Ltd.		15,629		2,244,324

Department Stores-5.88%
Dillard’s, Inc., Class A^(c)		12,073		2,790,553
Macy’s, Inc.		141,105		3,735,050

				6,525,603

Education Services-1.82%
Houghton Mifflin Harcourt Co.^(b)		142,345		2,019,876

Footwear-9.59%
Crocs, Inc.^(b)		25,905		4,182,362
Deckers Outdoor Corp.^(b)		5,610		2,217,689
NIKE, Inc., Class B		25,286		4,230,095

				10,630,146

General Merchandise Stores-2.62%
Target Corp.		11,202		2,908,263

Home Improvement Retail-7.73%
Floor & Decor Holdings, Inc., Class A^(b)		20,303		2,759,584
Home Depot, Inc. (The)		8,180		3,040,833
Lowe’s Cos., Inc.		11,834		2,767,026

				8,567,443

Homebuilding-1.63%
Skyline Champion Corp.^(b)		28,468		1,802,594

Homefurnishing Retail-3.70%
RH^(b)(c)		6,222		4,104,218

Hypermarkets & Super Centers-2.65%
Costco Wholesale Corp.		5,982		2,940,392

Internet & Direct Marketing Retail-7.97%
eBay, Inc.		40,527		3,109,232
Etsy, Inc.^(b)		15,855		3,974,690
Shutterstock, Inc.		14,462		1,752,071

				8,835,993


	Shares		Value
Leisure Facilities-2.26%
SeaWorld Entertainment, Inc.^(b)		39,441	$	2,504,504

Leisure Products-2.77%
YETI Holdings, Inc.^(b)		31,265		3,074,287

Publishing-1.31%
Gannett Co., Inc.^(b)		251,505		1,458,729

Restaurants-8.75%
Chipotle Mexican Grill, Inc.^(b)		2,043		3,634,558
Domino’s Pizza, Inc.		9,204		4,500,480
Papa John’s International, Inc.		12,597		1,563,036

				9,698,074

Specialty Stores-17.27%
Academy Sports & Outdoors, Inc.^(b)(c)		67,504		2,887,821
Bath & Body Works, Inc.		57,047		3,941,377
Dick’s Sporting Goods, Inc.^(c)		28,874		3,586,440
National Vision Holdings, Inc.^(b)		27,460		1,692,634
Signet Jewelers Ltd.^(c)		51,301		4,575,023
Tractor Supply Co.		11,358		2,466,617

				19,149,912

Total Common Stocks & Other Equity Interests (Cost $94,826,852)				110,823,367


Money Market Funds-0.21%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $235,067)		235,067		235,067

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.15% (Cost $95,061,919)				111,058,434


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.92%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		4,296,723		4,296,723
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		10,021,678		10,025,687

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,322,410)				14,322,410


TOTAL INVESTMENTS IN SECURITIES-113.07% (Cost $109,384,329)				125,380,844

OTHER ASSETS LESS LIABILITIES-(13.07)%				(14,494,249	)


NET ASSETS-100.00%			$	110,886,595

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



		5
		5

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)—(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	161,516	$	736,684	$	(663,133	)		$	-			$	-		$	235,067		$	28

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			8,926,332		41,088,185		(45,717,794	)			-				-			4,296,723			507	*

Invesco Private Prime Fund			13,869,648		82,354,703		(86,198,663	)			(1	)			-			10,025,687			7,616	*


Total		$	22,957,496	$	124,179,572	$	(132,579,590	)		$	(1	)		$	-		$	14,557,477		$	8,151

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

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

as of October 31, 2021



Specialty Stores			17.27

Footwear			9.59

Restaurants			8.75

Internet & Direct Marketing Retail			7.97

Home Improvement Retail			7.73

Automotive Retail			7.31

Casinos & Gaming			5.95

Department Stores			5.88

Homefurnishing Retail			3.70

Apparel Retail			3.64

Computer & Electronics Retail			3.44

Sub-Industry Types Each Less Than 3%			18.71

Money Market Funds Plus Other Assets Less Liabilities			0.06

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



		6
		6

Invesco DWA Consumer Staples Momentum ETF (PSL)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Agricultural Products-5.41%
Bunge Ltd.		26,622	$	2,466,262
Darling Ingredients, Inc.^(b)		38,492		3,253,344

				5,719,606

Distillers & Vintners-1.50%
Brown-Forman Corp., Class B		23,394		1,588,219

Education Services-7.23%
Bright Horizons Family Solutions, Inc.^(b)		11,940		1,982,040
Chegg, Inc.^(b)(c)		59,201		3,518,907
Stride, Inc.^(b)(c)		60,455		2,146,153

				7,647,100

Food Distributors-10.08%
Chefs’ Warehouse, Inc. (The)^(b)(c)		50,201		1,750,509
Performance Food Group Co.^(b)		53,747		2,430,977
Sysco Corp.		26,834		2,063,535
United Natural Foods, Inc.^(b)		48,074		2,085,931
US Foods Holding Corp.^(b)		67,266		2,332,112

				10,663,064

Food Retail-6.67%
Albertsons Cos., Inc., Class A		70,154		2,171,266
Casey’s General Stores, Inc.		12,466		2,387,738
Kroger Co. (The)		62,360		2,495,647

				7,054,651

Home Furnishings-3.59%
Tempur Sealy International, Inc.		85,426		3,798,894


Household Appliances-1.80%
Helen of Troy Ltd.^(b)(c)		8,436		1,897,678

Household Products-11.24%
Church & Dwight Co., Inc.		51,823		4,527,257
Clorox Co. (The)		12,763		2,080,496
Procter & Gamble Co. (The)		19,431		2,778,439
Spectrum Brands Holdings, Inc.		26,653		2,498,719

				11,884,911

Industrial Machinery-2.38%
Snap-on, Inc.		12,383		2,516,597

Packaged Foods & Meats-13.00%
B&G Foods, Inc.^(c)		57,848		1,703,045
Freshpet, Inc.^(b)		19,403		3,025,122
Hain Celestial Group, Inc. (The)^(b)		42,488		1,906,436
Hershey Co. (The)		11,796		2,068,429
McCormick & Co., Inc.		35,808		2,872,876
Mondelez International, Inc., Class A		35,727		2,170,058

				13,745,966

Personal Products-13.92%
Beauty Health Co. (The)^(b)(c)		124,381		3,416,746


	Shares		Value
Personal Products-(continued)
Coty, Inc., Class A^(b)		402,206	$	3,410,707
elf Beauty, Inc.^(b)		53,549		1,730,168
Estee Lauder Cos., Inc. (The), Class A		13,586		4,406,347
Medifast, Inc.		8,954		1,757,402

				14,721,370

Soft Drinks-17.24%
Celsius Holdings, Inc.^(b)(c)		52,677		5,084,384
Keurig Dr Pepper, Inc.		112,889		4,074,164
Monster Beverage Corp.^(b)		49,002		4,165,170
National Beverage Corp.^(c)		41,134		2,319,958
PepsiCo, Inc.		16,029		2,590,286

				18,233,962

Specialized Consumer Services-4.65%
H&R Block, Inc.		78,191		1,803,866
Service Corp. International		45,483		3,115,131

				4,918,997

Tobacco-1.23%
Turning Point Brands, Inc.^(c)		34,178		1,304,574

Total Common Stocks & Other Equity Interests (Cost $95,433,131)				105,695,589


Money Market Funds-0.20%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $213,572)		213,572		213,572

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% (Cost $95,646,703)				105,909,161


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.75%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		4,043,138		4,043,138
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		9,430,217		9,433,989

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,477,127)				13,477,127

TOTAL INVESTMENTS IN SECURITIES-112.89% (Cost $109,123,830)				119,386,288
OTHER ASSETS LESS LIABILITIES-(12.89)%				(13,630,539	)

NET ASSETS-100.00%			$	105,755,749

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



		7
		7

Invesco DWA Consumer Staples Momentum ETF (PSL)—(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain		Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	118,265	$	1,714,176	$	(1,618,869	)		$	-		$-		$	213,572		$	31

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			5,502,892		16,983,922		(18,443,676	)			-		-			4,043,138			171	*

Invesco Private Prime Fund			8,254,338		32,161,561		(30,981,910	)			-		-			9,433,989			2,696	*


Total		$	13,875,495	$	50,859,659	$	(51,044,455	)		$	-		$-		$	13,690,699		$	2,898

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

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

as of October 31, 2021



Soft Drinks			17.24

Personal Products			13.92

Packaged Foods & Meats			13.00

Household Products			11.24

Food Distributors			10.08

Education Services			7.23

Food Retail			6.67

Agricultural Products			5.41

Specialized Consumer Services			4.65

Home Furnishings			3.59

Sub-Industry Types Each Less Than 3%			6.91

Money Market Funds Plus Other Assets Less Liabilities			0.06

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



		8
		8

Invesco DWA Energy Momentum ETF (PXI)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Coal & Consumable Fuels-3.05%
Arch Resources, Inc.^(b)(c)		16,491	$	1,502,000
CONSOL Energy, Inc.^(b)		51,385		1,413,602

				2,915,602

Integrated Oil & Gas-2.14%
Occidental Petroleum Corp.		61,162		2,050,762

Oil & Gas Drilling-1.13%
Valaris Ltd.^(b)		30,627		1,078,683

Oil & Gas Equipment & Services-3.00%
Baker Hughes Co., Class A		62,667		1,571,688
Cactus, Inc., Class A		29,696		1,291,776

				2,863,464

Oil & Gas Exploration & Production-69.48%
Antero Resources Corp.^(b)		154,450		3,068,922
Bonanza Creek Energy, Inc.^(c)		34,239		1,922,177
California Resources Corp.^(b)		30,039		1,385,699
Callon Petroleum Co.^(b)(c)		68,967		3,567,663
Centennial Resource Development, Inc.,
Class A^(b)(c)		339,992		2,447,942
Chesapeake Energy Corp.^(c)		23,482		1,496,743
Comstock Resources, Inc.^(b)		140,051		1,382,303
ConocoPhillips		34,701		2,584,877
Continental Resources, Inc.^(c)		64,094		3,128,428
Denbury, Inc.^(b)		20,367		1,724,270
Devon Energy Corp.		75,480		3,025,238
Diamondback Energy, Inc.		25,219		2,703,225
EOG Resources, Inc.		24,398		2,255,839
Hess Corp.		25,945		2,142,279
Laredo Petroleum, Inc.^(b)(c)		24,014		1,810,656
Magnolia Oil & Gas Corp., Class A^(c)		87,440		1,825,747
Marathon Oil Corp.		157,375		2,568,360
Matador Resources Co.		64,634		2,704,933
Murphy Oil Corp.		64,160		1,785,573
Noble Corp.^(b)(c)		37,431		941,764
Oasis Petroleum, Inc.		14,923		1,799,714
Ovintiv, Inc.		109,030		4,090,806
PDC Energy, Inc.		38,940		2,036,951
Pioneer Natural Resources Co.		10,110		1,890,368
Range Resources Corp.^(b)(c)		157,244		3,666,930
SandRidge Energy, Inc.^(b)		117,903		1,509,158
SM Energy Co.		85,846		2,946,235
Southwestern Energy Co.^(b)		498,108		2,430,767
Whiting Petroleum Corp.^(b)		24,036		1,565,465

				66,409,032


	Shares		Value
Oil & Gas Refining & Marketing-8.82%
Aemetis, Inc.^(b)		72,593	$	1,444,601
Green Plains, Inc.^(b)(c)		52,345		1,986,493
Marathon Petroleum Corp.		29,976		1,976,317
Valero Energy Corp.		39,069		3,021,206

				8,428,617

Oil & Gas Storage & Transportation-8.82%
Antero Midstream Corp.		161,536		1,718,743
Cheniere Energy, Inc.^(b)		37,496		3,877,086
Targa Resources Corp.		51,792		2,831,469

				8,427,298


Semiconductors-1.77%
Meta Materials, Inc.^(b)(c)		360,658		1,695,092


Steel-1.75%
Alpha Metallurgical Resources, Inc.^(b)		27,097		1,674,324


Total Common Stocks & Other Equity Interests (Cost $83,923,476)				95,542,874


Money Market Funds-0.20%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $187,611)		187,611		187,611

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.16% (Cost $84,111,087)				95,730,485


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-20.95%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		6,007,785		6,007,785
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		14,012,561		14,018,166

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,025,951)				20,025,951

TOTAL INVESTMENTS IN SECURITIES-121.11% (Cost $104,137,038)				115,756,436
OTHER ASSETS LESS LIABILITIES-(21.11)%				(20,179,001	)

NET ASSETS-100.00%			$	95,577,435

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



		9
		9

Invesco DWA Energy Momentum ETF (PXI)—(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain		Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	199,021	$	1,464,659	$	(1,476,069	)		$	-		$-		$	187,611		$	36

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			9,115,654		48,006,979		(51,114,848	)			-		-			6,007,785			475	*

Invesco Private Prime Fund			13,673,482		75,871,858		(75,527,174	)			-		-			14,018,166			6,977	*


Total		$	22,988,157	$	125,343,496	$	(128,118,091	)		$	-		$-		$	20,213,562		$	7,488

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

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

as of October 31, 2021



Oil & Gas Exploration & Production			69.48

Oil & Gas Refining & Marketing			8.82

Oil & Gas Storage & Transportation			8.82

Coal & Consumable Fuels			3.05

Oil & Gas Equipment & Services			3.00

Sub-Industry Types Each Less Than 3%			6.79

Money Market Funds Plus Other Assets Less Liabilities			0.04

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



		10
		10

Invesco DWA Financial Momentum ETF (PFI)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Asset Management & Custody Banks-20.64%
Ameriprise Financial, Inc.		13,002	$	3,928,294
Apollo Global Management, Inc.^(b)		44,147		3,397,112
Ares Management Corp., Class A		25,319		2,145,532
Blackstone, Inc., Class A		28,735		3,977,499
Brightsphere Investment Group, Inc.		48,342		1,449,293
Carlyle Group, Inc. (The)		48,921		2,746,914
KKR & Co., Inc., Class A		41,416		3,299,613
Virtus Investment Partners, Inc.		3,592		1,149,440

				22,093,697

Consumer Finance-19.09%
Ally Financial, Inc.		43,542		2,078,695
American Express Co.		14,008		2,434,310
Discover Financial Services		19,941		2,259,714
LendingClub Corp.^(c)		120,821		5,552,933
Navient Corp.		65,644		1,293,187
OneMain Holdings, Inc.		44,890		2,370,641
Upstart Holdings, Inc.^(c)		13,820		4,450,593

				20,440,073

Diversified Banks-3.25%
JPMorgan Chase & Co.		20,473		3,478,158


Diversified REITs-1.36%
iStar, Inc.		57,585		1,453,445


Financial Exchanges & Data-8.42%
Moody’s Corp.		10,072		4,070,599
Morningstar, Inc.		5,342		1,692,078
Nasdaq, Inc.		15,487		3,250,257

				9,012,934

Industrial REITs-2.27%
Innovative Industrial Properties, Inc.^(b)		9,219		2,425,427

Insurance Brokers-2.42%
Marsh & McLennan Cos., Inc.		15,505		2,586,234

Investment Banking & Brokerage-10.00%
LPL Financial Holdings, Inc.		23,361		3,831,671
Morgan Stanley		24,158		2,482,959
Raymond James Financial, Inc.		44,496		4,386,861

				10,701,491

Mortgage REITs-8.14%
Apollo Commercial Real Estate Finance, Inc.		69,721		1,055,576
Arbor Realty Trust, Inc.^(b)		86,784		1,745,226
Ares Commercial Real Estate Corp.		67,037		1,047,118
Ellington Financial, Inc.		61,880		1,124,978
MFA Financial, Inc.		315,784		1,424,186
New York Mortgage Trust, Inc.		248,771		1,092,105
Redwood Trust, Inc.		90,704		1,229,946

				8,719,135

Multi-line Insurance-1.49%
American Financial Group, Inc.		11,728		1,595,477


Investment Abbreviations:
REIT-Real Estate Investment Trust


	Shares		Value
Paper Packaging-1.58%
Ranpak Holdings Corp.^(c)		49,241	$	1,696,845

Property & Casualty Insurance-1.37%
HCI Group, Inc.		10,963		1,469,152

Real Estate Services-2.98%
Newmark Group, Inc., Class A		84,512		1,257,539
Realogy Holdings Corp.^(c)		111,613		1,933,137

				3,190,676

Regional Banks-12.88%
First Bancorp		127,794		1,744,388
First Republic Bank		11,611		2,511,808
Pinnacle Financial Partners, Inc.		19,235		1,857,524
ServisFirst Bancshares, Inc.		19,639		1,577,208
Signature Bank		9,003		2,681,273
SVB Financial Group^(c)		4,767		3,419,846

				13,792,047

Specialized REITs-2.06%
CubeSmart		40,065		2,203,976

Thrifts & Mortgage Finance-2.07%
Mr. Cooper Group, Inc.^(c)		50,435		2,211,070

Total Common Stocks & Other Equity Interests (Cost $90,656,510)				107,069,837


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $34,296)		34,296		34,296

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $90,690,806)				107,104,133


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.03%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		1,936,532		1,936,532
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		4,516,768		4,518,575

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,455,107)				6,455,107

TOTAL INVESTMENTS IN SECURITIES-106.08% (Cost $97,145,913)				113,559,240
OTHER ASSETS LESS LIABILITIES-(6.08)%				(6,510,674	)

NET ASSETS-100.00%			$	107,048,566

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



		11
		11

Invesco DWA Financial Momentum ETF (PFI)—(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at October 31, 2021.

^(c)	Non-income producing security.

^(d)


	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	182,366	$	1,443,985	$	(1,592,055	)		$	-		$	-		$	34,296		$	18

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		832,889		11,768,420		(10,664,777	)			-			-			1,936,532			91	*

Invesco Private Prime Fund		1,249,334		23,705,400		(20,436,159	)			-			-			4,518,575			1,354	*


Total	$	2,264,589	$	36,917,805	$	(32,692,991	)		$	-		$	-		$	6,489,403		$	1,463

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2021



Asset Management & Custody Banks		20.64

Consumer Finance		19.09

Regional Banks		12.88

Investment Banking & Brokerage		10.00

Financial Exchanges & Data		8.42

Mortgage REITs		8.14

Diversified Banks		3.25

Sub-Industry Types Each Less Than 3%		17.60

Money Market Funds Plus Other Assets Less Liabilities		(0.02)

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



		12
		12

Invesco DWA Healthcare Momentum ETF (PTH)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Biotechnology-23.88%
Celldex Therapeutics, Inc.^(b)(c)		195,020	$	8,296,151
Cerevel Therapeutics Holdings, Inc.^(b)(c)		276,900		11,255,985
Gritstone bio, Inc.^(b)		382,009		4,198,279
Horizon Therapeutics PLC^(b)		186,218		22,329,400
Ideaya Biosciences, Inc.^(b)		220,364		4,724,604
IVERIC bio, Inc.^(b)		1,874,987		33,187,270
Morphic Holding, Inc.^(b)		70,054		4,028,105
Natera, Inc.^(b)(c)		123,561		14,156,384
Pieris Pharmaceuticals, Inc.^(b)		1,112,083		5,093,340
Prothena Corp. PLC (Ireland)^(b)(c)		122,416		6,775,726

				114,045,244

Health Care Equipment-26.87%
AtriCure, Inc.^(b)		80,274		6,025,366
Axonics, Inc.^(b)(c)		81,429		5,972,817
Cutera, Inc.^(b)(c)		88,244		3,794,492
Danaher Corp.		80,577		25,121,491
Edwards Lifesciences Corp.^(b)		155,429		18,623,503
Heska Corp.^(b)(c)		16,337		3,651,810
IDEXX Laboratories, Inc.^(b)		28,334		18,874,411
Intuitive Surgical, Inc.^(b)		34,893		12,600,909
ResMed, Inc.		38,889		10,224,307
Shockwave Medical, Inc.^(b)		87,978		18,800,898
ViewRay, Inc.^(b)		638,954		4,670,754

				128,360,758

Health Care Facilities-4.73%
Acadia Healthcare Co., Inc.^(b)		105,251		6,525,562
Joint Corp. (The)^(b)(c)		107,645		9,416,785
Tenet Healthcare Corp.^(b)		92,743		6,645,963

				22,588,310

Health Care Services-3.07%
Apollo Medical Holdings, Inc.^(b)(c)		213,659		14,663,417


Health Care Supplies-5.71%
Align Technology, Inc.^(b)		15,185		9,481,059
West Pharmaceutical Services, Inc.		41,398		17,796,172

				27,277,231

Health Care Technology-2.55%
Evolent Health, Inc., Class A^(b)(c)		164,241		4,807,334
Omnicell, Inc.^(b)		41,438		7,382,180

				12,189,514

Life Sciences Tools & Services-26.11%
Agilent Technologies, Inc.		54,853		8,638,799


	Shares		Value
Life Sciences Tools & Services-(continued)
Bio-Rad Laboratories, Inc., Class A^(b)		14,986	$	11,909,075
Bio-Techne Corp.		20,743		10,862,072
Charles River Laboratories International, Inc.^(b)		29,572		13,268,365
Medpace Holdings, Inc.^(b)		46,398		10,511,467
Mettler-Toledo International, Inc.^(b)		6,397		9,473,189
NeoGenomics, Inc.^(b)		158,411		7,286,906
PerkinElmer, Inc.		51,442		9,099,575
Repligen Corp.^(b)		76,236		22,146,558
Thermo Fisher Scientific, Inc.		34,017		21,535,142

				124,731,148

Pharmaceuticals-7.11%
Catalent, Inc.^(b)		82,577		11,384,065
Fulcrum Therapeutics, Inc.^(b)		492,105		10,895,205
Oramed Pharmaceuticals, Inc. (Israel)^(b)(c)		498,591		11,672,015

				33,951,285

Total Common Stocks & Other Equity Interests (Cost $438,248,974)				477,806,907


Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $409,194)		409,194		409,194

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12% (Cost $438,658,168)				478,216,101

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.46%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		12,123,833		12,123,833
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		28,277,632		28,288,943

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $40,412,776)				40,412,776

TOTAL INVESTMENTS IN SECURITIES-108.58% (Cost $479,070,944)				518,628,877
OTHER ASSETS LESS LIABILITIES-(8.58)%				(40,986,307	)

NET ASSETS-100.00%			$	477,642,570

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



		13
		13

Invesco DWA Healthcare Momentum ETF (PTH)—(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)


	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	672,989	$	7,036,977	$	(7,300,772	)		$	-			$	-		$	409,194		$	92

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		42,212,390		139,238,317		(169,326,874	)			-				-			12,123,833			1,985	*

Invesco Private Prime Fund		63,489,211		273,303,549		(308,503,816	)			(1	)			-			28,288,943			30,773	*

Total	$	106,374,590	$	419,578,843	$	(485,131,462	)		$	(1	)		$	-		$	40,821,970		$	32,850

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

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

as of October 31, 2021



Health Care Equipment	26.87

Life Sciences Tools & Services	26.11

Biotechnology	23.88

Pharmaceuticals	7.11

Health Care Supplies	5.71

Health Care Facilities	4.73

Health Care Services	3.07

Health Care Technology	2.55

Money Market Funds Plus Other Assets Less Liabilities	(0.03	)

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



		14
		14

Invesco DWA Industrials Momentum ETF (PRN)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Agricultural & Farm Machinery-1.79%
Toro Co. (The)		50,027	$	4,776,078


Air Freight & Logistics-1.76%
Atlas Air Worldwide Holdings, Inc.^(b)(c)		57,927		4,699,038


Building Products-11.73%
A.O. Smith Corp.		80,704		5,897,041
Advanced Drainage Systems, Inc.		48,733		5,497,082
Builders FirstSource, Inc.^(b)(c)		121,572		7,084,001
Carrier Global Corp.		107,283		5,603,391
Trane Technologies PLC		40,072		7,250,227

				31,331,742

Construction & Engineering-10.13%
Ameresco, Inc., Class A^(b)(c)		93,434		7,673,735
Granite Construction, Inc.^(c)		84,443		3,134,524
MYR Group, Inc.^(b)		35,576		3,634,088
Quanta Services, Inc.		53,853		6,531,292
WillScot Mobile Mini Holdings Corp.^(b)		175,313		6,092,127

				27,065,766

Distributors-3.48%
Pool Corp.		18,033		9,289,880


Diversified Support Services-3.43%
Copart, Inc.^(b)		58,992		9,160,868


Electrical Components & Equipment-13.27%
AMETEK, Inc.		70,251		9,301,233
Atkore, Inc.^(b)		56,959		5,384,334
Generac Holdings, Inc.^(b)		19,107		9,525,986
Rockwell Automation, Inc.		21,668		6,920,759
Vertiv Holdings Co.		167,891		4,311,441

				35,443,753

Industrial Conglomerates-2.06%
Honeywell International, Inc.		25,145		5,497,200


Industrial Machinery-16.82%
Chart Industries, Inc.^(b)(c)		42,567		7,556,494
Evoqua Water Technologies Corp.^(b)		120,337		5,033,697
Graco, Inc.		55,252		4,153,845
IDEX Corp.		26,949		5,998,039
Illinois Tool Works, Inc.		26,906		6,131,070
ITT, Inc.		65,306		6,143,335
Watts Water Technologies, Inc., Class A		23,855		4,532,927
Xylem, Inc.		41,364		5,401,725

				44,951,132

IT Consulting & Other Services-3.28%
Accenture PLC, Class A		24,474		8,781,026


Marine-2.49%
Eagle Bulk Shipping, Inc.^(b)(c)		77,276		3,326,732
Genco Shipping & Trading Ltd.		193,570		3,323,597

				6,650,329


	Shares		Value
Oil & Gas Equipment & Services-1.97%
Aspen Aerogels, Inc.^(b)		96,859	$	5,274,941


Research & Consulting Services-4.03%
Equifax, Inc.		22,894		6,351,482
Exponent, Inc.		38,442		4,413,142

				10,764,624

Trading Companies & Distributors-13.04%
Herc Holdings, Inc.		45,884		8,352,724
SiteOne Landscape Supply, Inc.^(b)		37,661		8,848,828
United Rentals, Inc.^(b)		17,436		6,610,162
Veritiv Corp.^(b)		49,144		5,271,677
WESCO International, Inc.^(b)		44,421		5,755,185

				34,838,576

Trucking-10.72%
ArcBest Corp.		59,586		5,353,802
Avis Budget Group, Inc.^(b)(c)		75,895		13,153,362
Old Dominion Freight Line, Inc.		29,679		10,130,927

				28,638,091

Total Common Stocks & Other Equity Interests (Cost $222,709,147)				267,163,044


Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $216,711)		216,711		216,711

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.08% (Cost $222,925,858)				267,379,755


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.67%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		6,946,249		6,946,249
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		16,201,434		16,207,915

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $23,154,164)				23,154,164

TOTAL INVESTMENTS IN SECURITIES-108.75% (Cost $246,080,022)				290,533,919
OTHER ASSETS LESS LIABILITIES-(8.75)%				(23,372,721	)

NET ASSETS-100.00%			$	267,161,198

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



		15
		15

Invesco DWA Industrials Momentum ETF (PRN)—(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)


	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain		Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	216,703	$	1,656,613	$	(1,656,605	)		$	-		$-		$	216,711		$	35

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			10,167,957		40,549,107		(43,770,815	)			-		-			6,946,249			354	*

Invesco Private Prime Fund			15,251,935		71,971,124		(71,015,144	)			-		-			16,207,915			5,705	*


Total		$	25,636,595	$	114,176,844	$	(116,442,564	)		$	-		$-		$	23,370,875		$	6,094

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

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

as of October 31, 2021



Industrial Machinery			16.82

Electrical Components & Equipment			13.27

Trading Companies & Distributors			13.04

Building Products			11.73

Trucking			10.72

Construction & Engineering			10.13

Research & Consulting Services			4.03

Distributors			3.48

Diversified Support Services			3.43

IT Consulting & Other Services			3.28

Sub-Industry Types Each Less Than 3%			10.07

Money Market Funds Plus Other Assets Less Liabilities			0.00

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



		16
		16

Invesco DWA Technology Momentum ETF (PTF)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Advertising-1.89%
TechTarget, Inc.^(b)(c)		73,932	$	6,972,527

Application Software-29.51%
Asana, Inc., Class A^(b)(c)		96,140		13,055,812
Bill.com Holdings, Inc.^(b)		38,579		11,354,186
DocuSign, Inc.^(b)		34,751		9,670,856
Dynatrace, Inc.^(b)		115,513		8,663,475
HubSpot, Inc.^(b)		17,148		13,893,824
Intuit, Inc.		27,177		17,012,530
Sprout Social, Inc., Class A^(b)		92,829		11,852,407
SPS Commerce, Inc.^(b)		45,602		6,964,793
Synopsys, Inc.^(b)		24,745		8,244,539
Workiva, Inc.^(b)(c)		52,493		7,850,328

				108,562,750

Interactive Media & Services-2.27%
Snap, Inc., Class A^(b)(c)		159,028		8,361,692


Internet Services & Infrastructure-6.84%
Cloudflare, Inc., Class A^(b)		83,894		16,335,840
MongoDB, Inc.^(b)		16,905		8,812,407

				25,148,247

IT Consulting & Other Services-8.09%
EPAM Systems, Inc.^(b)		22,722		15,297,359
Grid Dynamics Holdings, Inc.^(b)		246,212		7,078,595
Perficient, Inc.^(b)(c)		59,868		7,399,685

				29,775,639

Semiconductor Equipment-4.01%
Amkor Technology, Inc.		252,391		5,532,411
Brooks Automation, Inc.		79,034		9,203,509

				14,735,920

Semiconductors-28.34%
Advanced Micro Devices, Inc.^(b)		110,589		13,296,115
Ambarella, Inc.^(b)(c)		58,188		10,813,076
Lattice Semiconductor Corp.^(b)		127,420		8,848,045
Marvell Technology, Inc.		132,744		9,092,964
MaxLinear, Inc.^(b)		141,666		8,924,958
Monolithic Power Systems, Inc.		27,695		14,552,615
NVIDIA Corp.		43,384		11,091,987
ON Semiconductor Corp.^(b)		188,658		9,068,790
SiTime Corp.^(b)		30,864		8,175,565
Synaptics, Inc.^(b)		53,398		10,389,649

				104,253,764


	Shares		Value
Systems Software-16.92%
Crowdstrike Holdings, Inc., Class A^(b)		40,386	$	11,380,776
Fortinet, Inc.^(b)		32,101		10,796,850
Microsoft Corp.		28,040		9,298,625
Rapid7, Inc.^(b)(c)		60,341		7,768,904
ServiceNow, Inc.^(b)		14,923		10,412,672
Zscaler, Inc.^(b)		39,456		12,580,940

				62,238,767

Technology Distributors-2.17%
CDW Corp.		42,813		7,991,047

Total Common Stocks & Other Equity Interests (Cost $305,992,188)				368,040,353

Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $207,349)		207,349		207,349

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $306,199,537)				368,247,702


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.22%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		10,175,859		10,175,859
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		23,734,178		23,743,672

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $33,919,530)				33,919,531

TOTAL INVESTMENTS IN SECURITIES-109.32% (Cost $340,119,067)				402,167,233
OTHER ASSETS LESS LIABILITIES-(9.32)%				(34,296,711	)

NET ASSETS-100.00%			$	367,870,522

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



		17
		17

Invesco DWA Technology Momentum ETF (PTF)—(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)


	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	248,158	$	1,710,887	$	(1,751,696	)		$	-		$	-		$	207,349		$	39

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			32,067,659		61,080,558		(82,972,358	)			-			-			10,175,859			752	*

Invesco Private Prime Fund			48,316,040		129,421,657		(153,994,025	)			-			-			23,743,672			12,438	*


Total		$	80,631,857	$	192,213,102	$	(238,718,079	)		$	-		$	-		$	34,126,880		$	13,229

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

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

as of October 31, 2021



Application Software	29.51

Semiconductors	28.34

Systems Software	16.92

IT Consulting & Other Services	8.09

Internet Services & Infrastructure	6.84

Semiconductor Equipment	4.01

Sub-Industry Types Each Less Than 3%	6.33

Money Market Funds Plus Other Assets Less Liabilities	(0.04	)

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



		18
		18

Invesco DWA Utilities Momentum ETF (PUI)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Electric Utilities-41.32%
Alliant Energy Corp.		14,329	$	810,591
American Electric Power Co., Inc.		10,886		922,153
Duke Energy Corp.		16,556		1,688,878
Evergy, Inc.		18,163		1,157,891
Eversource Energy		13,529		1,148,612
Exelon Corp.		16,994		903,911
FirstEnergy Corp.		23,956		923,025
Hawaiian Electric Industries, Inc.		12,832		520,466
IDACORP, Inc.		7,387		770,612
NextEra Energy, Inc.		23,834		2,033,755
NRG Energy, Inc.		40,330		1,608,764
PG&E Corp.^(b)(c)		85,142		987,647
Pinnacle West Capital Corp.		12,757		822,699
Portland General Electric Co.		13,323		656,957
Southern Co. (The)		24,491		1,526,279
Xcel Energy, Inc.		28,313		1,828,737

				18,310,977

Electrical Components & Equipment-1.37%
Beam Global^(b)(c)		19,203		604,894

Gas Utilities-5.85%
Atmos Energy Corp.		9,867		908,948
National Fuel Gas Co.		17,392		998,823
UGI Corp.		15,766		684,402

				2,592,173

Independent Power Producers & Energy Traders-2.59%
AES Corp. (The)		45,666		1,147,587

Integrated Telecommunication Services-4.05%
Frontier Communications Parent, Inc.^(b)(c)		27,345		846,601
IDT Corp., Class B^(b)		19,565		946,359

				1,792,960

Multi-Utilities-27.45%
Ameren Corp.		11,252		948,431
CenterPoint Energy, Inc.		38,899		1,012,930
CMS Energy Corp.		21,726		1,311,164
DTE Energy Co.		16,822		1,906,774
MDU Resources Group, Inc.		22,855		702,334
NiSource, Inc.		55,958		1,380,484
NorthWestern Corp.		11,593		659,178
Public Service Enterprise Group, Inc.		13,837		882,801
Sempra Energy		13,175		1,681,525
WEC Energy Group, Inc.		18,609		1,675,926

				12,161,547


	Shares		Value
Oil & Gas Exploration & Production-1.99%
EQT Corp.^(b)		44,374	$	883,486

Oil & Gas Storage & Transportation-3.89%
ONEOK, Inc.		27,124		1,725,629

Water Utilities-11.43%
American States Water Co.		6,944		630,793
American Water Works Co., Inc.		10,430		1,816,697
California Water Service Group		8,945		544,572
Essential Utilities, Inc.		21,207		998,214
Middlesex Water Co.		9,759		1,074,661

				5,064,937

Total Common Stocks & Other Equity Interests (Cost $40,998,685)				44,284,190


Money Market Funds-0.28%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e) (Cost $125,365)		125,365		125,365

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.22% (Cost $41,124,050)				44,409,555


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.04%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		536,882		536,882
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		1,252,223		1,252,724

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,789,606)				1,789,606

TOTAL INVESTMENTS IN SECURITIES-104.26% (Cost $42,913,656)				46,199,161
OTHER ASSETS LESS LIABILITIES-(4.26)%				(1,886,703	)

NET ASSETS-100.00%			$	44,312,458

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



		19
		19

Invesco DWA Utilities Momentum ETF (PUI)—(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)


	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	143,716		$	1,004,227		$	(1,022,578	)		$	-		$	-		$	125,365		$	20

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			627,027			3,727,278			(3,817,423	)			-			-			536,882			34	*

Invesco Private Prime Fund			940,540			8,051,895			(7,739,711	)			-			-			1,252,724			469	*


Total		$	1,711,283		$	12,783,400		$	(12,579,712	)		$	-		$	-		$	1,914,971		$	523

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

Portfolio Composition

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

as of October 31, 2021



Electric Utilities			41.32

Multi-Utilities			27.45

Water Utilities			11.43

Gas Utilities			5.85

Integrated Telecommunication Services			4.05

Oil & Gas Storage & Transportation			3.89

Sub-Industry Types Each Less Than 3%			5.95

Money Market Funds Plus Other Assets Less Liabilities			0.06

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



		20
		20

Invesco NASDAQ Internet ETF (PNQI)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Advertising-0.06%
Criteo S.A., ADR (France)^(b)		20,237	$	668,630

Application Software-19.72%
Adobe, Inc.^(b)		133,364		86,734,611
Alarm.com Holdings, Inc.^(b)		16,412		1,382,875
Anaplan, Inc.^(b)		47,599		3,103,931
Box, Inc., Class A^(b)		50,886		1,314,385
Consensus Cloud Solutions, Inc.^(b)		5,295		335,332
Coupa Software, Inc.^(b)(c)		24,180		5,505,786
DocuSign, Inc.^(b)		64,404		17,922,989
Dropbox, Inc., Class A^(b)		103,701		3,161,844
eGain Corp.^(b)		10,274		106,028
Envestnet, Inc.^(b)		17,928		1,496,988
LivePerson, Inc.^(b)(c)		22,944		1,181,845
Momentive Global, Inc.^(b)		48,514		1,111,941
New Relic, Inc.^(b)		21,328		1,730,980
Open Text Corp. (Canada)		89,372		4,499,880
Paylocity Holding Corp.^(b)		17,955		5,478,789
PROS Holdings, Inc.^(b)		14,594		437,820
salesforce.com, inc.^(b)		166,739		49,970,011
SPS Commerce, Inc.^(b)		11,785		1,799,923
Zoom Video Communications, Inc., Class A^(b)		79,570		21,853,901

				209,129,859

Automotive Retail-0.79%
Carvana Co.^(b)		27,792		8,425,979

Casinos & Gaming-0.58%
DraftKings, Inc., Class A^(b)(c)		132,634		6,179,418

Commercial Printing-0.07%
Cimpress PLC (Ireland)^(b)(c)		8,240		735,997

Data Processing & Outsourced Services-6.73%
PayPal Holdings, Inc.^(b)		306,636		71,320,467

Education Services-0.34%
2U, Inc.^(b)(c)		24,539		724,882
Chegg, Inc.^(b)		47,581		2,828,215

				3,553,097

Health Care Technology-0.74%
Teladoc Health, Inc.^(b)(c)		52,373		7,834,477

Hotels, Resorts & Cruise Lines-4.38%
Booking Holdings, Inc.^(b)		13,564		32,835,460
Expedia Group, Inc.^(b)		48,174		7,920,288
MakeMyTrip Ltd. (India)^(b)(c)		21,396		677,611
Trip.com Group Ltd., ADR (China)^(b)		173,668		4,959,958

				46,393,317

Interactive Home Entertainment-4.89%
Bilibili, Inc., ADR (China)^(b)(c)		64,353		4,717,075
NetEase, Inc., ADR (China)		99,735		9,733,138
Sea Ltd., ADR (Taiwan)^(b)		108,824		37,388,662

				51,838,875

Interactive Media & Services-22.67%
Alphabet, Inc., Class C^(b)		30,424		90,219,634
Autohome, Inc., ADR (China)^(c)		22,439		882,975
Baidu, Inc., ADR (China)^(b)		83,526		13,551,258
Cars.com, Inc.^(b)		22,680		295,293


	Shares		Value
Interactive Media & Services-(continued)
Eventbrite, Inc., Class A^(b)(c)		24,853	$	503,025
Hello Group, Inc., ADR (China)^(c)		53,702		668,590
JOYY, Inc., ADR (China)^(c)		18,877		951,212
Meta Platforms, Inc., Class A^(b)		233,322		75,495,999
Snap, Inc., Class A^(b)		438,022		23,031,197
TripAdvisor, Inc.^(b)		40,979		1,351,078
Twitter, Inc.^(b)		263,853		14,126,690
Weibo Corp., ADR (China)^(b)(c)		24,529		1,103,314
Yandex N.V., Class A (Russia)^(b)		106,725		8,841,099
Yelp, Inc.^(b)		24,194		934,614
Ziff Davis, Inc.^(b)		15,852		2,033,336
Zillow Group, Inc., Class C^(b)(c)		61,165		6,338,529

				240,327,843

Internet & Direct Marketing Retail-19.49%
1-800-Flowers.com, Inc., Class A^(b)(c)		12,146		390,130
Alibaba Group Holding Ltd., ADR (China)^(b)		264,899		43,692,441
Amazon.com, Inc.^(b)		25,501		86,000,338
Baozun, Inc., ADR (China)^(b)(c)		17,797		307,888
Chewy, Inc., Class A^(b)(c)		34,280		2,598,424
eBay, Inc.		215,012		16,495,721
JD.com, Inc., ADR (China)^(b)(c)		260,896		20,422,939
Lands’ End, Inc.^(b)(c)		10,847		285,059
MercadoLibre, Inc. (Argentina)^(b)		16,426		24,327,235
Overstock.com, Inc.^(b)		14,145		1,347,028
PetMed Express, Inc.^(c)		6,694		190,310
Shutterstock, Inc.		12,044		1,459,131
Stitch Fix, Inc., Class A^(b)		26,104		903,198
Vipshop Holdings Ltd., ADR (China)^(b)		171,264		1,911,306
Wayfair, Inc., Class A^(b)(c)		25,433		6,335,360

				206,666,508

Internet Services & Infrastructure-7.31%
Akamai Technologies, Inc.^(b)		53,550		5,647,383
Brightcove, Inc.^(b)		13,422		133,146
Fastly, Inc., Class A^(b)(c)		38,346		1,940,691
GoDaddy, Inc., Class A^(b)		55,522		3,840,457
Okta, Inc.^(b)		47,536		11,749,949
Shopify, Inc., Class A (Canada)^(b)		29,006		42,543,970
VeriSign, Inc.^(b)		36,793		8,192,697
Wix.com Ltd. (Israel)^(b)		18,551		3,449,744

				77,498,037

Movies & Entertainment-7.98%
iQIYI, Inc., ADR (China)^(b)(c)		120,517		997,881
Netflix, Inc.^(b)		77,700		53,637,087
Roku, Inc.^(b)		38,541		11,751,151
Spotify Technology S.A.^(b)		63,100		18,261,140

				84,647,259

Real Estate Services-0.17%
Redfin Corp.^(b)(c)		34,502		1,771,333

Research & Consulting Services-1.06%
CoStar Group, Inc.^(b)		130,844		11,259,126

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



		21
		21

Invesco NASDAQ Internet ETF (PNQI)—(continued)

October 31, 2021

(Unaudited)


	Shares		Value
Trucking-3.04%
Lyft, Inc., Class A^(b)		107,366	$	4,924,878
Uber Technologies, Inc.^(b)		622,516		27,278,651

				32,203,529

Total Common Stocks & Other Equity Interests (Cost $728,884,807)				1,060,453,751


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)(Cost $314,297)		314,297		314,297

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $729,199,104)				1,060,768,048


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.51%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		13,435,001	$	13,435,001
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		34,313,426		34,327,152

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $47,762,153)				47,762,153


TOTAL INVESTMENTS IN SECURITIES-104.56% (Cost $776,961,257)				1,108,530,201

OTHER ASSETS LESS LIABILITIES-(4.56)%				(48,296,737	)


NET ASSETS-100.00%			$	1,060,233,464

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)



	Value April 30, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	80,193	$	2,393,449	$	(2,159,345	)		$	-		$	-		$	314,297		$	30

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			33,985,933		104,851,997		(125,402,929	)			-			-			13,435,001			1,574	*

Invesco Private Prime Fund			54,120,242		184,844,453		(204,637,543	)			-			-			34,327,152			23,909	*


Total		$	88,186,368	$	292,089,899	$	(332,199,817	)		$	-		$	-		$	48,076,450		$	25,513

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

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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

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

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



		22
		22

Invesco NASDAQ Internet ETF (PNQI)—(continued)

October 31, 2021

(Unaudited)

Portfolio Composition

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

as of October 31, 2021



Interactive Media & Services	22.67

Application Software	19.72

Internet & Direct Marketing Retail	19.49

Movies & Entertainment	7.98

Internet Services & Infrastructure	7.31

Data Processing & Outsourced Services	6.73

Interactive Home Entertainment	4.89

Hotels, Resorts & Cruise Lines	4.38

Trucking	3.04

Sub-Industry Types Each Less Than 3%	3.81

Money Market Funds Plus Other Assets Less Liabilities	(0.02	)

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



		23
		23

Statements of Assets and Liabilities

October 31, 2021

(Unaudited)


	Invesco DWA Basic Materials Momentum ETF (PYZ)				Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)				Invesco DWA Consumer Staples Momentum ETF (PSL)				Invesco DWA Energy Momentum ETF (PXI)
Assets:
Unaffiliated investments in securities, at value^(a)		$	151,896,461			$	110,823,367			$	105,695,589			$	95,542,874
Affiliated investments in securities, at value			18,252,787				14,557,477				13,690,699				20,213,562
Cash			-				-				-				-
Receivable for:
Dividends			103,158				25,522				65,577				57,953
Securities lending			1,557				1,408				3,115				5,728
Investments sold			1,816,196				-				-				-
Fund shares sold			-				-				-				674,525
Foreign tax reclaims			-				-				-				-

Total assets			172,070,159				125,407,774				119,454,980				116,494,642


Liabilities:
Due to custodian			-				-				-				175
Payable for:
Investments purchased			-				-				-				674,092
Collateral upon return of securities loaned			17,925,849				14,322,410				13,477,127				20,025,951
Fund shares repurchased			1,817,381				-				-				-
Accrued unitary management fees			-				-				-				-
Accrued advisory fees			56,037				34,309				33,974				28,102
Accrued trustees’ and officer’s fees			55,837				50,969				57,461				62,125
Accrued expenses			163,663				113,491				130,669				126,762

Total liabilities			20,018,767				14,521,179				13,699,231				20,917,207

Net Assets		$	152,051,392			$	110,886,595			$	105,755,749			$	95,577,435


Net assets consist of:
Shares of beneficial interest		$	187,280,820			$	155,953,079			$	179,345,008			$	267,347,662
Distributable earnings (loss)			(35,229,428	)			(45,066,484	)			(73,589,259	)			(171,770,227	)

Net Assets		$	152,051,392			$	110,886,595			$	105,755,749			$	95,577,435

Shares outstanding (unlimited amount authorized, $0.01 par value)			1,670,000				1,180,000				1,160,000				2,860,000
Net asset value		$	91.05			$	93.97			$	91.17			$	33.42

Market price		$	91.11			$	93.87			$	91.24			$	33.46

Unaffiliated investments in securities, at cost		$	137,784,770			$	94,826,852			$	95,433,131			$	83,923,476

Affiliated investments in securities, at cost		$	18,252,787			$	14,557,477			$	13,690,699			$	20,213,562

^(a) Includes securities on loan with an aggregate value of:		$	17,865,309			$	14,099,811			$	13,392,957			$	19,190,120

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



		24
		24


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

$	107,069,837		$	477,806,907		$	267,163,044		$	368,040,353		$	44,284,190		$	1,060,453,751
	6,489,403			40,821,970			23,370,875			34,126,880			1,914,971			48,076,450
	11,455			-			-			-			-			-
	113,252			3,660			93,460			10			56,550			11
	452			10,319			1,733			1,181			2,630			4,097
	-			4,907,974			-			-			-			-
	2,339,859			-			-			-			-			-
	-			-			-			10,778			-			-


	116,024,258			523,550,830			290,629,112			402,179,202			46,258,341			1,108,534,309


	-			-			-			-			-			-

	2,340,434			-			-			-			-			-
	6,455,107			40,412,776			23,154,164			33,919,530			1,789,606			47,762,153
	-			4,907,287			-			-			-			-
	-			-			-			-			-			538,692
	36,341			165,226			104,735			119,776			10,458			-
	50,320			63,250			57,233			57,106			53,955			-
	93,490			359,721			151,782			212,268			91,864			-

	8,975,692			45,908,260			23,467,914			34,308,680			1,945,883			48,300,845

$	107,048,566		$	477,642,570		$	267,161,198		$	367,870,522		$	44,312,458		$	1,060,233,464


$	109,357,433		$	604,757,300		$	279,348,381		$	375,779,041		$	68,083,180		$	779,486,201
	(2,308,867	)		(127,114,730	)		(12,187,183	)		(7,908,519	)		(23,770,722	)		280,747,263

$	107,048,566		$	477,642,570		$	267,161,198		$	367,870,522		$	44,312,458		$	1,060,233,464

	1,830,000			2,920,000			2,430,000			2,170,000			1,310,000			4,320,000
$	58.50		$	163.58		$	109.94		$	169.53		$	33.83		$	245.42

$	58.50		$	163.39		$	109.83		$	169.39		$	33.88		$	245.08

$	90,656,510		$	438,248,974		$	222,709,147		$	305,992,188		$	40,998,685		$	728,884,807

$	6,489,403		$	40,821,970		$	23,370,875		$	34,126,879		$	1,914,971		$	48,076,450

$	6,281,232		$	38,570,123		$	22,784,842		$	33,268,601		$	1,729,613		$	46,462,525

Statements of Operations

For the six months ended October 31, 2021

(Unaudited)


	Invesco DWA Basic Materials Momentum ETF (PYZ)				Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)				Invesco DWA Consumer Staples Momentum ETF (PSL)				Invesco DWA Energy Momentum ETF (PXI)
Investment income:
Unaffiliated dividend income		$	842,439			$	394,972			$	771,293			$	752,809
Affiliated dividend income			35				28				31				36
Securities lending income			15,923				18,895				380,954				25,359
Foreign withholding tax			-				-				-				(111	)

Total investment income			858,397				413,895				1,152,278				778,093


Expenses:
Unitary management fees			-				-				-				-
Advisory fees			490,857				282,564				277,447				344,955
Sub-licensing fees			147,257				84,770				83,235				103,487
Accounting & administration fees			7,562				7,450				9,934				6,965
Professional fees			11,791				11,795				11,925				11,689
Custodian & transfer agent fees			1,384				1,151				1,238				1,417
Trustees’ and officer’s fees			6,503				6,181				6,368				6,845
Other expenses			11,703				11,474				15,479				13,262

Total expenses			677,057				405,385				405,626				488,620

Less: Waivers			(86,517	)			(64,844	)			(72,690	)			(72,558	)

Net expenses			590,540				340,541				332,936				416,062

Net investment income (loss)			267,857				73,354				819,342				362,031


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(8,853,293	)			(3,703,717	)			(5,387,543	)			2,846,666
In-kind redemptions			12,159,018				8,070,810				10,014,145				8,388,384

Net realized gain (loss)			3,305,725				4,367,093				4,626,602				11,235,050

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(142,443	)			354,512				(8,484,289	)			5,803,720
Affiliated investment securities			-				(1	)			-				-

Change in net unrealized appreciation (depreciation)			(142,443	)			354,511				(8,484,289	)			5,803,720

Net realized and unrealized gain (loss)			3,163,282				4,721,604				(3,857,687	)			17,038,770

Net increase (decrease) in net assets resulting from operations		$	3,431,139			$	4,794,958			$	(3,038,345	)		$	17,400,801

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



		26
		26


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

$	937,509		$	83,287		$	862,406		$	257,755			$	659,976		$	188,433
	18			92			35			39				20			30
	2,121			155,714			141,205			334,847				13,641			31,964
	(470	)		-			-			(2,612	)			-			(5,378	)

	939,178			239,093			1,003,646			590,029				673,637			215,049


	-			-			-			-				-			3,243,544
	187,448			1,315,806			695,177			731,066				116,213			-
	40,879			394,744			135,651			219,321				34,864			-
	7,196			29,603			8,919			14,308				8,445			-
	11,735			13,722			12,099			12,666				11,760			-
	1,151			5,847			1,072			1,675				1,333			-
	5,809			9,063			7,180			7,321				5,913			-
	10,197			21,616			14,766			13,363				14,872			-

	264,415			1,790,401			874,864			999,720				193,400			3,243,544

	(39,299	)		(209,973	)		(37,053	)		(122,440	)			(53,945	)		(9	)

	225,116			1,580,428			837,811			877,280				139,455			3,243,535

	714,062			(1,341,335	)		165,835			(287,251	)			534,182			(3,028,486	)


	(2,112,820	)		(72,557,607	)		(28,326,572	)		(23,317,116	)			(718,007	)		(99,951	)
	6,922,592			76,250,198			25,802,184			43,259,022				457,392			38,280,065

	4,809,772			3,692,591			(2,524,388	)		19,941,906				(260,615	)		38,180,114


	7,251,247			14,333,740			18,618,297			31,120,407				(409,447	)		(29,887,761	)
	-			(1	)		-			-				-			-

	7,251,247			14,333,739			18,618,297			31,120,407				(409,447	)		(29,887,761	)

	12,061,019			18,026,330			16,093,909			51,062,313				(670,062	)		8,292,353

$	12,775,081		$	16,684,995		$	16,259,744		$	50,775,062			$	(135,880	)	$	5,263,867

Statements of Changes in Net Assets

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)


	Invesco DWA Basic Materials Momentum ETF (PYZ)							Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

	Six Months Ended October 31, 2021				Year Ended April 30, 2021			Six Months Ended October 31, 2021				Year Ended April 30, 2021
Operations:
Net investment income (loss)		$	267,857		$	388,146			$	73,354		$	(2,213	)
Net realized gain (loss)			3,305,725			17,592,752				4,367,093			14,387,637
Change in net unrealized appreciation (depreciation)			(142,443	)		14,434,519				354,511			14,316,767

Net increase (decrease) in net assets resulting from operations			3,431,139			32,415,417				4,794,958			28,702,191


Distributions to Shareholders from:
Distributable earnings			(246,413	)		(494,583	)			(105,433	)		(123,526	)


Shareholder Transactions:
Proceeds from shares sold			111,202,440			141,463,546				16,411,822			153,726,327
Value of shares repurchased			(77,137,510	)		(94,216,351	)			(37,207,161	)		(71,969,281	)

Net increase (decrease) in net assets resulting from share transactions			34,064,930			47,247,195				(20,795,339	)		81,757,046

Net increase (decrease) in net assets			37,249,656			79,168,029				(16,105,814	)		110,335,711


Net assets:
Beginning of period			114,801,736			35,633,707				126,992,409			16,656,698

End of period		$	152,051,392		$	114,801,736			$	110,886,595		$	126,992,409


Changes in Shares Outstanding:
Shares sold			1,220,000			1,880,000				180,000			1,980,000
Shares repurchased			(890,000	)		(1,290,000	)			(420,000	)		(960,000	)
Shares outstanding, beginning of period			1,340,000			750,000				1,420,000			400,000

Shares outstanding, end of period			1,670,000			1,340,000				1,180,000			1,420,000

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



		28
		28


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

Six Months Ended October 31, 2021				Year Ended April 30, 2021				Six Months Ended October 31, 2021				Year Ended April 30, 2021				Six Months Ended October 31, 2021				Year Ended April 30, 2021				Six Months Ended October 31, 2021				Year Ended April 30, 2021


	$	819,342			$	1,028,841			$	362,031			$	408,878			$	714,062			$	399,750			$	(1,341,335	)		$	(1,864,228	)
		4,626,602				36,727,302				11,235,050				(6,395,923	)			4,809,772				9,940,288				3,692,591				223,715,652
		(8,484,289	)			12,096,448				5,803,720				10,421,946				7,251,247				7,153,093				14,333,739				(10,660,214	)

		(3,038,345	)			49,852,591				17,400,801				4,434,901				12,775,081				17,493,131				16,684,995				211,191,210


		(836,602	)			(924,650	)			(380,802	)			(439,364	)			(530,652	)			(493,130	)			-				-


		46,955,582				94,323,110				71,602,953				151,890,596				86,088,764				62,009,415				347,754,018				1,159,423,493
		(48,545,916	)			(141,542,658	)			(132,626,581	)			(33,783,947	)			(46,992,883	)			(51,995,758	)			(445,030,144	)			(1,077,844,258	)

		(1,590,334	)			(47,219,548	)			(61,023,628	)			118,106,649				39,095,881				10,013,657				(97,276,126	)			81,579,235

		(5,465,281	)			1,708,393				(44,003,629	)			122,102,186				51,340,310				27,013,658				(80,591,131	)			292,770,445


		111,221,030				109,512,637				139,581,064				17,478,878				55,708,256				28,694,598				558,233,701				265,463,256

	$	105,755,749			$	111,221,030			$	95,577,435			$	139,581,064			$	107,048,566			$	55,708,256			$	477,642,570			$	558,233,701


		510,000				1,210,000				2,390,000				6,520,000				1,640,000				1,490,000				2,090,000				8,300,000
		(530,000	)			(1,830,000	)			(5,230,000	)			(1,970,000	)			(900,000	)			(1,300,000	)			(2,740,000	)			(7,430,000	)
		1,180,000				1,800,000				5,700,000				1,150,000				1,090,000				900,000				3,570,000				2,700,000

		1,160,000				1,180,000				2,860,000				5,700,000				1,830,000				1,090,000				2,920,000				3,570,000

Statements of Changes in Net Assets—(continued)

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)


	Invesco DWA Industrials Momentum ETF (PRN)							Invesco DWA Technology Momentum ETF (PTF)

	Six Months Ended October 31, 2021				Year Ended April 30, 2021			Six Months Ended October 31, 2021				Year Ended April 30, 2021
Operations:
Net investment income (loss)		$	165,835		$	81,807			$	(287,251	)	$	(1,081,435	)
Net realized gain (loss)			(2,524,388	)		33,977,793				19,941,906			150,271,622
Change in net unrealized appreciation (depreciation)			18,618,297			21,688,873				31,120,407			7,611,313

Net increase (decrease) in net assets resulting from operations			16,259,744			55,748,473				50,775,062			156,801,500


Distributions to Shareholders from:
Distributable earnings			(226,881	)		(88,644	)			-			-


Shareholder Transactions:
Proceeds from shares sold			118,167,256			314,949,521				241,719,912			471,013,473
Value of shares repurchased			(181,924,426	)		(114,154,628	)			(221,861,093	)		(487,674,653	)

Net increase (decrease) in net assets resulting from share transactions			(63,757,170	)		200,794,893				19,858,819			(16,661,180	)

Net increase (decrease) in net assets			(47,724,307	)		256,454,722				70,633,881			140,140,320


Net assets:
Beginning of period			314,885,505			58,430,783				297,236,641			157,096,321

End of period		$	267,161,198		$	314,885,505			$	367,870,522		$	297,236,641


Changes in Shares Outstanding:
Shares sold			1,180,000			3,470,000				1,590,000			3,930,000
Shares repurchased			(1,820,000	)		(1,350,000	)			(1,500,000	)		(3,900,000	)
Shares outstanding, beginning of period			3,070,000			950,000				2,080,000			2,050,000

Shares outstanding, end of period			2,430,000			3,070,000				2,170,000			2,080,000

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



		30
		30


Invesco DWA Utilities Momentum ETF (PUI)								Invesco NASDAQ Internet ETF (PNQI)


Six Months Ended October 31, 2021				Year Ended April 30, 2021				Six Months Ended October 31, 2021				Year Ended April 30, 2021

	$	534,182			$	1,281,339			$	(3,028,486	)		$	(4,847,878	)
		(260,615	)			(420,189	)			38,180,114				101,371,036
		(409,447	)			7,717,142				(29,887,761	)			297,046,224

		(135,880	)			8,578,292				5,263,867				393,569,382


		(529,940	)			(1,605,292	)			-				-


		-				5,919,080				63,700,820				358,276,717
		(4,749,790	)			(44,690,000	)			(78,172,727	)			(240,301,737	)


		(4,749,790	)			(38,770,920	)			(14,471,907	)			117,974,980

		(5,415,610	)			(31,797,920	)			(9,208,040	)			511,544,362


		49,728,068				81,525,988				1,069,441,504				557,897,142

	$	44,312,458			$	49,728,068			$	1,060,233,464			$	1,069,441,504


		-				200,000				260,000				1,690,000
		(140,000	)			(1,450,000	)			(320,000	)			(1,110,000	)
		1,450,000				2,700,000				4,380,000				3,800,000

		1,310,000				1,450,000				4,320,000				4,380,000

Financial Highlights

Invesco DWA Basic Materials Momentum ETF (PYZ)


	Six Months Ended October 31, 2021				Years Ended April 30,
	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	85.67		$	47.51		$	60.49		$	66.74		$	61.38		$	54.35

Net investment income^(a)			0.12			0.47			0.79			0.72			0.49			0.46
Net realized and unrealized gain (loss) on investments			5.36			38.31			(12.77	)		(6.30	)		5.27			7.14

Total from investment operations			5.48			38.78			(11.98	)		(5.58	)		5.76			7.60

Distributions to shareholders from:
Net investment income			(0.10	)		(0.62	)		(1.00	)		(0.67	)		(0.40	)		(0.57	)

Net asset value at end of period		$	91.05		$	85.67		$	47.51		$	60.49		$	66.74		$	61.38

Market price at end of period^(b)		$	91.11		$	85.68		$	47.63		$	60.48		$	66.79		$	61.38

Net Asset Value Total Return^(c)			6.42	%		82.25	%		(19.95	)%		(8.36	)%		9.40	%		14.04	%
Market Price Total Return^(c)			6.47	%		81.80	%		(19.74	)%		(8.46	)%		9.48	%		13.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	152,051		$	114,802		$	35,634		$	63,518		$	100,114		$	101,269
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.61	%^(e)		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers			0.69	%^(d)		0.82	%		0.79	%^(e)		0.76	%		0.76	%		0.69	%
Net investment income			0.27	%^(d)		0.70	%		1.40	%^(e)		1.12	%		0.75	%		0.79	%
Portfolio turnover rate^(f)			61	%		132	%		90	%		89	%		75	%		132	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	Annualized.

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

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

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



		32
		32

Financial Highlights—(continued)

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)


	Six Months Ended October 31, 2021				Years Ended April 30,
	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	89.43		$	41.64		$	56.86		$	50.42		$	44.36		$	42.26

Net investment income^(a)			0.06			(0.00	)^(b)		0.06			0.08			0.25			0.15
Net realized and unrealized gain (loss) on investments			4.57			47.98			(15.17	)		6.53			6.03			2.30

Total from investment operations			4.63			47.98			(15.11	)		6.61			6.28			2.45

Distributions to shareholders from:
Net investment income			(0.09	)		(0.19	)		(0.11	)		(0.17	)		(0.22	)		(0.35	)

Net asset value at end of period		$	93.97		$	89.43		$	41.64		$	56.86		$	50.42		$	44.36

Market price at end of period^(c)		$	93.87		$	89.37		$	41.67		$	56.87		$	50.48		$	44.37

Net Asset Value Total Return^(d)			5.18	%		115.43	%		(26.51	)%		13.15	%		14.20	%		5.85	%
Market Price Total Return^(d)			5.13	%		115.13	%		(26.47	)%		13.03	%		14.31	%		5.90	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	110,887		$	126,992		$	16,657		$	31,271		$	55,464		$	28,837
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(e)		0.60	%		0.61	%^(f)		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers			0.72	%^(e)		0.80	%		0.82	%^(f)		0.80	%		0.90	%		0.86	%
Net investment income			0.13	%^(e)		(0.00	)%^(g)		0.12	%^(f)		0.15	%		0.52	%		0.35	%
Portfolio turnover rate^(h)			112	%		163	%		176	%		136	%		185	%		117	%

^(a)	Based on average shares outstanding.

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

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

^(d)

^(e)	Annualized.

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

^(g)	Amount represents less than 0.005%.

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

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



		33
		33

Financial Highlights—(continued)

Invesco DWA Consumer Staples Momentum ETF (PSL)


	Six Months Ended October 31, 2021				Years Ended April 30,
	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	94.26		$	60.84		$	72.67		$	67.39		$	59.38		$	56.05

Net investment income^(a)			0.69			0.73			0.46			0.45			0.41			0.76
Net realized and unrealized gain (loss) on investments			(3.07	)		33.35			(11.78	)		5.25			7.90			3.69

Total from investment operations			(2.38	)		34.08			(11.32	)		5.70			8.31			4.45

Distributions to shareholders from:
Net investment income			(0.71	)		(0.66	)		(0.51	)		(0.42	)		(0.30	)		(1.12	)

Net asset value at end of period		$	91.17		$	94.26		$	60.84		$	72.67		$	67.39		$	59.38

Market price at end of period^(b)		$	91.24		$	94.31		$	60.81		$	72.65		$	67.61		$	59.38

Net Asset Value Total Return^(c)			(2.53	)%		56.25	%		(15.61	)%		8.50	%		14.03	%		8.12	%
Market Price Total Return^(c)			(2.51	)%		56.42	%		(15.63	)%		8.12	%		14.40	%		8.12	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	105,756		$	111,221		$	109,513		$	174,401		$	90,977		$	77,191
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers			0.73	%^(d)		0.75	%		0.71	%		0.71	%		0.79	%		0.71	%
Net investment income			1.48	%^(d)		0.93	%		0.65	%		0.64	%		0.65	%		1.33	%
Portfolio turnover rate^(e)			51	%		97	%		119	%		118	%		80	%		106	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		34
		34

Financial Highlights—(continued)

Invesco DWA Energy Momentum ETF (PXI)


	Six Months Ended October 31, 2021

					Years Ended April 30,
	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	24.49		$	15.20		$	31.95		$	42.26		$	36.36		$	37.97

Net investment income^(a)			0.07			0.17			0.74	^(b)		0.28			0.41			0.14
Net realized and unrealized gain (loss) on investments			8.96			9.33			(16.70	)		(10.24	)		5.80			(1.50	)

Total from investment operations			9.03			9.50			(15.96	)		(9.96	)		6.21			(1.36	)

Distributions to shareholders from:
Net investment income			(0.10	)		(0.21	)		(0.79	)		(0.35	)		(0.31	)		(0.19	)
Return of capital			-			-			-			-			-			(0.06	)

Total distributions			(0.10	)		(0.21	)		(0.79	)		(0.35	)		(0.31	)		(0.25	)

Net asset value at end of period		$	33.42		$	24.49		$	15.20		$	31.95		$	42.26		$	36.36

Market price at end of period^(c)		$	33.46		$	24.51		$	15.24		$	31.95		$	42.32		$	36.35

Net Asset Value Total Return^(d)			36.94	%		63.39	%		(50.75	)%		(23.63	)%		17.28	%		(3.62	)%
Market Price Total Return^(d)			37.00	%		63.10	%		(50.62	)%		(23.74	)%		17.47	%		(3.60	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	95,577		$	139,581		$	17,479		$	51,127		$	88,738		$	112,731
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(e)		0.60	%		0.62	%^(f)		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers			0.71	%^(e)		0.85	%		0.86	%^(f)		0.75	%		0.78	%		0.72	%
Net investment income			0.52	%^(e)		0.86	%		2.98	%^(b)(f)		0.72	%		1.15	%		0.34	%
Portfolio turnover rate^(g)			70	%		196	%		92	%		113	%		95	%		116	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.58 and 2.35%, respectively.

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

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

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

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



		35
		35

Financial Highlights—(continued)

Invesco DWA Financial Momentum ETF (PFI)


	Six Months Ended
	October 31,
	2021				Years Ended April 30,
	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	51.11		$	31.88		$	35.52		$	35.16		$	30.66		$	29.42

Net investment income^(a)			0.51			0.47			0.52			0.41			0.35			0.47
Net realized and unrealized gain (loss) on investments			7.23			19.34			(3.54	)		0.39			4.44			1.43

Total from investment operations			7.74			19.81			(3.02	)		0.80			4.79			1.90

Distributions to shareholders from:
Net investment income			(0.35	)		(0.58	)		(0.62	)		(0.44	)		(0.29	)		(0.66	)

Net asset value at end of period		$	58.50		$	51.11		$	31.88		$	35.52		$	35.16		$	30.66

Market price at end of period^(b)		$	58.50		$	51.16		$	31.86		$	35.49		$	35.22		$	30.64

Net Asset Value Total Return^(c)			15.26	%		62.64	%		(8.33	)%		2.44	%		15.64	%		6.51	%
Market Price Total Return^(c)			15.15	%		62.90	%		(8.31	)%		2.18	%		15.91	%		6.41	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	107,049		$	55,708		$	28,695		$	24,861		$	70,330		$	85,857
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.61	%^(e)		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers			0.71	%^(d)		0.82	%		0.71	%^(e)		0.79	%		0.75	%		0.77	%
Net investment income			1.90	%^(d)		1.16	%		1.40	%^(e)		1.22	%		1.04	%		1.53	%
Portfolio turnover rate^(f)			63	%		167	%		158	%		132	%		105	%		204	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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

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



		36
		36

Financial Highlights—(continued)

Invesco DWA Healthcare Momentum ETF (PTH)


	Six Months Ended
	October 31,
	2021				Years Ended April 30,
	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	156.37		$	98.32		$	77.79		$	77.65		$	55.03		$	44.31

Net investment income (loss)^(a)			(0.42	)		(0.47	)		(0.30	)		(0.33	)		(0.21	)		(0.19	)
Net realized and unrealized gain on investments			7.63			58.52			20.83			0.47			22.83			10.91

Total from investment operations			7.21			58.05			20.53			0.14			22.62			10.72

Net asset value at end of period		$	163.58		$	156.37		$	98.32		$	77.79		$	77.65		$	55.03

Market price at end of period^(b)		$	163.39		$	156.15		$	98.49		$	77.69		$	77.80		$	55.02

Net Asset Value Total Return^(c)			4.61	%		59.04	%		26.39	%		0.18	%		41.11	%		24.19	%
Market Price Total Return^(c)			4.63	%		58.54	%		26.78	%		(0.15	)%		41.40	%		24.26	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	477,643		$	558,234		$	265,463		$	163,351		$	155,292		$	63,279
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers			0.68	%^(d)		0.67	%		0.73	%		0.69	%		0.73	%		0.78	%
Net investment income (loss)			(0.51	)%^(d)		(0.32	)%		(0.34	)%		(0.39	)%		(0.31	)%		(0.39	)%
Portfolio turnover rate^(e)			100	%		217	%		175	%		166	%		130	%		175	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		37
		37

Financial Highlights—(continued)

Invesco DWA Industrials Momentum ETF (PRN)


	Six Months Ended
	October 31,
	2021				Years Ended April 30,
	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	102.57		$	61.51		$	63.65		$	57.87		$	52.27		$	45.13

Net investment income^(a)			0.06			0.05			0.30			0.17			0.23			0.29
Net realized and unrealized gain (loss) on investments			7.39			41.11			(2.16	)		5.76			5.73			7.14

Total from investment operations			7.45			41.16			(1.86	)		5.93			5.96			7.43

Distributions to shareholders from:
Net investment income			(0.08	)		(0.10	)		(0.28	)		(0.15	)		(0.23	)		(0.29	)
Return of capital			-			-			-			-			(0.13	)		-

Total distributions			(0.08	)		(0.10	)		(0.28	)		(0.15	)		(0.36	)		(0.29	)

Net asset value at end of period		$	109.94		$	102.57		$	61.51		$	63.65		$	57.87		$	52.27

Market price at end of period^(b)		$	109.83		$	102.49		$	61.72		$	63.64		$	57.91		$	52.26

Net Asset Value Total Return^(c)			7.27	%		66.98	%		(2.95	)%		10.28	%		11.43	%		16.50	%
Market Price Total Return^(c)			7.25	%		66.28	%		(2.61	)%		10.19	%		11.53	%		16.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	267,161		$	314,886		$	58,431		$	101,839		$	107,053		$	130,669
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.61	%^(e)		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers			0.63	%^(d)		0.64	%		0.62	%^(e)		0.64	%		0.64	%		0.65	%
Net investment income			0.12	%^(d)		0.06	%		0.46	%^(e)		0.29	%		0.39	%		0.59	%
Portfolio turnover rate^(f)			70	%		169	%		111	%		104	%		106	%		122	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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

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



		38
		38

Financial Highlights—(continued)

Invesco DWA Technology Momentum ETF (PTF)


	Six Months Ended
	October 31,
	2021				Years Ended April 30,
	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	142.90		$	76.63		$	71.82		$	56.19		$	45.25		$	36.16

Net investment income (loss)^(a)			(0.15	)		(0.46	)		(0.12	)		(0.09	)		0.04			0.07
Net realized and unrealized gain on investments			26.78			66.73			4.93			15.76			10.92			9.12

Total from investment operations			26.63			66.27			4.81			15.67			10.96			9.19

Distributions to shareholders from:
Net investment income			-			-			-			(0.04	)		(0.02	)		(0.05	)
Return of capital			-			-			-			-			-			(0.05	)

Total distributions			-			-			-			(0.04	)		(0.02	)		(0.10	)

Net asset value at end of period		$	169.53		$	142.90		$	76.63		$	71.82		$	56.19		$	45.25

Market price at end of period^(b)		$	169.39		$	142.85		$	76.69		$	71.91		$	56.21		$	45.22

Net Asset Value Total Return^(c)			18.64	%		86.48	%		6.70	%		27.90	%		24.22	%		25.46	%
Market Price Total Return^(c)			18.57	%		86.28	%		6.65	%		28.01	%		24.35	%		25.38	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	367,871		$	297,237		$	157,096		$	175,966		$	117,996		$	131,217
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers			0.68	%^(d)		0.69	%		0.69	%		0.72	%		0.74	%		0.72	%
Net investment income (loss)			(0.20	)%^(d)		(0.37	)%		(0.17	)%		(0.15	)%		0.08	%		0.17	%
Portfolio turnover rate^(e)			98	%		172	%		159	%		133	%		107	%		147	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		39
		39

Financial Highlights—(continued)

Invesco DWA Utilities Momentum ETF (PUI)


	Six Months Ended
	October 31,
	2021				Years Ended April 30,
	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	34.30		$	30.19		$	32.18		$	27.11		$	27.50		$	25.12

Net investment income^(a)			0.39			0.64			0.65			0.63			0.65			0.65
Net realized and unrealized gain (loss) on investments			(0.47	)		4.27			(1.87	)		4.98			(0.31	)		2.71

Total from investment operations			(0.08	)		4.91			(1.22	)		5.61			0.34			3.36

Distributions to shareholders from:
Net investment income			(0.39	)		(0.80	)		(0.77	)		(0.54	)		(0.73	)		(0.98	)

Net asset value at end of period		$	33.83		$	34.30		$	30.19		$	32.18		$	27.11		$	27.50

Market price at end of period^(b)		$	33.88		$	34.24		$	30.29		$	32.18		$	27.13		$	27.51

Net Asset Value Total Return^(c)			(0.21	)%		16.63	%		(3.84	)%		20.98	%		1.16	%		13.65	%
Market Price Total Return^(c)			0.11	%		16.05	%		(3.53	)%		20.89	%		1.19	%		13.78	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	44,312		$	49,728		$	81,526		$	223,637		$	44,730		$	137,476
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers			0.83	%^(d)		0.81	%		0.69	%		0.73	%		0.83	%		0.71	%
Net investment income			2.30	%^(d)		2.06	%		1.93	%		2.08	%		2.35	%		2.46	%
Portfolio turnover rate^(e)			30	%		64	%		69	%		49	%		41	%		54	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		40
		40

Financial Highlights—(continued)

Invesco NASDAQ Internet ETF (PNQI)


	Six Months Ended
	October 31,
	2021				Years Ended April 30,
	(Unaudited)				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period		$	244.16		$	146.82		$	142.44		$	129.15		$	99.14		$	76.48

Net investment income (loss)^(a)			(0.70	)		(1.15	)		(0.44	)		(0.44	)		(0.36	)		(0.22	)
Net realized and unrealized gain on investments			1.96			98.49			4.82			13.73			30.40			22.88

Total from investment operations			1.26			97.34			4.38			13.29			30.04			22.66

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

Net asset value at end of period		$	245.42		$	244.16		$	146.82		$	142.44		$	129.15		$	99.14

Market price at end of period^(b)		$	245.08		$	244.35		$	146.75		$	142.41		$	129.29		$	99.17

Net Asset Value Total Return^(c)			0.52	%		66.30	%		3.07	%		10.29	%		30.30	%		29.63	%
Market Price Total Return^(c)			0.29	%		66.50	%		3.05	%		10.15	%		30.40	%		29.73	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,060,233		$	1,069,442		$	557,897		$	598,232		$	600,535		$	351,939
Ratio to average net assets of:
Expenses			0.60	%^(d)		0.60	%		0.60	%^(e)		0.60	%		0.60	%		0.60	%
Net investment income (loss)			(0.56	)%^(d)		(0.54	)%		(0.32	)%		(0.34	)%		(0.31	)%		(0.26	)%
Portfolio turnover rate^(f)			7	%		27	%		41	%		20	%		20	%		14	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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

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

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



		41
		41

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2021

(Unaudited)

NOTE 1—Organization

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


Full Name		Short Name

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

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

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

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

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

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

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

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

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

Invesco NASDAQ Internet ETF (PNQI)		“NASDAQ Internet ETF”

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

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

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


Fund		Underlying Index

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

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

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

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

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

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

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

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

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

NASDAQ Internet ETF		NASDAQ CTA Internet Index^SM

NOTE 2—Significant Accounting Policies

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

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

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

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued.

Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of

withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

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

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

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

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

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

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

NASDAQ Internet ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned.

Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. BNY Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, there were no securities lending transactions with Invesco.

J.	Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished

trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

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

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

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

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

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

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

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary,

sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3—Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for NASDAQ Internet ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, NASDAQ Internet ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.60% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of NASDAQ Internet ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except NASDAQ Internet ETF), pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except NASDAQ Internet ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2023. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2023. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees.

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended October 31, 2021, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



DWA Basic Materials Momentum ETF	$	86,517

DWA Consumer Cyclicals Momentum ETF		64,844

DWA Consumer Staples Momentum ETF		72,690

DWA Energy Momentum ETF		72,558

DWA Financial Momentum ETF		39,299

DWA Healthcare Momentum ETF		209,973

DWA Industrials Momentum ETF		37,053

DWA Technology Momentum ETF		122,440

DWA Utilities Momentum ETF		53,945

NASDAQ Internet ETF		9

The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2021 are as follows:


	Total
	Potential
	Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/22		4/30/23		4/30/24		4/30/25

DWA Basic Materials Momentum ETF	$	355,222	$	58,083	$	90,387	$	120,236	$	86,516

DWA Consumer Cyclicals Momentum ETF		305,184		46,510		80,322		113,510		64,842

DWA Consumer Staples Momentum ETF		483,621		81,729		165,252		163,949		72,691

DWA Energy Momentum ETF		323,175		53,510		80,048		117,061		72,556

DWA Financial Momentum ETF		199,485		30,755		53,809		75,623		39,298

DWA Healthcare Momentum ETF		925,315		105,569		183,777		426,000		209,969

DWA Industrials Momentum ETF		131,732		19,569		14,359		60,753		37,051

DWA Technology Momentum ETF		631,996		75,808		178,081		255,670		122,437

DWA Utilities Momentum ETF		438,469		78,052		174,961		131,512		53,944

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):


Fund		Licensor

DWA Basic Materials Momentum ETF		Dorsey Wright & Associates, LLC

DWA Consumer Cyclicals Momentum ETF		Dorsey Wright & Associates, LLC

DWA Consumer Staples Momentum ETF		Dorsey Wright & Associates, LLC

DWA Energy Momentum ETF		Dorsey Wright & Associates, LLC

DWA Financial Momentum ETF		Dorsey Wright & Associates, LLC

DWA Healthcare Momentum ETF		Dorsey Wright & Associates, LLC

DWA Industrials Momentum ETF		Dorsey Wright & Associates, LLC

DWA Technology Momentum ETF		Dorsey Wright & Associates, LLC

DWA Utilities Momentum ETF		Dorsey Wright & Associates, LLC

NASDAQ Internet ETF		Nasdaq, Inc.

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for NASDAQ Internet ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended October 31, 2021, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



DWA Basic Materials Momentum ETF	$	11,860

DWA Consumer Cyclicals Momentum ETF		25,433

DWA Consumer Staples Momentum ETF		8,817

DWA Energy Momentum ETF		26,007

DWA Financial Momentum ETF		8,876

DWA Healthcare Momentum ETF		4,270

DWA Industrials Momentum ETF		4,470

DWA Technology Momentum ETF		12,263

DWA Utilities Momentum ETF		4,342

NASDAQ Internet ETF		2,310

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

NOTE 4—Additional Valuation Information

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


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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3			Total

DWA Basic Materials Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	151,896,461	$	-		$	-	$	151,896,461

Money Market Funds		326,938		17,925,849			-		18,252,787


Total Investments	$	152,223,399	$	17,925,849		$	-	$	170,149,248


DWA Consumer Cyclicals Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	110,823,367	$	-		$	-	$	110,823,367

Money Market Funds		235,067		14,322,410			-		14,557,477


Total Investments	$	111,058,434	$	14,322,410		$	-	$	125,380,844


DWA Consumer Staples Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	105,695,589	$	-		$	-	$	105,695,589

Money Market Funds		213,572		13,477,127			-		13,690,699


Total Investments	$	105,909,161	$	13,477,127		$	-	$	119,386,288


DWA Energy Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	95,542,874	$	-		$	-	$	95,542,874

Money Market Funds		187,611		20,025,951			-		20,213,562


Total Investments	$	95,730,485	$	20,025,951		$	-	$	115,756,436


DWA Financial Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	107,069,837	$	-		$	-	$	107,069,837

Money Market Funds		34,296		6,455,107			-		6,489,403


Total Investments	$	107,104,133	$	6,455,107		$	-	$	113,559,240


DWA Healthcare Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	477,806,907	$	-		$	-	$	477,806,907

Money Market Funds		409,194		40,412,776			-		40,821,970


Total Investments	$	478,216,101	$	40,412,776		$	-	$	518,628,877


	Level 1		Level 2		Level 3		Total

DWA Industrials Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	267,163,044	$	-		$-	$	267,163,044

Money Market Funds		216,711		23,154,164		-		23,370,875


Total Investments	$	267,379,755	$	23,154,164		$-	$	290,533,919


DWA Technology Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	368,040,353	$	-		$-	$	368,040,353

Money Market Funds		207,349		33,919,531		-		34,126,880


Total Investments	$	368,247,702	$	33,919,531		$-	$	402,167,233


DWA Utilities Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	44,284,190	$	-		$-	$	44,284,190

Money Market Funds		125,365		1,789,606		-		1,914,971


Total Investments	$	44,409,555	$	1,789,606		$-	$	46,199,161


NASDAQ Internet ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	1,060,453,751	$	-		$-	$	1,060,453,751

Money Market Funds		314,297		47,762,153		-		48,076,450


Total Investments	$	1,060,768,048	$	47,762,153		$-	$	1,108,530,201

NOTE 5—Tax Information

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

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

The Funds had capital loss carryforwards as of April 30, 2021, as follows:


	No expiration

	Short-Term		Long-Term		Total*

DWA Basic Materials Momentum ETF	$	39,665,366	$	12,399,244	$	52,064,610

DWA Consumer Cyclicals Momentum ETF		63,931,682		65,024		63,996,706

DWA Consumer Staples Momentum ETF		83,114,821		5,474,465		88,589,286

DWA Energy Momentum ETF		159,451,878		31,531,201		190,983,079

DWA Financial Momentum ETF		23,456,031		177,119		23,633,150

DWA Healthcare Momentum ETF		167,310,130		-		167,310,130

DWA Industrials Momentum ETF		53,553,778		-		53,553,778

DWA Technology Momentum ETF		87,286,115		-		87,286,115

DWA Utilities Momentum ETF		23,123,645		3,552,454		26,676,099

NASDAQ Internet ETF		17,639,121		45,440,623		63,079,744

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

NOTE 6—Investment Transactions

For the six months ended October 31, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

DWA Basic Materials Momentum ETF	$	113,740,827	$	114,127,663

DWA Consumer Cyclicals Momentum ETF		127,581,280		127,819,276

DWA Consumer Staples Momentum ETF		59,088,420		59,122,655

DWA Energy Momentum ETF		92,176,442		92,130,772

DWA Financial Momentum ETF		50,968,958		49,339,715

DWA Healthcare Momentum ETF		562,236,544		561,717,546

DWA Industrials Momentum ETF		205,082,497		205,087,806

DWA Technology Momentum ETF		316,572,865		315,665,151

DWA Utilities Momentum ETF		14,017,964		13,959,642

NASDAQ Internet ETF		77,847,403		82,930,745

For the six months ended October 31, 2021, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

DWA Basic Materials Momentum ETF	$	111,157,861	$	76,855,917

DWA Consumer Cyclicals Momentum ETF		16,377,064		37,087,330

DWA Consumer Staples Momentum ETF		46,919,971		48,529,987

DWA Energy Momentum ETF		71,443,554		132,516,184

DWA Financial Momentum ETF		84,622,692		46,930,937

DWA Healthcare Momentum ETF		347,771,866		447,029,241

DWA Industrials Momentum ETF		118,079,104		181,851,567

DWA Technology Momentum ETF		241,829,942		223,215,661

DWA Utilities Momentum ETF		-		4,748,714

NASDAQ Internet ETF		63,763,494		76,358,486

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

At October 31, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


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

DWA Basic Materials Momentum ETF	$	16,216,071	$	(2,659,664	)	$	13,556,407	$	156,592,841

DWA Consumer Cyclicals Momentum ETF		16,310,159		(1,669,549	)		14,640,610		110,740,234

DWA Consumer Staples Momentum ETF		11,561,802		(1,382,981	)		10,178,821		109,207,467

DWA Energy Momentum ETF		13,202,537		(5,180,050	)		8,022,487		107,733,949

DWA Financial Momentum ETF		16,542,086		(167,796	)		16,374,290		97,184,950

DWA Healthcare Momentum ETF		48,470,753		(9,594,660	)		38,876,093		479,752,784

DWA Industrials Momentum ETF		46,777,539		(2,819,371	)		43,958,168		246,575,751

DWA Technology Momentum ETF		66,560,070		(6,396,025	)		60,164,045		342,003,188

DWA Utilities Momentum ETF		4,324,680		(1,116,905	)		3,207,775		42,991,386

NASDAQ Internet ETF		353,229,524		(42,618,154	)		310,611,370		797,918,831

NOTE 7—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for NASDAQ Internet ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with

contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected.

Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8—Capital

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

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

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

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

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco NASDAQ Internet ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Invesco NASDAQ Internet ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2021 through October 31, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value May 1, 2021			Ending Account Value October 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco DWA Basic Materials Momentum ETF (PYZ)

Actual		$	1,000.00		$	1,064.20		0.60	%		$	3.12
Hypothetical (5% return before expenses)			1,000.00			1,022.18		0.60				3.06

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

Actual			1,000.00			1,051.80		0.60				3.10

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

Invesco DWA Consumer Staples Momentum ETF (PSL)

Actual			1,000.00			974.70		0.60				2.99

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

Invesco DWA Energy Momentum ETF (PXI)

Actual			1,000.00			1,369.40		0.60				3.58

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

Invesco DWA Financial Momentum ETF (PFI)

Actual			1,000.00			1,152.60		0.60				3.26

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

Calculating your ongoing Fund expenses—(continued)


	Beginning Account Value May 1, 2021			Ending Account Value October 31, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco DWA Healthcare Momentum ETF (PTH)

Actual		$	1,000.00		$	1,046.10		0.60	%		$	3.09

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

Invesco DWA Industrials Momentum ETF (PRN)

Actual			1,000.00			1,072.70		0.60				3.13

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

Invesco DWA Technology Momentum ETF (PTF)

Actual			1,000.00			1,186.40		0.60				3.31

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

Invesco DWA Utilities Momentum ETF (PUI)

Actual			1,000.00			997.90		0.60				3.02

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

Invesco NASDAQ Internet ETF (PNQI)

Actual			1,000.00			1,005.20		0.60				3.03

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

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365.

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-3

invesco.com/ETFs