N-CSRS



		Invesco Semi-Annual Report to Shareholders October 31, 2023
		PPA		Invesco Aerospace & Defense ETF

		PDP		Invesco Dorsey Wright Momentum ETF (formerly, Invesco DWA Momentum ETF)

		PSP		Invesco Global Listed Private Equity ETF

		PGJ		Invesco Golden Dragon China ETF

		ERTH		Invesco MSCI Sustainable Future ETF

		RYJ		Invesco Raymond James SB-1 Equity ETF

		PBP		Invesco S&P 500 BuyWrite ETF

		SPHQ		Invesco S&P 500^® Quality ETF

		CSD		Invesco S&P Spin-Off ETF

		PHO		Invesco Water Resources ETF

		PBW		Invesco WilderHill Clean Energy ETF

Table of Contents



Schedules of Investments

Invesco Aerospace & Defense ETF (PPA)			3

Invesco Dorsey Wright Momentum ETF (PDP)			5

Invesco Global Listed Private Equity ETF (PSP)			8

Invesco Golden Dragon China ETF (PGJ)			11

Invesco MSCI Sustainable Future ETF (ERTH)			14

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

Invesco S&P 500 BuyWrite ETF (PBP)			22

Invesco S&P 500^® Quality ETF (SPHQ)			28

Invesco S&P Spin-Off ETF (CSD)			31

Invesco Water Resources ETF (PHO)			33

Invesco WilderHill Clean Energy ETF (PBW)			35

Statements of Assets and Liabilities			38

Statements of Operations			40

Statements of Changes in Net Assets			42

Financial Highlights			46

Notes to Financial Statements			57

Fund Expenses			74

Invesco Aerospace & Defense ETF (PPA)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Aerospace & Defense-68.08%
AAR Corp.^(b)		193,515	$	11,487,050
AeroVironment, Inc.^(b)(c)		145,276		16,657,346
Axon Enterprise, Inc.^(b)		367,421		75,133,920
Boeing Co. (The)^(b)		676,848		126,448,743
BWX Technologies, Inc.^(c)		409,126		30,389,879
CAE, Inc. (Canada)^(b)		1,676,091		34,963,258
Curtiss-Wright Corp.		141,885		28,208,157
Ducommun, Inc.^(b)		75,754		3,624,071
Elbit Systems Ltd. (Israel)^(c)		245,338		45,760,444
General Dynamics Corp.		454,189		109,600,348
HEICO Corp.^(c)		247,944		39,276,809
Hexcel Corp.		410,842		25,439,337
Howmet Aerospace, Inc.		1,435,596		63,309,784
Huntington Ingalls Industries, Inc.		210,463		46,263,977
Kaman Corp.		115,461		2,148,729
Kratos Defense & Security Solutions, Inc.^(b)(c)		707,870		12,069,184
L3Harris Technologies, Inc.		545,081		97,792,982
Leonardo DRS, Inc.^(b)(c)		1,325,243		25,272,384
Lockheed Martin Corp.		324,006		147,306,088
Mercury Systems, Inc.^(b)(c)		321,605		11,571,348
Moog, Inc., Class A		103,268		11,984,251
Northrop Grumman Corp.		309,610		145,959,442
RTX Corp.^(c)		1,862,842		151,616,710
Spirit AeroSystems Holdings, Inc., Class A^(c)		581,969		13,152,500
Textron, Inc.		799,315		60,747,940
TransDigm Group, Inc.^(b)		99,998		82,807,344
Triumph Group, Inc.^(b)		411,475		3,069,604
V2X, Inc.^(b)(c)		150,026		7,661,828
Woodward, Inc.		212,963		26,556,486

				1,456,279,943

Communications Equipment-0.40%
Comtech Telecommunications Corp.		154,227		1,881,569
Viasat, Inc.^(b)(c)		358,577		6,612,160

				8,493,729

Containers & Packaging-0.57%
Ball Corp.		253,723		12,216,763

Diversified Telecommunication Services-0.32%
Iridium Communications, Inc.		184,985		6,853,694

Electrical Equipment-2.50%
Eaton Corp. PLC		257,221		53,478,818

Electronic Equipment, Instruments & Components-2.26%
Keysight Technologies, Inc.^(b)		109,544		13,369,845
OSI Systems, Inc.^(b)		58,239		6,072,580
Teledyne Technologies, Inc.^(b)		70,323		26,342,293
TTM Technologies, Inc.^(b)		230,246		2,645,527

				48,430,245



	Shares		Value
Industrial Conglomerates-9.49%
General Electric Co.		1,032,058	$	112,112,460
Honeywell International, Inc.		495,495		90,804,414

				202,916,874

Machinery-3.39%
Barnes Group, Inc.		96,054		1,996,963
Oshkosh Corp.		99,611		8,738,873
Parker-Hannifin Corp.		167,616		61,835,218

				72,571,054

Metals & Mining-0.85%
ATI, Inc.^(b)(c)		478,846		18,086,013

Professional Services-11.18%
Booz Allen Hamilton Holding Corp.		497,251		59,635,313
CACI International, Inc., Class A^(b)		93,792		30,459,890
Jacobs Solutions, Inc.		197,037		26,265,032
KBR, Inc.^(c)		597,358		34,736,368
Leidos Holdings, Inc.		515,423		51,088,728
Parsons Corp.^(b)(c)		226,128		12,787,538
Science Applications International Corp.		221,339		24,179,072

				239,151,941

Software-0.96%
Palantir Technologies, Inc., Class A^(b)(c)		1,395,187		20,648,768

Total Common Stocks & Other Equity Interests (Cost $2,022,436,116)				2,139,127,842


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $1,008,425)		1,008,425		1,008,425

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $2,023,444,541)				2,140,136,267


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.47%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		48,860,813		48,860,813
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		132,403,713		132,416,953

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $181,280,543)				181,277,766


TOTAL INVESTMENTS IN SECURITIES-108.52% (Cost $2,204,725,084)				2,321,414,033
OTHER ASSETS LESS LIABILITIES-(8.52)%				(182,292,212	)

NET ASSETS-100.00%			$	2,139,121,821

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



		3
		3

Invesco Aerospace & Defense ETF (PPA)–(continued)

October 31, 2023

(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, 2023.

^(d)

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2023.



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	718,890		$	13,087,540		$	(12,798,005	)		$	-		$	-			$	1,008,425		$	24,311

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			32,529,303			164,273,297			(147,941,787	)			-			-				48,860,813			761,305	*

Invesco Private Prime Fund			83,646,779			386,498,435			(337,733,827	)			12,418			(6,852	)			132,416,953			2,030,360	*


Total		$	116,894,972		$	563,859,272		$	(498,473,619	)		$	12,418		$	(6,852	)		$	182,286,191		$	2,815,976

*	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, 2023.

^(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 2J.

Portfolio Composition

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

as of October 31, 2023



Aerospace & Defense			68.08

Professional Services			11.18

Industrial Conglomerates			9.49

Machinery			3.39

Industry Types Each Less Than 3%			7.86

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.



		4
		4

Invesco Dorsey Wright Momentum ETF (PDP)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-1.27%
Alphabet, Inc., Class A^(b)		51,577	$	6,399,674
Meta Platforms, Inc., Class A^(b)		20,387		6,141,992

				12,541,666

Consumer Discretionary-10.93%
AutoNation, Inc.^(b)		48,609		6,323,059
Boyd Gaming Corp.		139,728		7,719,972
Chipotle Mexican Grill, Inc.^(b)		5,077		9,860,549
Deckers Outdoor Corp.^(b)(c)		12,183		7,273,982
DraftKings, Inc., Class A^(b)		195,120		5,389,214
Murphy USA, Inc.		17,248		6,255,677
NVR, Inc.^(b)		1,891		10,235,264
O’Reilly Automotive, Inc., Class R^(b)		33,030		30,732,433
Penske Automotive Group, Inc.		51,682		7,394,661
Royal Caribbean Cruises Ltd.^(b)(c)		60,294		5,108,711
TJX Cos., Inc. (The)		130,780		11,517,795

				107,811,317

Consumer Staples-3.52%
Celsius Holdings, Inc.^(b)(c)		55,612		8,458,029
Costco Wholesale Corp.		23,769		13,130,946
e.l.f. Beauty, Inc.^(b)		141,369		13,095,011

				34,683,986

Energy-9.24%
Antero Midstream Corp.		562,525		6,941,559
APA Corp.		140,200		5,568,744
Civitas Resources, Inc.^(c)		154,336		11,641,564
Marathon Petroleum Corp.		67,306		10,180,032
Murphy Oil Corp.		249,576		11,198,475
Targa Resources Corp.		217,285		18,167,199
Texas Pacific Land Corp.^(c)		3,619		6,680,493
Transocean Ltd.^(b)(c)		743,163		4,919,739
Valaris Ltd.^(b)(c)		90,840		5,999,074
Weatherford International PLC^(b)		105,703		9,839,892

				91,136,771

Financials-13.14%
Aon PLC, Class A		27,469		8,498,908
Apollo Global Management, Inc.		71,110		5,506,758
Ares Management Corp., Class A		77,573		7,647,922
Arthur J. Gallagher & Co.		29,275		6,893,970
Blackstone, Inc., Class A		52,856		4,881,252
Brown & Brown, Inc.		79,876		5,544,992
Fiserv, Inc.^(b)		143,933		16,372,379
Kinsale Capital Group, Inc.		51,215		17,101,201
LPL Financial Holdings, Inc.		29,057		6,523,878
Marsh & McLennan Cos., Inc.		30,103		5,709,034
Mastercard, Inc., Class A		71,224		26,805,152
Primerica, Inc.		30,110		5,755,828
Visa, Inc., Class A^(c)		52,512		12,345,571

				129,586,845

Health Care-6.74%
Bridgebio Pharma, Inc.^(b)(c)		258,645		6,735,116
Chemed Corp.^(c)		12,895		7,255,372
Eli Lilly and Co.		18,673		10,343,535
IDEXX Laboratories, Inc.^(b)		31,237		12,478,244
Intuitive Surgical, Inc.^(b)		22,828		5,985,958



	Shares		Value
Health Care-(continued)
Medpace Holdings, Inc.^(b)		55,366	$	13,435,667
Roivant Sciences Ltd.^(b)(c)		645,480		5,576,947
Tenet Healthcare Corp.^(b)		87,257		4,685,701

				66,496,540

Industrials-27.53%
AMETEK, Inc.		38,286		5,389,520
API Group Corp.^(b)(c)		239,013		6,183,266
Applied Industrial Technologies, Inc.		37,922		5,821,406
Atkore, Inc.^(b)(c)		100,190		12,451,613
Beacon Roofing Supply, Inc.^(b)		91,857		6,537,463
Booz Allen Hamilton Holding Corp.		73,998		8,874,580
Builders FirstSource, Inc.^(b)(c)		114,300		12,403,836
Carlisle Cos., Inc.		23,241		5,905,306
Carrier Global Corp.		109,260		5,207,332
Cintas Corp.		25,633		12,999,007
Clean Harbors, Inc.^(b)		36,202		5,563,161
Comfort Systems USA, Inc.		43,225		7,860,466
Copart, Inc.^(b)		634,053		27,593,987
Graco, Inc.		77,831		5,786,735
Howmet Aerospace, Inc.		127,711		5,632,055
Hubbell, Inc.		18,490		4,994,149
Illinois Tool Works, Inc.		26,289		5,891,891
KBR, Inc.		95,423		5,548,847
Old Dominion Freight Line, Inc.		59,571		22,438,013
Quanta Services, Inc.		53,440		8,930,893
SiteOne Landscape Supply, Inc.^(b)(c)		38,777		5,342,307
Snap-on, Inc.		29,854		7,700,541
Trane Technologies PLC		63,227		12,032,730
TransDigm Group, Inc.^(b)		25,386		21,021,893
United Rentals, Inc.		16,547		6,722,550
Vertiv Holdings Co.		209,999		8,246,661
W.W. Grainger, Inc.		24,806		18,104,163
WESCO International, Inc.		80,270		10,290,614

				271,474,985

Information Technology-25.58%
Amphenol Corp., Class A		247,854		19,964,640
ANSYS, Inc.^(b)		84,238		23,440,066
Apple, Inc.		178,860		30,543,922
Applied Materials, Inc.		63,075		8,347,976
AppLovin Corp., Class A^(b)(c)		192,668		7,020,822
Arista Networks, Inc.^(b)		32,160		6,443,899
Axcelis Technologies, Inc.^(b)(c)		96,345		12,283,988
Broadcom, Inc.		7,051		5,932,500
Cadence Design Systems, Inc.^(b)		114,657		27,500,481
Fair Isaac Corp.^(b)		6,633		5,610,656
Intuit, Inc.		29,558		14,629,732
Jabil, Inc.^(c)		59,319		7,284,373
KLA Corp.		20,107		9,444,258
Manhattan Associates, Inc.^(b)		31,532		6,148,109
Microsoft Corp.		25,522		8,629,243
NVIDIA Corp.		14,777		6,026,061
ON Semiconductor Corp.^(b)		145,458		9,111,489
Onto Innovation, Inc.^(b)(c)		54,576		6,132,705
Oracle Corp.		65,302		6,752,227
SPS Commerce, Inc.^(b)(c)		54,888		8,800,742

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



		5
		5

Invesco Dorsey Wright Momentum ETF (PDP)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Information Technology-(continued)
Synopsys, Inc.^(b)		35,097	$	16,475,936
VeriSign, Inc.^(b)		28,908		5,771,771

				252,295,596

Materials-1.35%
ATI, Inc.^(b)(c)		207,066		7,820,883
Reliance Steel & Aluminum Co.		21,567		5,486,213

				13,307,096

Utilities-0.64%
Constellation Energy Corp.		55,962		6,319,229

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $916,284,392)				985,654,031



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.56%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		26,401,002	$	26,401,002
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		67,899,573		67,906,363

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $94,305,089)				94,307,365

TOTAL INVESTMENTS IN SECURITIES-109.50% (Cost $1,010,589,481)				1,079,961,396
OTHER ASSETS LESS LIABILITIES-(9.50)%				(93,695,821	)

NET ASSETS-100.00%			$	986,265,575

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, 2023.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	889,026		$	(889,026	)		$	-		$	-			$	-		$	782

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			20,775,244			184,584,840			(178,959,082	)			-			-				26,401,002			594,867	*

Invesco Private Prime Fund			53,422,056			388,295,689			(373,810,064	)			3,433			(4,751	)			67,906,363			1,605,192	*

Total		$	74,197,300		$	573,769,555		$	(553,658,172	)		$	3,433		$	(4,751	)		$	94,307,365		$	2,200,841

*	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, 2023.

^(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 2J.

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



		6
		6

Invesco Dorsey Wright Momentum ETF (PDP)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Industrials			27.53

Information Technology			25.58

Financials			13.14

Consumer Discretionary			10.93

Energy			9.24

Health Care			6.74

Consumer Staples			3.52

Sector Types Each Less Than 3%			3.26

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.



		7
		7

Invesco Global Listed Private Equity ETF (PSP)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-78.99%
Aerospace & Defense-4.32%
Melrose Industries PLC (United Kingdom)		1,113,233	$	6,308,486

Capital Markets-54.99%
3i Group PLC (United Kingdom)		319,485		7,499,657
Alaris Equity Partners Income (Canada)		71,099		644,283
Blackstone Secured Lending Fund^(b)		57,467		1,572,872
Blackstone, Inc., Class A		73,252		6,764,822
Blue Owl Capital, Inc.^(b)		403,215		4,971,641
Bridgepoint Group PLC (United Kingdom)^(b)(c)		1,100,224		2,423,148
Carlyle Group, Inc. (The)^(b)		221,975		6,113,191
Chrysalis Investments Ltd. (Guernsey)^(d)		901,840		607,358
EQT AB (Sweden)^(b)		382,467		6,945,761
Gimv N.V. (Belgium)^(b)		52,817		2,037,707
Hamilton Lane, Inc., Class A		34,598		2,910,384
IP Group PLC (United Kingdom)		1,648,448		877,136
JAFCO Group Co. Ltd. (Japan)^(b)		91,435		977,472
KKR & Co., Inc., Class A		123,069		6,818,022
Molten Ventures PLC (United Kingdom)^(d)		262,762		750,570
Mutares SE & Co. KGaA (Germany)		33,959		1,019,409
Onex Corp. (Canada)		115,106		6,444,112
P10, Inc., Class A		102,954		969,827
Partners Group Holding AG (Switzerland)^(b)		7,090		7,454,219
Patria Investments Ltd., Class A (Cayman Islands)		82,779		1,067,021
Petershill Partners PLC (United Kingdom)^(b)(c)		1,457,756		2,610,919
Ratos AB, Class B (Sweden)^(b)		517,858		1,437,793
StepStone Group, Inc., Class A^(b)		78,407		2,218,918
TPG, Inc.^(b)		186,720		5,160,941

				80,297,183

Diversified Consumer Services-1.35%
Graham Holdings Co., Class B		3,405		1,970,542

Financial Services-16.01%
Cannae Holdings, Inc.^(b)(d)		60,468		988,652
Compass Diversified Holdings^(b)		76,441		1,313,256
Eurazeo SE (France)		122,662		6,891,098
HAL Trust (Netherlands)		16,008		1,800,337
Kinnevik AB, Class B (Sweden)^(d)		422,251		3,589,605
Sofina S.A. (Belgium)^(b)		32,569		6,162,154
Wendel SE (France)		35,349		2,637,892

				23,382,994

Interactive Media & Services-1.47%
IAC, Inc.^(b)(d)		50,581		2,152,221

IT Services-0.85%
Digital Garage, Inc. (Japan)		62,827		1,244,551

Total Common Stocks & Other Equity Interests (Cost $153,818,180)				115,355,977


Closed-End Funds-18.47%
Apax Global Alpha Ltd. (Guernsey)^(b)(c)		770,203		1,429,943
Investment Abbreviations:
BDC-Business Development Company



	Shares		Value
Ares Capital Corp.^(b)		268,584	$	5,092,353
Bain Capital Specialty Finance, Inc., BDC		25,327		383,451
Blue Owl Capital Corp., BDC^(b)		115,109		1,524,043
FS KKR Capital Corp., BDC		97,839		1,854,049
Goldman Sachs BDC, Inc., BDC^(b)		27,818		380,829
Golub Capital BDC, Inc.^(b)		55,800		803,520
HBM Healthcare Investments AG (Switzerland), Class A^(d)		9,869		1,717,762
Hercules Capital, Inc.^(b)		49,218		757,957
HgCapital Trust PLC (United Kingdom)^(b)		914,516		4,078,222
Main Street Capital Corp.		29,721		1,133,262
NB Private Equity Partners Ltd. (Guernsey)		83,027		1,583,777
New Mountain Finance Corp., BDC^(b)		31,430		389,103
Oakley Capital Investments Ltd. (Bermuda)^(b)		354,726		1,807,859
Oaktree Specialty Lending Corp.^(b)		19,968		379,392
Princess Private Equity Holding Ltd. (Guernsey)^(b)		136,799		1,402,587
Prospect Capital Corp.		66,592		342,283
Sixth Street Specialty Lending, Inc.^(b)		39,746		771,470
Syncona Ltd. (United Kingdom)^(b)(d)		731,109		1,137,345

Total Closed-End Funds (Cost $30,684,806)				26,969,207


	Shares
Money Market Funds-1.39%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(e)(f) (Cost $2,024,540)		2,024,540		2,024,540

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.85% (Cost $186,527,526)				144,349,724


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-29.16%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		11,920,209		11,920,209
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		30,657,104		30,660,170

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $42,579,196)				42,580,379

TOTAL INVESTMENTS IN SECURITIES-128.01% (Cost $229,106,722)				186,930,103
OTHER ASSETS LESS LIABILITIES-(28.01)%				(40,905,200	)

NET ASSETS-100.00%.			$	146,024,903

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



		8
		8

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

October 31, 2023

(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, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $6,464,010, which represented 4.43% of the Fund’s Net Assets.

^(d)	Non-income producing security.

^(e)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	2,007,766		$	18,042,133		$	(18,025,359	)		$	-		$	-		$	2,024,540		$	52,235

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			15,014,772			72,688,980			(75,783,543	)			-			-			11,920,209			358,132	*

Invesco Private Prime Fund			38,609,514			152,292,187			(160,247,344	)			4,220			1,593			30,660,170			962,474	*


Total		$	55,632,052		$	243,023,300		$	(254,056,246	)		$	4,220		$	1,593		$	44,604,919		$	1,372,841

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

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


United Kingdom			17.59	%

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

Counterparty

Pay/
Receive

Reference Entity

Rate

Payment
Frequency

Maturity Date

Notional Value^(b)

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Equity Risk

Citibank, N.A.

Receive

Brookfield Business Partners LP

1-Day CORRA

plus 55

basis points

Monthly

October-2024

CAD 1,242,180

(70,046

)

$(70,046)

Abbreviations:

CAD -Canadian Dollar

CORRA-Canadian Overnight Repo Rate Average

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

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

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



		9
		9

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

October 31, 2023

(Unaudited)


Portfolio Composition Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Capital Markets			54.99

Closed-End Funds			18.47

Financial Services			16.01

Aerospace & Defense			4.32

Industry Types Each Less Than 3%			3.67

Money Market Funds Plus Other Assets Less Liabilities			2.54

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



		10
		10

Invesco Golden Dragon China ETF (PGJ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-22.40%
Autohome,Inc.,ADR		63,879	$	1,708,763
Baidu, Inc., ADR^(b)(c)		99,535		10,451,175
Bilibili, Inc., ADR^(b)(c)		111,392		1,495,995
DouYu International Holdings Ltd., ADR^(b)		168,565		145,252
Hello Group, Inc., ADR		164,245		1,162,855
HUYA, Inc., ADR^(b)		89,440		279,947
iQIYI, Inc., ADR^(b)(c)		489,992		2,283,363
Kanzhun Ltd., ADR^(b)(c)		277,705		4,110,034
NetEase, Inc., ADR^(c)		68,654		7,340,486
Sohu.com Ltd., ADR^(b)		32,418		266,800
So-Young International, Inc., ADR^(b)		75,420		69,401
Tencent Music Entertainment Group, ADR^(b)		666,734		4,840,489
Weibo Corp., ADR		86,089		1,018,433
Zhihu, Inc., ADR^(b)		266,771		264,423

				35,437,416

Consumer Discretionary-55.30%
Alibaba Group Holding Ltd., ADR^(b)(c)		153,004		12,628,950
Atour Lifestyle Holdings Ltd., ADR^(c)		27,800		529,868
ATRenew, Inc., ADR^(b)(c)		83,910		123,348
Baozun, Inc., ADR^(b)(c)		40,429		122,096
China Automotive Systems, Inc.^(b)		28,451		90,190
ECARX Holdings, Inc.^(b)(c)		271,852		1,073,815
Golden Heaven Group Holdings Ltd.^(b)(c)		39,350		533,192
GSX Techedu, Inc., ADR^(b)		143,037		320,403
H World Group Ltd., ADR^(b)(c)		166,607		6,274,420
Hesai Group, ADR^(b)(c)		9,542		92,176
JD.com, Inc., ADR^(c)		373,495		9,494,243
Kandi Technologies Group, Inc.^(b)(c)		74,495		238,384
Lanvin Group Holdings Ltd.^(b)(c)		110,575		356,051
Li Auto, Inc., ADR^(b)(c)		170,665		5,770,184
MINISO Group Holding Ltd., ADR^(c)		90,263		2,284,556
NaaS Technology, Inc., ADR^(b)(c)		25,672		74,449
New Oriental Education & Technology Group, Inc., ADR^(b)		97,317		6,373,290
NIO, Inc., ADR^(b)		1,076,992		7,862,042
Niu Technologies, ADR^(b)(c)		47,855		103,367
TAL Education Group, ADR^(b)		414,295		3,633,367
TH International Ltd.^(b)		148,470		237,552
Trip.com Group Ltd., ADR^(b)(c)		180,748		6,145,432
U Power Ltd.^(b)(c)		49,481		137,557
Vipshop Holdings Ltd., ADR^(b)		386,607		5,513,016
XPeng, Inc., ADR^(b)(c)		235,315		3,407,361
Youdao, Inc., ADR^(b)(c)		35,342		147,376
Yum China Holdings, Inc.		264,739		13,914,682

				87,481,367

Consumer Staples-1.44%
111, Inc., ADR^(b)		45,990		99,798
Dada Nexus Ltd., ADR^(b)(c)		105,954		406,863
DingDong (Cayman) Ltd., ADR^(b)(c)		132,599		267,850
RLX Technology, Inc., ADR^(b)		663,619		1,128,152
YanGuFang International Group Co. Ltd.^(b)(c)		30,986		89,550
Yatsen Holding Ltd., ADR^(b)		339,340		279,175

				2,271,388

Financials-3.52%
Fanhua, Inc., ADR^(b)(c)		31,236		205,220



	Shares		Value
Financials-(continued)
FinVolution Group, ADR		181,920	$	860,482
LexinFintech Holdings Ltd., ADR		134,982		246,342
Lufax Holding Ltd., ADR		834,760		797,029
Noah Holdings Ltd., ADR^(c)		31,554		360,978
Qifu Technology, Inc., ADR^(c)		133,738		1,977,985
Qudian, Inc., ADR^(b)(c)		188,734		317,073
Up Fintech Holding Ltd., ADR^(b)		127,914		583,288
Waterdrop, Inc., ADR^(b)(c)		127,041		130,852
X Financial, ADR^(c)		20,639		82,969

				5,562,218

Health Care-1.04%
Gracell Biotechnologies, Inc., ADR^(b)(c)		64,184		215,658
I-Mab, ADR^(b)		65,771		94,052
Jin Medical International Ltd.^(b)		7,540		66,654
Zai Lab Ltd., ADR^(b)(c)		50,503		1,272,676

				1,649,040

Industrials-7.39%
CBAK Energy Technology, Inc.^(b)(c)		84,324		66,616
EHang Holdings Ltd., ADR^(b)(c)		35,432		491,442
Full Truck Alliance Co. Ltd., ADR^(b)(c)		614,115		4,034,735
Shengfeng Development Ltd., A Shares^(b)(c)		38,190		440,331
ZTO Express (Cayman), Inc., ADR		282,590		6,660,646

				11,693,770

Information Technology-5.00%
Agora, Inc., ADR^(b)(c)		72,205		212,283
Canaan, Inc., ADR^(b)(c)		150,671		289,288
Canadian Solar, Inc. (Canada)^(b)(c)		61,161		1,221,997
Daqo New Energy Corp., ADR^(b)(c)		70,010		1,782,455
GDS Holdings Ltd., ADR^(b)(c)		80,551		829,675
HiTek Global, Inc.^(b)		14,127		18,224
Hollysys Automation Technologies Ltd.^(b)(c)		58,457		1,198,953
JinkoSolar Holding Co. Ltd., ADR^(b)(c)		38,527		1,255,595
Kingsoft Cloud Holdings Ltd., ADR^(b)(c)		81,805		389,392
Tuya, Inc., ADR^(b)		117,862		201,544
Vnet Group, Inc., ADR^(b)(c)		134,398		432,089
Xunlei Ltd., ADR^(b)(c)		49,702		70,577

				7,902,072

Real Estate-3.84%
KE Holdings, Inc., ADR^(c)		413,081		6,076,422

Total Common Stocks & Other Equity Interests (Cost $248,224,401)				158,073,693


Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $141,161)		141,161		141,161

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $248,365,562)				158,214,854

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



		11
		11

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

October 31, 2023

(Unaudited)



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-33.57%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		14,863,795	$	14,863,795
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		38,227,724		38,231,547

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $53,095,271)				53,095,342

TOTAL INVESTMENTS IN SECURITIES-133.59% (Cost $301,460,833)				211,310,196
OTHER ASSETS LESS LIABILITIES-(33.59)%				(53,128,735	)

NET ASSETS-100.00%			$	158,181,461

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, 2023.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	93,062		$	2,303,712		$	(2,255,613	)		$	-		$	-		$	141,161		$	8,594

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			14,196,763			94,762,287			(94,095,255	)			-			-			14,863,795			272,638	*

Invesco Private Prime Fund			37,413,796			165,832,067			(165,017,826	)			836			2,674			38,231,547			697,694	*


Total		$	51,703,621		$	262,898,066		$	(261,368,694	)		$	836		$	2,674		$	53,236,503		$	978,926

*	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, 2023.

^(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 2J.

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



		12
		12

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

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Consumer Discretionary			55.30

Communication Services			22.40

Industrials			7.39

Information Technology			5.00

Real Estate			3.84

Financials			3.52

Sector Types Each Less Than 3%			2.48

Money Market Funds Plus Other Assets Less Liabilities			0.07

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



		13
		13

Invesco MSCI Sustainable Future ETF (ERTH)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-98.55%
Automobiles-17.57%
Li Auto, Inc., A Shares (China)^(b)		580,380	$	9,917,032
Lucid Group, Inc.^(b)(c)		470,427		1,938,159
NIO, Inc., ADR (China)^(b)(c)		716,248		5,228,610
Rivian Automotive, Inc., Class A^(b)(c)		336,946		5,465,264
Tesla, Inc.^(b)		54,991		11,044,393
XPeng, Inc. (China)^(b)(c)		535,976		3,959,233

				37,552,691

Building Products-4.81%
Advanced Drainage Systems, Inc.		36,836		3,935,190
Kingspan Group PLC (Ireland)		79,359		5,324,860
ROCKWOOL A/S, Class B (Denmark)^(c)		4,624		1,026,777

				10,286,827

Chemicals-1.20%
FutureFuel Corp.		9,303		60,935
Umicore S.A. (Belgium)^(c)		105,858		2,511,974

				2,572,909

Commercial Services & Supplies-0.36%
China Everbright Environment Group Ltd. (China)		1,798,618		613,745
Dynagreen Environmental Protection Group Co. Ltd., H Shares (China)^(d)		135,137		40,068
Sunny Friend Environmental Technology Co. Ltd. (Taiwan)		36,853		117,598

				771,411

Construction & Engineering-0.43%
China Conch Venture Holdings Ltd. (China)		733,557		606,563
OX2 AB (Sweden)^(b)(c)		79,699		321,431

				927,994

Diversified REITs-0.95%
American Assets Trust, Inc.		29,168		517,732
Lar Espana Real Estate SOCIMI S.A. (Spain)		21,612		125,184
Merlin Properties SOCIMI S.A. (Spain)		166,464		1,382,987

				2,025,903

Electrical Equipment-16.05%
Alfen N.V. (Netherlands)^(b)(c)(d)		11,390		357,204
Array Technologies, Inc.^(b)(c)		78,070		1,352,953
Blink Charging Co.^(b)(c)		31,276		74,437
ChargePoint Holdings, Inc.^(b)		156,511		397,538
China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong)^(b)(c)		290,283		67,891
Contemporary Amperex Technology Co. Ltd., A Shares (China)		136,500		3,461,882
CS Wind Corp. (South Korea)		13,309		450,351
Dajin Heavy Industry Co. Ltd., A Shares (China)		22,300		84,378
Energiekontor AG (Germany)		3,689		271,779
Ginlong Technologies Co. Ltd., A Shares (China)		13,500		123,579
Goldwind Science & Technology Co. Ltd., A Shares (China)		77,200		92,727
GoodWe Technologies Co. Ltd., A Shares (China)		5,560		88,504
Kempower OYJ (Finland)^(b)(c)		8,436		263,761



	Shares		Value
Electrical Equipment-(continued)
LG Energy Solution Ltd. (South Korea)^(b)		24,210	$	6,910,485
Ming Yang Smart Energy Group Ltd., A Shares (China)		72,000		137,446
Nextracker, Inc., Class A^(b)(c)		25,560		888,466
Nordex SE (Germany)^(b)(c)		60,785		637,743
Plug Power, Inc.^(b)(c)		280,446		1,651,827
PNE AG (Germany)^(c)		16,186		204,961
PowerCell Sweden AB (Sweden)^(b)(c)		27,285		109,627
Pylon Technologies Co. Ltd., A Shares (China)		6,016		93,617
Shoals Technologies Group, Inc., Class A^(b)(c)		87,919		1,350,436
Signify N.V.		65,603		1,696,115
Soltec Power Holdings S.A. (Spain)^(b)(c)		17,483		48,749
Stem, Inc.^(b)(c)		78,141		264,117
Sungrow Power Supply Co. Ltd., A Shares (China)		46,500		534,698
SunPower Corp.^(b)(c)		46,387		198,072
Sunrun, Inc.^(b)(c)		111,901		1,079,845
Titan Wind Energy Suzhou Co. Ltd., A Shares (China)^(b)		58,500		106,638
TPI Composites, Inc.^(b)(c)		23,432		54,128
Vestas Wind Systems A/S (Denmark)^(b)(c)		522,031		11,256,267

				34,310,221

Electronic Equipment, Instruments & Components-0.96%
Badger Meter, Inc.		14,787		2,048,739

Food Products-2.87%
Darling Ingredients, Inc.^(b)		82,216		3,641,346
Grieg Seafood ASA (Norway)		23,949		158,957
Minerva S.A. (Brazil)		143,900		216,007
SalMar ASA (Norway)		37,299		1,765,507
SLC Agricola S.A. (Brazil)		49,695		362,242

				6,144,059

Ground Transportation-5.94%
Beijing-Shanghai High Speed Railway Co. Ltd., A Shares (China)		937,300		640,398
BTS Group Holdings PCL, NVDR (Thailand)		3,896,315		807,611
BTS Group Holdings PCL, Wts., expiring 11/20/2026 (Thailand)^(b)		1		0
Central Japan Railway Co. (Japan)		371,101		8,321,562
MTR Corp. Ltd. (Hong Kong)		784,211		2,931,546

				12,701,117

Household Durables-2.02%
Beazer Homes USA, Inc.^(b)		13,525		327,170
KB Home		40,450		1,787,890
Meritage Homes Corp.		18,575		2,117,921
Neinor Homes S.A. (Spain)^(b)(c)(d)		7,194		74,064

				4,307,045

Independent Power and Renewable Electricity Producers-7.36%
Altus Power, Inc.^(b)(c)		36,271		192,599
Audax Renovables S.A. (Spain)^(b)(c)		72,584		82,399
BCPG PCL, NVDR (Thailand)		668,005		164,481
Boralex, Inc., Class A (Canada)		50,331		935,741
Canvest Environmental Protection Group Co. Ltd. (Hong Kong)^(c)(d)		302,276		146,413

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



		14
		14

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

October 31, 2023

(Unaudited)



	Shares		Value
Independent Power and Renewable Electricity Producers-(continued)
CECEP Solar Energy Co. Ltd., A Shares (China)		149,900	$	117,575
CECEP Wind-Power Corp., A Shares (China)		257,300		111,455
China Datang Corp. Renewable Power Co. Ltd., H Shares (China)		1,278,321		289,169
China Three Gorges Renewables Group Co. Ltd., A Shares (China)		935,600		613,667
Concord New Energy Group Ltd. (Hong Kong)		3,940,920		322,341
Corp ACCIONA Energias Renovables S.A. (Spain)^(c)		35,275		953,768
EDP Renovaveis S.A. (Spain)^(c)		162,839		2,614,516
Encavis AG (Germany)^(b)(c)		64,896		844,063
Energix-Renewable Energies Ltd. (Israel)		154,302		374,661
Enlight Renewable Energy Ltd. (Israel)^(b)		64,199		863,429
eRex Co. Ltd. (Japan)^(c)		19,121		93,430
Greenvolt-Energias Renovaveis S.A. (Portugal)^(b)(c)		38,021		253,588
Grenergy Renovables S.A. (Spain)^(b)(c)		8,072		191,460
Montauk Renewables, Inc.^(b)(c)		28,211		283,803
Neoen S.A. (France)^(d)		36,559		961,435
NextEra Energy Partners L.P.		47,028		1,273,048
Omega Energia S.A. (Brazil)^(b)		111,191		167,569
Opdenergy Holding S.A. (Spain)^(b)		24,176		147,447
Ormat Technologies, Inc.^(c)		28,201		1,735,490
RENOVA, Inc. (Japan)^(b)(c)		23,315		166,112
Scatec ASA (South Africa)^(d)		65,973		332,472
Shinfox Energy Co. Ltd., Class C (Taiwan)		56,000		171,099
Solaria Energia y Medio Ambiente S.A. (Spain)^(b)(c)		44,347		663,278
SPCG PCL, NVDR (Thailand)		211,043		75,745
Super Energy Corp. PCL, NVDR (Thailand)^(b)		10,092,147		120,738
Voltalia S.A. (France)^(b)(c)		22,114		184,425
West Holdings Corp. (Japan)		13,510		295,276

				15,742,692

Industrial REITs-1.63%
Advance Logistics Investment Corp. (Japan)^(c)		381		309,691
CRE Logistics REIT, Inc. (Japan)^(c)		354		371,660
Mitsubishi Estate Logistics REIT Investment Corp. (Japan)		264		663,290
Nippon Prologis REIT, Inc. (Japan)		1,205		2,138,756

				3,483,397

IT Services-0.44%
Chindata Group Holdings Ltd., ADR (China)^(b)(c)		73,193		649,954
Kingsoft Cloud Holdings Ltd., ADR (China)^(b)(c)		58,667		279,255

				929,209

Machinery-1.68%
Alstom S.A. (France)^(c)		145,472		1,960,490
Dawonsys Co. Ltd. (South Korea)^(b)		15,733		164,139
Ebusco Holding N.V. (Netherlands)^(b)(c)		6,551		40,023
Energy Recovery, Inc.^(b)		27,528		418,426
Lion Electric Co. (The) (Canada)^(b)		56,925		90,621



	Shares		Value
Machinery-(continued)
Riyue Heavy Industry Co. Ltd., A Shares (China)		21,000	$	40,375
Stadler Rail AG (Switzerland)^(c)		25,916		874,831

				3,588,905

Metals & Mining-0.44%
Schnitzer Steel Industries, Inc., Class A		12,623		286,668
Sims Ltd.^(c)		81,761		646,052

				932,720

Office REITs-4.50%
Brandywine Realty Trust^(c)		97,528		364,755
Centuria Office REIT (Australia)		255,418		177,081
Cousins Properties, Inc.		80,334		1,435,569
Covivio S.A. (France)		26,148		1,116,593
Douglas Emmett, Inc.^(c)		91,604		1,026,881
Global One Real Estate Investment Corp. (Japan)		504		382,048
Inmobiliaria Colonial SOCIMI S.A. (Spain)^(c)		135,231		756,148
Japan Excellent, Inc. (Japan)^(c)		634		555,108
Keppel REIT (Singapore)		1,113,373		646,058
Mori Hills REIT Investment Corp. (Japan)		817		763,350
Paramount Group, Inc.^(c)		89,651		383,706
Piedmont Office Realty Trust, Inc., Class A		70,230		365,898
Vornado Realty Trust^(c)		85,783		1,647,034

				9,620,229

Oil, Gas & Consumable Fuels-0.31%
Enviva, Inc.^(c)		13,760		49,811
REX American Resources Corp.^(b)		6,433		244,519
VERBIO Vereinigte BioEnergie AG (Germany)		9,387		316,216
Waga Energy S.A. (France)^(b)(c)		2,519		58,044

				668,590

Paper & Forest Products-3.06%
Canfor Corp. (Canada)^(b)		28,906		295,255
Mercer International, Inc. (Germany)^(c)		18,947		150,439
Suzano S.A. (Brazil)		406,500		4,156,892
West Fraser Timber Co. Ltd. (Canada)		28,884		1,947,238

				6,549,824

Real Estate Management & Development-4.58%
Daiwa House Industry Co. Ltd. (Japan)		303,083		8,259,259
Deutsche EuroShop AG (Germany)		7,435		134,700
Platzer Fastigheter Holding AB, Class B (Sweden)^(c)		32,932		172,432
SOHO China Ltd. (China)^(b)(c)		846,838		87,664
Swire Properties Ltd. (Hong Kong)		591,721		1,144,935

				9,798,990

Retail REITs-5.08%
AEON REIT Investment Corp. (Japan)		891		847,199
CapitaLand Integrated Commercial Trust (Singapore)		2,786,949		3,580,183
First Capital REIT (Canada)		57,665		541,654
Frasers Centrepoint Trust (Singapore)		552,314		834,488
Fukuoka REIT Corp. (Japan)		328		352,593
Klepierre S.A. (France)		110,775		2,681,343
Lendlease Global Commercial REIT (Singapore)		1,004,603		373,963

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



		15
		15

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

October 31, 2023

(Unaudited)



	Shares		Value
Retail REITs-(continued)
Mapletree Pan Asia Commercial Trust (Singapore)		1,263,834	$	1,226,889
Mercialys S.A. (France)		48,560		412,676

				10,850,988

Semiconductors & Semiconductor Equipment-9.36%
Duk San Neolux Co. Ltd. (South Korea)^(b)		5,472		156,395
Enphase Energy, Inc.^(b)(c)		70,847		5,638,004
First Solar, Inc.^(b)		52,383		7,461,958
Flat Glass Group Co. Ltd., A Shares (China)		40,700		143,488
Flat Glass Group Co. Ltd., H Shares (China)^(c)		231,952		415,608
HD Hyundai Energy Solutions Co. Ltd. (South Korea)		2,794		45,100
JA Solar Technology Co. Ltd., A Shares (China)		102,308		313,714
LONGi Green Energy Technology Co. Ltd., A Shares (China)		233,172		768,839
Maxeon Solar Technologies Ltd.^(b)(c)		17,658		110,186
Risen Energy Co. Ltd., A Shares (China)		33,800		82,074
Shanghai Aiko Solar Energy Co. Ltd., A Shares (China)		55,380		148,324
SMA Solar Technology AG (Germany)^(b)		7,983		487,296
SolarEdge Technologies, Inc.^(b)(c)		29,103		2,210,373
TSEC Corp. (Taiwan)		262,059		229,458
United Renewable Energy Co. Ltd. (Taiwan)		695,075		319,304
Xinyi Solar Holdings Ltd. (China)		2,527,680		1,485,997

				20,016,118

Software-0.09%
Tuya, Inc., ADR (China)^(b)		116,597		199,381

Specialized REITs-6.14%
Digital Realty Trust, Inc.^(c)		105,457		13,114,632

Specialty Retail-0.09%
EVgo, Inc.^(b)(c)		52,428		108,264
Fastned B.V., CVA (Netherlands)^(b)(c)		2,917		78,007

				186,271



	Shares		Value
Transportation Infrastructure-0.41%
Taiwan High Speed Rail Corp. (Taiwan)		966,000	$	875,610

Water Utilities-0.22%
Beijing Enterprises Water Group Ltd. (China)		2,200,645		464,057

Total Common Stocks & Other Equity Interests (Cost $308,147,688)				210,670,529


Exchange-Traded Funds-1.42%
iShares MSCI India ETF^(c) (Cost $2,944,102)		70,256		3,037,869


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $311,091,790)				213,708,398


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-28.34%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		17,592,216		17,592,216
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		42,975,375		42,979,673

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $60,571,312)				60,571,889

TOTAL INVESTMENTS IN SECURITIES-128.31% (Cost $371,663,102)				274,280,287
OTHER ASSETS LESS LIABILITIES-(28.31)%				(60,510,814	)

NET ASSETS-100.00%.			$	213,769,473

Investment Abbreviations:

ADR	-American Depositary Receipt

CVA	-Dutch Certificates

ETF	-Exchange-Traded Fund

NVDR	-Non-Voting Depositary Receipt

REIT	-Real Estate Investment Trust

Wts.

-Warrants

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



		16
		16

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

October 31, 2023

(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, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $1,911,656, which represented less than 1% of the Fund’s Net Assets.

^(e)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,807,152		$	(1,807,152	)		$	-		$	-		$	-		$	558

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			17,921,494			78,988,885			(79,318,163	)			-			-			17,592,216			481,241	*

Invesco Private Prime Fund			46,083,841			163,335,193			(166,445,137	)			2,809			2,967			42,979,673			1,275,466	*


Total		$	64,005,335		$	244,131,230		$	(247,570,452	)		$	2,809		$	2,967		$	60,571,889		$	1,757,265

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

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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


China	14.94	%
Japan	11.00	%

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



		17
		17

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

October 31, 2023

(Unaudited)


Portfolio Composition Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Automobiles			17.57

Electrical Equipment			16.05

Semiconductors & Semiconductor Equipment			9.36

Independent Power and Renewable Electricity Producers			7.36

Specialized REITs			6.14

Ground Transportation			5.94

Retail REITs			5.08

Building Products			4.81

Real Estate Management & Development			4.58

Office REITs			4.50

Paper & Forest Products			3.06

Industry Types Each Less Than 3%			15.52

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.



		18
		18

Invesco Raymond James SB-1 Equity ETF (RYJ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-4.18%
AT&T, Inc.		41,767	$	643,212
DISH Network Corp., Class A^(b)(c)		128,733		630,792
EchoStar Corp., Class A^(b)(c)		45,462		630,103
Frontier Communications Parent, Inc.^(b)(c)		34,950		626,304
Integral Ad Science Holding Corp.^(b)(c)		54,577		626,544
Iridium Communications, Inc.		16,694		618,513
T-Mobile US, Inc.^(b)		4,689		674,559

				4,450,027

Consumer Discretionary-8.45%
Arko Corp.^(c)		84,635		638,994
Bloomin’ Brands, Inc.^(c)		27,347		638,279
Brinker International, Inc.^(b)		19,478		660,694
Everi Holdings, Inc.^(b)(c)		57,872		624,439
First Watch Restaurant Group, Inc.^(b)		36,791		614,778
lululemon athletica, inc.^(b)		1,623		638,618
Mobileye Global, Inc., Class A (Israel)^(b)(c)		18,070		644,557
Newell Brands, Inc.^(c)		92,163		619,335
Planet Fitness, Inc., Class A^(b)(c)		12,084		667,883
Tempur Sealy International, Inc.		16,108		643,193
Toll Brothers, Inc.		9,355		661,492
Tractor Supply Co.^(c)		3,290		633,522
Ulta Beauty, Inc.^(b)		1,727		658,522
Xponential Fitness, Inc., Class A^(b)(c)		45,753		652,895

				8,997,201

Consumer Staples-1.80%
Darling Ingredients, Inc.^(b)(c)		15,405		682,287
Estee Lauder Cos., Inc. (The), Class A^(c)		4,679		602,983
Primo Water Corp.		48,445		632,692

				1,917,962

Energy-15.25%
APA Corp.		15,237		605,214
Atlas Energy Solutions, Inc.		32,087		584,304
Cheniere Energy, Inc.		3,738		622,078
Clean Energy Fuels Corp.^(b)(c)		169,046		589,970
ConocoPhillips		5,178		615,146
Devon Energy Corp.		13,294		619,102
Diamondback Energy, Inc.		3,858		618,515
Energy Transfer L.P.		45,884		603,375
Enterprise Products Partners L.P.		23,368		608,503
Enviva, Inc.^(c)		167,286		605,575
EOG Resources, Inc.		4,822		608,777
Halliburton Co.		15,255		600,132
Kimbell Royalty Partners L.P.		39,145		631,017
Marathon Oil Corp.		22,547		615,759
Marathon Petroleum Corp.		4,258		644,022
Northern Oil and Gas, Inc.		16,250		623,025
Occidental Petroleum Corp.		9,855		609,138
Patterson-UTI Energy, Inc.		46,957		596,354
Pioneer Natural Resources Co.		2,560		611,840
Plains All American Pipeline L.P.		40,916		619,877
Plains GP Holdings L.P., Class A^(b)		40,555		635,902
Select Water Solutions, Inc., Class A		85,879		638,940
Targa Resources Corp.		7,410		619,550
Tidewater, Inc.^(b)		9,122		623,489
TXO Partners L.P.		10,918		213,228



	Shares		Value
Energy-(continued)
Valero Energy Corp.		4,897	$	621,919
Weatherford International PLC^(b)		6,910		643,252

				16,228,003

Financials-21.40%
Allstate Corp. (The)		5,214		668,070
Arthur J. Gallagher & Co.		2,823		664,788
AssetMark Financial Holdings, Inc.^(b)(c)		26,979		645,068
Cadence Bank^(c)		32,280		683,690
Chubb Ltd.		3,088		662,747
Coastal Financial Corp.^(b)		16,112		598,883
Columbia Banking System, Inc.		34,078		670,314
ConnectOne Bancorp, Inc.		38,214		622,506
Customers Bancorp, Inc.^(b)		20,005		804,401
Everest Group Ltd.		1,622		641,696
Fidelity National Information Services, Inc.		12,746		625,956
Flywire Corp.^(b)(c)		23,066		620,245
Globe Life, Inc.		5,826		677,913
Huntington Bancshares, Inc.		66,637		643,047
I3 Verticals, Inc., Class A^(b)		32,641		612,019
Intercontinental Exchange, Inc.		5,947		638,946
Kemper Corp.		15,065		600,792
Merchants Bancorp^(c)		24,286		725,909
New York Community Bancorp, Inc.		63,602		602,947
Nexpoint Real Estate Finance, Inc.		28,482		422,388
Old Second Bancorp, Inc.		47,303		641,429
Pacific Premier Bancorp, Inc.		31,274		594,206
Primerica, Inc.		3,236		618,594
Prosperity Bancshares, Inc.		12,663		690,640
Prudential Financial, Inc.		7,099		649,133
Redwood Trust, Inc.^(c)		95,734		601,209
Reinsurance Group of America, Inc.		4,335		647,952
Skyward Specialty Insurance Group, Inc.^(b)		23,140		651,391
SmartFinancial, Inc.^(c)		17,573		366,397
Starwood Property Trust, Inc.^(c)		35,609		632,060
Texas Capital Bancshares, Inc.^(b)		11,989		660,114
TPG RE Finance Trust, Inc.^(c)		108,693		598,898
Travelers Cos., Inc. (The)		3,975		665,574
Voya Financial, Inc.^(c)		9,743		650,540
Wells Fargo & Co.		15,952		634,411
Wintrust Financial Corp.		8,664		647,114

				22,781,987

Health Care-16.05%
89bio, Inc.^(b)(c)		93,915		694,971
Acadia Healthcare Co., Inc.^(b)		8,558		629,099
ADMA Biologics, Inc.^(b)		203,284		687,100
Alignment Healthcare, Inc.^(b)		90,476		622,475
Apellis Pharmaceuticals, Inc.^(b)(c)		13,844		673,649
Argenx SE, ADR (Netherlands)^(b)		1,352		634,859
Avidity Biosciences, Inc.^(b)(c)		119,179		613,772
Blueprint Medicines Corp.^(b)(c)		13,898		818,036
Boston Scientific Corp.^(b)		12,835		657,024
Cigna Group (The)		2,094		647,465
Cymabay Therapeutics, Inc.^(b)(c)		47,199		773,120
DexCom, Inc.^(b)		7,472		663,738
Disc Medicine, Inc.^(b)		14,918		683,393
Dyne Therapeutics, Inc.^(b)(c)		88,604		624,658
Encompass Health Corp.		10,190		637,486

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



		19
		19

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

October 31, 2023

(Unaudited)



	Shares		Value
Health Care-(continued)
InflaRx N.V. (Germany)^(b)		177,636	$	300,205
Ionis Pharmaceuticals, Inc.^(b)(c)		13,916		616,061
Mirum Pharmaceuticals, Inc.^(b)(c)		22,227		609,687
Nkarta, Inc.^(b)		291,989		592,738
Ocular Therapeutix, Inc.^(b)(c)		273,352		779,053
QuidelOrtho Corp.^(b)		9,562		584,047
REGENXBIO, Inc.^(b)(c)		39,751		512,390
Relay Therapeutics, Inc.^(b)(c)		94,886		626,248
Sol-Gel Technologies Ltd. (Israel)^(b)(c)		9,601		12,481
Tenet Healthcare Corp.^(b)		11,772		632,156
UnitedHealth Group, Inc.		1,219		652,848
Xencor, Inc.^(b)(c)		35,315		612,715
Zura Bio Ltd. (United Kingdom)^(b)(c)		104,476		491,037

				17,082,511

Industrials-10.65%
Alaska Air Group, Inc.^(b)		20,062		634,561
Casella Waste Systems, Inc., Class A^(b)(c)		8,464		638,609
Clean Harbors, Inc.^(b)		4,096		629,432
Construction Partners, Inc., Class A^(b)(c)		16,825		646,921
Copa Holdings S.A., Class A (Panama)		7,937		648,056
Delta Air Lines, Inc.		19,931		622,844
Dycom Industries, Inc.^(b)		7,589		646,431
Emeren Group Ltd., ADR (China)^(b)(c)		236,168		578,612
FTC Solar, Inc.^(b)		526,538		563,396
Griffon Corp.		16,620		663,803
Ryanair Holdings PLC, ADR (Ireland)^(b)(c)		7,185		630,124
SS&C Technologies Holdings, Inc.		12,827		644,557
Tecnoglass, Inc.^(c)		19,735		644,940
Union Pacific Corp.		3,040		631,134
United Parcel Service, Inc., Class B		4,227		597,064
V2X, Inc.^(b)(c)		12,640		645,525
Waste Connections, Inc.		4,708		609,686
WESCO International, Inc.		5,116		655,871

				11,331,566

Information Technology-12.25%
Advanced Micro Devices, Inc.^(b)		6,310		621,535
Alarm.com Holdings, Inc.^(b)		11,614		593,824
ASML Holding N.V., New York Shares (Netherlands)		1,107		662,883
Avnet, Inc.		13,785		638,659
Ciena Corp.^(b)(c)		15,427		651,019
Cognex Corp.		17,599		633,388
Edgio, Inc.^(b)		399,784		312,711
EngageSmart, Inc.^(b)(c)		31,801		720,293
Fastly, Inc., Class A^(b)(c)		43,818		642,810
Harmonic, Inc.^(b)(c)		62,006		669,045
IPG Photonics Corp.^(b)		6,933		595,545
Jabil, Inc.		5,138		630,946
Microchip Technology, Inc.		8,524		607,676
nLight, Inc.^(b)(c)		71,455		595,220
NVIDIA Corp.		1,552		632,906
Pure Storage, Inc., Class A^(b)(c)		19,419		656,556
RingCentral, Inc., Class A^(b)(c)		23,241		617,746
Roper Technologies, Inc.		1,332		650,775

Investment Abbreviations:

ADR -American Depositary Receipt

REIT -Real Estate Investment Trust



	Shares		Value
Information Technology-(continued)
Salesforce, Inc.^(b)		3,153	$	633,217
SentinelOne, Inc., Class A^(b)(c)		40,199		628,310
TD SYNNEX Corp.		7,040		645,427

				13,040,491

Materials-1.21%
Graphic Packaging Holding Co.		31,443		676,339
Scotts Miracle-Gro Co. (The)^(c)		13,826		614,427

				1,290,766

Real Estate-8.03%
Agree Realty Corp.		11,720		655,617
CareTrust REIT, Inc.		29,699		639,123
CBRE Group, Inc., Class A^(b)		9,518		659,978
Cushman & Wakefield PLC^(b)(c)		95,026		700,342
Digital Realty Trust, Inc.		5,547		689,825
DigitalBridge Group, Inc.		41,204		653,083
Equinix, Inc.		910		663,972
Extra Space Storage, Inc.		5,862		607,245
PotlatchDeltic Corp.		14,784		633,494
Prologis, Inc.		6,271		631,803
SBA Communications Corp., Class A		3,348		698,493
Uniti Group, Inc.^(c)		149,390		687,194
Weyerhaeuser Co.^(c)		21,962		630,090

				8,550,259

Utilities-0.64%
Sunnova Energy International, Inc.^(b)(c)		74,092		676,460

Total Common Stocks & Other Equity Interests (Cost $101,954,301)				106,347,233


Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $81,798)		81,798		81,798

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $102,036,099)				106,429,031


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-22.87%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		6,800,639		6,800,639
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		17,537,833		17,539,587

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $24,339,461)				24,340,226

TOTAL INVESTMENTS IN SECURITIES-122.86% (Cost $126,375,560)				130,769,257
OTHER ASSETS LESS LIABILITIES-(22.86)%				(24,329,074	)

NET ASSETS-100.00%			$	106,440,183

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



		20
		20

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

October 31, 2023

(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, 2023.

^(d)



	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	52,868	$	449,134	$	(420,204	)		$	-		$	-		$	81,798	$	366

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			10,968,987		35,038,241		(39,206,589	)			-			-			6,800,639		214,549	*

Invesco Private Prime Fund			27,834,303		63,731,885		(74,029,709	)			3,001			107			17,539,587		562,428	*


Total		$	38,856,158	$	99,219,260	$	(113,656,502	)		$	3,001		$	107		$	24,422,024	$	777,343

*	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, 2023.

^(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 2J.


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Financials			21.40

Health Care			16.05

Energy			15.25

Information Technology			12.25

Industrials			10.65

Consumer Discretionary			8.45

Real Estate			8.03

Communication Services			4.18

Sector Types Each Less Than 3%			3.65

Money Market Funds Plus Other Assets Less Liabilities			0.09

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



		21
		21

Invesco S&P 500 BuyWrite ETF (PBP)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.87%
Communication Services-8.79%
Alphabet, Inc., Class A^(b)		16,114	$	1,999,425
Alphabet, Inc., Class C^(b)		13,709		1,717,738
AT&T, Inc.		19,417		299,022
Charter Communications, Inc., Class A^(b)		277		111,575
Comcast Corp., Class A		11,179		461,581
Electronic Arts, Inc.		671		83,063
Fox Corp., Class A		688		20,908
Fox Corp., Class B		359		10,020
Interpublic Group of Cos., Inc. (The)		1,045		29,678
Live Nation Entertainment, Inc.^(b)		386		30,888
Match Group, Inc.^(b)		756		26,158
Meta Platforms, Inc., Class A^(b)		6,036		1,818,466
Netflix, Inc.^(b)		1,204		495,675
News Corp., Class A		1,034		21,383
News Corp., Class B		315		6,754
Omnicom Group, Inc.		536		40,152
Paramount Global, Class B		1,308		14,231
Take-Two Interactive Software, Inc.^(b)		428		57,245
T-Mobile US, Inc.^(b)		1,405		202,123
Verizon Communications, Inc.		11,418		401,114
Walt Disney Co. (The)^(b)		4,970		405,502
Warner Bros Discovery, Inc.^(b)		6,024		59,878

				8,312,579

Consumer Discretionary-10.65%
Airbnb, Inc., Class A^(b)		1,157		136,862
Amazon.com, Inc.^(b)		24,661		3,282,133
Aptiv PLC^(b)		767		66,882
AutoZone, Inc.^(b)		49		121,379
Bath & Body Works, Inc.		621		18,413
Best Buy Co., Inc.		527		35,214
Booking Holdings, Inc.^(b)		97		270,587
BorgWarner, Inc.		639		23,579
Caesars Entertainment, Inc.^(b)		584		23,296
CarMax, Inc.^(b)		429		26,208
Carnival Corp.^(b)		2,736		31,355
Chipotle Mexican Grill, Inc.^(b)		75		145,665
D.R. Horton, Inc.		827		86,339
Darden Restaurants, Inc.		327		47,588
Domino’s Pizza, Inc.		95		32,204
eBay, Inc.		1,445		56,687
Etsy, Inc.^(b)		333		20,746
Expedia Group, Inc.^(b)		375		35,734
Ford Motor Co.		10,677		104,101
Garmin Ltd.		415		42,550
General Motors Co.		3,736		105,355
Genuine Parts Co.		382		49,225
Hasbro, Inc.		354		15,983
Hilton Worldwide Holdings, Inc.		710		107,586
Home Depot, Inc. (The)		2,731		777,488
Las Vegas Sands Corp.		893		42,382
Lennar Corp., Class A		685		73,076
LKQ Corp.		727		31,930
Lowe’s Cos., Inc.		1,591		303,197
lululemon athletica, inc.^(b)		315		123,946
Marriott International, Inc., Class A		679		128,032
McDonald’s Corp.		1,979		518,834



	Shares		Value
Consumer Discretionary-(continued)
MGM Resorts International		763	$	26,644
Mohawk Industries, Inc.^(b)		143		11,494
NIKE, Inc., Class B		3,327		341,916
Norwegian Cruise Line Holdings Ltd.^(b)		1,156		15,722
NVR, Inc.^(b)		10		54,126
O’Reilly Automotive, Inc., Class R^(b)		164		152,592
Pool Corp.		107		33,787
PulteGroup, Inc.		594		43,712
Ralph Lauren Corp.		111		12,491
Ross Stores, Inc.		925		107,272
Royal Caribbean Cruises Ltd.^(b)		641		54,312
Starbucks Corp.		3,110		286,866
Tapestry, Inc.		629		17,335
Tesla, Inc.^(b)		7,501		1,506,501
TJX Cos., Inc. (The)		3,121		274,867
Tractor Supply Co.		296		56,998
Ulta Beauty, Inc.^(b)		134		51,096
VF Corp.		898		13,228
Whirlpool Corp.		148		15,475
Wynn Resorts Ltd.		262		22,998
Yum! Brands, Inc.		762		92,095

				10,076,083

Consumer Staples-6.68%
Altria Group, Inc.		4,819		193,579
Archer-Daniels-Midland Co.		1,456		104,206
Brown-Forman Corp., Class B		496		27,855
Bunge Ltd.		408		43,240
Campbell Soup Co.		534		21,579
Church & Dwight Co., Inc.		669		60,839
Clorox Co. (The)		335		39,429
Coca-Cola Co. (The)		10,572		597,212
Colgate-Palmolive Co.		2,245		168,644
Conagra Brands, Inc.		1,298		35,513
Constellation Brands, Inc., Class A		437		102,324
Costco Wholesale Corp.		1,204		665,138
Dollar General Corp.		594		70,710
Dollar Tree, Inc.^(b)		570		63,321
Estee Lauder Cos., Inc. (The), Class A		629		81,059
General Mills, Inc.		1,589		103,666
Hershey Co. (The)		406		76,064
Hormel Foods Corp.		785		25,552
JM Smucker Co. (The)		278		31,647
Kellanova		716		36,136
Kenvue, Inc.		4,681		87,067
Keurig Dr Pepper, Inc.		2,733		82,892
Kimberly-Clark Corp.		919		109,949
Kraft Heinz Co. (The)		2,169		68,237
Kroger Co. (The)		1,793		81,348
Lamb Weston Holdings, Inc.		397		35,651
McCormick & Co., Inc.		681		43,516
Molson Coors Beverage Co., Class B		503		29,058
Mondelez International, Inc., Class A		3,695		244,646
Monster Beverage Corp.^(b)		2,021		103,273
PepsiCo, Inc.		3,738		610,341
Philip Morris International, Inc.		4,216		375,899
Procter & Gamble Co. (The)		6,403		960,642
Sysco Corp.		1,372		91,224

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



		22
		22

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

October 31, 2023

(Unaudited)



	Shares		Value
Consumer Staples-(continued)
Target Corp.		1,254	$	138,931
Tyson Foods, Inc., Class A		774		35,875
Walgreens Boots Alliance, Inc.		1,945		41,001
Walmart, Inc.		3,877		633,541

				6,320,804

Energy-4.57%
APA Corp.		835		33,166
Baker Hughes Co., Class A		2,744		94,448
Chevron Corp.		4,818		702,127
ConocoPhillips		3,252		386,338
Coterra Energy, Inc.		2,057		56,568
Devon Energy Corp.		1,741		81,078
Diamondback Energy, Inc.		486		77,916
EOG Resources, Inc.		1,581		199,601
EQT Corp.		982		41,617
Exxon Mobil Corp.		10,873		1,150,907
Halliburton Co.		2,441		96,029
Hess Corp.		751		108,444
Kinder Morgan, Inc.		5,264		85,277
Marathon Oil Corp.		1,646		44,952
Marathon Petroleum Corp.		1,086		164,258
Occidental Petroleum Corp.		1,802		111,382
ONEOK, Inc.		1,581		103,081
Phillips 66		1,210		138,025
Pioneer Natural Resources Co.		633		151,287
Schlumberger N.V.		3,859		214,792
Targa Resources Corp.		607		50,751
Valero Energy Corp.		958		121,666
Williams Cos., Inc. (The)		3,303		113,623

				4,327,333

Financials-12.87%
Aflac, Inc.		1,469		114,744
Allstate Corp. (The)		710		90,972
American Express Co.		1,579		230,581
American International Group, Inc.		1,935		118,635
Ameriprise Financial, Inc.		279		87,765
Aon PLC, Class A		551		170,479
Arch Capital Group Ltd.^(b)		1,014		87,894
Arthur J. Gallagher & Co.		585		137,762
Assurant, Inc.		143		21,293
Bank of America Corp.		18,776		494,560
Bank of New York Mellon Corp. (The)		2,114		89,845
Berkshire Hathaway, Inc., Class B^(b)		4,953		1,690,607
BlackRock, Inc.		382		233,891
Blackstone, Inc., Class A		1,929		178,143
Brown & Brown, Inc.		640		44,429
Capital One Financial Corp.		1,035		104,835
Cboe Global Markets, Inc.		287		47,036
Charles Schwab Corp. (The)		4,039		210,190
Chubb Ltd.		1,117		239,731
Cincinnati Financial Corp.		425		42,360
Citigroup, Inc.		5,231		206,572
Citizens Financial Group, Inc.		1,283		30,061
CME Group, Inc., Class A		977		208,550
Comerica, Inc.		358		14,105
Discover Financial Services		678		55,650
Everest Group Ltd.		119		47,079
FactSet Research Systems, Inc.		105		45,348
Fidelity National Information Services, Inc.		1,609		79,018



	Shares		Value
Financials-(continued)
Fifth Third Bancorp		1,849	$	43,840
Fiserv, Inc.^(b)		1,657		188,484
FleetCor Technologies, Inc.^(b)		202		45,484
Franklin Resources, Inc.		771		17,571
Global Payments, Inc.		705		74,885
Globe Life, Inc.		235		27,345
Goldman Sachs Group, Inc. (The)		895		271,731
Hartford Financial Services Group, Inc. (The)		831		61,037
Huntington Bancshares, Inc.		3,932		37,944
Intercontinental Exchange, Inc.		1,555		167,069
Invesco Ltd.^(c)		1,217		15,784
Jack Henry & Associates, Inc.		199		28,057
JPMorgan Chase & Co.		7,892		1,097,462
KeyCorp		2,543		25,989
Loews Corp.		501		32,069
M&T Bank Corp.		451		50,850
MarketAxess Holdings, Inc.		103		22,016
Marsh & McLennan Cos., Inc.		1,342		254,510
Mastercard, Inc., Class A		2,260		850,551
MetLife, Inc.		1,716		102,977
Moody’s Corp.		427		131,516
Morgan Stanley		3,464		245,320
MSCI, Inc.		216		101,856
Nasdaq, Inc.		921		45,682
Northern Trust Corp.		562		37,041
PayPal Holdings, Inc.^(b)		2,983		154,519
PNC Financial Services Group, Inc. (The)		1,081		123,742
Principal Financial Group, Inc.		603		40,811
Progressive Corp. (The)		1,589		251,205
Prudential Financial, Inc.		986		90,160
Raymond James Financial, Inc.		509		48,579
Regions Financial Corp.		2,549		37,037
S&P Global, Inc.		884		308,790
State Street Corp.		865		55,905
Synchrony Financial		1,135		31,837
T. Rowe Price Group, Inc.		609		55,115
Travelers Cos., Inc. (The)		621		103,980
Truist Financial Corp.		3,618		102,606
U.S. Bancorp		4,229		134,821
Visa, Inc., Class A		4,365		1,026,212
W.R. Berkley Corp.		552		37,216
Wells Fargo & Co.		9,938		395,234
Willis Towers Watson PLC		285		67,229
Zions Bancorporation N.A.		404		12,463

				12,176,666

Health Care-13.26%
Abbott Laboratories		4,714		445,709
AbbVie, Inc.		4,795		676,958
Agilent Technologies, Inc.		801		82,799
Align Technology, Inc.^(b)		194		35,810
Amgen, Inc.		1,453		371,532
Baxter International, Inc.		1,376		44,624
Becton, Dickinson and Co.		787		198,938
Biogen, Inc.^(b)		394		93,591
Bio-Rad Laboratories, Inc., Class A^(b)		56		15,416
Bio-Techne Corp.		426		23,272
Boston Scientific Corp.^(b)		3,977		203,583
Bristol-Myers Squibb Co.		5,675		292,433
Cardinal Health, Inc.		691		62,881

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



		23
		23

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

October 31, 2023

(Unaudited)



	Shares		Value
Health Care-(continued)
Catalent, Inc.^(b)		491	$	16,885
Cencora, Inc.		453		83,873
Centene Corp.^(b)		1,472		101,539
Charles River Laboratories International, Inc.^(b)		138		23,234
Cigna Group (The)		803		248,288
Cooper Cos., Inc. (The)		134		41,774
CVS Health Corp.		3,489		240,776
Danaher Corp.		1,785		342,756
DaVita, Inc.^(b)		146		11,276
DENTSPLY SIRONA, Inc.		576		17,516
DexCom, Inc.^(b)		1,053		93,538
Edwards Lifesciences Corp.^(b)		1,652		105,265
Elevance Health, Inc.		641		288,508
Eli Lilly and Co.		2,166		1,199,812
GE HealthCare Technologies, Inc.		1,062		70,697
Gilead Sciences, Inc.		3,383		265,701
HCA Healthcare, Inc.		547		123,699
Henry Schein, Inc.^(b)		355		23,068
Hologic, Inc.^(b)		666		44,069
Humana, Inc.		336		175,960
IDEXX Laboratories, Inc.^(b)		224		89,481
Illumina, Inc.^(b)		429		46,941
Incyte Corp.^(b)		504		27,181
Insulet Corp.^(b)		190		25,188
Intuitive Surgical, Inc.^(b)		954		250,158
IQVIA Holdings, Inc.^(b)		497		89,872
Johnson & Johnson		6,540		970,144
Laboratory Corp. of America Holdings		240		47,935
McKesson Corp.		367		167,117
Medtronic PLC		3,616		255,145
Merck & Co., Inc.		6,892		707,808
Mettler-Toledo International, Inc.^(b)		59		58,127
Moderna, Inc.^(b)		898		68,212
Molina Healthcare, Inc.^(b)		158		52,606
Pfizer, Inc.		15,336		468,668
Quest Diagnostics, Inc.		306		39,811
Regeneron Pharmaceuticals, Inc.^(b)		291		226,948
ResMed, Inc.		400		56,488
Revvity, Inc.		336		27,838
STERIS PLC		268		56,275
Stryker Corp.		918		248,062
Teleflex, Inc.		129		23,833
Thermo Fisher Scientific, Inc.		1,048		466,119
UnitedHealth Group, Inc.		2,516		1,347,469
Universal Health Services, Inc., Class B		168		21,149
Vertex Pharmaceuticals, Inc.^(b)		700		253,477
Viatris, Inc.		3,258		28,996
Waters Corp.^(b)		160		38,165
West Pharmaceutical Services, Inc.		201		63,976
Zimmer Biomet Holdings, Inc.		569		59,409
Zoetis, Inc.		1,250		196,250

				12,544,628

Industrials-8.40%
3M Co.		1,499		136,334
A.O. Smith Corp.		337		23,509
Alaska Air Group, Inc.^(b)		346		10,944
Allegion PLC		238		23,410
American Airlines Group, Inc.^(b)		1,774		19,780
AMETEK, Inc.		626		88,122



	Shares		Value
Industrials-(continued)
Automatic Data Processing, Inc.		1,120	$	244,406
Axon Enterprise, Inc.^(b)		192		39,262
Boeing Co. (The)^(b)		1,541		287,890
Broadridge Financial Solutions, Inc.		320		54,605
C.H. Robinson Worldwide, Inc.		315		25,776
Carrier Global Corp.		2,275		108,426
Caterpillar, Inc.		1,386		313,305
Ceridian HCM Holding, Inc.^(b)		421		26,948
Cintas Corp.		234		118,666
Copart, Inc.^(b)		2,360		102,707
CSX Corp.		5,449		162,653
Cummins, Inc.		385		83,276
Deere & Co.		741		270,732
Delta Air Lines, Inc.		1,748		54,625
Dover Corp.		380		49,381
Eaton Corp. PLC		1,083		225,167
Emerson Electric Co.		1,553		138,170
Equifax, Inc.		332		56,297
Expeditors International of Washington, Inc.		402		43,919
Fastenal Co.		1,553		90,602
FedEx Corp.		628		150,783
Fortive Corp.		956		62,408
Generac Holdings, Inc.^(b)		169		14,208
General Dynamics Corp.		615		148,406
General Electric Co.		2,955		321,002
Honeywell International, Inc.		1,803		330,418
Howmet Aerospace, Inc.		1,063		46,878
Hubbell, Inc.		145		39,165
Huntington Ingalls Industries, Inc.		109		23,960
IDEX Corp.		206		39,430
Illinois Tool Works, Inc.		748		167,642
Ingersoll Rand, Inc.		1,100		66,730
J.B. Hunt Transport Services, Inc.		223		38,327
Jacobs Solutions, Inc.		341		45,455
Johnson Controls International PLC		1,847		90,540
L3Harris Technologies, Inc.		512		91,858
Leidos Holdings, Inc.		373		36,972
Lockheed Martin Corp.		608		276,421
Masco Corp.		610		31,775
Nordson Corp.		146		31,038
Norfolk Southern Corp.		616		117,527
Northrop Grumman Corp.		387		182,443
Old Dominion Freight Line, Inc.		243		91,528
Otis Worldwide Corp.		1,119		86,398
PACCAR, Inc.		1,419		117,110
Parker-Hannifin Corp.		348		128,381
Paychex, Inc.		870		96,614
Paycom Software, Inc.		135		33,071
Pentair PLC		448		26,038
Quanta Services, Inc.		395		66,012
Republic Services, Inc.		558		82,857
Robert Half, Inc.		291		21,758
Rockwell Automation, Inc.		313		82,260
Rollins, Inc.		763		28,696
RTX Corp.		3,954		321,816
Snap-on, Inc.		143		36,885
Southwest Airlines Co.		1,618		35,968
Stanley Black & Decker, Inc.		415		35,296
Textron, Inc.		538		40,888
Trane Technologies PLC		620		117,992

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



		24
		24

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

October 31, 2023

(Unaudited)



	Shares		Value
Industrials-(continued)
TransDigm Group, Inc.^(b)		149	$	123,385
Union Pacific Corp.		1,656		343,802
United Airlines Holdings, Inc.^(b)		891		31,194
United Parcel Service, Inc., Class B		1,964		277,415
United Rentals, Inc.		185		75,160
Veralto Corp.^(b)		593		40,917
Verisk Analytics, Inc.		394		89,580
W.W. Grainger, Inc.		122		89,039
Wabtec Corp.		487		51,632
Waste Management, Inc.		1,001		164,494
Xylem, Inc.		655		61,269

				7,949,753

Information Technology-28.31%
Accenture PLC, Class A		1,714		509,212
Adobe, Inc.^(b)		1,237		658,158
Advanced Micro Devices, Inc.^(b)		4,387		432,120
Akamai Technologies, Inc.^(b)		412		42,572
Amphenol Corp., Class A		1,620		130,491
Analog Devices, Inc.		1,362		214,283
ANSYS, Inc.^(b)		235		65,391
Apple, Inc.		39,916		6,816,455
Applied Materials, Inc.		2,281		301,890
Arista Networks, Inc.^(b)		680		136,252
Autodesk, Inc.^(b)		582		115,021
Broadcom, Inc.		1,122		944,017
Cadence Design Systems, Inc.^(b)		739		177,249
CDW Corp.		364		72,946
Cisco Systems, Inc.		11,069		577,027
Cognizant Technology Solutions Corp., Class A		1,372		88,453
Corning, Inc.		2,086		55,821
Enphase Energy, Inc.^(b)		371		29,524
EPAM Systems, Inc.^(b)		157		34,158
F5, Inc.^(b)		161		24,406
Fair Isaac Corp.^(b)		67		56,673
First Solar, Inc.^(b)		291		41,453
Fortinet, Inc.^(b)		1,770		101,191
Gartner, Inc.^(b)		215		71,389
Gen Digital, Inc.		1,528		25,456
Hewlett Packard Enterprise Co.		3,508		53,953
HP, Inc.		2,357		62,060
Intel Corp.		11,376		415,224
International Business Machines Corp.		2,475		357,984
Intuit, Inc.		761		376,657
Juniper Networks, Inc.		872		23,474
Keysight Technologies, Inc.^(b)		485		59,194
KLA Corp.		372		174,728
Lam Research Corp.		362		212,936
Microchip Technology, Inc.		1,480		105,509
Micron Technology, Inc.		2,975		198,938
Microsoft Corp.		20,181		6,823,398
Monolithic Power Systems, Inc.		131		57,868
Motorola Solutions, Inc.		454		126,421
NetApp, Inc.		574		41,776
NVIDIA Corp.		6,707		2,735,115
NXP Semiconductors N.V. (China)		699		120,529
ON Semiconductor Corp.^(b)		1,173		73,477
Oracle Corp.		4,275		442,035
Palo Alto Networks, Inc.^(b)		831		201,950
PTC, Inc.^(b)		322		45,215



	Shares		Value
Information Technology-(continued)
Qorvo, Inc.^(b)		266	$	23,254
QUALCOMM, Inc.		3,030		330,240
Roper Technologies, Inc.		290		141,685
Salesforce, Inc.^(b)		2,646		531,396
Seagate Technology Holdings PLC		524		35,763
ServiceNow, Inc.^(b)		554		322,345
Skyworks Solutions, Inc.		432		37,472
SolarEdge Technologies, Inc.^(b)		153		11,620
Synopsys, Inc.^(b)		412		193,409
TE Connectivity Ltd.		853		100,526
Teledyne Technologies, Inc.^(b)		129		48,322
Teradyne, Inc.		417		34,724
Texas Instruments, Inc.		2,467		350,339
Trimble, Inc.^(b)		675		31,813
Tyler Technologies, Inc.^(b)		115		42,884
VeriSign, Inc.^(b)		243		48,517
Western Digital Corp.^(b)		868		34,850
Zebra Technologies Corp., Class A^(b)		139		29,111

				26,778,319

Materials-2.44%
Air Products and Chemicals, Inc.		603		170,311
Albemarle Corp.		318		40,316
Amcor PLC		3,997		35,533
Avery Dennison Corp.		220		38,295
Ball Corp.		854		41,120
Celanese Corp.		272		31,147
CF Industries Holdings, Inc.		523		41,725
Corteva, Inc.		1,929		92,862
Dow, Inc.		1,910		92,330
DuPont de Nemours, Inc.		1,247		90,881
Eastman Chemical Co.		321		23,988
Ecolab, Inc.		688		115,405
FMC Corp.		338		17,982
Freeport-McMoRan, Inc.		3,895		131,573
International Flavors & Fragrances, Inc.		692		47,298
International Paper Co.		941		31,740
Linde PLC		1,324		505,980
LyondellBasell Industries N.V., Class A		695		62,717
Martin Marietta Materials, Inc.		167		68,293
Mosaic Co. (The)		903		29,330
Newmont Corp.		2,159		80,898
Nucor Corp.		675		99,758
Packaging Corp. of America		243		37,191
PPG Industries, Inc.		640		78,573
Sealed Air Corp.		393		12,101
Sherwin-Williams Co. (The)		643		153,169
Steel Dynamics, Inc.		422		44,947
Vulcan Materials Co.		361		70,933
WestRock Co.		695		24,971

				2,311,367

Real Estate-2.38%
Alexandria Real Estate Equities, Inc.		422		39,301
American Tower Corp.		1,266		225,589
AvalonBay Communities, Inc.		386		63,976
Boston Properties, Inc.		392		20,999
Camden Property Trust.		291		24,700
CBRE Group, Inc., Class A^(b)		842		58,384
CoStar Group, Inc.^(b)		1,110		81,485
Crown Castle, Inc.		1,178		109,530

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



		25
		25

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

October 31, 2023

(Unaudited)



	Shares		Value
Real Estate-(continued)
Digital Realty Trust, Inc.		823	$	102,348
Equinix, Inc.		253		184,599
Equity Residential		937		51,844
Essex Property Trust, Inc.		174		37,222
Extra Space Storage, Inc.		575		59,564
Federal Realty Investment Trust		200		18,238
Healthpeak Properties, Inc.		1,485		23,092
Host Hotels & Resorts, Inc.		1,934		29,938
Invitation Homes, Inc.		1,563		46,406
Iron Mountain, Inc.		793		46,843
Kimco Realty Corp.		1,683		30,193
Mid-America Apartment Communities, Inc.		316		37,335
Prologis, Inc.		2,509		252,782
Public Storage		429		102,407
Realty Income Corp.		1,926		91,254
Regency Centers Corp.		446		26,876
SBA Communications Corp., Class A		295		61,546
Simon Property Group, Inc.		889		97,692
UDR, Inc.		824		26,211
Ventas, Inc.		1,094		46,451
VICI Properties, Inc.		2,752		76,781
Welltower, Inc.		1,408		117,723
Weyerhaeuser Co.		1,984		56,921

				2,248,230

Utilities-2.52%
AES Corp. (The)		1,819		27,103
Alliant Energy Corp.		686		33,470
Ameren Corp.		714		54,057
American Electric Power Co., Inc.		1,399		105,681
American Water Works Co., Inc.		528		62,119
Atmos Energy Corp.		404		43,495
CenterPoint Energy, Inc.		1,715		46,099
CMS Energy Corp.		791		42,983
Consolidated Edison, Inc.		937		82,259
Constellation Energy Corp.		872		98,466



	Shares		Value
Utilities-(continued)
Dominion Energy, Inc.		2,273	$	91,647
DTE Energy Co.		560		53,973
Duke Energy Corp.		2,094		186,136
Edison International		1,040		65,582
Entergy Corp.		575		54,964
Evergy, Inc.		623		30,614
Eversource Energy		948		50,993
Exelon Corp.		2,703		105,255
FirstEnergy Corp.		1,401		49,876
NextEra Energy, Inc.		5,497		320,475
NiSource, Inc.		1,123		28,255
NRG Energy, Inc.		622		26,360
PG&E Corp.^(b)		5,681		92,600
Pinnacle West Capital Corp.		309		22,922
PPL Corp.		2,003		49,214
Public Service Enterprise Group, Inc.		1,356		83,597
Sempra		1,709		119,681
Southern Co. (The)		2,961		199,275
WEC Energy Group, Inc.		855		69,589
Xcel Energy, Inc.		1,497		88,727

				2,385,467


Total Common Stocks & Other Equity Interests (Cost $88,885,103)				95,431,229


Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(c)(d) (Cost $37,752)		37,752		37,752


TOTAL INVESTMENTS IN SECURITIES-100.91% (Cost $88,922,855)				95,468,981
OTHER ASSETS LESS LIABILITIES-(0.91)%				(861,215	)

NET ASSETS-100.00%			$	94,607,766

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Invesco Ltd.		$	21,293		$	2,525	$	(3,139	)		$	(3,037	)		$	(1,858	)		$	15,784	$	491

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			28,864			1,750,033		(1,741,145	)			-				-				37,752		936


Total		$	50,157		$	1,752,558	$	(1,744,284	)		$	(3,037	)		$	(1,858	)		$	53,536	$	1,427

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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



		26
		26

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

October 31, 2023

(Unaudited)

Open Exchange-Traded Index Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise
Price

Notional
Value*

Value

Equity Risk

S&P 500 Index

Call

11/17/2023

227

$4,240

$(96,248,000

)

$(890,975)

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

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023



Information Technology	28.31

Health Care	13.26

Financials	12.87

Consumer Discretionary	10.65

Communication Services	8.79

Industrials	8.40

Consumer Staples	6.68

Energy	4.57

Sector Types Each Less Than 3%	7.34

Money Market Funds Plus Other Assets Less Liabilities	(0.87	)

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



		27
		27

Invesco S&P 500^® Quality ETF (SPHQ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-5.08%
Alphabet, Inc., Class C^(b)		2,457,434	$	307,916,480

Consumer Discretionary-3.15%
Best Buy Co., Inc.^(c)		109,799		7,336,769
Booking Holdings, Inc.^(b)		27,170		75,792,345
eBay, Inc.		363,177		14,247,434
LKQ Corp.		166,984		7,333,937
NVR, Inc.^(b)(c)		2,132		11,539,706
Tapestry, Inc.		126,853		3,496,069
TJX Cos., Inc. (The)		653,126		57,520,807
Ulta Beauty, Inc.^(b)		36,028		13,737,836

				191,004,903

Consumer Staples-5.99%
Brown-Forman Corp., Class B		97,003		5,447,688
Coca-Cola Co. (The)		2,428,973		137,212,685
Hershey Co. (The)		98,779		18,506,246
Procter & Gamble Co. (The)		1,349,729		202,499,842

				363,666,461

Energy-12.28%
APA Corp.		170,882		6,787,433
Chevron Corp.		1,047,173		152,604,521
ConocoPhillips		836,615		99,389,862
Coterra Energy, Inc.		470,812		12,947,330
EOG Resources, Inc.		331,322		41,829,403
EQT Corp.^(c)		220,203		9,332,203
Exxon Mobil Corp.		2,651,356		280,646,033
Marathon Petroleum Corp.		317,186		47,974,382
Occidental Petroleum Corp.^(c)		436,660		26,989,955
Pioneer Natural Resources Co.		146,494		35,012,066
Valero Energy Corp.		247,271		31,403,417

				744,916,605

Financials-10.34%
Ameriprise Financial, Inc.		71,515		22,496,474
Jack Henry & Associates, Inc.		42,349		5,970,785
MarketAxess Holdings, Inc.		23,141		4,946,389
Mastercard, Inc., Class A		813,610		306,202,123
Principal Financial Group, Inc.		149,212		10,098,668
T. Rowe Price Group, Inc.		116,024		10,500,172
Visa, Inc., Class A^(c)		1,136,821		267,266,617

				627,481,228

Health Care-18.26%
Abbott Laboratories		1,026,676		97,072,216
AbbVie, Inc.		1,169,652		165,131,469
Biogen, Inc.^(b)		82,280		19,544,791
Bristol-Myers Squibb Co.		1,375,578		70,883,534
Cencora, Inc.^(c)		94,410		17,480,011
Centene Corp.^(b)		290,753		20,056,142
Cigna Group (The)		177,843		54,989,056
CVS Health Corp.		721,805		49,811,763
Danaher Corp.		374,213		71,856,380
Edwards Lifesciences Corp.^(b)		392,328		24,999,140
Elevance Health, Inc.		136,112		61,262,650
Gilead Sciences, Inc.^(c)		786,942		61,806,425
Hologic, Inc.^(b)		181,323		11,998,143
Humana, Inc.		94,495		49,486,087



	Shares		Value
Health Care-(continued)
Incyte Corp.^(b)		124,250	$	6,700,803
Intuitive Surgical, Inc.^(b)		265,391		69,590,828
Merck & Co., Inc.		1,586,227		162,905,513
Vertex Pharmaceuticals, Inc.^(b)		162,433		58,818,614
Viatris, Inc.		755,150		6,720,835
Waters Corp.^(b)		51,812		12,358,716
Zimmer Biomet Holdings, Inc.		135,718		14,170,316

				1,107,643,432

Industrials-10.24%
3M Co.		342,164		31,119,816
Automatic Data Processing, Inc.		391,609		85,456,916
C.H. Robinson Worldwide, Inc.		103,534		8,472,187
Carrier Global Corp.		476,419		22,706,130
Cintas Corp.		49,925		25,317,966
Expeditors International of Washington, Inc.^(c)		137,341		15,004,504
Fastenal Co.		315,140		18,385,268
Fortive Corp.		199,023		12,992,221
General Electric Co.		701,962		76,254,132
Honeywell International, Inc.		403,573		73,958,788
Illinois Tool Works, Inc.		210,683		47,218,274
L3Harris Technologies, Inc.		97,872		17,559,215
Old Dominion Freight Line, Inc.		54,465		20,514,787
Paychex, Inc.		173,903		19,311,928
Robert Half, Inc.		60,732		4,540,932
Rockwell Automation, Inc.		62,749		16,491,065
Rollins, Inc.^(c)		125,702		4,727,652
Stanley Black & Decker, Inc.		76,365		6,494,843
Union Pacific Corp.		336,974		69,959,172
Verisk Analytics, Inc.		110,211		25,057,573
W.W. Grainger, Inc.		26,625		19,431,724

				620,975,093

Information Technology-31.22%
Adobe, Inc.^(b)		352,261		187,423,988
Analog Devices, Inc.		302,561		47,601,922
Apple, Inc.		1,698,878		290,117,396
Autodesk, Inc.^(b)		185,099		36,581,115
Broadcom, Inc.		329,243		277,015,183
CDW Corp.		82,470		16,526,988
Cisco Systems, Inc.		2,808,281		146,395,689
Cognizant Technology Solutions Corp., Class A		321,280		20,712,922
F5, Inc.^(b)		38,104		5,776,185
First Solar, Inc.^(b)		64,409		9,175,062
Gartner, Inc.^(b)		74,538		24,749,597
KLA Corp.		112,030		52,620,491
Lam Research Corp.		87,326		51,366,900
Microchip Technology, Inc.		361,943		25,802,916
Microsoft Corp.		934,270		315,886,030
NetApp, Inc.		161,163		11,729,443
NVIDIA Corp.		806,300		328,809,140
NXP Semiconductors N.V. (China)		137,707		23,744,818
ON Semiconductor Corp.^(b)(c)		232,791		14,582,028
Teradyne, Inc.^(c)		90,165		7,508,040

				1,894,125,853

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



		28
		28

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

October 31, 2023

(Unaudited)



	Shares		Value
Materials-2.87%
CF Industries Holdings, Inc.^(c)		117,830	$	9,400,477
DuPont de Nemours, Inc.^(c)		353,515		25,764,173
Eastman Chemical Co.		64,942		4,853,116
International Paper Co.		179,875		6,067,184
Linde PLC^(c)		301,941		115,389,773
LyondellBasell Industries N.V., Class A		140,571		12,685,127

				174,159,850

Real Estate-0.54%
Public Storage		137,398		32,798,277

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $5,817,346,254)				6,064,688,182



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.77%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		81,097,918	$	81,097,918
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		208,576,977		208,597,835

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $289,684,410)				289,695,753

TOTAL INVESTMENTS IN SECURITIES-104.74% (Cost $6,107,030,664)				6,354,383,935
OTHER ASSETS LESS LIABILITIES-(4.74)%				(287,667,798	)

NET ASSETS-100.00%			$	6,066,716,137

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, 2023.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	47,643,955		$	(47,643,955	)		$	-		$	-			$	-		$	19,599

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			61,322,989			212,676,055			(192,901,126	)			-			-				81,097,918			2,045,040	*

Invesco Private Prime Fund			157,687,686			489,713,280			(438,817,681	)			24,556			(10,006	)			208,597,835			5,414,245	*


Total		$	219,010,675		$	750,033,290		$	(679,362,762	)		$	24,556		$	(10,006	)		$	289,695,753		$	7,478,884

*	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, 2023.

^(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 2J.

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



		29
		29

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

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023



Information Technology			31.22

Health Care			18.26

Energy			12.28

Financials			10.34

Industrials			10.24

Consumer Staples			5.99

Communication Services			5.08

Consumer Discretionary			3.15

Sector Types Each Less Than 3%			3.41

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.



		30
		30

Invesco S&P Spin-Off ETF (CSD)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Communication Services-3.13%
Liberty Media Corp.-Liberty Live, Series C^(b)		26,018	$	829,194
Sphere Entertainment Co.^(b)(c)		13,085		430,627
Vimeo, Inc.^(b)(c)		79,333		244,346

				1,504,167

Consumer Discretionary-2.74%
Phinia, Inc.^(c)		24,611		636,933
Victoria’s Secret & Co.^(b)(c)		38,146		682,050

				1,318,983

Energy-4.75%
DT Midstream, Inc.^(c)		42,331		2,284,604

Health Care-15.68%
Embecta Corp.^(c)		22,999		347,745
Enhabit, Inc.^(b)(c)		24,160		178,059
Fortrea Holdings, Inc.^(b)(c)		49,014		1,391,998
GE HealthCare Technologies, Inc.^(c)		56,607		3,768,328
Organon & Co.		125,175		1,851,338

				7,537,468

Industrials-50.16%
Carrier Global Corp.		68,474		3,263,471
Concentrix Corp.^(c)		23,670		1,803,891
Crane Co.^(c)		25,503		2,482,207
Esab Corp.^(c)		31,721		2,007,939
GXO Logistics, Inc.^(b)(c)		52,085		2,630,813
MasterBrand, Inc.^(b)		59,164		657,312
Otis Worldwide Corp.		47,351		3,655,971
RXO, Inc.^(b)(c)		60,749		1,063,715
U-Haul Holding Co., Series N^(c)		44,065		2,080,308
Veralto Corp.^(b)		51,528		3,555,432
Vestis Corp.^(b)(c)		59,675		912,431

				24,113,490

Information Technology-8.13%
Consensus Cloud Solutions, Inc.^(b)(c)		7,978		172,245
Kyndryl Holdings, Inc.^(b)(c)		110,941		1,623,067
Vontier Corp.^(c)		71,509		2,113,806

				3,909,118

Investment Abbreviations:

REIT -Real Estate Investment Trust



	Shares		Value
Materials-2.91%
Knife River Corp.^(b)(c)		27,781	$	1,397,940

Real Estate-4.70%
Apartment Income REIT Corp.^(c)		72,653		2,122,194
Orion Office REIT, Inc.^(c)		29,108		139,137

				2,261,331

Utilities-7.83%
Constellation Energy Corp.		33,347		3,765,543

Total Common Stocks & Other Equity Interests (Cost $43,277,597)				48,092,644


Money Market Funds-0.18%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $83,855)		83,855		83,855

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.21% (Cost $43,361,452)				48,176,499


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-25.64%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		3,451,557		3,451,557
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		8,876,424		8,877,312

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,328,843)				12,328,869

TOTAL INVESTMENTS IN SECURITIES-125.85% (Cost $55,690,295)				60,505,368
OTHER ASSETS LESS LIABILITIES-(25.85)%				(12,427,066	)

NET ASSETS-100.00%.			$	48,078,302

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



		31
		31

Invesco S&P Spin-Off ETF (CSD)–(continued)

October 31, 2023

(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, 2023.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	66,088		$	473,638		$	(455,871	)		$	-		$	-		$	83,855		$	1,997

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,353,900			25,704,503			(24,606,846	)			-			-			3,451,557			78,648	*

Invesco Private Prime Fund			6,052,885			62,595,073			(59,772,311	)			86			1,579			8,877,312			208,813	*


Total		$	8,472,873		$	88,773,214		$	(84,835,028	)		$	86		$	1,579		$	12,412,724		$	289,458

*	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, 2023.

^(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 2J.

Portfolio Composition

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

as of October 31, 2023



Industrials	50.16

Health Care	15.68

Information Technology	8.13

Utilities	7.83

Energy	4.75

Real Estate	4.70

Communication Services	3.13

Sector Types Each Less Than 3%	5.65

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.



		32
		32

Invesco Water Resources ETF (PHO)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%^(a)
Building Products-10.32%
A.O. Smith Corp.		1,035,108	$	72,209,134
Advanced Drainage Systems, Inc.^(b)		585,475		62,546,294
Zurn Elkay Water Solutions Corp.^(b)		1,401,857		37,093,136

				171,848,564

Chemicals-8.22%
Ecolab, Inc.		816,486		136,957,362

Commercial Services & Supplies-4.35%
Tetra Tech, Inc.^(b)		393,290		59,351,394
Veralto Corp.^(c)		188,580		13,012,020

				72,363,414

Construction & Engineering-7.13%
AECOM		855,326		65,475,205
Northwest Pipe Co.^(c)		39,043		1,064,312
Stantec, Inc. (Canada)		84,940		5,195,780
Valmont Industries, Inc.		238,654		46,993,359

				118,728,656

Electronic Equipment, Instruments & Components-2.98%
Badger Meter, Inc.		190,469		26,389,480
Itron, Inc.^(c)		406,474		23,282,831

				49,672,311

Life Sciences Tools & Services-10.36%
Danaher Corp.^(b)		566,346		108,749,759
Waters Corp.^(b)(c)		267,237		63,744,041

				172,493,800

Machinery-24.93%
Energy Recovery, Inc.^(b)(c)		485,454		7,378,901
Franklin Electric Co., Inc.		191,178		16,578,956
Gorman-Rupp Co. (The)^(b)		57,213		1,690,644
IDEX Corp.		331,417		63,436,528
Lindsay Corp.		91,973		11,489,267
Mueller Industries, Inc.^(b)		982,846		37,063,123
Mueller Water Products, Inc., Class A		1,313,782		16,251,483
Pentair PLC		1,067,935		62,068,382
Toro Co. (The)^(b)		566,268		45,777,105
Watts Water Technologies, Inc., Class A		113,089		19,565,528
Xylem, Inc.^(b)		1,430,535		133,812,244

				415,112,161

Software-8.82%
Roper Technologies, Inc.		300,754		146,939,382

Trading Companies & Distributors-10.59%
Core & Main, Inc., Class A^(b)(c)		1,227,615		36,926,659
Ferguson PLC		928,858		139,514,472

				176,441,131

Investment Abbreviations:

ADR-American Depositary Receipt



	Shares		Value
Water Utilities-12.28%
American States Water Co.		288,287	$	22,500,800
American Water Works Co., Inc.^(b)		540,838		63,629,591
Artesian Resources Corp., Class A^(b)		55,733		2,190,307
California Water Service Group		434,696		21,161,001
Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR (Brazil)^(b)		1,342,761		15,495,462
Consolidated Water Co. Ltd. (Cayman Islands)		176,087		5,198,088
Essential Utilities, Inc.		1,405,786		47,037,600
Global Water Resources, Inc.		48,941		515,349
Middlesex Water Co.^(b)		110,637		7,028,769
SJW Group^(b)		286,517		17,901,582
York Water Co. (The)		53,618		1,934,001

				204,592,550

Total Common Stocks & Other Equity Interests (Cost $1,554,039,103)				1,665,149,331


Money Market Funds-0.14%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $2,304,240)		2,304,240		2,304,240

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12% (Cost $1,556,343,343)				1,667,453,571


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.18%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		21,025,500		21,025,500
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		65,220,541		65,227,063

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $86,252,621)				86,252,563

TOTAL INVESTMENTS IN SECURITIES-105.30% (Cost $1,642,595,964)				1,753,706,134
OTHER ASSETS LESS LIABILITIES-(5.30)%				(88,244,941	)

NET ASSETS-100.00%			$	1,665,461,193

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



		33
		33

Invesco Water Resources ETF (PHO)–(continued)

October 31, 2023

(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, 2023.

^(c)	Non-income producing security.

^(d)


	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	946,318		$	12,654,160		$	(11,296,238	)		$	-		$	-		$	2,304,240		$	35,224

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			30,093,703			217,904,396			(226,972,599	)			-			-			21,025,500			762,589	*

Invesco Private Prime Fund			77,383,809			515,796,261			(527,968,616	)			1,044			14,565			65,227,063			2,056,725	*


Total		$	108,423,830		$	746,354,817		$	(766,237,453	)		$	1,044		$	14,565		$	88,556,803		$	2,854,538

*	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, 2023.

^(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 2J.

Portfolio Composition

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

as of October 31, 2023



Machinery			24.93

Water Utilities			12.28

Trading Companies & Distributors			10.59

Life Sciences Tools & Services			10.36

Building Products			10.32

Software			8.82

Chemicals			8.22

Construction & Engineering			7.13

Commercial Services & Supplies			4.35

Electronic Equipment, Instruments & Components			2.98

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.



		34
		34

Invesco WilderHill Clean Energy ETF (PBW)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Aerospace & Defense-2.57%
Archer Aviation, Inc., Class A^(b)(c)		1,228,955	$	5,837,536
Vertical Aerospace Ltd. (United Kingdom)^(b)(c)		4,871,576		4,336,190

				10,173,726

Automobile Components-3.68%
Gentherm, Inc.^(b)		121,432		4,883,995
QuantumScape Corp.^(b)		1,014,727		5,296,875
Solid Power, Inc.^(b)		3,326,027		4,390,356

				14,571,226

Automobiles-9.75%
Fisker, Inc.^(b)(c)		1,092,706		4,917,177
Gogoro, Inc. (Taiwan)^(b)(c)		2,645,481		6,190,426
NIO, Inc., ADR (China)^(b)(c)		779,349		5,689,248
Polestar Automotive Holding UK PLC, ADR (Hong Kong)^(b)(c)		2,792,447		5,612,818
Rivian Automotive, Inc., Class A^(b)		305,879		4,961,357
Tesla, Inc.^(b)		25,760		5,173,638
XPeng, Inc., ADR (China)^(b)(c)		414,437		6,001,048

				38,545,712

Chemicals-1.25%
Albemarle Corp.		38,973		4,940,997

Commercial Services & Supplies-1.70%
LanzaTech Global, Inc.^(b)(c)		1,228,988		4,326,038
Li-Cycle Holdings Corp. (Canada)^(b)(c)		1,777,304		2,381,587

				6,707,625

Construction & Engineering-4.44%
Ameresco, Inc., Class A^(b)		158,718		4,150,476
Emeren Group Ltd., ADR (China)^(b)(c)		823,203		2,016,847
MYR Group, Inc.^(b)		47,879		5,545,825
Quanta Services, Inc.		35,044		5,856,553

				17,569,701

Electrical Equipment-32.99%
American Superconductor Corp.^(b)(c)		860,918		5,393,651
Amprius Technologies, Inc.^(b)(c)		1,663,025		4,839,403
Array Technologies, Inc.^(b)		315,594		5,469,244
Ballard Power Systems, Inc. (Canada)^(b)(c)		1,835,091		6,110,853
Beam Global^(b)(c)		352,475		1,931,563
Blink Charging Co.^(b)(c)		2,080,999		4,952,778
Bloom Energy Corp., Class A^(b)		491,402		5,110,581
ChargePoint Holdings, Inc.^(b)(c)		1,283,759		3,260,748
Energy Vault Holdings, Inc.^(b)(c)		2,480,404		4,985,612
Enovix Corp.^(b)(c)		534,966		4,766,547
Eos Energy Enterprises, Inc.^(b)(c)		3,032,386		5,336,999
ESS Tech, Inc.^(b)(c)		4,914,590		5,897,508
Fluence Energy, Inc.^(b)		296,245		5,130,963
FREYR Battery S.A. (Norway)^(b)(c)		1,317,110		4,227,923
FTC Solar, Inc.^(b)		1,853,702		1,983,461
FuelCell Energy, Inc.^(b)(c)		5,837,503		6,362,878
Nextracker, Inc., Class A^(b)		190,276		6,613,994
Plug Power, Inc.^(b)(c)		890,989		5,247,925
Preformed Line Products Co.		43,280		5,857,948
SES AI Corp.^(b)(c)		3,063,041		5,544,104
Shoals Technologies Group, Inc., Class A^(b)		324,112		4,978,360



	Shares		Value
Electrical Equipment-(continued)
Sociedad Quimica y Minera de Chile S.A., ADR (Chile)		114,517	$	5,542,623
Stem, Inc.^(b)(c)		1,536,763		5,194,259
SunPower Corp.^(b)(c)		1,026,071		4,381,323
Sunrun, Inc.^(b)		502,593		4,850,023
TPI Composites, Inc.^(b)(c)		855,555		1,976,332
Wallbox N.V. (Spain)^(b)(c)		2,878,566		4,519,349

				130,466,952

Electronic Equipment, Instruments & Components-5.14%
Advanced Energy Industries, Inc.		67,530		5,892,668
Bel Fuse, Inc., Class B		150,476		8,152,790
Itron, Inc.^(b)		109,472		6,270,556

				20,316,014

Independent Power and Renewable Electricity Producers-8.10%
Altus Power, Inc.^(b)(c)		1,419,291		7,536,435
Brookfield Renewable Corp., Class A		252,709		5,751,657
Ormat Technologies, Inc.		106,227		6,537,210
ReNew Energy Global PLC, Class A (India)^(b)(c)		1,202,208		6,491,923
Sunnova Energy International, Inc.^(b)(c)		627,191		5,726,254

				32,043,479

Machinery-2.94%
ESCO Technologies, Inc.		64,903		6,309,870
Lion Electric Co. (The) (Canada)^(b)(c)		3,377,204		5,302,210

				11,612,080

Metals & Mining-8.24%
5E Advanced Materials, Inc.^(b)(c)		1,112,223		2,502,502
Lifezone Metals Ltd. (Isle of Man)^(b)(c)		564,292		5,185,843
Lithium Americas Corp. (Canada)^(b)(c)		572,187		3,833,653
MP Materials Corp.^(b)		341,990		5,608,636
Piedmont Lithium, Inc.^(b)		168,938		4,640,727
Sigma Lithium Corp. (Brazil)^(b)(c)		184,478		4,510,487
Standard Lithium Ltd. (Canada)^(b)(c)		2,310,720		6,285,158

				32,567,006

Oil, Gas & Consumable Fuels-2.85%
Gevo, Inc.^(b)(c)		5,469,973		5,852,871
OPAL Fuels, Inc., Class A^(b)		939,911		5,413,887

				11,266,758

Passenger Airlines-1.44%
Joby Aviation, Inc.^(b)(c)		1,081,699		5,700,554

Semiconductors & Semiconductor Equipment-12.93%
Canadian Solar, Inc. (Canada)^(b)(c)		298,819		5,970,404
Enphase Energy, Inc.^(b)		54,241		4,316,499
First Solar, Inc.^(b)		47,037		6,700,421
JinkoSolar Holding Co. Ltd., ADR (China)^(b)		290,291		9,460,584
Maxeon Solar Technologies Ltd.^(b)(c)		639,448		3,990,155
Navitas Semiconductor Corp.^(b)		958,104		5,020,465
SolarEdge Technologies, Inc.^(b)		49,691		3,774,031
Universal Display Corp.		41,231		5,738,530
Wolfspeed, Inc.^(b)		181,857		6,154,041

				51,125,130

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



		35
		35

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

October 31, 2023

(Unaudited)



	Shares		Value
Specialty Retail-1.88%
EVgo, Inc.^(b)(c)		1,790,217	$	3,696,798
NaaS Technology, Inc., ADR (China)^(b)(c)		1,293,936		3,752,415

				7,449,213

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $883,894,263)				395,056,173


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-30.76%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		33,934,226		33,934,226



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		87,679,801	$	87,688,569

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $121,618,522)				121,622,795

TOTAL INVESTMENTS IN SECURITIES-130.66% (Cost $1,005,512,785)				516,678,968
OTHER ASSETS LESS LIABILITIES-(30.66)%				(121,234,168	)

NET ASSETS-100.00%			$	395,444,800

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, 2023.

^(d)



	Value April 30, 2023		Purchases at Cost		Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	-	$	10,399,608		$	(10,399,608	)		$	-		$	-			$	-	$	6,033

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		47,450,266		128,992,567			(142,508,607	)			-			-				33,934,226		1,134,190	*

Invesco Private Prime Fund		122,663,705		241,850,050			(276,836,640	)			25,479			(14,025	)			87,688,569		3,045,709	*

Investments in Other Affiliates:

American Superconductor Corp.**		3,272,230		4,796,769			(4,011,689	)			2,767,924			(1,431,583	)			5,393,651		-


Total	$	173,386,201	$	386,038,994		$	(433,756,544	)		$	2,793,403		$	(1,445,608	)		$	127,016,446	$	4,185,932

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

**	As of October 31, 2023, this security was not considered as an affiliate of the Fund.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(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 2J.

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



		36
		36

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

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Electrical Equipment			32.99

Semiconductors & Semiconductor Equipment			12.93

Automobiles			9.75

Metals & Mining			8.24

Independent Power and Renewable Electricity Producers			8.10

Electronic Equipment, Instruments & Components			5.14

Construction & Engineering			4.44

Automobile Components			3.68

Industry Types Each Less Than 3%			14.63

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.



		37
		37

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)



	Invesco Aerospace & Defense ETF (PPA)			Invesco Dorsey Wright Momentum ETF (PDP)				Invesco Global Listed Private Equity ETF (PSP)				Invesco Golden Dragon China ETF (PGJ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	2,139,127,842		$	985,654,031			$	142,325,184			$	158,073,693
Affiliated investments in securities, at value			182,286,191			94,307,365				44,604,919				53,236,503
Foreign currencies, at value			-			-				55,589				-
Receivable for:
Dividends			602,494			445,535				78,308				65,852
Securities lending			11,724			12,381				13,533				295,275
Investments sold			-			6,596,326				1,457,420				-
Fund shares sold			9,727,716			-				-				-
Foreign tax reclaims			-			-				358,116				-
Other assets			22,524			1,273,022				22,755				18,741

Total assets			2,331,778,491			1,088,288,660				188,915,824				211,690,064


Liabilities:
Other investments:
Unrealized depreciation on swap agreements – OTC			-			-				70,046				-
Open written options, at value			-			-				-				-
Due to custodian			9,881			219,744				-				-
Due to foreign custodian			-			-				-				-
Payable for:
Investments purchased			9,729,640			-				-				-
Investments purchased - affiliated broker			-			-				-				-
Collateral upon return of securities loaned			181,280,543			94,305,089				42,579,196				53,095,271
Fund shares repurchased			-			6,611,694				-				-
Expenses recaptured			-			-				172				-
Accrued unitary management fees			-			-				-				-
Accrued advisory fees			850,359			439,072				78,014				20,886
Accrued trustees’ and officer’s fees			85,197			179,916				90,690				94,616
Accrued expenses			701,050			267,570				72,803				297,830

Total liabilities			192,656,670			102,023,085				42,890,921				53,508,603

Net Assets		$	2,139,121,821		$	986,265,575			$	146,024,903			$	158,181,461


Net assets consist of:
Shares of beneficial interest		$	2,087,620,948		$	1,786,145,847			$	312,065,462			$	568,695,730
Distributable earnings (loss)			51,500,873			(799,880,272	)			(166,040,559	)			(410,514,269	)

Net Assets		$	2,139,121,821		$	986,265,575			$	146,024,903			$	158,181,461

Shares outstanding (unlimited amount authorized, $0.01 par value)			26,280,000			13,400,000				3,039,963				6,250,000
Net asset value		$	81.40		$	73.60			$	48.04			$	25.31

Market price		$	81.44		$	73.60			$	48.07			$	25.31

Unaffiliated investments in securities, at cost		$	2,022,436,116		$	916,284,392			$	184,502,986			$	248,224,401

Affiliated investments in securities, at cost		$	182,288,968		$	94,305,089			$	44,603,736			$	53,236,432

Foreign currencies (due to foreign custodian), at cost		$	-		$	-			$	55,659			$	-

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

^(a)Includes securities on loan with an aggregate value of:		$	181,798,550		$	92,405,096			$	40,604,547			$	50,706,575

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



		38
		38



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

	$	213,708,398			$	106,347,233		$	95,415,445		$	6,064,688,182		$	48,092,644		$	1,665,149,331			$	395,056,173
		60,571,889				24,422,024			53,536			289,695,753			12,412,724			88,556,803				121,622,795
		-				-			-			-			-			-				-

		188,527				40,352			70,465			5,270,167			22,048			1,276,040				12,228
		40,476				19,794			-			33,277			1,386			10,912				1,384,863
		-				38,296			-			-			-			-				16,445,607
		-				-			3,203			34,377,058			-			-				-
		109,290				754			-			-			-			1,278				-
		23,690				-			-			667,360			9,730			32,758				56,299

		274,642,270				130,868,453			95,542,649			6,394,731,797			60,538,532			1,755,027,122				534,577,965




		-				-			-			-			-			-				-
		-				-			890,975			-			-			-				-
		53,540				3,969			4,226			3,327,225			-			-				265,481
		23,089				-			-			-			-			-				-

		-				15,372			-			34,208,535			-			129,184				-
		-				-			-			-			-			1,207,767				-
		60,571,312				24,339,461			-			289,684,410			12,328,843			86,252,621				121,618,522
		-				-			-			-			-			-				16,463,903
		30,985				-			-			-			-			-				25,958
		-				69,468			39,682			-			-			-				-
		95,393				-			-			510,833			8,753			727,686				197,365
		63,261				-			-			111,654			9,323			231,276				120,504
		35,217				-			-			173,003			113,311			1,017,395				441,432

		60,872,797				24,428,270			934,883			328,015,660			12,460,230			89,565,929				139,133,165

	$	213,769,473			$	106,440,183		$	94,607,766		$	6,066,716,137		$	48,078,302		$	1,665,461,193			$	395,444,800



	$	363,480,610			$	178,642,389		$	106,215,512		$	6,279,028,982		$	202,999,252		$	1,834,990,455			$	2,293,235,359
		(149,711,137	)			(72,202,206	)		(11,607,746	)		(212,312,845	)		(154,920,950	)		(169,529,262	)			(1,897,790,559	)

	$	213,769,473			$	106,440,183		$	94,607,766		$	6,066,716,137		$	48,078,302		$	1,665,461,193			$	395,444,800

		5,450,000				2,022,822			4,500,000			124,680,000			900,000			32,780,000				15,848,273
	$	39.22			$	52.62		$	21.02		$	48.66		$	53.42		$	50.81			$	24.95

	$	39.19			$	52.63		$	21.00		$	48.67		$	53.41		$	50.78			$	24.96

	$	311,091,790			$	101,954,301		$	88,850,115		$	5,817,346,254		$	43,277,597		$	1,554,039,103			$	883,894,263

	$	60,571,312			$	24,421,259		$	72,740		$	289,684,410		$	12,412,698		$	88,556,861			$	121,618,522

	$	(23,159	)		$	-		$	-		$	-		$	-		$	-			$	-

	$	-			$	-		$	2,123,884		$	-		$	-		$	-			$	-

	$	58,868,529			$	23,960,118		$	-		$	286,534,752		$	12,268,982		$	84,980,904			$	115,869,965



		39
		39

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)



	Invesco Aerospace & Defense ETF (PPA)				Invesco Dorsey Wright Momentum ETF (PDP)				Invesco Global Listed Private Equity ETF (PSP)				Invesco Golden Dragon China ETF (PGJ)
Investment income:
Unaffiliated dividend income		$	10,901,950			$	4,373,262			$	3,966,061			$	394,757
Affiliated dividend income			24,311				782				52,235				8,594
Securities lending income, net			73,687				53,275				126,109				1,034,514
Foreign withholding tax			(18,901	)			-				-				-


Total investment income			10,981,047				4,427,319				4,144,405				1,437,865


Expenses:
Unitary management fees			-				-				-				-
Advisory fees			4,873,309				2,687,232				493,932				453,204
Sub-licensing fees			584,781				537,439				98,785				90,639
Accounting & administration fees			53,178				44,041				12,234				15,012
Professional fees			23,356				22,235				20,619				21,992
Custodian & transfer agent fees			10,615				4,198				1,217				117,091
Trustees’ and officer’s fees			12,868				12,167				6,322				6,617
Recapture (Note 3)			-				-				-				-
Other expenses			48,316				51,386				24,635				18,080

Total expenses			5,606,423				3,358,698				657,744				722,635

Less: Waivers			(475	)			(18	)			(1,210	)			(88,330	)

Net expenses			5,605,948				3,358,680				656,534				634,305

Net investment income			5,375,099				1,068,639				3,487,871				803,560


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			966,304				1,335,425				(7,387,445	)			(12,507,435	)
Affiliated investment securities			(6,852	)			(4,751	)			1,593				2,674
Unaffiliated in-kind redemptions			26,902,932				11,232,140				1,666,163				1,107,037
Affiliated in-kind redemptions			-				-				-				-
Short Sales			-				-				-				-
Foreign currencies			-				-				4,434				-
Swap agreements			-				-				(281,315	)			-
Written options			-				-				-				-

Net realized gain (loss)			27,862,384				12,562,814				(5,996,570	)			(11,397,724	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(5,830,607	)			(33,865,476	)			(7,879,558	)			1,261,277
Affiliated investment securities			12,418				3,433				4,220				836
Foreign currencies			-				-				(13,847	)			-
Swap agreements			-				-				(16,038	)			-
Written options			-				-				-				-

Change in net unrealized appreciation (depreciation)			(5,818,189	)			(33,862,043	)			(7,905,223	)			1,262,113

Net realized and unrealized gain (loss)			22,044,195				(21,299,229	)			(13,901,793	)			(10,135,611	)

Net increase (decrease) in net assets resulting from operations		$	27,419,294			$	(20,230,590	)		$	(10,413,922	)		$	(9,332,051	)

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



		40
		40



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

$	2,702,652		$	1,104,299		$	771,056		$	47,666,742		$	395,627		$	11,709,334		$	804,116
	558			366			1,427			19,599			1,997			35,224			6,033
	203,016			222,214			-			174,947			6,894			70,498			9,370,199
	(210,874	)		(1,544	)		(211	)		(39,863	)		-			(3,814	)		-


	2,695,352			1,325,335			772,272			47,821,425			404,518			11,811,242			10,180,348



	-			447,802			235,797			-			-			-			-
	672,895			-			-			4,190,108			130,349			4,565,242			1,556,881
	9,401			-			-			760,991			13,035			684,793			311,372
	18,675			-			-			121,917			8,101			62,098			44,287
	23,204			-			-			30,235			19,651			23,681			21,893
	26,057			-			-			11,662			1,809			4,641			27,202
	6,262			-			-			25,005			3,884			16,300			9,897
	30,986			-			-			-			-			-			-
	25,931			-			-			108,034			12,915			74,563			69,825

	813,411			447,802			235,797			5,247,952			189,744			5,431,318			2,041,357

	(19	)		(7	)		(23	)		(1,058,527	)		(20,331	)		(680	)		(17,427	)

	813,392			447,795			235,774			4,189,425			169,413			5,430,638			2,023,930

	1,881,960			877,540			536,498			43,632,000			235,105			6,380,604			8,156,418




	(18,317,509	)		(749,814	)		(843,709	)		(58,089,218	)		(402,954	)		(18,309,604	)		(244,088,487	)
	2,967			107			(1,832	)		(10,006	)		1,579			14,565			(1,445,608	)
	2,621,638			2,049,299			3,128,605			337,501,539			708,933			88,134,367			16,261,295
	-			-			(26	)		-			-			-			-
	-			-			66,906			-			-			-			-
	(60,608	)		-			-			-			-			-			-
	-			-			-			-			-			-			-
	-			-			(3,734,720	)		-			-			-			-

	(15,753,512	)		1,299,592			(1,384,776	)		279,402,315			307,558			69,839,328			(229,272,800	)



	(22,660,036	)		(7,171,632	)		(1,495,211	)		(245,675,034	)		(2,367,496	)		(129,517,431	)		61,861,969
	2,809			3,001			(3,037	)		24,556			86			1,044			25,479
	(7,725	)		-			-			-			-			-			-
	-			-			-			-			-			-			-
	-			-			1,547,153			-			-			-			-

	(22,664,952	)		(7,168,631	)		48,905			(245,650,478	)		(2,367,410	)		(129,516,387	)		61,887,448

	(38,418,464	)		(5,869,039	)		(1,335,871	)		33,751,837			(2,059,852	)		(59,677,059	)		(167,385,352	)

$	(36,536,504	)	$	(4,991,499	)	$	(799,373	)	$	77,383,837		$	(1,824,747	)	$	(53,296,455	)	$	(159,228,934	)

Statements of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)



	Invesco Aerospace & Defense ETF (PPA)								Invesco Dorsey Wright Momentum ETF (PDP)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	5,375,099			$	12,546,012			$	1,068,639			$	7,621,849
Net realized gain (loss)			27,862,384				57,471,475				12,562,814				(183,447,114	)
Change in net unrealized appreciation (depreciation)			(5,818,189	)			101,847,056				(33,862,043	)			184,039,882

Net increase (decrease) in net assets resulting from operations			27,419,294				171,864,543				(20,230,590	)			8,214,617


Distributions to Shareholders from:
Distributable earnings			(5,718,031	)			(13,151,371	)			(1,844,589	)			(6,541,547	)


Shareholder Transactions:
Proceeds from shares sold			350,665,941				736,605,724				71,711,649				60,796,731
Value of shares repurchased			(112,741,275	)			(472,233,238	)			(78,181,040	)			(274,187,348	)

Net increase (decrease) in net assets resulting from share transactions			237,924,666				264,372,486				(6,469,391	)			(213,390,617	)

Net increase (decrease) in net assets			259,625,929				423,085,658				(28,544,570	)			(211,717,547	)


Net assets:
Beginning of period			1,879,495,892				1,456,410,234				1,014,810,145				1,226,527,692

End of period		$	2,139,121,821			$	1,879,495,892			$	986,265,575			$	1,014,810,145


Changes in Shares Outstanding:
Shares sold			4,280,000				9,790,000				920,000				810,000
Shares repurchased			(1,410,000	)			(6,420,000	)			(1,010,000	)			(3,770,000	)
Shares outstanding, beginning of period			23,410,000				20,040,000				13,490,000				16,450,000

Shares outstanding, end of period			26,280,000				23,410,000				13,400,000				13,490,000

^(a)	Changes in shares outstanding have been restated to reflect a one-for-five reverse stock split effective after the close of business on July 14, 2023. See Note 11.

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



		42
		42



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

Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	3,487,871			$	5,260,243			$	803,560			$	1,664,883			$	1,881,960			$	3,416,755			$	877,540			$	1,254,945
		(5,996,570	)			(11,153,398	)			(11,397,724	)			(49,589,193	)			(15,753,512	)			(15,153,887	)			1,299,592				(7,079,992	)
		(7,905,223	)			(6,614,233	)			1,262,113				37,087,626				(22,664,952	)			(36,979,680	)			(7,168,631	)			4,193,553

		(10,413,922	)			(12,507,388	)			(9,332,051	)			(10,836,684	)			(36,536,504	)			(48,716,812	)			(4,991,499	)			(1,631,494	)



		(6,732,994	)			(2,967,539	)			(1,475,973	)			(2,158,845	)			(2,267,068	)			(3,982,357	)			-				(849,008	)



		56,215,357				125,235,216				19,302,222				77,206,276				9,187,981				24,355,050				-				16,530,016
		(66,191,044	)			(131,737,487	)			(50,853,297	)			(102,675,701	)			(35,894,708	)			(79,113,153	)			(7,476,988	)			(16,495,059	)

		(9,975,687	)			(6,502,271	)			(31,551,075	)			(25,469,425	)			(26,706,727	)			(54,758,103	)			(7,476,988	)			34,957

		(27,122,603	)			(21,977,198	)			(42,359,099	)			(38,464,954	)			(65,510,299	)			(107,457,272	)			(12,468,487	)			(2,445,545	)



		173,147,506				195,124,704				200,540,560				239,005,514				279,279,772				386,737,044				118,908,670				121,354,215

	$	146,024,903			$	173,147,506			$	158,181,461			$	200,540,560			$	213,769,473			$	279,279,772			$	106,440,183			$	118,908,670



		1,040,000	^(a)			2,500,000	^(a)			700,000				2,700,000				200,000				450,000				-				280,000
		(1,320,037	)^(a)			(2,650,000	)^(a)			(1,930,000	)			(3,900,000	)			(750,000	)			(1,500,000	)			(130,000	)			(280,000	)
		3,320,000	^(a)			3,470,000	^(a)			7,480,000				8,680,000				6,000,000				7,050,000				2,152,822				2,152,822

		3,039,963	^(a)			3,320,000	^(a)			6,250,000				7,480,000				5,450,000				6,000,000				2,022,822				2,152,822

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)



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

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

Operations:
Net investment income		$	536,498			$	1,394,396			$	43,632,000			$	68,879,340
Net realized gain (loss)			(1,384,776	)			19,389,484				279,402,315				(389,124,786	)
Change in net unrealized appreciation (depreciation)			48,905				(24,633,218	)			(245,650,478	)			550,618,396

Net increase (decrease) in net assets resulting from operations			(799,373	)			(3,849,338	)			77,383,837				230,372,950


Distributions to Shareholders from:
Distributable earnings			(1,299,314	)			(1,438,993	)			(41,336,554	)			(70,243,548	)


Shareholder Transactions:
Proceeds from shares sold			10,786,249				30,632,738				2,802,795,213				2,576,253,855
Value of shares repurchased			(7,499,256	)			(69,971,794	)			(1,589,617,152	)			(1,576,680,180	)

Net increase (decrease) in net assets resulting from share transactions			3,286,993				(39,339,056	)			1,213,178,061				999,573,675

Net increase (decrease) in net assets			1,188,306				(44,627,387	)			1,249,225,344				1,159,703,077


Net assets:
Beginning of period			93,419,460				138,046,847				4,817,490,793				3,657,787,716

End of period		$	94,607,766			$	93,419,460			$	6,066,716,137			$	4,817,490,793


Changes in Shares Outstanding:
Shares sold			500,000				1,500,000				56,270,000				57,550,000
Shares repurchased			(350,000	)			(3,400,000	)			(31,730,000	)			(36,290,000	)
Shares outstanding, beginning of period			4,350,000				6,250,000				100,140,000				78,880,000

Shares outstanding, end of period			4,500,000				4,350,000				124,680,000				100,140,000

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



		44
		44



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

Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023


	$	235,105			$	518,357			$	6,380,604			$	9,739,861			$	8,156,418			$	35,832,855
		307,558				(1,788,363	)			69,839,328				26,697,294				(229,272,800	)			(631,976,345	)
		(2,367,410	)			274,692				(129,516,387	)			91,444,500				61,887,448				297,902,555

		(1,824,747	)			(995,314	)			(53,296,455	)			127,881,655				(159,228,934	)			(298,240,935	)



		-				(459,000	)			(5,505,751	)			(9,687,113	)			(7,668,627	)			(38,198,585	)



		-				5,551,868				238,061,140				233,810,160				217,618,613				1,115,865,815
		(2,840,607	)			(16,190,099	)			(255,988,215	)			(267,890,874	)			(306,110,029	)			(1,198,860,073	)

		(2,840,607	)			(10,638,231	)			(17,927,075	)			(34,080,714	)			(88,491,416	)			(82,994,258	)

		(4,665,354	)			(12,092,545	)			(76,729,281	)			84,113,828				(255,388,977	)			(419,433,778	)



		52,743,656				64,836,201				1,742,190,474				1,658,076,646				650,833,777				1,070,267,555

	$	48,078,302			$	52,743,656			$	1,665,461,193			$	1,742,190,474			$	395,444,800			$	650,833,777



		-				100,000				4,340,000				4,400,000				6,540,000				22,890,000
		(50,000	)			(290,000	)			(4,680,000	)			(5,270,000	)			(9,060,000	)			(25,510,000	)
		950,000				1,140,000				33,120,000				33,990,000				18,368,273				20,988,273

		900,000				950,000				32,780,000				33,120,000				15,848,273				18,368,273



		45
		45

Financial Highlights

Invesco Aerospace & Defense ETF (PPA)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	80.29		$	72.68		$	75.01		$	53.88		$	61.93		$	55.62

Net investment income^(a)			0.23			0.61			0.44			0.44			0.80			0.49
Net realized and unrealized gain (loss) on investments			1.12			7.66			(2.38	)		21.13			(7.98	)		6.30

Total from investment operations			1.35			8.27			(1.94	)		21.57			(7.18	)		6.79

Distributions to shareholders from:
Net investment income			(0.24	)		(0.66	)		(0.39	)		(0.44	)		(0.87	)		(0.48	)

Net asset value at end of period		$	81.40		$	80.29		$	72.68		$	75.01		$	53.88		$	61.93

Market price at end of period^(b)		$	81.44		$	80.29		$	72.65		$	74.97		$	53.98		$	61.94

Net Asset Value Total Return^(c)			1.68	%		11.51	%		(2.59	)%		40.21	%		(11.64	)%		12.33	%
Market Price Total Return^(c)			1.73	%		11.55	%		(2.58	)%		39.87	%		(11.48	)%		12.27	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,139,122		$	1,879,496		$	1,456,410		$	743,395		$	708,521		$	938,246
Ratio to average net assets of:
Expenses			0.58	%^(d)		0.58	%		0.58	%		0.61	%		0.59	%		0.59	%
Net investment income			0.55	%^(d)		0.80	%		0.59	%		0.71	%		1.22	%		0.86	%
Portfolio turnover rate^(e)			8	%		19	%		26	%		22	%		18	%		15	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	Annualized.

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

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



		46
		46

Financial Highlights–(continued)

Invesco Dorsey Wright Momentum ETF (PDP)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	75.23		$	74.56		$	87.48		$	60.60		$	58.78		$	52.66

Net investment income (loss)^(a)			0.08			0.51			(0.12	)		(0.15	)		0.19			0.11
Net realized and unrealized gain (loss) on investments			(1.58	)		0.61			(12.80	)		27.05			1.86			6.10

Total from investment operations			(1.50	)		1.12			(12.92	)		26.90			2.05			6.21

Distributions to shareholders from:
Net investment income			(0.13	)		(0.45	)		-			(0.02	)		(0.23	)		(0.09	)

Net asset value at end of period		$	73.60		$	75.23		$	74.56		$	87.48		$	60.60		$	58.78

Market price at end of period^(b)		$	73.60		$	75.20		$	74.53		$	87.44		$	60.68		$	58.79

Net Asset Value Total Return^(c)			(1.99	)%		1.52	%		(14.77	)%		44.41	%		3.53	%		11.81	%
Market Price Total Return^(c)			(1.96	)%		1.52	%		(14.77	)%		44.15	%		3.65	%		11.70	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	986,266		$	1,014,810		$	1,226,528		$	1,789,037		$	1,290,768		$	1,545,947
Ratio to average net assets of:
Expenses			0.62	%^(d)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Net investment income (loss)			0.20	%^(d)		0.69	%		(0.14	)%		(0.18	)%		0.32	%		0.20	%
Portfolio turnover rate^(e)			59	%		140	%		173	%		124	%		82	%		82	%

^(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.



		47
		47

Financial Highlights–(continued)

Invesco Global Listed Private Equity ETF (PSP)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	52.15		$	56.25		$	78.10		$	46.55		$	60.50		$	60.95

Net investment income^(b)			0.93			1.40			2.05			1.50			2.60	^(c)		1.60
Net realized and unrealized gain (loss) on investments			(3.32	)		(4.65	)		(15.85	)		32.65			(11.80	)		(0.15	)

Total from investment operations			(2.39	)		(3.25	)		(13.80	)		34.15			(9.20	)		1.45

Distributions to shareholders from:
Net investment income			(1.72	)		(0.85	)		(8.05	)		(2.60	)		(4.75	)		(1.90	)

Net asset value at end of period		$	48.04		$	52.15		$	56.25		$	78.10		$	46.55		$	60.50

Market price at end of period^(d)		$	48.07		$	52.20		$	56.35		$	78.00		$	46.60		$	60.65

Net Asset Value Total Return^(e)			(4.87	)%		(5.65	)%		(19.85	)%		75.17	%		(15.82	)%		2.28	%
Market Price Total Return^(e)			(4.90	)%		(5.73	)%		(19.61	)%		74.76	%		(15.92	)%		2.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	146,025		$	173,148		$	195,125		$	234,353		$	141,534		$	244,443
Ratio to average net assets of:
Expenses, after Waivers^(f)			0.66	%^(g)		0.67	%		0.65	%		0.68	%		0.63	%		0.64	%
Expenses, prior to Waivers^(f)			0.67	%^(g)		0.67	%		0.65	%		0.69	%		0.65	%		0.66	%
Net investment income			3.53	%^(g)		2.81	%		2.73	%		2.42	%		4.47	%^(c)		2.79	%
Portfolio turnover rate^(h)			21	%		38	%		62	%		47	%		50	%		64	%

^(a)	Per share amounts have been adjusted to reflect a one-for-five reverse stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.33 and 2.82%, respectively.

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

^(e)

^(f)

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

^(g)	Annualized.

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

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



		48
		48

Financial Highlights–(continued)

Invesco Golden Dragon China ETF (PGJ)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	26.81		$	27.54		$	63.49		$	40.36		$	42.08		$	45.58

Net investment income (loss)^(a)			0.12			0.19			0.14			(0.12	)		0.16			0.11
Net realized and unrealized gain (loss) on investments			(1.39	)		(0.67	)		(36.09	)		23.36			(1.72	)		(3.51	)

Total from investment operations			(1.27	)		(0.48	)		(35.95	)		23.24			(1.56	)		(3.40	)

Distributions to shareholders from:
Net investment income			(0.23	)		(0.25	)		-			(0.11	)		(0.16	)		(0.10	)

Net asset value at end of period		$	25.31		$	26.81		$	27.54		$	63.49		$	40.36		$	42.08

Market price at end of period^(b)		$	25.31		$	26.82		$	27.57		$	63.52		$	40.32		$	42.11

Net Asset Value Total Return^(c)			(4.79	)%		(1.80	)%		(56.62	)%		57.61	%		(3.67	)%		(7.46	)%
Market Price Total Return^(c)			(4.83	)%		(1.88	)%		(56.60	)%		57.84	%		(3.83	)%		(7.39	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	158,181		$	200,541		$	239,006		$	274,295		$	161,450		$	216,730
Ratio to average net assets of:
Expenses, after Waivers			0.70	%^(d)		0.70	%		0.70	%		0.69	%		0.70	%^(e)		0.70	%
Expenses, prior to Waivers			0.80	%^(d)		0.74	%		0.71	%		0.69	%		0.71	%^(e)		0.70	%
Net investment income (loss)			0.89	%^(d)		0.69	%		0.35	%		(0.20	)%		0.40	%^(e)		0.27	%
Portfolio turnover rate^(f)			24	%		24	%		42	%		40	%		30	%		36	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of less than 0.005%.

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

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



		49
		49

Financial Highlights–(continued)

Invesco MSCI Sustainable Future ETF (ERTH)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	46.55		$	54.86		$	74.89		$	42.68		$	45.03		$	42.12

Net investment income^(a)			0.33			0.53			0.54			0.10			0.23			0.19
Net realized and unrealized gain (loss) on investments			(7.27	)		(8.25	)		(10.40	)		32.29			(2.25	)		2.95

Total from investment operations			(6.94	)		(7.72	)		(9.86	)		32.39			(2.02	)		3.14

Distributions to shareholders from:
Net investment income			(0.39	)		(0.59	)		(0.52	)		(0.18	)		(0.33	)		(0.23	)
Net realized gains			-			-			(9.65	)		-			-			-

Total distributions			(0.39	)		(0.59	)		(10.17	)		(0.18	)		(0.33	)		(0.23	)

Net asset value at end of period		$	39.22		$	46.55		$	54.86		$	74.89		$	42.68		$	45.03

Market price at end of period^(b)		$	39.19		$	46.53		$	54.67		$	74.75		$	42.74		$	45.21

Net Asset Value Total Return^(c)			(15.06	)%		(14.22	)%		(15.38	)%		75.99	%		(4.49	)%		7.48	%
Market Price Total Return^(c)			(15.08	)%		(13.95	)%		(15.57	)%		75.42	%		(4.73	)%		7.55	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	213,769		$	279,280		$	386,737		$	486,807		$	224,059		$	180,121
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.61	%^(e)		0.55	%		0.61	%		0.65	%		0.68	%
Expenses, prior to Waivers			0.60	%^(d)		0.62	%^(e)		0.55	%		0.61	%		0.65	%		0.68	%
Net investment income			1.40	%^(d)		1.02	%		0.83	%		0.16	%		0.51	%		0.47	%
Portfolio turnover rate^(f)			17	%		37	%		30	%		140	%		75	%		21	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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

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



		50
		50

Financial Highlights–(continued)

Invesco Raymond James SB-1 Equity ETF (RYJ)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,												Eight Months Ended April 30, 2019				Year Ended August 31, 2018
					Years Ended April 30,
					2023			2022			2021			2020
Per Share Operating Performance:
Net asset value at beginning of period		$	55.23		$	56.37		$	60.80		$	34.18		$	45.30			$	49.24			$	39.34

Net investment income^(a)			0.42			0.58			0.38			0.23			0.33				0.13				0.27
Net realized and unrealized gain (loss) on investments			(3.03	)		(1.33	)		(4.48	)		26.53			(11.35	)			(3.55	)			9.63

Total from investment operations			(2.61	)		(0.75	)		(4.10	)		26.76			(11.02	)			(3.42	)			9.90

Distributions to shareholders from:
Net investment income			-			(0.39	)		(0.33	)		(0.14	)		(0.10	)			(0.52	)			-

Net asset value at end of period		$	52.62		$	55.23		$	56.37		$	60.80		$	34.18			$	45.30			$	49.24

Market price at end of period^(b)		$	52.63		$	55.22		$	56.30		$	60.81		$	34.22			$	45.30			$	49.19	^(b)

Net Asset Value Total Return^(c)			(4.73	)%		(1.30	)%		(6.78	)%		78.39	%		(24.40	)%			(6.60	)%			25.16	%
Market Price Total Return^(c)			(4.69	)%		(1.19	)%		(6.90	)%		78.21	%		(24.31	)%			(6.51	)%			25.10	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	106,440		$	118,909		$	121,354		$	141,230		$	101,604			$	173,156			$	200,560
Ratio to average net assets of:
Expenses			0.75	%^(d)		0.75	%^(e)		0.75	%		0.75	%^(e)		0.75	%			0.75	%^(d)(e)			0.71	%
Net investment income			1.47	%^(d)		1.05	%		0.62	%		0.49	%		0.78	%			0.44	%^(d)			0.60	%
Portfolio turnover rate^(f)			53	%		104	%		92	%		110	%		114	%			65	%			82	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

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

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



		51
		51

Financial Highlights–(continued)

Invesco S&P 500 BuyWrite ETF (PBP)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	21.48		$	22.09		$	21.79		$	17.45		$	21.39		$	21.29

Net investment income^(a)			0.12			0.26			0.21			0.23			0.33			0.32
Net realized and unrealized gain (loss) on investments			(0.46	)		(0.60	)		1.57			4.35			(3.05	)		0.32

Total from investment operations			(0.34	)		(0.34	)		1.78			4.58			(2.72	)		0.64

Distributions to shareholders from:
Net investment income			(0.12	)		(0.27	)		(0.24	)		(0.24	)		(0.36	)		(0.31	)
Net realized gains			-			-			(1.24	)		-			(0.86	)		(0.23	)

Total distributions			(0.12	)		(0.27	)		(1.48	)		(0.24	)		(1.22	)		(0.54	)

Net asset value at end of period		$	21.02		$	21.48		$	22.09		$	21.79		$	17.45		$	21.39

Market price at end of period^(b)		$	21.00		$	21.47		$	22.02		$	21.76		$	17.40		$	21.39

Net Asset Value Total Return^(c)			(0.81	)%		(1.47	)%		8.06	%		26.40	%		(13.62	)%		3.16	%
Market Price Total Return^(c)			(0.86	)%		(1.21	)%		7.86	%		26.59	%		(13.85	)%		2.97	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	94,608		$	93,419		$	138,047		$	167,818		$	192,813		$	320,778
Ratio to average net assets of:
Expenses			0.49	%^(d)		0.49	%		0.49	%		0.49	%		0.49	%		0.53	%
Net investment income			1.11	%^(d)		1.26	%		0.92	%		1.19	%		1.56	%		1.47	%
Portfolio turnover rate^(e)			9	%		38	%		33	%		19	%		19	%		15	%

^(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.



		52
		52

Financial Highlights–(continued)

Invesco S&P 500^® Quality ETF (SPHQ)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	48.11		$	46.37		$	45.73		$	33.61		$	33.29		$	29.53

Net investment income^(a)			0.39			0.82			0.70			0.63			0.61			0.51
Net realized and unrealized gain on investments			0.53			1.76			0.60			12.11			0.35			3.75

Total from investment operations			0.92			2.58			1.30			12.74			0.96			4.26

Distributions to shareholders from:
Net investment income			(0.37	)		(0.84	)		(0.66	)		(0.62	)		(0.64	)		(0.50	)

Net asset value at end of period		$	48.66		$	48.11		$	46.37		$	45.73		$	33.61		$	33.29

Market price at end of period^(b)		$	48.67		$	48.11		$	46.36		$	45.75		$	33.62		$	33.30

Net Asset Value Total Return^(c)			1.89	%		5.78	%		2.76	%		38.23	%		3.03	%		14.63	%
Market Price Total Return^(c)			1.91	%		5.80	%		2.70	%		38.26	%		3.03	%		14.59	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	6,066,716		$	4,817,491		$	3,657,788		$	2,670,218		$	1,756,210		$	1,469,785
Ratio to average net assets of:
Expenses, after Waivers			0.15	%^(d)		0.15	%		0.15	%		0.15	%		0.15	%		0.19	%
Expenses, prior to Waivers			0.19	%^(d)		0.19	%		0.19	%		0.19	%		0.21	%		0.26	%
Net investment income			1.56	%^(d)		1.82	%		1.40	%		1.59	%		1.79	%		1.67	%
Portfolio turnover rate^(e)			35	%		65	%		48	%		57	%		56	%		73	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		53
		53

Financial Highlights–(continued)

Invesco S&P Spin-Off ETF (CSD)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	55.52		$	56.87		$	64.57		$	34.38		$	52.43		$	52.61

Net investment income^(a)			0.26			0.50			0.38			0.33			0.58			0.43
Net realized and unrealized gain (loss) on investments			(2.36	)		(1.40	)		(7.63	)		30.41			(18.08	)		(0.19	)

Total from investment operations			(2.10	)		(0.90	)		(7.25	)		30.74			(17.50	)		0.24

Distributions to shareholders from:
Net investment income			-			(0.45	)		(0.45	)		(0.55	)		(0.55	)		(0.42	)

Net asset value at end of period		$	53.42		$	55.52		$	56.87		$	64.57		$	34.38		$	52.43

Market price at end of period^(b)		$	53.41		$	55.50		$	56.92		$	64.57		$	34.41		$	52.41

Net Asset Value Total Return^(c)			(3.78	)%		(1.53	)%		(11.24	)%		89.69	%		(33.72	)%		0.71	%
Market Price Total Return^(c)			(3.77	)%		(1.65	)%		(11.16	)%		89.53	%		(33.64	)%		0.78	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	48,078		$	52,744		$	64,836		$	75,548		$	58,447		$	146,814
Ratio to average net assets of:
Expenses, after Waivers			0.65	%^(d)		0.65	%		0.65	%		0.65	%		0.62	%		0.62	%
Expenses, prior to Waivers			0.73	%^(d)		0.71	%		0.65	%		0.68	%		0.62	%		0.62	%
Net investment income			0.90	%^(d)		0.93	%		0.60	%		0.68	%		1.27	%		0.84	%
Portfolio turnover rate^(e)			55	%		106	%		68	%		57	%		55	%		49	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		54
		54

Financial Highlights–(continued)

Invesco Water Resources ETF (PHO)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	52.60		$	48.78		$	52.18		$	34.44		$	34.67		$	30.09

Net investment income^(a)			0.19			0.29			0.14			0.17			0.15			0.16
Net realized and unrealized gain (loss) on investments			(1.81	)		3.82			(3.41	)		17.74			(0.18	)		4.55

Total from investment operations			(1.62	)		4.11			(3.27	)		17.91			(0.03	)		4.71

Distributions to shareholders from:
Net investment income			(0.17	)		(0.29	)		(0.13	)		(0.17	)		(0.20	)		(0.13	)

Net asset value at end of period		$	50.81		$	52.60		$	48.78		$	52.18		$	34.44		$	34.67

Market price at end of period^(b)		$	50.78		$	52.58		$	48.78		$	52.17		$	34.49		$	34.70

Net Asset Value Total Return^(c)			(3.11	)%		8.46	%		(6.29	)%		52.15	%		(0.07	)%		15.74	%
Market Price Total Return^(c)			(3.13	)%		8.42	%		(6.27	)%		51.90	%		(0.01	)%		15.84	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,665,461		$	1,742,190		$	1,658,077		$	1,604,412		$	991,846		$	941,269
Ratio to average net assets of:
Expenses			0.59	%^(d)		0.60	%		0.59	%		0.60	%		0.60	%		0.60	%
Net investment income			0.70	%^(d)		0.58	%		0.25	%		0.39	%		0.42	%		0.51	%
Portfolio turnover rate^(e)			21	%		32	%		29	%		22	%		26	%		31	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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



		55
		55

Financial Highlights–(continued)

Invesco WilderHill Clean Energy ETF (PBW)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	35.43		$	50.99		$	87.86		$	31.91		$	28.30		$	24.64

Net investment income^(a)			0.48			1.77			0.93			0.61			0.49			0.39
Net realized and unrealized gain (loss) on investments			(10.51	)		(15.53	)		(36.46	)		55.82			3.73			3.66

Total from investment operations			(10.03	)		(13.76	)		(35.53	)		56.43			4.22			4.05

Distributions to shareholders from:
Net investment income			(0.45	)		(1.80	)		(1.34	)		(0.48	)		(0.61	)		(0.39	)

Net asset value at end of period		$	24.95		$	35.43		$	50.99		$	87.86		$	31.91		$	28.30

Market price at end of period^(b)		$	24.96		$	35.41		$	50.92		$	87.72		$	31.93		$	28.31

Net Asset Value Total Return^(c)			(28.71	)%		(27.59	)%		(40.88	)%		176.87	%		15.13	%		16.76	%
Market Price Total Return^(c)			(28.64	)%		(27.52	)%		(40.86	)%		176.26	%		15.16	%		16.70	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	395,445		$	650,834		$	1,070,268		$	2,196,396		$	247,876		$	144,857
Ratio to average net assets of:
Expenses, after Waivers			0.65	%^(d)		0.66	%		0.62	%		0.61	%		0.70	%		0.70	%
Expenses, prior to Waivers			0.66	%^(d)		0.66	%		0.62	%		0.61	%		0.70	%		0.71	%
Net investment income			2.62	%^(d)		3.78	%		1.23	%		0.71	%		1.57	%		1.56	%
Portfolio turnover rate^(e)			26	%		55	%		60	%		81	%		40	%		40	%

^(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.



		56
		56

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2023

(Unaudited)

NOTE 1–Organization

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


Full Name		Short Name

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

Invesco Dorsey Wright Momentum ETF (PDP)*		“Dorsey Wright Momentum ETF”

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

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

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

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

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

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

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

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

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

*	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco DWA Momentum ETF to Invesco Dorsey Wright Momentum ETF.

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

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

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


Fund		Underlying Index

Aerospace & Defense ETF		SPADE^® Defense Index

Dorsey Wright Momentum ETF		Dorsey Wright^® Technical Leaders Index

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

Golden Dragon China ETF		NASDAQ Golden Dragon China Index

MSCI Sustainable Future ETF		MSCI Global Environment Select Index

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

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

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

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

Water Resources ETF		NASDAQ OMX US Water Index^SM

WilderHill Clean Energy ETF		WilderHill Clean Energy Index

NOTE 2–Significant Accounting Policies

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

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

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

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

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

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

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

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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

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

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

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

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

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

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

Dividends and Distributions to Shareholders - Each Fund (except Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P Spin-Off ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Raymond James SB-1 Equity ETF and S&P Spin-Off ETF declare and pay dividends from net investment income, if any, to shareholders annually and records such dividends on the ex-dividend date. S&P 500 BuyWrite ETF declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with

federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

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

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

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

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

Foreign Withholding Taxes - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended October 31, 2023, the Funds did not enter into any closing agreements.

Expenses - Each Fund (except for S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF) is responsible for all of its own expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF have agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2023, each Fund (except for S&P 500 BuyWrite ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:


	Amount

Aerospace & Defense ETF		$4,591

Dorsey Wright Momentum ETF		3,737

Global Listed Private Equity ETF		6,562

Golden Dragon China ETF		16,497

MSCI Sustainable Future ETF		7,455

Raymond James SB-1 Equity ETF		8,490

S&P 500^® Quality ETF		16,903

S&P Spin-Off ETF		702

Water Resources ETF		5,056

WilderHill Clean Energy ETF		683,149

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the

respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

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

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

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

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

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

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

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

receivable or payable for variation margin in the Statements of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

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

N.	Other Risks

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

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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

papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

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

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

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

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

Index Risk. Unlike many investment companies that are “actively managed”, 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. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of

periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

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

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

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

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

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

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

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

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

Small-and Mid-Capitalization Company Risk. Investing in securities of small-and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities

may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small-and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

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

NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500^® Quality ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. S&P 500^® Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.15% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF accrue daily and pay monthly to the Adviser an annual unitary management fee of 0.75% and 0.49%, respectively, of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF, 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except for Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500^® Quality ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2025. The Expense Cap (including sub-licensing fees) for S&P 500^® Quality ETF is 0.15% of the Fund’s average daily net assets per year through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Aerospace & Defense ETF, Dorsey Wright Momentum ETF, Global Listed Private Equity ETF, Water Resources ETF and WilderHill Clean Energy ETF.

Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the six months ended October 31, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



Aerospace & Defense ETF	$	475

Dorsey Wright Momentum ETF		18

Global Listed Private Equity ETF		1,210

Golden Dragon China ETF		88,330

MSCI Sustainable Future ETF		19

Raymond James SB-1 Equity ETF		7



S&P 500 BuyWrite ETF	$	23

S&P 500^® Quality ETF		1,058,527

S&P Spin-Off ETF		20,331

Water Resources ETF		680

WilderHill Clean Energy ETF		17,427

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, 2023 are as follows:


	Total
	Potential
	Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/24		4/30/25		4/30/26		10/31/26

Golden Dragon China ETF	$	186,837	$	-	$	-	$	98,679	$	88,158

MSCI Sustainable Future ETF		2,399		-		-		2,399		-

S&P 500^® Quality ETF		4,468,916		587,037		1,190,350		1,633,585		1,057,944

S&P Spin-Off ETF		62,929		-		8,096		34,541		20,292

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 on behalf of each Fund with the following entities (each, a “Licensor”):


Fund				Licensor

Aerospace & Defense ETF				SPADE Indexes

Dorsey Wright Momentum ETF				Dorsey Wright & Associates, LLC

Global Listed Private Equity ETF				Red Rocks Capital, LLC

Golden Dragon China ETF				Nasdaq, Inc.

MSCI Sustainable Future ETF				MSCI, Inc.

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

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

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

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

Water Resources ETF				Nasdaq, Inc.

WilderHill Clean Energy ETF				WilderHill

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

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

For the six months ended October 31, 2023, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:



Aerospace & Defense ETF	$	17,192

Dorsey Wright Momentum ETF		76,440

Global Listed Private Equity ETF		5,728

Golden Dragon China ETF		30,185

MSCI Sustainable Future ETF		10,820

Raymond James SB-1 Equity ETF		38,564

S&P 500 BuyWrite ETF		46

S&P 500^® Quality ETF		181,701



S&P Spin-Off ETF	$	13,447

Water Resources ETF		10,161

WilderHill Clean Energy ETF		93,597

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

NOTE 4–Security Transactions with Affiliated Funds

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

For the six months ended October 31, 2023, the following Fund engaged in transactions with affiliates as listed below:


	Securities Purchases		Securities Sales		Net Realized Gains (Losses)*

S&P 500 BuyWrite ETF		$41,084		$789	$(871)

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

NOTE 5–Additional Valuation Information

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


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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2023, for each Fund (except for S&P 500 BuyWrite ETF). As of October 31, 2023, all of the securities in S&P 500 BuyWrite ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The value of options held in S&P 500 BuyWrite ETF was based on Level 1 inputs.The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

Aerospace & Defense ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	2,139,127,842		$	-		$	-		$	2,139,127,842

Money Market Funds			1,008,425			181,277,766			-			182,286,191


Total Investments		$	2,140,136,267		$	181,277,766		$	-		$	2,321,414,033


Dorsey Wright Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	985,654,031		$	-		$	-		$	985,654,031

Money Market Funds			-			94,307,365			-			94,307,365


Total Investments		$	985,654,031		$	94,307,365		$	-		$	1,079,961,396


	Level 1			Level 2				Level 3			Total

Global Listed Private Equity ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	115,355,977		$	-			$	-		$	115,355,977

Closed-End Funds			26,969,207			-				-			26,969,207

Money Market Funds			2,024,540			42,580,379				-			44,604,919


Total Investments in Securities			144,349,724			42,580,379				-			186,930,103


Other Investments - Liabilities*

Swap Agreements			-			(70,046	)			-			(70,046	)


Total Investments		$	144,349,724		$	42,510,333			$	-		$	186,860,057


Golden Dragon China ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	158,073,693		$	-			$	-		$	158,073,693

Money Market Funds			141,161			53,095,342				-			53,236,503


Total Investments		$	158,214,854		$	53,095,342			$	-		$	211,310,196


MSCI Sustainable Future ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	210,670,529		$	-			$	-		$	210,670,529

Exchange-Traded Funds			3,037,869			-				-			3,037,869

Money Market Funds			-			60,571,889				-			60,571,889


Total Investments		$	213,708,398		$	60,571,889			$	-		$	274,280,287


Raymond James SB-1 Equity ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	106,347,233		$	-			$	-		$	106,347,233

Money Market Funds			81,798			24,340,226				-			24,422,024


Total Investments		$	106,429,031		$	24,340,226			$	-		$	130,769,257


S&P 500^® Quality ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	6,064,688,182		$	-			$	-		$	6,064,688,182

Money Market Funds			-			289,695,753				-			289,695,753


Total Investments		$	6,064,688,182		$	289,695,753			$	-		$	6,354,383,935


S&P Spin-Off ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	48,092,644		$	-			$	-		$	48,092,644

Money Market Funds			83,855			12,328,869				-			12,412,724


Total Investments		$	48,176,499		$	12,328,869			$	-		$	60,505,368


Water Resources ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,665,149,331		$	-			$	-		$	1,665,149,331

Money Market Funds			2,304,240			86,252,563				-			88,556,803


Total Investments		$	1,667,453,571		$	86,252,563			$	-		$	1,753,706,134


WilderHill Clean Energy ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	395,056,173		$	-			$	-		$	395,056,173

Money Market Funds			-			121,622,795				-			121,622,795


Total Investments		$	395,056,173		$	121,622,795			$	-		$	516,678,968

*	Unrealized appreciation (depreciation).

NOTE 6–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2023:


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

Derivative Liabilities		Equity Risk					Equity Risk


Unrealized depreciation on swap agreements-OTC			$	(70,046	)			$	-

Options written, at value - Exchange-Traded				-					(890,975	)


Total Derivative Liabilities				(70,046	)				(890,975	)


Derivatives not subject to master netting agreements				-					890,975


Total Derivative Liabilities subject to master netting agreements			$	(70,046	)			$	-

Offsetting Assets and Liabilities

The table below reflects the Funds’ exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2023:

Global Listed Private Equity ETF

Financial Derivative
Assets

Financial Derivative
Liabilities

Collateral
(Received)/Pledged

Counterparty

Swap Agreements

Net Value of
Derivatives

Non-Cash

Cash

Net Amount

Citibank, N.A.

$(70,046)

Effect of Derivative Investments for the Six-Month Period Ended October 31, 2023

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


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

Realized Gain (Loss):

Options written		$	-			$	(3,734,720	)

Swap agreements			(281,315	)			-

Change in Net Unrealized Appreciation (Depreciation):

Options written			-				1,547,153

Swap agreements			(16,038	)			-


Total		$	(297,353	)		$	(2,187,567	)

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


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

Options written		$ -		$	96,404,429

Swap agreements		1,494,387			-

NOTE 7–Tax Information

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

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

The Funds had capital loss carryforwards as of April 30, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

Aerospace & Defense ETF	$	26,525,361	$	31,829,590	$	58,354,951

Dorsey Wright Momentum ETF		870,576,180		10,911,178		881,487,358

Global Listed Private Equity ETF		37,515,025		72,679,228		110,194,253

Golden Dragon China ETF		54,421,872		239,332,524		293,754,396

MSCI Sustainable Future ETF		9,661,323		15,456,925		25,118,248

Raymond James SB-1 Equity ETF		38,722,358		28,637,384		67,359,742

S&P 500 BuyWrite ETF		7,254,078		2,291,995		9,546,073

S&P 500^® Quality ETF		520,712,543		129,684,956		650,397,499

S&P Spin-Off ETF		60,432,527		96,006,064		156,438,591

Water Resources ETF		196,601,256		143,058,677		339,659,933

WilderHill Clean Energy ETF		472,569,964		585,849,573		1,058,419,537

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

NOTE 8–Investment Transactions

For the six months ended October 31, 2023, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:


	Purchases		Sales

Aerospace & Defense ETF	$	151,912,469	$	152,470,071

Dorsey Wright Momentum ETF		626,123,165		627,861,044

Global Listed Private Equity ETF		38,099,791		40,928,075

Golden Dragon China ETF		44,438,625		45,035,298

MSCI Sustainable Future ETF		44,504,070		47,965,878

Raymond James SB-1 Equity ETF		63,218,466		62,238,569

S&P 500 BuyWrite ETF		8,569,713		12,497,249

S&P 500^® Quality ETF		2,403,140,495		1,935,760,586

S&P Spin-Off ETF		28,835,602		28,610,093

Water Resources ETF		375,653,504		377,028,476

WilderHill Clean Energy ETF		160,452,760		159,722,648

For the six months ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Aerospace & Defense ETF	$	350,638,145	$	112,651,645

Dorsey Wright Momentum ETF		71,721,517		78,128,857

Global Listed Private Equity ETF		54,220,468		64,811,736

Golden Dragon China ETF		19,285,087		50,834,376

MSCI Sustainable Future ETF		7,411,958		30,950,675

Raymond James SB-1 Equity ETF		-		7,469,865

S&P 500 BuyWrite ETF		10,817,682		7,620,297

S&P 500^® Quality ETF		2,307,280,093		1,556,472,523

S&P Spin-Off ETF		-		2,832,892


	In-kind Purchases		In-kind Sales

Water Resources ETF	$	238,088,117	$	253,481,592

WilderHill Clean Energy ETF		217,205,848		305,762,225

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

As of October 31, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


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

Aerospace & Defense ETF	$	210,976,915	$	(128,562,827	)	$	82,414,088		$	2,238,999,945

Dorsey Wright Momentum ETF		111,608,048		(42,332,956	)		69,275,092			1,010,686,304

Global Listed Private Equity ETF		2,979,869		(54,899,236	)		(51,919,367	)		238,779,424

Golden Dragon China ETF		6,280,432		(112,637,524	)		(106,357,092	)		317,667,288

MSCI Sustainable Future ETF		11,891,320		(120,333,847	)		(108,442,527	)		382,722,814

Raymond James SB-1 Equity ETF		15,665,542		(22,445,945	)		(6,780,403	)		137,549,660

S&P 500 BuyWrite ETF		14,909,742		(14,860,837	)		48,905			94,529,101

S&P 500^® Quality ETF		451,522,656		(298,424,975	)		153,097,681			6,201,286,254

S&P Spin-Off ETF		8,674,089		(7,792,051	)		882,038			59,623,330

Water Resources ETF		171,596,781		(72,433,225	)		99,163,556			1,654,542,578

WilderHill Clean Energy ETF		7,463,363		(615,917,281	)		(608,453,918	)		1,125,132,886

NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF. The Interested Trustee does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10–Capital

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

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

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

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

NOTE 11–Stock Split

On June 22, 2023, the Board of Trustees approved a one-for-five reverse stock split for Global Listed Private Equity ETF. The effect of the reverse stock split was to decrease the number of shares outstanding of that Fund, whereby every five outstanding shares of the Fund were exchanged for one share effective after the close of business on July 14, 2023. The transaction did not change the net assets of the Fund or the net asset value of any shareholder’s investment in the Fund.

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco Raymond James SB-1 Equity ETF and Invesco S&P 500 BuyWrite ETF), you incur advisory fees and other Fund expenses. As a shareholder of Invesco Raymond James SB-1 Equity ETF or Invesco S&P 500 BuyWrite ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, 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, 2023 through October 31, 2023.

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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



	Beginning Account Value May 1, 2023			Ending Account Value October 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Aerospace & Defense ETF (PPA)

Actual		$	1,000.00		$	1,016.80		0.58	%		$2.94

Hypothetical (5% return before expenses)			1,000.00			1,022.22		0.58			2.95

Invesco Dorsey Wright Momentum ETF (PDP)

Actual			1,000.00			980.10		0.62			3.09

Hypothetical (5% return before expenses)			1,000.00			1,022.02		0.62			3.15

Calculating your ongoing Fund expenses–(continued)



	Beginning Account Value May 1, 2023			Ending Account Value October 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Global Listed Private Equity ETF (PSP)

Actual		$	1,000.00		$	951.30		0.66	%		$	3.24

Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.66				3.35

Invesco Golden Dragon China ETF (PGJ)

Actual			1,000.00			952.10		0.70				3.43

Hypothetical (5% return before expenses)			1,000.00			1,021.62		0.70				3.56

Invesco MSCI Sustainable Future ETF (ERTH)

Actual			1,000.00			849.40		0.60				2.79

Hypothetical (5% return before expenses)			1,000.00			1,022.12		0.60				3.05

Invesco Raymond James SB-1 Equity ETF (RYJ)

Actual			1,000.00			952.70		0.75				3.68

Hypothetical (5% return before expenses)			1,000.00			1,021.37		0.75				3.81

Invesco S&P 500 BuyWrite ETF (PBP)

Actual			1,000.00			991.90		0.49				2.45

Hypothetical (5% return before expenses)			1,000.00			1,022.67		0.49				2.49

Invesco S&P 500^® Quality ETF (SPHQ)

Actual			1,000.00			1,018.90		0.15				0.76

Hypothetical (5% return before expenses)			1,000.00			1,024.38		0.15				0.76

Invesco S&P Spin-Off ETF (CSD)

Actual			1,000.00			962.20		0.65				3.21

Hypothetical (5% return before expenses)			1,000.00			1,021.87		0.65				3.30

Invesco Water Resources ETF (PHO)

Actual			1,000.00			968.90		0.59				2.92

Hypothetical (5% return before expenses)			1,000.00			1,022.17		0.59				3.00

Invesco WilderHill Clean Energy ETF (PBW)

Actual			1,000.00			712.90		0.65				2.80

Hypothetical (5% return before expenses)			1,000.00			1,021.87		0.65				3.30

⁽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, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366.

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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


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