N-CSRS


		Invesco Semi-Annual Report to Shareholders
		February 28, 2023
		IIGD		Invesco Investment Grade Defensive ETF
		IIGV		Invesco Investment Grade Value ETF

Table of Contents


Schedules of Investments

Invesco Investment Grade Defensive ETF (IIGD)			3

Invesco Investment Grade Value ETF (IIGV)			7

Statements of Assets and Liabilities			12

Statements of Operations			13

Statements of Changes in Net Assets			14

Financial Highlights			15

Notes to Financial Statements			17

Fund Expenses			25


		2

Invesco Investment Grade Defensive ETF (IIGD)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.09%
Aerospace & Defense-2.27%
Lockheed Martin Corp., 3.55%, 01/15/2026^(b)	$	649,000	$	627,401
Precision Castparts Corp., 3.25%, 06/15/2025		780,000		750,730
Raytheon Technologies Corp., 3.50%, 03/15/2027		705,000		667,702

				2,045,833

Air Freight & Logistics-0.69%
United Parcel Service, Inc., 3.90%, 04/01/2025		640,000		625,699

Automobiles-0.71%
PACCAR Financial Corp., 3.55%, 08/11/2025		660,000		638,778

Banks-9.74%
Bank of America Corp., Series L, 3.95%, 04/21/2025		660,000		640,020
Citizens Bank N.A., 2.25%, 04/28/2025^(b)		735,000		687,335
Fifth Third Bank N.A., 3.95%, 07/28/2025		790,000		769,293
JPMorgan Chase & Co., 2.95%, 10/01/2026		765,000		711,862
KeyBank N.A., 4.15%, 08/08/2025		830,000		809,831
PNC Bank N.A., 3.88%, 04/10/2025		600,000		581,829
Regions Financial Corp., 2.25%, 05/18/2025^(b)		760,000		710,683
Truist Bank, 1.50%, 03/10/2025^(b)		640,000		594,514
Truist Financial Corp.
4.00%, 05/01/2025		659,000		642,495
3.70%, 06/05/2025		665,000		643,428
1.20%, 08/05/2025		792,000		720,803
U.S. Bancorp, 1.45%, 05/12/2025		706,000		651,699
Wells Fargo & Co., 3.00%, 04/22/2026		670,000		625,723

				8,789,515

Beverages-0.77%
PepsiCo, Inc., 2.25%, 03/19/2025		730,000		691,914

Biotechnology-1.48%
Biogen, Inc., 4.05%, 09/15/2025		685,000		663,463
Gilead Sciences, Inc., 3.65%, 03/01/2026		702,000		670,645

				1,334,108

Capital Markets-8.89%
Bank of New York Mellon Corp. (The), 1.60%, 04/24/2025		755,000		700,326
BlackRock, Inc., 1.90%, 01/28/2031		830,000		670,247
Cboe Global Markets, Inc., 3.65%, 01/12/2027^(b)		700,000		669,446
Charles Schwab Corp. (The), 2.45%, 03/03/2027		730,000		662,596
CME Group, Inc., 3.00%, 03/15/2025		701,000		674,605
FMR LLC, 7.57%, 06/15/2029^(c)		630,000		678,878
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025		728,000		701,498
Moody’s Corp., 3.75%, 03/24/2025		665,000		643,578
Morgan Stanley, 4.00%, 07/23/2025		675,000		658,088


	Principal Amount		Value
Capital Markets-(continued)
National Securities Clearing Corp., 1.50%, 04/23/2025^(c)	$	705,000	$	651,948
Northern Trust Corp., 4.00%, 05/10/2027		690,000		668,779
State Street Corp., 3.55%, 08/18/2025		666,000		642,452

				8,022,441

Chemicals-1.45%
Ecolab, Inc., 2.70%, 11/01/2026^(b)		680,000		627,600
Linde, Inc., 3.20%, 01/30/2026^(b)		704,000		677,872

				1,305,472

Commercial Services & Supplies-0.75%
Cintas Corp. No. 2, 3.70%, 04/01/2027		705,000		673,562

Communications Equipment-0.84%
Cisco Systems, Inc., 2.50%, 09/20/2026^(b)		820,000		759,266

Consumer Finance-0.70%
American Express Co., 3.95%, 08/01/2025 .		655,000		635,994

Diversified Financial Services-3.11%
Berkshire Hathaway, Inc., 3.13%, 03/15/2026		748,000		714,913
ERAC USA Finance LLC, 3.80%, 11/01/2025^(c)		750,000		715,131
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028		759,000		703,951
Nuveen LLC, 4.00%, 11/01/2028^(c)		709,000		667,852

				2,801,847

Electric Utilities-5.21%
Berkshire Hathaway Energy Co., 4.05%, 04/15/2025		684,000		669,308
Duke Energy Florida LLC, 2.50%, 12/01/2029		820,000		698,295
Entergy Arkansas LLC, 3.50%, 04/01/2026 .		702,000		669,339
Jersey Central Power & Light Co., 4.30%, 01/15/2026^(c)		705,000		676,703
MidAmerican Energy Co., 3.65%, 04/15/2029		682,000		632,699
Southern California Edison Co., Series E, 3.70%, 08/01/2025		705,000		677,523
Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026		714,000		676,454

				4,700,321

Electrical Equipment-0.75%
Emerson Electric Co., 2.00%, 12/21/2028		790,000		675,066

Entertainment-1.55%
Activision Blizzard, Inc., 3.40%, 09/15/2026		760,000		718,916
TWDC Enterprises 18 Corp., 3.00%, 02/13/2026		715,000		675,421

				1,394,337

Equity REITs-2.99%
CBRE Services, Inc., 4.88%, 03/01/2026		690,000		675,708
Mid-America Apartments L.P., 3.60%, 06/01/2027		710,000		671,700

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


		3

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

February 28, 2023

(Unaudited)


	Principal Amount		Value
Equity REITs-(continued)
Public Storage, 1.50%, 11/09/2026	$	767,000	$	679,000
Welltower OP LLC, 4.00%, 06/01/2025		695,000		672,223

				2,698,631

Food & Staples Retailing-2.12%
Costco Wholesale Corp., 1.60%, 04/20/2030		740,000		604,915
Mars, Inc., 3.20%, 04/01/2030^(c)		700,000		631,088
Walmart, Inc., 1.80%, 09/22/2031		835,000		674,386

				1,910,389

Food Products-1.53%
Archer-Daniels-Midland Co., 2.50%, 08/11/2026		769,000		708,397
Mondelez International, Inc., 1.50%, 05/04/2025		725,000		668,631

				1,377,028

Gas Utilities-0.74%
Southern California Gas Co., 2.95%, 04/15/2027		720,000		666,885

Health Care Equipment & Supplies-1.48%
Abbott Laboratories, 3.75%, 11/30/2026		694,000		671,171
Stryker Corp., 3.50%, 03/15/2026		690,000		659,924

				1,331,095

Health Care Providers & Services-2.29%
Ascension Health, Series B, 2.53%, 11/15/2029		769,000		660,657
Providence St. Joseph Health Obligated Group, Series 19-A, 2.53%, 10/01/2029		871,000		741,802
UnitedHealth Group, Inc., 3.75%, 07/15/2025		686,000		665,813

				2,068,272

Hotels, Restaurants & Leisure-1.37%
McDonald’s Corp., 3.70%, 01/30/2026		650,000		627,404
Starbucks Corp., 3.80%, 08/15/2025		630,000		610,770

				1,238,174

Household Products-0.81%
Procter & Gamble Co. (The), 3.00%, 03/25/2030		805,000		730,556

Independent Power and Renewable Electricity Producers-0.71%
NSTAR Electric Co., 3.20%, 05/15/2027		692,000		645,495

Industrial Conglomerates-1.44%
3M Co., 2.38%, 08/26/2029^(b)		795,000		667,943
Honeywell International, Inc., 2.50%, 11/01/2026^(b)		681,000		629,678

				1,297,621

Insurance-11.92%
Allstate Corp. (The), 0.75%, 12/15/2025^(b).		747,000		662,956
American International Group, Inc., 2.50%, 06/30/2025		700,000		659,231
Aon Global Ltd., 3.88%, 12/15/2025		750,000		722,928
Chubb INA Holdings, Inc., 3.35%, 05/03/2026		688,000		655,668
Equitable Financial Life Global Funding, 1.80%, 03/08/2028^(c)		726,000		610,038
F&G Global Funding, 1.75%, 06/30/2026^(c)		750,000		664,735


	Principal Amount		Value
Insurance-(continued)
GA Global Funding Trust, 1.63%, 01/15/2026^(c)	$	820,000	$	730,237
Jackson National Life Global Funding, 3.05%, 04/29/2026^(c)		710,000		657,331
MassMutual Global Funding II, 5.05%, 12/07/2027^(c)		780,000		781,705
Metropolitan Life Global Funding I
4.05%, 08/25/2025^(c)		640,000		621,713
3.45%, 12/18/2026^(c)		705,000		657,889
New York Life Global Funding, 0.85%, 01/15/2026^(c)		756,000		671,790
Northwestern Mutual Global Funding, 0.80%, 01/14/2026^(c)		761,000		675,117
Pacific Life Global Funding II, 1.38%, 04/14/2026^(c)		730,000		649,313
Pricoa Global Funding I, 1.20%, 09/01/2026^(b)(c)		770,000		674,858
Principal Life Global Funding II, 3.00%, 04/18/2026^(c)		707,000		655,710

				10,751,219

Interactive Media & Services-0.80%
Alphabet, Inc., 1.10%, 08/15/2030^(b)		919,000		724,917

Internet & Direct Marketing Retail-0.75%
Amazon.com, Inc., 3.15%, 08/22/2027		727,000		679,213

IT Services-2.11%
Automatic Data Processing, Inc., 3.38%, 09/15/2025		673,000		648,397
Mastercard, Inc., 3.35%, 03/26/2030		670,000		614,419
Visa, Inc., 3.15%, 12/14/2025^(b)		674,000		643,808

				1,906,624

Machinery-3.00%
Caterpillar Financial Services Corp., 3.40%, 05/13/2025		650,000		627,832
Deere & Co., 2.75%, 04/15/2025^(b)		651,000		621,178
Illinois Tool Works, Inc., 2.65%, 11/15/2026^(b)		775,000		718,673
John Deere Capital Corp., 4.80%, 01/09/2026^(b)		740,000		737,214

				2,704,897

Media-0.69%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026		650,000		619,574

Multiline Retail-0.83%
Target Corp., 2.25%, 04/15/2025^(b)		790,000		746,634

Multi-Utilities-1.47%
DTE Electric Co., 2.25%, 03/01/2030^(b)		790,000		664,812
WEC Energy Group, Inc., 4.75%, 01/09/2026		675,000		665,706

				1,330,518

Oil, Gas & Consumable Fuels-6.02%
Chevron Corp., 1.55%, 05/11/2025		720,000		668,590
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. L.P., 3.40%, 12/01/2026^(b)(c)		760,000		713,029
Chevron USA, Inc., 0.69%, 08/12/2025^(b)		822,000		742,051

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


		4

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

February 28, 2023

(Unaudited)


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
ConocoPhillips Co., 2.40%, 03/07/2025	$	665,000	$	629,939
EOG Resources, Inc., 4.15%, 01/15/2026^(b).		723,000		706,262
Exxon Mobil Corp., 2.99%, 03/19/2025		670,000		643,477
Magellan Midstream Partners L.P., 5.00%, 03/01/2026		680,000		671,394
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026		615,000		652,323

				5,427,065

Paper & Forest Products-0.75%
Georgia-Pacific LLC, 3.60%, 03/01/2025^(c)		700,000		674,067

Personal Products-0.70%
Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030		730,000		633,136

Pharmaceuticals-3.61%
Bristol-Myers Squibb Co., 3.40%, 07/26/2029		705,000		647,293
Eli Lilly and Co., 3.38%, 03/15/2029^(b)		675,000		627,048
Johnson & Johnson, 2.45%, 03/01/2026^(b).		718,000		672,722
Pfizer, Inc., 3.00%, 12/15/2026		700,000		658,442
Zoetis, Inc., 4.50%, 11/13/2025^(b)		665,000		653,029

				3,258,534

Road & Rail-0.75%
J.B. Hunt Transport Services, Inc., 3.88%, 03/01/2026		705,000		678,143

Semiconductors & Semiconductor Equipment-3.05%
Applied Materials, Inc., 3.30%, 04/01/2027 .		780,000		737,779
Intel Corp., 3.70%, 07/29/2025		677,000		655,058
QUALCOMM, Inc., 3.25%, 05/20/2027		635,000		597,612
Texas Instruments, Inc., 1.38%, 03/12/2025^(b)		822,000		765,812

				2,756,261

Software-2.97%
Adobe, Inc., 2.30%, 02/01/2030^(b)		790,000		676,548
Microsoft Corp., 2.40%, 08/08/2026		640,000		593,863
Oracle Corp., 2.50%, 04/01/2025		784,000		739,402
salesforce.com, inc., 3.70%, 04/11/2028		700,000		667,352

				2,677,165

Specialty Retail-1.56%
Ross Stores, Inc., 4.60%, 04/15/2025		739,000		727,881
TJX Cos., Inc. (The), 2.25%, 09/15/2026		740,000		676,011

				1,403,892

Investment Abbreviations:
REIT -Real Estate Investment Trust


	Principal Amount		Value
Technology Hardware, Storage & Peripherals-1.44%
Apple, Inc., 3.25%, 02/23/2026	$	675,000	$	645,895
NetApp, Inc., 1.88%, 06/22/2025		710,000		654,355

				1,300,250

Textiles, Apparel & Luxury Goods-1.55%
NIKE, Inc., 2.85%, 03/27/2030^(b)		820,000		729,597
VF Corp., 2.40%, 04/23/2025		715,000		669,722

				1,399,319

Tobacco-0.73%
Philip Morris International, Inc., 5.13%, 11/17/2027^(b)		660,000		657,323

Total U.S. Dollar Denominated Bonds & Notes (Cost $93,778,066)				89,387,050

	Shares
Money Market Funds-0.15%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e)(Cost $131,553)		131,553		131,553

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.24% (Cost $93,909,619)				89,518,603


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.56%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		3,929,728		3,929,728
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		10,102,993		10,105,014

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,035,313)				14,034,742

TOTAL INVESTMENTS IN SECURITIES-114.80% (Cost $107,944,932)				103,553,345
OTHER ASSETS LESS LIABILITIES-(14.80)%				(13,346,993	)

NET ASSETS-100.00%.			$	90,206,352

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


		5

Invesco Investment Grade Defensive ETF (IIGD)–(continued)

February 28, 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 February 28, 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 February 28, 2023 was $13,459,132, which represented 14.92% of the Fund’s Net Assets.

^(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2023.


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	15,399		$	1,563,518		$	(1,447,364	)		$	-			$	-		$	131,553		$	1,547
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,808,355			11,311,929			(9,190,556	)			-				-			3,929,728			47,607	*
Invesco Private Prime Fund			4,650,056			26,689,596			(21,235,391	)			(878	)			1,631			10,105,014			129,720	*

Total		$	6,473,810		$	39,565,043		$	(31,873,311	)		$	(878	)		$	1,631		$	14,166,295		$	178,874

*	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 February 28, 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 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Financials			34.36

Information Technology			10.41

Industrials			9.65

Health Care			8.86

Utilities			8.13

Consumer Discretionary			6.77

Consumer Staples			6.66

Energy			6.02

Communication Services			3.04

Sector Types Each Less Than 3%			5.19

Money Market Funds Plus Other Assets Less Liabilities			0.91

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


		6

Invesco Investment Grade Value ETF (IIGV)

February 28, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.90%
Aerospace & Defense-1.09%
Raytheon Technologies Corp., 4.13%, 11/16/2028	$	115,000	$	109,553
Textron, Inc., 3.00%, 06/01/2030		115,000		100,055

				209,608

Airlines-0.52%
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/2028^(b)		105,000		99,813

Auto Components-0.54%
Aptiv PLC/Aptiv Corp., 3.25%, 03/01/2032^(c)		125,000		104,412

Banks-1.84%
PNC Bank N.A., 4.05%, 07/26/2028^(c)		250,000		236,076
PNC Financial Services Group, Inc. (The), 2.55%, 01/22/2030.		140,000		119,163

				355,239

Beverages-1.64%
Coca-Cola FEMSA S.A.B. de C.V. (Mexico), 1.85%, 09/01/2032.		150,000		113,946
Constellation Brands, Inc., 2.25%, 08/01/2031.		120,000		94,539
Keurig Dr Pepper, Inc., 4.60%, 05/25/2028		110,000		106,810

				315,295

Biotechnology-0.57%
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		140,000		109,094

Building Products-0.99%
Carlisle Cos., Inc., 2.75%, 03/01/2030		125,000		104,562
Fortune Brands Innovations, Inc., 3.25%, 09/15/2029		101,000		86,134

				190,696

Capital Markets-4.98%
Apollo Management Holdings L.P., 4.87%, 02/15/2029^(b)		113,000		106,118
Ares Capital Corp., 4.25%, 03/01/2025^(c)		120,000		115,238
BlackRock, Inc., 1.90%, 01/28/2031		125,000		100,941
FMR LLC, 7.57%, 06/15/2029^(b)		100,000		107,758
Franklin Resources, Inc., 1.60%, 10/30/2030		140,000		108,509
Jefferies Financial Group, Inc., 4.15%, 01/23/2030		115,000		104,041
KKR Group Finance Co. VI LLC, 3.75%, 07/01/2029^(b)		120,000		108,497
KKR Group Finance Co. XII LLC, 4.85%, 05/17/2032^(b)		120,000		112,998
Morgan Stanley, 7.25%, 04/01/2032		85,000		96,249

				960,349

Construction Materials-1.86%
Eagle Materials, Inc., 2.50%, 07/01/2031		130,000		101,894
Martin Marietta Materials, Inc., 2.40%, 07/15/2031		150,000		119,756
Vulcan Materials Co., 3.50%, 06/01/2030		155,000		137,664

				359,314


	Principal Amount		Value
Containers & Packaging-2.11%
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031	$	115,000	$	93,417
Sealed Air Corp., 1.57%, 10/15/2026^(b)		120,000		103,466
Sonoco Products Co., 3.13%, 05/01/2030		120,000		103,468
WRKCo, Inc., 4.90%, 03/15/2029^(c)		110,000		105,604

				405,955

Diversified Financial Services-4.13%
Blackstone Holdings Finance Co. LLC, 2.00%, 01/30/2032^(b)		180,000		134,568
Block Financial LLC, 3.88%, 08/15/2030^(c)		120,000		105,269
Blue Owl Finance LLC, 3.13%, 06/10/2031^(b)		130,000		99,462
Corebridge Financial, Inc., 3.90%, 04/05/2032^(b)		115,000		100,739
ERAC USA Finance LLC, 3.80%, 11/01/2025^(b)		140,000		133,491
Nuveen LLC, 4.00%, 11/01/2028^(b)		135,000		127,165
Pine Street Trust I, 4.57%, 02/15/2029^(b)		100,000		94,439

				795,133

Diversified Telecommunication Services-1.09%
AT&T, Inc., 4.30%, 02/15/2030		115,000		107,965
Verizon Communications, Inc., 2.36%, 03/15/2032		130,000		102,264

				210,229

Electric Utilities-8.54%
AEP Texas, Inc., Series I, 2.10%, 07/01/2030		135,000		108,914
Baltimore Gas and Electric Co., 2.25%, 06/15/2031		160,000		129,539
Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031^(c)		120,000		98,252
Duke Energy Carolinas LLC, 4.95%, 01/15/2033		110,000		108,411
Duke Energy Florida LLC, 2.50%, 12/01/2029 .		125,000		106,447
Duke Energy Progress LLC, 2.00%, 08/15/2031		130,000		102,468
Entergy Texas, Inc., 1.75%, 03/15/2031		130,000		101,659
Evergy, Inc., 2.90%, 09/15/2029		120,000		102,816
Exelon Corp., 4.05%, 04/15/2030		130,000		119,304
Florida Power & Light Co., 2.45%, 02/03/2032 .		115,000		94,645
MidAmerican Energy Co., 3.65%, 04/15/2029 .		105,000		97,410
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/2028^(b)		125,000		118,314
Narragansett Electric Co. (The), 3.40%, 04/09/2030^(b)		110,000		98,344
Progress Energy, Inc., 7.75%, 03/01/2031		125,000		141,062
Wisconsin Power and Light Co., 3.95%, 09/01/2032		130,000		118,576

				1,646,161

Electrical Equipment-0.53%
Emerson Electric Co., 2.00%, 12/21/2028		120,000		102,542

Electronic Equipment, Instruments & Components-1.03%
Allegion US Holding Co., Inc., 5.41%, 07/01/2032		105,000		102,731
Amphenol Corp., 2.80%, 02/15/2030		110,000		94,979

				197,710

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


		7

Invesco Investment Grade Value ETF (IIGV)–(continued)

February 28, 2023

(Unaudited)


	Principal Amount		Value
Energy Equipment & Services-1.01%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027	$	120,000	$	110,866
Schlumberger Holdings Corp., 3.90%, 05/17/2028^(b)		89,000		83,698

				194,564

Equity REITs-7.58%
AIG SunAmerica Global Financing X, 6.90%, 03/15/2032^(b)		90,000		96,919
American Homes 4 Rent L.P., 3.63%, 04/15/2032^(c)		130,000		109,964
Boston Properties L.P., 3.25%, 01/30/2031		120,000		100,276
Camden Property Trust, 2.80%, 05/15/2030		120,000		103,203
Equinix, Inc., 3.20%, 11/18/2029^(c)		160,000		139,586
ERP Operating L.P., 3.00%, 07/01/2029		115,000		100,752
Extra Space Storage L.P., 2.35%, 03/15/2032 .		140,000		107,360
Healthcare Realty Holdings L.P., 2.00%, 03/15/2031^(c)		185,000		141,406
Realty Income Corp., 3.25%, 01/15/2031		116,000		101,254
Regency Centers L.P., 3.70%, 06/15/2030		160,000		141,741
Simon Property Group L.P., 2.45%, 09/13/2029		146,000		122,459
Sun Communities Operating L.P., 2.70%, 07/15/2031		105,000		83,875
Ventas Realty L.P., 4.40%, 01/15/2029		120,000		111,810

				1,460,605

Food & Staples Retailing-1.20%
Costco Wholesale Corp., 1.60%, 04/20/2030		155,000		126,705
Mars, Inc., 3.20%, 04/01/2030^(b)		115,000		103,679

				230,384

Food Products-1.06%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031 .		120,000		98,863
Ingredion, Inc., 2.90%, 06/01/2030		125,000		106,255

				205,118

Gas Utilities-1.04%
Florida Gas Transmission Co. LLC, 2.30%, 10/01/2031^(b)		125,000		98,325
Southwest Gas Corp., 4.05%, 03/15/2032		115,000		102,665

				200,990

Health Care Equipment & Supplies-1.26%
Baxter International, Inc., 2.54%, 02/01/2032^(c)		125,000		96,939
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030 .		170,000		144,966

				241,905

Health Care Providers & Services-3.79%
Ascension Health, Series B, 2.53%, 11/15/2029		120,000		103,093
CommonSpirit Health, 3.35%, 10/01/2029		130,000		112,934
Health Care Service Corp., a Mutual Legacy Reserve Co., 2.20%, 06/01/2030^(b)		120,000		97,736
Laboratory Corp. of America Holdings, 2.95%, 12/01/2029		120,000		102,972
Providence St. Joseph Health Obligated Group, Series 19-A, 2.53%, 10/01/2029		125,000		106,458


	Principal Amount		Value
Health Care Providers & Services-(continued)
Quest Diagnostics, Inc., 2.95%, 06/30/2030^(c).	$	120,000	$	103,669
Sutter Health, Series 20-A, 2.29%, 08/15/2030		125,000		103,425

				730,287

Hotels, Restaurants & Leisure-1.11%
Booking Holdings, Inc., 4.63%, 04/13/2030		110,000		106,927
Marriott International, Inc., Series HH, 2.85%, 04/15/2031		130,000		107,298

				214,225

Household Durables-1.03%
Lennar Corp., 4.75%, 11/29/2027^(c)		100,000		95,881
NVR, Inc., 3.00%, 05/15/2030		120,000		102,530

				198,411

Industrial Conglomerates-0.68%
3M Co., 2.38%, 08/26/2029^(c)		155,000		130,228

Insurance-12.42%
Athene Global Funding, 2.55%, 11/19/2030^(b).		120,000		94,680
Athene Holding Ltd., 4.13%, 01/12/2028		61,000		57,116
Equitable Financial Life Global Funding, 1.80%, 03/08/2028^(b)		110,000		92,430
F&G Global Funding, 1.75%, 06/30/2026^(b)		160,000		141,810
Fidelity National Financial, Inc., 3.40%, 06/15/2030		165,000		142,168
First American Financial Corp., 2.40%, 08/15/2031		130,000		97,164
Five Corners Funding Trust II, 2.85%, 05/15/2030^(b)		155,000		131,054
GA Global Funding Trust, 1.63%, 01/15/2026^(b)		115,000		102,411
Global Atlantic Fin Co., 3.13%, 06/15/2031^(b)		145,000		113,146
Jackson National Life Global Funding, 3.05%, 04/29/2026^(b)		100,000		92,582
Liberty Mutual Group, Inc., 4.57%, 02/01/2029^(b)		60,000		56,849
MassMutual Global Funding II, 5.05%, 12/07/2027^(b)(c)		200,000		200,437
Metropolitan Life Global Funding I, 3.45%, 12/18/2026^(b)		150,000		139,976
New York Life Global Funding, 0.85%, 01/15/2026^(b)		160,000		142,178
Northwestern Mutual Global Funding, 0.80%, 01/14/2026^(b)		140,000		124,200
Pacific Life Global Funding II, 1.38%, 04/14/2026^(b)		100,000		88,947
Primerica, Inc., 2.80%, 11/19/2031		130,000		106,922
Principal Financial Group, Inc., 2.13%, 06/15/2030		120,000		97,999
Principal Life Global Funding II, 3.00%, 04/18/2026^(b)		100,000		92,745
Sammons Financial Group, Inc., 3.35%, 04/16/2031^(b)		180,000		140,251
Trustage Financial Group, Inc., 4.63%, 04/15/2032^(b)		155,000		138,030

				2,393,095

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


		8

Invesco Investment Grade Value ETF (IIGV)–(continued)

February 28, 2023

(Unaudited)


	Principal Amount		Value
Interactive Media & Services-1.07%
Alphabet, Inc., 1.10%, 08/15/2030	$	120,000	$	94,657
Meta Platforms, Inc., 3.85%, 08/15/2032^(c)		125,000		112,379

				207,036

IT Services-4.02%
Amdocs Ltd., 2.54%, 06/15/2030		130,000		107,491
Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031		130,000		105,331
DXC Technology Co., 1.80%, 09/15/2026		170,000		147,873
International Business Machines Corp., 3.50%, 05/15/2029		140,000		127,786
Kyndryl Holdings, Inc., 2.05%, 10/15/2026		100,000		85,992
PayPal Holdings, Inc., 2.85%, 10/01/2029^(c)		110,000		95,566
VeriSign, Inc., 2.70%, 06/15/2031		130,000		105,042

				775,081

Leisure Products-0.55%
Hasbro, Inc., 3.90%, 11/19/2029^(c)		120,000		105,892

Life Sciences Tools & Services-2.49%
Agilent Technologies, Inc., 2.30%, 03/12/2031^(c)		165,000		134,108
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032^(c)		120,000		104,724
PerkinElmer, Inc., 3.30%, 09/15/2029		141,000		121,976
Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031		150,000		119,845

				480,653

Machinery-1.99%
Cargill, Inc., 2.13%, 11/10/2031^(b)		155,000		123,036
Cummins, Inc., 1.50%, 09/01/2030		165,000		130,835
Stanley Black & Decker, Inc., 2.30%, 03/15/2030^(c)		160,000		130,236

				384,107

Media-2.34%
Fox Corp., 4.71%, 01/25/2029		120,000		114,685
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030		120,000		114,541
Paramount Global
7.88%, 07/30/2030.		105,000		113,210
4.95%, 01/15/2031^(c)		120,000		107,671

				450,107

Metals & Mining-0.59%
Newmont Corp., 2.25%, 10/01/2030		140,000		112,827

Multi-Utilities-2.33%
Ameren Corp., 3.50%, 01/15/2031		125,000		110,015
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		150,000		131,340
Public Service Enterprise Group, Inc., 2.45%, 11/15/2031		130,000		104,074
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030		130,000		102,544

				447,973

Oil, Gas & Consumable Fuels-8.82%
Chevron Corp., 1.55%, 05/11/2025		150,000		139,289
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. L.P., 3.40%, 12/01/2026^(b)		110,000		103,202


	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Chevron USA, Inc., 0.69%, 08/12/2025	$	100,000	$	90,274
Colonial Enterprises, Inc., 3.25%, 05/15/2030^(b)		107,000		94,137
ConocoPhillips Co., 6.95%, 04/15/2029		130,000		142,691
Devon Energy Corp., 7.88%, 09/30/2031		80,000		90,531
Diamondback Energy, Inc., 3.50%, 12/01/2029		110,000		97,218
Gray Oak Pipeline LLC, 2.60%, 10/15/2025^(b).		120,000		108,654
Kinder Morgan, Inc., 7.75%, 01/15/2032		130,000		145,222
Midwest Connector Capital Co. LLC, 4.63%, 04/01/2029^(b)		100,000		91,373
ONEOK, Inc., 4.55%, 07/15/2028^(c)		145,000		137,885
Phillips 66, 2.15%, 12/15/2030^(c)		185,000		147,983
Tennessee Gas Pipeline Co. LLC, 2.90%, 03/01/2030^(b)(c)		110,000		93,036
Valero Energy Corp., 7.50%, 04/15/2032		100,000		112,999
Williams Cos., Inc. (The), 2.60%, 03/15/2031^(c)		130,000		105,566

				1,700,060

Paper & Forest Products-0.58%
Georgia-Pacific LLC, 2.30%, 04/30/2030^(b)(c)		135,000		112,663

Professional Services-0.72%
Equifax, Inc., 2.35%, 09/15/2031		175,000		138,058

Semiconductors & Semiconductor Equipment-1.55%
Lam Research Corp., 4.00%, 03/15/2029		96,000		91,114
NVIDIA Corp., 2.85%, 04/01/2030		120,000		105,818
Xilinx, Inc., 2.38%, 06/01/2030		120,000		101,191

				298,123

Software-2.90%
Autodesk, Inc., 2.40%, 12/15/2031		130,000		104,063
Infor, Inc., 1.75%, 07/15/2025^(b)		110,000		98,952
Roper Technologies, Inc., 1.75%, 02/15/2031 .		180,000		138,955
ServiceNow, Inc., 1.40%, 09/01/2030		140,000		106,729
Workday, Inc., 3.80%, 04/01/2032^(c)		125,000		110,116

				558,815

Specialty Retail-2.92%
Best Buy Co., Inc., 1.95%, 10/01/2030		135,000		106,084
Dell International LLC/EMC Corp.
5.30%, 10/01/2029		100,000		96,703
6.20%, 07/15/2030.		145,000		147,322
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032^(c)		140,000		110,673
Leidos, Inc., 2.30%, 02/15/2031		130,000		101,431

				562,213

Textiles, Apparel & Luxury Goods-1.26%
NIKE, Inc., 2.85%, 03/27/2030^(c)		155,000		137,912
Ralph Lauren Corp., 2.95%, 06/15/2030^(c)		120,000		104,810

				242,722

Tobacco-1.13%
Altria Group, Inc., 4.80%, 02/14/2029		113,000		108,472
Philip Morris International, Inc., 5.13%, 11/17/2027		110,000		109,554

				218,026

Total U.S. Dollar Denominated Bonds & Notes (Cost $21,771,497)				19,055,718

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


		9

Invesco Investment Grade Value ETF (IIGV)–(continued)

February 28, 2023

(Unaudited)


	Shares		Value
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%^(d)(e)(Cost $12,800)		12,800	$	12,800

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.96% (Cost $21,784,297)				19,068,518


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-16.13%
Invesco Private Government Fund, 4.58%^(d)(e)(f)		870,167		870,167


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.83%^(d)(e)(f)		2,237,124	$	2,237,571

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,108,008)				3,107,738

TOTAL INVESTMENTS IN SECURITIES-115.09% (Cost $24,892,305)				22,176,256
OTHER ASSETS LESS LIABILITIES-(15.09)%				(2,908,427	)

NET ASSETS-100.00%			$	19,267,829

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)

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 February 28, 2023 was $4,742,308, which represented 24.61% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at February 28, 2023.

^(d)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	35,969		$	614,821		$	(637,990	)		$	-			$	-		$	12,800		$	794
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,035,579			4,464,621			(4,630,033	)			-				-			870,167			23,124	*
Invesco Private Prime Fund			2,662,919			10,187,429			(10,613,106	)			(491	)			820			2,237,571			62,948	*

Total		$	3,734,467		$	15,266,871		$	(15,881,129	)		$	(491	)		$	820		$	3,120,538		$	86,866

*	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 February 28, 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 2I.

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


		10

Invesco Investment Grade Value ETF (IIGV)–(continued)

February 28, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2023

Financials			23.37

Utilities			11.91

Energy			9.83

Information Technology			9.50

Health Care			8.11

Real Estate			7.58

Consumer Discretionary			7.41

Industrials			6.52

Materials			5.14

Consumer Staples			5.03

Communication Services			4.50

Money Market Funds Plus Other Assets Less Liabilities			1.10

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


		11

Statements of Assets and Liabilities

February 28, 2023

(Unaudited)


	Invesco Investment Grade Defensive ETF (IIGD)				Invesco Investment Grade Value ETF (IIGV)
Assets:
Unaffiliated investments in securities, at value^(a)		$	89,387,050			$	19,055,718
Affiliated investments in securities, at value			14,166,295				3,120,538
Receivable for:
Dividends and interest			928,408				192,888
Securities lending			2,110				553
Investments sold			16,726,948				911,688

Total assets			121,210,811				23,281,385


Liabilities:
Due to custodian			1,215				-
Payable for:
Investments purchased			2,713,624				903,372
Collateral upon return of securities loaned			14,035,313				3,108,008
Fund shares repurchased			14,145,004				-
Accrued unitary management fees			9,945				2,176
Other payables			99,358				-

Total liabilities			31,004,459				4,013,556

Net Assets		$	90,206,352			$	19,267,829


Net assets consist of:
Shares of beneficial interest		$	97,327,365			$	25,032,878
Distributable earnings (loss)			(7,121,013	)			(5,765,049	)

Net Assets		$	90,206,352			$	19,267,829

Shares outstanding (unlimited amount authorized, $0.01 par value)			3,800,001				850,001
Net asset value		$	23.74			$	22.67

Market price		$	23.74			$	22.67

Unaffiliated investments in securities, at cost		$	93,778,066			$	21,771,497

Affiliated investments in securities, at cost		$	14,166,866			$	3,120,808

^(a)Includes securities on loan with an aggregate value of:		$	12,930,526			$	2,914,210

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


		12

Statements of Operations

For the six months ended February 28, 2023

(Unaudited)


	Invesco Investment Grade Defensive ETF (IIGD)				Invesco Investment Grade Value ETF (IIGV)
Investment income:
Unaffiliated interest income		$	889,464			$	445,105
Affiliated dividend income			1,547				794
Securities lending income, net			8,340				3,964

Total investment income			899,351				449,863


Expenses:
Unitary management fees			41,363				16,275

Less: Waivers			(39	)			(21	)

Net expenses			41,324				16,254

Net investment income			858,027				433,609


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(1,018,452	)			(720,067	)
Affiliated investment securities			1,631				820
In-kind redemptions			(524,811	)			(729,832	)

Net realized gain (loss)			(1,541,632	)			(1,449,079	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(329,765	)			911,298
Affiliated investment securities			(878	)			(491	)

Change in net unrealized appreciation (depreciation)			(330,643	)			910,807

Net realized and unrealized gain (loss)			(1,872,275	)			(538,272	)

Net increase (decrease) in net assets resulting from operations		$	(1,014,248	)		$	(104,663	)

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


		13

Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)


	Invesco Investment Grade Defensive ETF (IIGD)								Invesco Investment Grade Value ETF (IIGV)
	Six Months Ended February 28, 2023				Year Ended August 31, 2022				Six Months Ended February 28, 2023				Year Ended August 31, 2022
Operations:
Net investment income		$	858,027			$	1,086,424			$	433,609			$	959,336
Net realized gain (loss)			(1,541,632	)			(4,015,993	)			(1,449,079	)			(3,466,811	)
Change in net unrealized appreciation (depreciation)			(330,643	)			(4,735,024	)			910,807				(3,959,892	)

Net increase (decrease) in net assets resulting from operations			(1,014,248	)			(7,664,593	)			(104,663	)			(6,467,367	)


Distributions to Shareholders from:
Distributable earnings			(821,288	)			(1,784,051	)			(438,209	)			(1,311,852	)


Shareholder Transactions:
Proceeds from shares sold			63,677,971				22,100,889				1,127,039				6,318,788
Value of shares repurchased			(28,677,212	)			(53,265,895	)			(11,556,996	)			(23,780,479	)

Net increase (decrease) in net assets resulting from share transactions			35,000,759				(31,165,006	)			(10,429,957	)			(17,461,691	)

Net increase (decrease) in net assets			33,165,223				(40,613,650	)			(10,972,829	)			(25,240,910	)


Net assets:
Beginning of period			57,041,129				97,654,779				30,240,658				55,481,568

End of period		$	90,206,352			$	57,041,129			$	19,267,829			$	30,240,658


Changes in Shares Outstanding:
Shares sold.			2,650,000				850,000				50,000				250,000
Shares repurchased			(1,200,000	)			(2,150,000	)			(500,000	)			(950,000	)
Shares outstanding, beginning of period			2,350,001				3,650,001				1,300,001				2,000,001

Shares outstanding, end of period.			3,800,001				2,350,001				850,001				1,300,001

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


		14

Financial Highlights

Invesco Investment Grade Defensive ETF (IIGD)


																	For the Period
	Six Months Ended																July 23, 2018^(a)
	February 28,																Through
	2023				Years Ended August 31,												August 31,
	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	24.27		$	26.75		$	27.43		$	26.30		$	25.16			$	25.00

Net investment income^(b)			0.32			0.31			0.33			0.53			0.66				0.08
Net realized and unrealized gain (loss) on investments			(0.55	)		(2.30	)		(0.27	)		1.14			1.03				0.13

Total from investment operations			(0.23	)		(1.99	)		0.06			1.67			1.69				0.21

Distributions to shareholders from:
Net investment income			(0.30	)		(0.32	)		(0.33	)		(0.53	)		(0.78	)			(0.05	)
Net realized gains			-			(0.17	)		(0.41	)		(0.02	)		(0.01	)			-

Total distributions			(0.30	)		(0.49	)		(0.74	)		(0.55	)		(0.79	)			(0.05	)

Transaction fees^(b)			-			-			-			0.01			0.24				-

Net asset value at end of period		$	23.74		$	24.27		$	26.75		$	27.43		$	26.30			$	25.16

Market price at end of period^(c)		$	23.74		$	24.20		$	26.76		$	27.41		$	26.37			$	25.17

Net Asset Value Total Return^(d)			(0.96	)%		(7.55	)%		0.21	%		6.50	%		7.81	%			0.83	%^(e)
Market Price Total Return^(d)			(0.68	)%		(7.82	)%		0.32	%		6.13	%		8.05	%			0.87	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	90,206		$	57,041		$	97,655		$	83,647		$	65,744			$	6,291
Ratio to average net assets of:
Expenses, after Waivers			0.13	%^(f)		0.13	%		0.13	%		0.13	%		0.15	%^(g)			0.12	%^(f)
Expenses, prior to Waivers			0.13	%^(f)		0.13	%		0.13	%		0.13	%		0.15	%^(g)			0.13	%^(f)
Net investment income			2.70	%^(f)		1.21	%		1.21	%		1.98	%		2.57	%^(g)			3.16	%^(f)
Portfolio turnover rate^(h)			24	%		51	%		53	%		74	%		71	%			10	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

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.

^(e)	The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.67%. The market price total return from Fund Inception to August 31, 2018 was 0.83%.

^(f)	Annualized.

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

^(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.


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Financial Highlights–(continued)

Invesco Investment Grade Value ETF (IIGV)


																	For the Period
	Six Months Ended																July 23, 2018^(a)
	February 28,																Through
	2023				Years Ended August 31,												August 31,
	(Unaudited)				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period		$	23.26		$	27.74		$	28.28		$	27.25		$	25.23			$	25.00

Net investment income^(b)			0.39			0.57			0.55			0.73			0.86				0.10
Net realized and unrealized gain (loss) on investments			(0.58	)		(4.28	)		(0.07	)		1.19			1.95				0.19

Total from investment operations			(0.19	)		(3.71	)		0.48			1.92			2.81				0.29

Distributions to shareholders from:
Net investment income			(0.40	)		(0.58	)		(0.54	)		(0.73	)		(0.95	)			(0.06	)
Net realized gains			-			(0.19	)		(0.48	)		(0.16	)		(0.02	)			-

Total distributions			(0.40	)		(0.77	)		(1.02	)		(0.89	)		(0.97	)			(0.06	)

Transaction fees^(b)			-			-			-			0.00	^(c)		0.18				-

Net asset value at end of period		$	22.67		$	23.26		$	27.74		$	28.28		$	27.25			$	25.23

Market price at end of period^(d)		$	22.67		$	23.14		$	27.76		$	28.32		$	27.32			$	25.23

Net Asset Value Total Return^(e)			(0.83	)%		(13.55	)%		1.74	%		7.25	%		12.23	%			1.14	%^(f)
Market Price Total Return^(e)			(0.27	)%		(14.10	)%		1.68	%		7.13	%		12.51	%			1.14	%^(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	19,268		$	30,241		$	55,482		$	41,009		$	42,232			$	6,307
Ratio to average net assets of:
Expenses, after Waivers			0.13	%^(g)		0.13	%		0.13	%		0.13	%		0.15	%^(h)			0.13	%^(g)
Expenses, prior to Waivers			0.13	%^(g)		0.13	%		0.13	%		0.13	%		0.16	%^(h)			0.13	%^(g)
Net investment income			3.46	%^(g)		2.20	%		1.96	%		2.69	%		3.31	%^(h)			3.76	%^(g)
Portfolio turnover rate⁽ⁱ⁾			34	%		87	%		63	%		178	%		112	%			16	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005. (d) The mean between the last bid and ask prices.

^(e)

^(f)	The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.78%. The market price total return from Fund Inception to August 31, 2018 was 0.78%.

^(g)	Annualized.

^(h)	Ratios include non-recurring costs associated with a proxy statement of 0.03%.

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

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


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Notes to Financial Statements

Invesco Exchange-Traded Self-Indexed Fund Trust

February 28, 2023

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory 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 Investment Grade Defensive ETF (IIGD)		“Investment Grade Defensive ETF”

Invesco Investment Grade Value ETF (IIGV)		“Investment Grade Value 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.

Investment Grade Value ETF liquidated and terminated on April 6, 2023. In connection with the liquidation of the Fund, the Fund made a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any of its liabilities.

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

Investment Grade Defensive ETF		Invesco Investment Grade Defensive Index

Investment Grade Value ETF		Invesco Investment Grade Value Index

NOTE 2–Significant Accounting Policies

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

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

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

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

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller,


		17

odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

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

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

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of


		18

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 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 each Fund’s financial statements as a tax return of capital at fiscal year-end.

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

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

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

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

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

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

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


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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 Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, there were no affiliated securities lending transactions with Invesco.

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.


		20

K.	Other Risks

Authorized Participant 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.

Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.

Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by APs which could potentially increase a Fund’s portfolio turnover rate and transaction costs.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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

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

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


		21

corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the 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.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, 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 the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees (as a % of average daily net assets)

Investment Grade Defensive ETF		0.13%

Investment Grade Value ETF		0.13%

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. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2023, the Adviser waived fees for each Fund in the following amounts:



Investment Grade Defensive ETF	$	39

Investment Grade Value ETF		21

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 licensing agreements on behalf of each Fund with Invesco Indexing LLC (the “Licensor”).

Each Underlying Index name trademark is owned by the 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 are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes 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.


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NOTE 4–Additional Valuation Information

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

Level 1 –

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

Level 2 –

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

Level 3 –

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

The following is a summary of the tiered valuation input levels, as of February 28, 2023. 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

Investment Grade Defensive ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	89,387,050		$	-	$	89,387,050

Money Market Funds		131,553		14,034,742			-		14,166,295


Total Investments	$	131,553	$	103,421,792		$	-	$	103,553,345


Investment Grade Value ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	-	$	19,055,718		$	-	$	19,055,718

Money Market Funds		12,800		3,107,738			-		3,120,538


Total Investments	$	12,800	$	22,163,456		$	-	$	22,176,256

NOTE 5–Tax Information

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

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

The Funds had capital loss carryforwards as of August 31, 2022, as follows:


	No expiration
	Short-Term		Long-Term		Total*

Investment Grade Defensive ETF		$ 751,344		$395,288	$	1,146,632

Investment Grade Value ETF		1,036,888		460,124		1,497,012

*	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.


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NOTE 6–Investment Transactions

For the six months ended February 28, 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

Investment Grade Defensive ETF		$	15,466,375		$	15,321,217

Investment Grade Value ETF			8,561,766			8,490,210

For the six months ended February 28, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases			In-kind Sales

Investment Grade Defensive ETF		$	63,132,840		$	28,484,800

Investment Grade Value ETF			1,080,097			11,496,598

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

As of February 28, 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

Investment Grade Defensive ETF		$	-		$	(4,469,488	)		$	(4,469,488	)		$	108,022,833

Investment Grade Value ETF			13,196			(2,836,558	)			(2,823,362	)			24,999,618

NOTE 7–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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

NOTE 8–Capital

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

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

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

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


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Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2022 through February 28, 2023.

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, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value September 1, 2022		Ending Account Value February 28, 2023		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Investment Grade Defensive ETF (IIGD)

Actual		$1,000.00		$ 990.40		0.13	%		$0.64

Hypothetical (5% return before expenses)		1,000.00		1,024.15		0.13			0.65

Invesco Investment Grade Value ETF (IIGV)

Actual		1,000.00		991.70		0.13			0.64

Hypothetical (5% return before expenses)		1,000.00		1,024.15		0.13			0.65

⁽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 February 28, 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 181/365.


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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-SIFT-SAR-3

invesco.com/ETFs