N-CSR

Domestic Equity

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the Consumer Price Index (CPI) rose 8.6% for the 12 months ended May 2022.¹ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.² To tame inflation, the US Federal Reserve (the Fed) raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which represented the largest series of increases in nearly 30 years.³ US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data showed inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.³

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the likelihood of a recession and the risk of a deeper recession than initially anticipated. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread to other sectors sent investors to safe haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the benchmark federal funds rate by just 0.25% in February and March 2023, a slower pace than in 2022.³ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil. Markets stabilized in April due to milder inflation data and better-than-expected corporate earnings. For the 12 months ending March 31, 2023, the CPI came in at 5%, the smallest 12-month increase since the period ending May 2021.¹ The March month-over-

month CPI rose by 0.1%, a decline from an increase of 0.4% in February.¹ The labor market remained tight and the unemployment rate held at a historically low 3.5%.² As corporate earnings season got underway, a number of companies, including some big tech names provided optimistic future guidance.

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.⁴

¹	Source: US Bureau of Labor Statistics

²	Source: Bloomberg LP

³	Source: US Federal Reserve

⁴	Source: Lipper Inc.

Global Equity

Global equity markets declined at the beginning of the fiscal year as record inflation, rising interest rates, recession fears and Russia’s invasion of Ukraine led to generally weaker consumer sentiment around the globe. To tame inflation, Western central banks raised interest rates, which was in contrast to some central banks in the East, that lowered their policy rate or kept rates the same. Inflation headwinds continued into the third quarter of 2022, with several central banks continuing to raise interest rates to combat inflation.

Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023, as inflation remained above target levels. International stocks outperformed US stocks, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter, driven by China, which eased its zero-COVID-19 policy and started to reopen.

For the first quarter of 2023, global equity markets managed to deliver gains despite volatility and a banking crisis. January’s rally gave way to mixed global equity results in February, as inflation appeared more persistent than expected, boosting expectations that interest rates may stay higher for longer. The quarter’s largest shock came in March as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Amid the banking turmoil, some global central banks continued to raise interest rates to fight inflation. Though they lagged international developed market equities, emerging market equities also delivered gains for the quarter.

In April 2023, developed market equities posted a modest gain supported by positive economic data, while emerging market equities declined for the month. Within emerging markets, the Chinese equity market was negatively affected by renewed geopolitical tensions between the US and China. For the fiscal year ended April 30, 2023, developed market equities posted a positive return, outperforming emerging market equities, which ended the period in negative territory.

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

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 11.29%. On a net asset value (“NAV”) basis, the Fund returned 11.25%. During the same time period, the Index returned 11.83%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Biotechnology Index (the “Benchmark Index”) returned 13.79%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 30 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the biotechnology industry. It is important to note, however, that the Index includes stocks from its proprietary “Biotechnology & Genome Group Universe” of which approximately 95% are considered pharmaceuticals, biotechnology and life sciences, while the remaining 5% of the Index contains stocks in other industry groups including materials, health care equipment & services, and technology hardware & equipment. The Benchmark Index contains 100% biotechnology companies. This Benchmark Index is relevant as a comparison, but the disparity compared to pure biotechnology exposure may

produce potentially significant differences in performance when compared to the Fund.

Relative to the Benchmark Index, the Fund was most overweight in the life sciences tools & services sub-industry and most underweight in the biotechnology sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocations to the health care services and life sciences tools & services sub-industries.

For the fiscal year ended April 30, 2023, the biotechnology sub-industry contributed most significantly to the Fund’s return. The health care services sub-industry detracted most significantly from the Fund’s return, followed by the pharmaceuticals sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Chemocentryx, Inc., a pharmaceuticals company (no longer held at fiscal year-end), and PTC Therapeutics, Inc., a biotechnology company (portfolio average weight of 2.03%). Positions that detracted most significantly from the Fund’s return during this period included Emergent BioSolutions Inc., a biotechnology company (no longer held at fiscal year-end), and Fulgent Genetics, Inc., a health care services company (portfolio average weight of 2.48%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Biotechnology			90.33
Pharmaceuticals			4.61
Sub-Industry Types Each Less Than 3%			5.04
Money Market Funds Plus Other Assets Less Liabilities			0.02

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Vertex Pharmaceuticals, Inc.			5.96
Biogen, Inc.			5.72
Regeneron Pharmaceuticals, Inc.			5.50
Amgen, Inc.			5.15
Gilead Sciences, Inc.			4.97
Incyte Corp.			4.85
BioMarin Pharmaceutical, Inc.			4.64
United Therapeutics Corp.			4.61
PTC Therapeutics, Inc.			3.44
Avid Bioservices, Inc.			3.25
Total			48.09

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.57%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

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

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

Notes Regarding Indexes and Fund Performance History:

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

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

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 15.50%. On a net asset value (“NAV”) basis, the Fund returned 15.53%. During the same time period, the Index returned 16.24%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Construction & Engineering Index (the “Benchmark Index”) returned 33.82%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 15 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the building & construction industry.

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

Relative to the Benchmark Index, the Fund was most overweight in the homebuilding sub-industry and most underweight in the construction & engineering sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the construction materials and building products sub-industries.

For the fiscal year ended April 30, 2023, the homebuilding sub-industry contributed most significantly to the Fund’s return. The gas utilities sub-industry detracted most significantly from the Fund’s return, followed by the electrical components & equipment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Lennar Corp., Class A, a homebuilding company (portfolio average weight of 3.92%) and D.R. Horton, Inc., a homebuilding company (portfolio average weight of 4.02%). Positions that detracted most significantly from the Fund’s return during this period included Southwest Gas Holdings, Inc., a gas utilities company (portfolio average weight of 2.69%) and Dream Finders Homes, Inc., Class A, a homebuilding company (no longer held at fiscal year-end).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Homebuilding			54.82
Building Products			14.13
Construction & Engineering			9.82
Construction Materials			5.01
Other Specialty Retail			4.69
Home Improvement Retail			4.68
Sub-Industry Types Each Less Than 3%			6.86
Money Market Funds Plus Other Assets Less Liabilities			(0.01)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
PulteGroup, Inc.			5.86
D.R. Horton, Inc.			5.60
Lennar Corp., Class A			5.43
NVR, Inc.			5.35
Trane Technologies PLC			4.76
Tractor Supply Co.			4.69
Home Depot, Inc. (The)			4.68
Carlisle Cos., Inc.			3.83
Tecnoglass, Inc.			3.21
Tri Pointe Homes, Inc.			3.12
Total			46.53

*	Excluding money market fund holdings.

Fund Inception: October 26, 2005

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

Notes Regarding Indexes and Fund Performance History:

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

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

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (0.34)%. On a net asset value (“NAV”) basis, the Fund returned (0.52)%. During the same time period, the Index returned 0.37%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period and differences in the treatment of a corporate action that was not tracked due to delayed announcements from the Index Provider, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P Composite 1500^® Oil & Gas Exploration & Production Index (the “Benchmark Index”) returned 6.72%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 30 securities. The Benchmark Index was selected for its recognition in the marketplace and because its performance comparison is a useful measure for investors as a broad representation of the oil & gas exploration & production sub-industry.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas refining & marketing sub-industry and most underweight in the oil & gas exploration & production sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during

that period can be attributed to the Fund’s stock selection in the oil & gas exploration & production sub-industry.

For the fiscal year ended April 30, 2023, the oil & gas refining & marketing sub-industry contributed most significantly to the Fund’s return, followed by the integrated oil & gas sub-industry. The oil & gas exploration & production sub-industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Marathon Petroleum Corp., an oil & gas refining & marketing company (portfolio average weight of 5.20%) and Chord Energy Corp., an oil & gas exploration & production company (portfolio average weight of 3.17%). Positions that detracted most significantly from the Fund’s return during this period included Vital Energy, Inc., an oil & gas exploration & production company (no longer held at fiscal year-end) and Callon Petroleum Co., an oil & gas exploration & production company (portfolio average weight of 2.44%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Oil & Gas Exploration & Production			73.43
Oil & Gas Refining & Marketing			23.83
Gas Utilities			2.76
Money Market Funds Plus Other Assets Less Liabilities			(0.02)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Diamondback Energy, Inc.			5.49
Pioneer Natural Resources Co.			5.40
Devon Energy Corp.			5.15
Phillips 66			5.07
Marathon Petroleum Corp.			5.06
ConocoPhillips			5.02
Marathon Oil Corp.			4.85
Valero Energy Corp.			4.43
EQT Corp.			3.19
Civitas Resources, Inc.			3.19
Total			46.85

*	Excluding money market fund holdings.

Fund Inception: October 26, 2005

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

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

Notes Regarding Indexes and Fund Performance History:

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

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

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 3.19%. On a net asset value (“NAV”) basis, the Fund returned 3.25%. During the same time period, the Index returned 3.88%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Food Beverage & Tobacco Index (the “Benchmark Index”) returned 5.97%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 50 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the food & beverage industry.

Relative to the Benchmark Index, the Fund was most overweight in the food distributors sub-industry and most underweight in the soft drinks & non-alcoholic beverages sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that

period can be attributed to the Fund’s overweight allocation to the food retail sub-industry, followed by the Fund’s security selection in the packaged foods & meats sub-industry.

For the fiscal year ended April 30, 2023, the packaged foods & meats sub-industry contributed most significantly to the Fund’s return, followed by the soft drinks & non-alcoholic beverages sub-industry. The food retail and agricultural products & services sub-industries detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included General Mills, Inc., a packaged foods & meats company (portfolio average weight of 5.20%) and Performance Food Group Co., a food distributors company (portfolio average weight of 2.69%). Positions that detracted most significantly from the Fund’s return during this period included Andersons, Inc., a food distributors company (portfolio average weight of 1.94%) and Tyson Foods, Inc., Class A, a packaged foods & meats company (no longer held at fiscal year-end).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Packaged Foods & Meats			45.13
Soft Drinks & Non-alcoholic Beverages			15.75
Food Distributors			12.85
Food Retail			10.89
Agricultural Products & Services			7.26
Sub-Industry Types Each Less Than 3%			8.11
Money Market Funds Plus Other Assets Less Liabilities			0.01

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Mondelez International, Inc., Class A			5.55
Hershey Co. (The)			5.47
General Mills, Inc.			5.33
PepsiCo, Inc.			5.22
Coca-Cola Co. (The)			5.17
Sysco Corp.			4.82
Kraft Heinz Co. (The)			4.75
Archer-Daniels-Midland Co.			4.63
Hostess Brands, Inc.			2.97
Lamb Weston Holdings, Inc.			2.93
Total			46.84

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

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

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

Notes Regarding Indexes and Fund Performance History:

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

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

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (3.75)%. On a net asset value (“NAV”) basis, the Fund returned (3.71)%. During the same time period, the Index returned (3.12)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Hotels Restaurants & Leisure Index (the “Benchmark Index”) returned 15.71%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 50 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the leisure & entertainment industry.

Relative to the Benchmark Index, the Fund was most overweight in the movies & entertainment sub-industry and most underweight in the restaurants sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative underweight allocation to the restaurants sub-industry, followed by its relative overweight allocation to the movies & entertainment sub-industry.

For the fiscal year ended April 30, 2023, the restaurants sub-industry contributed most significantly to the Fund’s return, followed by the food distributors sub-industry. The hotels, resorts & cruise lines sub-industry detracted most significantly from the Fund’s return, followed by the movies & entertainment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included World Wrestling Entertainment, Inc., Class A, a movies & entertainment company (portfolio average weight of 2.95%) and Performance Food Group Co., a food distributors company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Live Nation Entertainment, Inc., a movies & entertainment company (portfolio average weight of 4.94%) and Warner Bros. Discovery, Inc., Series A, a movies & entertainment company (no longer held at fiscal year-end).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Movies & Entertainment			27.80
Restaurants			23.39
Casinos & Gaming			13.84
Hotels, Resorts & Cruise Lines			10.65
Food Distributors			7.50
Passenger Airlines			7.48
Broadcasting			7.21
Interactive Media & Services			2.13
Money Market Funds Plus Other Assets Less Liabilities			0.00

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Las Vegas Sands Corp.			5.54
Booking Holdings, Inc.			5.43
Yum! Brands, Inc.			5.26
Yum China Holdings, Inc.			4.93
Sysco Corp.			4.89
Warner Music Group Corp., Class A			4.67
Fox Corp., Class A			4.50
Live Nation Entertainment, Inc.			4.42
Cinemark Holdings, Inc.			3.61
World Wrestling Entertainment, Inc., Class A			3.31
Total			46.56

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

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

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

Notes Regarding Indexes and Fund Performance History:

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

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

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (13.50)%. On a net asset value (“NAV”) basis, the Fund returned (13.54)%. During the same time period, the Index returned (14.47)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to revenue generated by the Fund’s securities lending program, partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Media Index (the “Benchmark Index”) returned (1.62)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 20 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the media industry.

Relative to the Benchmark Index, the Fund was most overweight in the interactive media & services sub-industry and most underweight in the cable & satellite sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the interactive media & services sub-industry.

For the fiscal year ended April 30, 2023, the movies & entertainment sub-industry contributed most significantly to the Fund’s return, followed by the IT consulting & other services sub-industry. The broadcasting sub-industry detracted most significantly from the Fund’s return, followed by the interactive media & services sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Netflix, Inc., a movies & entertainment company (portfolio average weight of 5.42%) and Meta Platforms Inc., Class A, an interactive media & services company (portfolio average weight of 5.32%). Positions that detracted most significantly from the Fund’s return during this period included iHeartMedia, Inc., Class A, a broadcasting company (portfolio average weight of 2.37%) and Gray Television, Inc., a broadcasting company (portfolio average weight of 1.88%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Interactive Media & Services			36.39
Broadcasting			23.21
Movies & Entertainment			17.10
Publishing			10.67
Advertising			8.08
Cable & Satellite			4.53
Money Market Funds Plus Other Assets Less Liabilities			0.02

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Meta Platforms, Inc., Class A			7.41
Paramount Global, Class B			5.40
Omnicom Group, Inc.			5.26
Netflix, Inc.			5.19
Warner Music Group Corp., Class A			5.07
Pinterest, Inc., Class A			4.99
Fox Corp., Class A			4.88
Sirius XM Holdings, Inc.			4.53
World Wrestling Entertainment, Inc., Class A			3.59
Cars.com, Inc.			3.29
Total			49.61

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

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

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

Notes Regarding Indexes and Fund Performance History:

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

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

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (8.66)%. On a net asset value (“NAV”) basis, the Fund returned (8.77)%. During the same time period, the Index returned (8.28)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, partially offset by revenue generated from the Fund’s securities lending program.

During this same time period, the S&P Composite 1500^® Communications Equipment Index (the “Benchmark Index”) returned 5.46%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 20 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the communications equipment industry.

Relative to the Benchmark Index, the Fund was most overweight in the systems software sub-industry and most underweight in the communications equipment sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance

relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the communications equipment sub-industry, followed by the Fund’s relative overweight allocation to the systems software sub-industry.

For the fiscal year ended April 30, 2023, the technology hardware storage & peripherals sub-industry contributed most significantly to the Fund’s return, followed by the electronic components sub-industry. The communications equipment sub-industry detracted most significantly from the Fund’s return, followed by the systems software and application software sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Extreme Networks, Inc., a communications equipment company (portfolio average weight of 2.96%) and Motorola Solutions, Inc., a communications equipment company (portfolio average weight of 4.39%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended April 30, 2023, included Clearfield, Inc., a communications equipment company (portfolio average weight of 1.48%) and CrowdStrike Holdings, Inc., Class A, a systems software company (no longer held at fiscal year-end).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Communications Equipment			43.32
Systems Software			29.93
Application Software			10.76
Electronic Components			7.38
Technology Hardware, Storage & Peripherals			5.77
Consumer Electronics			2.88
Money Market Funds Plus Other Assets Less Liabilities			(0.04)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Arista Networks, Inc.			6.02
Apple, Inc.			5.77
Palo Alto Networks, Inc.			5.52
VMware, Inc., Class A			5.52
Motorola Solutions, Inc.			5.48
Fortinet, Inc.			5.33
Amphenol Corp., Class A			4.89
Cisco Systems, Inc.			4.80
Harmonic, Inc.			2.98
Garmin Ltd.			2.88
Total			49.19

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.69% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund

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

Notes Regarding Indexes and Fund Performance History:

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

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

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 13.10%. On a net asset value (“NAV”) basis, the Fund returned 13.10%. During the same time period, the Index returned 13.75%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Energy Equipment & Services Index (the “Benchmark Index”) returned 6.81%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 20 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the oil & gas services industry.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas drilling sub-industry and most underweight in the oil & gas equipment & services sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to security selection in the oil & gas drilling sub-industry, followed by the Fund’s relative overweight allocation to the oil & gas storage & transportation sub-industry.

For the fiscal year ended April 30, 2023, the oil & gas equipment & services sub-industry contributed most significantly to the Fund’s return, followed by the oil & gas storage & transportation sub-industry. The oil & gas drilling sub-industry detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included TechnipFMC plc, an oil & gas equipment & services company (portfolio average weight of 4.99%) and Weatherford International plc, an oil & gas equipment & services company (portfolio average weight of 3.20%). Positions that detracted most significantly from the Fund’s return during this period included ProPetro Holding Corp., an oil & gas equipment & services company (portfolio average weight of 2.75%) and Core Laboratories Inc., an oil & gas equipment & services company (portfolio average weight of 1.40%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Oil & Gas Equipment & Services			65.90
Oil & Gas Storage & Transportation			17.23
Oil & Gas Drilling			16.87
Money Market Funds Plus Other Assets Less Liabilities			0.00

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
TechnipFMC PLC			5.55
Baker Hughes Co., Class A			5.41
Schlumberger N.V.			5.15
ChampionX Corp.			5.03
Halliburton Co.			5.02
Transocean Ltd.			4.81
Helmerich & Payne, Inc.			4.43
NOV, Inc.			4.35
Archrock, Inc.			3.40
Teekay Tankers Ltd., Class A			3.27
Total			46.42

*	Excluding money market fund holdings.

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.74% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund

Notes Regarding Indexes and Fund Performance History:

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

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

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

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

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

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

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 3.10%. On a net asset value (“NAV”) basis, the Fund returned 3.17%. During the same time period, the Index returned 3.63%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by litigation proceeds.

During this same time period, the S&P Composite 1500^® Pharmaceuticals Index (the “Benchmark Index”) returned 3.62%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 20 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the pharmaceuticals industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a

modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the biotechnology sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the pharmaceuticals sub-industry, followed by the Fund’s relative overweight allocation to the life sciences tools & services sub-industry.

For the fiscal year ended April 30, 2023, the biotechnology sub-industry contributed most significantly to the Fund’s return. The life sciences tools & services sub-industry detracted most significantly from the Fund’s return, followed by the health care equipment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Gilead Sciences, Inc., a biotechnology company (portfolio average weight of 5.91%) and Eli Lilly and Co., a pharmaceuticals company (portfolio average weight of 6.05%). Positions that detracted most significantly from the Fund’s return during this period included Emergent BioSolutions Inc., a biotechnology company (no longer held at fiscal year-end) and Bausch Health Co. Inc., a pharmaceuticals company (portfolio average weight of 3.03%).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Pharmaceuticals			54.49
Biotechnology			39.50
Health Care Equipment			6.00
Money Market Funds Plus Other Assets Less Liabilities			0.01

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Eli Lilly and Co.			6.81
Abbott Laboratories			6.00
Merck & Co., Inc.			5.96
Johnson & Johnson			5.84
Amgen, Inc.			5.67
AbbVie, Inc.			5.60
Gilead Sciences, Inc.			5.47
Pfizer, Inc.			5.13
Amphastar Pharmaceuticals, Inc.			3.79
Biogen, Inc.			3.78
Total			54.05

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

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

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

Notes Regarding Indexes and Fund Performance History:

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

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

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. semiconductor companies. These companies are principally engaged in the manufacture of semiconductors. These companies manufacture semiconductors that serve as the core electronic components of virtually all electronic equipment, make or test chips for third parties, and provide equipment or services used in the production of semiconductors and other thin film products like flat panel displays and thin film heads. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 2.48%. On a net asset value (“NAV”) basis, the Fund returned 2.49%. During the same time period, the Index returned 3.03%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Semiconductor Index (the “Benchmark Index”) returned 13.99%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 50 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the semiconductors industry.

Relative to the Benchmark Index, the Fund was most overweight in the semiconductor materials & equipment sub-industry and most underweight in the semiconductors sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the semiconductors sub-industry, followed by the Fund’s relative overweight allocation to the semiconductor materials & equipment sub-industry.

For the fiscal year ended April 30, 2023, the semiconductor materials & equipment sub-industry contributed most significantly to the Fund’s return, followed by the electronic components sub-industry. The semiconductors sub-industry detracted most significantly from the Fund’s return, followed by the specialty chemicals sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Axcelis Technologies, Inc., a semiconductors materials & equipment company (portfolio average weight of 3.00%) and NVIDIA Corp., a semiconductors company (portfolio average weight of 5.22%). Positions that detracted most significantly from the Fund’s return during this period included Intel Corp., a semiconductors company (no longer held at fiscal year-end) and FormFactor, Inc., a semiconductors materials & equipment company (no longer held at fiscal year-end).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Semiconductors			62.70
Semiconductor Materials & Equipment			34.44
Electronic Components			2.85
Money Market Funds Plus Other Assets Less Liabilities			0.01

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
NVIDIA Corp.			6.91
Micron Technology, Inc.			5.75
Lam Research Corp.			5.64
Broadcom, Inc.			5.54
Applied Materials, Inc.			5.22
Texas Instruments, Inc.			5.03
Analog Devices, Inc.			4.97
QUALCOMM, Inc.			4.85
KLA Corp.			2.87
Vishay Intertechnology, Inc.			2.85
Total			49.63

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

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

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

Notes Regarding Indexes and Fund Performance History:

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

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

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. software companies. These companies are principally engaged in the research, design, production or distribution of products or processes that relate to software applications and systems and information-based services. These companies may include companies that design and market computer applications targeted toward various end user markets, including home/office, design/engineering, and IT infrastructure; as well as distributors of third-party software applications, primarily to resellers, retailers, and corporations. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (0.67)%. On a net asset value (“NAV”) basis, the Fund returned (0.71)%. During the same time period, the Index returned (1.46)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to revenue generated by the Fund’s securities lending program, partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Software & Services Index (the “Benchmark Index”) returned 7.12%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 90 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the software industry.

Relative to the Benchmark Index, the Fund was most overweight in the application software sub-industry and most underweight in the systems software sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative overweight allocation to the health care technology sub-industry, followed by the Fund’s relative overweight allocation to the interactive home entertainment sub-industry.

For the fiscal year ended April 30, 2023, the application software sub-industry contributed most significantly to the Fund’s return, followed by the advertising sub-industry. The health care technology sub-industry detracted most significantly from the Fund’s return, followed by the data processing & outsourced services sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Cadence Design Systems, Inc., an application software company (portfolio average weight of 5.27%) and Fair Isaac Corp., an application software company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Playtika Holding Corp., an interactive home entertainment company (no longer held at fiscal year-end) and MultiPlan Corp., Class A, a health care technology company (no longer held at fiscal year-end).


Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2023
Application Software			34.62
Interactive Home Entertainment			15.44
Advertising			14.28
Human Resource & Employment Services			9.81
Systems Software			8.77
Interactive Media & Services			4.54
Sub-Industry Types Each Less Than 3%			12.55
Money Market Funds Plus Other Assets Less Liabilities			(0.01)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2023
Security
Electronic Arts, Inc.			5.67
Trade Desk, Inc. (The), Class A			5.66
Cadence Design Systems, Inc.			5.43
Fortinet, Inc.			5.27
Synopsys, Inc.			5.26
Activision Blizzard, Inc.			5.04
Paycom Software, Inc.			4.89
Roblox Corp., Class A			4.73
Integral Ad Science Holding Corp.			3.85
N-able, Inc.			3.50
Total			49.30

*	Excluding money market fund holdings.

Fund Inception: June 23, 2005

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

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

Notes Regarding Indexes and Fund Performance History:

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

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

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

At a meeting held on March 24, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Biotechnology-90.33%
Acadia Pharmaceuticals, Inc.^(b)(c)		377,211	$	8,045,911
Alkermes PLC^(b)		252,923		7,220,952
Amgen, Inc.		54,050		12,957,946
Amicus Therapeutics, Inc.^(b)(c)		545,317		6,292,958
Avid Bioservices, Inc.^(b)(c)		452,556		8,168,636
Biogen, Inc.^(b)		47,353		14,406,203
BioMarin Pharmaceutical, Inc.^(b)		121,513		11,670,109
Catalyst Pharmaceuticals, Inc.^(b)		460,569		7,332,258
Dynavax Technologies Corp.^(b)(c)		654,583		6,814,209
Exelixis, Inc.^(b)		402,503		7,365,805
FibroGen, Inc.^(b)		310,782		5,320,588
Gilead Sciences, Inc.		152,135		12,507,018
Halozyme Therapeutics, Inc.^(b)		141,435		4,544,307
Incyte Corp.^(b)		164,056		12,207,407
Ionis Pharmaceuticals, Inc.^(b)(c)		183,721		6,498,212
Ironwood Pharmaceuticals, Inc.^(b)(c)		603,409		6,281,488
Neurocrine Biosciences, Inc.^(b)		68,785		6,950,036
PTC Therapeutics, Inc.^(b)		157,059		8,660,233
Regeneron Pharmaceuticals, Inc.^(b)		17,249		13,830,076
REGENXBIO, Inc.^(b)(c)		330,526		6,398,983
Sarepta Therapeutics, Inc.^(b)		57,614		7,073,271
United Therapeutics Corp.^(b)		50,448		11,609,598
Veracyte, Inc.^(b)(c)		309,141		6,998,952
Vericel Corp.^(b)(c)		245,497		7,735,610
Vertex Pharmaceuticals, Inc.^(b)		44,026		15,000,979
Xencor, Inc.^(b)		205,732		5,439,554

				227,331,299

Health Care Services-2.66%
Fulgent Genetics, Inc.^(b)(c)		226,060		6,684,595

Life Sciences Tools & Services-2.38%
Repligen Corp.^(b)(c)		39,459		5,983,168



	Shares		Value
Pharmaceuticals-4.61%
Cassava Sciences, Inc.^(b)(c)		278,607	$	6,469,255
Catalent, Inc.^(b)		102,296		5,127,075

				11,596,330

Total Common Stocks & Other Equity Interests (Cost $238,374,884)				251,595,392


Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e)(Cost $294,606)		294,606		294,606

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $238,669,490)				251,889,998


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.75%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		10,396,545		10,396,545
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		26,733,973		26,733,973

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $37,135,605)				37,130,518

TOTAL INVESTMENTS IN SECURITIES-114.85% (Cost $275,805,095)				289,020,516
OTHER ASSETS LESS LIABILITIES-(14.85)%				(37,363,495	)

NET ASSETS-100.00%			$	251,657,021

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



	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Building Products-14.13%
Apogee Enterprises, Inc.		100,859	$	4,292,559
Carlisle Cos., Inc.		32,558		7,027,645
Tecnoglass, Inc.		134,279		5,888,134
Trane Technologies PLC		47,020		8,736,786

				25,945,124

Construction & Engineering-9.82%
AECOM		51,978		4,316,773
EMCOR Group, Inc.		31,508		5,387,868
Granite Construction, Inc.^(b)		108,457		4,135,465
Valmont Industries, Inc.		14,429		4,192,490

				18,032,596

Construction Machinery & Heavy Transportation Equipment-2.01%
Terex Corp.		82,579		3,682,198

Construction Materials-5.01%
Eagle Materials, Inc.		33,524		4,968,592
Summit Materials, Inc., Class A^(c)		154,091		4,223,634

				9,192,226

Forest Products-2.65%
Louisiana-Pacific Corp.		81,335		4,858,953

Gas Utilities-2.20%
Southwest Gas Holdings, Inc.^(b)		72,275		4,047,400

Home Improvement Retail-4.68%
Home Depot, Inc. (The)		28,619		8,601,154

Homebuilding-54.82%
Cavco Industries, Inc.^(c)		17,042		5,116,349
Century Communities, Inc.		79,341		5,342,823
D.R. Horton, Inc.		93,716		10,291,891
Green Brick Partners, Inc.^(b)(c)		152,375		5,679,016
Installed Building Products, Inc.^(b)		44,645		5,548,034
Lennar Corp., Class A		88,324		9,963,831
M.D.C. Holdings, Inc.		126,830		5,196,225
M/I Homes, Inc.^(c)		83,919		5,676,281
Meritage Homes Corp.		43,130		5,522,797
NVR, Inc.^(c)		1,681		9,817,040



	Shares		Value
Homebuilding-(continued)
PulteGroup, Inc.		160,309	$	10,764,750
Skyline Champion Corp.^(c)		67,549		5,010,109
Taylor Morrison Home Corp., Class A^(c)		132,769		5,721,016
Toll Brothers, Inc.		82,719		5,286,571
Tri Pointe Homes, Inc.^(b)(c)		199,636		5,725,561

				100,662,294

Other Specialty Retail-4.69%
Tractor Supply Co.^(b)		36,151		8,618,398

Total Common Stocks & Other Equity Interests (Cost $167,008,537)				183,640,343


Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e) (Cost $152,257)		152,257		152,257

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $167,160,794)				183,792,600


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.45%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		3,829,706		3,829,706
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		9,847,815		9,847,815

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,677,634)				13,677,521

TOTAL INVESTMENTS IN SECURITIES-107.54% (Cost $180,838,428)				197,470,121
OTHER ASSETS LESS LIABILITIES-(7.54)%				(13,849,349	)

NET ASSETS-100.00%			$	183,620,772

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



	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Gas Utilities-2.76%
National Fuel Gas Co.		80,410	$	4,494,919

Oil & Gas Exploration & Production-73.43%
Antero Resources Corp.^(b)		187,269		4,305,314
APA Corp.		118,978		4,384,339
California Resources Corp.^(c)		116,842		4,732,101
Callon Petroleum Co.^(b)(c)		128,253		4,250,304
Chord Energy Corp.		35,975		5,120,322
Civitas Resources, Inc.		75,054		5,182,479
Comstock Resources, Inc.^(c)		400,691		4,607,947
ConocoPhillips		79,279		8,157,016
Devon Energy Corp.		156,586		8,366,390
Diamondback Energy, Inc.		62,817		8,932,577
Earthstone Energy, Inc., Class A^(b)(c)		360,223		4,884,624
EQT Corp.		148,755		5,182,625
Marathon Oil Corp.		326,563		7,889,762
Matador Resources Co.		78,002		3,824,438
Murphy Oil Corp.		115,933		4,255,901
Ovintiv, Inc.		105,753		3,815,568
PDC Energy, Inc.		73,383		4,773,564
Permian Resources Corp.^(c)		485,808		5,076,694
Pioneer Natural Resources Co.		40,315		8,770,528
SM Energy Co.		153,321		4,305,254
Southwestern Energy Co.^(b)		937,450		4,865,366
Talos Energy, Inc.^(b)(c)		270,791		3,690,881

				119,373,994

Oil & Gas Refining & Marketing-23.83%
Delek US Holdings, Inc.^(c)		170,845		3,715,879
HF Sinclair Corp.		85,799		3,784,594
Marathon Petroleum Corp.		67,441		8,227,802
Par Pacific Holdings, Inc.^(b)		170,845		4,002,898
PBF Energy, Inc., Class A		102,325		3,567,049



	Shares		Value
Oil & Gas Refining & Marketing-(continued)
Phillips 66		83,294	$	8,246,106
Valero Energy Corp.		62,795		7,200,703

				38,745,031

Total Common Stocks & Other Equity Interests (Cost $192,701,148)				162,613,944


Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e) (Cost $108,993)		108,993		108,993

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $192,810,141)				162,722,937


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.79%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		5,820,927		5,820,927
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		14,968,098		14,968,098

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,789,065)				20,789,025

TOTAL INVESTMENTS IN SECURITIES-112.88% (Cost $213,599,206)				183,511,962
OTHER ASSETS LESS LIABILITIES-(12.88)%				(20,939,248	)

NET ASSETS-100.00%			$	162,572,714

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



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Agricultural Products & Services-7.26%
Archer-Daniels-Midland Co.		199,066	$	15,543,073
Fresh Del Monte Produce, Inc.		308,715		8,863,208

				24,406,281

Brewers-2.92%
Molson Coors Beverage Co., Class B		164,744		9,798,973

Distillers & Vintners-2.70%
MGP Ingredients, Inc.		92,087		9,087,145

Food Distributors-12.85%
Andersons, Inc. (The)		198,976		8,894,227
Performance Food Group Co.^(b)		150,647		9,444,061
Sysco Corp.		210,962		16,189,224
US Foods Holding Corp.^(b)		225,127		8,644,877

				43,172,389

Food Retail-10.89%
Albertsons Cos., Inc., Class A		411,668		8,603,861
Kroger Co. (The)		198,084		9,632,825
Sprouts Farmers Market, Inc.^(b)(c)		279,258		9,679,082
Weis Markets, Inc.^(c)		104,983		8,660,048

				36,575,816

Packaged Foods & Meats-45.13%
Cal-Maine Foods, Inc.		148,546		7,055,935
Campbell Soup Co.		165,670		8,995,881
Conagra Brands, Inc.		243,083		9,227,431
General Mills, Inc.		202,145		17,916,111
Hershey Co. (The)		67,264		18,367,108
Hostess Brands, Inc.^(b)(c)		387,484		9,981,588
JM Smucker Co. (The)		58,924		9,098,455
Kraft Heinz Co. (The)		406,419		15,960,074
Lamb Weston Holdings, Inc.		88,095		9,849,902
Lancaster Colony Corp.		45,482		9,511,196
Mondelez International, Inc., Class A		243,303		18,666,206



	Shares		Value
Packaged Foods & Meats-(continued)
Post Holdings, Inc.^(b)(c)		96,490	$	8,731,380
Tootsie Roll Industries, Inc.		202,954		8,296,759

				151,658,026

Restaurants-2.49%
Arcos Dorados Holdings, Inc., Class A (Brazil)		1,054,715		8,374,437

Soft Drinks & Non-alcoholic Beverages-15.75%
Celsius Holdings, Inc.^(b)(c)		101,698		9,719,278
Coca-Cola Co. (The)		270,969		17,382,661
PepsiCo, Inc.		91,974		17,556,917
Primo Water Corp.		544,579		8,272,155

				52,931,011

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $314,816,379)				336,004,078


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.83%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		8,310,046		8,310,046
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		21,368,689		21,368,689

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $29,678,735)				29,678,735

TOTAL INVESTMENTS IN SECURITIES-108.82% (Cost $344,495,114)				365,682,813
OTHER ASSETS LESS LIABILITIES-(8.82)%				(29,635,983	)

NET ASSETS-100.00%			$	336,046,830

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



	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Broadcasting-7.21%
Fox Corp., Class A^(b)		613,409	$	20,401,983
Paramount Global, Class B^(b)		527,775		12,312,991

				32,714,974

Casinos & Gaming-13.84%
Boyd Gaming Corp.		186,153		12,919,018
International Game Technology PLC^(b)		464,574		13,073,112
Las Vegas Sands Corp.^(c)		393,710		25,138,383
Light & Wonder, Inc.^(b)(c)		193,264		11,651,887

				62,782,400

Food Distributors-7.50%
Sysco Corp.		288,843		22,165,812
US Foods Holding Corp.^(c)		308,239		11,836,377

				34,002,189

Hotels, Resorts & Cruise Lines-10.65%
Booking Holdings, Inc.^(c)		9,164		24,617,345
Hilton Grand Vacations, Inc.^(b)(c)		266,629		11,411,721
Hyatt Hotels Corp., Class A^(b)(c)		107,324		12,267,133

				48,296,199

Interactive Media & Services-2.13%
TripAdvisor, Inc.^(b)(c)		544,658		9,656,786

Movies & Entertainment-27.80%
Cinemark Holdings, Inc.^(b)(c)		969,679		16,368,181
Endeavor Group Holdings, Inc., Class A^(b)(c)		563,924		14,537,961
Liberty Media Corp.-Liberty Formula One, Class C^(c)		175,319		12,656,278
Lions Gate Entertainment Corp., Class A^(b)(c)		1,181,834		13,591,091
Live Nation Entertainment, Inc.^(b)(c)		295,624		20,037,395
Madison Square Garden Sports Corp., Class A		63,546		12,740,973
Warner Music Group Corp., Class A		695,289		21,185,456
World Wrestling Entertainment, Inc., Class A^(b)		139,998		15,003,586

				126,120,921

Passenger Airlines-7.48%
Alaska Air Group, Inc.^(c)		253,297		11,008,288
Copa Holdings S.A., Class A (Panama)^(b)		132,271		11,946,717
United Airlines Holdings, Inc.^(c)		251,089		10,997,698

				33,952,703



	Shares		Value
Restaurants-23.39%
Arcos Dorados Holdings, Inc., Class A (Brazil)		1,444,133	$	11,466,416
Bloomin’ Brands, Inc.^(b)		430,684		10,668,043
Brinker International, Inc.^(b)(c)		312,399		12,470,968
Darden Restaurants, Inc.		81,848		12,435,167
Texas Roadhouse, Inc.^(b)		115,703		12,799,066
Yum China Holdings, Inc. (China)^(b)		365,818		22,380,745
Yum! Brands, Inc.		169,874		23,880,887

				106,101,292

Total Common Stocks & Other Equity Interests (Cost $444,607,917)				453,627,464


Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(d)(e) (Cost $392,263)		392,263		392,263

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $445,000,180)				454,019,727


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-23.54%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		29,897,937		29,897,937
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		76,880,409		76,880,409

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $106,785,946)				106,778,346

TOTAL INVESTMENTS IN SECURITIES-123.63% (Cost $551,786,126)				560,798,073
OTHER ASSETS LESS LIABILITIES-(23.63)%				(107,177,104	)

NET ASSETS-100.00%			$	453,620,969

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


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


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Dynamic Biotech & Genome Intellidex^® Index		11.83	%		6.23	%		19.88	%		6.05	%		34.13	%		8.87	%		133.98	%		9.05	%		369.91	%
S&P Composite 1500^® Biotechnolgy Index		13.79			7.70			24.94			9.10			54.59			10.93			182.21			12.65			738.78
Fund
NAV Return		11.25			5.60			17.76			5.46			30.46			8.58			127.69			8.65			339.49
Market Price Return		11.29			5.52			17.49			5.43			30.28			8.57			127.58			8.64			339.13


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


	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Average Annualized			Cumulative
Dynamic Building & Construction Intellidex^® Index		16.24	%		23.78	%		89.64	%		10.57	%		65.28	%		10.27	%		165.74	%		8.12	%		292.54	%
S&P Composite 1500^® Construction & Engineering Index		33.82			39.73			172.83			17.83			127.17			11.25			190.53			9.83			416.76
Fund
NAV Return		15.53			23.04			86.26			9.88			60.17			9.55			149.04			7.31			243.90
Market Price Return		15.50			22.93			85.79			9.87			60.09			9.56			149.23			7.30			243.60


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



		Invesco Annual Report to Shareholders
		April 30, 2023

		PBE		Invesco Dynamic Biotechnology & Genome ETF

		PKB		Invesco Dynamic Building & Construction ETF

		PXE		Invesco Dynamic Energy Exploration & Production ETF

		PBJ		Invesco Dynamic Food & Beverage ETF

		PEJ		Invesco Dynamic Leisure and Entertainment ETF

		PBS		Invesco Dynamic Media ETF

		PXQ		Invesco Dynamic Networking ETF

		PXJ		Invesco Dynamic Oil & Gas Services ETF

		PJP		Invesco Dynamic Pharmaceuticals ETF

		PSI		Invesco Dynamic Semiconductors ETF

		PSJ		Invesco Dynamic Software ETF



The Market Environment			3

Management’s Discussion of Fund Performance			4

Liquidity Risk Management Program			26

Schedules of Investments

Invesco Dynamic Biotechnology & Genome ETF (PBE)			27

Invesco Dynamic Building & Construction ETF (PKB)			29

Invesco Dynamic Energy Exploration & Production ETF (PXE)			31

Invesco Dynamic Food & Beverage ETF (PBJ)			33

Invesco Dynamic Leisure and Entertainment ETF (PEJ)			35

Invesco Dynamic Media ETF (PBS)			37

Invesco Dynamic Networking ETF (PXQ)			39

Invesco Dynamic Oil & Gas Services ETF (PXJ)			41

Invesco Dynamic Pharmaceuticals ETF (PJP)			43

Invesco Dynamic Semiconductors ETF (PSI)			45

Invesco Dynamic Software ETF (PSJ)			47

Statements of Assets and Liabilities			50

Statements of Operations			52

Statements of Changes in Net Assets			54

Financial Highlights			58

Notes to Financial Statements			67

Report of Independent Registered Public Accounting Firm			79

Fund Expenses			80

Tax Information			82

Trustees and Officers			83

Approval of Investment Advisory Contracts			94



	Value April 30, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value April 30, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	138,087	$	6,349,505	$	(6,192,986)		$ -		$ -		$ 294,606	$	5,060