N-CSRS

Invesco Semi-Annual Report to Shareholders

October 31, 2021

PKW Invesco BuyBack Achievers^TMETF

PFM Invesco Dividend Achievers^TMETF

DJD Invesco Dow Jones Industrial Average Dividend ETF

PGF Invesco Financial Preferred ETF

PEY Invesco High Yield Equity Dividend Achievers^TMETF

PID Invesco International Dividend Achievers^TMETF

Table of Contents



Schedules of Investments

Invesco BuyBack Achievers^TMETF (PKW)			3

Invesco Dividend Achievers^TMETF (PFM)			6

Invesco Dow Jones Industrial Average Dividend ETF (DJD)			11

Invesco Financial Preferred ETF (PGF)			13

Invesco High Yield Equity Dividend Achievers^TMETF (PEY)			16

Invesco International Dividend Achievers^TMETF (PID)			18

Statements of Assets and Liabilities			22

Statements of Operations			24

Statements of Changes in Net Assets			26

Financial Highlights			28

Notes to Financial Statements			34

Fund Expenses			44


		2

Invesco BuyBack Achievers^TMETF (PKW)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-6.67%
Altice USA, Inc., Class A^(b)(c)		636,494	$	10,374,852
AMC Networks, Inc., Class A^(b)(c)		72,103		2,868,978
Charter Communications, Inc., Class A^(b)		119,245		80,477,258
Discovery, Inc., Class A^(b)(c)		396,716		9,299,023
Sinclair Broadcast Group, Inc., Class A^(c)		121,335		3,170,484
Ziff Davis, Inc.^(b)		113,098		14,507,081

				120,697,676

Consumer Discretionary-11.30%
Bally’s Corp.^(b)(c)		104,621		4,792,688
Caleres, Inc.		89,786		2,070,465
Cato Corp. (The), Class A		48,747		859,410
Citi Trends, Inc.^(b)(c)		21,296		1,647,459
Dillard’s, Inc., Class A^(c)		39,011		9,017,003
eBay, Inc.		1,245,270		95,537,114
Ethan Allen Interiors, Inc.^(c)		59,213		1,374,334
Fiesta Restaurant Group, Inc.^(b)		62,080		654,323
Flexsteel Industries, Inc.		16,006		448,168
Graham Holdings Co., Class B		9,473		5,549,757
H&R Block, Inc.		426,646		9,842,723
Haverty Furniture Cos., Inc., (Acquired 01/31/2020 - 10/29/2021; Cost $1,266,498)^(c)(d)		39,937		1,146,192
Murphy USA, Inc.		60,638		9,880,962
Service Corp. International		393,177		26,928,693
Toll Brothers, Inc.^(c)		285,576		17,183,108
Travel + Leisure Co.		202,474		11,002,437
Tri Pointe Homes, Inc.^(b)(c)		266,976		6,458,149

				204,392,985

Consumer Staples-2.31%
Herbalife Nutrition Ltd.^(b)(c)		271,213		12,584,283
Nu Skin Enterprises, Inc., Class A^(c)		117,627		4,722,724
Post Holdings, Inc.^(b)(c)		149,472		15,168,419
Spectrum Brands Holdings, Inc.^(c)		99,776		9,354,000

				41,829,426

Energy-1.53%
Antero Midstream Corp.^(c)		1,120,229		11,919,236
Antero Resources Corp.^(b)		736,398		14,632,228
Dorian LPG Ltd.		94,564		1,146,116

				27,697,580

Financials-28.97%
Affiliated Managers Group, Inc.		96,678		16,230,303
Allstate Corp. (The)		681,470		84,277,395
Ameriprise Financial, Inc.		266,874		80,630,642
Apollo Commercial Real Estate Finance, Inc.		328,223		4,969,296
Assured Guaranty Ltd.		171,289		9,520,243
Atlantic Capital Bancshares, Inc.^(b)		47,635		1,310,439
B. Riley Financial, Inc.^(c)		64,710		4,637,118
Brighthouse Financial, Inc.^(b)		194,995		9,794,599
Brightsphere Investment Group, Inc.		186,268		5,584,315
Carver Bancorp, Inc.^(b)		8,168		120,560
CNO Financial Group, Inc.		299,822		7,237,703
Cowen, Inc., Class A^(c)		68,077		2,568,545
Credit Acceptance Corp.^(b)(c)		36,771		21,996,780


	Shares		Value
Financials-(continued)
Diamond Hill Investment Group, Inc.		7,515	$	1,629,703
Elevate Credit, Inc.^(b)		78,841		270,425
Employers Holdings, Inc.		66,379		2,562,229
Equitable Holdings, Inc.		967,406		32,408,101
First Citizens BancShares, Inc., Class A^(c)		20,673		16,825,755
Hanover Insurance Group, Inc. (The)		83,769		10,554,894
HomeStreet, Inc.^(c)		48,789		2,300,889
Jefferies Financial Group, Inc.		577,172		24,818,396
LendingClub Corp.^(b)		231,341		10,632,432
Loews Corp.		603,621		33,845,029
MBIA, Inc.^(b)(c)		127,648		1,983,650
Meta Financial Group, Inc.		74,892		4,152,012
Midland States Bancorp, Inc.		52,544		1,348,279
Navient Corp.		393,791		7,757,683
PCSB Financial Corp.		36,668		700,725
PennyMac Financial Services, Inc.		145,597		9,035,750
Popular, Inc.		189,273		15,414,393
SLM Corp.		717,493		13,165,996
Synchrony Financial^(c)		1,336,644		62,087,114
Universal Insurance Holdings, Inc.		73,364		1,083,586
Voya Financial, Inc.		266,149		18,569,216
Waterstone Financial, Inc.		58,982		1,219,158
World Acceptance Corp.^(b)(c)		15,879		2,943,808

				524,187,161

Health Care-13.35%
Biogen, Inc.^(b)		306,576		81,757,688
DaVita, Inc.^(b)		245,885		25,385,167
Halozyme Therapeutics, Inc.^(b)		333,950		12,713,477
Ligand Pharmaceuticals, Inc.^(b)(c)		39,127		5,710,194
McKesson Corp.		362,902		75,440,068
Molina Healthcare, Inc.^(b)		137,020		40,519,554

				241,526,148

Industrials-9.31%
Acuity Brands, Inc.^(c)		83,779		17,210,720
Allison Transmission Holdings, Inc.		248,125		8,277,450
Avis Budget Group, Inc.^(b)(c)		156,124		27,057,850
Carlisle Cos., Inc.^(c)		122,298		27,262,670
Covenant Logistics Group, Inc., Class A^(b)		33,912		963,101
FTI Consulting, Inc.^(b)(c)		80,425		11,574,766
GrafTech International Ltd.		628,509		6,725,046
Masco Corp.		579,900		38,012,445
Meritor, Inc.^(b)(c)		164,572		4,005,683
Moog, Inc., Class A		68,689		5,188,080
Primoris Services Corp.		126,066		3,397,479
Trinity Industries, Inc.^(c)		232,993		6,535,454
Triton International Ltd. (Bermuda)		158,121		9,833,545
TrueBlue, Inc.^(b)		83,299		2,319,877

				168,364,166

Information Technology-24.12%
Arrow Electronics, Inc.^(b)		168,504		19,504,338
Avaya Holdings Corp.^(b)(c)		197,581		3,678,958
Citrix Systems, Inc.		291,477		27,611,616
Fortinet, Inc.^(b)		297,076		99,918,542
HP, Inc.		2,704,071		82,014,474
Immersion Corp.^(b)(c)		77,199		616,820
Intel Corp.		1,628,340		79,788,660

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


		3

Invesco BuyBack Achievers^TM ETF (PKW)–(continued)

October 31, 2021

(Unaudited)


	Shares		Value
Information Technology-(continued)
MicroStrategy, Inc., Class A^(b)(c)		20,123	$	14,389,152
Oracle Corp.		995,730		95,530,336
Sanmina Corp.^(b)		152,727		5,765,444
Xerox Holdings Corp.		418,768		7,454,071

				436,272,411

Materials-1.64%
Graphic Packaging Holding Co.^(c)		720,406		14,357,692
Louisiana-Pacific Corp.		223,422		13,166,258
Resolute Forest Products, Inc.		185,606		2,182,727

				29,706,677

Real Estate-0.72%
City Office REIT, Inc.		102,188		1,938,506
SL Green Realty Corp.		157,570		11,040,930

				12,979,436

Utilities-0.06%
Star Group L.P.		92,924		1,054,687

Total Common Stocks & Other Equity Interests (Cost $1,777,376,009)				1,808,708,353


Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)(Cost $1,951,266)		1,951,266		1,951,266

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $1,779,327,275)				1,810,659,619


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.45%
Invesco Private Government Fund, 0.02%^(e)(f)(g)		45,734,959	$	45,734,959
Invesco Private Prime Fund, 0.11%^(e)(f)(g)		107,065,361		107,108,188

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $152,843,146)				152,843,147

TOTAL INVESTMENTS IN SECURITIES-108.54% (Cost $1,932,170,421)				1,963,502,766
OTHER ASSETS LESS LIABILITIES-(8.54)%				(154,452,767	)

NET ASSETS-100.00%			$	1,809,049,999

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)	Restricted security. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

^(e)

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


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

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,541,414		$	16,558,458		$	(16,148,606	)		$-		$-		$	1,951,266		$	233

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			90,071,112			298,001,822			(342,337,975	)		-		-			45,734,959			2,981	*
Invesco Private Prime Fund			135,106,669			482,605,113			(510,603,594	)		-		-			107,108,188			44,490	*

Total		$	226,719,195		$	797,165,393		$	(869,090,175	)		$-		$-		$	154,794,413		$	47,704

*	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.

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


		4

Invesco BuyBack Achievers^TMETF (PKW)–(continued)

October 31, 2021

(Unaudited)

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

(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 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021

Financials			28.97
Information Technology			24.12
Health Care			13.35
Consumer Discretionary			11.30
Industrials			9.31
Communication Services			6.67
Sector Types Each Less Than 3%			6.26
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.


		5

Invesco Dividend Achievers^TMETF (PFM)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-4.49%
Activision Blizzard, Inc.		34,949	$	2,732,662
AT&T, Inc.		320,894		8,105,783
Comcast Corp., Class A		206,355		10,612,838
John Wiley & Sons, Inc., Class A^(b)		2,096		113,540
Telephone & Data Systems, Inc.		4,849		90,870
Verizon Communications, Inc.		186,599		9,887,881

				31,543,574

Consumer Discretionary-9.17%
Best Buy Co., Inc.		11,053		1,351,119
Churchill Downs, Inc.		1,798		413,540
Dillard’s, Inc., Class A^(b)		747		172,662
Gentex Corp.		10,747		380,336
Genuine Parts Co.		6,463		847,364
Hasbro, Inc.		6,167		590,552
Home Depot, Inc. (The)		47,527		17,667,687
Leggett & Platt, Inc.		5,976		279,976
Lithia Motors, Inc., Class A		1,413		451,058
Lowe’s Cos., Inc.		31,126		7,277,881
McDonald’s Corp.		33,666		8,266,686
Monro, Inc.^(b)		1,461		90,231
NIKE, Inc., Class B		57,619		9,639,083
PetMed Express, Inc.		887		25,217
Polaris, Inc.^(b)		2,696		309,905
Pool Corp.		1,847		951,501
Service Corp. International		7,526		515,456
Starbucks Corp.		52,998		5,621,498
Target Corp.		21,936		5,695,024
Thor Industries, Inc.^(b)		2,469		251,739
Tractor Supply Co.		5,150		1,118,425
VF Corp.^(b)		17,667		1,287,571
Whirlpool Corp.		2,844		599,601
Williams-Sonoma, Inc.		3,385		628,696

				64,432,808

Consumer Staples-13.66%
Altria Group, Inc.		82,868		3,655,308
Andersons, Inc. (The)		1,451		49,421
Archer-Daniels-Midland Co.		25,156		1,616,022
Brown-Forman Corp., Class B		13,941		946,455
Casey’s General Stores, Inc.		1,617		309,720
Church & Dwight Co., Inc.		11,034		963,930
Clorox Co. (The)		5,519		899,652
Coca-Cola Co. (The)		194,564		10,967,573
Colgate-Palmolive Co.		37,928		2,889,734
Costco Wholesale Corp.		19,877		9,770,341
Flowers Foods, Inc.		9,506		235,274
Hershey Co. (The)		6,560		1,150,296
Hormel Foods Corp.		24,347		1,030,365
Ingredion, Inc.		3,031		288,642
J&J Snack Foods Corp.^(b)		831		122,614
JM Smucker Co. (The)		4,889		600,663
Kellogg Co.		15,301		937,951
Kimberly-Clark Corp.		15,121		1,958,018
Kroger Co. (The)		33,566		1,343,311
Lancaster Colony Corp.		1,200		204,000
McCormick & Co., Inc.		11,194		898,095
Nu Skin Enterprises, Inc., Class A		2,241		89,976


	Shares		Value
Consumer Staples-(continued)
PepsiCo, Inc.		62,123	$	10,039,077
Philip Morris International, Inc.		70,035		6,621,109
Procter & Gamble Co. (The)		109,382		15,640,532
SpartanNash Co.^(b)		1,567		36,260
Sysco Corp.		23,039		1,771,699
Tootsie Roll Industries, Inc.^(b)		1,731		54,786
Universal Corp.		1,071		50,337
Walgreens Boots Alliance, Inc.		38,864		1,827,385
Walmart, Inc.		126,167		18,851,873
WD-40 Co.^(b)		598		135,746

				95,956,165

Energy-3.94%
Chevron Corp.		87,173		9,980,437
Enterprise Products Partners L.P.		98,187		2,226,881
Exxon Mobil Corp.		190,768		12,298,813
Magellan Midstream Partners L.P.		9,934		486,766
ONEOK, Inc.		20,034		1,274,563
Valero Energy Corp.		18,373		1,420,784

				27,688,244

Financials-14.33%
1st Source Corp.		1,090		52,625
Aflac, Inc.		30,121		1,616,594
Allstate Corp. (The)		13,275		1,641,719
American Equity Investment Life Holding Co.		4,143		132,037
American Financial Group, Inc.		3,805		517,632
Ameriprise Financial, Inc.		5,124		1,548,114
Arthur J. Gallagher & Co.		9,288		1,557,319
Assurant, Inc.		2,619		422,471
Atlantic Union Bankshares Corp.		3,463		124,218
AXIS Capital Holdings Ltd.		3,806		198,178
BancFirst Corp.^(b)		1,429		92,899
Bank of New York Mellon Corp. (The)		38,785		2,296,072
Bank OZK		5,815		259,756
BlackRock, Inc.		6,855		6,467,418
BOK Financial Corp.^(b)		3,121		315,752
Brown & Brown, Inc.		12,662		799,099
Cambridge Bancorp		304		27,910
Cboe Global Markets, Inc.		4,813		635,027
Chubb Ltd.		19,738		3,856,410
Cincinnati Financial Corp.		7,247		880,076
CME Group, Inc., Class A		16,152		3,562,324
Cohen & Steers, Inc.^(b)		2,158		204,773
Comerica, Inc.		6,003		510,795
Commerce Bancshares, Inc.		5,257		370,671
Community Bank System, Inc.^(b)		2,406		172,438
Community Trust Bancorp, Inc.		778		33,983
Cullen/Frost Bankers, Inc.		2,885		373,607
Discover Financial Services		13,440		1,523,021
Erie Indemnity Co., Class A^(b)		2,069		425,821
Evercore, Inc., Class A		1,729		262,531
FactSet Research Systems, Inc.		1,721		763,935
Fifth Third Bancorp.		31,047		1,351,476
Financial Institutions, Inc.^(b)		691		22,057
First American Financial Corp.		4,957		362,555
First Financial Bankshares, Inc.^(b)		6,371		323,137
First Financial Corp.		569		24,382
First of Long Island Corp. (The)		1,033		20,794

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


		6

Invesco Dividend Achievers^TMETF (PFM)–(continued)

October 31, 2021

(Unaudited)


	Shares		Value
Financials-(continued)
Franklin Resources, Inc.		22,582	$	711,107
Globe Life, Inc.		4,545		404,596
Hanover Insurance Group, Inc. (The)		1,557		196,182
Hingham Institution for Savings (The)		93		33,595
Home BancShares, Inc.		7,373		175,182
Horace Mann Educators Corp.		1,864		73,032
Horizon Bancorp, Inc.		1,971		37,587
Huntington Bancshares, Inc.		66,351		1,044,365
Independent Bank Corp.^(b)		1,441		121,765
International Bancshares Corp.		2,873		121,815
JPMorgan Chase & Co.		134,529		22,855,132
KeyCorp.		42,958		999,633
Lakeland Bancorp, Inc.		2,261		40,653
Lazard Ltd., Class A		4,676		229,077
Lincoln National Corp.		8,468		610,966
MarketAxess Holdings, Inc.		1,728		706,182
Marsh & McLennan Cos., Inc.		22,746		3,794,033
Mercury General Corp.		2,469		134,536
Moody’s Corp.		8,392		3,391,627
Morningstar, Inc.		1,932		611,961
Northwest Bancshares, Inc.		5,697		78,619
Old Republic International Corp.		13,714		354,233
PNC Financial Services Group, Inc. (The)		19,078		4,026,030
Primerica, Inc.		1,721		289,541
Principal Financial Group, Inc.		12,086		810,850
Prosperity Bancshares, Inc.		4,161		313,365
Prudential Financial, Inc.		17,323		1,906,396
Raymond James Financial, Inc.		9,246		911,563
Reinsurance Group of America, Inc.		3,074		362,978
RenaissanceRe Holdings Ltd. (Bermuda)^(b)		2,109		299,056
RLI Corp.		2,027		219,544
S&P Global, Inc.^(b)		10,836		5,137,998
Sandy Spring Bancorp, Inc.		2,114		100,330
SEI Investments Co.		6,315		398,098
Southside Bancshares, Inc.		1,424		58,840
State Street Corp.		15,415		1,519,148
Stock Yards Bancorp, Inc.		1,159		70,989
T. Rowe Price Group, Inc.		10,223		2,217,164
Tompkins Financial Corp.		642		52,715
Travelers Cos., Inc. (The)		11,207		1,802,982
Truist Financial Corp.		60,007		3,808,644
U.S. Bancorp		66,615		4,021,548
UMB Financial Corp.		2,163		213,748
United Bankshares, Inc.		5,798		214,468
Unum Group		9,186		233,967
W.R. Berkley Corp.		7,959		633,536
Washington Federal, Inc.		3,072		108,626
Washington Trust Bancorp, Inc.		755		41,268
Webster Financial Corp.		4,059		227,142
WesBanco, Inc.		2,961		102,954
Westamerica Bancorporation		1,171		65,295

				100,644,287

Health Care-13.95%
Abbott Laboratories		79,922		10,301,147
AmerisourceBergen Corp.		9,334		1,138,935
Atrion Corp.^(b)		78		56,784
Becton, Dickinson and Co.		12,905		3,091,909
Bristol-Myers Squibb Co.		99,843		5,830,831
Cardinal Health, Inc.		13,047		623,777


	Shares		Value
Health Care-(continued)
Chemed Corp.		686	$	330,823
Ensign Group, Inc. (The)		2,459		191,827
Hill-Rom Holdings, Inc.		2,979		461,447
Johnson & Johnson		118,526		19,305,515
McKesson Corp.		6,963		1,447,468
Medtronic PLC		60,470		7,247,934
Merck & Co., Inc.		114,127		10,048,882
National HealthCare Corp.		672		47,000
Perrigo Co. PLC		5,994		270,629
Pfizer, Inc.		252,671		11,051,830
STERIS PLC		4,459		1,042,247
Stryker Corp.		16,935		4,505,895
UnitedHealth Group, Inc.		42,464		19,553,398
West Pharmaceutical Services, Inc.		3,335		1,433,650

				97,981,928

Industrials-13.10%
3M Co.		25,996		4,644,965
A.O. Smith Corp.		5,972		436,374
ABM Industries, Inc.		3,037		133,658
Applied Industrial Technologies, Inc.		1,679		163,669
Brady Corp., Class A		2,170		113,035
C.H. Robinson Worldwide, Inc.^(b)		5,907		572,920
Carlisle Cos., Inc.		2,327		518,735
Caterpillar, Inc.		24,582		5,014,974
Cintas Corp.		4,654		2,015,647
CSX Corp.		101,310		3,664,383
Cummins, Inc.		6,481		1,554,403
Donaldson Co., Inc.		5,640		338,456
Douglas Dynamics, Inc.		1,002		42,385
Dover Corp.		6,496		1,098,344
Eaton Corp. PLC		17,927		2,953,653
Emerson Electric Co.		26,886		2,608,211
Expeditors International of Washington, Inc.		7,626		939,981
Fastenal Co.		25,826		1,474,148
Franklin Electric Co., Inc.		2,079		179,584
GATX Corp.^(b)		1,548		146,828
General Dynamics Corp.		12,572		2,548,973
Gorman-Rupp Co. (The)		1,139		48,430
Graco, Inc.		7,620		572,872
Healthcare Services Group, Inc.		3,365		64,574
HEICO Corp.^(b)		2,419		337,184
Hillenbrand, Inc.		3,294		149,745
HNI Corp.		1,968		73,603
Honeywell International, Inc.		31,033		6,784,434
Hubbell, Inc.		2,426		483,672
IDEX Corp.		3,423		761,857
Illinois Tool Works, Inc.		14,171		3,229,146
Insperity, Inc.		1,683		210,375
ITT, Inc.^(b)		3,864		363,486
J.B. Hunt Transport Services, Inc.		4,751		936,850
L3Harris Technologies, Inc.		9,035		2,082,929
Lennox International, Inc.		1,717		513,864
Lincoln Electric Holdings, Inc.		2,644		376,506
Lindsay Corp.		476		69,339
Lockheed Martin Corp.		12,457		4,139,710
ManpowerGroup, Inc.		2,419		233,796
Matthews International Corp., Class A		1,378		47,362
McGrath RentCorp		1,057		76,252
MSA Safety, Inc.		1,708		261,375

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


		7

Invesco Dividend Achievers^TMETF (PFM)–(continued)

October 31, 2021

(Unaudited)


	Shares		Value
Industrials-(continued)
MSC Industrial Direct Co., Inc., Class A		2,104	$	176,883
Nordson Corp.		2,589		658,150
Northrop Grumman Corp.		7,200		2,571,984
Raytheon Technologies Corp.		67,771		6,022,131
Regal Rexnord Corp.		1,774		270,233
Republic Services, Inc.		14,319		1,927,337
Resources Connection, Inc.		1,434		24,966
Robert Half International, Inc		5,046		570,551
Rockwell Automation, Inc.		5,223		1,668,226
Roper Technologies, Inc.		4,761		2,322,749
Ryder System, Inc.		2,399		203,795
Snap-on, Inc.		2,408		489,378
Standex International Corp.		532		59,196
Stanley Black & Decker, Inc.		7,324		1,316,343
Tennant Co.		814		64,680
Toro Co. (The)		4,832		461,311
Trane Technologies PLC		10,689		1,933,961
Trinity Industries, Inc.^(b)		4,439		124,514
Union Pacific Corp.		29,309		7,075,193
United Parcel Service, Inc., Class B		32,740		6,989,008
W.W. Grainger, Inc.		2,325		1,076,731
Waste Management, Inc.		18,908		3,029,629

				92,017,636

Information Technology-17.11%
Accenture PLC, Class A		28,525		10,234,485
Analog Devices, Inc.		24,143		4,188,569
Automatic Data Processing, Inc.		18,994		4,263,963
Badger Meter, Inc.		1,272		130,062
Broadcom, Inc.		18,495		9,833,237
Broadridge Financial Solutions, Inc.		5,229		932,906
Cass Information Systems, Inc.		624		25,578
Corning, Inc.		38,387		1,365,425
HP, Inc.		53,964		1,636,728
International Business Machines Corp.		40,285		5,039,653
Jack Henry & Associates, Inc.		3,337		555,544
KLA Corp.		6,879		2,564,216
Littelfuse, Inc.		1,073		316,052
Microchip Technology, Inc.		24,646		1,826,022
Microsoft Corp.		91,756		30,428,125
Oracle Corp.		125,781		12,067,429
Paychex, Inc.		16,182		1,994,917
QUALCOMM, Inc.		50,715		6,747,124
TE Connectivity Ltd.		14,739		2,151,894
Texas Instruments, Inc.		41,512		7,782,670
Visa, Inc., Class A		75,989		16,092,190

				120,176,789

Materials-3.38%
Air Products and Chemicals, Inc.		9,925		2,975,614
Albemarle Corp.		5,263		1,318,224
AptarGroup, Inc.		2,986		360,649
Ashland Global Holdings, Inc.^(b)		2,703		259,515
Avery Dennison Corp.		3,723		810,572
Balchem Corp.		1,411		216,010
Celanese Corp.		5,009		809,004
Eastman Chemical Co.		6,084		632,918
Ecolab, Inc.		12,857		2,857,083
H.B. Fuller Co.		2,345		165,346
Hawkins, Inc.		925		33,920
International Flavors & Fragrances, Inc.		11,188		1,649,671


	Shares		Value
Materials-(continued)
International Paper Co.		17,588	$	873,596
Neenah, Inc.		735		37,147
Nucor Corp.		13,189		1,472,552
Packaging Corp. of America		4,251		583,960
PPG Industries, Inc.		10,678		1,714,566
Quaker Houghton		779		191,509
Reliance Steel & Aluminum Co.		2,878		420,648
Royal Gold, Inc.		2,970		294,089
RPM International, Inc.^(b)		5,822		507,678
Scotts Miracle-Gro Co. (The)		2,488		369,368
Sensient Technologies Corp.		1,893		180,971
Sherwin-Williams Co. (The)		11,809		3,738,847
Silgan Holdings, Inc.		4,978		200,116
Sonoco Products Co.		4,396		254,748
Stepan Co.		979		117,500
Westlake Chemical Corp.		5,752		559,900
Worthington Industries, Inc.^(b)		2,304		125,153

				23,730,874

Real Estate-1.83%
Alexandria Real Estate Equities, Inc.		6,862		1,400,808
CoreSite Realty Corp.		1,982		282,356
CubeSmart		9,071		498,996
Digital Realty Trust, Inc.		12,705		2,004,976
Douglas Emmett, Inc.		7,870		257,191
Equity LifeStyle Properties, Inc.		8,231		695,602
Essex Property Trust, Inc.		2,945		1,001,094
Extra Space Storage, Inc.		5,998		1,183,825
Federal Realty Investment Trust		3,500		421,225
Iron Mountain, Inc.^(b)		13,004		593,502
Mid-America Apartment Communities, Inc.		5,223		1,066,589
National Health Investors, Inc.^(b)		2,054		110,464
National Retail Properties, Inc.		7,875		357,210
Omega Healthcare Investors, Inc.		10,744		315,444
Realty Income Corp.		17,525		1,251,811
UDR, Inc.		13,326		739,993
Universal Health Realty Income Trust		601		34,239
WP Carey, Inc.^(b)		8,534		658,057

				12,873,382

Utilities-4.96%
ALLETE, Inc.		2,334		143,634
Alliant Energy Corp.		11,240		635,847
American Electric Power Co., Inc.		22,469		1,903,349
American States Water Co.		1,610		146,252
American Water Works Co., Inc.		8,132		1,416,432
Atmos Energy Corp.		5,867		540,468
Avista Corp.		3,147		125,282
Black Hills Corp		2,877		190,975
Brookfield Infrastructure Partners L.P. (Canada)		13,268		780,556
California Water Service Group		2,302		140,146
Chesapeake Utilities Corp.		766		100,400
CMS Energy Corp.		13,013		785,335
Consolidated Edison, Inc.		15,901		1,198,935
DTE Energy Co.		8,722		988,639
Duke Energy Corp.		34,584		3,527,914
Edison International		17,048		1,072,831
Essential Utilities, Inc.		11,044		519,841
Evergy, Inc.		10,326		658,282
Eversource Energy		15,421		1,309,243

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


		8

Invesco Dividend Achievers^TMETF (PFM)–(continued)

October 31, 2021

(Unaudited)


	Shares		Value
Utilities-(continued)
MDU Resources Group, Inc.		9,100	$	279,643
MGE Energy, Inc.		1,577		119,679
Middlesex Water Co.		763		84,022
National Fuel Gas Co.		4,085		234,602
New Jersey Resources Corp.^(b)		4,314		163,112
NextEra Energy, Inc.		88,163		7,522,949
Northwest Natural Holding Co.		1,337		60,285
NorthWestern Corp.^(b)		2,303		130,949
OGE Energy Corp.		9,002		306,698
Portland General Electric Co.		4,008		197,634
PPL Corp.		34,596		996,365
Sempra Energy		14,361		1,832,894
SJW Group		1,299		85,630
South Jersey Industries, Inc.^(b)		5,067		115,325
Southern Co. (The)		47,590		2,965,809
Southwest Gas Holdings, Inc.		2,631		182,197
Spire, Inc.		2,308		144,850
UGI Corp.		9,391		407,663
WEC Energy Group, Inc.		14,191		1,278,041
Xcel Energy, Inc.		24,188		1,562,303
York Water Co. (The)		571		27,362

				34,882,373

Total Common Stocks & Other Equity Interests (Cost $533,317,317)				701,928,060


	Shares		Value

Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)(Cost $378,587)		378,587	$	378,587

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $533,695,904)				702,306,647


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.79%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		3,766,018		3,766,018
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		8,790,167		8,793,683

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,559,701)				12,559,701

TOTAL INVESTMENTS IN SECURITIES-101.76% (Cost $546,255,605)				714,866,348
OTHER ASSETS LESS LIABILITIES-(1.76)%				(12,362,940	)

NET ASSETS-100.00%			$	702,503,408

Notes to Schedule of Investments:

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

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

^(c)


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

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	504,143		$	10,188,107		$	(10,313,663	)		$-		$-		$	378,587		$	95

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			698,686			14,092,745			(11,025,413	)		-		-			3,766,018			160	*
Invesco Private Prime Fund			1,124,866			31,040,302			(23,371,485	)		-		-			8,793,683			2,234	*

Total		$	2,327,695		$	55,321,154		$	(44,710,561	)		$-		$-		$	12,938,288		$	2,489

*	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.

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

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

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


		9

Invesco Dividend Achievers^TMETF (PFM)–(continued)

October 31, 2021

(Unaudited)

Portfolio Composition

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

as of October 31, 2021


Information Technology			17.11
Financials			14.33
Health Care			13.95
Consumer Staples			13.66
Industrials			13.10
Consumer Discretionary			9.17
Utilities			4.96
Communication Services			4.49
Energy			3.94
Materials			3.38
Real Estate			1.83
Money Market Funds Plus Other Assets Less Liabilities			0.08

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


		10

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.82%
Communication Services-6.60%
Verizon Communications, Inc.		217,345	$	11,517,113

Consumer Discretionary-7.67%
Home Depot, Inc. (The)		15,751		5,855,277
McDonald’s Corp.		23,474		5,764,041
NIKE, Inc., Class B		10,552		1,765,244

				13,384,562

Consumer Staples-15.62%
Coca-Cola Co. (The)		138,573		7,811,360
Procter & Gamble Co. (The)		43,788		6,261,246
Walgreens Boots Alliance, Inc.		196,575		9,242,956
Walmart, Inc.		26,304		3,930,344

				27,245,906

Energy-9.78%
Chevron Corp.		148,909		17,048,591

Financials-11.57%
American Express Co.		16,882		2,933,754
Goldman Sachs Group, Inc. (The)		12,379		5,116,860
JPMorgan Chase & Co.		36,948		6,277,096
Travelers Cos., Inc. (The)		36,403		5,856,514

				20,184,224

Health Care-16.42%
Amgen, Inc.		37,711		7,805,046
Johnson & Johnson		37,884		6,170,546
Merck & Co., Inc.		119,834		10,551,384
UnitedHealth Group, Inc.		8,935		4,114,298

				28,641,274


	Shares		Value
Industrials-9.80%
3M Co.		42,548	$	7,602,477
Caterpillar, Inc.		26,524		5,411,161
Honeywell International, Inc.		18,629		4,072,672

				17,086,310

Information Technology-16.25%
Apple, Inc.		10,050		1,505,490
Cisco Systems, Inc.		111,892		6,262,595
Intel Corp.		123,341		6,043,709
International Business Machines Corp.		88,109		11,022,436
Microsoft Corp.		6,485		2,150,556
Visa, Inc., Class A		6,413		1,358,081

				28,342,867

Materials-6.11%
Dow, Inc.		190,322		10,652,322

Total Common Stocks & Other Equity Interests (Cost $166,788,936)				174,103,169


Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(b)(c)(Cost $79,177)		79,177		79,177

TOTAL INVESTMENTS IN SECURITIES-99.86% (Cost $166,868,113)				174,182,346
OTHER ASSETS LESS LIABILITIES-0.14%				239,001

NET ASSETS-100.00%			$	174,421,347

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)


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

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$36,023		$2,525,661		$(2,482,507)		$-		$-		$79,177		$16

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

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


		11

Invesco Dow Jones Industrial Average Dividend ETF (DJD)–(continued)

October 31, 2021

(Unaudited)

Portfolio Composition

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

as of October 31, 2021


Health Care			16.42
Information Technology			16.25
Consumer Staples			15.62
Financials			11.57
Industrials			9.80
Energy			9.78
Consumer Discretionary			7.67
Communication Services			6.60
Materials			6.11
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.


		12

Invesco Financial Preferred ETF (PGF)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Preferred Stocks-99.77%
Banks-58.05%
Bank of America Corp.
Series PP, Pfd., 4.13%^(b)		841,287	$	21,065,826
Series NN, Pfd., 4.38%^(b)		1,010,217		25,659,512
Series LL, Pfd., 5.00%		1,188,317		31,775,597
Series KK, Pfd., 5.38%		1,205,525		32,705,893
Series HH, Pfd., 5.88%		693,743		18,737,998
Series GG, Pfd., 6.00%		1,160,845		30,901,694
Bank OZK, Series A, Pfd., 4.63%		80,000		2,000,000
Citigroup, Inc.
Series K, Pfd., 6.88%^(c)		1,376,943		39,050,103
Series J, Pfd., 7.13%^(c)		878,080		24,665,267
Citizens Financial Group, Inc.
Series E, Pfd., 5.00%^(b)		424,253		11,246,947
Series D, Pfd., 6.35%^(c)		276,547		7,732,254
Fifth Third Bancorp
Series K, Pfd., 4.95%		238,029		6,317,290
Series I, Pfd., 6.63%^(b)(c)		414,232		11,909,170
First Citizens BancShares, Inc., Series A, Pfd., 5.38%^(b)		315,804		8,684,610
First Republic Bank
Series M, Pfd., 4.00%		689,774		16,816,690
Series K, Pfd., 4.13%^(b)		472,115		11,826,481
Series L, Pfd., 4.25%		685,557		17,228,047
Series J, Pfd., 4.70%^(b)		366,778		9,833,318
Series I, Pfd., 5.50%		277,232		7,352,193
Huntington Bancshares, Inc., Series H, Pfd., 4.50%^(b)		466,734		11,878,380
JPMorgan Chase & Co.
Series MM, Pfd., 4.20%^(b)		1,795,908		45,167,086
Series JJ, Pfd., 4.55%^(b)		1,309,478		34,190,471
Series LL, Pfd., 4.63%		1,608,675		42,050,765
Series GG, Pfd., 4.75%		827,655		21,701,114
Series DD, Pfd., 5.75%^(b)		1,475,593		40,209,909
Series EE, Pfd., 6.00%		1,603,187		44,472,407
KeyCorp
Series G, Pfd., 5.63%		412,137		11,424,438
Series F, Pfd., 5.65%		396,339		10,772,494
Series E, Pfd., 6.13%^(c)		460,058		14,100,778
People’s United Financial, Inc., Series A, Pfd., 5.63%^(c)		233,477		6,595,725
PNC Financial Services Group, Inc. (The), Series P, Pfd., 6.13%^(c)		1,366,372		35,143,088
Regions Financial Corp.
Series E, Pfd., 4.45%		374,167		9,541,259
Series C, Pfd., 5.70%^(c)		463,770		13,375,127
Series B, Pfd., 6.38%^(c)		460,947		13,090,895
Signature Bank, Series A, Pfd., 5.00%		675,575		17,497,393
SVB Financial Group, Series A, Pfd., 5.25%^(b)		326,448		8,614,963
Synovus Financial Corp., Series E, Pfd., 5.88%^(b)(c)		323,739		8,702,104
Texas Capital Bancshares, Inc., Series B, Pfd., 5.75%		270,785		7,192,050
Truist Financial Corp.
Series R, Pfd., 4.75%		852,609		22,722,030
Series O, Pfd., 5.25%^(b)		529,672		14,873,190


	Shares		Value
Banks-(continued)
U.S. Bancorp
Series L, Pfd., 3.75%		473,469	$	11,472,154
Series M, Pfd., 4.00%^(b)		689,316		17,239,793
Series K, Pfd., 5.50%^(b)		525,050		14,239,356
Series F, Pfd., 6.50%^(c)		1,005,301		25,514,539
Wells Fargo & Co.
Series DD, Pfd., 4.25%^(b)		1,155,851		28,850,041
Series CC, Pfd., 4.38%^(b)		972,464		24,447,745
Series AA, Pfd., 4.70%		1,020,803		26,428,590
Series Z, Pfd., 4.75%^(b)		1,736,077		44,964,394
Series Y, Pfd., 5.63%		634,013		16,439,957
Series Q, Pfd., 5.85%^(c)		1,467,579		39,551,254
Series R, Pfd., 6.63%^(b)(c)		705,203		19,851,464
Western Alliance Bancorp, Series A, Pfd., 4.25%^(b)(c)		275,138		7,225,124

				1,045,048,967

Capital Markets-13.09%
Apollo Global Management, Inc., Series A, Pfd., 6.38%		166,248		4,330,761
Charles Schwab Corp. (The)
Series J, Pfd., 4.45%		575,329		15,154,166
Series D, Pfd., 5.95%		680,569		17,483,818
Goldman Sachs Group, Inc. (The)
Series J, Pfd., 5.50%^(c)		923,058		24,811,799
Series K, Pfd., 6.38%^(c)		646,673		18,339,646
Morgan Stanley
Series L, Pfd., 4.88%		455,848		12,262,311
Series K, Pfd., 5.85%^(c)		884,560		26,059,138
Series I, Pfd., 6.38%^(c)		879,050		25,158,411
Series F, Pfd., 6.88%^(c)		721,513		20,382,742
Series E, Pfd., 7.13%^(b)(c)		756,395		21,481,618
Northern Trust Corp., Series E, Pfd., 4.70%		368,118		10,027,534
State Street Corp.
Series G, Pfd., 5.35%^(b)(c)		459,791		13,476,474
Series D, Pfd., 5.90%^(b)(c)		688,967		19,628,670
Stifel Financial Corp., Series D, Pfd., 4.50%		274,452		6,998,526

				235,595,614

Consumer Finance-7.29%
Capital One Financial Corp.
Series N, Pfd., 4.25%^(b)		371,161		9,405,220
Series L, Pfd., 4.38%		603,173		15,344,721
Series J, Pfd., 4.80%^(b)		1,109,716		29,063,462
Series I, Pfd., 5.00%		1,337,141		35,608,065
Series G, Pfd., 5.20%		531,778		13,464,619
Series H, Pfd., 6.00%		394,667		10,016,648
Synchrony Financial, Series A, Pfd., 5.63%^(b)		688,460		18,361,228

				131,263,963

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


		13

Invesco Financial Preferred ETF (PGF)–(continued)

October 31, 2021

(Unaudited)


	Shares		Value
Diversified Financial Services-1.94%
Equitable Holdings, Inc.
Series C, Pfd., 4.30%^(b)		280,461	$	7,078,836
Series A, Pfd., 5.25%		739,401		19,653,278
Voya Financial, Inc., Series B, Pfd., 5.35%^(b)(c)		274,880		8,108,960

				34,841,074

Insurance-17.86%
Allstate Corp. (The)
Series I, Pfd., 4.75%^(b)		278,596		7,577,811
Series H, Pfd., 5.10%		1,050,129		28,458,496
Series G, Pfd., 5.63%^(b)		526,479		14,346,553
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%^(c)		368,522		10,281,764
Series B, Pfd., 6.63%^(c)		284,391		8,142,114
American International Group, Inc., Series A, Pfd., 5.85%		456,785		12,442,823
Arch Capital Group Ltd.
Series G, Pfd., 4.55%^(b)		467,546		12,132,819
Series F, Pfd., 5.45%^(b)		304,238		7,919,315
Aspen Insurance Holdings Ltd.
Pfd., 5.63% (Bermuda)		230,650		6,375,166
Pfd., 5.63% (Bermuda)^(b)		233,848		6,187,618
Pfd., 5.95% (Bermuda)^(b)(c)		255,812		6,981,110
Athene Holding Ltd.
Series D, Pfd., 4.88%		546,789		14,145,431
Series B, Pfd., 5.63%		309,095		8,441,384
Series A, Pfd., 6.35%^(b)(c)		798,212		23,858,557
Series C, Pfd., 6.38%^(b)(c)		563,849		16,283,959
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%		503,105		12,688,308
Brighthouse Financial, Inc.
Series C, Pfd., 5.38%		524,345		13,905,629
Series A, Pfd., 6.60%		427,912		11,763,301
Series B, Pfd., 6.75%		366,027		10,387,846
Enstar Group Ltd., Series D, Pfd., 7.00%^(b)(c)		368,265		10,786,482
Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%^(b)		318,071		8,820,109
MetLife, Inc.
Series F, Pfd., 4.75%		935,122		25,098,675
Series E, Pfd., 5.63%		738,607		20,149,199


	Shares		Value
Insurance-(continued)
Prudential PLC
Pfd., 6.50% (United Kingdom)^(b)		177,793	$	4,547,945
Pfd., 6.75% (United Kingdom)^(b)		69,158		1,766,987
RenaissanceRe Holdings Ltd.
Series G, Pfd., 4.20% (Bermuda)^(b)		466,329		11,742,164
Series F, Pfd., 5.75% (Bermuda)		233,684		6,353,868

				321,585,433

Thrifts & Mortgage Finance-1.19%
New York Community Bancorp, Inc., Series A, Pfd., 6.38%^(c)		482,016		14,098,968
Washington Federal, Inc., Series A, Pfd., 4.88%		274,489		7,230,040

				21,329,008

Trading Companies & Distributors-0.35%
Air Lease Corp., Series A, Pfd., 6.15%^(c)		232,477		6,286,178

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.77% (Cost $1,743,009,213)				1,795,950,237


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.56%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		19,235,543		19,235,543
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		44,864,988		44,882,934

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $64,118,477)				64,118,477

TOTAL INVESTMENTS IN SECURITIES-103.33% (Cost $1,807,127,690)				1,860,068,714
OTHER ASSETS LESS LIABILITIES-(3.33)%				(59,880,702	)

NET ASSETS-100.00%			$	1,800,188,012

Investment Abbreviations:

Pfd. -Preferred

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


		14

Invesco Financial Preferred ETF (PGF)–(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

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

^(c)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)


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

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	11,481,962		$	211,465,455		$	(222,947,417	)		$	-		$	-		$	-		$	1,281

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			27,670,665			31,441,387			(39,876,509	)			-			-			19,235,543			1,534	*
Invesco Private Prime Fund			41,510,348			78,131,782			(74,759,196	)			-			-			44,882,934			22,438	*

Total		$	80,662,975		$	321,038,624		$	(337,583,122	)		$	-		$	-		$	64,118,477		$	25,253

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

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

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

Portfolio Composition

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

as of October 31, 2021


Banks			58.05
Insurance			17.86
Capital Markets			13.09
Consumer Finance			7.29
Industry Types Each Less Than 3%			3.48
Money Market Funds Plus Other Assets Less Liabilities			0.23

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


		15

Invesco High Yield Equity Dividend Achievers^TMETF (PEY)

October 31, 2021

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Banks-7.61%
Comerica, Inc.		227,747	$	19,378,992
Huntington Bancshares, Inc.		1,137,901		17,910,562
United Bankshares, Inc.^(b)		485,173		17,946,549
WesBanco, Inc.		514,378		17,884,923

				73,121,026

Beverages-1.40%
Coca-Cola Co. (The)		239,464		13,498,586

Capital Markets-3.53%
Franklin Resources, Inc.^(b)		482,453		15,192,445
Lazard Ltd., Class A		382,733		18,750,090

				33,942,535

Commercial Services & Supplies-1.52%
HNI Corp.^(b)		391,879		14,656,275

Containers & Packaging-1.34%
International Paper Co.		259,684		12,898,504

Diversified Telecommunication Services-5.42%
AT&T, Inc.		1,265,391		31,963,776
Verizon Communications, Inc.		379,523		20,110,924

				52,074,700

Electric Utilities-12.19%
ALLETE, Inc.		252,318		15,527,650
Duke Energy Corp.		162,015		16,527,150
Edison International		358,896		22,585,325
OGE Energy Corp.		587,308		20,009,583
PPL Corp.^(b)		881,436		25,385,357
Southern Co. (The)		275,255		17,153,892

				117,188,957

Food & Staples Retailing-1.63%
Walgreens Boots Alliance, Inc.		333,878		15,698,944

Food Products-4.75%
Flowers Foods, Inc.^(b)		644,156		15,942,861
JM Smucker Co. (The)		110,350		13,557,601
Kellogg Co.^(b)		263,887		16,176,273

				45,676,735

Gas Utilities-5.49%
National Fuel Gas Co.		305,022		17,517,414
Northwest Natural Holding Co.		331,758		14,958,968
South Jersey Industries, Inc.^(b)		893,565		20,337,539

				52,813,921

Health Care Providers & Services-1.61%
Cardinal Health, Inc.		323,469		15,465,053

Household Durables-1.54%
Leggett & Platt, Inc.^(b)		316,446		14,825,495

Household Products-1.43%
Kimberly-Clark Corp.		106,460		13,785,505

Industrial Conglomerates-1.32%
3M Co.		71,279		12,736,132

Insurance-9.21%
Mercury General Corp.^(b)		324,265		17,669,200
Old Republic International Corp.		588,671		15,205,372
Principal Financial Group, Inc.^(b)		241,835		16,224,710


	Shares		Value
Insurance-(continued)
Prudential Financial, Inc.		185,639	$	20,429,572
Unum Group		745,527		18,988,573

				88,517,427

IT Services-1.98%
International Business Machines Corp.		151,881		19,000,313

Multi-Utilities-5.39%
Avista Corp.		436,781		17,388,252
Consolidated Edison, Inc.		248,283		18,720,538
NorthWestern Corp.^(b)		275,906		15,688,015

				51,796,805

Oil, Gas & Consumable Fuels-14.03%
Chevron Corp.		256,915		29,414,198
Exxon Mobil Corp.		535,499		34,523,621
ONEOK, Inc.		620,176		39,455,597
Valero Energy Corp.		407,773		31,533,086

				134,926,502

Pharmaceuticals-3.28%
Merck & Co., Inc.		194,210		17,100,190
Pfizer, Inc.		329,774		14,424,315

				31,524,505

Road & Rail-1.45%
Ryder System, Inc.		163,604		13,898,160

Thrifts & Mortgage Finance-3.02%
Northwest Bancshares, Inc.		2,104,601		29,043,494

Tobacco-7.60%
Altria Group, Inc.		623,631		27,508,363
Philip Morris International, Inc.		206,951		19,565,148
Universal Corp.		552,020		25,944,940

				73,018,451

Trading Companies & Distributors-1.69%
MSC Industrial Direct Co., Inc., Class A		193,504		16,267,881

Wireless Telecommunication Services-1.49%
Telephone & Data Systems, Inc.		764,362		14,324,144

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $871,812,735)				960,700,050


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.50%
Invesco Private Government Fund, 0.02%^(c)(d)(e)		15,856,382		15,856,382
Invesco Private Prime Fund, 0.11%^(c)(d)(e)		36,983,432		36,998,226

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $52,854,607)				52,854,608

TOTAL INVESTMENTS IN SECURITIES-105.42% (Cost $924,667,342)				1,013,554,658
OTHER ASSETS LESS LIABILITIES-(5.42)%				(52,142,605	)

NET ASSETS-100.00%			$	961,412,053

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


		16

Invesco High Yield Equity Dividend Achievers^TMETF (PEY)–(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

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

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

^(c)


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

Investments in Affiliated Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class		$	-		$	16,224,099		$	(16,224,099	)		$	-		$	-		$	-		$	99

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			7,776,139			91,731,900			(83,651,657	)			-			-			15,856,382			593	*
Invesco Private Prime Fund			11,664,209			168,802,505			(143,468,489	)			1			-			36,998,226			8,838	*

Total		$	19,440,348		$	276,758,504		$	(243,344,245	)		$	1		$	-		$	52,854,608		$	9,530

*	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.

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

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

Portfolio Composition

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

as of October 31, 2021


Oil, Gas & Consumable Fuels			14.03
Electric Utilities			12.19
Insurance			9.21
Banks			7.61
Tobacco			7.60
Gas Utilities			5.49
Diversified Telecommunication Services			5.42
Multi-Utilities			5.39
Food Products			4.75
Capital Markets			3.53
Pharmaceuticals			3.28
Thrifts & Mortgage Finance			3.02
Industry Types Each Less Than 3%			18.40
Money Market Funds Plus Other Assets Less Liabilities			0.08

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


		17

Invesco International Dividend Achievers^TMETF (PID)

October 31, 2021

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.64%
Brazil-3.17%
Cia Paranaense de Energia, ADR^(a)(b)		3,840,904	$	19,627,019


Canada-69.08%
Agnico Eagle Mines Ltd.		188,575		10,003,904
Algonquin Power & Utilities Corp.^(b)		1,175,013		16,955,438
Bank of Montreal^(b)		150,078		16,284,964
Bank of Nova Scotia (The)		329,199		21,582,286
BCE, Inc.		443,777		22,841,202
Brookfield Asset Management, Inc., Class A		73,273		4,424,956
Brookfield Infrastructure Partners L.P.		281,606		16,566,881
Brookfield Renewable Partners L.P.		325,876		13,067,628
Canadian Imperial Bank of Commerce		154,083		18,684,105
Canadian National Railway Co.		60,564		8,049,561
Canadian Natural Resources Ltd.		575,878		24,480,574
Canadian Pacific Railway Ltd.^(b)		56,067		4,339,586
Enbridge, Inc.		615,565		25,767,551
FirstService Corp.		8,952		1,789,684
Fortis, Inc.		339,712		15,120,581
Franco-Nevada Corp.		22,630		3,232,243
Imperial Oil Ltd.^(b)		470,499		15,940,506
Magna International, Inc.		120,954		9,833,560
Manulife Financial Corp.		1,046,032		20,387,164
Open Text Corp.		115,178		5,799,212
Pembina Pipeline Corp.^(b)		794,672		26,295,696
Restaurant Brands International, Inc.^(b)		226,999		12,857,223
Ritchie Bros. Auctioneers, Inc.		103,524		7,075,865
Royal Bank of Canada		143,136		14,887,575
Stantec, Inc.		95,645		5,289,169
Sun Life Financial, Inc.		294,586		16,782,564
TC Energy Corp.		509,650		27,572,065
TELUS Corp.^(b)		817,226		18,755,337
TFI International, Inc.		30,700		3,402,481
Toronto-Dominion Bank (The)		261,621		18,970,139

				427,039,700

Colombia-1.63%
Bancolombia S.A., ADR		280,286		10,070,676

France-2.62%
Sanofi, ADR		320,590		16,167,354

Germany-2.36%
Fresenius Medical Care AG & Co. KGaA, ADR		245,303		8,151,418
SAP SE, ADR		44,674		6,467,902

				14,619,320

India-1.27%
Infosys Ltd., ADR		284,824		6,345,879
Reliance Industries Ltd., GDR^(c)		21,918		1,490,424

				7,836,303

Ireland-1.42%
CRH PLC, ADR		182,790		8,762,953


	Shares		Value
Mexico-2.35%
America Movil S.A.B. de C.V., Class L, ADR		450,544	$	8,010,672
Fomento Economico Mexicano, S.A.B. de
C.V., ADR		79,272		6,515,366

				14,526,038

Switzerland-2.73%
Logitech International S.A., Class R^(b)		37,138		3,083,568
Novartis AG, ADR		167,026		13,823,072

				16,906,640

Taiwan-1.29%
Silicon Motion Technology Corp., ADR		111,927		7,992,707

United Kingdom-10.42%
Diageo PLC, ADR		48,472		9,678,404
Linde PLC		18,218		5,815,185
National Grid PLC, ADR^(b)		360,871		23,124,614
RELX PLC, ADR		328,363		10,241,642
Unilever PLC, ADR		289,993		15,537,825

				64,397,670

United States-1.30%
Amdocs Ltd.		103,278		8,039,160

Total Common Stocks & Other Equity Interests
(Cost $513,248,303)				615,985,540


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(a)(d)(Cost $116,801)		116,801		116,801

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.66% (Cost $513,365,104)				616,102,341


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-13.59%
Invesco Private Government Fund, 0.02%^(a)(d)(e)		25,200,694		25,200,694
Invesco Private Prime Fund, 0.11%^(a)(d)(e)		58,778,107		58,801,618

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $84,002,312)				84,002,312

TOTAL INVESTMENTS IN SECURITIES-113.25% (Cost $597,367,416)				700,104,653
OTHER ASSETS LESS LIABILITIES-(13.25)%				(81,918,196	)

NET ASSETS-100.00%			$	618,186,457

Investment Abbreviations:

ADR-American Depositary Receipt

GDR-Global Depositary Receipt

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


		18

Invesco International Dividend Achievers^TMETF (PID)–(continued)

October 31, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021.


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

Investments in Affiliated Money Market Funds:
Invesco Government &
Agency Portfolio, Institutional
Class		$	-		$	10,893,653		$	(10,776,852	)		$	-			$	-			$	116,801		$	46

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government
Fund			21,104,517			257,088,790			(252,992,613	)			-				-				25,200,694			1,785	*
Invesco Private Prime Fund			31,790,276			449,507,178			(422,495,836	)			-				-				58,801,618			25,986	*

Investments in Other Affiliates:
Cia Paranaense de Energia,
ADR**			19,434,900			3,440,211			(1,898,682	)			(1,272,202	)			(77,208	)			19,627,019			1,761,614

Total		$	72,329,693		$	720,929,832		$	(688,163,983	)		$	(1,272,202	)		$	(77,208	)		$	103,746,132		$	1,789,431

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

^**	As of October 31, 2021, this security was not considered as an affiliate of the Fund.

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

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

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

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

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


		19

Invesco International Dividend Achievers^TMETF (PID)–(continued)

October 31, 2021

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021


Financials			22.99
Energy			19.66
Utilities			16.89
Communication Services			8.03
Industrials			6.21
Health Care			6.17
Information Technology			6.10
Consumer Staples			5.13
Materials			4.50
Consumer Discretionary			3.67
Real Estate			0.29
Money Market Funds Plus Other Assets Less Liabilities			0.36

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


		20

(This Page Intentionally Left Blank)


		21

Statements of Assets and Liabilities

October 31, 2021

(Unaudited)


	Invesco BuyBack Achievers^TM ETF (PKW)			Invesco Dividend Achievers^TM ETF (PFM)		Invesco Dow Jones Industrial Average Dividend ETF ETF (DJD)		Invesco Financial Preferred ETF (PGF)
Assets:
Unaffiliated investments in securities, at value^(a)	$	1,808,708,353		$	701,928,060	$	174,103,169	$	1,795,950,237
Affiliated investments in securities, at value		154,794,413			12,938,288		79,177		64,118,477
Cash		-			-		-		-
Foreign currencies, at value		-			-		-		-
Deposits with brokers:
Cash segregated as collateral		-			-		-		-
Receivable for:
Dividends		708,822			936,604		249,190		5,513,230
Securities lending		17,103			651		-		75,946
Investments sold		25,241,840			44,184		-		6,629,967
Investments sold - affiliated broker		27,119,490			-		-		-
Foreign tax reclaims		-			-		-		-
Other assets		-			-		-		2,069

Total assets		2,016,590,021			715,847,787		174,431,536		1,872,289,926


Liabilities:
Due to custodian		671			-		-		4,018,548
Payable for:
Investments purchased		13,829,685			-		-		2,000,000
Investments purchased - affiliated broker		38,606,509			-		-		-
Collateral upon return of securities loaned		152,843,146			12,559,701		-		64,118,477
Collateral upon receipt of securities in-kind		-			-		-		-
Accrued unitary management fees		-			-		10,189		-
Accrued advisory fees		697,020			230,740		-		762,452
Accrued trustees’ and officer’s fees		188,735			84,290		-		267,402
Accrued expenses		1,374,256			469,648		-		935,035

Total liabilities		207,540,022			13,344,379		10,189		72,101,914

Net Assets	$	1,809,049,999		$	702,503,408	$	174,421,347	$	1,800,188,012

Net assets consist of:
Shares of beneficial interest	$	1,868,939,703		$	543,059,717	$	168,908,049	$	1,786,487,474
Distributable earnings (loss)		(59,889,704	)		159,443,691		5,513,298		13,700,538

Net Assets	$	1,809,049,999		$	702,503,408	$	174,421,347	$	1,800,188,012

Shares outstanding (unlimited amount authorized, $0.01 par value)		19,200,000			18,370,000		3,950,000		95,200,000
Net asset value	$	94.22		$	38.24	$	44.16	$	18.91

Market price	$	94.25		$	38.23	$	44.15	$	18.96

Unaffiliated investments in securities, at cost	$	1,777,376,009		$	533,317,317	$	166,788,936	$	1,743,009,213

Affiliated investments in securities, at cost	$	154,794,412		$	12,938,288	$	79,177	$	64,118,477

Foreign currencies, at cost	$	-		$	-	$	-	$	-

^(a)Includes securities on loan with an aggregate value of:	$	148,475,854		$	12,297,634	$	-	$	62,460,287

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


		22


Invesco High Yield Equity Dividend Achievers^TM ETF (PEY)			Invesco International Dividend Achievers^TM ETF (PID)

$	960,700,050		$	615,985,540
	52,854,608			84,119,113
	-			9,927
	-			302,454

	-			969,331

	2,525,076			2,235,110
	2,600			22,160
	-			-
	-			-
	-			378,124
	-			-

	1,016,082,334			704,021,759



	681,326			-

	-			-
	-			-
	52,854,607			84,002,312
	-			969,331
	-			-
	326,552			206,933
	110,629			165,541
	697,167			491,185

	54,670,281			85,835,302

$	961,412,053		$	618,186,457


$	1,041,710,295		$	938,556,304
	(80,298,242	)		(320,369,847	)

$	961,412,053		$	618,186,457

	47,240,000			33,710,000
$	20.35		$	18.34

$	20.36		$	18.36

$	871,812,735		$	513,248,303

$	52,854,607		$	84,119,113

$	-		$	302,451

$	51,707,742		$	81,154,320


		23

Statements of Operations

For the six months ended October 31, 2021

(Unaudited)


	Invesco BuyBack Achievers^TMETF (PKW)			Invesco Dividend AchieversTM ETF (PFM)			Invesco Dow Jones Industrial Average Dividend ETF ETF (DJD)			Invesco Financial Preferred ETF (PGF)			Invesco High Yield Equity Dividend AchieversTM ETF (PEY)			Invesco International Dividend AchieversTM ETF (PID)
Investment income:
Unaffiliated dividend income	$	11,157,159		$	7,868,326		$	2,545,471		$	46,293,541		$	23,961,227		$	10,527,276
Affiliated dividend income		233			95			16			1,281			99			1,761,660
Securities lending income		96,846			2,799			-			325,560			10,644			193,667
Foreign withholding tax		(18,086	)		(1,374	)		-			-			-			(1,267,771	)

Total investment income		11,236,152			7,869,846			2,545,487			46,620,382			23,971,970			11,214,832

Expenses:
Unitary management fees		-			-			59,169			-			-			-
Advisory fees		4,481,669			1,321,217			-			4,579,379			1,951,466			1,217,305
Sub-licensing fees		896,327			330,301			-			573,191			487,862			304,324
Accounting & administration fees		24,915			20,156			-			60,174			25,431			21,247
Custodian & transfer agent fees		3,007			10,097			-			5,322			2,285			(10,158	)
Trustees’ and officer’s fees		21,155			10,798			-			24,558			13,611			13,871
Tax expenses		-			-			-			-			-			5,441
Other expenses		94,011			30,512			-			61,244			41,281			50,025

Total expenses		5,521,084			1,723,081			59,169			5,303,868			2,521,936			1,602,055

Less: Waivers		(9,646	)		(1,110	)		-			(52	)		(6	)		(1	)

Net expenses		5,511,438			1,721,971			59,169			5,303,816			2,521,930			1,602,054

Net investment income		5,724,714			6,147,875			2,486,318			41,316,566			21,450,040			9,612,778

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		3,185,209			(411,019	)		(440,646	)		(6,177,625	)		(1,151,348	)		(1,399,680	)
Affiliated investment securities		-			-			-			-			-			(77,208	)
In-kind redemptions		300,090,933			8,757,147			4,846,470			6,621,171			10,036,830			14,757,101
Foreign currencies		-			-			-			-			-			10,150

Net realized gain		303,276,142			8,346,128			4,405,824			443,546			8,885,482			13,290,363

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(220,908,895	)		33,786,844			(2,285,057	)		1,906,716			(27,735,261	)		22,855,304
Affiliated investment securities		-			-			-			-			1			(1,272,202	)
Foreign currencies		-			-			-			-			-			(2,559	)

Change in net unrealized appreciation (depreciation)		(220,908,895	)		33,786,844			(2,285,057	)		1,906,716			(27,735,260	)		21,580,543

Net realized and unrealized gain (loss)		82,367,247			42,132,972			2,120,767			2,350,262			(18,849,778	)		34,870,906

Net increase in net assets resulting from operations	$	88,091,961		$	48,280,847		$	4,607,085		$	43,666,828		$	2,600,262		$	44,483,684

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


		24

(This Page Intentionally Left Blank)


		25

Statements of Changes in Net Assets

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

(Unaudited)


	Invesco BuyBack Achievers^TMETF (PKW)						Invesco Dividend Achievers^TMETF (PFM)
	Six Months Ended October 31, 2021			Year Ended April 30, 2021			Six Months Ended October 31, 2021			Year Ended April 30, 2021
Operations:
Net investment income	$	5,724,714		$	11,596,604		$	6,147,875		$	8,817,015
Net realized gain		303,276,142			64,384,508			8,346,128			39,585,321
Change in net unrealized appreciation (depreciation)		(220,908,895	)		385,148,180			33,786,844			82,105,736

Net increase in net assets resulting from operations		88,091,961			461,129,292			48,280,847			130,508,072


Distributions to Shareholders from:
Distributable earnings		(6,997,960	)		(12,637,498	)		(5,959,655	)		(8,438,801	)


Shareholder Transactions:
Proceeds from shares sold		1,607,750,145			1,106,271,086			61,348,250			294,790,443
Value of shares repurchased		(1,723,913,569	)		(428,974,237	)		(16,120,572	)		(108,684,883	)

Net increase (decrease) in net assets resulting from share transactions		(116,163,424	)		677,296,849			45,227,678			186,105,560

Net increase (decrease) in net assets		(35,069,423	)		1,125,788,643			87,548,870			308,174,831


Net assets:
Beginning of period		1,844,119,422			718,330,779			614,954,538			306,779,707

End of period	$	1,809,049,999		$	1,844,119,422		$	702,503,408		$	614,954,538


Changes in Shares Outstanding:
Shares sold		17,470,000			14,260,000			1,670,000			9,080,000
Shares repurchased		(19,310,000	)		(6,420,000	)		(430,000	)		(3,200,000	)
Shares outstanding, beginning of period		21,040,000			13,200,000			17,130,000			11,250,000

Shares outstanding, end of period		19,200,000			21,040,000			18,370,000			17,130,000

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


		26


Invesco Dow Jones Industrial Average Dividend ETF (DJD)					Invesco Financial Preferred ETF (PGF)						Invesco High Yield Equity Dividend Achievers^TMETF (PEY)						Invesco International Dividend Achievers^TMETF (PID)
Six Months Ended October 31, 2021		Year Ended April 30, 2021			Six Months Ended October 31, 2021			Year Ended April 30, 2021			Six Months Ended October 31, 2021			Year Ended April 30, 2021			Six Months Ended October 31, 2021			Year Ended April 30, 2021

$	2,486,318	$	3,633,393		$	41,316,566		$	83,498,049		$	21,450,040		$	29,950,694		$	9,612,778		$	16,493,227
	4,405,824		11,978,545			443,546			4,291,586			8,885,482			379,145			13,290,363			15,915,337
	(2,285,057)		16,731,202			1,906,716			62,606,987			(27,735,260	)		273,929,888			21,580,543			169,048,065

	4,607,085		32,343,140			43,666,828			150,396,622			2,600,262			304,259,727			44,483,684			201,456,629



	(2,223,385)		(3,862,239	)		(41,718,865	)		(82,544,541	)		(18,846,324	)		(32,331,907	)		(10,219,552	)		(18,541,664	)



	42,937,726		152,412,394			57,264,845			502,248,151			95,388,082			347,215,806			51,117,552			76,561,774
	(25,658,325)		(142,243,228	)		(86,111,967	)		(205,602,674	)		(47,209,036	)		(320,602,135	)		(46,765,401	)		(190,158,904	)



	17,279,401		10,169,166			(28,847,122	)		296,645,477			48,179,046			26,613,671			4,352,151			(113,597,130	)

	19,663,101		38,650,067			(26,899,159	)		364,497,558			31,932,984			298,541,491			38,616,283			69,317,835



	154,758,246		116,108,179			1,827,087,171			1,462,589,613			929,479,069			630,937,578			579,570,174			510,252,339

$	174,421,347	$	154,758,246		$	1,800,188,012		$	1,827,087,171		$	961,412,053		$	929,479,069		$	618,186,457		$	579,570,174



	970,000		3,920,000			3,000,000			26,550,000			4,510,000			17,700,000			2,800,000			4,560,000
	(580,000)		(3,860,000	)		(4,500,000	)		(10,900,000	)		(2,270,000	)		(17,100,000	)		(2,630,000	)		(13,120,000	)
	3,560,000		3,500,000			96,700,000			81,050,000			45,000,000			44,400,000			33,540,000			42,100,000

	3,950,000		3,560,000			95,200,000			96,700,000			47,240,000			45,000,000			33,710,000			33,540,000


		27

Financial Highlights

Invesco BuyBack AchieversTM ETF (PKW)


	Six Months Ended October 31, 2021			Years Ended April 30,
	(Unaudited)			2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period	$	87.65		$	54.42		$	63.60		$	56.93		$	52.20		$	45.67

Net investment income^(a)		0.29			0.88			1.01			0.73			0.55			0.51
Net realized and unrealized gain (loss) on investments		6.59			33.35			(9.13	)		6.67			4.64			6.70

Total from investment operations		6.88			34.23			(8.12	)		7.40			5.19			7.21

Distributions to shareholders from:
Net investment income		(0.31	)		(1.00	)		(1.06	)		(0.73	)		(0.46	)		(0.68	)

Net asset value at end of period	$	94.22		$	87.65		$	54.42		$	63.60		$	56.93		$	52.20

Market price at end of period^(b)	$	94.25		$	87.72		$	54.45		$	63.62		$	56.95		$	52.19

Net Asset Value Total Return^(c)		7.87	%		63.54	%		(12.81	)%		13.16	%		9.95	%		15.92	%
Market Price Total Return^(c)		7.82	%		63.58	%		(12.79	)%		13.16	%		10.02	%		15.96	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,809,050		$	1,844,119		$	718,331		$	1,313,404		$	1,312,224		$	1,362,381
Ratio to average net assets of:
Expenses, after Waivers		0.61	%^(d)		0.64	%		0.62	%		0.62	%		0.63	%		0.63	%
Expenses, prior to Waivers		0.62	%^(d)		-	%		-	%		-	%		-	%		-	%
Net investment income		0.64	%^(d)		1.27	%		1.60	%		1.25	%		0.99	%		1.05	%
Portfolio turnover rate^(e)		9	%		93	%		56	%		76	%		66	%		57	%

^(a)	Based on average shares outstanding.

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

^(c)

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

^(d)	Annualized.

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

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


		28

Financial Highlights–(continued)

Invesco Dividend AchieversTM ETF (PFM)


	Six Months Ended October 31, 2021			Years Ended April 30,
	(Unaudited)			2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period	$	35.90		$	27.27		$	28.52		$	25.22		$	23.96		$	21.75

Net investment income^(a)		0.35			0.62			0.61			0.59			0.54			0.50
Net realized and unrealized gain (loss) on investments		2.33			8.61			(1.20	)		3.29			1.24			2.25

Total from investment operations		2.68			9.23			(0.59	)		3.88			1.78			2.75

Distributions to shareholders from:
Net investment income		(0.34	)		(0.60	)		(0.66	)		(0.58	)		(0.52	)		(0.54	)

Net asset value at end of period	$	38.24		$	35.90		$	27.27		$	28.52		$	25.22		$	23.96

Market price at end of period^(b)	$	38.23		$	35.90		$	27.31		$	28.52		$	25.24		$	23.99

Net Asset Value Total Return^(c)		7.51	%		34.21	%		(2.04	)%		15.63	%		7.42	%		12.80	%
Market Price Total Return^(c)		7.48	%		34.02	%		(1.89	)%		15.53	%		7.37	%		12.94	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	702,503		$	614,955		$	306,780		$	299,475		$	285,010		$	313,895
Ratio to average net assets of:
Expenses		0.52	%^(d)		0.53	%		0.53	%		0.54	%		0.55	%		0.55	%
Net investment income		1.86	%^(d)		1.97	%		2.13	%		2.22	%		2.15	%		2.17	%
Portfolio turnover rate^(e)		1	%		28	%		20	%		13	%		5	%		6	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		29

Financial Highlights–(continued)

Invesco Dow Jones Industrial Average Dividend ETF (DJD)


	Six Months Ended October 31, 2021				Years Ended April 30,												Eight Months Ended April 30, 2018				Year Ended August 31, 2017				For the Period December 16, 2015^(a)Through August 31, 2016
	(Unaudited)				2021				2020				2019				Eight Months Ended April 30, 2018				Year Ended August 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period		$	43.47			$	33.17			$	36.98			$	33.32			$	31.07			$	27.55			$	25.35

Net investment income^(b)			0.65				1.27				1.10				0.91				0.49				0.83				0.53
Net realized and unrealized gain (loss) on investments			0.63				10.40				(3.80	)			3.74				2.37				3.55				2.05

Total from investment operations			1.28				11.67				(2.70	)			4.65				2.86				4.38				2.58

Distributions to shareholders from:
Net investment income			(0.59	)			(1.37	)			(1.11	)			(0.99	)			(0.53	)			(0.86	)			(0.38	)
Net realized gains			—				—				—				—				(0.08	)			—				—

Total distributions			(0.59	)			(1.37	)			(1.11	)			(0.99	)			(0.61	)			(0.86	)			(0.38	)

Net asset value at end of period		$	44.16			$	43.47			$	33.17			$	36.98			$	33.32			$	31.07			$	27.55

Market price at end of period		$	44.15	^(c)		$	43.52	^(c)		$	33.21	^(c)			37.02	^(c)		$	33.35	^(c)		$	31.10			$	27.52

Net Asset Value Total Return^(d)			2.99	%			36.03	%			(7.33	)%			14.24	%			9.23	%			16.13	%			10.27	%
Market Price Total Return^(d)			2.85	%			36.03	%			(7.32	)%			14.25	%			9.22	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	174,421			$	154,758			$	116,108			$	73,967			$	14,994			$	10,875			$	2,755
Ratio to average net assets of:
Expenses, after Waivers			0.07	%^(e)			0.07	%			0.08	%^(f)			0.09	%			0.30	%^(e)			0.30	%			0.30	%^(e)
Expenses, prior to Waivers			0.07	%^(e)			0.07	%			0.08	%^(f)			0.10	%			0.30	%^(e)			0.30	%			0.30	%^(e)
Net investment income			2.94	%^(e)			3.43	%			3.04	%^(f)			2.62	%			2.25	%^(e)			2.80	%			2.86	%^(e)
Portfolio turnover rate^(g)			6	%			50	%			14	%			20	%			19	%			3	%			0	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(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.


		30

Financial Highlights–(continued)

Invesco Financial Preferred ETF (PGF)


	Six Months Ended October 31, 2021			Years Ended April 30,
	(Unaudited)			2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period	$	18.89		$	18.05		$	18.33		$	18.32		$	18.87		$	18.80

Net investment income^(a)		0.43			0.94			0.94			0.97			0.99			1.03
Net realized and unrealized gain (loss) on investments		0.03			0.82			(0.27	)		0.05			(0.53	)		0.07

Total from investment operations		0.46			1.76			0.67			1.02			0.46			1.10

Distributions to shareholders from:
Net investment income		(0.44	)		(0.92	)		(0.95	)		(1.01	)		(1.01	)		(1.03	)

Net asset value at end of period	$	18.91		$	18.89		$	18.05		$	18.33		$	18.32		$	18.87

Market price at end of period^(b)	$	18.96		$	18.96		$	18.07		$	18.35		$	18.31		$	18.87

Net Asset Value Total Return^(c)		2.44	%		9.94	%		3.78	%		5.79	%		2.43	%		6.06	%
Market Price Total Return^(c)		2.33	%		10.22	%		3.77	%		5.97	%		2.37	%		5.89	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,800,188		$	1,827,087		$	1,462,590		$	1,385,773		$	1,565,028		$	1,672,911
Ratio to average net assets of:
Expenses		0.58	%^(d)		0.62	%		0.61	%		0.62	%		0.63	%		0.63	%
Net investment income		4.51	%^(d)		5.02	%		5.10	%		5.35	%		5.26	%		5.48	%
Portfolio turnover rate^(e)		15	%		23	%		31	%		21	%		5	%		8	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		31

Financial Highlights–(continued)

Invesco High Yield Equity Dividend AchieversTM ETF (PEY)


	Six Months Ended October 31, 2021			Years Ended April 30,
	(Unaudited)			2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period	$	20.66		$	14.21		$	18.25		$	17.12		$	17.01		$	14.90

Net investment income^(a)		0.46			0.69			0.75			0.63			0.62			0.52
Net realized and unrealized gain (loss) on investments		(0.37	)		6.51			(4.03	)		1.17			0.14			2.12

Total from investment operations		0.09			7.20			(3.28	)		1.80			0.76			2.64

Distributions to shareholders from:
Net investment income		(0.40	)		(0.75	)		(0.76	)		(0.67	)		(0.65	)		(0.53	)

Net asset value at end of period	$	20.35		$	20.66		$	14.21		$	18.25		$	17.12		$	17.01

Market price at end of period^(b)	$	20.36		$	20.65		$	14.24		$	18.26		$	17.12		$	17.02

Net Asset Value Total Return^(c)		0.46	%		52.20	%		(18.57	)%		10.79	%		4.48	%		17.95	%
Market Price Total Return^(c)		0.55	%		51.80	%		(18.44	)%		10.86	%		4.42	%		17.94	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	961,412		$	929,479		$	630,938		$	834,224		$	763,400		$	984,725
Ratio to average net assets of:
Expenses		0.52	%^(d)		0.53	%		0.52	%		0.53	%		0.54	%		0.54	%
Net investment income		4.40	%^(d)		4.20	%		4.30	%		3.58	%		3.63	%		3.23	%
Portfolio turnover rate^(e)		11	%		74	%		51	%		50	%		38	%		49	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


		32

Financial Highlights–(continued)

Invesco International Dividend AchieversTM ETF (PID)


	Six Months Ended October 31, 2021			Years Ended April 30,
	(Unaudited)			2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period	$	17.28		$	12.12		$	16.44		$	15.92		$	15.09		$	14.66

Net investment income^(a)		0.29			0.45			0.61			0.58			0.56			0.44
Net realized and unrealized gain (loss) on investments		1.07			5.21			(4.20	)		0.48			0.87			0.56

Total from investment operations		1.36			5.66			(3.59	)		1.06			1.43			1.00

Distributions to shareholders from:
Net investment income		(0.30	)		(0.50	)		(0.73	)		(0.54	)		(0.60	)		(0.57	)

Net asset value at end of period	$	18.34		$	17.28		$	12.12		$	16.44		$	15.92		$	15.09

Market price at end of period^(b)	$	18.36		$	17.25		$	12.07		$	16.45		$	15.91		$	15.09

Net Asset Value Total Return^(c)		7.96	%		47.87	%		(22.71	)%		6.99	%		9.57	%		7.12	%
Market Price Total Return^(c)		8.27	%		48.23	%		(23.07	)%		7.13	%		9.50	%		7.19	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	618,186		$	579,570		$	510,252		$	766,283		$	862,878		$	811,780
Ratio to average net assets of:
Expenses		0.53	%^(d)		0.56	%		0.53	%		0.54	%		0.55	%		0.56	%
Net investment income		3.16	%^(d)		3.18	%		3.92	%		3.70	%		3.52	%		3.01	%
Portfolio turnover rate^(e)		14	%		69	%		45	%		47	%		55	%		61	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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


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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2021

(Unaudited)

NOTE 1–Organization

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


Full Name		Short Name

Invesco BuyBack Achievers^TMETF (PKW)		“BuyBack Achievers^TMETF”

Invesco Dividend Achievers^TMETF (PFM)		“Dividend Achievers^TMETF”

Invesco Dow Jones Industrial Average Dividend ETF (DJD)		“Dow Jones Industrial Average Dividend ETF”

Invesco Financial Preferred ETF (PGF)		“Financial Preferred ETF”

Invesco High Yield Equity Dividend Achievers^TMETF (PEY)		“High Yield Equity Dividend Achievers^TMETF”

Invesco International Dividend Achievers^TMETF (PID)		“International Dividend Achievers^TMETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market, except for Shares of Dow Jones Industrial Average Dividend ETF and Financial Preferred ETF, which 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, 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

BuyBack Achievers^TMETF		NASDAQ US BuyBack Achievers^TMIndex

Dividend Achievers^TMETF		NASDAQ US Broad Dividend Achievers^TMIndex

Dow Jones Industrial Average Dividend ETF		Dow Jones Industrial Average Yield Weighted

Financial Preferred ETF		ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index

High Yield Equity Dividend Achievers^TMETF		NASDAQ US Dividend Achievers^TM50 Index

International Dividend Achievers^TMETF		NASDAQ International Dividend Achievers^TMIndex

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).


		34

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

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

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

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

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

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

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

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


		35

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

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

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

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

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

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

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

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

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

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

Dow Jones Industrial Average Dividend ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses,


		36

including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

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

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

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

J.	Other Risks

ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the


		37

securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

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

Dividend Paying Security Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in an Underlying Index and the capital resources available for such companies’ dividend payments may affect a Fund.

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.

Financial Sector Risk. The market value of securities of issuers in the financial sector can be affected by factors such as adverse regulatory or economic occurrences affecting the financial sector, availability of credit, fluctuations in asset values, unstable interest rates, increased competition, continuing consolidations and development of new products and structures. Furthermore, increased government involvement in financial institutions, including measures such as taking ownership positions in such institutions, could result in a dilution in the value of the shares held by shareholders in such institutions.

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

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

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


		38

in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

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

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 Dow Jones Industrial Average Dividend ETF and Financial Preferred ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than 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.

Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.

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

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

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

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

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except Dow Jones Industrial Average Dividend ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.40% of the Fund’s average daily net assets, except for BuyBack AchieversTM ETF and Financial Preferred ETF, each of which 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, Dow Jones Industrial Average Dividend ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.07% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Dow Jones Industrial Average Dividend ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).


		39

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 Dow Jones Industrial Average Dividend ETF), pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, sub-licensing fees, offering costs, 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 any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except for BuyBack Achievers^™ ETF and Financial Preferred ETF) from exceeding 0.50% of the Fund’s average daily net assets per year (0.60% of the Fund’s average daily net assets per year for BuyBack Achievers^™ ETF and Financial Preferred ETF) (the “Expense Cap”), through at least August 31, 2023. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2023. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. For each Fund (excluding the Dow Jones Industrial Average Dividend ETF), the Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap.

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

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



BuyBack Achievers^TMETF	$	9,646

Dividend Achievers^TMETF		1,110

Dow Jones Industrial Average Dividend ETF		-

Financial Preferred ETF		52

High Yield Equity Dividend Achievers^TMETF		6

International Dividend Achievers^TMETF		1

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

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


	Total Potential Recapture Amounts			Potential Recapture Amounts Expiring 4/30/25

Dividend Achievers^TMETF		$	1,107		$	1,107

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

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


Fund		Licensor

BuyBack Achievers^TMETF		Nasdaq, Inc.

Dividend Achievers^TMETF		Nasdaq, Inc.

Dow Jones Industrial Average Dividend ETF		S&P Dow Jones Indices LLC

Financial Preferred ETF		ICE Data Indices, LLC

High Yield Equity Dividend Achievers^TMETF		Nasdaq, Inc.

International Dividend Achievers^TMETF		Nasdaq, Inc.

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


		40

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

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



BuyBack Achievers^TMETF	$	18,900

Dividend Achievers^TMETF		354

Dow Jones Industrial Average Dividend ETF		1,140

High Yield Equity Dividend Achievers^TMETF		7,983

International Dividend Achievers^TMETF		202

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

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the six months ended October 31, 2021, the following Fund engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains*

Dow Jones Industrial Average Dividend ETF		$	-		$	414,585		$	35,129

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

NOTE 5–Additional Valuation Information

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


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2021, for each Fund (except for Dow Jones Industrial Average Dividend ETF). As of October 31, 2021, all of the securities in Dow Jones Industrial Average Dividend ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). 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
BuyBack Achievers^TMETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,808,708,353		$			$	-		$	1,808,708,353
Money Market Funds			1,951,266			152,843,147			-			154,794,413

Total Investments		$	1,810,659,619		$	152,843,147		$	-		$	1,963,502,766


		41


	Level 1			Level 2			Level 3			Total
Dividend Achievers^TMETF

Investments in Securities

Common Stocks & Other Equity Interests		$	701,928,060		$	-		$	-		$	701,928,060

Money Market Funds			378,587			12,559,701			-			12,938,288


Total Investments		$	702,306,647		$	12,559,701		$	-		$	714,866,348

Financial Preferred ETF
Investments in Securities
Preferred Stocks		$	1,795,950,237		$	-		$	-		$	1,795,950,237
Money Market Funds			-			64,118,477			-			64,118,477

Total Investments		$	1,795,950,237		$	64,118,477		$	-		$	1,860,068,714

High Yield Equity Dividend Achievers^TMETF
Investments in Securities
Common Stocks & Other Equity Interests		$	960,700,050		$	-		$	-		$	960,700,050
Money Market Funds			-			52,854,608			-			52,854,608

Total Investments		$	960,700,050		$	52,854,608		$	-		$	1,013,554,658

International Dividend Achievers^TMETF
Investments in Securities
Common Stocks & Other Equity Interests		$	615,985,540		$	-		$	-		$	615,985,540
Money Market Funds			116,801			84,002,312			-			84,119,113

Total Investments		$	616,102,341		$	84,002,312		$	-		$	700,104,653

NOTE 6–Tax Information

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

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

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


	No expiration
	Short-Term		Long-Term		Total*

BuyBack Achievers^TMETF	$	270,034,055	$	117,998,460	$	388,032,515

Dividend Achievers^TMETF		1,292,960		6,289,730		7,582,690

Dow Jones Industrial Average Dividend ETF		952,623		3,607,507		4,560,130

Financial Preferred ETF		5,621,368		28,366,908		33,988,276

High Yield Equity Dividend Achievers^TMETF		30,478,043		138,597,122		169,075,165

International Dividend Achievers^TMETF		185,692,966		244,925,411		430,618,377

*	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 7–Investment Transactions

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


	Purchases		Sales

BuyBack Achievers^TMETF	$	160,889,937	$	161,588,985

Dividend Achievers^TMETF		8,550,676		7,863,272

Dow Jones Industrial Average Dividend ETF		10,890,876		10,325,641

Financial Preferred ETF		276,024,194		279,520,867

High Yield Equity Dividend Achievers^TMETF		109,589,193		108,020,734

International Dividend Achievers^TMETF		86,230,181		86,972,895


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


	In-kind Purchases		In-kind Sales

BuyBack Achievers^TMETF	$	1,605,943,025	$	1,722,326,315

Dividend Achievers^TMETF		60,517,824		15,940,503

Dow Jones Industrial Average Dividend ETF		42,476,318		25,741,510

Financial Preferred ETF		55,635,917		83,829,098

High Yield Equity Dividend Achievers^TMETF		95,365,368		47,180,582

International Dividend Achievers^TMETF		51,108,379		47,241,877

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At October 31, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


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

BuyBack Achievers^TMETF	$	119,632,044	$	(94,211,293	)	$	25,420,751	$	1,938,082,015

Dividend Achievers^TMETF		172,327,337		(15,058,985	)		157,268,352		557,597,996

Dow Jones Industrial Average Dividend ETF		12,679,020		(7,314,683	)		5,364,337		168,818,009

Financial Preferred ETF		60,093,698		(13,258,266	)		46,835,432		1,813,233,282

High Yield Equity Dividend Achievers^TMETF		114,815,164		(37,435,064	)		77,380,100		936,174,558

International Dividend Achievers^TMETF		112,630,035		(19,246,521	)		93,383,514		606,721,139

NOTE 8–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 Dow Jones Industrial Average Dividend ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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

NOTE 9–Capital

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

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

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

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


		43

Calculating your ongoing Fund expenses

Example

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


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

Invesco BuyBack Achievers^TMETF (PKW)

Actual	$1,000.00	$1,078.70	0.61%	$3.20

Hypothetical (5% return before expenses)	1,000.00	1,022.13	0.61	3.11

Invesco Dividend Achievers^TMETF (PFM)

Actual	1,000.00	1,075.10	0.52	2.72

Hypothetical (5% return before expenses)	1,000.00	1,022.58	0.52	2.65

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

Actual	1,000.00	1,029.90	0.07	0.36

Hypothetical (5% return before expenses)	1,000.00	1,024.85	0.07	0.36

Invesco Financial Preferred ETF (PGF)

Actual	1,000.00	1,024.40	0.58	2.96

Hypothetical (5% return before expenses)	1,000.00	1,022.28	0.58	2.96

Invesco High Yield Equity Dividend Achievers^TMETF (PEY)

Actual	1,000.00	1,004.60	0.52	2.63

Hypothetical (5% return before expenses)	1,000.00	1,022.58	0.52	2.65


		44

Calculating your ongoing Fund expenses–(continued)


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

Invesco International Dividend Achievers^TMETF (PID)

Actual	$1,000.00	$1,079.60	0.53%	$2.78

Hypothetical (5% return before expenses)	1,000.00	1,022.53	0.53	2.70

⁽¹⁾

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


		45

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-1

invesco.com/ETFs