

		Invesco Semi-Annual Report to Shareholders
		October 31, 2023

		IGPT		Invesco AI and Next Gen Software ETF (formerly, Invesco Dynamic Software ETF)

		PBE		Invesco Biotechnology & Genome ETF (formerly, Invesco Dynamic Biotechnology & Genome ETF)

		PKB		Invesco Building & Construction ETF (formerly, Invesco Dynamic Building & Construction ETF)

		PXE		Invesco Energy Exploration & Production ETF (formerly, Invesco Dynamic Energy Exploration & Production ETF)

		PBJ		Invesco Food & Beverage ETF (formerly, Invesco Dynamic Food & Beverage ETF)

		PEJ		Invesco Leisure and Entertainment ETF (formerly, Invesco Dynamic Leisure and Entertainment ETF)

		KNCT		Invesco Next Gen Connectivity ETF (formerly, Invesco Dynamic Networking ETF)

		GGME		Invesco Next Gen Media and Gaming ETF (formerly, Invesco Dynamic Media ETF)

		PXJ		Invesco Oil & Gas Services ETF (formerly, Invesco Dynamic Oil & Gas Services ETF)

		PJP		Invesco Pharmaceuticals ETF (formerly, Invesco Dynamic Pharmaceuticals ETF)

		PSI		Invesco Semiconductors ETF (formerly, Invesco Dynamic Semiconductors ETF)

Table of Contents


Schedules of Investments

Invesco AI and Next Gen Software ETF (IGPT)			3

Invesco Biotechnology & Genome ETF (PBE)			6

Invesco Building & Construction ETF (PKB)			8

Invesco Energy Exploration & Production ETF (PXE)			10

Invesco Food & Beverage ETF (PBJ)			12

Invesco Leisure and Entertainment ETF (PEJ)			14

Invesco Next Gen Connectivity ETF (KNCT)			16

Invesco Next Gen Media and Gaming ETF (GGME)			19

Invesco Oil & Gas Services ETF (PXJ)			22

Invesco Pharmaceuticals ETF (PJP)			24

Invesco Semiconductors ETF (PSI)			26

Statements of Assets and Liabilities			28

Statements of Operations			30

Statements of Changes in Net Assets			32

Financial Highlights			36

Notes to Financial Statements			47

Fund Expenses			60

Invesco AI and Next Gen Software ETF (IGPT)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Advertising-1.39%
Magnite, Inc.^(b)(c)		9,081	$	60,298
Trade Desk, Inc. (The), Class A^(b)		29,518		2,094,597

				2,154,895

Alternative Carriers-0.12%
Cogent Communications Holdings, Inc.		2,923		189,937


Application Software-21.16%
Adobe, Inc.^(b)		23,809		12,667,817
Altair Engineering, Inc., Class A^(b)(c)		3,178		197,417
Alteryx, Inc., Class A^(b)(c)		4,193		134,218
Altium Ltd. (Australia)		6,196		154,880
ANSYS, Inc.^(b)		5,746		1,598,882
Autodesk, Inc.^(b)		14,141		2,794,686
Bentley Systems, Inc., Class B^(c)		15,516		754,698
Cadence Design Systems, Inc.^(b)		15,882		3,809,298
Dassault Systemes SE (France)		47,935		1,966,652
DoubleVerify Holdings, Inc.^(b)(c)		7,571		210,701
Elastic N.V.^(b)		4,753		356,665
Enghouse Systems Ltd. (Canada)		2,223		52,138
Five9, Inc.^(b)		4,781		276,676
HubSpot, Inc.^(b)		3,310		1,402,679
IRESS Ltd. (Australia)		7,148		22,583
MicroStrategy, Inc., Class A^(b)(c)		798		337,865
Nemetschek SE (Germany)		2,289		170,331
Nice Ltd. (Israel)^(b)		3,431		529,718
Pegasystems, Inc.^(c)		2,786		119,074
PTC, Inc.^(b)		5,264		739,171
Sinch AB^(b)(c)(d)		43,061		67,848
Splunk, Inc.^(b)		10,105		1,487,052
Synopsys, Inc.^(b)		5,116		2,401,655
Unity Software, Inc.^(b)(c)		17,362		440,474
Verint Systems, Inc.^(b)(c)		4,254		80,018

				32,773,196

Automotive Parts & Equipment-0.03%
Luminar Technologies, Inc.^(b)(c)		15,901		50,406


Consumer Electronics-0.41%
Garmin Ltd.		6,192		634,866


Data Center REITs-4.52%
Digital Realty Trust, Inc.		20,024		2,490,185
Equinix, Inc.		6,193		4,518,660

				7,008,845

Electrical Components & Equipment-1.59%
AMETEK, Inc.		10,999		1,548,329
Nidec Corp. (Japan)		25,757		921,977

				2,470,306

Electronic Components-0.29%
Largan Precision Co. Ltd. (Taiwan)		7,048		449,803


Electronic Equipment & Instruments-4.97%
Cognex Corp.		11,419		410,970
Halma PLC (United Kingdom)		17,871		400,099
Hexagon AB, Class B (Sweden)		133,776		1,085,999
Inficon Holding AG (Switzerland)		115		124,471
Jenoptik AG (Germany)		2,967		70,124
Keyence Corp. (Japan)		13,678		5,251,911



	Shares		Value

Electronic Equipment & Instruments-(continued)
Novanta, Inc.^(b)		1,610	$	212,617
Spectris PLC (United Kingdom)		3,602		135,496

				7,691,687


Electronic Manufacturing Services-0.13%
IPG Photonics Corp.^(b)		2,276		195,508


Health Care Equipment-3.94%
Intuitive Surgical, Inc.^(b)		23,256		6,098,188


Health Care Services-0.06%
RadNet, Inc.^(b)(c)		3,716		100,183


Industrial Machinery & Supplies & Components-1.59%
3D Systems Corp.^(b)(c)		8,844		32,988
ATS Corp. (Canada)^(b)		4,830		162,479
AutoStore Holdings Ltd. (Norway)^(b)(d)		64,994		71,675
Duerr AG (Germany)		2,884		59,047
Fortive Corp.^(c)		18,029		1,176,933
Harmonic Drive Systems, Inc. (Japan)		4,170		89,213
Hiwin Technologies Corp. (Taiwan)		16,958		102,213
MINEBEA MITSUMI, Inc. (Japan)		18,521		284,887
Yaskawa Electric Corp. (Japan)		14,979		482,370

				2,461,805


Interactive Home Entertainment-1.54%
Electronic Arts, Inc.		10,265		1,270,704
Take-Two Interactive Software, Inc.^(b)		7,555		1,010,481
Ubisoft Entertainment S.A. (France)^(b)		3,718		105,637

				2,386,822


Interactive Media & Services-18.04%
Alphabet, Inc., Class A^(b)		98,646		12,239,996
Baidu, Inc., A Shares (China)^(b)		83,263		1,092,849
Meta Platforms, Inc., Class A^(b)		44,674		13,458,936
Pinterest, Inc., Class A^(b)(c)		38,559		1,152,143

				27,943,924


Internet Services & Infrastructure-2.22%
GDS Holdings Ltd., A Shares (China)^(b)		43,488		53,800
NEXTDC Ltd. (Australia)^(b)		34,163		254,156
Snowflake, Inc., Class A^(b)		21,570		3,130,454

				3,438,410


IT Consulting & Other Services-0.02%
Addnode Group AB (Sweden)^(c)		4,818		29,949


Movies & Entertainment-0.27%
Roku, Inc., Class A^(b)(c)		7,138		425,211


Research & Consulting Services-0.09%
Clarivate PLC^(b)(c)		21,643		138,082


Semiconductors-34.26%
Advanced Micro Devices, Inc.^(b)		106,945		10,534,082
Alchip Technologies Ltd. (Taiwan)		4,447		359,901
Ambarella, Inc.^(b)		2,629		118,279
AP Memory Technology Corp. (Taiwan)		8,912		98,091
ASMedia Technology, Inc. (Taiwan)		1,778		72,085
Diodes, Inc.^(b)		3,034		197,453
Faraday Technology Corp. (Taiwan)		12,728		118,510
Global Unichip Corp. (Taiwan)		4,261		188,517
Intel Corp.		264,293		9,646,694
Lattice Semiconductor Corp.^(b)		8,897		494,762

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



		3
		3

Invesco AI and Next Gen Software ETF (IGPT)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Semiconductors-(continued)
Macronix International Co. Ltd. (Taiwan)		81,503	$	67,846
Marvell Technology, Inc.		33,737		1,593,061
MaxLinear, Inc.^(b)		2,841		43,183
Microchip Technology, Inc.		25,872		1,844,415
Micron Technology, Inc.		72,461		4,845,467
Nanya Technology Corp. (Taiwan)		77,829		155,250
NVIDIA Corp.		28,855		11,767,069
QUALCOMM, Inc.		63,240		6,892,528
Renesas Electronics Corp. (Japan)^(b)		54,017		697,483
Sanken Electric Co. Ltd. (Japan)		1,660		80,213
Silicon Laboratories, Inc.^(b)(c)		2,116		195,053
SK hynix, Inc. (South Korea)		33,825		2,912,774
Winbond Electronics Corp. (Taiwan)		189,005		145,388
Winbond Electronics Corp., Rts., expiring 11/30/2023 (Taiwan)^(b)		7,598		691

				53,068,795

Systems Software-0.39%
Dolby Laboratories, Inc., Class A^(c)		3,946		319,389
Teradata Corp.^(b)		6,626		283,063

				602,452

Technology Hardware, Storage & Peripherals-3.00%
Hewlett Packard Enterprise Co.		51,583		793,346
NetApp, Inc.		9,706		706,403
Pure Storage, Inc., Class A^(b)(c)		12,349		417,520
Seagate Technology Holdings PLC^(c)		13,740		937,755
Super Micro Computer, Inc.^(b)		2,547		609,930
Western Digital Corp.^(b)		21,200		851,180
Wiwynn Corp. (Taiwan)		7,214		338,069

				4,654,203

Total Common Stocks & Other Equity Interests (Cost $160,135,413)				154,967,473



	Shares		Value
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(e)(f) (Cost $83,253)		83,253	$	83,253

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $160,218,666)				155,050,726


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.65%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		1,581,715		1,581,715
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		4,068,893		4,069,300

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,651,071)				5,651,015

TOTAL INVESTMENTS IN SECURITIES-103.74% (Cost $165,869,737)				160,701,741
OTHER ASSETS LESS LIABILITIES-(3.74)%				(5,786,179	)

NET ASSETS-100.00%.			$	154,915,562

Investment Abbreviations:

Rts.-Rights

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $139,523, which represented less than 1% of the Fund’s Net Assets.

^(e)

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



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	154,502	$	18,438,104	$	(18,509,353)		$ -		$ -		$ 83,253	$	6,873

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



		4
		4

Invesco AI and Next Gen Software ETF (IGPT)–(continued)

October 31, 2023

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	5,666,175	$	55,212,884	$	(59,297,344	)		$	-		$	-			$	1,581,715	$	106,622	*

Invesco Private Prime Fund			14,570,164		118,222,383		(128,722,481	)			1,123			(1,889	)			4,069,300		282,565	*


Total		$	20,390,841	$	191,873,371	$	(206,529,178	)		$	1,123		$	(1,889	)		$	5,734,268	$	396,060

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

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

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


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

Semiconductors	34.26

Application Software	21.16

Interactive Media & Services	18.04

Electronic Equipment & Instruments	4.97

Data Center REITs	4.52

Health Care Equipment	3.94

Technology Hardware, Storage & Peripherals	3.00

Sub-Industry Types Each Less Than 3%	10.14

Money Market Funds Plus Other Assets Less Liabilities	(0.03	)

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



		5
		5

Invesco Biotechnology & Genome ETF (PBE)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.05%
Biotechnology-83.31%
Acadia Pharmaceuticals, Inc.^(b)		225,189	$	5,082,516
Alkermes PLC^(b)(c)		222,135		5,373,446
Amgen, Inc.		46,617		11,919,967
Amicus Therapeutics, Inc.^(b)		525,320		5,762,760
Arrowhead Pharmaceuticals, Inc.^(b)(c)		230,824		5,675,962
Biogen, Inc.^(b)		45,668		10,847,977
BioMarin Pharmaceutical, Inc.^(b)		132,659		10,805,076
Catalyst Pharmaceuticals, Inc.^(b)(c)		454,282		5,637,640
Dynavax Technologies Corp.^(b)(c)		438,177		6,226,495
Exelixis, Inc.^(b)		304,970		6,279,332
Gilead Sciences, Inc.^(c)		157,299		12,354,263
Halozyme Therapeutics, Inc.^(b)		153,414		5,196,132
Incyte Corp.^(b)		185,363		9,996,627
MannKind Corp.^(b)(c)		1,442,898		6,190,032
Myriad Genetics, Inc.^(b)		377,129		5,875,670
Neurocrine Biosciences, Inc.^(b)		61,170		6,786,200
PTC Therapeutics, Inc.^(b)(c)		166,263		3,117,431
Regeneron Pharmaceuticals, Inc.^(b)		14,288		11,143,068
United Therapeutics Corp.^(b)		51,978		11,583,817
Veracyte, Inc.^(b)(c)		252,050		5,222,476
Vericel Corp.^(b)(c)		200,266		7,045,358
Vertex Pharmaceuticals, Inc.^(b)		34,275		12,411,320
Xencor, Inc.^(b)(c)		285,312		4,950,163

				175,483,728

Health Care Services-4.48%
Fulgent Genetics, Inc.^(b)(c)		193,467		4,631,600
OPKO Health, Inc.^(b)(c)		3,853,383		4,816,729

				9,448,329

Life Sciences Tools & Services-7.09%
Pacific Biosciences of California, Inc.^(b)(c)		637,853		3,941,932
QIAGEN N.V.^(b)		148,072		5,542,335
Repligen Corp.^(b)(c)		40,484		5,447,527

				14,931,794



	Shares		Value
Pharmaceuticals-5.17%
Catalent, Inc.^(b)(c)		147,507	$	5,072,766
Intra-Cellular Therapies, Inc.^(b)		116,728		5,808,385

				10,881,151

Total Common Stocks & Other Equity Interests (Cost $220,233,567)				210,745,002


Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $149,552)		149,552		149,552

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12% (Cost $220,383,119)				210,894,554


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-26.63%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		15,706,345		15,706,345
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		40,394,421		40,398,460

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $56,103,638)				56,104,805

TOTAL INVESTMENTS IN SECURITIES-126.75% (Cost $276,486,757)				266,999,359
OTHER ASSETS LESS LIABILITIES-(26.75)%				(56,349,095	)

NET ASSETS-100.00%.			$	210,650,264

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 294,606		$ 1,647,557		$ (1,792,611)		$ -		$ -		$ 149,552	$	5,086

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



		6
		6

Invesco Biotechnology & Genome ETF (PBE)–(continued)

October 31, 2023

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	10,396,545		$	83,642,792		$	(78,332,992	)		$	-		$	-			$	15,706,345		$	351,325	*

Invesco Private Prime Fund			26,733,973			172,490,200			(158,829,204	)			6,254			(2,763	)			40,398,460			944,072	*


Total		$	37,425,124		$	257,780,549		$	(238,954,807	)		$	6,254		$	(2,763	)		$	56,254,357		$	1,300,483

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

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

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


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

Biotechnology	83.31

Life Sciences Tools & Services	7.09

Pharmaceuticals	5.17

Health Care Services	4.48

Money Market Funds Plus Other Assets Less Liabilities	(0.05	)

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



		7
		7

Invesco Building & Construction ETF (PKB)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.05%
Building Products-16.80%
American Woodmark Corp.^(b)(c)		80,834	$	5,434,470
Gibraltar Industries, Inc.^(b)		82,332		5,010,726
Griffon Corp.		145,248		5,801,205
Lennox International, Inc.^(c)		30,762		11,398,551
Owens Corning		43,277		4,906,314

				32,551,266

Construction & Engineering-8.83%
Comfort Systems USA, Inc.		32,949		5,991,775
EMCOR Group, Inc.^(c)		27,083		5,596,702
Sterling Infrastructure, Inc.^(b)(c)		75,749		5,518,315

				17,106,792

Construction Materials-15.89%
Eagle Materials, Inc.^(c)		32,986		5,076,875
Martin Marietta Materials, Inc.		24,716		10,107,361
United States Lime & Minerals, Inc.^(c)		28,891		5,720,129
Vulcan Materials Co.		50,259		9,875,391

				30,779,756

Forest Products-2.61%
Louisiana-Pacific Corp.		98,761		5,064,464


Home Improvement Retail-4.88%
Home Depot, Inc. (The)		33,237		9,462,242


Homebuilding-48.33%
Beazer Homes USA, Inc.^(b)(c)		208,240		5,037,326
D.R. Horton, Inc.		92,009		9,605,739
Dream Finders Homes, Inc., Class A^(b)(c)		221,979		4,370,766
Green Brick Partners, Inc.^(b)(c)		122,617		4,745,278
KB Home		119,814		5,295,779
Lennar Corp., Class A		92,478		9,865,553
M.D.C. Holdings, Inc.		126,945		4,817,563
M/I Homes, Inc.^(b)		63,416		5,204,551
Meritage Homes Corp.		43,421		4,950,862
NVR, Inc.^(b)		1,769		9,574,925
PulteGroup, Inc.		136,764		10,064,463



	Shares		Value
Homebuilding-(continued)
Taylor Morrison Home Corp., Class A^(b)(c)		128,621	$	4,928,757
Toll Brothers, Inc.^(c)		77,419		5,474,297
TopBuild Corp.^(b)		20,664		4,727,097
Tri Pointe Homes, Inc.^(b)		198,604		4,977,016

				93,639,972

Specialized Consumer Services-2.71%
Frontdoor, Inc.^(b)		181,211		5,242,434

Total Common Stocks & Other Equity Interests (Cost $190,888,515)				193,846,926


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $111,483)		111,483		111,483

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $190,999,998)				193,958,409


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.31%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		3,424,000		3,424,000
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		8,805,077		8,805,958

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,229,934)				12,229,958

TOTAL INVESTMENTS IN SECURITIES-106.42% (Cost $203,229,932)				206,188,367
OTHER ASSETS LESS LIABILITIES-(6.42)%				(12,443,631	)

NET ASSETS-100.00%.			$	193,744,736

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 152,257		$ 1,707,328		$ (1,748,102)		$ -		$ -		$ 111,483	$	4,136

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



		8
		8

Invesco Building & Construction ETF (PKB)–(continued)

October 31, 2023

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	3,829,706		$	55,054,562		$	(55,460,268	)		$	-		$	-			$	3,424,000		$	120,738	*

Invesco Private Prime Fund			9,847,815			125,202,452			(126,244,311	)			137			(135	)			8,805,958			325,016	*


Total		$	13,829,778		$	181,964,342		$	(183,452,681	)		$	137		$	(135	)		$	12,341,441		$	449,890

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

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

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


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

Homebuilding	48.33

Building Products	16.80

Construction Materials	15.89

Construction & Engineering	8.83

Home Improvement Retail	4.88

Sub-Industry Types Each Less Than 3%	5.32

Money Market Funds Plus Other Assets Less Liabilities	(0.05	)

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



		9
		9

Invesco Energy Exploration & Production ETF (PXE)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Gas Utilities-2.62%
National Fuel Gas Co.		86,706	$	4,417,671


Oil & Gas Exploration & Production-71.77%
APA Corp.		107,314		4,262,512
California Resources Corp.^(b)		82,943		4,361,972
Callon Petroleum Co.^(b)(c)		125,212		4,676,668
Chesapeake Energy Corp.^(b)		53,114		4,572,053
Chord Energy Corp.^(b)		29,024		4,798,248
Civitas Resources, Inc.^(b)		57,965		4,372,300
CNX Resources Corp.^(b)(c)		208,020		4,518,195
Comstock Resources, Inc.^(b)		386,197		4,866,082
Coterra Energy, Inc.^(b)		300,462		8,262,705
Diamondback Energy, Inc.		56,525		9,062,088
EOG Resources, Inc.		64,867		8,189,459
EQT Corp.^(b)		193,163		8,186,248
Gulfport Energy Corp.^(c)		41,217		5,094,833
Magnolia Oil & Gas Corp., Class A^(b)		203,685		4,572,728
Murphy Oil Corp.		102,092		4,580,868
Ovintiv, Inc.		95,966		4,606,368
Permian Resources Corp.^(b)		340,469		4,960,633
Pioneer Natural Resources Co.		35,656		8,521,784
Range Resources Corp.^(b)		144,143		5,166,085
SM Energy Co.^(b)		113,519		4,577,086
Southwestern Energy Co.^(c)		693,841		4,947,086
Vital Energy, Inc.^(b)(c)		78,960		3,951,159

				121,107,160


Oil & Gas Refining & Marketing-25.60%
CVR Energy, Inc.^(b)		131,849		4,318,055
HF Sinclair Corp.^(b)		80,845		4,477,196
Marathon Petroleum Corp.		58,648		8,870,510
Par Pacific Holdings, Inc.^(b)(c)		129,602		4,253,538
PBF Energy, Inc., Class A^(b)		98,617		4,687,266



	Shares		Value
Oil & Gas Refining & Marketing-(continued)
Phillips 66		74,218	$	8,466,047
Valero Energy Corp.^(b)		64,057		8,135,239

				43,207,851

Total Common Stocks & Other Equity Interests (Cost $158,855,107)				168,732,682


Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $163,043)		163,043		163,043

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $159,018,150)				168,895,725


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-28.53%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		13,479,602		13,479,602
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		34,665,968		34,669,435

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $48,148,295)				48,149,037

TOTAL INVESTMENTS IN SECURITIES-128.62% (Cost $207,166,445)				217,044,762
OTHER ASSETS LESS LIABILITIES-(28.62)%				(48,297,273	)

NET ASSETS-100.00%.			$	168,747,489

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	108,993	$	2,600,536	$	(2,546,486)	$	-	$	-	$	163,043	$	2,472

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



		10
		10

Invesco Energy Exploration & Production ETF (PXE)–(continued)

October 31, 2023

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	5,820,927	$	84,552,443	$	(76,893,768	)		$	-		$	-		$	13,479,602	$	311,845	*

Invesco Private Prime Fund			14,968,098		154,068,932		(134,374,635	)			782			6,258			34,669,435		820,842	*


Total		$	20,898,018	$	241,221,911	$	(213,814,889	)		$	782		$	6,258		$	48,312,080	$	1,135,159

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

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

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


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

Oil & Gas Exploration & Production			71.77

Oil & Gas Refining & Marketing			25.60

Gas Utilities			2.62

Money Market Funds Plus Other Assets Less Liabilities			0.01

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



		11
		11

Invesco Food & Beverage ETF (PBJ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Agricultural Products & Services-10.30%
Archer-Daniels-Midland Co.		121,402	$	8,688,741
Bunge Ltd.		48,050		5,092,339
Fresh Del Monte Produce, Inc.		207,612		5,190,300

				18,971,380


Brewers-2.68%
Molson Coors Beverage Co., Class B		85,625		4,946,556


Distillers & Vintners-4.84%
Constellation Brands, Inc., Class A		38,127		8,927,437


Food Distributors-8.44%
Andersons, Inc. (The)		105,468		5,287,111
Performance Food Group Co.^(b)(c)		87,725		5,066,996
US Foods Holding Corp.^(b)		133,320		5,191,481

				15,545,588


Food Retail-8.81%
Kroger Co. (The)		113,773		5,161,881
Sprouts Farmers Market, Inc.^(b)(c)		138,247		5,809,139
Weis Markets, Inc.^(c)		80,756		5,257,216

				16,228,236


Packaged Foods & Meats-31.01%
Adecoagro S.A. (Brazil)		484,560		5,112,108
B&G Foods, Inc.^(c)		440,994		3,558,822
Cal-Maine Foods, Inc.		112,934		5,117,039
Dole PLC^(c)		449,523		5,133,553
John B. Sanfilippo & Son, Inc.		52,500		5,368,650
Kraft Heinz Co. (The)		294,513		9,265,379
Lamb Weston Holdings, Inc.		55,585		4,991,533
Mondelez International, Inc., Class A		139,700		9,249,537
Nomad Foods Ltd. (United Kingdom)^(b)(c)		293,295		4,053,337
Seaboard Corp.		1,509		5,291,987

				57,141,945


Personal Care Products-3.16%
BellRing Brands, Inc.^(b)		133,167		5,823,393


Restaurants-10.45%
Arcos Dorados Holdings, Inc., Class A (Brazil)^(c)		536,037		4,835,053



	Shares		Value
Restaurants-(continued)
Chipotle Mexican Grill, Inc.^(b)		5,240	$	10,177,128
Dutch Bros, Inc., Class A^(b)(c)		174,764		4,253,756

				19,265,937


Soft Drinks & Non-alcoholic Beverages-20.29%
Coca-Cola Co. (The)		163,311		9,225,438
Coca-Cola Consolidated, Inc.		7,772		4,946,178
Monster Beverage Corp.^(b)		170,986		8,737,385
PepsiCo, Inc.		55,814		9,113,310
Vita Coco Co., Inc. (The)^(b)(c)		197,706		5,357,833

				37,380,144

Total Common Stocks & Other Equity Interests (Cost $195,340,968)				184,230,616


Money Market Funds-0.13%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $241,490)		241,490		241,490

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $195,582,458)				184,472,106


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.76%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		4,003,938		4,003,938
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		10,298,795		10,299,825

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,304,000)				14,303,763

TOTAL INVESTMENTS IN SECURITIES-107.87% (Cost $209,886,458)				198,775,869
OTHER ASSETS LESS LIABILITIES-(7.87)%				(14,508,518	)

NET ASSETS-100.00%.			$	184,267,351

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ -		$ 3,392,666		$ (3,151,176)		$ -		$ -		$ 241,490	$	3,134

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



		12
		12

Invesco Food & Beverage ETF (PBJ)–(continued)

October 31, 2023

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	8,310,046		$	65,124,134		$	(69,430,242	)		$	-			$	-			$	4,003,938		$	198,801	*

Invesco Private Prime Fund			21,368,689			139,233,113			(150,300,346	)			(237	)			(1,394	)			10,299,825			541,188	*


Total		$	29,678,735		$	207,749,913		$	(222,881,764	)		$	(237	)		$	(1,394	)		$	14,545,253		$	743,123

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

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

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


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

Packaged Foods & Meats			31.01

Soft Drinks & Non-alcoholic Beverages			20.29

Restaurants			10.45

Agricultural Products & Services			10.30

Food Retail			8.81

Food Distributors			8.44

Distillers & Vintners			4.84

Personal Care Products			3.16

Brewers			2.68

Money Market Funds Plus Other Assets Less Liabilities			0.02

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



		13
		13

Invesco Leisure and Entertainment ETF (PEJ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Broadcasting-2.84%
Fox Corp., Class A^(b)		267,616	$	8,132,850

Casinos & Gaming-12.93%
Accel Entertainment, Inc.^(b)(c)		804,466		7,923,990
Caesars Entertainment, Inc.^(b)(c)		169,952		6,779,385
Las Vegas Sands Corp.		301,056		14,288,118
Wynn Resorts Ltd.		92,302		8,102,270

				37,093,763

Food Distributors-2.98%
US Foods Holding Corp.^(c)		219,099		8,531,715

Hotels, Resorts & Cruise Lines-25.87%
Airbnb, Inc., Class A^(c)		126,600		14,975,514
Booking Holdings, Inc.^(c)		5,224		14,572,661
MakeMyTrip Ltd. (India)^(b)(c)		235,590		9,124,401
Marriott International, Inc., Class A		78,913		14,879,835
Norwegian Cruise Line Holdings Ltd.^(b)(c)		509,491		6,929,078
Royal Caribbean Cruises Ltd.^(c)		161,879		13,716,008

				74,197,497

Interactive Media & Services-5.46%
Eventbrite, Inc., Class A^(b)(c)		863,714		7,151,552
TripAdvisor, Inc.^(b)(c)		576,003		8,501,804

				15,653,356

Movies & Entertainment-19.22%
Cinemark Holdings, Inc.^(b)(c)		509,717		8,405,234
Liberty Media Corp.-Liberty Formula One^(c)		133,219		8,617,937
Lions Gate Entertainment Corp., Class A^(b)(c)		1,234,227		9,701,024
Live Nation Entertainment, Inc.^(b)(c)		104,366		8,351,367
Sphere Entertainment Co.^(b)(c)		222,120		7,309,969
Warner Bros Discovery, Inc.^(b)(c)		1,283,110		12,754,114

				55,139,645

Passenger Airlines-14.45%
American Airlines Group, Inc.^(b)(c)		592,961		6,611,515
Copa Holdings S.A., Class A (Panama)^(b)		89,789		7,331,272
Delta Air Lines, Inc.		386,630		12,082,187
SkyWest, Inc.^(b)(c)		218,006		9,193,313
United Airlines Holdings, Inc.^(b)(c)		177,869		6,227,194

				41,445,481



	Shares		Value
Restaurants-16.24%
Arcos Dorados Holdings, Inc., Class A (Brazil)		879,561	$	7,933,640
Chipotle Mexican Grill, Inc.^(c)		8,579		16,662,134
Dutch Bros, Inc., Class A^(b)(c)		287,230		6,991,178
First Watch Restaurant Group, Inc.^(b)(c)		480,722		8,032,865
Shake Shack, Inc., Class A^(b)(c)		124,438		6,973,505

				46,593,322

Total Common Stocks & Other Equity Interests (Cost $320,277,016)				286,787,629


Money Market Funds-0.15%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e) (Cost $440,194)		440,194		440,194

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% (Cost $320,717,210)				287,227,823


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-21.67%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		17,396,824		17,396,824
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		44,745,629		44,750,104

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $62,148,183)				62,146,928

TOTAL INVESTMENTS IN SECURITIES-121.81% (Cost $382,865,393)				349,374,751
OTHER ASSETS LESS LIABILITIES-(21.81)%				(62,549,614	)

NET ASSETS-100.00%.			$	286,825,137

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 392,263		$ 2,282,077		$ (2,234,146)		$ -		$ -		$ 440,194	$	8,253

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



		14
		14

Invesco Leisure and Entertainment ETF (PEJ)–(continued)

October 31, 2023

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	29,897,937	$	177,445,385	$	(189,946,498	)		$	-		$	-			$	17,396,824	$	570,982	*

Invesco Private Prime Fund			76,880,409		397,406,960		(429,539,354	)			6,345			(4,256	)			44,750,104		1,521,135	*


Total		$	107,170,609	$	577,134,422	$	(621,719,998	)		$	6,345		$	(4,256	)		$	62,587,122	$	2,100,370

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

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

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


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

Hotels, Resorts & Cruise Lines			25.87

Movies & Entertainment			19.22

Restaurants			16.24

Passenger Airlines			14.45

Casinos & Gaming			12.93

Interactive Media & Services			5.46

Sub-Industry Types Each Less Than 3%			5.82

Money Market Funds Plus Other Assets Less Liabilities			0.01

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



		15
		15

Invesco Next Gen Connectivity ETF (KNCT)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Alternative Carriers-0.20%
Iridium Communications, Inc.		1,088	$	40,310
Liberty Global PLC, Class C (United Kingdom)^(b)(c)		1,809		30,681

				70,991

Application Software-3.09%
Confluent, Inc., Class A^(b)(c)		2,047		59,179
Datadog, Inc., Class A^(b)		2,888		235,285
Dynatrace, Inc.^(b)(c)		2,333		104,308
Nutanix, Inc., Class A^(b)(c)		2,277		82,405
Synopsys, Inc.^(b)		1,327		622,947

				1,104,124

Cable & Satellite-4.39%
Charter Communications, Inc., Class A^(b)		951		383,063
Comcast Corp., Class A		26,257		1,084,151
Liberty Broadband Corp., Class C^(b)		1,209		100,722

				1,567,936

Communications Equipment-8.89%
Accton Technology Corp. (Taiwan)		4,974		76,446
Arista Networks, Inc.^(b)		2,534		507,738
Ciena Corp.^(b)(c)		1,444		60,937
Cisco Systems, Inc.		31,936		1,664,824
F5, Inc.^(b)		573		86,861
Juniper Networks, Inc.		3,104		83,560
Motorola Solutions, Inc.		1,409		392,350
Nokia OYJ (Finland)^(c)		51,257		170,121
Telefonaktiebolaget LM Ericsson, Class B (Sweden)^(c)		29,769		133,249

				3,176,086

Data Center REITs-2.85%
Digital Realty Trust, Inc.^(c)		2,906		361,390
Equinix, Inc.		900		656,676

				1,018,066

Data Processing & Outsourced Services-0.08%
Genpact Ltd		845		28,341


Electronic Components-1.28%
Amphenol Corp., Class A		3,860		310,923
Coherent Corp.^(b)		1,229		36,379
Hamamatsu Photonics K.K. (Japan)		1,195		43,848
Largan Precision Co. Ltd. (Taiwan)		1,028		65,607

				456,757

Electronic Equipment & Instruments-0.41%
Keysight Technologies, Inc.^(b)		1,205		147,070


Integrated Telecommunication Services-12.55%
AT&T, Inc.		68,568		1,055,947
BCE, Inc. (Canada)		3,620		134,239
BT Group PLC (United Kingdom)		38,243		52,323
Cellnex Telecom S.A. (Spain)^(d)		4,375		128,188
China Tower Corp. Ltd., H Shares (China)^(d)		404,487		37,737
Chunghwa Telecom Co. Ltd. (Taiwan)		20,073		71,789
Deutsche Telekom AG (Germany)		22,077		477,792
Elisa OYJ (Finland)		1,454		61,598
Emirates Telecommunications Group Co. PJSC (United Arab Emirates)		27,910		140,272



	Shares		Value
Integrated Telecommunication Services-(continued)
HKT Trust & HKT Ltd. (Hong Kong)		26,918	$	27,865
Nippon Telegraph & Telephone Corp. (Japan)		67,037		78,260
Orange S.A. (France)^(c)		13,536		158,957
PT Telkom Indonesia (Persero) Tbk (Indonesia)		431,263		94,750
Spark New Zealand Ltd. (New Zealand)		14,490		41,888
Telefonica S.A. (Spain)		53,753		207,155
Telenor ASA (Norway)		5,946		60,755
Telia Co. AB (Sweden)^(c)		18,527		39,151
Telstra Group Ltd. (Australia)		35,074		84,609
TELUS Corp. (Canada)		6,434		103,630
Verizon Communications, Inc.		40,645		1,427,859

				4,484,764

Internet Services & Infrastructure-1.81%
Akamai Technologies, Inc.^(b)		1,468		151,689
Cloudflare, Inc., Class A^(b)(c)		2,826		160,206
MongoDB, Inc.^(b)		682		235,010
Okta, Inc.^(b)		1,498		100,980

				647,885

IT Consulting & Other Services-4.35%
Accenture PLC, Class A		4,021		1,194,599
DXC Technology Co.^(b)		1,982		39,977
Fujitsu Ltd. (Japan)		1,321		169,350
NEC Corp. (Japan)		1,441		68,556
Otsuka Corp. (Japan)		1,221		48,559
TIS, Inc. (Japan)		1,562		33,056

				1,554,097

Research & Consulting Services-0.42%
Booz Allen Hamilton Holding Corp.		690		82,751
CACI International, Inc., Class A^(b)		209		67,875

				150,626

Security & Alarm Services-0.27%
SECOM Co. Ltd. (Japan)		1,385		95,568


Semiconductors-28.74%
Broadcom, Inc.		3,477		2,925,443
Intel Corp.		39,177		1,429,961
Lattice Semiconductor Corp.^(b)		1,331		74,017
Marvell Technology, Inc.		8,263		390,179
Microchip Technology, Inc.		3,776		269,191
Micron Technology, Inc.		8,963		599,356
QUALCOMM, Inc.		10,791		1,176,111
Rambus, Inc.^(b)(c)		1,054		57,264
Silicon Laboratories, Inc.^(b)(c)		308		28,391
SK hynix, Inc. (South Korea)		3,283		282,709
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		176,033		2,871,018
United Microelectronics Corp. (Taiwan)		115,076		163,913

				10,267,553

Systems Software-6.25%
Check Point Software Technologies Ltd. (Israel)^(b)		876		117,603
CrowdStrike Holdings, Inc., Class A^(b)		2,165		382,707
CyberArk Software Ltd.^(b)		403		65,947
Fortinet, Inc.^(b)		6,302		360,285
Palo Alto Networks, Inc.^(b)(c)		2,959		719,096

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



		16
		16

Invesco Next Gen Connectivity ETF (KNCT)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Systems Software-(continued)
Qualys, Inc.^(b)(c)		355	$	54,297
Tenable Holdings, Inc.^(b)(c)		1,117		47,037
Trend Micro, Inc. (Japan)		1,004		37,404
VMware, Inc., Class A^(b)(c)		2,116		308,195
Zscaler, Inc.^(b)		889		141,076

				2,233,647

Technology Hardware, Storage & Peripherals-15.00%
Apple, Inc.		16,782		2,865,862
Lite-On Technology Corp. (Taiwan)		12,046		37,139
NetApp, Inc.		2,036		148,180
Samsung Electronics Co. Ltd. (South Korea)		42,570		2,108,721
Xiaomi Corp., B Shares (China)^(b)(d)		112,099		200,857

				5,360,759

Telecom Tower REITs-3.63%
American Tower Corp.^(c)		4,485		799,182
Crown Castle, Inc.		3,002		279,126
SBA Communications Corp., Class A		1,047		218,436

				1,296,744

Wireless Telecommunication Services-5.72%
America Movil S.A.B. de C.V., Class B (Mexico)^(b)		235,164		193,962
KDDI Corp. (Japan)		12,273		363,623
MTN Group Ltd. (South Africa)		8,758		42,503
Rogers Communications, Inc., Class B (Canada)		1,607		59,476
SoftBank Corp. (Japan)		16,291		183,408
SoftBank Group Corp. (Japan)		5,976		241,652



	Shares		Value
Wireless Telecommunication Services-(continued)
Tele2 AB, Class B (Sweden)		4,139	$	29,318
T-Mobile US, Inc.^(b)		5,064		728,507
Vodacom Group Ltd. (South Africa)		3,417		18,493
Vodafone Group PLC (United Kingdom)		200,242		183,939

				2,044,881

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $34,985,423)				35,705,895


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.52%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		651,686		651,686
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		1,676,029		1,676,197

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,327,879)				2,327,883

TOTAL INVESTMENTS IN SECURITIES-106.45% (Cost $37,313,302)				38,033,778
OTHER ASSETS LESS LIABILITIES-(6.45)%				(2,304,192	)

NET ASSETS-100.00%			$	35,729,586

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $366,782, which represented 1.03% of the Fund’s Net Assets.

^(e)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	94,897		$	4,949,871		$	(5,044,768	)		$	-		$	-		$	-		$	3,357

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,545,282			13,276,076			(15,169,672	)			-			-			651,686			38,386	*

Invesco Private Prime Fund			6,478,220			26,602,930			(31,405,457	)			4			500			1,676,197			98,102	*


Total		$	9,118,399		$	44,828,877		$	(51,619,897	)		$	4		$	500		$	2,327,883		$	139,845

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

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

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

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



		17
		17

Invesco Next Gen Connectivity ETF (KNCT)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Semiconductors			28.74

Technology Hardware, Storage & Peripherals			15.00

Integrated Telecommunication Services			12.55

Communications Equipment			8.89

Systems Software			6.25

Wireless Telecommunication Services			5.72

Cable & Satellite			4.39

IT Consulting & Other Services			4.35

Telecom Tower REITs			3.63

Application Software			3.09

Sub-Industry Types Each Less Than 3%			7.32

Money Market Funds Plus Other Assets Less Liabilities			0.07

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



		18
		18

Invesco Next Gen Media and Gaming ETF (GGME)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.82%
Advertising-2.00%
Magnite, Inc.^(b)		2,480	$	16,467
Trade Desk, Inc. (The), Class A^(b)		8,079		573,286

				589,753

Application Software-17.71%
Adobe, Inc.^(b)		4,607		2,451,200
Altair Engineering, Inc., Class A^(b)(c)		867		53,858
ANSYS, Inc.^(b)		1,572		437,425
AppLovin Corp., Class A^(b)(c)		1,501		54,696
Autodesk, Inc.^(b)		3,816		754,156
Bentley Systems, Inc., Class B^(c)		4,238		206,136
Dassault Systemes SE (France)		13,124		538,445
DoubleVerify Holdings, Inc.^(b)(c)		2,068		57,552
Iflytek Co. Ltd., A Shares (China)		1,500		9,339
Matterport, Inc.^(b)(c)		4,600		9,384
Nemetschek SE (Germany)		627		46,658
PTC, Inc.^(b)		1,440		202,205
Unity Software, Inc.^(b)(c)		4,744		120,355
Zoom Video Communications, Inc., Class A^(b)		4,543		272,489

				5,213,898

Broadcasting-0.01%
Viaplay Group AB, Class B (Sweden)^(b)(c)		1,375		2,931

Casinos & Gaming-3.25%
Aristocrat Leisure Ltd. (Australia)^(c)		11,756		286,791
DraftKings, Inc., Class A^(b)		8,401		232,036
Everi Holdings, Inc.^(b)(c)		888		9,581
Evolution AB (Sweden)^(d)		3,499		310,639
Light & Wonder, Inc.^(b)		1,086		79,397
Playtech PLC (United Kingdom)^(b)		5,300		25,249
Sportradar Holding AG (Switzerland)^(b)(c)		1,454		12,839

				956,532

Consumer Electronics-0.20%
Merry Electronics Co. Ltd. (Taiwan)		3,943		10,771
Sharp Corp. (Japan)^(b)		2,847		17,665
Skyworth Group Ltd. (Hong Kong)		12,485		4,516
Sonos, Inc.^(b)(c)		2,322		25,031

				57,983

Electrical Components & Equipment-0.03%
Phihong Technology Co. Ltd. (Taiwan)^(b)		5,097		8,250


Electronic Equipment & Instruments-0.02%
MicroVision, Inc.^(b)(c)		3,401		6,428


Electronic Manufacturing Services-0.04%
Primax Electronics Ltd. (Taiwan)		5,455		11,605


Interactive Home Entertainment-11.85%
37 Interactive Entertainment Network Technology Group Co. Ltd., A Shares (China)		2,200		6,223
Capcom Co. Ltd. (Japan)		3,017		96,400
CD Projekt S.A. (Poland)^(c)		1,015		25,291
DeNA Co. Ltd. (Japan)		1,156		11,202
Electronic Arts, Inc.		4,458		551,856
Embracer Group AB (Sweden)^(b)(c)		16,147		26,167
GungHo Online Entertainment, Inc. (Japan)		876		13,087
Kakao Games Corp. (South Korea)^(b)		859		14,820
Kingsoft Corp. Ltd. (China)		17,907		62,477



	Shares		Value
Interactive Home Entertainment-(continued)
Koei Tecmo Holdings Co. Ltd. (Japan)		2,369	$	30,722
Konami Group Corp. (Japan)		1,603		82,074
Krafton, Inc. (South Korea)^(b)		628		76,166
Mixi, Inc. (Japan)		628		9,446
Modern Times Group MTG AB, Class B (Sweden)^(b)		1,305		10,436
NCSoft Corp. (South Korea)		315		54,228
NetEase, Inc. (China)		28,518		613,396
Netmarble Corp. (South Korea)^(b)(d)		383		10,946
Nexon Co. Ltd. (Japan)		6,342		114,972
Nintendo Co. Ltd. (Japan)		21,047		864,561
Pearl Abyss Corp. (South Korea)^(b)		676		24,651
Playtika Holding Corp.^(b)		619		5,200
Roblox Corp., Class A^(b)		8,978		285,590
Square Enix Holdings Co. Ltd. (Japan)		1,277		42,160
Stillfront Group AB (Sweden)^(b)		8,280		8,549
Take-Two Interactive Software, Inc.^(b)		2,869		383,729
Ubisoft Entertainment S.A. (France)^(b)		1,697		48,215
Wemade Co. Ltd. (South Korea)		335		9,736
XD, Inc. (China)^(b)(d)		3,398		5,142

				3,487,442

Interactive Media & Services-15.49%
Bumble, Inc., Class A^(b)		1,808		24,300
Hello Group, Inc., ADR (China)		2,329		16,489
JOYY, Inc., ADR (China)^(c)		805		31,331
Meta Platforms, Inc., Class A^(b)		8,646		2,604,781
Pinterest, Inc., Class A^(b)		10,537		314,846
Rumble, Inc.^(b)(c)		1,462		6,564
Snap, Inc., Class A^(b)(c)		23,542		235,655
Tencent Holdings Ltd. (China)		35,408		1,308,692
Weibo Corp., ADR (China)		1,441		17,047

				4,559,705

Internet Services & Infrastructure-2.94%
Cloudflare, Inc., Class A^(b)(c)		5,298		300,344
GMO Internet Group, Inc. (Japan)		675		9,728
GoDaddy, Inc., Class A^(b)		1,827		133,791
Squarespace, Inc., Class A^(b)(c)		472		13,409
VeriSign, Inc.^(b)		1,635		326,444
Wix.com Ltd. (Israel)^(b)(c)		1,029		82,217

				865,933

IT Consulting & Other Services-0.03%
Addnode Group AB (Sweden)^(c)		1,318		8,193


Leisure Products-0.30%
Sankyo Co. Ltd. (Japan)		805		33,190
Sega Sammy Holdings, Inc. (Japan)		3,010		46,627
Tsuburaya Fields Holdings, Inc. (Japan)		732		7,840

				87,657

Movies & Entertainment-10.07%
China Ruyi Holdings Ltd. (China)^(b)		107,891		24,820
iQIYI, Inc., ADR (China)^(b)(c)		7,542		35,146
Netflix, Inc.^(b)		5,827		2,398,917
Roku, Inc., Class A^(b)(c)		2,247		133,854
Spotify Technology S.A.^(b)		2,257		371,863

				2,964,600

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



		19
		19

Invesco Next Gen Media and Gaming ETF (GGME)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Semiconductors-20.02%
Advanced Micro Devices, Inc.^(b)		13,627	$	1,342,260
Ambarella, Inc.^(b)(c)		717		32,258
MediaTek, Inc. (Taiwan)		28,966		751,946
NVIDIA Corp.		5,584		2,277,155
QUALCOMM, Inc.		13,652		1,487,931

				5,891,550

Systems Software-0.30%
Dolby Laboratories, Inc., Class A^(c)		1,078		87,253

Technology Hardware, Storage & Peripherals-15.52%
Apple, Inc		14,543		2,483,508
HTC Corp. (Taiwan)^(b)		13,500		18,355
Kinpo Electronics (Taiwan)		24,583		10,535
Lenovo Group Ltd. (China)		128,396		149,324
Logitech International S.A., Class R (Switzerland).		2,706		211,592
Samsung Electronics Co. Ltd. (South Korea)		27,552		1,364,799
Wacom Co. Ltd. (Japan)		2,709		9,248
Xiaomi Corp., B Shares (China)^(b)(d)		179,734		322,045

				4,569,406

Trading Companies & Distributors-0.04%
Xometry, Inc., Class A^(b)(c)		774		11,262

Total Common Stocks & Other Equity Interests (Cost $28,633,899)				29,380,381



	Shares		Value
Money Market Funds-0.48%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(e)(f) (Cost $140,022)		140,022	$	140,022

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.30% (Cost $28,773,921)				29,520,403


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.59%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		377,927		377,927
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		972,023		972,120

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,350,031)				1,350,047

TOTAL INVESTMENTS IN SECURITIES-104.89% (Cost $30,123,952)				30,870,450
OTHER ASSETS LESS LIABILITIES-(4.89)%				(1,437,828	)

NET ASSETS-100.00%			$	29,432,622

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $648,772, which represented 2.20% of the Fund’s Net Assets.

^(e)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	79,956		$	7,459,798		$	(7,399,732	)		$	-		$	-			$	140,022		$	4,743

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,942,832			12,903,744			(15,468,649	)			-			-				377,927			38,623	*

Invesco Private Prime Fund			7,567,281			26,180,076			(32,775,155	)			1,360			(1,442	)			972,120			104,915	*


Total		$	10,590,069		$	46,543,618		$	(55,643,536	)		$	1,360		$	(1,442	)		$	1,490,069		$	148,281

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

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

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

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



		20
		20

Invesco Next Gen Media and Gaming ETF (GGME)–(continued)

October 31, 2023

(Unaudited)


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

Semiconductors			20.02

Application Software			17.71

Technology Hardware, Storage & Peripherals			15.52

Interactive Media & Services			15.49

Interactive Home Entertainment			11.85

Movies & Entertainment			10.07

Casinos & Gaming			3.25

Sub-Industry Types Each Less Than 3%			5.91

Money Market Funds Plus Other Assets Less Liabilities			0.18

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



		21
		21

Invesco Oil & Gas Services ETF (PXJ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Oil & Gas Drilling-13.69%
Helmerich & Payne, Inc.		98,663	$	3,904,095
Nabors Industries Ltd.^(b)(c)		19,936		1,946,551
Patterson-UTI Energy, Inc.		152,977		1,942,808
Transocean Ltd.^(b)(c)		509,874		3,375,366

				11,168,820

Oil & Gas Equipment & Services-62.21%
Archrock, Inc.		173,865		2,202,870
Atlas Energy Solutions, Inc.		98,153		1,787,366
Baker Hughes Co., Class A		113,303		3,899,889
ChampionX Corp.		113,031		3,481,355
Core Laboratories, Inc.^(c)		91,807		1,966,506
Expro Group Holdings N.V.^(b)		94,291		1,485,083
Halliburton Co.		103,354		4,065,946
Helix Energy Solutions Group, Inc.^(b)		231,809		2,271,728
Liberty Energy, Inc., Class A		136,152		2,682,194
Oceaneering International, Inc.^(b)		101,731		2,237,065
ProFrac Holding Corp., Class A^(b)		209,225		1,970,900
ProPetro Holding Corp.^(b)		222,359		2,330,322
RPC, Inc.^(c)		269,028		2,238,313
Schlumberger N.V.		70,768		3,938,947
TechnipFMC PLC (United Kingdom)^(c)		219,835		4,730,849
Tidewater, Inc.^(b)		35,311		2,413,507
USA Compression Partners L.P.		105,021		2,636,027
Weatherford International PLC^(b)		47,234		4,397,013

				50,735,880

Oil & Gas Storage & Transportation-24.09%
DHT Holdings, Inc.		224,560		2,497,107
Dorian LPG Ltd.		87,682		2,803,194
Frontline PLC (Norway)^(c)		121,519		2,703,798
Golar LNG Ltd. (Cameroon)		98,404		2,207,202
International Seaways, Inc.^(c)		48,127		2,314,427



	Shares		Value
Oil & Gas Storage & Transportation-(continued)
Navigator Holdings Ltd.^(c)		160,170	$	2,250,388
Scorpio Tankers, Inc. (Monaco)		42,121		2,365,094
Teekay Tankers Ltd., Class A (Canada)		50,358		2,502,793

				19,644,003

Total Common Stocks & Other Equity Interests (Cost $80,625,932)				81,548,703


Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $59,901)		59,901		59,901

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $80,685,833)				81,608,604


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.41%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		2,148,441		2,148,441
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		5,520,765		5,521,317

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,669,745)				7,669,758

TOTAL INVESTMENTS IN SECURITIES-109.47% (Cost $88,355,578)				89,278,362
OTHER ASSETS LESS LIABILITIES-(9.47)%				(7,719,877	)

NET ASSETS-100.00%			$	81,558,485

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 82,865		$ 1,274,399		$ (1,297,363)		$ -		$ -		$ 59,901	$	2,632

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



		22
		22

Invesco Oil & Gas Services ETF (PXJ)–(continued)

October 31, 2023

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	2,959,918		$	24,980,247		$	(25,791,724	)		$	-		$	-		$	2,148,441		$	58,878	*

Invesco Private Prime Fund			7,611,218			55,821,672			(57,911,636	)			34			29			5,521,317			157,441	*


Total		$	10,654,001		$	82,076,318		$	(85,000,723	)		$	34		$	29		$	7,729,659		$	218,951

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

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

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

Portfolio Composition

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

as of October 31, 2023



Oil & Gas Equipment & Services			62.21

Oil & Gas Storage & Transportation			24.09

Oil & Gas Drilling			13.69

Money Market Funds Plus Other Assets Less Liabilities			0.01

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



		23
		23

Invesco Pharmaceuticals ETF (PJP)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Biotechnology-34.81%
AbbVie, Inc.		105,482	$	14,891,949
Amgen, Inc.		60,695		15,519,711
Biogen, Inc.^(b)		35,678		8,474,952
Geron Corp.^(b)(c)		4,114,816		7,818,150
Gilead Sciences, Inc.^(c)		204,796		16,084,678
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(d)		39,023		0
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(d)		39,023		0
Regeneron Pharmaceuticals, Inc.^(b)		11,167		8,709,032
Travere Therapeutics, Inc.^(b)(c)		730,671		4,734,748
United Therapeutics Corp.^(b)		40,609		9,050,122

				85,283,342

Health Care Equipment-5.74%
Abbott Laboratories		148,703		14,059,869


Pharmaceuticals-59.43%
Amphastar Pharmaceuticals, Inc.^(b)(c)		175,394		7,940,086
ANI Pharmaceuticals, Inc.^(b)		150,106		9,267,544
Bausch Health Cos., Inc.^(b)(c)		1,137,190		7,755,636
Corcept Therapeutics, Inc.^(b)(c)		295,950		8,310,276
Eli Lilly and Co.		28,235		15,640,214
Jazz Pharmaceuticals PLC^(b)		66,917		8,499,797
Johnson & Johnson		94,188		13,971,848
Ligand Pharmaceuticals, Inc.^(b)(c)		141,292		7,388,159
Merck & Co., Inc.		145,816		14,975,303
Pacira BioSciences, Inc.^(b)(c)		247,666		6,999,041
Perrigo Co. PLC		248,388		6,865,444
Pfizer, Inc.		424,432		12,970,642
Prestige Consumer Healthcare, Inc.^(b)(c)		158,454		9,405,830
Supernus Pharmaceuticals, Inc.^(b)(c)		293,915		7,009,873
Taro Pharmaceutical Industries Ltd.^(b)		252,741		8,583,084

				145,582,777

Total Common Stocks & Other Equity Interests (Cost $246,652,728)				244,925,988



	Shares		Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(e)(f) (Cost $127,571)		127,571	$	127,571

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $246,780,299)				245,053,559


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.24%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		2,904,537		2,904,537
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		7,470,459		7,471,206

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,375,384)				10,375,743

TOTAL INVESTMENTS IN SECURITIES-104.27% (Cost $257,155,683)				255,429,302
OTHER ASSETS LESS LIABILITIES-(4.27)%				(10,455,239	)

NET ASSETS-100.00%			$	244,974,063

Investment Abbreviations:

Rts.-Rights

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 4.

^(e)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 106,731		$ 3,576,593		$ (3,555,753)		$ -		$ -		$ 127,571		$ 3,738

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



		24
		24

Invesco Pharmaceuticals ETF (PJP)–(continued)

October 31, 2023

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	10,601,820		$	123,997,913		$	(131,695,196	)		$	-		$	-		$	2,904,537		$	218,494	*

Invesco Private Prime Fund			27,164,158			175,396,929			(195,091,472	)			1,029			562			7,471,206			561,396	*


Total		$	37,872,709		$	302,971,435		$	(330,342,421	)		$	1,029		$	562		$	10,503,314		$	783,628

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

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

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

Portfolio Composition

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

as of October 31, 2023



Pharmaceuticals			59.43

Biotechnology			34.81

Health Care Equipment			5.74

Money Market Funds Plus Other Assets Less Liabilities			0.02

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



		25
		25

Invesco Semiconductors ETF (PSI)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Electronic Components-2.61%
Vishay Intertechnology, Inc.^(b)		636,740	$	14,161,097


Electronic Equipment & Instruments-2.41%
Advanced Energy Industries, Inc.^(b)		149,815		13,072,857


Electronic Manufacturing Services-2.89%
TE Connectivity Ltd.		133,017		15,676,053


Semiconductor Materials & Equipment-44.35%
Aehr Test Systems^(b)(c)		422,021		9,942,815
Amkor Technology, Inc.		662,559		13,820,981
Applied Materials, Inc.		210,731		27,890,248
Axcelis Technologies, Inc.^(b)(c)		98,839		12,601,973
Camtek Ltd. (Israel)^(b)(c)		342,084		17,993,618
Cohu, Inc.^(c)		478,039		14,408,095
KLA Corp.		64,012		30,066,436
Kulicke & Soffa Industries, Inc. (Singapore)^(b).		335,453		13,958,199
Lam Research Corp.		46,720		27,481,638
Nova Ltd. (Israel)^(c)		141,200		13,409,764
Onto Innovation, Inc.^(b)(c)		150,629		16,926,181
Photronics, Inc.^(c)		750,308		13,775,655
Teradyne, Inc.^(b)		165,399		13,772,775
Veeco Instruments, Inc.^(b)(c)		599,239		14,345,782

				240,394,160

Semiconductors-47.76%
Allegro MicroSystems, Inc. (Japan) ^(b)(c)		440,507		11,435,562
Analog Devices, Inc.		176,362		27,747,034
Broadcom, Inc.		36,398		30,624,185
Intel Corp.		947,302		34,576,523
Lattice Semiconductor Corp.^(b)(c)		186,589		10,376,214
Microchip Technology, Inc.		211,818		15,100,505
Micron Technology, Inc.		491,352		32,856,708
NVIDIA Corp.		68,222		27,820,932
NXP Semiconductors N.V. (China)		85,113		14,676,035



	Shares		Value
Semiconductors-(continued)
ON Semiconductor Corp.^(c)		183,987	$	11,524,946
Qorvo, Inc.^(c)		169,677		14,833,163
SiTime Corp.^(b)(c)		133,230		13,296,354
Skyworks Solutions, Inc.		161,445		14,003,739

				258,871,900

Total Common Stocks & Other Equity Interests (Cost $525,819,452)				542,176,067


Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $400,327)		400,327		400,327

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $526,219,779)				542,576,394


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.04%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		15,231,836		15,231,836
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		39,174,039		39,177,956

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $54,408,831)				54,409,792

TOTAL INVESTMENTS IN SECURITIES-110.13% (Cost $580,628,610)				596,986,186
OTHER ASSETS LESS LIABILITIES-(10.13)%				(54,920,010	)

NET ASSETS-100.00%.			$	542,066,176

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 483,981		$ 2,943,386		$ (3,027,040)		$ -		$ -		$ 400,327		$ 6,261

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



		26
		26

Invesco Semiconductors ETF (PSI)–(continued)

October 31, 2023

(Unaudited)



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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	12,923,048		$	105,858,816		$	(103,550,028	)		$	-		$	-		$	15,231,836		$	400,122	*

Invesco Private Prime Fund			33,230,696			213,181,608			(207,236,682	)			1,711			623			39,177,956			1,075,153	*


Total		$	46,637,725		$	321,983,810		$	(313,813,750	)		$	1,711		$	623		$	54,810,119		$	1,481,536

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

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

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

Portfolio Composition

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

as of October 31, 2023



Semiconductors	47.76

Semiconductor Materials & Equipment	44.35

Sub-Industry Types Each Less Than 3%	7.91

Money Market Funds Plus Other Assets Less Liabilities	(0.02	)

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



		27
		27

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)



	Invesco AI and Next Gen Software ETF (IGPT)				Invesco Biotechnology & Genome ETF (PBE)				Invesco Building & Construction ETF (PKB)				Invesco Energy Exploration & Production ETF (PXE)
Assets:
Unaffiliated investments in securities, at value^(a)		$	154,967,473			$	210,745,002			$	193,846,926			$	168,732,682
Affiliated investments in securities, at value			5,734,268				56,254,357				12,341,441				48,312,080
Cash			-				-				-				2,993
Foreign currencies, at value			1,264				-				-				-
Receivable for:
Dividends			31,539				818				23,122				44,384
Securities lending			1,420				5,712				1,847				5,950
Investments sold			12,726				-				-				-
Foreign tax reclaims.			-				-				-				-
Other assets			36,838				34,637				33,963				48,893

Total assets			160,785,528				267,040,526				206,247,299				217,146,982


Liabilities:
Due to custodian			-				-				-				-
Due to foreign custodian			-				-				-				-
Payable for:
Collateral upon return of securities loaned			5,651,071				56,103,638				12,229,934				48,148,295
Fund shares repurchased			-				-				-				-
Expenses recaptured			18,714				-				-				2,896
Accrued advisory fees			67,991				92,835				84,609				72,809
Accrued trustees’ and officer’s fees			59,564				83,782				58,232				59,983
Accrued expenses			72,626				110,007				129,788				115,444
Accrued tax expenses			-				-				-				66

Total liabilities			5,869,966				56,390,262				12,502,563				48,399,493

Net Assets		$	154,915,562			$	210,650,264			$	193,744,736			$	168,747,489


Net assets consist of:
Shares of beneficial interest		$	345,768,339			$	535,185,836			$	286,204,354			$	305,952,864
Distributable earnings (loss)			(190,852,777	)			(324,535,572	)			(92,459,618	)			(137,205,375	)

Net Assets		$	154,915,562			$	210,650,264			$	193,744,736			$	168,747,489

Shares outstanding (unlimited amount authorized, $0.01 par value)			4,930,000				3,930,000				4,040,000				5,230,000
Net asset value		$	31.42			$	53.60			$	47.96			$	32.27

Market price		$	31.45			$	53.59			$	47.96			$	32.25

Unaffiliated investments in securities, at cost		$	160,135,413			$	220,233,567			$	190,888,515			$	158,855,107

Affiliated investments in securities, at cost		$	5,734,324			$	56,253,190			$	12,341,417			$	48,311,338

Foreign currencies (due to foreign custodian), at cost		$	1,383			$	-			$	-			$	-

^(a)Includes securities on loan with an aggregate value of:		$	5,660,767			$	54,712,077			$	12,203,285			$	47,817,676

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



		28
		28



Invesco Food & Beverage ETF (PBJ)				Invesco Leisure and Entertainment ETF (PEJ)				Invesco Next Gen Connectivity ETF (KNCT)				Invesco Next Gen Media and Gaming ETF (GGME)				Invesco Oil & Gas Services ETF (PXJ)				Invesco Pharmaceuticals ETF (PJP)				Invesco Semiconductors ETF (PSI)

	$	184,230,616			$	286,787,629			$	35,705,895			$	29,380,381			$	81,548,703			$	244,925,988			$	542,176,067
		14,545,253				62,587,122				2,327,883				1,490,069				7,729,659				10,503,314				54,810,119
		-				-				-				-				-				-				-
		-				-				8,375				-				-				-				-

		5,250				42,598				76,326				19,393				55,553				239,835				1,828
		9,662				20,384				363				317				1,642				1,797				7,448
		-				-				4				-				34,734				-				759,862
		-				-				38				605				-				-				-
		39,421				145,792				19,947				22,879				25,116				43,010				69,573

		198,830,202				349,583,525				38,138,831				30,913,644				89,395,407				255,713,944				597,824,897



		-				-				10,726				-				-				-				-
		-				-				-				1,448				-				-				-

		14,304,000				62,148,183				2,327,879				1,350,031				7,669,745				10,375,384				54,408,831
		-				-				-				-				-				-				758,779
		-				13,831				-				-				-				-				-
		80,782				130,327				12,159				7,924				22,661				108,795				252,471
		69,283				63,581				48,799				61,290				70,058				128,995				57,990
		108,786				402,466				9,682				60,329				74,458				126,707				280,650
		-				-				-				-				-				-				-

		14,562,851				62,758,388				2,409,245				1,481,022				7,836,922				10,739,881				55,758,721

	$	184,267,351			$	286,825,137			$	35,729,586			$	29,432,622			$	81,558,485			$	244,974,063			$	542,066,176



	$	307,637,212			$	872,660,154			$	88,170,982			$	140,457,093			$	193,684,573			$	704,152,428			$	663,589,469
		(123,369,861	)			(585,835,017	)			(52,441,396	)			(111,024,471	)			(112,126,088	)			(459,178,365	)			(121,523,293	)

	$	184,267,351			$	286,825,137			$	35,729,586			$	29,432,622			$	81,558,485			$	244,974,063			$	542,066,176

		4,470,000				8,030,000				470,000				910,000				2,755,978				3,550,000				14,240,000
	$	41.22			$	35.72			$	76.02			$	32.34			$	29.59			$	69.01			$	38.07

	$	41.23			$	35.72			$	76.06			$	32.39			$	29.59			$	69.01			$	38.05

	$	195,340,968			$	320,277,016			$	34,985,423			$	28,633,899			$	80,625,932			$	246,652,728			$	525,819,452

	$	14,545,490			$	62,588,377			$	2,327,879			$	1,490,053			$	7,729,646			$	10,502,955			$	54,809,158

	$	-			$	-			$	8,470			$	(1,461	)		$	-			$	-			$	-

	$	14,451,918			$	60,743,033			$	2,313,862			$	1,338,988			$	7,492,239			$	10,278,486			$	51,723,074

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)



	Invesco AI and Next Gen Software ETF (IGPT)				Invesco Biotechnology & Genome ETF (PBE)				Invesco Building & Construction ETF (PKB)				Invesco Energy Exploration & Production ETF (PXE)
Investment income:
Unaffiliated dividend income		$	210,200			$	351,536			$	1,098,232			$	2,338,312
Affiliated dividend income			6,873				5,086				4,136				2,472
Securities lending income, net			16,631				60,867				15,708				28,718
Foreign withholding tax			(5,510	)			-				-				-

Total investment income			228,194				417,489				1,118,076				2,369,502


Expenses:
Unitary management fees			-				-				-				-
Advisory fees			452,505				603,172				563,912				400,535
Sub-licensing fees			18,380				36,192				33,836				24,033
Accounting & administration fees			13,270				14,281				10,171				15,675
Professional fees			20,001				20,122				19,808				20,236
Custodian & transfer agent fees			3,462				1,689				2,562				9,172
Trustees’ and officer’s fees			5,627				6,460				5,455				5,808
Recapture (Note 3)			18,714				-				-				-
Other expenses			20,955				19,508				17,126				20,379

Total expenses			552,914				701,424				652,870				495,838

Less: Waivers			(133	)			(109	)			(85	)			(2,956	)

Net expenses			552,781				701,315				652,785				492,882

Net investment income (loss)			(324,587	)			(283,826	)			465,291				1,876,620


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			3,515,435				(14,578,349	)			1,200,304				(13,696,496	)
Affiliated investment securities			(1,889	)			(2,763	)			(135	)			6,258
In-kind redemptions			2,677,934				2,095,316				11,004,921				2,139,369
Foreign currencies			(130,105	)			-				-				-

Net realized gain (loss)			6,061,375				(12,485,796	)			12,205,090				(11,550,869	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(8,678,180	)			(22,709,073	)			(13,673,395	)			39,964,779
Affiliated investment securities			1,123				6,254				137				782
Foreign currencies			(680	)			-				-				-

Change in net unrealized appreciation (depreciation)			(8,677,737	)			(22,702,819	)			(13,673,258	)			39,965,561

Net realized and unrealized gain (loss)			(2,616,362	)			(35,188,615	)			(1,468,168	)			28,414,692

Net increase (decrease) in net assets resulting from operations		$	(2,940,949	)		$	(35,472,441	)		$	(1,002,877	)		$	30,291,312

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



		30
		30



Invesco Food & Beverage ETF (PBJ)				Invesco Leisure and Entertainment ETF (PEJ)				Invesco Next Gen Connectivity ETF (KNCT)				Invesco Next Gen Media and Gaming ETF (GGME)				Invesco Oil & Gas Services ETF (PXJ)				Invesco Pharmaceuticals ETF (PJP)				Invesco Semiconductors ETF (PSI)

	$	2,463,613			$	1,330,607			$	234,634			$	121,221			$	609,485			$	2,203,709			$	2,687,471
		3,134				8,253				3,357				4,743				2,632				3,738				6,261
		49,950				106,533				3,873				111,166				10,698				55,166				49,908
		-				-				(8,989	)			(2,971	)			-				-				(26,586	)

		2,516,697				1,445,393				232,875				234,159				622,815				2,262,613				2,717,054



		-				-				26,135				-				-				-				-
		669,453				956,412				63,717				78,324				107,119				720,875				1,556,336
		40,169				57,387				3,823				3,111				6,431				43,254				93,383
		16,770				35,049				(4,856	)			7,384				7,329				16,802				23,512
		20,348				21,173				2,229				19,601				19,690				20,303				21,442
		16,300				1,795				(11,369	)			1,490				1,898				2,178				4,728
		6,430				7,490				1,691				5,015				5,372				7,775				7,140
		-				-				41,062				-				-				-				-
		20,758				50,233				(3,161	)			13,654				13,244				20,578				30,436

		790,228				1,129,539				119,271				128,579				161,083				831,765				1,736,977

		(73	)			(8,808	)			(12,920	)			(31,566	)			(25,212	)			(79	)			(130	)

		790,155				1,120,731				106,351				97,013				135,871				831,686				1,736,847

		1,726,542				324,662				126,524				137,146				486,944				1,430,927				980,207




		(6,765,708	)			(11,987,197	)			1,675,506				(7,527,523	)			(3,985,350	)			7,709,117				(5,378,459	)
		(1,394	)			(4,256	)			500				(1,442	)			29				562				623
		5,362,633				4,568,359				488,538				201,389				(2,060,372	)			8,652,432				7,343,492
		-				-				(41,796	)			(37,266	)			-				-				-

		(1,404,469	)			(7,423,094	)			2,122,748				(7,364,842	)			(6,045,693	)			16,362,111				1,965,656


		(32,298,051	)			(42,508,934	)			(207,211	)			5,885,764				9,696,239				(48,037,497	)			10,621,189
		(237	)			6,345				4				1,360				34				1,029				1,711
		-				-				(304	)			(152	)			-				-				-

		(32,298,288	)			(42,502,589	)			(207,511	)			5,886,972				9,696,273				(48,036,468	)			10,622,900

		(33,702,757	)			(49,925,683	)			1,915,237				(1,477,870	)			3,650,580				(31,674,357	)			12,588,556

	$	(31,976,215	)		$	(49,601,021	)		$	2,041,761			$	(1,340,724	)		$	4,137,524			$	(30,243,430	)		$	13,568,763

Statements of Changes in Net Assets

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

(Unaudited)



	Invesco AI and Next Gen Software ETF (IGPT)								Invesco Biotechnology & Genome ETF (PBE)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income (loss)		$	(324,587	)		$	2,368,114			$	(283,826	)		$	(238,973	)
Net realized gain (loss)			6,061,375				(58,255,316	)			(12,485,796	)			(10,970,866	)
Change in net unrealized appreciation (depreciation)			(8,677,737	)			52,440,079				(22,702,819	)			35,128,107

Net increase (decrease) in net assets resulting from operations			(2,940,949	)			(3,447,123	)			(35,472,441	)			23,918,268


Distributions to Shareholders from:
Distributable earnings			-				(2,689,882	)			(55,858	)			-


Shareholder Transactions:
Proceeds from shares sold			4,635,565				2,006,325				10,393,470				90,047,476
Value of shares repurchased			(26,836,915	)			(56,049,648	)			(15,871,928	)			(70,499,457	)

Net increase (decrease) in net assets resulting from share transactions			(22,201,350	)			(54,043,323	)			(5,478,458	)			19,548,019

Net increase (decrease) in net assets			(25,142,299	)			(60,180,328	)			(41,006,757	)			43,466,287


Net assets:
Beginning of period			180,057,861				240,238,189				251,657,021				208,190,734

End of period		$	154,915,562			$	180,057,861			$	210,650,264			$	251,657,021


Changes in Shares Outstanding:
Shares sold			130,000	^(a)			60,000	^(a)			180,000				1,480,000
Shares repurchased			(780,000	)^(a)			(1,770,000	)^(a)			(270,000	)			(1,160,000	)
Shares outstanding, beginning of period			5,580,000	^(a)			7,290,000	^(a)			4,020,000				3,700,000

Shares outstanding, end of period			4,930,000	^(a)			5,580,000	^(a)			3,930,000				4,020,000

^(a)	Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023. See Note 9.

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



		32
		32



Invesco Building & Construction ETF (PKB)								Invesco Energy Exploration & Production ETF (PXE)								Invesco Food & Beverage ETF (PBJ)								Invesco Leisure and Entertainment ETF (PEJ)

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

	$	465,291			$	622,124			$	1,876,620			$	9,327,805			$	1,726,542			$	7,704,222			$	324,662			$	3,617,656
		12,205,090				(12,896,199	)			(11,550,869	)			65,482,071				(1,404,469	)			(5,378,167	)			(7,423,094	)			(272,836,513	)
		(13,673,258	)			31,328,255				39,965,561				(96,932,926	)			(32,298,288	)			5,360,645				(42,502,589	)			145,238,017

		(1,002,877	)			19,054,180				30,291,312				(22,123,050	)			(31,976,215	)			7,686,700				(49,601,021	)			(123,980,840	)



		(553,177	)			(597,983	)			(1,910,815	)			(9,616,549	)			(2,488,777	)			(6,857,863	)			(489,803	)			(3,846,251	)



		87,475,900				68,792,752				20,942,200				375,874,783				8,468,370				236,684,423				18,668,729				111,142,758
		(75,795,882	)			(50,950,001	)			(43,147,922	)			(445,778,697	)			(125,782,857	)			(204,319,168	)			(135,373,737	)			(879,116,414	)

		11,680,018				17,842,751				(22,205,722	)			(69,903,914	)			(117,314,487	)			32,365,255				(116,705,008	)			(767,973,656	)

		10,123,964				36,298,948				6,174,775				(101,643,513	)			(151,779,479	)			33,194,092				(166,795,832	)			(895,800,747	)



		183,620,772				147,321,824				162,572,714				264,216,227				336,046,830				302,852,738				453,620,969				1,349,421,716

	$	193,744,736			$	183,620,772			$	168,747,489			$	162,572,714			$	184,267,351			$	336,046,830			$	286,825,137			$	453,620,969



		1,690,000				1,540,000				650,000				11,490,000				190,000				5,170,000				470,000				2,710,000
		(1,510,000	)			(1,240,000	)			(1,510,000	)			(14,890,000	)			(2,840,000	)			(4,540,000	)			(3,390,000	)			(22,930,000	)
		3,860,000				3,560,000				6,090,000				9,490,000				7,120,000				6,490,000				10,950,000				31,170,000

		4,040,000				3,860,000				5,230,000				6,090,000				4,470,000				7,120,000				8,030,000				10,950,000

Statements of Changes in Net Assets–(continued)

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

(Unaudited)



	Invesco Next Gen Connectivity ETF (KNCT)								Invesco Next Gen Media and Gaming ETF (GGME)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	126,524			$	29,977			$	137,146			$	775,383
Net realized gain (loss)			2,122,748				(7,141,326	)			(7,364,842	)			(13,366,535	)
Change in net unrealized appreciation (depreciation)			(207,511	)			2,778,829				5,886,972				7,381,796

Net increase (decrease) in net assets resulting from operations			2,041,761				(4,332,520	)			(1,340,724	)			(5,209,356	)


Distributions to Shareholders from:
Distributable earnings			(58,200	)			(598,396	)			(341,459	)			(672,062	)


Shareholder Transactions:
Proceeds from shares sold			-				8,138,121				646,029				10,335,959
Value of shares repurchased			(3,142,749	)			(11,400,298	)			(1,393,150	)			(11,042,508	)

Net increase (decrease) in net assets resulting from share transactions			(3,142,749	)			(3,262,177	)			(747,121	)			(706,549	)

Net increase (decrease) in net assets			(1,159,188	)			(8,193,093	)			(2,429,304	)			(6,587,967	)


Net assets:
Beginning of period			36,888,774				45,081,867				31,861,926				38,449,893

End of period		$	35,729,586			$	36,888,774			$	29,432,622			$	31,861,926


Changes in Shares Outstanding:
Shares sold			-				110,000				20,000				300,000
Shares repurchased			(40,000	)			(160,000	)			(40,000	)			(320,000	)
Shares outstanding, beginning of period			510,000				560,000				930,000				950,000

Shares outstanding, end of period.			470,000				510,000				910,000				930,000

^(a)	Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023. See Note 9.

^(b)	Changes in shares outstanding have been restated to reflect a one-for-five reverse stock split effective after the close of business on July 14, 2023. See Note 9.

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



		34
		34



Invesco Oil & Gas Services ETF (PXJ)								Invesco Pharmaceuticals ETF (PJP)								Invesco Semiconductors ETF (PSI)

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

	$	486,944			$	636,959			$	1,430,927			$	2,809,472			$	980,207			$	2,907,758
		(6,045,693	)			3,208,517				16,362,111				(21,548,506	)			1,965,656				(96,385,960	)
		9,696,273				(11,014,297	)			(48,036,468	)			27,040,908				10,622,900				97,546,144

		4,137,524				(7,168,821	)			(30,243,430	)			8,301,874				13,568,763				4,067,942



		(493,585	)			(636,965	)			(1,433,158	)			(3,108,674	)			(1,228,971	)			(3,263,542	)



		47,109,378				94,100,045				6,160,702				39,783,422				57,399,580				85,135,316
		(51,922,034	)			(71,513,523	)			(35,110,641	)			(59,858,382	)			(38,686,048	)			(165,236,558	)

		(4,812,656	)			22,586,522				(28,949,939	)			(20,074,960	)			18,713,532				(80,101,242	)

		(1,168,717	)			14,780,736				(60,626,527	)			(14,881,760	)			31,053,324				(79,296,842	)



		82,727,202				67,946,466				305,600,590				320,482,350				511,012,852				590,309,694

	$	81,558,485			$	82,727,202			$	244,974,063			$	305,600,590			$	542,066,176			$	511,012,852



		1,550,000	^(b)			3,696,000	^(b)			80,000				520,000				1,410,000	^(a)			2,190,000	^(a)
		(2,206,022	)^(b)			(3,422,000	)^(b)			(470,000	)			(800,000	)			(940,000	)^(a)			(4,620,000	)^(a)
		3,412,000	^(b)			3,138,000	^(b)			3,940,000				4,220,000				13,770,000	^(a)			16,200,000	^(a)

		2,755,978	^(b)			3,412,000	^(b)			3,550,000				3,940,000				14,240,000	^(a)			13,770,000	^(a)

Financial Highlights

Invesco AI and Next Gen Software ETF (IGPT)



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

	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	32.27		$	32.95		$	54.43		$	32.95		$	32.03		$	23.60

Net investment income (loss)^(b)			(0.06	)		0.38			0.21	^(c)		(0.14	)		0.01			(0.07	)
Net realized and unrealized gain (loss) on investments			(0.79	)		(0.63	)		(19.04	)		21.62			0.95			8.50

Total from investment operations			(0.85	)		(0.25	)		(18.83	)		21.48			0.96			8.43

Distributions to shareholders from:
Net investment income			-			(0.43	)		(0.24	)		-			(0.04	)		-
Net realized gains			-			-			(2.41	)		-			-			-

Total distributions			-			(0.43	)		(2.65	)		-			(0.04	)		-

Net asset value at end of period		$	31.42		$	32.27		$	32.95		$	54.43		$	32.95		$	32.03

Market price at end of period^(d)		$	31.45		$	32.26		$	32.93		$	54.41		$	32.93		$	32.04

Net Asset Value Total Return^(e)			(2.63	)%		(0.71	)%		(35.58	)%		65.17	%		2.99	%		35.71	%
Market Price Total Return^(e)			(2.52	)%		(0.67	)%		(35.59	)%		65.21	%		2.91	%		35.58	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	154,916		$	180,058		$	240,238		$	622,085		$	400,339		$	437,243
Ratio to average net assets of:
Expenses, after Waivers			0.61	%^(f)		0.63	%		0.56	%		0.56	%		0.56	%		0.58	%
Expenses, prior to Waivers			0.61	%^(f)		0.64	%		0.56	%		0.56	%		0.56	%		0.58	%
Net investment income (loss)			(0.36	)%^(f)		1.18	%		0.44	%^(c)		(0.31	)%		0.03	%		(0.27	)%
Portfolio turnover rate^(g)			143	%		190	%		209	%		176	%		190	%		157	%

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

^(b)	Based on average shares outstanding.

^(c)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $(0.36) and (0.26)%, respectively.

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

^(e)

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

^(f)	Annualized.

^(g)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the period ended October 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

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



		36
		36

Financial Highlights–(continued)

Invesco Biotechnology & Genome ETF (PBE)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	62.60		$	56.27		$	75.35		$	53.16		$	52.22		$	48.02

Net investment income (loss)^(a)			(0.07	)		(0.06	)		(0.10	)		(0.19	)		0.00	^(b)		(0.16	)
Net realized and unrealized gain (loss) on investments			(8.92	)		6.39			(18.98	)		22.38			0.97			4.36

Total from investment operations			(8.99	)		6.33			(19.08	)		22.19			0.97			4.20

Distributions to shareholders from:
Net investment income			(0.01	)		-			-			-			(0.03	)		(0.00	)^(c)

Net asset value at end of period		$	53.60		$	62.60		$	56.27		$	75.35		$	53.16		$	52.22

Market price at end of period^(d)		$	53.59		$	62.59		$	56.24		$	75.31		$	53.27		$	52.22

Net Asset Value Total Return^(e)			(14.36	)%		11.25	%		(25.32	)%		41.74	%		1.87	%		8.75	%
Market Price Total Return^(e)			(14.36	)%		11.29	%		(25.32	)%		41.37	%		2.08	%		8.62	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	210,650		$	251,657		$	208,191		$	287,833		$	220,611		$	248,027
Ratio to average net assets of:
Expenses			0.58	%^(f)		0.58	%		0.57	%		0.59	%		0.58	%		0.57	%
Net investment income (loss)			(0.24	)%^(f)		(0.10	)%		(0.14	)%		(0.30	)%		0.01	%		(0.29	)%
Portfolio turnover rate^(g)			57	%		71	%		121	%		151	%		252	%		117	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

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

^(e)

^(f)	Annualized.

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

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



		37
		37

Financial Highlights–(continued)

Invesco Building & Construction ETF (PKB)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	47.57		$	41.38		$	51.43		$	25.83		$	30.04		$	30.33

Net investment income^(a)			0.11			0.21			0.14			0.10			0.12			0.13
Net realized and unrealized gain (loss) on investments			0.40	^(b)		6.18			(10.05	)		25.62			(4.19	)		(0.29	)

Total from investment operations			0.51			6.39			(9.91	)		25.72			(4.07	)		(0.16	)

Distributions to shareholders from:
Net investment income			(0.12	)		(0.20	)		(0.14	)		(0.12	)		(0.14	)		(0.13	)

Net asset value at end of period		$	47.96		$	47.57		$	41.38		$	51.43		$	25.83		$	30.04

Market price at end of period^(c)		$	47.96		$	47.56		$	41.38		$	51.48		$	25.89		$	30.05

Net Asset Value Total Return^(d)			1.07	%		15.53	%		(19.31	)%		99.81	%		(13.59	)%		(0.47	)%
Market Price Total Return^(d)			1.09	%		15.50	%		(19.39	)%		99.54	%		(13.42	)%		(0.47	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	193,745		$	183,621		$	147,322		$	279,793		$	69,753		$	118,639
Ratio to average net assets of:
Expenses			0.58	%^(e)		0.62	%		0.57	%		0.60	%		0.59	%		0.60	%
Net investment income.			0.41	%^(e)		0.49	%		0.29	%		0.25	%		0.38	%		0.44	%
Portfolio turnover rate^(f)			59	%		118	%		151	%		136	%		139	%		148	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(d)

^(e)	Annualized.

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

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



		38
		38

Financial Highlights–(continued)

Invesco Energy Exploration & Production ETF (PXE)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	26.70		$	27.84		$	15.09		$	10.12		$	19.55		$	24.06

Net investment income^(a)			0.35			1.01			0.51			0.15			0.26			0.20
Net realized and unrealized gain (loss) on investments			5.57			(1.12	)		12.68			5.22			(9.41	)		(4.48	)

Total from investment operations			5.92			(0.11	)		13.19			5.37			(9.15	)		(4.28	)

Distributions to shareholders from:
Net investment income			(0.35	)		(1.03	)		(0.44	)		(0.40	)		(0.28	)		(0.23	)

Net asset value at end of period.		$	32.27		$	26.70		$	27.84		$	15.09		$	10.12		$	19.55

Market price at end of period^(b)		$	32.25		$	26.70		$	27.79		$	15.12		$	10.11		$	19.57

Net Asset Value Total Return^(c)			22.33	%		(0.52	)%		88.75	%		55.47	%		(47.06	)%		(17.84	)%
Market Price Total Return^(c)			22.26	%		(0.34	)%		88.04	%		55.94	%		(47.17	)%		(17.96	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	168,747		$	162,573		$	264,216		$	59,593		$	16,693		$	40,078
Ratio to average net assets of:
Expenses, after Waivers			0.62	%^(d)		0.60	%		0.63	%		0.63	%		0.65	%^(e)		0.63	%
Expenses, prior to Waivers			0.62	%^(d)		0.60	%		0.63	%		0.95	%		0.86	%^(e)		0.64	%
Net investment income			2.34	%^(d)		3.38	%		2.41	%		1.30	%		1.80	%^(e)		0.82	%
Portfolio turnover rate^(f)			61	%		94	%		63	%		73	%		126	%		110	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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

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



		39
		39

Financial Highlights–(continued)

Invesco Food & Beverage ETF (PBJ)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	47.20		$	46.66		$	41.25		$	30.36		$	34.21		$	32.81

Net investment income^(a)			0.29			1.07	^(b)		0.34			0.47			0.41			0.34
Net realized and unrealized gain (loss) on investments			(5.86	)		0.40	^(c)		5.46			10.87			(3.81	)		1.39

Total from investment operations			(5.57	)		1.47			5.80			11.34			(3.40	)		1.73

Distributions to shareholders from:
Net investment income			(0.41	)		(0.93	)		(0.39	)		(0.45	)		(0.45	)		(0.33	)

Net asset value at end of period		$	41.22		$	47.20		$	46.66		$	41.25		$	30.36		$	34.21

Market price at end of period^(d)		$	41.23		$	47.21		$	46.70		$	41.27		$	30.38		$	34.19

Net Asset Value Total Return^(e)			(11.87	)%		3.25	%		14.14	%		37.65	%		(10.00	)%		5.37	%
Market Price Total Return^(e)			(11.86	)%		3.19	%		14.18	%		37.63	%		(9.90	)%		5.47	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	184,267		$	336,047		$	302,853		$	83,735		$	63,746		$	71,831
Ratio to average net assets of:
Expenses, after Waivers			0.59	%^(f)		0.57	%		0.63	%		0.63	%		0.64	%^(g)		0.63	%
Expenses, prior to Waivers			0.59	%^(f)		0.57	%		0.63	%		0.68	%		0.64	%^(g)		0.65	%
Net investment income			1.29	%^(f)		2.36	%^(b)		0.78	%		1.35	%		1.23	%^(g)		1.05	%
Portfolio turnover rate^(h)			66	%		95	%		98	%		116	%		136	%		122	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.66 and 1.44%, respectively.

^(c)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(e)

^(f)	Annualized.

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

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

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



		40
		40

Financial Highlights–(continued)

Invesco Leisure and Entertainment ETF (PEJ)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	41.43		$	43.29		$	46.00		$	27.39		$	44.80		$	44.89

Net investment income^(a)			0.03			0.19			0.18			0.31	^(b)		0.18			0.19
Net realized and unrealized gain (loss) on investments			(5.69	)		(1.82	)		(2.68	)		18.62			(17.35	)		(0.05	)

Total from investment operations			(5.66	)		(1.63	)		(2.50	)		18.93			(17.17	)		0.14

Distributions to shareholders from:
Net investment income			(0.05	)		(0.23	)		(0.21	)		(0.32	)		(0.24	)		(0.23	)

Net asset value at end of period		$	35.72		$	41.43		$	43.29		$	46.00		$	27.39		$	44.80

Market price at end of period^(c)		$	35.72		$	41.41		$	43.29		$	45.93		$	27.48		$	44.78

Net Asset Value Total Return^(d)			(13.67	)%		(3.71	)%		(5.47	)%		69.34	%		(38.42	)%		0.33	%
Market Price Total Return^(d)			(13.63	)%		(3.75	)%		(5.32	)%		68.53	%		(38.19	)%		0.12	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	286,825		$	453,621		$	1,349,422		$	1,787,267		$	135,590		$	67,201
Ratio to average net assets of:
Expenses, after Waivers			0.59	%^(e)		0.58	%		0.54	%		0.55	%		0.64	%^(f)		0.63	%
Expenses, prior to Waivers			0.59	%^(e)		0.58	%		0.55	%		0.55	%		0.70	%^(f)		0.63	%
Net investment income			0.17	%^(e)		0.49	%		0.38	%		0.76	%^(b)		0.47	%^(f)		0.42	%
Portfolio turnover rate^(g)			90	%		165	%		153	%		126	%		163	%		207	%

^(a)	Based on average shares outstanding.

^(b)

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

^(d)

^(e)	Annualized.

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

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

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



		41
		41

Financial Highlights–(continued)

Invesco Next Gen Connectivity ETF (KNCT)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period.		$	72.33		$	80.50		$	85.40		$	57.59		$	63.16		$	50.08

Net investment income^(a)			0.25			0.06			2.23	^(b)		0.08			0.10			0.66
Net realized and unrealized gain (loss) on investments			3.56			(7.12	)		(6.10	)		27.86			(5.51	)		13.13

Total from investment operations			3.81			(7.06	)		(3.87	)		27.94			(5.41	)		13.79

Distributions to shareholders from:
Net investment income			(0.12	)		(1.11	)		(1.03	)		(0.13	)		(0.16	)		(0.71	)

Net asset value at end of period		$	76.02		$	72.33		$	80.50		$	85.40		$	57.59		$	63.16

Market price at end of period^(c)		$	76.06		$	72.28		$	80.36		$	85.46		$	57.51		$	63.14

Net Asset Value Total Return^(d)			5.27	%		(8.77	)%		(4.67	)%		48.59	%		(8.56	)%		27.90	%
Market Price Total Return^(d)			5.40	%		(8.66	)%		(4.91	)%		48.90	%		(8.66	)%		27.81	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	35,730		$	36,889		$	45,082		$	41,848		$	46,070		$	101,051
Ratio to average net assets of:
Expenses, after Waivers			0.55	%^(e)		0.63	%		0.63	%		0.63	%		0.64	%^(f)		0.63	%
Expenses, prior to Waivers			0.62	%^(e)		0.79	%		0.69	%		0.73	%		0.65	%^(f)		0.64	%
Net investment income			0.66	%^(e)		0.08	%		2.42	%^(b)		0.11	%		0.17	%^(f)		1.21	%
Portfolio turnover rate^(g)			116	%		109	%		109	%		103	%		99	%		98	%

^(a)	Based on average shares outstanding.

^(b)

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

^(d)

^(e)	Annualized.

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

^(g)

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



		42
		42

Financial Highlights–(continued)

Invesco Next Gen Media and Gaming ETF (GGME)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	34.26		$	40.47		$	52.00		$	27.88		$	34.65		$	29.14

Net investment income^(a)			0.15			0.78			0.06			0.40	^(b)		0.12			0.16
Net realized and unrealized gain (loss) on investments			(1.70	)		(6.30	)		(11.42	)		23.96			(6.75	)		5.58

Total from investment operations			(1.55	)		(5.52	)		(11.36	)		24.36			(6.63	)		5.74

Distributions to shareholders from:
Net investment income			(0.37	)		(0.69	)		(0.17	)		(0.24	)		(0.14	)		(0.23	)

Net asset value at end of period		$	32.34		$	34.26		$	40.47		$	52.00		$	27.88		$	34.65

Market price at end of period^(c)		$	32.39		$	34.24		$	40.43		$	51.96		$	27.85		$	34.65

Net Asset Value Total Return^(d)			(4.58	)%		(13.54	)%		(21.90	)%		87.47	%		(19.20	)%		19.81	%
Market Price Total Return^(d)			(4.38	)%		(13.50	)%		(21.92	)%		87.53	%		(19.28	)%		19.73	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	29,433		$	31,862		$	38,450		$	82,685		$	30,668		$	88,348
Ratio to average net assets of:
Expenses, after Waivers			0.62	%^(e)		0.63	%		0.63	%		0.63	%		0.64	%^(f)		0.63	%
Expenses, prior to Waivers			0.82	%^(e)		0.80	%		0.64	%		0.72	%		0.67	%^(f)		0.67	%
Net investment income			0.88	%^(e)		2.21	%		0.12	%		0.94	%^(b)		0.36	%^(f)		0.49	%
Portfolio turnover rate^(g)			133	%		91	%		99	%		99	%		146	%		103	%

^(a)	Based on average shares outstanding.

^(b)

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

^(d)

^(e)	Annualized.

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

^(g)

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



		43
		43

Financial Highlights–(continued)

Invesco Oil & Gas Services ETF (PXJ)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	24.25		$	21.65		$	16.30		$	11.95		$	34.35		$	48.50

Net investment income^(b)			0.31			0.25			0.02			0.35	^(c)		0.35			0.20
Net realized and unrealized gain (loss) on investments			5.39			2.55	^(d)		5.43			4.70	^(d)		(22.35	)		(14.05	)

Total from investment operations			5.70			2.80			5.45			5.05			(22.00	)		(13.85	)

Distributions to shareholders from:
Net investment income			(0.36	)		(0.20	)		(0.10	)		(0.70	)		(0.40	)		(0.30	)

Net asset value at end of period		$	29.59		$	24.25		$	21.65		$	16.30		$	11.95		$	34.35

Market price at end of period^(e)		$	29.59		$	24.25		$	21.65		$	16.35		$	12.00		$	34.35

Net Asset Value Total Return^(f)			23.63	%		13.10	%		33.40	%		43.34	%		(63.87	)%		(28.69	)%
Market Price Total Return^(f)			23.63	%		13.10	%		33.00	%		43.19	%		(63.72	)%		(28.69	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	81,558		$	82,727		$	67,946		$	55,918		$	5,971		$	17,519
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(g)		0.63	%		0.63	%		0.63	%		0.67	%^(h)		0.63	%
Expenses, prior to Waivers			0.75	%^(g)		0.68	%		0.74	%		1.17	%		1.09	%^(h)		0.83	%
Net investment income			2.27	%^(g)		1.03	%		0.12	%		2.32	%^(c)		1.51	%^(h)		0.48	%
Portfolio turnover rate⁽ⁱ⁾			39	%		64	%		109	%		63	%		82	%		81	%

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

^(b)	Based on average shares outstanding.

^(c)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.03 and 1.07%, respectively.

^(d)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(f)

^(g)	Annualized.

^(h)	Ratios include non-recurring costs associated with a proxy statement of 0.04%.

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

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



		44
		44

Financial Highlights–(continued)

Invesco Pharmaceuticals ETF (PJP)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	77.56		$	75.94		$	78.11		$	62.54		$	62.65		$	61.49

Net investment income^(a)			0.38			0.67			0.73			0.53			0.55			0.69
Net realized and unrealized gain (loss) on investments			(8.55	)		1.70	^(b)		(2.19	)		15.60			(0.08	)		1.17

Total from investment operations			(8.17	)		2.37			(1.46	)		16.13			0.47			1.86

Distributions to shareholders from:
Net investment income			(0.38	)		(0.75	)		(0.71	)		(0.56	)		(0.58	)		(0.70	)

Net asset value at end of period		$	69.01		$	77.56		$	75.94		$	78.11		$	62.54		$	62.65

Market price at end of period^(c)		$	69.01		$	77.54		$	75.97		$	78.17		$	62.49		$	62.64

Net Asset Value Total Return^(d)			(10.58	)%		3.17	%		(1.91	)%		25.91	%		0.83	%		3.02	%
Market Price Total Return^(d)			(10.55	)%		3.10	%		(1.94	)%		26.10	%		0.77	%		2.94	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	244,974		$	305,601		$	320,482		$	358,503		$	356,497		$	416,591
Ratio to average net assets of:
Expenses			0.58	%^(e)		0.57	%		0.56	%		0.58	%		0.56	%		0.56	%
Net investment income			0.99	%^(e)		0.88	%		0.92	%		0.76	%		0.92	%		1.03	%
Portfolio turnover rate^(f)			18	%		36	%		40	%		48	%		63	%		81	%

^(a)	Based on average shares outstanding.

^(b)	Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net realized and unrealized gain (loss) on investments per share would have been $1.58. Total returns would have been lower.

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

^(d)

^(e)	Annualized.

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

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



		45
		45

Financial Highlights–(continued)

Invesco Semiconductors ETF (PSI)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	37.11		$	36.44		$	40.36		$	21.20		$	19.36		$	16.30

Net investment income^(b)			0.07			0.20			0.12			0.06			0.10			0.13
Net realized and unrealized gain (loss) on investments			0.97			0.69			(3.94	)		19.16			1.87			3.06

Total from investment operations.			1.04			0.89			(3.82	)		19.22			1.97			3.19

Distributions to shareholders from:
Net investment income			(0.08	)		(0.22	)		(0.10	)		(0.06	)		(0.13	)		(0.13	)

Net asset value at end of period		$	38.07		$	37.11		$	36.44		$	40.36		$	21.20		$	19.36

Market price at end of period^(c)		$	38.05		$	37.10		$	36.44		$	40.32		$	21.24		$	19.35

Net Asset Value Total Return^(d)			2.78	%		2.49	%		(9.50	)%		90.85	%		10.23	%		19.71	%
Market Price Total Return^(d)			2.75	%		2.48	%		(9.41	)%		90.32	%		10.51	%		19.53	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	542,066		$	511,013		$	590,310		$	633,276		$	228,946		$	200,423
Ratio to average net assets of:
Expenses			0.56	%^(e)		0.57	%		0.55	%		0.56	%		0.57	%		0.58	%
Net investment income			0.31	%^(e)		0.55	%		0.26	%		0.20	%		0.49	%		0.73	%
Portfolio turnover rate^(f)			50	%		108	%		84	%		95	%		94	%		98	%

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

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Annualized.

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

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



		46
		46

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2023

(Unaudited)

NOTE 1–Organization

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


Full Name	Former Fund Name	Short Name

Invesco AI and Next Gen Software ETF (IGPT)*	Invesco Dynamic Software ETF	“AI and Next Gen Software ETF”

Invesco Biotechnology & Genome ETF (PBE)*	Invesco Dynamic Biotechnology & Genome ETF	“Biotechnology & Genome ETF”

Invesco Building & Construction ETF (PKB)*	Invesco Dynamic Building & Construction ETF	“Building & Construction ETF”

Invesco Energy Exploration & Production ETF (PXE)*	Invesco Dynamic Energy Exploration & Production ETF	“Energy Exploration & Production ETF”

Invesco Food & Beverage ETF (PBJ)*	Invesco Dynamic Food & Beverage ETF	“Food & Beverage ETF”

Invesco Leisure and Entertainment ETF (PEJ)*	Invesco Dynamic Leisure and Entertainment ETF	“Leisure and Entertainment ETF”

Invesco Next Gen Connectivity ETF (KNCT)*	Invesco Dynamic Networking ETF	“Next Gen Connectivity ETF”

Invesco Next Gen Media and Gaming ETF (GGME)*	Invesco Dynamic Media ETF	“Next Gen Media and Gaming ETF”

Invesco Oil & Gas Services ETF (PXJ)*	Invesco Dynamic Oil & Gas Services ETF	“Oil & Gas Services ETF”

Invesco Pharmaceuticals ETF (PJP)*	Invesco Dynamic Pharmaceuticals ETF	“Pharmaceuticals ETF”

Invesco Semiconductors ETF (PSI)*	Invesco Dynamic Semiconductors ETF	“Semiconductors ETF”

*	Effective after the close of markets on August 25, 2023, the Fund’s name changed.

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

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

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


Fund		Underlying Index

AI and Next Gen Software ETF		STOXX World AC NexGen Software Development Index

Biotechnology & Genome ETF		Dynamic Biotech & Genome Intellidex^®Index

Building & Construction ETF		Dynamic Building & Construction Intellidex^®Index

Energy Exploration & Production ETF		Dynamic Energy Exploration & Production Intellidex^®Index

Food & Beverage ETF		Dynamic Food & Beverage Intellidex^®Index

Leisure and Entertainment ETF		Dynamic Leisure & Entertainment Intellidex^®Index

Next Gen Connectivity ETF		STOXX World AC NexGen Connectivity Index

Next Gen Media and Gaming ETF		STOXX World AC NexGen Media Index

Oil & Gas Services ETF		Dynamic Oil Services Intellidex^®Index

Pharmaceuticals ETF		Dynamic Pharmaceutical Intellidex^®Index

Semiconductors ETF		Dynamic Semiconductor Intellidex^®Index

NOTE 2–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public

health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

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

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

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

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

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

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

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

Expenses - Effective August 28, 2023, Next Gen Connectivity ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

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

Prior to August 28, 2023, Next Gen Connectivity ETF was responsible for all of its own expenses, including, but not limited to, the expenses listed directly above.

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

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

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

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

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated,

unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

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


	Amount

AI and Next Gen Software ETF		$	1,071

Biotechnology & Genome ETF			3,774

Building & Construction ETF			731

Energy Exploration & Production ETF			2,644

Food & Beverage ETF			3,745

Leisure and Entertainment ETF			8,209

Next Gen Connectivity ETF			313

Next Gen Media and Gaming ETF			4,389

Oil & Gas Services ETF			784

Pharmaceuticals ETF			2,127

Semiconductors ETF			2,283

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

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

L.	Other Risks

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

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

Index Risk. Unlike many investment companies that are “actively managed”, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

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

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

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

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

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

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Valuation Time Risk. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund’s portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.

NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to an Investment Advisory Agreement, each Fund (except for Next Gen Connectivity ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, Next Gen Connectivity ETF accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.40% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Prior to August 28, 2023, Next Gen Connectivity ETF accrued daily and paid monthly to the Adviser an annual fee of 0.50% of its average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Next Gen Connectivity ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except Next Gen Connectivity ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (an “Expense Cap”), through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase a Fund’s Expense Cap without approval of the Board of Trustees.

Prior to August 28, 2023, the Trust also had entered into the Expense Agreement with the Adviser on behalf of Next Gen Connectivity ETF, pursuant to which the Adviser had agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Next Gen Connectivity ETF (excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) from exceeding 0.60% of the Fund’s average daily net assets per year (an “Expense Cap”).

The Adviser did not waive fees and/or pay Fund expenses during the period under the Expense Cap for Biotechnology & Genome ETF, Building & Construction ETF, Energy Exploration & Production ETF, Food & Beverage ETF, Leisure and Entertainment ETF, Pharmaceuticals ETF and Semiconductors ETF.

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

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



AI and Next Gen Software ETF	$	133

Biotechnology & Genome ETF		109

Building & Construction ETF		85

Energy Exploration & Production ETF		2,956

Food & Beverage ETF		73

Leisure and Entertainment ETF		8,808

Next Gen Connectivity ETF		12,920

Next Gen Media and Gaming ETF		31,566

Oil & Gas Services ETF		25,212

Pharmaceuticals ETF		79

Semiconductors ETF		130

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

For Next Gen Connectivity ETF, the fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap were subject to recapture by the Adviser, under the same conditions described above. Claims for any unreimbursed fees were terminated in connection with the implementation of Next Gen Connectivity ETF’s unitary management fee effective on August 28, 2023.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of October 31, 2023 are as follows:


	Total Potential Recapture Amounts

				Potential Recapture Amounts Expiring

				4/30/24			4/30/25		4/30/26		10/31/26

Next Gen Media and Gaming ETF		$	115,524		$	13,184		$12,359		$58,501		$	31,480

Oil & Gas Services ETF			133,919			36,181		39,278		33,302			25,158

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

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


Fund		Licensor

AI and Next Gen Software ETF		STOXX Ltd.

Biotechnology & Genome ETF		ICE Data Indices, LLC

Building & Construction ETF		ICE Data Indices, LLC

Energy Exploration & Production ETF		ICE Data Indices, LLC

Food & Beverage ETF		ICE Data Indices, LLC

Leisure and Entertainment ETF		ICE Data Indices, LLC

Next Gen Connectivity ETF		STOXX Ltd.

Next Gen Media and Gaming ETF		STOXX Ltd.

Oil & Gas Services ETF		ICE Data Indices, LLC

Pharmaceuticals ETF		ICE Data Indices, LLC

Semiconductors ETF		ICE Data Indices, LLC

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

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

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



AI and Next Gen Software ETF	$	41,910

Biotechnology & Genome ETF		26,564

Building & Construction ETF		8,968

Energy Exploration & Production ETF		26,086

Food & Beverage ETF		22,718

Leisure and Entertainment ETF		60,871

Next Gen Connectivity ETF		11,506

Next Gen Media and Gaming ETF		15,434

Oil & Gas Services ETF		10,668

Pharmaceuticals ETF		13,863

Semiconductors ETF		21,529

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

NOTE 4–Additional Valuation Information

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


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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

AI and Next Gen Software ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	154,966,782		$	691		$	-		$	154,967,473

Money Market Funds			83,253			5,651,015			-			5,734,268


Total Investments		$	155,050,035		$	5,651,706		$	-		$	160,701,741


Biotechnology & Genome ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	210,745,002		$	-		$	-		$	210,745,002

Money Market Funds			149,552			56,104,805			-			56,254,357


Total Investments		$	210,894,554		$	56,104,805		$	-		$	266,999,359


Building & Construction ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	193,846,926		$	-		$	-		$	193,846,926

Money Market Funds			111,483			12,229,958			-			12,341,441


Total Investments		$	193,958,409		$	12,229,958		$	-		$	206,188,367


	Level 1			Level 2			Level 3			Total

Energy Exploration & Production ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	168,732,682		$	-		$	-		$	168,732,682

Money Market Funds			163,043			48,149,037			-			48,312,080


Total Investments		$	168,895,725		$	48,149,037		$	-		$	217,044,762


Food & Beverage ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	184,230,616		$	-		$	-		$	184,230,616

Money Market Funds			241,490			14,303,763			-			14,545,253


Total Investments		$	184,472,106		$	14,303,763		$	-		$	198,775,869


Leisure and Entertainment ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	286,787,629		$	-		$	-		$	286,787,629

Money Market Funds			440,194			62,146,928			-			62,587,122


Total Investments		$	287,227,823		$	62,146,928		$	-		$	349,374,751


Next Gen Connectivity ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	35,705,895		$	-		$	-		$	35,705,895

Money Market Funds			-			2,327,883			-			2,327,883


Total Investments		$	35,705,895		$	2,327,883		$	-		$	38,033,778


Next Gen Media and Gaming ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	29,380,381		$	-		$	-		$	29,380,381

Money Market Funds			140,022			1,350,047			-			1,490,069


Total Investments		$	29,520,403		$	1,350,047		$	-		$	30,870,450


Oil & Gas Services ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	81,548,703		$	-		$	-		$	81,548,703

Money Market Funds			59,901			7,669,758			-			7,729,659


Total Investments		$	81,608,604		$	7,669,758		$	-		$	89,278,362


Pharmaceuticals ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	244,925,988		$	-		$	0		$	244,925,988

Money Market Funds			127,571			10,375,743			-			10,503,314


Total Investments		$	245,053,559		$	10,375,743		$	0		$	255,429,302


Semiconductors ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	542,176,067		$	-		$	-		$	542,176,067

Money Market Funds			400,327			54,409,792			-			54,810,119


Total Investments		$	542,576,394		$	54,409,792		$	-		$	596,986,186

NOTE 5–Tax Information

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

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

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


	No expiration

	Short-Term		Long-Term		Total*

AI and Next Gen Software ETF	$	175,559,773	$	14,160,891	$	189,720,664

Biotechnology & Genome ETF		259,186,035		39,771,749		298,957,784

Building & Construction ETF		99,459,024		7,894,024		107,353,048

Energy Exploration & Production ETF		96,514,158		34,867,387		131,381,545

Food & Beverage ETF		97,483,681		9,879,421		107,363,102

Leisure and Entertainment ETF		454,713,680		89,379,970		544,093,650

Next Gen Connectivity ETF		45,607,213		9,629,026		55,236,239

Next Gen Media and Gaming ETF		91,395,763		11,844,673		103,240,436

Oil & Gas Services ETF		57,758,745		48,347,346		106,106,091

Pharmaceuticals ETF		189,362,805		282,236,065		471,598,870

Semiconductors ETF		136,313,825		-		136,313,825

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

NOTE 6–Investment Transactions

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


.	Purchases		Sales

AI and Next Gen Software ETF	$	258,083,320	$	258,672,109

Biotechnology & Genome ETF		135,382,347		135,515,620

Building & Construction ETF		129,341,868		129,429,536

Energy Exploration & Production ETF		97,454,316		97,549,104

Food & Beverage ETF		173,520,620		174,492,162

Leisure and Entertainment ETF		338,933,618		339,380,553

Next Gen Connectivity ETF		44,411,964		44,576,295

Next Gen Media and Gaming ETF		41,386,975		41,643,333

Oil & Gas Services ETF		19,947,290		19,848,569

Pharmaceuticals ETF		52,349,051		52,249,826

Semiconductors ETF		310,134,024		310,196,702

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


	In-kind Purchases		In-kind Sales

AI and Next Gen Software ETF	$	4,635,560	$	26,562,320

Biotechnology & Genome ETF		10,387,859		15,867,119

Building & Construction ETF		87,234,147		75,472,624

Energy Exploration & Production ETF		20,933,400		43,131,103

Food & Beverage ETF		8,454,153		125,559,867

Leisure and Entertainment ETF		18,686,293		135,158,551

Next Gen Connectivity ETF		-		2,958,687

Next Gen Media and Gaming ETF		645,779		1,393,655

Oil & Gas Services ETF		47,047,857		51,921,187

Pharmaceuticals ETF		6,156,510		35,103,542

Semiconductors ETF		57,387,849		38,704,118

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

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


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

AI and Next Gen Software ETF	$	3,913,985	$	(10,405,137	)	$	(6,491,152	)	$	167,192,893

Biotechnology & Genome ETF		17,538,871		(30,086,547	)		(12,547,676	)		279,547,035

Building & Construction ETF		10,740,143		(7,934,936	)		2,805,207			203,383,160

Energy Exploration & Production ETF		18,900,643		(13,084,133	)		5,816,510			211,228,252

Food & Beverage ETF		6,566,383		(21,213,215	)		(14,646,832	)		213,422,701

Leisure and Entertainment ETF		8,906,057		(43,001,327	)		(34,095,270	)		383,470,021

Next Gen Connectivity ETF		2,084,748		(1,442,797	)		641,951			37,391,827

Next Gen Media and Gaming ETF		2,040,183		(2,302,125	)		(261,942	)		31,132,392

Oil & Gas Services ETF		4,567,893		(4,155,534	)		412,359			88,866,003

Pharmaceuticals ETF		37,557,701		(41,491,931	)		(3,934,230	)		259,363,532

Semiconductors ETF		66,098,196		(52,971,454	)		13,126,742			583,859,444

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Next Gen Connectivity ETF. Prior to August 28, 2023, Next Gen Connectivity ETF accrued amounts to pay for such remuneration. The Interested Trustee does not receive any Trustees’ fees.

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

NOTE 8–Capital

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

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

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

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

NOTE 9–Stock Split

On June 22, 2023, the Board of Trustees approved a three-for-one stock split for each of AI and Next Gen Software ETF and Semiconductors ETF. The effect of the stock splits was to increase the number of shares outstanding of those Funds, whereby every outstanding share of the respective Funds was exchanged for three shares effective after the close of business on July 14, 2023. The transactions did not change the net assets of the Funds or the net asset value of any shareholder’s investment in the Funds.

On June 22, 2023, the Board of Trustees approved a one-for-five reverse stock split for Oil & Gas Services ETF. The effect of the reverse stock split was to decrease the number of shares outstanding of that Fund, whereby every five outstanding shares of

the Fund were exchanged for one share effective after the close of business on July 14, 2023. The transaction did not change the net assets of the Fund or the net asset value of any shareholder’s investment in the Fund.

Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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



	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco AI and Next Gen Software ETF (IGPT)

Actual		$1,000.00		$ 973.70		0.61	%		$3.03

Hypothetical (5% return before expenses)		1,000.00		1,022.07		0.61			3.10

Invesco Biotechnology & Genome ETF (PBE)

Actual		1,000.00		856.40		0.58			2.71

Hypothetical (5% return before expenses)		1,000.00		1,022.22		0.58			2.95

Invesco Building & Construction ETF (PKB)

Actual		1,000.00		1,010.70		0.58			2.93

Hypothetical (5% return before expenses)		1,000.00		1,022.22		0.58			2.95

Invesco Energy Exploration & Production ETF (PXE)

Actual		1,000.00		1,223.30		0.62			3.46

Hypothetical (5% return before expenses)		1,000.00		1,022.02		0.62			3.15

Invesco Food & Beverage ETF (PBJ)

Actual		1,000.00		881.30		0.59			2.79

Hypothetical (5% return before expenses)		1,000.00		1,022.17		0.59			3.00

Calculating your ongoing Fund expenses–(continued)



	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Leisure and Entertainment ETF (PEJ)

Actual		$1,000.00		$ 863.30		0.59	%		$2.76

Hypothetical (5% return before expenses)		1,000.00		1,022.17		0.59			3.00

Invesco Next Gen Connectivity ETF (KNCT)

Actual		1,000.00		1,052.70		0.55			2.84

Hypothetical (5% return before expenses)		1,000.00		1,022.37		0.55			2.80

Invesco Next Gen Media and Gaming ETF (GGME)

Actual		1,000.00		954.20		0.62			3.05

Hypothetical (5% return before expenses)		1,000.00		1,022.02		0.62			3.15

Invesco Oil & Gas Services ETF (PXJ)

Actual		1,000.00		1,236.30		0.63			3.54

Hypothetical (5% return before expenses)		1,000.00		1,021.97		0.63			3.20

Invesco Pharmaceuticals ETF (PJP)

Actual		1,000.00		894.20		0.58			2.76

Hypothetical (5% return before expenses)		1,000.00		1,022.22		0.58			2.95

Invesco Semiconductors ETF (PSI)

Actual		1,000.00		1,027.80		0.56			2.85

Hypothetical (5% return before expenses)		1,000.00		1,022.32		0.56			2.85

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366.

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

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Downers Grove, IL 60515		P-PS-SAR-7		invesco.com/ETFs