Powershares Exchange Traded Fund Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-21265

Invesco Exchange-Traded Fund Trust

(Exact name of registrant as specified in charter)

3500 Lacey Road

Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Brian Hartigan

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-983-0903

Date of fiscal year end: April 30

Date of reporting period: October 31, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)	The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:


		Invesco Semi-Annual Report to Shareholders
		October 31, 2023
		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)			8

Invesco Dow Jones Industrial Average Dividend ETF (DJD)			13

Invesco Financial Preferred ETF (PGF)			15

Invesco High Yield Equity Dividend Achievers^TMETF (PEY)			18

Invesco International Dividend Achievers^TMETF (PID)			21

Statements of Assets and Liabilities			24

Statements of Operations			26

Statements of Changes in Net Assets			28

Financial Highlights			30

Notes to Financial Statements			36

Fund Expenses			47


		2

Invesco BuyBack Achievers^TM ETF (PKW)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Communication Services-7.60%
Charter Communications, Inc., Class A^(b)		71,418	$	28,767,170
Comcast Corp., Class A		1,672,374		69,052,323
Cumulus Media, Inc., Class A^(b)(c)		8,085		36,463
Liberty Broadband Corp., Class C^(b)		60,152		5,011,263
Liberty Latin America Ltd., Class C^(b)		79,377		543,732
Nexstar Media Group, Inc., Class A		16,762		2,348,021
Outbrain, Inc.^(b)		24,468		104,478
Playtika Holding Corp.^(b)		174,687		1,467,371
Sinclair, Inc.^(c)		19,026		206,813
TrueCar, Inc.^(b)		39,291		71,903

				107,609,537

Consumer Discretionary-22.59%
Abercrombie & Fitch Co., Class A^(b)		23,884		1,452,625
Academy Sports & Outdoors, Inc.^(c)		35,406		1,587,605
Accel Entertainment, Inc.^(b)		40,743		401,319
Adtalem Global Education, Inc.^(b)(c)		19,488		1,009,478
AutoNation, Inc.^(b)		20,924		2,721,794
AutoZone, Inc.^(b)		8,722		21,605,528
Bally’s Corp.^(b)(c)		21,422		195,369
Bassett Furniture Industries, Inc.		4,515		69,486
Bath & Body Works, Inc.		108,315		3,211,540
Best Buy Co., Inc.		103,721		6,930,637
Big Lots, Inc.^(c)		13,141		59,923
Bluegreen Vacations Holding Corp.^(c)		6,322		211,850
Booking Holdings, Inc.^(b)		17,100		47,701,476
Boyd Gaming Corp.		47,541		2,626,640
Brunswick Corp.		33,340		2,316,130
Build-A-Bear Workshop, Inc.^(c)		6,661		165,193
Caleres, Inc.^(c)		16,837		430,690
Capri Holdings Ltd.^(b)		55,246		2,827,490
Carriage Services, Inc.		7,223		156,017
Carter’s, Inc.^(c)		17,838		1,198,000
Cato Corp. (The), Class A^(c)		8,739		62,309
Century Communities, Inc.		15,333		942,979
Chegg, Inc.^(b)		56,402		424,707
Children’s Place, Inc. (The)^(b)		5,842		159,896
Chuy’s Holdings, Inc.^(b)(c)		8,657		291,395
Conn’s, Inc.^(b)		11,035		32,553
Cracker Barrel Old Country Store, Inc.^(c)		10,589		702,686
Darden Restaurants, Inc.^(c)		57,292		8,337,705
Denny’s Corp.^(b)		26,054		224,585
Designer Brands, Inc., Class A^(c)		23,908		241,710
Dillard’s, Inc., Class A		5,819		1,806,509
Dine Brands Global, Inc.^(c)		7,548		372,041
eBay, Inc.		253,625		9,949,709
Foot Locker, Inc.^(c)		44,944		943,375
Genesco, Inc.^(b)(c)		5,573		152,756
Grand Canyon Education, Inc.^(b)		14,500		1,715,785
Green Brick Partners, Inc.^(b)		21,663		838,358
Group 1 Automotive, Inc.^(c)		6,715		1,694,396
Guess?, Inc.^(c)		25,678		552,077
H&R Block, Inc.^(c)		69,760		2,863,648
Haverty Furniture Cos., Inc.^(c)		7,292		189,957
Hibbett, Inc.^(c)		6,047		278,585
Hooker Furnishings Corp.		5,085		85,021
Kohl’s Corp.^(c)		52,763		1,189,806


	Shares		Value
Consumer Discretionary-(continued)
Laureate Education, Inc., Class A		75,066	$	1,061,433
Lazydays Holdings, Inc.^(b)(c)		6,529		41,198
Lazydays Holdings, Inc., Rts., expiring 11/14/2023^(b)		7,705		0
Lennar Corp., Class A		119,328		12,729,911
LKQ Corp.		127,633		5,605,641
Lowe’s Cos., Inc		275,054		52,417,041
M/I Homes, Inc.^(b)		13,261		1,088,330
Macy’s, Inc.^(c)		130,464		1,589,052
Marriott Vacations Worldwide Corp		17,223		1,547,659
MasterCraft Boat Holdings, Inc.^(b)		8,115		165,871
MGM Resorts International		167,380		5,844,910
Mohawk Industries, Inc.^(b)		30,467		2,448,937
Monro, Inc.^(c)		14,612		362,670
Murphy USA, Inc.		10,298		3,734,982
NVR, Inc.^(b)		1,541		8,340,847
ODP Corp. (The)^(b)		18,118		813,861
O’Reilly Automotive, Inc., Class R^(b)		28,838		26,832,029
Oxford Industries, Inc.^(c)		7,276		614,094
Penske Automotive Group, Inc.		32,204		4,607,748
PulteGroup, Inc.		104,724		7,706,639
PVH Corp.		28,931		2,151,020
Ralph Lauren Corp.^(c)		19,164		2,156,525
Red Rock Resorts, Inc., Class A^(c)		27,554		1,089,761
Sally Beauty Holdings, Inc.^(b)		51,414		437,019
SeaWorld Entertainment, Inc.^(b)(c)		30,356		1,307,736
Service Corp. International		71,805		3,907,628
Signet Jewelers Ltd.^(c)		21,349		1,490,801
Sonic Automotive, Inc., Class A^(c)		11,168		534,389
Sportsman’s Warehouse Holdings, Inc.^(b)(c).		16,653		84,764
Tapestry, Inc.		108,775		2,997,839
Taylor Morrison Home Corp., Class A^(b)		52,074		1,995,476
Tempur Sealy International, Inc.^(c)		82,001		3,274,300
Tile Shop Holdings, Inc.^(b)(c)		19,747		108,411
Toll Brothers, Inc.		51,141		3,616,180
Travel + Leisure Co.		35,339		1,202,586
Tri Pointe Homes, Inc.^(b)		47,085		1,179,950
Tupperware Brands Corp.^(b)(c)		19,786		40,363
Ulta Beauty, Inc.^(b)		23,529		8,971,843
Upbound Group, Inc.^(c)		26,734		696,688
Urban Outfitters, Inc.^(b)		44,175		1,529,338
Vera Bradley, Inc.^(b)(c)		14,282		104,544
Victoria’s Secret & Co.^(b)(c)		36,927		660,255
Whirlpool Corp.^(c)		26,040		2,722,742
Williams-Sonoma, Inc.		30,452		4,575,108
Winmark Corp.		1,664		671,124
Winnebago Industries, Inc.^(c)		14,349		831,525
Wyndham Hotels & Resorts, Inc.		40,261		2,914,896
Zumiez, Inc.^(b)		9,368		153,916

				319,890,918

Consumer Staples-0.50%
Edgewell Personal Care Co.^(c)		24,164		843,323
Hain Celestial Group, Inc. (The)^(b)		42,619		470,940
Herbalife Ltd.^(b)(c)		47,087		670,990
Medifast, Inc.^(c)		5,231		361,776
Post Holdings, Inc.^(b)(c)		29,099		2,336,068
Seneca Foods Corp., Class A^(b)		2,832		154,769

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, 2023

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
Sprouts Farmers Market, Inc.^(b)(c)		48,485	$	2,037,339
Turning Point Brands, Inc.		8,035		161,102

				7,036,307

Energy-10.38%
APA Corp.		146,420		5,815,802
California Resources Corp.^(c)		33,057		1,738,468
CNX Resources Corp.^(b)(c)		77,558		1,684,560
ConocoPhillips		570,867		67,819,000
Delek US Holdings, Inc.		31,005		816,982
Magnolia Oil & Gas Corp., Class A^(c)		89,657		2,012,800
Marathon Oil Corp.		288,744		7,885,599
Marathon Petroleum Corp.		190,486		28,811,007
Range Resources Corp.^(c)		114,985		4,121,062
Valero Energy Corp.		168,354		21,380,958
Western Midstream Partners L.P		183,388		4,920,300

				147,006,538

Financials-20.76%
Acacia Research Corp.^(b)(c)		47,580		170,812
Affiliated Managers Group, Inc.		16,742		2,055,248
Aflac, Inc.		283,105		22,113,332
Allstate Corp. (The)		124,583		15,962,820
Ally Financial, Inc.		143,828		3,479,199
Amerant Bancorp, Inc.		15,992		291,534
American Equity Investment Life Holding Co.^(b)		37,224		1,971,383
American International Group, Inc.		339,293		20,802,054
Assurant, Inc.		25,364		3,776,700
Assured Guaranty Ltd.		27,905		1,741,272
Bank OZK^(c)		53,853		1,928,476
BankUnited, Inc.		35,339		770,744
Berkshire Hills Bancorp, Inc.		20,903		409,908
Brighthouse Financial, Inc.^(b)		31,327		1,419,113
Brightsphere Investment Group, Inc.		19,786		309,849
Cannae Holdings, Inc.^(b)		35,032		572,773
Capital One Financial Corp.		181,898		18,424,448
Carter Bankshares, Inc.^(b)		11,089		124,862
CNO Financial Group, Inc.		53,972		1,251,071
Credit Acceptance Corp.^(b)(c)		6,032		2,427,458
Discover Financial Services		119,215		9,785,167
Donnelley Financial Solutions, Inc.^(b)		14,108		767,898
Eastern Bankshares, Inc.		84,072		925,633
Encore Capital Group, Inc.^(b)(c)		11,196		421,865
Enova International, Inc.^(b)		14,661		584,681
Equitable Holdings, Inc.		165,688		4,402,330
Equity Bancshares, Inc., Class A		7,109		172,038
Euronet Worldwide, Inc.^(b)		23,768		1,826,333
EVERTEC, Inc.		30,804		978,951
Federated Hermes, Inc., Class B		42,294		1,340,720
First American Financial Corp.		49,085		2,524,932
First Bancorp		84,867		1,132,974
First Financial Corp.		5,834		200,748
First Internet Bancorp		4,478		73,305
FleetCor Technologies, Inc.^(b)		35,357		7,961,336
Global Payments, Inc.		123,977		13,168,837
Great Southern Bancorp, Inc.		5,822		289,470
HarborOne Bancorp, Inc.		22,789		224,244
Hartford Financial Services Group, Inc. (The)		145,904		10,716,649
HCI Group, Inc.^(c)		4,227		249,266


	Shares		Value
Financials-(continued)
Hilltop Holdings, Inc.		30,788	$	850,365
HomeStreet, Inc.^(c)		8,421		40,673
Jefferies Financial Group, Inc.		100,261		3,226,399
Kearny Financial Corp.		30,808		213,808
Lincoln National Corp.		80,874		1,760,627
Loews Corp.		107,547		6,884,083
MetLife, Inc.		358,582		21,518,506
MFA Financial, Inc.		48,707		433,005
MGIC Investment Corp.		134,721		2,268,702
Morgan Stanley		789,843		55,936,681
Mr. Cooper Group, Inc.^(b)		31,954		1,806,360
Navient Corp.^(c)		58,007		922,891
Northrim BanCorp, Inc.		2,768		115,453
Ocwen Financial Corp.^(b)(c)		3,402		81,784
OneMain Holdings, Inc.		57,443		2,063,927
Oppenheimer Holdings, Inc., Class A		4,930		172,895
Pathward Financial, Inc.		10,525		476,677
PennyMac Financial Services, Inc.		23,887		1,605,206
PennyMac Mortgage Investment Trust^(c)		40,634		514,020
Popular, Inc.		34,496		2,243,620
PRA Group, Inc.^(b)		18,049		222,183
Primerica, Inc.		17,142		3,276,865
Principal Financial Group, Inc.		115,187		7,795,856
PROG Holdings, Inc.^(b)		21,761		596,034
Radian Group, Inc.		74,908		1,898,169
RenaissanceRe Holdings Ltd. (Bermuda)		24,342		5,345,260
SLM Corp.		107,865		1,402,245
Synchrony Financial		199,309		5,590,617
Virtu Financial, Inc., Class A		44,883		829,887
Voya Financial, Inc.		50,309		3,359,132
Waterstone Financial, Inc.		10,013		108,140
WesBanco, Inc.^(c)		28,336		691,115
White Mountains Insurance Group Ltd.^(c)		1,154		1,651,085
World Acceptance Corp.^(b)(c)		2,922		288,168

				293,940,871

Health Care-15.79%
Amgen, Inc.		254,876		65,171,793
AMN Healthcare Services, Inc.^(b)(c)		18,103		1,373,294
Cardinal Health, Inc.		117,491		10,691,681
Cigna Group (The)		140,969		43,587,615
Corcept Therapeutics, Inc.^(b)(c)		48,785		1,369,883
DaVita, Inc.^(b)(c)		43,628		3,369,390
Emergent BioSolutions, Inc.^(b)(c)		22,462		46,946
HCA Healthcare, Inc.		129,550		29,296,437
Ironwood Pharmaceuticals, Inc.^(b)		74,405		667,413
Laboratory Corp. of America Holdings		42,129		8,414,425
McKesson Corp.		64,305		29,281,925
Medpace Holdings, Inc.^(b)		14,524		3,524,539
Moderna, Inc.^(b)		181,427		13,781,195
Quest Diagnostics, Inc.		53,621		6,976,092
Select Medical Holdings Corp.		60,540		1,376,074
Theravance Biopharma, Inc.^(b)(c)		25,248		238,341
Universal Health Services, Inc., Class B		29,577		3,723,448
Veradigm, Inc.^(b)(c)		51,969		685,471

				223,575,962

Industrials-6.65%
Acuity Brands, Inc.^(c)		14,873		2,408,980
Allison Transmission Holdings, Inc.^(c)		42,771		2,156,514
Apogee Enterprises, Inc.		10,628		456,154

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


		4

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

October 31, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
Argan, Inc.		6,270	$	286,790
Atkore, Inc.^(b)		18,107		2,250,338
Avis Budget Group, Inc.^(b)(c)		18,520		3,015,056
Barrett Business Services, Inc.		3,193		292,032
Beacon Roofing Supply, Inc.^(b)		30,142		2,145,206
BlueLinx Holdings, Inc.^(b)(c)		4,184		297,524
BrightView Holdings, Inc.^(b)		44,535		300,166
Brink’s Co. (The)		22,245		1,487,301
Builders FirstSource, Inc.^(b)		59,642		6,472,350
C.H. Robinson Worldwide, Inc		55,412		4,534,364
Covenant Logistics Group, Inc., Class A		5,045		199,202
EMCOR Group, Inc.		22,367		4,622,140
Encore Wire Corp.^(c)		7,972		1,425,633
Enerpac Tool Group Corp.		26,803		758,525
Expeditors International of Washington, Inc.		70,433		7,694,805
Fortune Brands Innovations, Inc.		60,400		3,370,320
Gibraltar Industries, Inc.^(b)		14,436		878,575
Hayward Holdings, Inc.^(b)(c)		101,483		1,065,571
HNI Corp.^(c)		22,313		774,038
Huron Consulting Group, Inc.^(b)		8,953		889,570
JELD-WEN Holding, Inc.^(b)		40,506		458,933
Landstar System, Inc.		17,241		2,840,972
ManpowerGroup, Inc.		23,859		1,669,414
Masco Corp.		107,224		5,585,298
Matson, Inc.		16,876		1,469,056
OPENLANE, Inc.^(b)(c)		52,077		699,394
Owens Corning.		42,737		4,845,094
RCM Technologies, Inc.^(b)(c)		3,803		75,375
REV Group, Inc.		28,311		403,149
Ryder System, Inc.		21,683		2,114,960
SP Plus Corp.^(b)		9,341		472,001
Stanley Black & Decker, Inc.		73,122		6,219,026
Textron, Inc.		94,487		7,181,012
TriNet Group, Inc.^(b)(c)		28,518		2,930,224
Trinity Industries, Inc.		38,926		810,828
TrueBlue, Inc.^(b)		14,830		164,168
Werner Enterprises, Inc.		30,305		1,100,678
WillScot Mobile Mini Holdings Corp.^(b)		94,061		3,706,944
Woodward, Inc.		28,714		3,580,636

				94,108,316

Information Technology-7.58%
A10 Networks, Inc.		35,442		385,255
Arrow Electronics, Inc.^(b)		26,558		3,011,943
Avnet, Inc.		43,734		2,026,196
Dell Technologies, Inc., Class C		121,094		8,102,400
DigitalOcean Holdings, Inc.^(b)(c)		42,266		864,762
Dolby Laboratories, Inc., Class A^(c)		28,448		2,302,581
Dropbox, Inc., Class A^(b)		127,241		3,346,438
DXC Technology Co.^(b)		97,887		1,974,381
Fair Isaac Corp.^(b)		11,899		10,065,007
GoDaddy, Inc., Class A^(b)		70,102		5,133,569
HP, Inc.		471,004		12,401,535
IPG Photonics Corp.^(b)		22,495		1,932,321
Jabil, Inc.^(c)		62,344		7,655,843
KLA Corp.		65,093		30,574,182
Kulicke & Soffa Industries, Inc. (Singapore)^(c)		27,008		1,123,803
Lumentum Holdings, Inc.^(b)(c)		32,038		1,256,210


	Shares		Value
Information Technology-(continued)
OSI Systems, Inc.^(b)		7,933	$	827,174
Power Integrations, Inc.^(c)		27,247		1,889,035
Qorvo, Inc.^(b)		46,755		4,087,322
Sanmina Corp.^(b)		27,155		1,381,375
Silicon Laboratories, Inc.^(b)(c)		15,247		1,405,468
Teradata Corp.^(b)		47,564		2,031,934
Vontier Corp.		73,688		2,178,217
Xerox Holdings Corp.^(c)		73,750		946,950
Yext, Inc.^(b)		57,753		348,251

				107,252,152

Materials-5.89%
Alcoa Corp.		84,951		2,178,144
Alpha Metallurgical Resources, Inc.^(c)		6,513		1,432,600
Berry Global Group, Inc.		56,334		3,098,370
CF Industries Holdings, Inc.		91,914		7,332,899
Chemours Co. (The)		70,293		1,694,764
Crown Holdings, Inc.		57,478		4,632,727
Eagle Materials, Inc.		16,956		2,609,698
Eastman Chemical Co.		56,587		4,228,747
Huntsman Corp.		84,915		1,981,067
International Paper Co.		164,937		5,563,325
Louisiana-Pacific Corp.		34,329		1,760,391
LSB Industries, Inc.^(b)(c)		34,608		315,279
Mosaic Co. (The)		158,407		5,145,059
NewMarket Corp.		4,509		2,174,014
Nucor Corp.		118,534		17,518,140
Olin Corp.		60,081		2,566,660
Reliance Steel & Aluminum Co.		27,893		7,095,421
Steel Dynamics, Inc.		78,928		8,406,621
United States Steel Corp.^(c)		106,834		3,620,604

				83,354,530

Real Estate-1.55%
Anywhere Real Estate, Inc.^(b)		51,274		239,450
CBRE Group, Inc., Class A^(b)		147,576		10,232,920
City Office REIT, Inc.		17,764		67,681
Empire State Realty Trust, Inc., Class A^(c)		76,400		618,076
Equity Commonwealth^(c)		52,230		989,236
Howard Hughes Holdings, Inc.^(b)(c)		24,015		1,592,915
Hudson Pacific Properties, Inc.^(c)		67,112		299,320
JBG SMITH Properties^(c)		49,281		634,246
Jones Lang LaSalle, Inc.^(b)(c)		22,670		2,899,946
National Health Investors, Inc.		20,570		1,029,323
Newmark Group, Inc., Class A		72,657		411,965
Zillow Group, Inc., Class C^(b)(c)		81,033		2,937,446

				21,952,524

Utilities-0.73%
NRG Energy, Inc.		109,279		4,631,244
Vistra Corp.		175,284		5,735,293

				10,366,537

Total Common Stocks & Other Equity Interests (Cost $1,557,414,919)				1,416,094,192

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


		5

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

October 31, 2023

(Unaudited)


	Shares		Value
Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $1,479,846)		1,479,846	$	1,479,846

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.13% (Cost $1,558,894,765)				1,417,574,038


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.47%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		25,641,207		25,641,207


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		65,951,919	$	65,958,514

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $91,599,135)				91,599,721

TOTAL INVESTMENTS IN SECURITIES-106.60% (Cost $1,650,493,900)				1,509,173,759
OTHER ASSETS LESS LIABILITIES-(6.60)%				(93,399,370	)

NET ASSETS-100.00%			$	1,415,774,389

Investment Abbreviations:

REIT	-Real Estate Investment Trust

Rts.

-Rights

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)

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


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	1,506,793		$	20,492,794		$	(20,519,741	)		$	-		$	-			$	1,479,846		$	35,246

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			24,713,158			155,429,654			(154,501,605	)			-			-				25,641,207			669,029	*

Invesco Private Prime Fund			63,589,279			331,537,796			(329,171,705	)			11,349			(8,205	)			65,958,514			1,789,582	*


Total		$	89,809,230		$	507,460,244		$	(504,193,051	)		$	11,349		$	(8,205	)		$	93,079,567		$	2,493,857

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

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

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

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


		6

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

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Consumer Discretionary	22.59

Financials	20.76

Health Care	15.79

Energy	10.38

Communication Services	7.60

Information Technology	7.58

Industrials	6.65

Materials	5.89

Sector Types Each Less Than 3%	2.78

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.


		7

Invesco Dividend Achievers^TM ETF (PFM)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-2.05%
Cogent Communications Holdings, Inc.^(b)		1,733	$	112,611
Comcast Corp., Class A		145,601		6,011,865
Interpublic Group of Cos., Inc. (The)^(b)		13,637		387,291
John Wiley & Sons, Inc., Class A		1,634		49,461
Telephone & Data Systems, Inc.		3,738		67,994
Verizon Communications, Inc.		148,724		5,224,674

				11,853,896

Consumer Discretionary-5.82%
Best Buy Co., Inc.		7,709		515,115
Brunswick Corp.		2,449		170,132
Churchill Downs, Inc.^(b)		2,632		289,099
Dillard’s, Inc., Class A		455		141,255
Genuine Parts Co.		4,971		640,563
Haverty Furniture Cos., Inc.		549		14,302
Home Depot, Inc. (The)		35,440		10,089,414
Leggett & Platt, Inc.		4,708		110,308
Lithia Motors, Inc., Class A		1,003		242,937
Lowe’s Cos., Inc.		20,399		3,887,437
McDonald’s Corp.		25,859		6,779,454
Monro, Inc.^(b)		1,143		28,369
NIKE,Inc.,Class B^(b)		43,330		4,453,024
PetMed Express, Inc.^(b)		769		5,298
Polaris, Inc.		2,017		174,309
Pool Corp.^(b)		1,421		448,709
Service Corp. International		5,350		291,147
Shoe Carnival, Inc.^(b)		996		22,789
Starbucks Corp.		40,524		3,737,934
Thor Industries, Inc.		1,894		166,539
Tractor Supply Co.^(b)		3,866		744,437
VF Corp.^(b)		13,734		202,302
Whirlpool Corp.^(b)		1,949		203,787
Williams-Sonoma, Inc.		2,291		344,200

				33,702,860

Consumer Staples-13.41%
Altria Group, Inc.		62,772		2,521,551
Andersons, Inc. (The)		1,228		61,560
Archer-Daniels-Midland Co.		18,953		1,356,466
Brown-Forman Corp., Class B		10,962		615,626
Casey’s General Stores, Inc.		1,361		370,070
Church & Dwight Co., Inc.		8,722		793,179
Clorox Co. (The)		4,367		513,996
Coca-Cola Co. (The)		153,333		8,661,781
Colgate-Palmolive Co.		29,249		2,197,185
Costco Wholesale Corp.		15,710		8,678,832
Flowers Foods, Inc.		7,458		163,554
Hershey Co. (The)		5,314		995,578
Hormel Foods Corp.		19,330		629,192
Ingredion, Inc.		2,361		220,942
J&J Snack Foods Corp.^(b)		702		109,940
JM Smucker Co. (The)		3,624		412,556
Kellanova		12,087		610,031
Kimberly-Clark Corp.		11,982		1,433,526
Kroger Co. (The)		25,378		1,151,400
Lancaster Colony Corp.		1,002		169,508
McCormick & Co., Inc.		8,863		566,346
Nu Skin Enterprises, Inc., Class A		1,772		33,650


	Shares		Value
Consumer Staples-(continued)
PepsiCo, Inc.		48,828	$	7,972,636
Philip Morris International, Inc.		54,915		4,896,221
Procter & Gamble Co. (The)		83,496		12,526,905
SpartanNash Co.		1,260		28,337
Sysco Corp.		17,865		1,187,844
Target Corp.		16,335		1,809,755
Tootsie Roll Industries, Inc.^(b)		1,473		45,825
Tyson Foods, Inc., Class A		10,114		468,784
Universal Corp.		896		40,320
Walgreens Boots Alliance, Inc.		30,534		643,657
Walmart, Inc.		95,471		15,600,916
WD-40 Co.^(b)		494		104,432

				77,592,101

Energy-4.92%
Chevron Corp.		66,170		9,642,954
Enterprise Products Partners L.P		76,807		2,000,054
Exxon Mobil Corp.		141,915		15,021,703
Phillips 66		15,741		1,795,576

				28,460,287

Financials-17.33%
1st Source Corp.		898		40,967
Aflac, Inc.		21,016		1,641,560
Allstate Corp. (The)		9,241		1,184,049
American Financial Group, Inc.		2,996		327,643
Ameriprise Financial, Inc.		3,642		1,145,664
Aon PLC, Class A		7,197		2,226,752
Arbor Realty Trust, Inc.		6,601		83,239
Arthur J. Gallagher & Co.		7,611		1,792,314
Associated Banc-Corp.		5,353		86,772
Assurant, Inc.		1,883		280,379
Assured Guaranty Ltd.		2,087		130,229
Atlantic Union Bankshares Corp		2,637		75,972
AXIS Capital Holdings Ltd.		3,009		171,814
BancFirst Corp.^(b)		1,199		97,251
Bank of Marin Bancorp		587		9,862
Bank of New York Mellon Corp. (The)		27,552		1,170,960
Bank OZK^(b)		4,024		144,099
BlackRock, Inc.		5,294		3,241,410
BOK Financial Corp.		2,369		155,217
Brown & Brown, Inc.		10,043		697,185
Cadence Bank^(b)		6,460		136,823
Cambridge Bancorp		285		15,307
Cass Information Systems, Inc.^(b)		497		18,792
Cboe Global Markets, Inc.		3,747		614,096
Chubb Ltd.		14,530		3,118,429
Cincinnati Financial Corp.		5,569		555,062
City Holding Co.^(b)		546		49,566
CME Group, Inc., Class A		12,720		2,715,211
CNO Financial Group, Inc.		4,019		93,160
Cohen & Steers, Inc.^(b)		1,742		91,002
Commerce Bancshares, Inc.		4,399		192,940
Community Bank System, Inc.		1,902		75,985
Community Trust Bancorp, Inc.		655		24,602
Cullen/Frost Bankers, Inc.^(b)		2,287		208,094
Discover Financial Services		8,857		726,983
Erie Indemnity Co., Class A		1,635		451,571
Evercore, Inc., Class A		1,379		179,518

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


		8

Invesco Dividend Achievers^TM ETF (PFM)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Financials-(continued)
FactSet Research Systems, Inc.		1,388	$	599,463
Federal Agricultural Mortgage Corp., Class C		339		50,362
Fidelity National Financial, Inc.^(b)		9,627		376,319
Fifth Third Bancorp		24,083		571,008
First American Financial Corp.		3,659		188,219
First Community Bankshares, Inc.		684		22,333
First Financial Bankshares, Inc.^(b)		5,055		121,573
First Financial Corp.		436		15,003
First Merchants Corp.^(b)		2,127		58,088
First of Long Island Corp. (The)		821		8,818
Franklin Resources, Inc.^(b)		17,649		402,221
German American Bancorp, Inc.^(b)		1,076		29,407
Glacier Bancorp, Inc.^(b)		3,942		119,009
Globe Life, Inc.		3,358		390,737
Goldman Sachs Group, Inc. (The)		11,672		3,543,736
Hanover Insurance Group, Inc. (The)		1,301		152,490
Hartford Financial Services Group, Inc. (The)		10,805		793,627
Heritage Financial Corp.		1,275		20,744
Hingham Institution for Savings (The)		78		11,589
Home BancShares, Inc.^(b)		7,186		146,954
Horace Mann Educators Corp.		1,486		47,151
Horizon Bancorp, Inc.		1,605		15,231
Huntington Bancshares, Inc.		51,206		494,138
Independent Bank Corp.		1,606		78,373
International Bancshares Corp.		2,212		96,952
Jack Henry & Associates, Inc.		2,562		361,216
JPMorgan Chase & Co.		103,025		14,326,656
KeyCorp		33,086		338,139
Lakeland Financial Corp.^(b)		925		45,556
Lincoln National Corp.		5,988		130,359
MarketAxess Holdings, Inc.		1,371		293,051
Marsh & McLennan Cos., Inc.		17,466		3,312,427
Mastercard, Inc., Class A		33,134		12,469,981
Mercantile Bank Corp.		583		19,204
MetLife, Inc.		26,578		1,594,946
MidWestOne Financial Group, Inc.		571		11,374
Moody’s Corp.		6,492		1,999,536
Morningstar, Inc.^(b)		1,552		393,028
Nasdaq, Inc.		17,370		861,552
NBT Bancorp, Inc.		1,667		55,794
Northwest Bancshares, Inc.		4,486		46,744
Old Republic International Corp.		10,081		276,018
PNC Financial Services Group, Inc. (The)		14,076		1,611,280
Premier Financial Corp.		1,300		22,555
Primerica, Inc.		1,301		248,699
Principal Financial Group, Inc.		8,564		579,612
Prosperity Bancshares, Inc.		3,318		180,964
Prudential Financial, Inc.		12,839		1,173,998
Raymond James Financial, Inc.		7,368		703,202
Regions Financial Corp.		33,175		482,033
Reinsurance Group of America, Inc		2,363		353,198
RenaissanceRe Holdings Ltd. (Bermuda)		1,816		398,775
RLI Corp.		1,613		214,916
S&P Global, Inc.		11,255		3,931,484
S&T Bancorp, Inc.		1,392		35,858
Sandy Spring Bancorp, Inc		1,615		33,027
SEI Investments Co.		4,677		250,968
Simmons First National Corp., Class A		4,455		63,306
South State Corp.		2,674		176,751
Southern Missouri Bancorp, Inc.		412		16,665


	Shares		Value
Financials-(continued)
Southside Bancshares, Inc.		1,111	$	29,664
State Street Corp.		11,271		728,445
Stock Yards Bancorp, Inc.^(b)		1,067		41,730
T. Rowe Price Group, Inc.		7,931		717,755
Tompkins Financial Corp.		523		26,192
Towne Bank		2,633		63,034
Travelers Cos., Inc. (The)		8,100		1,356,264
TriCo Bancshares^(b)		1,210		39,143
Truist Financial Corp.		47,128		1,336,550
U.S. Bancorp		54,210		1,728,215
UMB Financial Corp.		1,720		107,878
United Bankshares, Inc.		4,771		135,687
Unum Group		6,933		339,024
Visa, Inc., Class A^(b)		56,932		13,384,713
W.R. Berkley Corp.		9,094		613,117
WaFd, Inc.^(b)		2,309		56,986
Washington Trust Bancorp, Inc.		619		14,355
WesBanco, Inc.		2,114		51,560
Westamerica Bancorporation		970		45,823
Zions Bancorporation N.A.^(b)		5,252		162,024

				100,315,055

Health Care-14.61%
Abbott Laboratories		61,390		5,804,424
Agilent Technologies, Inc.		10,370		1,071,947
Amgen, Inc.		18,979		4,852,930
Atrion Corp.^(b)		64		21,887
Becton, Dickinson and Co.		10,279		2,598,326
Bristol-Myers Squibb Co.		73,892		3,807,655
Cardinal Health, Inc.		8,862		806,442
Cencora, Inc.^(b)		7,172		1,327,896
Chemed Corp.		549		308,895
Elevance Health, Inc.		8,344		3,755,551
Ensign Group, Inc. (The)^(b)		1,999		193,103
Humana, Inc.		4,370		2,288,525
Johnson & Johnson		85,301		12,653,550
LeMaitre Vascular, Inc.^(b)		810		39,350
McKesson Corp.		4,770		2,172,067
Medtronic PLC		47,075		3,321,612
Merck & Co., Inc.		89,940		9,236,838
National HealthCare Corp.		557		37,519
Perrigo Co. PLC.		4,788		132,340
Pfizer, Inc.		200,325		6,121,932
Quest Diagnostics, Inc.		3,991		519,229
ResMed, Inc.		5,213		736,180
STERIS PLC		3,502		735,350
Stryker Corp.		13,449		3,634,189
UnitedHealth Group, Inc.		32,819		17,576,544
West Pharmaceutical Services, Inc.		2,596		826,281

				84,580,562

Industrials-12.41%
3M Co.		19,531		1,776,344
A.O. Smith Corp.		4,395		306,595
ABM Industries, Inc.		2,361		92,882
Apogee Enterprises, Inc.		803		34,465
Applied Industrial Technologies, Inc.		1,407		215,989
Automatic Data Processing, Inc.		14,575		3,180,557
Booz Allen Hamilton Holding Corp.		4,629		555,156
Brady Corp., Class A.		1,625		83,623
Broadridge Financial Solutions, Inc.		4,159		709,692

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


		9

Invesco Dividend Achievers^TM ETF (PFM)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
C.H. Robinson Worldwide, Inc.		4,098	$	335,339
Carlisle Cos., Inc.		1,770		449,739
Caterpillar, Inc.		18,055		4,081,333
Cintas Corp.		3,610		1,830,703
Comfort Systems USA, Inc.		1,302		236,769
CSX Corp.		70,972		2,118,514
Cummins, Inc.		5,015		1,084,745
Donaldson Co., Inc.		4,273		246,381
Douglas Dynamics, Inc.^(b)		836		20,298
Dover Corp.		4,951		643,382
Eaton Corp. PLC		14,103		2,932,155
Emerson Electric Co.		20,195		1,796,749
Expeditors International of Washington, Inc.		5,243		572,798
Fastenal Co.		20,189		1,177,826
Franklin Electric Co., Inc.		1,637		141,961
GATX Corp.		1,288		134,699
General Dynamics Corp.		9,658		2,330,572
Gorman-Rupp Co. (The)		953		28,161
Graco, Inc.		5,964		443,423
Griffon Corp.		1,941		77,524
HEICO Corp.^(b)		1,945		308,107
Hillenbrand, Inc.		2,452		93,250
HNI Corp.		1,648		57,169
Honeywell International, Inc.		23,521		4,310,458
Hubbell, Inc.		1,906		514,811
Huntington Ingalls Industries, Inc.		1,451		318,959
Hyster-Yale Materials Handling, Inc.^(b)		487		19,485
IDEX Corp.		2,659		508,959
Illinois Tool Works, Inc.		10,680		2,393,602
Insperity, Inc.		1,388		146,906
ITT, Inc.		2,895		270,248
J.B. Hunt Transport Services, Inc.		3,668		630,419
L3Harris Technologies, Inc.		6,697		1,201,509
Lennox International, Inc.		1,292		478,738
Lincoln Electric Holdings, Inc.		2,043		357,116
Lindsay Corp.		401		50,093
Lockheed Martin Corp.		8,931		4,060,390
ManpowerGroup, Inc.		1,758		123,007
Matthews International Corp., Class A		1,109		39,303
McGrath RentCorp		891		89,635
MDU Resources Group, Inc.		7,225		134,457
MSA Safety, Inc.		1,430		225,768
Nordson Corp.		2,029		431,345
Northrop Grumman Corp.		5,366		2,529,693
Paychex, Inc.		12,749		1,415,776
Regal Rexnord Corp.		2,367		280,276
Republic Services, Inc.		11,186		1,661,009
Robert Half, Inc.		3,803		284,350
Rockwell Automation, Inc.		4,040		1,061,752
RTX Corp.^(b)		51,484		4,190,283
Ryder System, Inc.		1,611		157,137
Snap-on, Inc.		1,880		484,927
Standex International Corp.		431		61,879
Stanley Black & Decker, Inc.		5,437		462,417
Tennant Co.		676		50,173
Toro Co. (The)		3,689		298,219
Trane Technologies PLC^(b)		8,080		1,537,705
Trinity Industries, Inc.		2,886		60,115
UFP Industries, Inc.		2,205		209,850
Union Pacific Corp.		21,576		4,479,393


	Shares		Value
Industrials-(continued)
United Parcel Service, Inc., Class B		25,579	$	3,613,034
W.W. Grainger, Inc.		1,773		1,293,989
Waste Management, Inc.		14,323		2,353,699
Watts Water Technologies, Inc., Class A		996		172,318
Xylem, Inc.		8,532		798,083

				71,858,185

Information Technology-20.36%
Accenture PLC, Class A		22,371		6,646,200
Amphenol Corp., Class A		21,103		1,699,847
Analog Devices, Inc.		17,625		2,772,941
Apple, Inc.		131,258		22,414,929
Badger Meter, Inc.		1,067		147,833
Broadcom, Inc.		14,624		12,304,195
Cisco Systems, Inc.		144,531		7,534,401
Corning, Inc.		30,160		807,082
HP, Inc.		34,860		917,864
International Business Machines Corp.		32,225		4,661,024
Intuit, Inc.		9,914		4,906,934
KLA Corp.		4,836		2,271,469
Littelfuse, Inc.		906		196,303
Microchip Technology, Inc.		19,252		1,372,475
Microsoft Corp.		75,242		25,440,073
Motorola Solutions, Inc.		5,892		1,640,686
Oracle Corp.		96,177		9,944,702
Power Integrations, Inc.^(b)		2,042		141,572
QUALCOMM, Inc.		39,471		4,301,944
Roper Technologies, Inc.		3,790		1,851,680
TE Connectivity Ltd.		11,101		1,308,253
Texas Instruments, Inc.		32,115		4,560,651

				117,843,058

Materials-2.85%
Air Products and Chemicals, Inc.		7,852		2,217,719
Albemarle Corp.^(b)		4,131		523,728
AptarGroup, Inc.		2,342		286,356
Ashland, Inc.		1,819		139,390
Avery Dennison Corp.		2,840		494,359
Avient Corp.		3,222		101,880
Balchem Corp.		1,173		136,350
Cabot Corp.^(b)		1,989		132,229
Celanese Corp.		3,868		442,925
Eastman Chemical Co.		4,175		311,998
Ecolab, Inc.		10,095		1,693,335
H.B. Fuller Co.		1,914		126,611
Hawkins, Inc.		768		44,106
International Flavors & Fragrances, Inc.^(b)		9,011		615,902
Kaiser Aluminum Corp.		583		33,114
LyondellBasell Industries N.V., Class A		11,473		1,035,323
Materion Corp.^(b)		751		72,832
Nucor Corp.		8,819		1,303,360
Packaging Corp. of America^(b)		3,180		486,699
PPG Industries, Inc.		8,339		1,023,779
Quaker Chemical Corp.		655		94,137
Reliance Steel & Aluminum Co.		2,085		530,382
Royal Gold, Inc.		2,344		244,550
RPM International, Inc.^(b)		4,558		416,009
Scotts Miracle-Gro Co. (The)^(b)		1,997		88,747
Sensient Technologies Corp.		1,537		86,718
Sherwin-Williams Co. (The)		9,080		2,162,947
Silgan Holdings, Inc.		3,908		156,554

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


		10

Invesco Dividend Achievers^TM ETF (PFM)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Materials-(continued)
Sonoco Products Co.		3,472	$	179,884
Steel Dynamics, Inc.		5,842		622,231
Stepan Co.^(b)		813		60,812
Westlake Corp.^(b)		4,507		519,927
Worthington Industries, Inc.		1,772		109,191

				16,494,084

Real Estate-1.85%
Agree Realty Corp.		3,411		190,811
Alexandria Real Estate Equities, Inc.^(b)		6,111		569,117
American Tower Corp.		16,500		2,940,135
CTO Realty Growth, Inc.		826		13,373
CubeSmart.		7,949		270,981
Digital Realty Trust, Inc.^(b)		10,692		1,329,657
EastGroup Properties, Inc.		1,620		264,465
Equity LifeStyle Properties, Inc.		6,593		433,819
Essex Property Trust, Inc.		2,289		489,663
Extra Space Storage, Inc.^(b)		7,457		772,471
Healthcare Realty Trust, Inc.^(b)		13,489		193,567
Kennedy-Wilson Holdings, Inc.		4,933		63,488
Medical Properties Trust, Inc.^(b)		21,173		101,207
Mid-America Apartment Communities, Inc.		4,107		485,242
NNN REIT, Inc.		6,453		234,438
Realty Income Corp.		25,052		1,186,964
STAG Industrial, Inc.		6,353		211,047
Terreno Realty Corp.		2,961		157,762
UDR, Inc.		11,665		371,064
Universal Health Realty Income Trust^(b)		503		19,335
W.P. Carey, Inc.		7,553		405,218

				10,703,824

Utilities-4.37%
AES Corp. (The)		23,673		352,728
ALLETE, Inc.		2,043		109,382
Alliant Energy Corp.		8,919		435,158
American Electric Power Co., Inc.		18,238		1,377,698
American States Water Co.		1,346		105,055
American Water Works Co., Inc.		6,899		811,667
Artesian Resources Corp., Class A		342		13,441
Atmos Energy Corp.^(b)		5,263		566,615
Avista Corp.^(b)		2,693		85,341
Black Hills Corp.		2,396		115,847
Brookfield Infrastructure Partners L.P (Canada)		16,227		367,379
California Water Service Group		2,054		99,989
Chesapeake Utilities Corp.		648		57,419
CMS Energy Corp.		10,338		561,767
Consolidated Edison, Inc.		12,181		1,069,370
DTE Energy Co.		7,271		700,779
Duke Energy Corp.		27,258		2,422,964
Edison International		13,577		856,166
Essential Utilities, Inc.		9,348		312,784
Evergy, Inc.		8,127		399,361
Eversource Energy		12,332		663,338


	Shares		Value
Utilities-(continued)
IDACORP, Inc.		1,796	$	170,099
MGE Energy, Inc.		1,316		94,265
Middlesex Water Co.		646		41,040
National Fuel Gas Co.		3,249		165,537
New Jersey Resources Corp.		3,458		140,326
NextEra Energy, Inc.		71,604		4,174,513
NiSource, Inc.		14,621		367,864
Northwest Natural Holding Co.		1,312		48,164
NorthWestern Energy Group, Inc.^(b)		2,139		102,693
OGE Energy Corp.		7,103		242,923
Pinnacle West Capital Corp.		4,030		298,945
Portland General Electric Co.		3,587		143,552
Public Service Enterprise Group, Inc.		17,654		1,088,369
Sempra.		22,252		1,558,308
SJW Group		1,156		72,227
Southern Co. (The)		38,574		2,596,030
Southwest Gas Holdings, Inc.^(b)		2,509		147,052
Spire, Inc.^(b)		1,868		103,917
UGI Corp.		7,391		153,733
WEC Energy Group, Inc.		11,154		907,824
Xcel Energy, Inc.		19,514		1,156,595
York Water Co. (The)		521		18,792

				25,277,016

Total Common Stocks & Other Equity Interests (Cost $532,528,340)				578,680,928


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(c)(d) (Cost $361,084)		361,084		361,084

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $532,889,424)				579,042,012


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.11%
Invesco Private Government Fund, 5.32%^(c)(d)(e)		9,451,680		9,451,680
Invesco Private Prime Fund, 5.53%^(c)(d)(e)		25,892,854		25,895,443

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $35,347,119)				35,347,123

TOTAL INVESTMENTS IN SECURITIES-106.15% (Cost $568,236,543)				614,389,135
OTHER ASSETS LESS LIABILITIES-(6.15)%				(35,574,333	)

NET ASSETS-100.00%			$	578,814,802

Investment Abbreviations:

REIT -Real Estate Investment Trust

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


		11

Invesco Dividend Achievers^TM ETF (PFM)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

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

^(c)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	500,280		$	10,759,779		$	(10,898,975	)		$	-		$	-			$	361,084		$	8,760

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			9,116,113			61,967,406			(61,631,839	)			-			-				9,451,680			200,882	*

Invesco Private Prime Fund			23,206,857			136,272,964			(133,583,438	)			668			(1,608	)			25,895,443			525,776	*


Total		$	32,823,250		$	209,000,149		$	(206,114,252	)		$	668		$	(1,608	)		$	35,708,207		$	735,418

*	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, 2023.

^(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 2J.

Portfolio Composition

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

as of October 31, 2023



Information Technology			20.36

Financials			17.33

Health Care			14.61

Consumer Staples			13.41

Industrials			12.41

Consumer Discretionary			5.82

Energy			4.92

Utilities			4.37

Sector Types Each Less Than 3%			6.75

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.


		12

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.72%
Communication Services-10.53%
Verizon Communications, Inc.		745,261	$	26,181,019

Consumer Discretionary-7.56%
Home Depot, Inc. (The)		25,724		7,323,366
McDonald’s Corp.		25,872		6,782,862
NIKE,Inc., Class B		45,738		4,700,494

				18,806,722

Consumer Staples-18.86%
Coca-Cola Co. (The)		176,163		9,951,448
Procter & Gamble Co. (The)		53,265		7,991,348
Walgreens Boots Alliance, Inc.		1,152,526		24,295,248
Walmart, Inc.		28,605		4,674,343

				46,912,387

Energy-4.39%
Chevron Corp.		74,916		10,917,509

Financials-14.07%
American Express Co.		32,236		4,707,423
Goldman Sachs Group, Inc. (The)		34,454		10,460,579
JPMorgan Chase & Co.		63,496		8,829,754
Travelers Cos., Inc. (The)		51,838		8,679,755
Visa, Inc., Class A^(b)		9,897		2,326,784

				35,004,295

Health Care-13.80%
Amgen, Inc.		42,803		10,944,727
Johnson & Johnson		61,256		9,086,715
Merck & Co., Inc.		82,092		8,430,849
UnitedHealth Group, Inc.		10,963		5,871,344

				34,333,635

Industrials-11.38%
3M Co.		176,886		16,087,782
Caterpillar, Inc.		21,895		4,949,365
Honeywell International, Inc.		39,697		7,274,872

				28,312,019

Information Technology-12.93%
Apple, Inc.		9,584		1,636,660


	Shares		Value
Information Technology-(continued)
Cisco Systems, Inc.		160,355	$	8,359,306
Intel Corp.		125,046		4,564,179
International Business Machines Corp.		102,311		14,798,263
Microsoft Corp.		8,304		2,807,665

				32,166,073

Materials-6.20%
Dow, Inc.		319,219		15,431,046

Total Common Stocks & Other Equity Interests (Cost $278,982,926)				248,064,705


Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(c)(d) (Cost $132,589)		132,589		132,589

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.77% (Cost $279,115,515)				248,197,294


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.94%
Invesco Private Government Fund, 5.32%^(c)(d)(e)		655,595		655,595
Invesco Private Prime Fund, 5.53%^(c)(d)(e)		1,686,079		1,686,248

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,341,843)				2,341,843

TOTAL INVESTMENTS IN SECURITIES-100.71% (Cost $281,457,358)				250,539,137
OTHER ASSETS LESS LIABILITIES-(0.71)%				(1,762,381	)

NET ASSETS-100.00%			$	248,776,756

Notes to Schedule of Investments:

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

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

^(c)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	6,120,376		$	(5,987,787	)		$	-		$	-		$	132,589		$	4,065

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


		13

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

October 31, 2023

(Unaudited)


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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	2,005,613		$	77,490,250		$	(78,840,268	)		$	-		$	-		$	655,595		$	92,277	*

Invesco Private Prime Fund			5,157,290			159,508,731			(162,983,172	)			-			3,399			1,686,248			240,188	*


Total		$	7,162,903		$	243,119,357		$	(247,811,227	)		$	-		$	3,399		$	2,474,432		$	336,530

*	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, 2023.

^(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 2J.

Portfolio Composition

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

as of October 31, 2023



Consumer Staples			18.86

Financials			14.07

Health Care			13.80

Information Technology			12.93

Industrials			11.38

Communication Services			10.53

Consumer Discretionary			7.56

Materials			6.20

Energy			4.39

Money Market Funds Plus Other Assets Less Liabilities			0.28

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


		14

Invesco Financial Preferred ETF (PGF)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Preferred Stocks-99.74%
Banks-53.07%
Bank of America Corp.
Series PP, Pfd., 4.13%		530,811	$	8,408,046
Series QQ, Pfd., 4.25%		755,546		12,285,178
Series NN, Pfd., 4.38%		629,137		10,481,422
Series SS, Pfd., 4.75%		400,769		7,161,742
Series LL, Pfd., 5.00%		758,454		14,714,008
Series KK, Pfd., 5.38%^(b)		805,867		16,649,212
Series HH, Pfd., 5.88%^(b)		499,499		10,864,103
Series GG, Pfd., 6.00%^(b)		786,932		17,587,930
Bank OZK, Series A, Pfd., 4.63%		243,904		3,634,170
Citigroup, Inc., Series K, Pfd., 6.88%^(c)		999,878		25,366,905
Citizens Financial Group, Inc.
Series E, Pfd., 5.00%		313,001		5,004,886
Series D, Pfd., 6.35%^(c)		205,299		4,719,824
Fifth Third Bancorp
Series K, Pfd., 4.95%		174,596		3,343,513
Series I, Pfd., 6.63%^(c)		312,893		7,625,202
First Citizens BancShares, Inc., Series A, Pfd., 5.38%^(b)		239,749		4,603,181
Huntington Bancshares, Inc.
Series H, Pfd., 4.50%		349,418		5,157,410
Series J, Pfd., 6.88%^(c)		228,211		5,054,874
JPMorgan Chase & Co.
Series MM, Pfd., 4.20%^(b)		1,167,604		19,849,268
Series JJ, Pfd., 4.55%^(b)		876,194		16,095,684
Series LL, Pfd., 4.63%		1,079,794		20,267,733
Series GG, Pfd., 4.75%		525,149		9,993,586
Series DD, Pfd., 5.75%		989,732		22,645,068
Series EE, Pfd., 6.00%^(b)		1,075,053		25,704,517
KeyCorp
Series G, Pfd., 5.63%		317,599		4,795,745
Series F, Pfd., 5.65%		299,551		4,583,130
Series E, Pfd., 6.13%^(c)		353,543		6,310,743
Pfd., 6.20%^(c)		425,448		7,109,236
M&T Bank Corp., Series H, Pfd., 5.63%^(b)(c)		174,339		3,734,341
New York Community Bancorp, Inc., Series A, Pfd., 6.38%^(b)(c)		354,166		7,479,986
Regions Financial Corp.
Series E, Pfd., 4.45%^(b)		277,306		4,098,583
Series C, Pfd., 5.70%^(c)		349,214		6,233,470
Series B, Pfd., 6.38%^(c)		347,636		7,289,927
Synovus Financial Corp., Series E, Pfd., 5.88%^(c)		241,763		5,492,855
Texas Capital Bancshares, Inc., Series B, Pfd., 5.75%		207,166		3,358,161
Truist Financial Corp.
Series R, Pfd., 4.75%		652,132		11,627,514
Series O, Pfd., 5.25%^(b)		399,390		8,027,739
U.S. Bancorp
Series L, Pfd., 3.75%^(b)		348,982		4,952,055
Series M, Pfd., 4.00%^(b)		527,175		7,818,005
Series O, Pfd., 4.50%		315,449		5,318,470
Series K, Pfd., 5.50%		406,949		8,016,895
WaFd, Inc., Series A, Pfd., 4.88%		213,569		2,701,648


	Shares		Value
Banks-(continued)
Wells Fargo & Co.
Series DD, Pfd., 4.25%		727,201	$	11,380,696
Series CC, Pfd., 4.38%		610,132		9,878,037
Series AA, Pfd., 4.70%^(b)		680,197		12,019,081
Series Z, Pfd., 4.75%		1,177,576		20,960,853
Series Y, Pfd., 5.63%^(b)		403,155		8,635,580
Series R, Pfd., 6.63%^(d)		489,586		12,332,671
Western Alliance Bancorporation, Series A, Pfd., 4.25%^(b)(c)		207,348		3,251,217

				464,624,100

Capital Markets-16.55%
Charles Schwab Corp. (The)
Series J, Pfd., 4.45%^(b)		418,917		7,393,885
Series D, Pfd., 5.95%^(b)		528,911		11,958,678
Goldman Sachs Group, Inc. (The), Series K, Pfd., 6.38%^(b)(c)		489,565		12,317,455
Morgan Stanley
Series O, Pfd., 4.25%^(b)		762,978		12,520,469
Series L, Pfd., 4.88%		293,887		5,457,481
Series K, Pfd., 5.85%^(d)		588,323		12,860,741
Series I, Pfd., 6.38%^(d)		585,695		13,775,546
Series P, Pfd., 6.50%^(b)		585,857		14,447,234
Series F, Pfd., 6.88%^(d)		497,802		12,171,259
Series E, Pfd., 7.13%^(d)		500,054		12,551,355
Northern Trust Corp., Series E, Pfd., 4.70%
State Street Corp.		278,217		5,397,410
Series G, Pfd., 5.35%^(d)		350,295		7,660,952
Series D, Pfd., 5.90%^(b)(d)		524,434		13,189,515
Stifel Financial Corp., Series D, Pfd., 4.50%		208,549		3,230,424

				144,932,404

Consumer Finance-5.12%
Capital One Financial Corp.
Series N, Pfd., 4.25%		265,131		3,759,557
Series L, Pfd., 4.38%		419,597		6,063,177
Series J, Pfd., 4.80%		775,201		12,193,912
Series I, Pfd., 5.00%		930,617		15,159,751
Synchrony Financial, Series A, Pfd., 5.63%		520,969		7,694,712

				44,871,109

Financial Services-3.05%
Equitable Holdings, Inc.
Series C, Pfd., 4.30%		214,360		3,086,784
Series A, Pfd., 5.25%^(b)		550,088		9,918,087
Jackson Financial, Inc., Pfd., 8.00%^(c)		382,390		9,364,731
Voya Financial, Inc., Series B, Pfd., 5.35%^(b)(c)		207,665		4,296,589

				26,666,191

Insurance-21.47%
Allstate Corp. (The)
Series I, Pfd., 4.75%		212,061		3,880,716
Series H, Pfd., 5.10%		826,575		15,704,925
Series J, Pfd., 7.38%		427,797		11,024,329
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%^(c)		272,772		5,769,128
Series B, Pfd., 6.63%^(c)		206,317		4,728,786

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


		15

Invesco Financial Preferred ETF (PGF)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Insurance-(continued)
American International Group, Inc., Series A, Pfd., 5.85%		343,534	$	7,695,162
Arch Capital Group Ltd.
Series G, Pfd., 4.55%		349,830		6,052,059
Series F, Pfd., 5.45%		230,704		4,708,669
Aspen Insurance Holdings Ltd.
Pfd., 5.63% (Bermuda)		173,813		2,956,559
Pfd., 5.63% (Bermuda)		174,437		2,766,571
Athene Holding Ltd.
Series D, Pfd., 4.88%		362,063		5,858,179
Series B, Pfd., 5.63%		216,201		4,116,467
Series A, Pfd., 6.35%^(c)		548,758		11,595,257
Series C, Pfd., 6.38%^(c)		377,873		9,170,978
Series E, Pfd., 7.75%^(c)		317,067		7,894,968
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%		382,113		7,447,382
Brighthouse Financial, Inc.
Series D, Pfd., 4.63%		243,050		3,300,619
Series C, Pfd., 5.38%		398,330		6,190,048
Series A, Pfd., 6.60%		299,547		5,847,157
Series B, Pfd., 6.75%		281,801		5,644,474
Enstar Group Ltd., Series D, Pfd., 7.00%^(c)		276,489		6,577,673
Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%		241,154		5,510,369
Lincoln National Corp., Series D, Pfd., 9.00%^(b)		346,095		9,171,518
MetLife, Inc.
Series F, Pfd., 4.75%^(b)		702,448		13,156,851
Series E, Pfd., 5.63%		564,102		12,133,834
RenaissanceRe Holdings Ltd.
Series G, Pfd., 4.20% (Bermuda)		347,696		5,364,949
Series F, Pfd., 5.75% (Bermuda)		173,829		3,742,538

				188,010,165


	Shares		Value
Trading Companies & Distributors-0.48%
Air Lease Corp., Series A, Pfd., 6.15%^(c)		172,987	$	4,172,446

Total Preferred Stocks (Cost $1,127,466,034)				873,276,415


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(e)(f) (Cost $133,424)		133,424		133,424

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.76% (Cost $1,127,599,458)				873,409,839


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.33%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		8,157,644		8,157,644
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		20,980,339		20,982,437

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $29,139,229)				29,140,081

TOTAL INVESTMENTS IN SECURITIES-103.09% (Cost $1,156,738,687)				902,549,920
OTHER ASSETS LESS LIABILITIES-(3.09)%				(27,030,421	)

NET ASSETS-100.00%			$	875,519,499

Investment Abbreviations:

Pfd. -Preferred

Notes to Schedule of Investments:

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

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

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

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2023.

^(e)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$6,322,226		$98,073,830		$(104,262,632)		$ -		$ -		$133,424		$126,122

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


		16

Invesco Financial Preferred ETF (PGF)–(continued)

October 31, 2023

(Unaudited)


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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$11,165,777		$ 41,117,861		$(44,125,994	)		$ -		$ -		$ 8,157,644		$ 284,282	*

Invesco Private Prime Fund		28,711,998		98,763,084		(106,495,441	)		2,490		306		20,982,437		751,253	*

Total		$46,200,001		$237,954,775		$(254,884,067	)		$2,490		$306		$29,273,505		$1,161,657

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

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

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

Portfolio Composition

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

as of October 31, 2023



Banks			53.07

Insurance			21.47

Capital Markets			16.55

Consumer Finance			5.12

Financial Services			3.05

Trading Companies & Distributors			0.48

Money Market Funds Plus Other Assets Less Liabilities			0.26

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


		17

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

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Banks-15.98%
Huntington Bancshares, Inc.		2,411,104	$	23,267,154
KeyCorp^(b)		3,055,233		31,224,481
Northwest Bancshares, Inc.^(b)		3,162,220		32,950,333
PNC Financial Services Group, Inc. (The)		198,510		22,723,440
Sandy Spring Bancorp, Inc.		1,315,100		26,893,795
Truist Financial Corp.		1,065,937		30,229,973
U.S. Bancorp		688,172		21,938,923

				189,228,099


Capital Markets-2.94%
Franklin Resources, Inc.^(b)		796,760		18,158,160
T. Rowe Price Group, Inc.^(b)		183,762		16,630,461

				34,788,621


Chemicals-3.39%
Eastman Chemical Co.		224,250		16,758,203
LyondellBasell Industries N.V., Class A		258,888		23,362,053

				40,120,256


Commercial Services & Supplies-1.81%
HNI Corp.^(b)		617,269		21,413,062


Consumer Staples Distribution & Retail-2.76%
Walgreens Boots Alliance, Inc.^(b)		1,551,176		32,698,790


Containers & Packaging-1.50%
Packaging Corp. of America		116,400		17,815,020


Diversified Telecommunication Services-5.39%
Cogent Communications Holdings, Inc.^(b)		386,463		25,112,365
Verizon Communications, Inc.		1,103,937		38,781,307

				63,893,672


Electric Utilities-13.29%
ALLETE, Inc.		460,621		24,661,649
Duke Energy Corp.		265,152		23,569,361
Edison International		318,015		20,054,026
Evergy, Inc.		420,037		20,640,618
OGE Energy Corp.		739,399		25,287,446
Pinnacle West Capital Corp.		299,928		22,248,659
Southern Co. (The)		311,721		20,978,823

				157,440,582


Food Products-1.41%
Kellanova^(b)		329,691		16,639,505


Gas Utilities-4.04%
Northwest Natural Holding Co.		650,733		23,888,408
Spire, Inc.^(b)		431,555		24,007,405

				47,895,813


Household Durables-3.92%
Leggett & Platt, Inc.		1,158,412		27,141,593
Whirlpool Corp.^(b)		184,923		19,335,549

				46,477,142


Household Products-1.47%
Kimberly-Clark Corp.		145,914		17,457,151


Industrial Conglomerates-2.09%
3M Co.		272,452		24,779,509


Insurance-6.08%
Fidelity National Financial, Inc.^(b)		495,283		19,360,612


	Shares		Value
Insurance-(continued)
Lincoln National Corp.^(b)		1,307,513	$	28,464,558
Prudential Financial, Inc.		264,152		24,154,059

				71,979,229


IT Services-1.94%
International Business Machines Corp.		159,057		23,006,004


Machinery-1.34%
Stanley Black & Decker, Inc.		186,033		15,822,107


Metals & Mining-1.33%
Kaiser Aluminum Corp.		276,507		15,705,598


Multi-Utilities-6.12%
Avista Corp.		849,948		26,934,852
Black Hills Corp.		427,689		20,678,763
NorthWestern Energy Group, Inc.^(b)		517,503		24,845,319

				72,458,934


Oil, Gas & Consumable Fuels-3.04%
Chevron Corp.		118,664		17,292,905
Phillips 66		163,622		18,664,361

				35,957,266


Personal Care Products-2.26%
Nu Skin Enterprises, Inc., Class A		1,410,061		26,777,058


Pharmaceuticals-1.74%
Pfizer, Inc.		673,985		20,596,982


Real Estate Management & Development-2.12%
Kennedy-Wilson Holdings, Inc.^(b)		1,948,063		25,071,571


Specialty Retail-1.80%
Best Buy Co., Inc.^(b)		318,789		21,301,481


Textiles, Apparel & Luxury Goods-2.65%
VF Corp.^(b)		2,134,008		31,433,938


Tobacco-8.27%
Altria Group, Inc.		995,148		39,975,095
Philip Morris International, Inc.		284,919		25,403,378
Universal Corp.		723,464		32,555,880

				97,934,353


Wireless Telecommunication Services-1.26%
Telephone & Data Systems, Inc.^(c)		818,594		14,890,225

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $1,348,258,383)				1,183,581,968


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.44%
Invesco Private Government Fund, 5.32%^(c)(d)(e)		24,668,921		24,668,921

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


		18

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

October 31, 2023

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(c)(d)(e)		63,455,838	$	63,462,184

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $88,130,863)				88,131,105

TOTAL INVESTMENTS IN SECURITIES-107.38% (Cost $1,436,389,246)				1,271,713,073
OTHER ASSETS LESS LIABILITIES-(7.38)%				(87,388,795	)

NET ASSETS-100.00%			$	1,184,324,278

Notes to Schedule of Investments:

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

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

^(c)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	26,886,514		$	(26,886,514	)		$	-		$	-		$	-		$	19,506

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			51,045,465			178,796,701			(205,173,245	)			-			-			24,668,921			845,336	*

Invesco Private Prime Fund			131,259,768			413,097,925			(480,904,720	)			2,908			6,303			63,462,184			2,292,229	*

Investments in Other Affiliates:

Telephone & Data Systems, Inc.**			29,131,240			43,505,421			(122,926,005	)			9,535,505			55,644,064			14,890,225			1,929,496


Total		$	211,436,473		$	662,286,561		$	(835,890,484	)		$	9,538,413		$	55,650,367		$	103,021,330		$	5,086,567

*	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 April 30, 2023, this security was not considered as an affiliate of the Fund.

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

^(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 2J.

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


		19

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

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Banks			15.98

Electric Utilities			13.29

Tobacco			8.27

Multi-Utilities			6.12

Insurance			6.08

Diversified Telecommunication Services			5.39

Gas Utilities			4.04

Household Durables			3.92

Chemicals			3.39

Oil, Gas & Consumable Fuels			3.04

Industry Types Each Less Than 3%			30.42

Money Market Funds Plus Other Assets Less Liabilities			0.06

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


		20

Invesco International Dividend Achievers^TM ETF (PID)

October 31, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Australia-4.52%
Rio Tinto PLC, ADR		639,372	$	41,137,194


Canada-58.00%
Agnico Eagle Mines Ltd.		488,532		22,917,036
Algonquin Power & Utilities Corp.^(a)		5,287,088		26,594,053
BCE, Inc.^(a)		943,834		35,044,556
Brookfield Corp.		199,312		5,809,945
Brookfield Infrastructure Partners L.P		1,064,655		24,103,789
Brookfield Renewable Partners L.P		1,479,660		31,013,674
Canadian Imperial Bank of Commerce		1,009,127		35,591,909
Canadian National Railway Co.^(a)		128,055		13,545,658
Canadian Natural Resources Ltd.		433,279		27,526,215
Enbridge, Inc.		1,139,227		36,500,833
FirstService Corp.		26,684		3,774,985
Fortis, Inc.		786,819		31,260,319
Franco-Nevada Corp.		45,582		5,540,492
Imperial Oil Ltd.		308,033		17,554,801
Magna International, Inc.		379,995		18,273,960
Open Text Corp.		434,561		14,514,337
RB Global, Inc.^(a)		204,038		13,344,085
Restaurant Brands International, Inc.^(a)		324,780		21,825,216
Royal Bank of Canada^(a)		346,745		27,697,991
Stantec, Inc.		88,872		5,436,300
TC Energy Corp.^(a)		1,106,617		38,122,956
TELUS Corp.^(a)		2,276,118		36,691,022
TFI International, Inc.		50,775		5,616,731
Toronto-Dominion Bank (The)^(a)		538,910		30,092,734

				528,393,597


Denmark-0.91%
Novo Nordisk A/S, ADR		85,448		8,251,713


Germany-2.59%
Fresenius Medical Care AG& Co. KGaA, ADR^(a)		757,064		12,589,974
SAP SE, ADR^(a)		82,029		10,991,886

				23,581,860


India-2.05%
Infosys Ltd., ADR		986,807		16,203,371
Reliance Industries Ltd., GDR^(b)		46,091		2,516,569

				18,719,940


Japan-6.07%
Mitsubishi UFJ Financial Group, Inc., ADR		2,606,464		21,894,298
Sony Group Corp., ADR		56,210		4,668,240
Sumitomo Mitsui Financial Group, Inc., ADR^(a)		2,968,710		28,707,426

				55,269,964


Mexico-2.47%
America Movil S.A.B. de C.V., ADR		1,353,778		22,472,715

Investment Abbreviations:

ADR-American Depositary Receipt

GDR-Global Depositary Receipt


	Shares		Value
Spain-3.54%
Atlantica Sustainable Infrastructure PLC		1,780,708	$	32,248,622


Switzerland-3.82%
Logitech International S.A., Class R^(a)		146,608		11,527,787
Novartis AG, ADR		248,879		23,290,097

				34,817,884


United Kingdom-7.62%
Diageo PLC, ADR^(a)		105,995		16,270,232
National Grid PLC, ADR^(a)		607,769		36,557,305
RELX PLC, ADR		477,323		16,634,707

				69,462,244


United States-8.32%
Amdocs Ltd.		150,280		12,046,445
CRH PLC		275,699		14,769,195
Linde PLC		23,397		8,941,398
Sanofi, ADR		482,355		21,826,564
Waste Connections, Inc.		38,837		5,029,391
Willis Towers Watson PLC		55,854		13,175,400

				75,788,393

Total Common Stocks & Other Equity Interests (Cost $956,778,243)				910,144,126


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(c)(d) (Cost $545,368)		545,368		545,368

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $957,323,611)				910,689,494


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.84%
Invesco Private Government Fund, 5.32%^(c)(d)(e)		37,111,427		37,111,427
Invesco Private Prime Fund, 5.53%^(c)(d)(e)		98,080,118		98,089,926

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $135,198,031)				135,201,353

TOTAL INVESTMENTS IN SECURITIES-114.81% (Cost $1,092,521,642)				1,045,890,847
OTHER ASSETS LESS LIABILITIES-(14.81)%				(134,924,701	)

NET ASSETS-100.00%			$	910,966,146

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


		21

Invesco International Dividend Achievers^TM ETF (PID)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)

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

^(c)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	15,238,305		$	(14,692,937	)		$	-		$	-		$	545,368		$	5,801

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			32,341,411			273,377,734			(268,607,718	)			-			-			37,111,427			1,053,338	*

Invesco Private Prime Fund			83,231,809			618,559,676			(603,724,912	)			3,932			19,421			98,089,926			2,848,693	*

Total		$	115,573,220		$	907,175,715		$	(887,025,567	)		$	3,932		$	19,421		$	135,746,721		$	3,907,832

*	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, 2023.

^(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 2J.

Portfolio Composition

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

as of October 31, 2023



Utilities			19.95

Financials			17.90

Energy			13.41

Communication Services			10.35

Materials			10.24

Health Care			7.25

Information Technology			7.16

Industrials			6.55

Consumer Discretionary			4.91

Sector Types Each Less Than 3%			2.19

Money Market Funds Plus Other Assets Less Liabilities			0.09

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


		22

(This Page Intentionally Left Blank)


		23

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)


	Invesco BuyBack AchieversTM ETF (PKW)			Invesco Dividend AchieversTM ETF (PFM)		Invesco Dow Jones Industrial Average Dividend ETF (DJD)			Invesco Financial Preferred ETF (PGF)
Assets:
Unaffiliated investments in securities, at value^(a)	$	1,416,094,192		$	578,680,928	$	248,064,705		$	873,276,415
Affiliated investments in securities, at value		93,079,567			35,708,207		2,474,432			29,273,505
Cash		-			334		-			-
Foreign currencies, at value		-			-		-			-
Receivable for:
Dividends		1,728,598			553,279		595,678			3,307,339
Securities lending		13,556			3,260		2,250			98,980
Investments sold		264,740,302			2,504,008		1,217,913			12,840,789
Foreign tax reclaims		-			-		-			-
Other assets		30,206			20,929		-			20,702

Total assets		1,775,686,421			617,470,945		252,354,978			918,817,730


Liabilities:
Due to custodian		106			-		-			-
Payable for:
Investments purchased		12,081,597			-		-			12,878,535
Collateral upon return of securities loaned		91,599,135			35,347,119		2,341,843			29,139,229
Fund shares repurchased		254,275,518			2,515,022		1,221,490			-
Expenses recaptured		9,628			1,107		-			-
Accrued unitary management fees		-			-		14,889			-
Accrued advisory fees		723,395			199,065		-			383,819
Accrued trustees’ and officer’s fees		187,475			83,725		-			261,728
Accrued expenses		1,035,178			510,105		-			634,920

Total liabilities		359,912,032			38,656,143		3,578,222			43,298,231

Net Assets	$	1,415,774,389		$	578,814,802	$	248,776,756		$	875,519,499


Net assets consist of:
Shares of beneficial interest	$	2,094,664,164		$	522,248,898	$	291,362,549		$	1,305,017,731
Distributable earnings (loss)		(678,889,775	)		56,565,904		(42,585,793	)		(429,498,232	)

Net Assets	$	1,415,774,389		$	578,814,802	$	248,776,756		$	875,519,499

Shares outstanding (unlimited amount authorized, $0.01 par value)		16,470,000			16,110,000		6,110,000			66,200,000
Net asset value	$	85.96		$	35.93	$	40.72		$	13.23

Market price	$	85.94		$	35.93	$	40.69		$	13.22

Unaffiliated investments in securities, at cost	$	1,557,414,919		$	532,528,340	$	278,982,926		$	1,127,466,034

Affiliated investments in securities, at cost	$	93,078,981		$	35,708,203	$	2,474,432		$	29,272,653

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

^(a)Includes securities on loan with an aggregate value of:	$	90,213,075		$	34,986,662	$	2,314,560		$	28,415,717

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


		24


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

$	1,183,581,968		$	910,144,126
	88,131,105			135,746,721
	-			-
	-			901,761

	3,036,653			538,148
	15,305			123,403
	-			-
	-			580,662
	22,542			24,295

	1,274,787,573			1,048,059,116


	911,819			599,338

	-			-
	88,130,863			135,198,031
	-			-
	-			-
	-			-
	413,138			326,042
	109,182			161,870
	898,293			807,689

	90,463,295			137,092,970

$	1,184,324,278		$	910,966,146


$	1,576,549,129		$	1,399,169,222
	(392,224,851	)		(488,203,076	)

$	1,184,324,278		$	910,966,146

	64,820,000			56,710,000
$	18.27		$	16.06

$	18.27		$	16.05

$	1,348,258,383		$	956,778,243

$	88,130,863		$	135,743,399

$	-		$	903,054

$	82,009,250		$	132,227,844


		25

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)


	Invesco BuyBack Achievers^TM ETF (PKW)			Invesco Dividend Achievers^TM ETF (PFM)			Invesco Dow Jones Industrial Average Dividend ETF (DJD)			Invesco Financial Preferred ETF (PGF)			Invesco High Yield Equity Dividend Achievers^TM ETF (PEY)			Invesco International Dividend Achievers^TM ETF (PID)
Investment income:
Unaffiliated dividend income	$	12,310,738		$	7,666,137		$	4,992,419		$	34,913,134		$	34,226,718		$	23,840,340
Affiliated dividend income		35,246			8,760			4,065			126,122			1,949,002			5,801
Securities lending income, net		77,302			47,394			25,090			667,328			75,374			1,121,463
Foreign withholding tax		(5,711	)		(393	)		-			-			-			(2,091,802	)

Total investment income		12,417,575			7,721,898			5,021,574			35,706,584			36,251,094			22,875,802


Expenses:
Unitary management fees		-			-			92,827			-			-			-
Advisory fees		3,294,123			1,286,352			-			2,537,965			2,662,870			2,132,969
Sub-licensing fees		658,815			321,582			-			152,185			665,705			533,233
Accounting & administration fees		45,559			29,530			-			49,028			50,798			32,848
Custodian & transfer agent fees		4,936			3,410			-			7,634			13,570			32,658
Trustees’ and officer’s fees		12,521			8,276			-			14,303			11,974			11,292
Other expenses		67,706			50,029			-			79,812			69,147			68,759

Total expenses		4,083,660			1,699,179			92,827			2,840,927			3,474,064			2,811,759

Less: Waivers		(746	)		(198	)		(100	)		(2,391	)		(480	)		(183	)

Net expenses		4,082,914			1,698,981			92,727			2,838,536			3,473,584			2,811,576

Net investment income		8,334,661			6,022,917			4,928,847			32,868,048			32,777,510			20,064,226


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(1,223,202	)		108,876			(2,659,255	)		(37,885,261	)		(51,655,914	)		4,514,659
Affiliated investment securities		(8,205	)		(1,608	)		3,399			306			55,650,367			19,421
In-kind redemptions		12,100,579			38,261,385			6,591,967			(3,490,418	)		29,832,639			14,174,319
Foreign currencies		-			-			-			-			-			(22,160	)

Net realized gain (loss)		10,869,172			38,368,653			3,936,111			(41,375,373	)		33,827,092			18,686,239

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(79,886,134	)		(59,897,945	)		(21,152,221	)		(74,701,183	)		(149,711,442	)		(146,469,296	)
Affiliated investment securities		11,349			668			-			2,490			2,908			3,932
Foreign currencies		-			-			-			-			-			(1,808	)

Change in net unrealized appreciation (depreciation)		(79,874,785	)		(59,897,277	)		(21,152,221	)		(74,698,693	)		(149,708,534	)		(146,467,172	)

Net realized and unrealized gain (loss)		(69,005,613	)		(21,528,624	)		(17,216,110	)		(116,074,066	)		(115,881,442	)		(127,780,933	)

Net increase (decrease) in net assets resulting from operations	$	(60,670,952	)	$	(15,505,707	)	$	(12,287,263	)	$	(83,206,018	)	$	(83,103,932	)	$	(107,716,707	)

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


		26

(This Page Intentionally Left Blank)


		27

Statements of Changes in Net Assets

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

(Unaudited)


	Invesco BuyBack Achievers^TMETF (PKW)								Invesco Dividend Achievers^TMETF (PFM)
	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

Operations:

Net investment income		$	8,334,661			$	15,854,110			$	6,022,917			$	12,972,993

Net realized gain (loss)			10,869,172				(3,119,684	)			38,368,653				22,202,352

Change in net unrealized appreciation (depreciation)			(79,874,785	)			47,162,321				(59,897,277	)			(12,547,603	)


Net increase (decrease) in net assets resulting from operations			(60,670,952	)			59,896,747				(15,505,707	)			22,627,742


Distributions to Shareholders from:

Distributable earnings			(7,173,780	)			(16,348,748	)			(6,063,897	)			(13,464,204	)


Shareholder Transactions:

Proceeds from shares sold			841,558,055				743,282,119				49,814,947				59,714,340

Value of shares repurchased			(319,652,382	)			(1,177,563,994	)			(129,369,971	)			(93,589,004	)


Net increase (decrease) in net assets resulting from share transactions			521,905,673				(434,281,875	)			(79,555,024	)			(33,874,664	)


Net increase (decrease) in net assets			454,060,941				(390,733,876	)			(101,124,628	)			(24,711,126	)


Net assets:

Beginning of period			961,713,448				1,352,447,324				679,939,430				704,650,556


End of period		$	1,415,774,389			$	961,713,448			$	578,814,802			$	679,939,430


Changes in Shares Outstanding:

Shares sold			9,020,000				8,770,000				1,350,000				1,660,000

Shares repurchased			(3,700,000	)			(13,620,000	)			(3,450,000	)			(2,620,000	)

Shares outstanding, beginning of period			11,150,000				16,000,000				18,210,000				19,170,000


Shares outstanding, end of period			16,470,000				11,150,000				16,110,000				18,210,000

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


		28


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



	$	4,928,847		$	9,127,148			$	32,868,048			$	66,247,593			$	32,777,510			$	59,410,800			$	20,064,226			$	30,155,373

		3,936,111			4,022,992				(41,375,373	)			(119,714,791	)			33,827,092				(19,358,811	)			18,686,239				(37,183,732	)

		(21,152,221)			(11,510,024	)			(74,698,693	)			55,246,727				(149,708,534	)			(62,224,125	)			(146,467,172	)			47,631,143


		(12,287,263)			1,640,116				(83,206,018	)			1,779,529				(83,103,932	)			(22,172,136	)			(107,716,707	)			40,602,784




		(4,996,833)			(8,679,403	)			(29,885,624	)			(67,814,596	)			(31,160,141	)			(59,133,912	)			(20,309,993	)			(30,709,658	)




		44,362,492			200,291,700				12,299,214				103,616,841				76,406,232				637,280,106				30,372,079				309,440,797

		(55,915,809)			(121,397,362	)			(128,568,192	)			(274,009,942	)			(220,109,658	)			(266,937,388	)			(77,351,399	)			(8,781,817	)


		(11,553,317)			78,894,338				(116,268,978	)			(170,393,101	)			(143,703,426	)			370,342,718				(46,979,320	)			300,658,980


		(28,837,413)			71,855,051				(229,360,620	)			(236,428,168	)			(257,967,499	)			289,036,670				(175,006,020	)			310,552,106




		277,614,169			205,759,118				1,104,880,119				1,341,308,287				1,442,291,777				1,153,255,107				1,085,972,166				775,420,060


	$	248,776,756		$	277,614,169			$	875,519,499			$	1,104,880,119			$	1,184,324,278			$	1,442,291,777			$	910,966,146			$	1,085,972,166




		1,040,000			4,570,000				850,000				6,750,000				3,840,000				30,470,000				1,700,000				17,980,000

		(1,310,000)			(2,780,000	)			(9,200,000	)			(18,100,000	)			(11,210,000	)			(13,160,000	)			(4,640,000	)			(520,000	)

		6,380,000			4,590,000				74,550,000				85,900,000				72,190,000				54,880,000				59,650,000				42,190,000


		6,110,000			6,380,000				66,200,000				74,550,000				64,820,000				72,190,000				56,710,000				59,650,000


		29

Financial Highlights

Invesco BuyBack Achievers^TM ETF (PKW)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	86.25		$	84.53		$	87.65		$	54.42		$	63.60		$	56.93

Net investment income^(a)			0.57			1.06			0.76			0.88			1.01			0.73
Net realized and unrealized gain (loss) on investments			(0.38	)		1.78			(3.16	)		33.35			(9.13	)		6.67

Total from investment operations			0.19			2.84			(2.40	)		34.23			(8.12	)		7.40

Distributions to shareholders from:
Net investment income			(0.48	)		(1.12	)		(0.72	)		(1.00	)		(1.06	)		(0.73	)

Net asset value at end of period		$	85.96		$	86.25		$	84.53		$	87.65		$	54.42		$	63.60

Market price at end of period^(b)		$	85.94		$	86.25		$	84.50		$	87.72		$	54.45		$	63.62

Net Asset Value Total Return^(c)			0.20	%		3.45	%		(2.79	)%		63.54	%		(12.81	)%		13.16	%
Market Price Total Return^(c)			0.18	%		3.48	%		(2.90	)%		63.58	%		(12.79	)%		13.16	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,415,774		$	961,713		$	1,352,447		$	1,844,119		$	718,331		$	1,313,404
Ratio to average net assets of:
Expenses			0.62	%^(d)		0.62	%		0.61	%		0.64	%		0.62	%		0.62	%
Net investment income			1.27	%^(d)		1.26	%		0.83	%		1.27	%		1.60	%		1.25	%
Portfolio turnover rate^(e)			2	%		60	%		80	%		93	%		56	%		76	%

^(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.


		30

Financial Highlights–(continued)

Invesco Dividend Achievers^TM ETF (PFM)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	37.34		$	36.76		$	35.90		$	27.27		$	28.52		$	25.22

Net investment income^(a)			0.35			0.68			0.68			0.62			0.61			0.59
Net realized and unrealized gain (loss) on investments			(1.40	)		0.61			0.90			8.61			(1.20	)		3.29

Total from investment operations			(1.05	)		1.29			1.58			9.23			(0.59	)		3.88

Distributions to shareholders from:
Net investment income			(0.36	)		(0.71	)		(0.72	)		(0.60	)		(0.66	)		(0.58	)

Net asset value at end of period		$	35.93		$	37.34		$	36.76		$	35.90		$	27.27		$	28.52

Market price at end of period^(b)		$	35.93		$	37.33		$	36.78		$	35.90		$	27.31		$	28.52

Net Asset Value Total Return^(c)			(2.86	)%		3.64	%		4.40	%		34.21	%		(2.04	)%		15.63	%
Market Price Total Return^(c)			(2.84	)%		3.56	%		4.46	%		34.02	%		(1.89	)%		15.53	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	578,815		$	679,939		$	704,651		$	614,955		$	306,780		$	299,475
Ratio to average net assets of:
Expenses			0.53	%^(d)		0.53	%		0.52	%		0.53	%		0.53	%		0.54	%
Net investment income			1.87	%^(d)		1.89	%		1.80	%		1.97	%		2.13	%		2.22	%
Portfolio turnover rate^(e)			1	%		8	%		12	%		28	%		20	%		13	%

^(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 Dow Jones Industrial Average Dividend ETF (DJD)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	43.51		$	44.83		$	43.47		$	33.17		$	36.98		$	33.32

Net investment income^(a)			0.79			1.51			1.36			1.27			1.10			0.91
Net realized and unrealized gain (loss) on investments			(2.77	)		(1.42	)		1.29			10.40			(3.80	)		3.74

Total from investment operations			(1.98	)		0.09			2.65			11.67			(2.70	)		4.65

Distributions to shareholders from:
Net investment income			(0.81	)		(1.41	)		(1.29	)		(1.37	)		(1.11	)		(0.99	)

Net asset value at end of period		$	40.72		$	43.51		$	44.83		$	43.47		$	33.17		$	36.98

Market price at end of period^(b)		$	40.69		$	43.51		$	44.82		$	43.52		$	33.21		$	37.02

Net Asset Value Total Return^(c)			(4.62	)%		0.37	%		6.19	%		36.03	%		(7.33	)%		14.24	%
Market Price Total Return^(c)			(4.69	)%		0.39	%		6.04	%		36.03	%		(7.32	)%		14.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	248,777		$	277,614		$	205,759		$	154,758		$	116,108		$	73,967
Ratio to average net assets of:
Expenses, after Waivers			0.07	%^(d)		0.07	%		0.07	%		0.07	%		0.08	%^(e)		0.09	%
Expenses, prior to Waivers			0.07	%^(d)		0.07	%		0.07	%		0.07	%		0.08	%^(e)		0.10	%
Net investment income			3.72	%^(d)		3.50	%		3.04	%		3.43	%		3.04	%^(e)		2.62	%
Portfolio turnover rate^(f)			10	%		20	%		15	%		50	%		14	%		20	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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

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


		32

Financial Highlights–(continued)

Invesco Financial Preferred ETF (PGF)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	14.82		$	15.61		$	18.89		$	18.05		$	18.33		$	18.32

Net investment income^(a)			0.46			0.84			0.87			0.94			0.94			0.97
Net realized and unrealized gain (loss) on investments			(1.63	)		(0.77	)		(3.28	)		0.82			(0.27	)		0.05

Total from investment operations			(1.17	)		0.07			(2.41	)		1.76			0.67			1.02

Distributions to shareholders from:
Net investment income			(0.42	)		(0.86	)		(0.87	)		(0.92	)		(0.95	)		(1.01	)

Net asset value at end of period		$	13.23		$	14.82		$	15.61		$	18.89		$	18.05		$	18.33

Market price at end of period^(b)		$	13.22		$	14.83		$	15.55		$	18.96		$	18.07		$	18.35

Net Asset Value Total Return^(c)			(8.02	)%		0.46	%		(13.34	)%		9.94	%		3.78	%		5.79	%
Market Price Total Return^(c)			(8.15	)%		0.92	%		(13.99	)%		10.22	%		3.77	%		5.97	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	875,519		$	1,104,880		$	1,341,308		$	1,827,087		$	1,462,590		$	1,385,773
Ratio to average net assets of:
Expenses			0.56	%^(d)		0.56	%		0.57	%		0.62	%		0.61	%		0.62	%
Net investment income			6.48	%^(d)		5.45	%		4.71	%		5.02	%		5.10	%		5.35	%
Portfolio turnover rate^(e)			21	%		15	%		23	%		23	%		31	%		21	%

^(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.


		33

Financial Highlights–(continued)

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


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	19.98		$	21.01		$	20.66		$	14.21		$	18.25		$	17.12

Net investment income^(a)			0.48			0.87			0.85			0.69			0.75			0.63
Net realized and unrealized gain (loss) on investments			(1.73	)		(1.04	)		0.33			6.51			(4.03	)		1.17

Total from investment operations			(1.25	)		(0.17	)		1.18			7.20			(3.28	)		1.80

Distributions to shareholders from:
Net investment income			(0.46	)		(0.86	)		(0.83	)		(0.75	)		(0.76	)		(0.67	)

Net asset value at end of period		$	18.27		$	19.98		$	21.01		$	20.66		$	14.21		$	18.25

Market price at end of period^(b)		$	18.27		$	19.97		$	21.03		$	20.65		$	14.24		$	18.26

Net Asset Value Total Return^(c)			(6.36	)%		(0.81	)%		5.87	%		52.20	%		(18.57	)%		10.79	%
Market Price Total Return^(c)			(6.31	)%		(0.96	)%		6.01	%		51.80	%		(18.44	)%		10.86	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,184,324		$	1,442,292		$	1,153,255		$	929,479		$	630,938		$	834,224
Ratio to average net assets of:
Expenses			0.52	%^(d)		0.52	%		0.52	%		0.53	%		0.52	%		0.53	%
Net investment income			4.92	%^(d)		4.25	%		4.07	%		4.20	%		4.30	%		3.58	%
Portfolio turnover rate^(e)			25	%		57	%		49	%		74	%		51	%		50	%

^(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.


		34

Financial Highlights–(continued)

Invesco International Dividend Achievers^TM ETF (PID)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	18.21		$	18.38		$	17.28		$	12.12		$	16.44		$	15.92

Net investment income^(a)			0.33			0.60			0.51			0.45			0.61			0.58
Net realized and unrealized gain (loss) on investments			(2.14	)		(0.16	)^(b)		1.21			5.21			(4.20	)		0.48

Total from investment operations			(1.81	)		0.44			1.72			5.66			(3.59	)		1.06

Distributions to shareholders from:
Net investment income			(0.34	)		(0.61	)		(0.62	)		(0.50	)		(0.73	)		(0.54	)

Net asset value at end of period		$	16.06		$	18.21		$	18.38		$	17.28		$	12.12		$	16.44

Market price at end of period^(c)		$	16.05		$	18.22		$	18.40		$	17.25		$	12.07		$	16.45

Net Asset Value Total Return^(d)			(10.13	)%		2.74	%		10.11	%		47.87	%		(22.71	)%		6.99	%
Market Price Total Return^(d)			(10.23	)%		2.68	%		10.43	%		48.23	%		(23.07	)%		7.13	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	910,966		$	1,085,972		$	775,420		$	579,570		$	510,252		$	766,283
Ratio to average net assets of:
Expenses			0.53	%^(e)		0.53	%		0.53	%		0.56	%		0.53	%		0.54	%
Net investment income			3.76	%^(e)		3.47	%		2.79	%		3.18	%		3.92	%		3.70	%
Portfolio turnover rate^(f)			17	%		38	%		44	%		69	%		45	%		47	%

^(a)	Based on average shares outstanding.

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

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

^(d)

^(e)	Annualized.

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

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


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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2023

(Unaudited)

NOTE 1–Organization

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


Full Name		Short Name

Invesco 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 LLC, 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 (“APs”), the Shares are not individually redeemable securities of the Funds.

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


Fund		Underlying Index

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

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


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

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

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

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

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

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

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

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

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

B.	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


		37

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

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

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

Dividends and Distributions to Shareholders - Each Fund (except 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.

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


		38

income. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended October 31, 2023, the Funds did not enter into any closing agreements.

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

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 pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

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


		39

indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

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


	Amount

BuyBack Achievers^TMETF		$	4,284

Dividend Achievers^TMETF			3,114

Dow Jones Industrial Average Dividend ETF			944

Financial Preferred ETF			64,423

High Yield Equity Dividend Achievers^TMETF			4,145

International Dividend Achievers^TMETF			105,655

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

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

L.	Other Risks

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

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


		40

may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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

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

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


		41

LIBOR Transition Risk. Certain Funds may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR was intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. The publication of most LIBOR rates ceased at the end of 2021, and the remaining USD LIBOR rates ceased to be published after June 2023. The FCA will permit the use of synthetic USD LIBOR rates for non-U.S. contracts for a limited period of time after June 30, 2023, but any such rates would be considered non-representative of the underlying market.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Funds and the instruments in which the Funds invest. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Funds invest that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act. The regulations provide a statutory fallback mechanism to replace LIBOR, by identifying benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) that replaced LIBOR in certain financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. The Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Funds could result in losses to the Funds.

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

Non-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 can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

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.

NOTE 3–Investment Advisory Agreements and Other Agreements


		42

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, an annual unitary management fee of 0.07% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Dow Jones Industrial Average Dividend ETF, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each Fund 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, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. 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, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

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



BuyBack Achievers^TMETF	$	746

Dividend Achievers^TMETF		198

Dow Jones Industrial Average Dividend ETF		100

Financial Preferred ETF		2,391

High Yield Equity Dividend Achievers^TMETF		480

International Dividend Achievers^TMETF		183

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.

There are no amounts available for potential recapture by the Adviser as of October 31, 2023.

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

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


Fund				Licensor

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.


		43

that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

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

For the six months ended October 31, 2023, the 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	$	5,339

Dividend Achievers^TMETF		695

Dow Jones Industrial Average Dividend ETF		501

High Yield Equity Dividend Achievers^TMETF		12,876

International Dividend Achievers^TMETF		31,086

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

NOTE 4–Additional Valuation Information

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


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

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

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

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


	Level 1			Level 2			Level 3			Total

BuyBack Achievers^TMETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,416,094,192		$	0		$	-		$	1,416,094,192

Money Market Funds			1,479,846			91,599,721			-			93,079,567



Total Investments		$	1,417,574,038		$	91,599,721		$	-		$	1,509,173,759



Dividend Achievers^TMETF

Investments in Securities

Common Stocks & Other Equity Interests		$	578,680,928		$	-		$	-		$	578,680,928

Money Market Funds			361,084			35,347,123			-			35,708,207



Total Investments		$	579,042,012		$	35,347,123		$	-		$	614,389,135



Dow Jones Industrial Average Dividend ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	248,064,705		$	-		$	-		$	248,064,705

Money Market Funds			132,589			2,341,843			-			2,474,432



Total Investments		$	248,197,294		$	2,341,843		$	-		$	250,539,137


		44


	Level 1			Level 2			Level 3			Total

Financial Preferred ETF

Investments in Securities

Preferred Stocks		$	873,276,415		$	-		$	-		$	873,276,415

Money Market Funds			133,424			29,140,081			-			29,273,505


Total Investments		$	873,409,839		$	29,140,081		$	-		$	902,549,920


High Yield Equity Dividend Achievers^TMETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,183,581,968		$	-		$	-		$	1,183,581,968

Money Market Funds			-			88,131,105			-			88,131,105


Total Investments		$	1,183,581,968		$	88,131,105		$	-		$	1,271,713,073


International Dividend Achievers^TMETF

Investments in Securities

Common Stocks & Other Equity Interests		$	910,144,126		$	-		$	-		$	910,144,126

Money Market Funds			545,368			135,201,353			-			135,746,721


Total Investments		$	910,689,494		$	135,201,353		$	-		$	1,045,890,847

NOTE 5–Tax Information

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

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

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


	No expiration
	Short-Term			Long-Term			Total*

BuyBack Achievers^TMETF		$	381,130,046		$	163,371,102		$	544,501,148

Dividend Achievers^TMETF			3,130,908			12,845,514			15,976,422

Dow Jones Industrial Average Dividend ETF			4,996,945			8,182,978			13,179,923

Financial Preferred ETF			12,429,581			119,246,543			131,676,124

High Yield Equity Dividend Achievers^TMETF			89,623,775			157,945,233			247,569,008

International Dividend Achievers^TMETF			194,403,696			250,486,622			444,890,318

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

NOTE 6–Investment Transactions

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


	Purchases			Sales

BuyBack Achievers^TMETF		$	33,604,438		$	26,271,764

Dividend Achievers^TMETF			7,509,119			8,630,983

Dow Jones Industrial Average Dividend ETF			25,046,221			25,307,705

Financial Preferred ETF			222,270,967			206,145,415

High Yield Equity Dividend Achievers^TMETF			324,354,490			324,574,141

International Dividend Achievers^TMETF			181,667,213			182,180,368


		45

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


	In-kind Purchases			In-kind Sales

BuyBack Achievers^TMETF		$	835,128,060		$	318,365,506

Dividend Achievers^TMETF			48,949,604			127,046,654

Dow Jones Industrial Average Dividend ETF			44,135,002			55,626,455

Financial Preferred ETF			12,130,230			127,254,114

High Yield Equity Dividend Achievers^TMETF			76,323,267			218,220,000

International Dividend Achievers^TMETF			30,370,755			77,327,114

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

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


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

BuyBack Achievers^TMETF		$	39,253,791		$	(186,035,440	)		$	(146,781,649	)		$	1,655,955,408

Dividend Achievers^TMETF			81,120,639			(45,917,146	)			35,203,493				579,185,642

Dow Jones Industrial Average Dividend ETF			5,996,443			(40,048,029	)			(34,051,586	)			284,590,723

Financial Preferred ETF			852			(259,189,820	)			(259,188,968	)			1,161,738,888

High Yield Equity Dividend Achievers^TMETF			28,802,090			(210,495,186	)			(181,693,096	)			1,453,406,169

International Dividend Achievers^TMETF			70,948,510			(132,198,043	)			(61,249,533	)			1,107,140,380

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Dow Jones Industrial Average Dividend ETF. The Interested Trustee does not receive any Trustees’ fees.

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

NOTE 8–Capital

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

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

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

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


		46

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾

Invesco BuyBack Achievers^TMETF (PKW)

Actual		$1,000.00		$1,002.00		0.62%		$3.12

Hypothetical (5% return before expenses)		1,000.00		1,022.02		0.62		3.15

Invesco Dividend Achievers^TMETF (PFM)

Actual		1,000.00		971.40		0.53		2.63

Hypothetical (5% return before expenses)		1,000.00		1,022.47		0.53		2.69

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

Actual		1,000.00		953.80		0.07		0.34

Hypothetical (5% return before expenses)		1,000.00		1,024.78		0.07		0.36

Invesco Financial Preferred ETF (PGF)

Actual		1,000.00		919.80		0.56		2.70

Hypothetical (5% return before expenses)		1,000.00		1,022.32		0.56		2.85

Invesco High Yield Equity Dividend Achievers^TMETF (PEY)

Actual		1,000.00		936.40		0.52		2.53

Hypothetical (5% return before expenses)		1,000.00		1,022.52		0.52		2.64


		47

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾

Invesco International Dividend Achievers^TMETF (PID)

Actual		$1,000.00		$ 898.70		0.53%		$2.53

Hypothetical (5% return before expenses)		1,000.00		1,022.47		0.53		2.69

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366.


		48

(This Page Intentionally Left Blank)

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



		Invesco Semi-Annual Report to Shareholders October 31, 2023

		BMVP Invesco Bloomberg MVP Multi-factor ETF (formerly, Invesco Dynamic Market ETF)

		PRF Invesco FTSE RAFI US 1000 ETF

		PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF

Table of Contents

Schedules of Investments



Invesco Bloomberg MVP Multi-factor ETF (BMVP)			3

Invesco FTSE RAFI US 1000 ETF (PRF)			5

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)			16

Statements of Assets and Liabilities			31

Statements of Operations			32

Statements of Changes in Net Assets			34

Financial Highlights			36

Notes to Financial Statements			39

Fund Expenses			49


		2

Invesco Bloomberg MVP Multi-factor ETF (BMVP)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-7.29%
Alphabet, Inc., Class A^(b)		12,193	$	1,512,907
Charter Communications, Inc., Class A^(b)		3,625		1,460,150
Comcast Corp., Class A		35,979		1,485,573
Omnicom Group, Inc.^(c)		21,421		1,604,647

				6,063,277

Consumer Discretionary-7.43%
NVR, Inc.^(b)		268		1,450,582
PulteGroup, Inc.		21,599		1,589,470
Stellantis N.V.^(c)		83,398		1,557,875
TJX Cos., Inc. (The)		17,950		1,580,857

				6,178,784

Consumer Staples-7.55%
Altria Group, Inc.		37,943		1,524,170
Kimberly-Clark Corp.		13,203		1,579,607
PepsiCo, Inc.		9,439		1,541,200
Walmart, Inc.		9,976		1,630,178

				6,275,155

Energy-5.61%
Marathon Petroleum Corp.		10,542		1,594,477
Phillips 66		13,312		1,518,500
Targa Resources Corp.		18,613		1,556,233

				4,669,210

Financials-14.39%
American Express Co.		10,693		1,561,499
Ameriprise Financial, Inc.		4,851		1,525,979
Apollo Global Management, Inc.		17,819		1,379,903
FleetCor Technologies, Inc.^(b)(c)		6,264		1,410,465
Marsh & McLennan Cos., Inc.		8,384		1,590,026
Mastercard, Inc., Class A		4,030		1,516,691
Raymond James Financial, Inc.		15,926		1,519,977
Synchrony Financial		52,320		1,467,576

				11,972,116

Health Care-13.57%
Amgen, Inc.		5,937		1,518,091
Cardinal Health, Inc.^(c)		18,379		1,672,489
Cencora, Inc.^(c)		8,866		1,641,540
Gilead Sciences, Inc.		21,292		1,672,274
Johnson & Johnson		10,243		1,519,446
Laboratory Corp. of America Holdings		7,955		1,588,852
McKesson Corp.		3,669		1,670,716

				11,283,408

Industrials-16.15%
Broadridge Financial Solutions, Inc.		8,910		1,520,403
Builders FirstSource, Inc.^(b)		12,848		1,394,265
Caterpillar, Inc.		5,859		1,324,427
Delta Air Lines, Inc.		43,228		1,350,875
Expeditors International of Washington, Inc.^(c)		13,919		1,520,651
Ferguson PLC		9,725		1,460,695
Lockheed Martin Corp.		3,899		1,772,641
PACCAR, Inc.		18,812		1,552,554
Verisk Analytics, Inc.		6,770		1,539,227

				13,435,738


	Shares		Value
Information Technology-11.11%
Applied Materials, Inc.		11,552	$	1,528,907
CDW Corp.		7,927		1,588,571
Cisco Systems, Inc.		29,676		1,547,010
International Business Machines Corp.^(c)		11,371		1,644,701
NetApp, Inc.		21,025		1,530,199
VMware, Inc., Class A^(b)(c)		9,607		1,399,260

				9,238,648

Materials-5.52%
Amcor PLC		174,609		1,552,274
LyondellBasell Industries N.V., Class A		16,889		1,524,063
Nucor Corp.		10,230		1,511,892

				4,588,229

Real Estate-5.66%
Iron Mountain, Inc.		26,837		1,585,262
Simon Property Group, Inc.		14,805		1,626,921
Weyerhaeuser Co.		52,166		1,496,643

				4,708,826

Utilities-5.70%
CenterPoint Energy, Inc.		59,423		1,597,290
DTE Energy Co.		16,110		1,552,682
Edison International		25,208		1,589,617

				4,739,589

Total Common Stocks & Other Equity Interests (Cost $84,952,598)				83,152,980


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $1,326)		1,326		1,326

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $84,953,924)				83,154,306


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.06%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		2,108,945		2,108,945
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		5,424,452		5,424,994

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,534,366)				7,533,939

TOTAL INVESTMENTS IN SECURITIES-109.04% (Cost $92,488,290)				90,688,245
OTHER ASSETS LESS LIABILITIES-(9.04)%				(7,518,089	)

NET ASSETS-100.00%			$	83,170,156

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


		3

Invesco Bloomberg MVP Multi-factor ETF (BMVP)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	62,302		$	2,037,052		$	(2,098,028	)		$	-			$	-			$	1,326		$	3,120

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,730,945			21,555,087			(23,177,087	)			-				-				2,108,945			41,348	*

Invesco Private Prime Fund			10,362,693			44,262,082			(49,198,905	)			(226	)			(650	)			5,424,994			111,944	*


Total		$	14,155,940		$	67,854,221		$	(74,474,020	)		$	(226	)		$	(650	)		$	7,535,265		$	156,412

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

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

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

Portfolio Composition

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

as of October 31, 2023



Industrials		16.15

Financials		14.39

Health Care		13.57

Information Technology		11.11

Consumer Staples		7.55

Consumer Discretionary		7.43

Communication Services		7.29

Utilities		5.70

Real Estate		5.66

Energy		5.61

Materials		5.52

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.


		4

Invesco FTSE RAFI US 1000 ETF (PRF)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-9.39%
Alphabet, Inc., Class A^(b)		545,365	$	67,668,889
Alphabet, Inc., Class C^(b)		487,934		61,138,130
AMC Networks, Inc., Class A^(b)(c)		27,393		323,237
AT&T, Inc.		4,449,811		68,527,089
Cable One, Inc.^(c)		1,171		643,898
Charter Communications, Inc., Class A^(b)		34,871		14,046,039
Cinemark Holdings, Inc.^(b)(c)		65,526		1,080,524
Comcast Corp., Class A		1,403,082		57,933,256
DISH Network Corp., Class A^(b)(c)		241,841		1,185,021
Electronic Arts, Inc.		23,647		2,927,262
Fox Corp., Class A^(c)		69,687		2,117,788
Fox Corp., Class B		33,755		942,102
Frontier Communications Parent, Inc.^(b)(c)		98,874		1,771,822
IAC, Inc.^(b)		25,092		1,067,665
Interpublic Group of Cos., Inc. (The)^(c)		90,713		2,576,249
Liberty Broadband Corp.^(b)(d)		10,211		0
Liberty Broadband Corp., Class A^(b)		2,291		190,886
Liberty Broadband Corp., Class C^(b)		15,713		1,309,050
Liberty Global PLC, Class A (United Kingdom)^(b)		149,138		2,320,587
Liberty Global PLC, Class C (United Kingdom)^(b)(c)		230,413		3,907,805
Liberty Latin America Ltd., Class A^(b)		32,246		220,240
Liberty Latin America Ltd., Class C^(b)		122,841		841,461
Liberty Media Corp.-Liberty Formula One^(b)		20,168		1,304,668
Liberty Media Corp.-Liberty Formula One^(b)		2,115		121,718
Liberty Media Corp.-Liberty Live, Series A^(b)(c)		7,085		221,335
Liberty Media Corp.-Liberty Live, Series C^(b)		15,185		483,946
Liberty Media Corp.-Liberty SiriusXM, Series A^(b)(c)		28,031		686,479
Liberty Media Corp.-Liberty SiriusXM, Series C^(b)		57,433		1,409,980
Lions Gate Entertainment Corp., Class A^(b)		23,420		184,081
Lions Gate Entertainment Corp., Class B^(b)		48,875		364,608
Live Nation Entertainment, Inc.^(b)		11,069		885,741
Lumen Technologies, Inc.^(b)(c)		2,792,012		4,076,338
Match Group, Inc.^(b)(c)		22,854		790,748
Meta Platforms, Inc., Class A^(b)		305,487		92,034,069
Netflix, Inc.^(b)		23,643		9,733,587
News Corp., Class A		90,222		1,865,791
News Corp., Class B^(c)		28,172		604,008
Nexstar Media Group, Inc., Class A		8,559		1,198,945
Omnicom Group, Inc.		54,353		4,071,583
Paramount Global, Class B^(c)		388,001		4,221,451
Spotify Technology S.A.^(b)		8,782		1,446,922
Take-Two Interactive Software, Inc.^(b)		13,633		1,823,414
TEGNA, Inc.		64,300		932,993
Telephone & Data Systems, Inc.		142,015		2,583,253
T-Mobile US, Inc.^(b)		105,326		15,152,198
Verizon Communications, Inc.		2,110,339		74,136,209


	Shares		Value
Communication Services-(continued)
Walt Disney Co. (The)^(b)		304,220	$	24,821,310
Warner Bros Discovery, Inc.^(b)		386,726		3,844,056

				541,738,431

Consumer Discretionary-8.92%
Abercrombie & Fitch Co., Class A^(b)		24,081		1,464,606
Academy Sports & Outdoors, Inc.^(c)		21,717		973,790
Adient PLC^(b)		49,411		1,664,657
ADT, Inc.^(c)		93,764		530,704
Advance Auto Parts, Inc.^(c)		14,982		779,513
Airbnb, Inc., Class A^(b)		6,198		733,161
Amazon.com, Inc.^(b)		889,709		118,411,371
American Axle & Manufacturing Holdings, Inc.^(b)(c)		101,346		684,085
American Eagle Outfitters, Inc.		60,071		1,049,440
Aptiv PLC^(b)		37,124		3,237,213
Aramark		67,444		1,816,267
Asbury Automotive Group, Inc.^(b)(c)		7,419		1,419,774
Autoliv, Inc. (Sweden)^(c)		25,199		2,309,488
AutoNation, Inc.^(b)		19,408		2,524,593
AutoZone, Inc.^(b)		1,518		3,760,283
Bath & Body Works, Inc.		68,347		2,026,489
Best Buy Co., Inc.		90,341		6,036,586
Big Lots, Inc.^(c)		69,498		316,911
Booking Holdings, Inc.^(b)		2,429		6,775,841
BorgWarner, Inc.		69,380		2,560,122
Brunswick Corp.^(c)		15,409		1,070,463
Burlington Stores, Inc.^(b)(c)		7,253		877,831
Caesars Entertainment, Inc.^(b)		36,098		1,439,949
Capri Holdings Ltd.^(b)		32,916		1,684,641
CarMax, Inc.^(b)(c)		69,909		4,270,741
Carnival Corp.^(b)		428,257		4,907,825
Carter’s, Inc.^(c)		12,300		826,068
Chipotle Mexican Grill, Inc.^(b)		1,062		2,062,616
Coupang, Inc. (South Korea)^(b)		57,184		972,128
Cracker Barrel Old Country Store, Inc.^(c)		9,655		640,706
D.R. Horton, Inc.		62,623		6,537,841
Dana, Inc.		80,103		919,582
Darden Restaurants, Inc.		20,608		2,999,082
Deckers Outdoor Corp.^(b)		2,353		1,404,882
Dick’s Sporting Goods, Inc.^(c)		12,578		1,345,217
Domino’s Pizza, Inc.		3,279		1,111,548
eBay, Inc.		103,779		4,071,250
Expedia Group, Inc.^(b)		19,880		1,894,365
Floor & Decor Holdings, Inc., Class A^(b)(c)		7,851		646,922
Foot Locker, Inc.^(c)		42,367		889,283
Ford Motor Co.		2,613,081		25,477,540
GameStop Corp., Class A^(b)(c)		46,170		635,761
Gap, Inc. (The)^(c)		140,925		1,803,840
Garmin Ltd.		26,638		2,731,194
General Motors Co.		903,174		25,469,507
Gentex Corp.		40,473		1,160,766
Genuine Parts Co.		23,807		3,067,770
G-III Apparel Group Ltd.^(b)(c)		46,198		1,180,359
Goodyear Tire & Rubber Co. (The)^(b)(c)		293,420		3,491,698
Graham Holdings Co., Class B		1,303		754,072
Group 1 Automotive, Inc.^(c)		7,584		1,913,671
H&R Block, Inc.^(c)		37,672		1,546,436

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


		5

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Consumer Discretionary-(continued)
Hanesbrands, Inc.^(c)		343,834	$	1,440,664
Harley-Davidson, Inc.		37,469		1,006,043
Hasbro, Inc.		40,285		1,818,868
Hilton Worldwide Holdings, Inc.		13,059		1,978,830
Home Depot, Inc. (The)		137,631		39,182,169
International Game Technology PLC^(c)		28,167		716,005
KB Home		30,824		1,362,421
Kohl’s Corp.^(c)		146,299		3,299,042
Las Vegas Sands Corp.		60,945		2,892,450
LCI Industries^(c)		7,079		768,001
Lear Corp.		28,290		3,670,910
Leggett & Platt, Inc.^(c)		50,474		1,182,606
Lennar Corp., Class A		63,188		6,740,896
Lennar Corp., Class B^(c)		3,727		367,519
Light & Wonder, Inc.^(b)(c)		17,544		1,282,642
Lithia Motors, Inc., Class A		9,858		2,387,706
LKQ Corp.		59,343		2,606,345
Lowe’s Cos., Inc.		92,264		17,582,750
lululemon athletica, inc.^(b)		5,363		2,110,233
M.D.C. Holdings, Inc.		26,038		988,142
M/I Homes, Inc.^(b)		15,082		1,237,780
Macy’s, Inc.^(c)		220,637		2,687,359
Marriott International, Inc., Class A		21,558		4,064,976
Marriott Vacations Worldwide Corp.		6,492		583,371
Mattel, Inc.^(b)		58,500		1,116,180
McDonald’s Corp.		74,694		19,582,526
Meritage Homes Corp.		13,518		1,541,322
MGM Resorts International		80,874		2,824,120
Mohawk Industries, Inc.^(b)		30,295		2,435,112
Murphy USA, Inc.		5,882		2,133,343
Newell Brands, Inc.^(c)		177,104		1,190,139
NIKE, Inc., Class B^(c)		94,964		9,759,450
Nordstrom, Inc.^(c)		88,830		1,241,843
Norwegian Cruise Line Holdings Ltd.^(b)(c)		61,325		834,020
NVR, Inc.^(b)		454		2,457,329
ODP Corp. (The)^(b)		25,252		1,134,320
O’Reilly Automotive, Inc., Class R^(b)		4,032		3,751,534
Penn Entertainment, Inc.^(b)(c)		60,840		1,200,373
Penske Automotive Group, Inc.		9,012		1,289,437
Phinia, Inc.		13,887		359,396
Polaris, Inc.		14,073		1,216,189
Pool Corp.^(c)		2,823		891,419
PulteGroup, Inc.		64,774		4,766,719
PVH Corp.		25,458		1,892,802
Qurate Retail, Inc., Class A^(b)		891,791		393,012
Ralph Lauren Corp.		9,337		1,050,693
RH^(b)(c)		2,636		574,543
Rivian Automotive, Inc., Class A^(b)(c)		94,757		1,536,959
Ross Stores, Inc.		35,483		4,114,964
Royal Caribbean Cruises Ltd.^(b)(c)		33,939		2,875,651
Sabre Corp.^(b)(c)		149,449		523,072
Sally Beauty Holdings, Inc.^(b)(c)		59,105		502,393
Service Corp.International^(c)		22,690		1,234,790
Signet Jewelers Ltd.^(c)		16,044		1,120,353
Six Flags Entertainment Corp.^(b)(c)		27,815		553,519
Skechers U.S.A., Inc., Class A^(b)		32,842		1,583,641
Sonic Automotive, Inc., Class A^(c)		12,276		587,407
Starbucks Corp.		113,764		10,493,591
Tapestry, Inc.		54,201		1,493,780
Taylor Morrison Home Corp., Class A^(b)		49,149		1,883,390


	Shares		Value
Consumer Discretionary-(continued)
Tempur Sealy International, Inc.		18,149	$	724,690
Tesla, Inc.^(b)		47,974		9,635,098
Texas Roadhouse, Inc.		7,707		782,569
Thor Industries, Inc.		20,223		1,778,208
TJX Cos., Inc. (The)		132,779		11,693,847
Toll Brothers, Inc.		34,817		2,461,910
TopBuild Corp.^(b)		4,706		1,076,545
Tractor Supply Co.^(c)		10,346		1,992,226
Travel + Leisure Co.		25,555		869,637
Tri Pointe Homes, Inc.^(b)		54,197		1,358,177
Ulta Beauty, Inc.^(b)		4,009		1,528,672
Under Armour, Inc., Class A^(b)		52,577		360,152
Under Armour, Inc., Class C^(b)(c)		54,686		351,631
Urban Outfitters, Inc.^(b)		28,030		970,399
Vail Resorts, Inc.^(c)		5,298		1,124,500
Valvoline, Inc.		21,041		624,286
VF Corp.^(c)		158,159		2,329,682
Victoria’s Secret & Co.^(b)(c)		33,313		595,636
Wayfair, Inc., Class A^(b)(c)		19,415		827,273
Whirlpool Corp.^(c)		34,102		3,565,705
Williams-Sonoma, Inc.		14,977		2,250,144
Wynn Resorts Ltd.		14,260		1,251,743
Yum! Brands, Inc.		27,334		3,303,587

				514,433,824

Consumer Staples-8.16%
Albertson’s Cos., Inc., Class A		136,778		2,968,083
Altria Group, Inc.		566,383		22,751,605
Archer-Daniels-Midland Co.		176,022		12,597,895
B&G Foods, Inc.^(c)		70,442		568,467
BJ’s Wholesale Club Holdings, Inc.^(b)		34,516		2,351,230
Brown-Forman Corp., Class B		18,118		1,017,507
Bunge Ltd.^(c)		70,909		7,514,936
Campbell Soup Co.^(c)		43,550		1,759,855
Casey’s General Stores, Inc.		8,575		2,331,628
Church & Dwight Co., Inc.		26,972		2,452,834
Clorox Co. (The)		18,631		2,192,869
Coca-Cola Co. (The)		526,043		29,716,169
Coca-Cola Europacific Partners PLC
(United Kingdom)		44,681		2,614,285
Colgate-Palmolive Co.		119,620		8,985,854
Conagra Brands, Inc.		126,215		3,453,242
Constellation Brands, Inc., Class A		21,091		4,938,458
Costco Wholesale Corp.		61,834		34,159,575
Darling Ingredients, Inc.^(b)		25,254		1,118,500
Dollar General Corp.		30,249		3,600,841
Dollar Tree, Inc.^(b)		39,979		4,441,267
Estee Lauder Cos., Inc. (The), Class A		14,349		1,849,156
Flowers Foods, Inc.		42,500		932,025
General Mills, Inc.		119,593		7,802,247
Herbalife Ltd.^(b)(c)		65,547		934,045
Hershey Co. (The)		12,903		2,417,377
Hormel Foods Corp.		48,271		1,571,221
Ingredion, Inc.		21,326		1,995,687
JM Smucker Co. (The)		26,440		3,009,930
Kellanova		61,855		3,121,822
Keurig Dr Pepper, Inc.		174,328		5,287,368
Kimberly-Clark Corp.		70,717		8,460,582
Kraft Heinz Co. (The)		253,856		7,986,310
Kroger Co. (The)		408,223		18,521,077

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


		6

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
Lamb Weston Holdings, Inc.		12,748	$	1,144,770
McCormick & Co., Inc.		34,157		2,182,632
Molson Coors Beverage Co., Class B		75,149		4,341,358
Mondelez International, Inc., Class A		216,790		14,353,666
Monster Beverage Corp.^(b)		40,407		2,064,798
Nomad Foods Ltd. (United Kingdom)^(b)		51,553		712,462
Nu Skin Enterprises, Inc., Class A		18,996		360,734
PepsiCo, Inc.		194,434		31,747,183
Performance Food Group Co.^(b)		61,787		3,568,817
Philip Morris International, Inc.		332,038		29,604,508
Post Holdings, Inc.^(b)(c)		14,065		1,129,138
Procter & Gamble Co. (The)		341,560		51,244,247
SpartanNash Co.		23,969		539,063
Spectrum Brands Holdings, Inc.		13,182		992,868
Sprouts Farmers Market, Inc.^(b)(c)		38,692		1,625,838
Sysco Corp.		130,369		8,668,235
Target Corp.		117,435		13,010,624
TreeHouse Foods, Inc.^(b)		21,730		905,924
Tyson Foods, Inc., Class A		151,312		7,013,311
United Natural Foods, Inc.^(b)		40,646		592,619
US Foods Holding Corp.^(b)		112,086		4,364,629
Walgreens Boots Alliance, Inc.^(c)		569,962		12,014,799
Walmart, Inc.		385,864		63,054,036
WK Kellogg Co.^(b)		15,366		153,967

				470,814,173

Energy-7.39%
Antero Resources Corp.^(b)(c)		77,869		2,292,463
APA Corp.		64,801		2,573,896
Baker Hughes Co., Class A		313,376		10,786,402
California Resources Corp.		22,367		1,176,281
Cheniere Energy, Inc.		17,468		2,907,025
Chesapeake Energy Corp.^(c)		18,389		1,582,925
Chevron Corp.		485,811		70,797,237
Civitas Resources, Inc.^(c)		13,908		1,049,080
CNX Resources Corp.^(b)(c)		77,064		1,673,830
ConocoPhillips		208,563		24,777,284
Coterra Energy, Inc.		136,189		3,745,198
Delek US Holdings, Inc.		53,668		1,414,152
Devon Energy Corp.		83,283		3,878,489
Diamondback Energy, Inc.		22,109		3,544,515
DT Midstream, Inc.^(c)		21,962		1,185,289
EOG Resources, Inc.		101,722		12,842,402
EQT Corp.^(c)		59,558		2,524,068
Equitrans Midstream Corp.		196,079		1,739,221
Exxon Mobil Corp.		1,024,659		108,460,155
Halliburton Co.		151,951		5,977,752
Helmerich & Payne, Inc.		35,494		1,404,498
Hess Corp.		21,000		3,032,400
HF Sinclair Corp.		48,768		2,700,772
Kinder Morgan, Inc.		759,687		12,306,929
Marathon Oil Corp.		148,868		4,065,585
Marathon Petroleum Corp.		162,341		24,554,076
Murphy Oil Corp.		40,114		1,799,915
NOV, Inc.		72,151		1,440,134
Occidental Petroleum Corp.		172,219		10,644,856
ONEOK, Inc.		116,240		7,578,848
Ovintiv, Inc.		54,315		2,607,120
PBF Energy, Inc., Class A		56,327		2,677,222
Peabody Energy Corp.^(c)		35,880		846,409


	Shares		Value
Energy-(continued)
Phillips 66		188,939	$	21,552,272
Pioneer Natural Resources Co.		34,356		8,211,084
Schlumberger N.V.		215,916		12,017,885
SM Energy Co.		28,772		1,160,087
Southwestern Energy Co.^(b)		331,370		2,362,668
Targa Resources Corp.		47,975		4,011,190
TechnipFMC PLC (United Kingdom)^(c)		90,956		1,957,373
Transocean Ltd.^(b)(c)		309,445		2,048,526
Valero Energy Corp.		158,585		20,140,295
Weatherford International PLC^(b)		11,998		1,116,894
Williams Cos., Inc. (The)		313,437		10,782,233
World Kinect Corp.^(c)		29,405		543,993

				426,490,928

Financials-19.39%
Affiliated Managers Group, Inc.		7,539		925,488
Aflac, Inc.		172,659		13,486,394
AGNC Investment Corp.		252,840		1,865,959
Allstate Corp. (The)		100,275		12,848,236
Ally Financial, Inc.		216,546		5,238,248
American Equity Investment Life Holding Co.^(b)		34,996		1,853,388
American Express Co.		85,686		12,512,727
American Financial Group, Inc.		28,031		3,065,470
American International Group, Inc.		368,641		22,601,380
Ameriprise Financial, Inc.		15,141		4,762,904
Ameris Bancorp		14,704		548,459
Annaly Capital Management, Inc.^(c)		167,219		2,610,289
Aon PLC, Class A.		13,279		4,108,523
Apollo Commercial Real Estate Finance, Inc.^(c)		68,314		680,407
Apollo Global Management, Inc.^(c)		37,704		2,919,798
Arch Capital Group Ltd.^(b)		64,518		5,592,420
Ares Management Corp., Class A		8,669		854,677
Arthur J. Gallagher & Co.		19,511		4,594,645
Artisan Partners Asset Management, Inc., Class A^(c)		21,050		694,650
Associated Banc-Corp.		52,173		845,724
Assurant, Inc.		19,140		2,849,946
Assured Guaranty Ltd.		22,997		1,435,013
Atlantic Union Bankshares Corp.		20,594		593,313
AXIS Capital Holdings Ltd.		25,595		1,461,474
Bank of America Corp.		2,043,456		53,824,631
Bank of Hawaii Corp.^(c)		9,995		493,653
Bank of New York Mellon Corp. (The)		252,939		10,749,907
Bank OZK^(c)		28,891		1,034,587
BankUnited, Inc.		30,176		658,139
Berkshire Hathaway, Inc., Class B^(b)		503,978		172,022,811
BlackRock, Inc.		24,036		14,716,762
Blackstone Mortgage Trust, Inc., Class A^(c)		68,532		1,367,213
Blackstone, Inc., Class A		69,101		6,381,477
Block, Inc., Class A^(b)(c)		20,241		814,700
BOK Financial Corp.		7,418		486,027
Bread Financial Holdings, Inc.		49,695		1,343,256
Brighthouse Financial, Inc.^(b)(c)		42,410		1,921,173
Brown & Brown, Inc.		22,427		1,556,882
Cadence Bank^(c)		43,906		929,929
Capital One Financial Corp.		206,889		20,955,787
Carlyle Group, Inc. (The)^(c)		46,091		1,269,346

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


		7

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Financials-(continued)
Cathay General Bancorp		18,777	$	636,728
Cboe Global Markets, Inc.		11,192		1,834,257
Charles Schwab Corp. (The)		140,611		7,317,396
Chimera Investment Corp.^(c)		245,210		1,177,008
Chubb Ltd.		93,529		20,073,194
Cincinnati Financial Corp.		36,984		3,686,195
Citigroup, Inc.		1,298,463		51,276,304
Citizens Financial Group, Inc.		164,527		3,854,868
CME Group, Inc., Class A		51,700		11,035,882
CNO Financial Group, Inc.		74,684		1,731,175
Coinbase Global, Inc., Class A^(b)(c)		27,361		2,110,080
Columbia Banking System, Inc.		61,678		1,213,206
Comerica, Inc.		44,806		1,765,356
Commerce Bancshares, Inc.^(c)		17,842		782,550
Community Bank System, Inc.^(c)		11,986		478,841
Corebridge Financial, Inc.^(c)		64,981		1,299,620
Credicorp Ltd. (Peru)		25,417		3,176,108
Cullen/Frost Bankers, Inc.^(c)		11,004		1,001,254
Discover Financial Services		77,939		6,397,233
East West Bancorp, Inc.		25,428		1,363,449
Enstar Group Ltd.^(b)(c)		4,438		1,051,673
Equitable Holdings, Inc.		115,265		3,062,591
Essent Group Ltd.		22,469		1,061,436
Euronet Worldwide, Inc.^(b)		7,791		598,660
Evercore, Inc., Class A		7,760		1,010,197
Everest Group Ltd.		8,709		3,445,455
F.N.B. Corp.^(c)		111,004		1,186,633
FactSet Research Systems, Inc.		2,098		906,105
Fidelity National Financial, Inc.		99,041		3,871,513
Fidelity National Information Services, Inc.		169,775		8,337,650
Fifth Third Bancorp		209,018		4,955,817
First American Financial Corp.		44,181		2,272,671
First Citizens BancShares, Inc., Class A		1,324		1,828,100
First Financial Bancorp		28,932		535,242
First Hawaiian, Inc.		41,105		737,013
First Horizon Corp.		97,636		1,049,587
Fiserv, Inc.^(b)		79,194		9,008,317
FleetCor Technologies, Inc.^(b)		8,641		1,945,694
Franklin Resources, Inc.^(c)		109,603		2,497,852
Fulton Financial Corp.		50,868		660,775
Genworth Financial, Inc., Class A^(b)		261,084		1,563,893
Glacier Bancorp, Inc.^(c)		22,000		664,180
Global Payments, Inc.		46,445		4,933,388
Globe Life, Inc.		20,769		2,416,681
Goldman Sachs Group, Inc. (The)		90,991		27,625,777
Hancock Whitney Corp.		23,565		811,343
Hanover Insurance Group, Inc. (The)		10,513		1,232,229
Hartford Financial Services Group, Inc. (The)		107,305		7,881,552
Home BancShares, Inc.^(c)		34,596		707,488
Huntington Bancshares, Inc.		388,777		3,751,698
Independent Bank Corp.		8,992		438,810
Intercontinental Exchange, Inc.		68,749		7,386,393
Invesco Ltd.^(e)		195,072		2,530,084
Jack Henry & Associates, Inc.		6,101		860,180
Jackson Financial, Inc., Class A^(c)		50,920		1,869,273
Janus Henderson Group PLC^(c)		56,733		1,308,830
Jefferies Financial Group, Inc.		74,799		2,407,032
JPMorgan Chase & Co.		799,043		111,114,920


	Shares		Value
Financials-(continued)
Kemper Corp.		23,259	$	927,569
KeyCorp		336,241		3,436,383
KKR & Co., Inc., Class A		91,010		5,041,954
Lazard Ltd., Class A		33,923		942,042
Lincoln National Corp.		183,930		4,004,156
Loews Corp.		72,408		4,634,836
LPL Financial Holdings, Inc.		6,498		1,458,931
M&T Bank Corp.		38,381		4,327,458
Markel Group, Inc.^(b)		3,758		5,526,214
Marsh & McLennan Cos., Inc.		50,029		9,488,000
Mastercard, Inc., Class A		29,271		11,016,141
MetLife, Inc.		298,846		17,933,748
MFA Financial, Inc.^(c)		80,157		712,596
MGIC Investment Corp.		86,688		1,459,826
Moody’s Corp.		10,146		3,124,968
Morgan Stanley		263,306		18,647,331
Mr. Cooper Group, Inc.^(b)		26,886		1,519,866
MSCI, Inc.		2,401		1,132,192
Nasdaq, Inc.		34,571		1,714,722
Navient Corp.^(c)		79,421		1,263,588
NCR Atleos Corp.^(b)(c)		31,814		701,817
New York Community Bancorp, Inc.^(c)		259,245		2,457,643
Northern Trust Corp.		53,896		3,552,285
Old National Bancorp		51,918		711,277
Old Republic International Corp.		134,846		3,692,083
OneMain Holdings, Inc.		67,371		2,420,640
Pacific Premier Bancorp, Inc.		21,915		416,385
PacWest Bancorp^(c)		58,169		411,837
PayPal Holdings, Inc.^(b)		128,757		6,669,613
PennyMac Financial Services, Inc.		11,464		770,381
PennyMac Mortgage Investment Trust^(c)		59,166		748,450
Pinnacle Financial Partners, Inc.		15,819		986,473
PNC Financial Services Group, Inc. (The)		123,106		14,091,944
Popular, Inc.		27,253		1,772,535
Primerica, Inc.		6,591		1,259,936
Principal Financial Group, Inc.		77,827		5,267,331
Progressive Corp. (The)		95,462		15,091,588
Prosperity Bancshares, Inc.		21,510		1,173,155
Prudential Financial, Inc.		174,272		15,935,432
Radian Group, Inc.		55,220		1,399,275
Raymond James Financial, Inc.		27,352		2,610,475
Regions Financial Corp.		262,947		3,820,620
Reinsurance Group of America, Inc.		29,070		4,345,093
RenaissanceRe Holdings Ltd. (Bermuda)		7,384		1,621,453
Rithm Capital Corp.		285,517		2,663,874
Robinhood Markets, Inc., Class A^(b)(c)		85,330		779,916
S&P Global, Inc.		13,821		4,827,813
SEI Investments Co.		13,285		712,873
Selective Insurance Group, Inc.		10,284		1,070,667
Simmons First National Corp., Class A		38,453		546,417
SLM Corp.		83,331		1,083,303
SoFi Technologies, Inc.^(b)(c)		113,030		853,376
South State Corp.		14,004		925,664
Starwood Property Trust, Inc.^(c)		124,024		2,201,426
State Street Corp.		95,710		6,185,737
Stifel Financial Corp.		21,521		1,226,697
Synchrony Financial		291,911		8,188,104
Synovus Financial Corp.^(c)		41,660		1,086,076
T. Rowe Price Group, Inc.		52,837		4,781,748
Texas Capital Bancshares, Inc.^(b)		15,646		861,469

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


		8

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Financials-(continued)
Travelers Cos., Inc. (The)		83,144	$	13,921,631
Truist Financial Corp.		401,986		11,400,323
U.S. Bancorp		423,715		13,508,034
UMB Financial Corp.		9,709		608,948
United Bankshares, Inc.		33,383		949,413
Unum Group		100,109		4,895,330
Valley National Bancorp^(c)		110,183		857,224
Visa, Inc., Class A^(c)		69,606		16,364,371
Voya Financial, Inc.^(c)		36,965		2,468,153
W.R. Berkley Corp.		35,712		2,407,703
Webster Financial Corp.		23,087		876,613
Wells Fargo & Co.		1,521,851		60,524,014
Western Alliance Bancorporation		16,807		690,768
Western Union Co. (The)		176,326		1,990,721
WEX, Inc.^(b)		4,901		815,918
Willis Towers Watson PLC		20,028		4,724,405
Wintrust Financial Corp.		13,442		1,003,983
Zions Bancorporation N.A.^(c)		49,469		1,526,119

				1,118,982,321

Health Care-12.40%
Abbott Laboratories		193,644		18,309,040
AbbVie, Inc.		249,732		35,257,164
Acadia Healthcare Co., Inc.^(b)		13,989		1,028,331
Agilent Technologies, Inc.		17,993		1,859,936
Align Technology, Inc.^(b)		4,675		862,958
Amgen, Inc.		93,719		23,963,948
AMN Healthcare Services, Inc.^(b)(c)		8,788		666,658
Avantor, Inc.^(b)(c)		73,420		1,279,711
Baxter International, Inc.		128,366		4,162,909
Becton, Dickinson and Co.		37,140		9,388,249
Biogen, Inc.^(b)		31,753		7,542,608
BioMarin Pharmaceutical, Inc.^(b)		9,111		742,091
Bio-Rad Laboratories, Inc., Class A^(b)		4,452		1,225,547
Boston Scientific Corp.^(b)		129,458		6,626,955
Bristol-Myers Squibb Co.		328,088		16,906,375
Cardinal Health, Inc.		230,283		20,955,753
Catalent, Inc.^(b)(c)		22,225		764,318
Cencora, Inc.^(c)		97,785		18,104,893
Centene Corp.^(b)		255,372		17,615,561
Charles River Laboratories International, Inc.^(b)(c)		5,196		874,799
Cigna Group (The)		80,389		24,856,279
Community Health Systems, Inc.^(b)		165,578		354,337
Cooper Cos., Inc. (The)		4,614		1,438,415
CVS Health Corp.		584,961		40,368,159
Danaher Corp.		44,018		8,452,336
DaVita, Inc.^(b)		27,172		2,098,494
DENTSPLY SIRONA, Inc.		37,325		1,135,053
DexCom, Inc.^(b)		6,305		560,073
Edwards Lifesciences Corp.^(b)		32,999		2,102,696
Elanco Animal Health, Inc.^(b)		142,181		1,252,615
Elevance Health, Inc.		48,355		21,764,102
Eli Lilly and Co.		42,587		23,590,217
Encompass Health Corp.		20,094		1,257,081
Enovis Corp.^(b)		13,133		602,805
Envista Holdings Corp.^(b)		35,944		836,417
Exelixis, Inc.^(b)		42,104		866,921
Fortrea Holdings, Inc.^(b)(c)		22,082		627,129
Gilead Sciences, Inc.		255,606		20,075,295


	Shares		Value
Health Care-(continued)
HCA Healthcare, Inc.		37,180	$	8,407,885
Henry Schein, Inc.^(b)		30,535		1,984,164
Hologic, Inc.^(b)		28,458		1,883,066
Humana, Inc.		25,282		13,239,931
ICON PLC^(b)(c)		9,699		2,366,168
IDEXX Laboratories, Inc.^(b)		2,128		850,072
Illumina, Inc.^(b)		14,090		1,541,728
Incyte Corp.^(b)		11,580		624,509
Intuitive Surgical, Inc.^(b)		16,295		4,272,875
IQVIA Holdings, Inc.^(b)(c)		19,600		3,544,268
Jazz Pharmaceuticals PLC^(b)(c)		10,777		1,368,895
Johnson & Johnson		419,722		62,261,561
Laboratory Corp.of America Holdings		22,088		4,411,636
McKesson Corp.		71,295		32,464,891
Medtronic PLC^(c)		287,464		20,283,460
Merck & Co., Inc.		319,049		32,766,332
Mettler-Toledo International, Inc.^(b)		762		750,722
Moderna, Inc.^(b)		23,986		1,821,977
Molina Healthcare, Inc.^(b)		13,555		4,513,137
Organon & Co.		123,784		1,830,765
Owens & Minor, Inc.^(b)(c)		60,070		860,803
Patterson Cos., Inc.		34,790		1,059,703
Perrigo Co.PLC^(c)		52,939		1,463,234
Pfizer, Inc.		1,227,310		37,506,594
Premier, Inc., Class A		29,629		569,469
Quest Diagnostics, Inc.		25,673		3,340,057
Regeneron Pharmaceuticals, Inc.^(b)		10,007		7,804,359
ResMed, Inc.		8,280		1,169,302
Revvity, Inc.		14,412		1,194,034
Royalty Pharma PLC, Class A		33,284		894,341
Select Medical Holdings Corp.		41,610		945,795
STERIS PLC^(c)		10,751		2,257,495
Stryker Corp.		28,598		7,727,752
Teladoc Health, Inc.^(b)(c)		95,198		1,574,575
Teleflex, Inc.^(c)		5,463		1,009,289
Tenet Healthcare Corp.^(b)		78,540		4,217,598
Thermo Fisher Scientific, Inc.		25,784		11,467,950
Tilray Brands, Inc., Class 2 (Canada)^(b)(c)		255,364		459,655
United Therapeutics Corp.^(b)		5,300		1,181,158
UnitedHealth Group, Inc.		123,623		66,207,534
Universal Health Services, Inc., Class B		18,641		2,346,715
Veeva Systems, Inc., Class A^(b)(c)		4,966		956,998
Vertex Pharmaceuticals, Inc.^(b)		12,752		4,617,627
Viatris, Inc.		529,099		4,708,981
Waters Corp.^(b)		3,344		797,644
West Pharmaceutical Services, Inc.		3,081		980,651
Zimmer Biomet Holdings, Inc.		31,226		3,260,307
Zoetis, Inc.		22,640		3,554,480

				715,698,370

Industrials-9.59%
3M Co.		187,792		17,079,682
A.O. Smith Corp.		16,804		1,172,247
ABM Industries, Inc.		23,606		928,660
Acuity Brands, Inc.^(c)		5,272		853,906
AECOM		34,771		2,661,720
AerCap Holdings N.V. (Ireland)^(b)		47,605		2,957,223
AGCO Corp.		13,887		1,592,283
Air Lease Corp., Class A		38,277		1,325,533
Alight, Inc., Class A^(b)(c)		100,256		665,700

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


		9

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
Allegion PLC		8,929	$	878,256
Allison Transmission Holdings, Inc.^(c)		23,066		1,162,988
American Airlines Group, Inc.^(b)(c)		82,672		921,793
AMETEK, Inc.		18,187		2,560,184
API Group Corp.^(b)		36,636		947,773
Applied Industrial Technologies, Inc.		5,146		789,962
ASGN, Inc.^(b)		11,776		982,825
Atkore, Inc.^(b)		5,108		634,822
Automatic Data Processing, Inc.		37,105		8,097,053
Avis Budget Group, Inc.^(b)(c)		9,067		1,476,108
Beacon Roofing Supply, Inc.^(b)		19,762		1,406,462
Boeing Co. (The)^(b)		79,593		14,869,564
Boise Cascade Co.		17,002		1,593,938
Booz Allen Hamilton Holding Corp.		18,722		2,245,329
Brink’s Co. (The)		11,986		801,384
Broadridge Financial Solutions, Inc.		13,315		2,272,072
Builders FirstSource, Inc.^(b)		37,203		4,037,270
BWX Technologies, Inc.		12,088		897,897
C.H. Robinson Worldwide, Inc.		34,390		2,814,134
CACI International, Inc., Class A^(b)		5,190		1,685,504
Carlisle Cos., Inc.		5,927		1,505,991
Carrier Global Corp.		130,840		6,235,834
Caterpillar, Inc.		80,273		18,145,712
Cintas Corp.		6,120		3,103,574
Clarivate PLC^(b)(c)		141,088		900,141
Clean Harbors, Inc.^(b)		8,104		1,245,342
Concentrix Corp.		6,227		474,560
Copart, Inc.^(b)		41,632		1,811,825
CoreCivic, Inc.^(b)		88,354		1,122,096
Crane Co.		7,959		774,649
CSX Corp.		325,297		9,710,115
Cummins, Inc.		30,819		6,666,150
Curtiss-Wright Corp.		4,952		984,507
Deere & Co.		29,918		10,930,840
Delta Air Lines, Inc.		55,207		1,725,219
Donaldson Co., Inc.		15,973		921,003
Dover Corp.		18,648		2,423,308
Dun & Bradstreet Holdings, Inc.^(c)		63,248		554,052
Dycom Industries, Inc.^(b)(c)		9,663		823,094
Eaton Corp. PLC		58,456		12,153,587
EMCOR Group, Inc.		10,328		2,134,281
Emerson Electric Co.		108,112		9,618,725
EnerSys		8,620		737,700
Equifax, Inc.		9,582		1,624,820
Expeditors International of Washington, Inc.		24,137		2,636,967
Fastenal Co.		64,538		3,765,147
FedEx Corp.		82,348		19,771,755
Flowserve Corp.		33,083		1,214,808
Fluor Corp.^(b)		58,004		1,930,953
Fortive Corp.		36,443		2,378,999
Fortune Brands Innovations, Inc.^(c)		26,796		1,495,217
FTI Consulting, Inc.^(b)(c)		4,979		1,056,843
GATX Corp.^(c)		9,049		946,344
Generac Holdings, Inc.^(b)(c)		8,768		737,126
General Dynamics Corp.		49,647		11,980,318
General Electric Co.		208,946		22,697,804
Genpact Ltd.		23,522		788,928
GEO Group, Inc. (The)^(b)(c)		119,656		1,045,793
GMS, Inc.^(b)		14,821		866,732


	Shares		Value
Industrials-(continued)
Grab Holdings Ltd., Class A (Singapore)^(b)(c)		304,547	$	934,959
Graco, Inc.		14,223		1,057,480
GXO Logistics, Inc.^(b)(c)		29,995		1,515,047
HEICO Corp.^(c)		1,813		287,197
HEICO Corp., Class A		3,156		401,222
Hexcel Corp.		10,070		623,534
Hillenbrand, Inc.		15,559		591,709
Honeywell International, Inc.		92,314		16,917,464
Howmet Aerospace, Inc.		42,485		1,873,589
Hub Group, Inc., Class A^(b)		9,586		659,038
Hubbell, Inc.		6,892		1,861,529
Huntington Ingalls Industries, Inc.		10,448		2,296,679
IDEX Corp.		6,391		1,223,301
Illinois Tool Works, Inc.		34,774		7,793,549
Ingersoll Rand, Inc.		43,134		2,617,371
Insperity, Inc.		5,895		623,927
ITT, Inc.		11,127		1,038,705
J.B. Hunt Transport Services, Inc.		10,638		1,828,353
Jacobs Solutions, Inc.		21,706		2,893,410
JELD-WEN Holding, Inc.^(b)		76,548		867,289
Johnson Controls International PLC		139,002		6,813,878
KBR, Inc.		21,443		1,246,910
Kennametal, Inc.^(c)		26,808		619,533
Kirby Corp.^(b)		13,497		1,008,226
Knight-Swift Transportation Holdings, Inc.		33,748		1,649,940
L3Harris Technologies, Inc.		30,923		5,547,895
Landstar System, Inc.		5,967		983,242
Leidos Holdings, Inc.		30,580		3,031,090
Lennox International, Inc.		3,807		1,410,646
Lincoln Electric Holdings, Inc.		5,783		1,010,868
Lockheed Martin Corp.		40,683		18,496,119
ManpowerGroup, Inc.		33,949		2,375,412
Masco Corp.		37,243		1,939,988
MasTec, Inc.^(b)		16,343		971,428
MasterBrand, Inc.^(b)		99,776		1,108,511
Maximus, Inc.		10,830		809,218
MDU Resources Group, Inc.		61,319		1,141,147
Middleby Corp. (The)^(b)		8,256		931,855
MillerKnoll, Inc.		31,022		729,017
MSC Industrial Direct Co., Inc., Class A		14,311		1,355,967
Mueller Industries, Inc.^(c)		26,437		996,939
Nordson Corp.		4,606		979,190
Norfolk Southern Corp.		38,552		7,355,336
Northrop Grumman Corp.		22,322		10,523,260
nVent Electric PLC		23,954		1,152,906
Old Dominion Freight Line, Inc.		4,605		1,734,519
OPENLANE, Inc.^(b)(c)		56,434		757,909
Oshkosh Corp.		20,426		1,791,973
Otis Worldwide Corp.		43,670		3,371,761
Owens Corning		23,821		2,700,587
PACCAR, Inc.		110,954		9,157,034
Parker-Hannifin Corp.		14,963		5,520,000
Paychex, Inc.		35,905		3,987,250
Pentair PLC		25,791		1,498,973
Plug Power, Inc.^(b)(c)		47,006		276,865
Quanta Services, Inc.		15,653		2,615,929
Regal Rexnord Corp.		11,302		1,338,270
Republic Services, Inc.		28,546		4,238,796
Resideo Technologies, Inc.^(b)		57,331		830,153

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


		10

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
Robert Half, Inc.		19,464	$	1,455,323
Rockwell Automation, Inc.		11,105		2,918,505
RTX Corp.^(c)		238,069		19,376,436
Rush Enterprises, Inc., Class A		19,061		678,190
RXO, Inc.^(b)(c)		36,516		639,395
Ryder System, Inc.		29,099		2,838,316
Science Applications International Corp.		12,482		1,363,534
Sensata Technologies Holding PLC		32,074		1,022,519
Snap-on, Inc.		9,117		2,351,639
Southwest Airlines Co.^(c)		40,080		890,978
Spirit AeroSystems Holdings, Inc., Class A^(c)		29,210		660,146
SS&C Technologies Holdings, Inc.		34,150		1,716,038
Stanley Black & Decker, Inc.		60,018		5,104,531
Stericycle, Inc.^(b)(c)		18,045		744,176
Sunrun, Inc.^(b)(c)		46,670		450,366
Terex Corp.		14,824		678,939
Textron, Inc.		42,543		3,233,268
Timken Co. (The)		12,833		887,017
Toro Co. (The)		9,424		761,836
Trane Technologies PLC^(c)		24,742		4,708,650
TransDigm Group, Inc.^(b)		7,050		5,838,034
TransUnion		20,977		920,471
Trinity Industries, Inc.		33,368		695,055
Uber Technologies, Inc.^(b)		115,472		4,997,628
UFP Industries, Inc.		12,890		1,226,741
U-Haul Holding Co.^(b)(c)		1,752		86,058
U-Haul Holding Co., Series N^(c)		16,342		771,506
Union Pacific Corp.		92,523		19,208,700
United Airlines Holdings, Inc.^(b)		40,303		1,411,008
United Parcel Service, Inc., Class B		128,589		18,163,196
United Rentals, Inc.		11,567		4,699,325
Valmont Industries, Inc.		2,449		482,233
Veralto Corp.^(b)		14,586		1,006,434
Verisk Analytics, Inc.		9,525		2,165,604
Veritiv Corp.^(c)		8,858		1,500,634
Vestis Corp.^(b)		33,722		515,609
W.W. Grainger, Inc.		4,464		3,257,961
Wabtec Corp.		26,340		2,792,567
Waste Management, Inc.		52,293		8,593,309
Watsco, Inc.^(c)		4,511		1,573,843
Werner Enterprises, Inc.^(c)		20,383		740,311
WESCO International, Inc.		13,737		1,761,083
WillScot Mobile Mini Holdings Corp.^(b)		14,391		567,149
Woodward, Inc.		8,629		1,076,036
XPO, Inc.^(b)(c)		31,050		2,353,901
Xylem, Inc.		18,268		1,708,789
ZIM Integrated Shipping Services Ltd. (Israel)^(c)		70,725		547,412

				553,007,422

Information Technology-14.23%
Accenture PLC, Class A		64,002		19,014,354
Adobe, Inc.^(b)		21,669		11,529,208
Advanced Micro Devices, Inc.^(b)		48,163		4,744,056
Akamai Technologies, Inc.^(b)		25,712		2,656,821
Amdocs Ltd.		19,114		1,532,178
Amkor Technology, Inc.		30,856		643,656
Amphenol Corp., Class A		47,058		3,790,522
Analog Devices, Inc.		49,637		7,809,389


	Shares		Value
Information Technology-(continued)
ANSYS, Inc.^(b)		5,339	$	1,485,630
Apple, Inc.		835,644		142,702,926
Applied Materials, Inc.		76,818		10,166,862
Arista Networks, Inc.^(b)		9,172		1,837,794
Arrow Electronics, Inc.^(b)		44,230		5,016,124
Autodesk, Inc.^(b)		3,989		788,346
Avnet, Inc.		63,808		2,956,225
Broadcom, Inc.		39,883		33,556,360
Cadence Design Systems, Inc.^(b)		6,921		1,660,002
CDW Corp.		15,888		3,183,955
Check Point Software Technologies Ltd. (Israel)^(b)		10,033		1,346,930
Ciena Corp.^(b)		28,830		1,216,626
Cirrus Logic, Inc.^(b)		6,953		465,364
Cisco Systems, Inc.		768,304		40,051,688
Cognex Corp.		15,721		565,799
Cognizant Technology Solutions Corp., Class A		100,222		6,461,312
Coherent Corp.^(b)		19,488		576,845
CommScope Holding Co., Inc.^(b)		191,507		283,430
Corning, Inc.		166,290		4,449,920
Crane NXT Co.		7,959		413,868
Dell Technologies, Inc., Class C		76,828		5,140,562
DXC Technology Co.^(b)		135,794		2,738,965
Entegris, Inc.		9,456		832,506
EPAM Systems, Inc.^(b)		3,083		670,768
F5, Inc.^(b)		8,210		1,244,554
First Solar, Inc.^(b)		10,501		1,495,868
Flex Ltd.^(b)		223,114		5,738,492
Gartner, Inc.^(b)		3,281		1,089,423
Gen Digital, Inc.		131,872		2,196,988
GoDaddy, Inc., Class A^(b)		10,175		745,115
Hewlett Packard Enterprise Co.		595,086		9,152,423
HP, Inc.		401,545		10,572,680
Insight Enterprises, Inc.^(b)(c)		11,025		1,579,883
Intel Corp.		2,080,809		75,949,529
International Business Machines Corp.		260,698		37,707,359
Intuit, Inc.		11,900		5,889,905
Jabil, Inc.^(c)		45,859		5,631,485
Juniper Networks, Inc.		72,720		1,957,622
Keysight Technologies, Inc.^(b)		10,076		1,229,776
KLA Corp.		9,196		4,319,361
Kyndryl Holdings, Inc.^(b)		162,114		2,371,728
Lam Research Corp.		11,470		6,746,883
Lumentum Holdings, Inc.^(b)(c)		13,791		540,745
Marvell Technology, Inc.		70,917		3,348,701
Microchip Technology, Inc.		44,321		3,159,644
Micron Technology, Inc.		273,412		18,283,061
Microsoft Corp.		439,627		148,642,285
MKS Instruments, Inc.^(c)		9,853		646,948
Motorola Solutions, Inc.		11,515		3,206,467
NCR Voyix Corp.^(b)(c)		63,570		971,985
NetApp, Inc.		41,062		2,988,492
NVIDIA Corp.		43,705		17,822,899
NXP Semiconductors N.V. (China)		26,827		4,625,780
Okta, Inc.^(b)		14,181		955,941
ON Semiconductor Corp.^(b)		32,545		2,038,619
Oracle Corp.		159,441		16,486,199
Plexus Corp.^(b)(c)		7,600		747,232
Qorvo, Inc.^(b)		21,332		1,864,843

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


		11

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Information Technology-(continued)
QUALCOMM, Inc.		143,226	$	15,610,202
Roper Technologies, Inc.		8,793		4,295,996
Salesforce, Inc.^(b)		85,788		17,228,804
Sanmina Corp.^(b)		25,031		1,273,327
Seagate Technology Holdings PLC^(c)		61,543		4,200,310
ServiceNow, Inc.^(b)		3,287		1,912,541
Skyworks Solutions, Inc.		25,307		2,195,129
Snowflake, Inc., Class A^(b)		5,907		857,283
Synopsys, Inc.^(b)		5,686		2,669,236
TD SYNNEX Corp.		14,296		1,310,657
TE Connectivity Ltd.		47,433		5,589,979
Teledyne Technologies, Inc.^(b)		5,182		1,941,125
Teradyne, Inc.^(c)		12,792		1,065,190
Texas Instruments, Inc.		101,236		14,376,524
Trimble, Inc.^(b)		29,008		1,367,147
Twilio, Inc., Class A^(b)(c)		27,814		1,425,746
Tyler Technologies, Inc.^(b)		2,206		822,617
Viasat, Inc.^(b)(c)		29,546		544,828
Vishay Intertechnology, Inc.		42,586		947,113
VMware, Inc., Class A^(b)(c)		43,348		6,313,636
Vontier Corp.		38,331		1,133,064
Western Digital Corp.^(b)		162,832		6,537,705
Workday, Inc., Class A^(b)		5,395		1,142,176
Xerox Holdings Corp.		118,670		1,523,723
Zebra Technologies Corp., Class A^(b)		5,708		1,195,426
Zoom Video Communications, Inc., Class A^(b)		17,260		1,035,255

				820,752,645

Materials-3.39%
Air Products and Chemicals, Inc.		28,705		8,107,440
Albemarle Corp.^(c)		8,304		1,052,781
Alcoa Corp.		78,867		2,022,150
AptarGroup, Inc.		9,972		1,219,276
Ashland, Inc.^(c)		9,014		690,743
Avery Dennison Corp.		12,200		2,123,654
Avient Corp.		23,136		731,560
Axalta Coating Systems Ltd.^(b)		50,732		1,330,700
Ball Corp.		56,857		2,737,665
Berry Global Group, Inc.		52,858		2,907,190
Cabot Corp.^(c)		11,664		775,423
Celanese Corp.^(c)		25,811		2,955,618
CF Industries Holdings, Inc.		34,539		2,755,521
Chemours Co. (The)		51,489		1,241,400
Cleveland-Cliffs, Inc.^(b)(c)		115,114		1,931,613
Commercial Metals Co.		23,249		983,200
Constellium SE^(b)		91,502		1,445,732
Corteva, Inc.		97,755		4,705,926
Crown Holdings, Inc.		26,727		2,154,196
Dow, Inc.		248,269		12,001,323
DuPont de Nemours, Inc.		140,796		10,261,213
Eastman Chemical Co.		45,527		3,402,233
Ecolab, Inc.		29,167		4,892,473
Element Solutions, Inc.^(c)		38,336		698,865
FMC Corp.		14,966		796,191
Freeport-McMoRan, Inc.		188,589		6,370,536
Graphic Packaging Holding Co.		72,419		1,557,733
H.B. Fuller Co.		11,433		756,293
Huntsman Corp.		74,662		1,741,864
International Flavors & Fragrances, Inc.^(c)		53,459		3,653,923


	Shares		Value
Materials-(continued)
International Paper Co.		191,529	$	6,460,273
Knife River Corp.^(b)(c)		15,340		771,909
Linde PLC^(c)		56,541		21,607,709
Louisiana-Pacific Corp.		15,831		811,814
LyondellBasell Industries N.V., Class A		111,748		10,084,140
Martin Marietta Materials, Inc.		6,715		2,746,032
Mosaic Co. (The)		73,010		2,371,365
Newmont Corp.		193,787		7,261,199
Nucor Corp.		52,022		7,688,331
O-I Glass, Inc.^(b)		68,553		1,059,144
Olin Corp.		31,819		1,359,308
Packaging Corp. of America		21,096		3,228,743
PPG Industries, Inc.		41,595		5,106,618
Reliance Steel & Aluminum Co.		12,885		3,277,686
Royal Gold, Inc.		6,296		656,862
RPM International, Inc.^(c)		21,398		1,952,995
Scotts Miracle-Gro Co. (The)^(c)		12,068		536,302
Sealed Air Corp.		28,245		869,664
Sherwin-Williams Co. (The)		21,391		5,095,550
Silgan Holdings, Inc.		17,907		717,354
Sonoco Products Co.		28,482		1,475,652
Southern Copper Corp. (Mexico)		12,608		893,907
Steel Dynamics, Inc.		30,300		3,227,253
Summit Materials, Inc., Class A^(b)		32,047		1,054,346
Sylvamo Corp.^(c)		17,896		792,793
Trinseo PLC		37,279		230,757
United States Steel Corp.^(c)		133,389		4,520,553
Vulcan Materials Co.		14,054		2,761,470
Warrior Met Coal, Inc.		32,724		1,594,641
Westlake Corp.^(c)		7,609		877,774
WestRock Co.		181,629		6,525,930

				195,622,509

Real Estate-2.96%
Alexandria Real Estate Equities, Inc.		24,472		2,279,077
American Homes 4 Rent, Class A		37,500		1,227,750
American Tower Corp.		44,385		7,908,963
Americold Realty Trust, Inc.^(c)		42,255		1,107,926
Anywhere Real Estate, Inc.^(b)		144,588		675,226
Apartment Income REIT Corp.		27,021		789,283
Apple Hospitality REIT, Inc.		70,237		1,101,316
AvalonBay Communities, Inc.		25,161		4,170,184
Boston Properties, Inc.^(c)		52,549		2,815,050
Brandywine Realty Trust^(c)		128,730		481,450
Brixmor Property Group, Inc.		74,163		1,541,849
Camden Property Trust^(c)		15,730		1,335,162
CBRE Group, Inc., Class A^(b)		68,648		4,760,052
COPT Defense Properties^(c)		31,511		718,451
CoStar Group, Inc.^(b)		19,396		1,423,860
Cousins Properties, Inc.		50,504		902,507
Crown Castle, Inc.		61,169		5,687,494
CubeSmart		27,815		948,213
Cushman & Wakefield PLC^(b)(c)		85,117		627,312
DiamondRock Hospitality Co.^(c)		95,708		739,823
Digital Realty Trust, Inc.^(c)		59,785		7,434,863
DigitalBridge Group, Inc.		79,273		1,256,477
Douglas Emmett, Inc.^(c)		78,097		875,467
EPR Properties		25,780		1,100,806
Equinix, Inc.		8,474		6,182,969
Equity LifeStyle Properties, Inc.		17,502		1,151,632

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


		12

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Real Estate-(continued)
Equity Residential		73,242	$	4,052,480
Essex Property Trust, Inc.		11,466		2,452,807
Extra Space Storage, Inc.		22,852		2,367,239
Federal Realty Investment Trust^(c)		14,013		1,277,846
First Industrial Realty Trust, Inc.		15,497		655,523
Gaming and Leisure Properties, Inc.		34,953		1,586,517
Healthcare Realty Trust, Inc.^(c)		65,465		939,423
Healthpeak Properties, Inc.		113,829		1,770,041
Highwoods Properties, Inc.^(c)		42,979		768,894
Host Hotels & Resorts, Inc.		183,840		2,845,843
Howard Hughes Holdings, Inc.^(b)(c)		8,355		554,187
Hudson Pacific Properties, Inc.^(c)		112,027		499,641
Invitation Homes, Inc.		85,328		2,533,388
Iron Mountain, Inc.		68,092		4,022,195
JBG SMITH Properties^(c)		45,300		583,011
Jones Lang LaSalle, Inc.^(b)(c)		18,309		2,342,087
Kilroy Realty Corp.		41,223		1,178,153
Kimco Realty Corp.		131,045		2,350,947
Kite Realty Group Trust^(c)		40,351		860,283
Lamar Advertising Co., Class A^(c)		14,799		1,217,514
LXP Industrial Trust		67,664		535,222
Macerich Co. (The)^(c)		127,426		1,238,581
Medical Properties Trust, Inc.^(c)		190,183		909,075
Mid-America Apartment Communities, Inc.		16,796		1,984,447
NNN REIT, Inc.		28,680		1,041,944
Omega Healthcare Investors, Inc.		63,012		2,085,697
Outfront Media, Inc.^(c)		45,126		440,430
Paramount Group, Inc.^(c)		152,627		653,244
Park Hotels & Resorts, Inc.		154,529		1,781,719
Phillips Edison & Co., Inc.^(c)		23,150		817,427
Physicians Realty Trust^(c)		59,036		641,131
Piedmont Office Realty Trust, Inc., Class A^(c)		79,040		411,798
PotlatchDeltic Corp.^(c)		20,296		869,684
Prologis, Inc.		73,284		7,383,363
Public Storage^(c)		13,915		3,321,650
Rayonier, Inc.		27,415		691,955
Realty Income Corp.		80,164		3,798,170
Regency Centers Corp.		34,898		2,102,954
Rexford Industrial Realty, Inc.		14,927		645,444
RLJ Lodging Trust		83,058		780,745
Sabra Health Care REIT, Inc.		92,791		1,265,669
SBA Communications Corp., Class A		4,164		868,735
Service Properties Trust		92,923		673,692
Simon Property Group, Inc.		62,015		6,814,828
SITE Centers Corp.		57,635		672,024
SL Green Realty Corp.		53,263		1,560,073
Spirit Realty Capital, Inc.		26,145		940,959
STAG Industrial, Inc.		27,814		923,981
Sun Communities, Inc.		14,520		1,615,205
Sunstone Hotel Investors, Inc.^(c)		74,058		688,739
UDR, Inc.		44,605		1,418,885
Uniti Group, Inc.^(c)		195,011		897,051
Ventas, Inc.		118,837		5,045,819
VICI Properties, Inc.		78,156		2,180,552
Vornado Realty Trust^(c)		126,635		2,431,392
W.P. Carey, Inc.		29,280		1,570,872
Welltower, Inc.		100,833		8,430,647
Weyerhaeuser Co.^(c)		194,116		5,569,188


	Shares		Value
Real Estate-(continued)
Zillow Group, Inc., Class A^(b)		7,349	$	261,110
Zillow Group, Inc., Class C^(b)(c)		20,720		751,100

				170,816,382

Utilities-4.10%
AES Corp. (The)		177,689		2,647,566
ALLETE, Inc.		17,551		939,681
Alliant Energy Corp.		56,352		2,749,414
Ameren Corp.		56,436		4,272,770
American Electric Power Co., Inc.		134,930		10,192,612
American Water Works Co., Inc.		23,803		2,800,423
Atmos Energy Corp.^(c)		24,329		2,619,260
Avangrid, Inc.^(c)		26,776		799,799
Avista Corp.		25,258		800,426
Black Hills Corp.^(c)		20,327		982,810
CenterPoint Energy, Inc.		167,894		4,512,991
CMS Energy Corp.		69,023		3,750,710
Consolidated Edison, Inc.		105,326		9,246,570
Constellation Energy Corp.		76,440		8,631,605
Dominion Energy, Inc.		268,541		10,827,573
DTE Energy Co.		50,814		4,897,453
Duke Energy Corp.		238,535		21,203,376
Edison International		114,961		7,249,441
Entergy Corp.		64,617		6,176,739
Essential Utilities, Inc.		34,231		1,145,369
Evergy, Inc.		68,641		3,373,019
Eversource Energy		85,392		4,593,236
Exelon Corp.		311,913		12,145,892
FirstEnergy Corp.		171,755		6,114,478
Hawaiian Electric Industries, Inc.		33,426		433,869
IDACORP, Inc.		11,314		1,071,549
National Fuel Gas Co.		21,948		1,118,251
New Jersey Resources Corp.		19,257		781,449
NextEra Energy, Inc.		260,129		15,165,521
NiSource, Inc.		110,959		2,791,728
NorthWestern Energy Group, Inc.^(c)		18,345		880,743
NRG Energy, Inc.		99,625		4,222,107
OGE Energy Corp.		58,891		2,014,072
ONE Gas, Inc.^(c)		13,429		811,112
PG&E Corp.^(b)		274,381		4,472,410
Pinnacle West Capital Corp.		41,687		3,092,342
PNM Resources, Inc.		21,833		922,663
Portland General Electric Co.		26,093		1,044,242
PPL Corp.		293,063		7,200,558
Public Service Enterprise Group, Inc.		124,141		7,653,293
Sempra		127,347		8,918,110
Southern Co. (The)		289,051		19,453,132
Southwest Gas Holdings, Inc.^(c)		23,126		1,355,415
Spire, Inc.^(c)		16,045		892,583
UGI Corp.		80,565		1,675,752
Vistra Corp.		161,138		5,272,435
WEC Energy Group, Inc.		66,681		5,427,167
Xcel Energy, Inc.		124,992		7,408,276

				236,751,992

Total Common Stocks & Other Equity Interests (Cost $5,083,045,566)				5,765,108,997

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


		13

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(e)(f) (Cost $2,275,786)		2,275,786	$	2,275,786

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $5,085,321,352)				5,767,384,783


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.98%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		80,268,689		80,268,689


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		206,872,222	$	206,892,909

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $287,154,456)				287,161,598

TOTAL INVESTMENTS IN SECURITIES-104.94% (Cost $5,372,475,808)				6,054,546,381
OTHER ASSETS LESS LIABILITIES-(4.94)%				(284,980,000	)

NET ASSETS-100.00%			$	5,769,566,381

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, 2023.

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

^(e)


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

Invesco Ltd.		$	3,377,265		$	56,855		$	(95,057	)		$	(810,454	)		$	1,475			$	2,530,084		$	78,395

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			152,574			103,030,367			(100,907,155	)			-				-				2,275,786			71,751

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			84,632,506			387,090,235			(391,454,052	)			-				-				80,268,689			1,998,950	*

Invesco Private Prime Fund			216,910,939			708,398,293			(718,436,850	)			21,354				(827	)			206,892,909			5,299,542	*

Total		$	305,073,284		$	1,198,575,750		$	(1,210,893,114	)		$	(789,100	)		$	648			$	291,967,468		$	7,448,638

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

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

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

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


		14

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Financials			19.39

Information Technology			14.23

Health Care			12.40

Industrials			9.59

Communication Services			9.39

Consumer Discretionary			8.92

Consumer Staples			8.16

Energy			7.39

Utilities			4.10

Materials			3.39

Real Estate			2.96

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.


		15

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-3.65%
Advantage Solutions, Inc.^(b)(c)		258,893	$	595,454
AMC Entertainment Holdings, Inc.^(b)		54,989		587,288
Atlanta Braves Holdings, Inc., Class H^(b)(c)		3,849		145,916
Atlanta Braves Holdings, Inc., Series C^(b)(c)		14,760		513,353
ATN International, Inc.		19,348		598,821
Bandwidth, Inc., Class A^(b)(c)		23,825		252,783
Boston Omaha Corp., Class A^(b)(c)		15,011		213,607
Bumble, Inc., Class A^(b)(c)		67,494		907,119
Cardlytics, Inc.^(b)(c)		128,628		1,593,701
Cargurus, Inc.^(b)		67,766		1,167,608
Cars.com, Inc.^(b)		48,648		740,909
Clear Channel Outdoor Holdings, Inc.^(b)(c)		1,215,286		1,336,815
Cogent Communications Holdings, Inc.^(c)		39,930		2,594,651
Consolidated Communications Holdings, Inc.^(b)		149,386		622,940
Cumulus Media, Inc., Class A^(b)(c)		56,031		252,700
E.W. Scripps Co. (The), Class A^(b)(c)		125,592		686,988
EchoStar Corp., Class A^(b)(c)		148,728		2,061,370
Entravision Communications Corp., Class A		100,310		359,110
fuboTV, Inc.^(b)(c)		320,064		774,555
Gannett Co., Inc.^(b)(c)		526,781		1,232,668
Gogo, Inc.^(b)(c)		21,154		222,117
Gray Television, Inc.^(c)		321,287		2,094,791
IDT Corp., Class B^(b)		22,577		633,285
iHeartMedia, Inc., Class A^(b)(c)		326,460		767,181
IMAX Corp.^(b)		44,492		810,199
Iridium Communications, Inc.		45,584		1,688,887
John Wiley & Sons, Inc., Class A		75,683		2,290,924
Madison Square Garden Entertainment Corp.^(b)(c)		34,652		1,056,193
Madison Square Garden Sports Corp., Class A^(b)		2,673		449,438
Magnite, Inc.^(b)(c)		73,259		486,440
Marcus Corp. (The)^(c)		56,821		882,998
New York Times Co. (The), Class A		93,038		3,750,362
Outbrain, Inc.^(b)		116,098		495,739
Pinterest, Inc., Class A^(b)(c)		144,275		4,310,937
Playstudios, Inc.^(b)		89,268		252,628
Playtika Holding Corp.^(b)		100,239		842,008
PubMatic, Inc., Class A^(b)(c)		26,790		301,923
QuinStreet, Inc.^(b)		37,675		426,104
Roblox Corp., Class A^(b)(c)		18,973		603,531
Roku, Inc., Class A^(b)(c)		49,711		2,961,284
Scholastic Corp.		48,952		1,806,329
Shenandoah Telecommunications Co.		74,974		1,773,885
Shutterstock, Inc.^(c)		11,070		450,328
Sinclair, Inc.^(c)		145,731		1,584,096
Sirius XM Holdings, Inc.^(c)		608,580		2,604,722
Skillz, Inc.^(b)(c)		37,986		194,488
Sphere Entertainment Co.^(b)(c)		35,874		1,180,613
Spok Holdings, Inc.		39,998		596,370
Stagwell, Inc.^(b)(c)		68,833		283,592
Taboola.com Ltd. (Israel)^(b)(c)		262,411		963,048
TechTarget, Inc.^(b)(c)		10,947		275,646
Thryv Holdings, Inc.^(b)(c)		88,550		1,543,427


		Shares		Value
Communication Services-(continued)
Trade Desk, Inc. (The), Class A^(b)			40,380	$	2,865,365
TripAdvisor, Inc.^(b)(c)			92,840		1,370,318
TrueCar, Inc.^(b)			188,327		344,638
Vimeo, Inc.^(b)			213,980		659,058
WideOpenWest, Inc.^(b)	��		141,624		997,033
Yelp, Inc.^(b)			61,532		2,596,035
Ziff Davis, Inc.^(b)(c)			48,693		2,943,979
ZipRecruiter, Inc., Class A^(b)(c)			21,048		224,161
ZoomInfo Technologies, Inc., Class A^(b)			74,049		959,675

					68,782,131

Consumer Discretionary-13.81%
1-800-Flowers.com, Inc., Class A^(b)(c)			81,121		609,219
2U, Inc.^(b)			129,746		275,062
Aaron’s Co., Inc. (The)			130,590		967,672
Accel Entertainment, Inc.^(b)(c)			40,784		401,722
Acushnet Holdings Corp.^(c)			32,636		1,663,131
Adtalem Global Education, Inc.^(b)			57,998		3,004,296
Afya Ltd., Class A (Brazil)^(b)(c)			32,329		520,497
Allbirds, Inc., Class A^(b)			131,451		113,679
American Outdoor Brands, Inc.^(b)			36,885		327,539
American Public Education, Inc.^(b)			65,146		271,659
America’s Car-Mart, Inc.^(b)(c)			9,996		669,532
AMMO, Inc.^(b)(c)			146,929		427,563
Arco Platform Ltd., Class A (Brazil)^(b)(c)			24,977		346,431
Arcos Dorados Holdings, Inc., Class A (Brazil)			210,919		1,902,489
Arko Corp.^(c)			153,229		1,156,879
Arrival S.A. (Luxembourg)^(b)(c)			19,746		18,696
Bally’s Corp.^(b)(c)			101,784		928,270
BARK, Inc.^(b)(c)			263,904		282,377
Barnes & Noble Education, Inc.^(b)(c)			171,547		174,978
Bassett Furniture Industries, Inc.			20,804		320,174
Beazer Homes USA, Inc.^(b)			172,082		4,162,664
Big 5 Sporting Goods Corp.^(c)			130,496		921,302
BJ’s Restaurants, Inc.^(b)(c)			33,800		869,336
Bloomin’ Brands, Inc.^(c)			148,519		3,466,433
Bluegreen Vacations Holding Corp.			16,715		560,120
Boot Barn Holdings, Inc.^(b)(c)			24,116		1,676,062
Boyd Gaming Corp.			61,399		3,392,295
Bright Horizons Family Solutions, Inc.^(b)(c)			49,644		3,676,635
Brinker International, Inc.^(b)(c)			101,369		3,438,436
Buckle, Inc. (The)^(c)			62,704		2,117,514
Build-A-Bear Workshop, Inc.^(c)			17,570		435,736
Caleres, Inc.^(c)			82,990		2,122,884
Camping World Holdings, Inc., Class A^(c)			85,484		1,431,857
CarParts.com, Inc.^(b)(c)			56,048		158,616
Carriage Services, Inc.			17,201		371,542
Carvana Co.^(b)(c)			194,173		5,242,671
Cato Corp. (The), Class A^(c)			68,233		486,501
Cavco Industries, Inc.^(b)			7,816		1,950,170
Century Communities, Inc.			58,490		3,597,135
Cheesecake Factory, Inc. (The)^(c)			65,013		2,019,954
Chegg, Inc.^(b)(c)			104,691		788,323
Chico’s FAS, Inc.^(b)			365,383		2,733,065
Children’s Place, Inc. (The)^(b)(c)			48,046		1,315,019
Choice Hotels International, Inc.^(c)			14,125		1,560,812
Churchill Downs, Inc.^(c)			18,065		1,984,260

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


		16

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Consumer Discretionary-(continued)
Chuy’s Holdings, Inc.^(b)(c)		18,723	$	630,216
Citi Trends, Inc.^(b)(c)		26,851		647,109
Clarus Corp.^(c)		38,760		224,420
Columbia Sportswear Co.^(c)		35,524		2,621,671
Conn’s, Inc.^(b)(c)		152,579		450,108
Container Store Group, Inc. (The)^(b)(c)		209,868		388,256
ContextLogic, Inc., Class A^(b)(c)		77,412		303,455
Cooper-Standard Holdings, Inc.^(b)(c)		160,585		1,994,466
Coursera, Inc.^(b)(c)		56,103		972,826
Crocs, Inc.^(b)(c)		17,877		1,596,774
Dave & Buster’s Entertainment, Inc.^(b)(c)		36,878		1,288,517
Denny’s Corp.^(b)		66,934		576,971
Designer Brands, Inc., Class A^(c)		241,482		2,441,383
Despegar.com Corp. (Argentina)^(b)		58,204		385,893
Destination XL Group, Inc.^(b)		64,047		266,436
Dillard’s, Inc., Class A^(c)		4,524		1,404,476
Dine Brands Global, Inc.^(c)		16,016		789,429
DoorDash, Inc., Class A^(b)		67,004		5,021,950
Dorman Products, Inc.^(b)		22,779		1,416,398
DraftKings, Inc., Class A^(b)		86,795		2,397,278
Dream Finders Homes, Inc., Class A^(b)(c)		30,359		597,769
Duluth Holdings, Inc., Class B^(b)(c)		59,146		297,504
El Pollo Loco Holdings, Inc.^(b)		35,534		296,709
Ethan Allen Interiors, Inc.		50,748		1,332,642
Etsy, Inc.^(b)		21,327		1,328,672
Everi Holdings, Inc.^(b)		82,781		893,207
Express, Inc.^(b)(c)		55,107		490,452
Farfetch Ltd., Class A (United Kingdom)^(b)(c)		152,703		229,055
Figs, Inc., Class A^(b)(c)		47,419		261,279
Fisker, Inc.^(b)(c)		62,000		279,000
Five Below, Inc.^(b)(c)		18,731		3,258,819
Fossil Group, Inc.^(b)		406,520		634,171
Fox Factory Holding Corp.^(b)(c)		18,036		1,469,393
Frontdoor, Inc.^(b)		79,867		2,310,552
Full House Resorts, Inc.^(b)(c)		31,656		118,710
Funko, Inc., Class A^(b)(c)		72,609		559,815
Garrett Motion, Inc. (Switzerland)^(b)		90,059		635,817
Genesco, Inc.^(b)(c)		58,933		1,615,354
Genius Sports Ltd. (United Kingdom)^(b)(c)		79,253		386,755
Gentherm, Inc.^(b)		28,863		1,160,870
Global-e Online Ltd. (Israel)^(b)		15,143		531,671
Golden Entertainment, Inc.		27,024		847,473
GoPro, Inc., Class A^(b)(c)		213,083		534,838
Grand Canyon Education, Inc.^(b)		26,552		3,141,898
Green Brick Partners, Inc.^(b)		38,519		1,490,685
Groupon, Inc.^(b)(c)		211,409		2,703,921
GrowGeneration Corp.^(b)(c)		101,328		206,709
Guess?, Inc.^(c)		85,667		1,841,840
Haverty Furniture Cos., Inc.		51,535		1,342,487
Helen of Troy Ltd.^(b)(c)		34,057		3,348,484
Hibbett, Inc.^(c)		27,094		1,248,221
Hilton Grand Vacations, Inc.^(b)(c)		77,431		2,783,644
Holley, Inc.^(b)(c)		244,862		1,040,663
Hooker Furnishings Corp.		26,946		450,537
Hovnanian Enterprises, Inc., Class A^(b)(c)		36,710		2,550,611
Hyatt Hotels Corp., Class A^(c)		26,529		2,717,631
Installed Building Products, Inc.		15,477		1,728,317
iRobot Corp.^(b)(c)		53,455		1,760,273
J Jill, Inc.^(b)		11,094		317,843


	Shares		Value
Consumer Discretionary-(continued)
Jack in the Box, Inc.^(c)		29,542	$	1,866,464
JAKKS Pacific, Inc.^(b)		14,495		243,081
JOANN, Inc.^(c)		142,715		82,775
Johnson Outdoors, Inc., Class A^(c)		9,267		440,646
Kirkland’s, Inc.^(b)(c)		145,743		233,189
Kontoor Brands, Inc.^(c)		77,729		3,610,512
Krispy Kreme, Inc.^(c)		81,363		1,052,024
Lands’ End, Inc.^(b)(c)		101,145		635,191
Latham Group, Inc.^(b)(c)		78,586		179,962
Laureate Education, Inc., Class A		309,072		4,370,278
La-Z-Boy, Inc.^(c)		94,241		2,755,607
Lazydays Holdings, Inc.^(b)		58,386		368,416
Lazydays Holdings, Inc., Rts., expiring 11/14/2023^(b)		39,658		0
Leslie’s, Inc.^(b)(c)		106,592		526,564
LGI Homes, Inc.^(b)(c)		34,391		3,250,293
LL Flooring Holdings, Inc.^(b)(c)		213,483		691,685
Lovesac Co. (The)^(b)(c)		12,764		210,095
Lucid Group, Inc.^(b)(c)		109,609		451,589
Malibu Boats, Inc., Class A^(b)(c)		20,893		911,353
MarineMax, Inc.^(b)(c)		65,577		1,795,498
MasterCraft Boat Holdings, Inc.^(b)		17,404		355,738
MercadoLibre, Inc. (Brazil)^(b)		3,203		3,974,090
Mister Car Wash, Inc.^(b)(c)		41,569		216,159
Modine Manufacturing Co.^(b)		104,957		4,145,801
Monarch Casino & Resort, Inc.^(c)		8,296		499,336
Monro, Inc.^(c)		43,922		1,090,144
Motorcar Parts of America, Inc.^(b)		44,132		318,633
Movado Group, Inc.		21,295		593,279
National Vision Holdings, Inc.^(b)		75,256		1,169,478
Noodles & Co.^(b)		65,306		139,102
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		58,877		4,547,659
On Holding AG, Class A (Switzerland)^(b)		38,928		999,282
OneWater Marine, Inc., Class A^(b)(c)		31,146		704,834
Overstock.com, Inc.^(b)(c)		100,562		1,568,767
Oxford Industries, Inc.^(c)		14,601		1,232,324
Papa John’s International, Inc.^(c)		21,082		1,370,752
Patrick Industries, Inc.		52,859		3,972,354
Peloton Interactive, Inc., Class A^(b)(c)		199,711		950,624
Perdoceo Education Corp.		118,564		2,144,823
Petco Health & Wellness Co., Inc.^(b)(c)		209,054		723,327
PetMed Express, Inc.^(c)		38,016		261,930
Planet Fitness, Inc., Class A^(b)		16,283		899,961
Playa Hotels & Resorts N.V.^(b)		72,579		524,746
PlayAGS, Inc.^(b)		74,208		529,845
PLBY Group, Inc.^(b)(c)		163,068		104,527
Portillo’s, Inc., Class A^(b)(c)		14,253		213,082
Purple Innovation, Inc.^(c)		74,602		72,364
QuantumScape Corp.^(b)(c)		88,327		461,067
RCI Hospitality Holdings, Inc.		3,998		217,931
Red Robin Gourmet Burgers, Inc.^(b)(c)		124,279		1,005,417
Red Rock Resorts, Inc., Class A^(c)		39,598		1,566,101
Revolve Group, Inc.^(b)(c)		21,902		301,152
Rocky Brands, Inc.^(c)		16,521		202,878
RumbleOn, Inc., Class B^(b)(c)		61,051		388,895
SeaWorld Entertainment, Inc.^(b)(c)		18,846		811,886
Shake Shack, Inc., Class A^(b)(c)		16,572		928,695
Shoe Carnival, Inc.^(c)		30,172		690,335
Skyline Champion Corp.^(b)		34,110		1,999,869
Sleep Number Corp.^(b)(c)		68,875		1,120,596

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


		17

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Consumer Discretionary-(continued)
Smith & Wesson Brands, Inc.^(c)		121,057	$	1,783,170
Solid Power, Inc.^(b)(c)		112,882		149,004
Sonos, Inc.^(b)(c)		90,749		978,274
Sportradar Holding AG (Switzerland)^(b)(c)		38,199		337,297
Sportsman’s Warehouse Holdings, Inc.^(b)(c)		157,273		800,520
Standard Motor Products, Inc.		43,897		1,533,322
Steven Madden Ltd.^(c)		75,711		2,482,564
Stitch Fix, Inc., Class A^(b)(c)		254,975		836,318
Stoneridge, Inc.^(b)		47,638		775,070
Strategic Education, Inc.^(c)		28,614		2,355,218
Stride, Inc.^(b)(c)		47,927		2,635,026
Sturm Ruger & Co., Inc.		32,324		1,789,133
Sweetgreen, Inc., Class A^(b)(c)		72,232		746,157
Tile Shop Holdings, Inc.^(b)(c)		64,586		354,577
Tilly’s, Inc., Class A^(b)(c)		94,632		766,519
Topgolf Callaway Brands Corp.^(b)(c)		136,332		1,665,977
Traeger, Inc.^(b)(c)		85,956		226,064
Tupperware Brands Corp.^(b)(c)		487,161		993,808
Udemy, Inc.^(b)(c)		33,442		298,637
Unifi, Inc.^(b)(c)		52,421		352,269
Universal Electronics, Inc.^(b)		32,164		252,487
Universal Technical Institute, Inc.^(b)		58,905		514,241
Upbound Group, Inc.^(c)		118,685		3,092,931
Vera Bradley, Inc.^(b)(c)		131,165		960,128
Vista Outdoor, Inc.^(b)(c)		118,663		2,980,815
Visteon Corp.^(b)		23,678		2,726,048
VOXX International Corp.^(b)(c)		43,606		399,867
Vroom, Inc.^(b)(c)		1,888,196		1,529,439
Warby Parker, Inc., Class A^(b)(c)		30,773		399,434
Wendy’s Co. (The)		146,090		2,778,632
Wingstop, Inc.		8,209		1,500,359
Winmark Corp.		1,011		407,757
Winnebago Industries, Inc.^(c)		47,842		2,772,444
Wolverine World Wide, Inc.		174,092		1,401,441
WW International, Inc.^(b)(c)		478,692		3,743,371
Wyndham Hotels & Resorts, Inc.		53,645		3,883,898
YETI Holdings, Inc.^(b)(c)		51,406		2,185,783
Zumiez, Inc.^(b)		56,663		930,973

				260,435,507

Consumer Staples-4.61%
Adecoagro S.A. (Brazil)		304,221		3,209,531
Alico, Inc.^(c)		12,528		306,184
Andersons, Inc. (The)		82,516		4,136,527
BellRing Brands, Inc.^(b)		48,401		2,116,576
Benson Hill, Inc.^(b)		128,466		19,784
Beyond Meat, Inc.^(b)(c)		17,889		106,797
Blue Apron Holdings, Inc., Class A^(b)		33,353		432,255
Boston Beer Co., Inc. (The), Class A^(b)		6,906		2,306,259
Calavo Growers, Inc.		41,567		1,053,308
Cal-Maine Foods, Inc.		30,431		1,378,829
Central Garden & Pet Co.^(b)(c)		18,771		818,979
Central Garden & Pet Co., Class A^(b)		77,573		3,078,872
Chefs’ Warehouse, Inc. (The)^(b)(c)		40,069		762,513
Coca-Cola Consolidated, Inc.		4,831		3,074,497
Coty, Inc., Class A^(b)(c)		359,292		3,366,566
Dole PLC.		209,219		2,389,281
Duckhorn Portfolio, Inc. (The)^(b)(c)		32,798		342,083
e.l.f. Beauty, Inc.^(b)		9,639		892,861


	Shares		Value
Consumer Staples-(continued)
Edgewell Personal Care Co.		91,319	$	3,187,033
Energizer Holdings, Inc.^(c)		111,527		3,522,023
Fresh Del Monte Produce, Inc.		87,020		2,175,500
Freshpet, Inc.^(b)(c)		13,482		773,867
Grocery Outlet Holding Corp.^(b)(c)		117,085		3,239,742
Hain Celestial Group, Inc. (The)^(b)		197,434		2,181,646
Hostess Brands, Inc.^(b)		152,659		5,098,811
Ingles Markets, Inc., Class A^(c)		36,531		2,930,517
Inter Parfums, Inc.		7,908		1,005,186
J&J Snack Foods Corp.^(c)		11,869		1,858,804
John B. Sanfilippo & Son, Inc.		15,824		1,618,162
Lancaster Colony Corp.		12,640		2,138,309
Medifast, Inc.^(c)		14,753		1,020,317
MGP Ingredients, Inc.^(c)		7,458		705,974
Mission Produce, Inc.^(b)(c)		58,632		551,727
National Beverage Corp.^(b)(c)		26,190		1,214,692
Natural Grocers by Vitamin Cottage, Inc.		31,081		390,688
Olaplex Holdings, Inc.^(b)		54,840		77,873
Pilgrim’s Pride Corp.^(b)		128,370		3,273,435
PriceSmart, Inc.		40,119		2,507,036
Reynolds Consumer Products, Inc.^(c)		62,614		1,592,274
Seneca Foods Corp., Class A^(b)		24,359		1,331,219
Simply Good Foods Co. (The)^(b)(c)		50,675		1,889,671
Sovos Brands, Inc.^(b)(c)		37,617		816,665
Turning Point Brands, Inc.		26,599		533,310
Universal Corp.		62,398		2,807,910
USANA Health Sciences, Inc.^(b)		20,839		949,216
Utz Brands, Inc.^(c)		35,070		427,503
Vector Group Ltd.		248,096		2,550,427
Village Farms International, Inc. (Canada)^(b)		339,805		244,660
Village Super Market, Inc., Class A		13,642		333,820
WD-40 Co.^(c)		7,605		1,607,697
Weis Markets, Inc.^(c)		32,675		2,127,142
Whole Earth Brands, Inc.^(b)(c)		154,304		546,236

				87,020,794

Energy-7.03%
Adams Resources & Energy, Inc.		10,632		338,523
Antero Midstream Corp.		338,945		4,182,581
Archrock, Inc.		313,570		3,972,932
Ardmore Shipping Corp. (Ireland)^(c)		34,159		453,973
Berry Corp.		171,760		1,434,196
Bristow Group, Inc.^(b)		40,327		1,054,148
Cactus, Inc., Class A		19,111		897,070
Callon Petroleum Co.^(b)(c)		69,522		2,596,647
ChampionX Corp.		118,068		3,636,494
Chord Energy Corp.		14,338		2,370,358
Clean Energy Fuels Corp.^(b)(c)		131,412		458,628
Comstock Resources, Inc.^(c)		96,473		1,215,560
CONSOL Energy, Inc.		60,962		5,601,798
Core Laboratories, Inc.^(c)		79,961		1,712,765
Crescent Energy Co., Class A^(c)		28,748		350,151
CVR Energy, Inc.^(c)		89,164		2,920,121
Denbury, Inc.^(b)		27,356		2,431,675
DHT Holdings, Inc.		221,377		2,461,712
Diamond Offshore Drilling, Inc.^(b)		126,819		1,573,824
DMC Global, Inc.^(b)		20,302		384,723
Dorian LPG Ltd.		57,267		1,830,826
Dril-Quip, Inc.^(b)		38,433		832,459

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


		18

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Energy-(continued)
Enviva, Inc.^(c)		21,990	$	79,604
Expro Group Holdings N.V.^(b)		62,646		986,675
Forum Energy Technologies, Inc.^(b)(c)		12,608		274,476
GeoPark Ltd. (Colombia)^(c)		50,488		498,821
Gevo, Inc.^(b)(c)		228,806		244,822
Golar LNG Ltd. (Cameroon)		105,848		2,374,171
Gran Tierra Energy, Inc. (Colombia)^(b)		148,342		907,853
Green Plains, Inc.^(b)(c)		71,712		2,106,899
Gulfport Energy Corp.^(b)		13,853		1,712,369
Hallador Energy Co.^(b)(c)		40,473		565,813
Helix Energy Solutions Group, Inc.^(b)		349,097		3,421,151
International Seaways, Inc.^(c)		32,652		1,570,235
Kosmos Energy Ltd. (Ghana)^(b)(c)		366,293		2,651,961
Liberty Energy, Inc., Class A^(c)		143,688		2,830,654
Magnolia Oil & Gas Corp., Class A^(c)		85,072		1,909,866
Mammoth Energy Services, Inc.^(b)(c)		87,642		354,950
Matador Resources Co.		61,189		3,774,749
Nabors Industries Ltd.^(b)(c)		25,559		2,495,581
NACCO Industries, Inc., Class A		8,783		303,453
Navigator Holdings Ltd.		56,523		794,148
New Fortress Energy, Inc.^(c)		11,437		346,541
Newpark Resources, Inc.^(b)		280,844		1,943,441
Noble Corp. PLC^(c)		32,023		1,495,154
Nordic American Tankers Ltd.		307,302		1,410,516
Northern Oil and Gas, Inc.		17,268		662,055
Oceaneering International, Inc.^(b)		105,816		2,326,894
Oil States International, Inc.^(b)		130,070		944,308
Overseas Shipholding Group, Inc., Class A^(b)		200,465		980,274
Par Pacific Holdings, Inc.^(b)		111,004		3,643,151
Patterson-UTI Energy, Inc.		427,092		5,424,068
Permian Resources Corp.^(c)		220,880		3,218,222
ProPetro Holding Corp.^(b)		221,653		2,322,923
Range Resources Corp.^(c)		159,956		5,732,823
REX American Resources Corp.^(b)		26,918		1,023,153
RPC, Inc.		84,331		701,634
SandRidge Energy, Inc.^(c)		25,488		403,985
Scorpio Tankers, Inc. (Monaco)		36,295		2,037,964
Select Water Solutions, Inc., Class A		111,528		829,768
SFL Corp. Ltd. (Norway)		335,063		3,638,784
SilverBow Resources, Inc.^(b)		22,226		757,907
Solaris Oilfield Infrastructure, Inc., Class A		38,594		356,609
Talos Energy, Inc.^(b)		151,418		2,346,979
Teekay Corp. (Bermuda)^(b)		335,617		2,359,388
Teekay Tankers Ltd., Class A (Canada)		28,677		1,425,247
Tellurian, Inc.^(b)(c)		251,376		173,449
TETRA Technologies, Inc.^(b)		251,952		1,194,252
Texas Pacific Land Corp.^(c)		1,217		2,246,521
Tidewater, Inc.^(b)		22,844		1,561,387
Tsakos Energy Navigation Ltd. (Greece)		75,144		1,655,422
US Silica Holdings, Inc.^(b)		140,554		1,696,487
VAALCO Energy, Inc.^(c)		89,940		402,032
Valaris Ltd.^(b)(c)		25,975		1,715,389
Vital Energy, Inc.^(b)(c)		47,344		2,369,094
W&T Offshore, Inc.^(b)(c)		164,703		683,517

				132,598,753

Financials-18.31%
1st Source Corp.		23,186		1,057,745


	Shares		Value
Financials-(continued)
Acacia Research Corp.^(b)(c)		85,770	$	307,914
AFC Gamma, Inc.^(c)		23,774		251,529
Affirm Holdings, Inc.^(b)(c)		172,813		3,043,237
AG Mortgage Investment Trust, Inc.^(c)		82,978		418,209
Amalgamated Financial Corp.		20,723		377,988
A-Mark Precious Metals, Inc.^(c)		105,351		2,852,905
Ambac Financial Group, Inc.^(b)		140,644		1,706,012
Amerant Bancorp, Inc.^(c)		32,253		587,972
AMERISAFE, Inc.		39,986		2,038,086
Arbor Realty Trust, Inc.^(c)		251,278		3,168,616
Ares Commercial Real Estate Corp.^(c)		113,428		1,040,135
Argo Group International Holdings Ltd.^(c)		92,121		2,748,891
ARMOUR Residential REIT, Inc.		32,352		471,369
Arrow Financial Corp.^(c)		11,263		240,015
AssetMark Financial Holdings, Inc.^(b)		16,559		395,926
Atlanticus Holdings Corp.^(b)(c)		8,952		261,936
Avantax, Inc.^(b)		31,269		807,053
AvidXchange Holdings, Inc.^(b)(c)		61,517		531,507
Axos Financial, Inc.^(b)(c)		61,403		2,212,350
B. Riley Financial, Inc.^(c)		59,764		2,164,054
Banc of California, Inc.^(c)		73,795		827,242
BancFirst Corp.		17,164		1,392,172
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama)		43,728		987,378
Bancorp, Inc. (The)^(b)(c)		37,353		1,331,634
Bank First Corp.^(c)		5,701		450,208
Bank of Marin Bancorp		17,625		296,100
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		65,312		1,649,781
Banner Corp.		54,040		2,281,028
Bar Harbor Bankshares		13,420		335,768
BayCom Corp.		15,020		297,396
BCB Bancorp, Inc.		26,416		271,556
Berkshire Hills Bancorp, Inc.^(c)		65,413		1,282,749
BGC Group, Inc., Class A^(c)		705,061		4,138,708
Blue Foundry Bancorp^(b)(c)		35,247		266,115
Bridgewater Bancshares, Inc.^(b)		29,260		281,774
Bright Health Group, Inc.^(b)(c)		9,738		70,698
Brightsphere Investment Group, Inc.		56,763		888,909
BrightSpire Capital, Inc.^(c)		255,013		1,443,374
Brookline Bancorp, Inc.		136,903		1,114,390
BRP Group, Inc., Class A^(b)(c)		14,086		294,820
Business First Bancshares, Inc.^(c)		29,508		576,586
Byline Bancorp, Inc.		30,378		576,271
Cambridge Bancorp		7,960		427,532
Camden National Corp.^(c)		19,356		564,421
Cannae Holdings, Inc.^(b)		154,177		2,520,794
Capital City Bank Group, Inc.		15,124		432,093
Capitol Federal Financial, Inc.		363,787		1,891,692
Capstar Financial Holdings, Inc.^(c)		26,008		394,801
Carter Bankshares, Inc.^(b)		23,617		265,927
Cass Information Systems, Inc.^(c)		13,022		492,362
Central Pacific Financial Corp.		54,628		862,030
Cherry Hill Mortgage Investment Corp.^(c)		56,256		167,080
City Holding Co.^(c)		15,732		1,428,151
Civista Bancshares, Inc.		15,114		220,362
CNA Financial Corp.		82,975		3,352,190
CNB Financial Corp.		30,224		549,472
Cohen & Steers, Inc.^(c)		25,257		1,319,426
Columbia Financial, Inc.^(b)(c)		24,219		389,926

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


		19

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Financials-(continued)
Community Trust Bancorp, Inc.		27,731	$	1,041,576
Compass Diversified Holdings		153,006		2,628,643
ConnectOne Bancorp, Inc.		57,310		933,580
Consumer Portfolio Services, Inc.^(b)(c)		34,847		322,335
Credit Acceptance Corp.^(b)(c)		7,390		2,973,958
CrossFirst Bankshares, Inc.^(b)(c)		45,619		482,649
Customers Bancorp, Inc.^(b)		81,402		3,273,174
CVB Financial Corp.^(c)		160,242		2,502,980
Diamond Hill Investment Group, Inc.		6,084		955,796
Dime Community Bancshares, Inc.		43,660		802,907
Donegal Group, Inc., Class A		25,021		353,297
Donnelley Financial Solutions, Inc.^(b)		33,330		1,814,152
Dynex Capital, Inc.^(c)		78,844		791,594
Eagle Bancorp, Inc.		48,611		946,942
Eastern Bankshares, Inc.		223,602		2,461,858
eHealth, Inc.^(b)		104,812		899,287
Ellington Financial, Inc.		56,954		685,157
Ellington Residential Mortgage REIT		40,288		212,721
Employers Holdings, Inc.		52,439		1,992,682
Encore Capital Group, Inc.^(b)(c)		62,911		2,370,486
Enova International, Inc.^(b)		63,271		2,523,247
Enterprise Financial Services Corp.		36,527		1,270,044
Equity Bancshares, Inc., Class A^(c)		21,170		512,314
EVERTEC, Inc.		43,265		1,374,962
F&G Annuities & Life, Inc.^(c)		66,757		2,048,772
Farmers & Merchants Bancorp, Inc.^(c)		11,836		206,183
Farmers National Banc Corp.^(c)		49,641		560,447
FB Financial Corp.		38,924		1,143,198
Federal Agricultural Mortgage Corp., Class C		11,467		1,703,538
Financial Institutions, Inc.		17,439		276,234
First Bancorp		243,936		3,256,546
First Bancorp/Southern Pines NC^(c)		36,999		1,073,711
First Bancshares, Inc. (The)		19,372		469,190
First Busey Corp.		73,269		1,455,122
First Business Financial Services, Inc.		11,202		343,901
First Commonwealth Financial Corp.		138,415		1,685,895
First Community Bankshares, Inc.		13,507		441,004
First Financial Bankshares, Inc.^(c)		83,112		1,998,844
First Financial Corp.		22,039		758,362
First Foundation, Inc.		83,075		377,160
First Internet Bancorp^(c)		18,666		305,562
First Interstate BancSystem, Inc., Class A		95,601		2,205,515
First Merchants Corp.^(c)		75,666		2,066,438
First Mid Bancshares, Inc.^(c)		14,410		393,681
First of Long Island Corp. (The)		32,933		353,700
FirstCash Holdings, Inc.		36,588		3,985,165
Five Star Bancorp		11,725		228,286
Flushing Financial Corp.^(c)		64,388		794,548
Flywire Corp.^(b)		12,982		349,086
Franklin BSP Realty Trust, Inc.		136,662		1,723,308
FS Bancorp, Inc.		7,977		230,296
German American Bancorp, Inc.^(c)		25,990		710,307
Granite Point Mortgage Trust, Inc.		336,877		1,414,883
Great Ajax Corp.		34,143		147,498
Great Southern Bancorp, Inc.^(c)		12,395		616,279
Green Dot Corp., Class A^(b)(c)		133,699		1,494,755
Greenhill & Co., Inc.		36,560		541,454
Greenlight Capital Re Ltd., Class A^(b)(c)		49,534		552,304
Hamilton Lane, Inc., Class A		11,643		979,409


	Shares		Value
Financials-(continued)
Hanmi Financial Corp.		58,498	$	858,751
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(c)		64,435		1,104,416
HarborOne Bancorp, Inc.^(c)		52,532		516,915
HBT Financial, Inc.		13,095		235,710
HCI Group, Inc.^(c)		10,330		609,160
Heartland Financial USA, Inc.		61,500		1,685,100
Heritage Commerce Corp.^(c)		90,032		736,462
Heritage Financial Corp.		51,830		843,274
Hilltop Holdings, Inc.		105,713		2,919,793
Hingham Institution for Savings (The)^(c)		1,337		198,651
Hippo Holdings, Inc.^(b)(c)		37,677		271,274
HomeStreet, Inc.^(c)		43,972		212,385
HomeTrust Bancshares, Inc.^(c)		16,637		342,889
Hope Bancorp, Inc.		295,050		2,584,638
Horace Mann Educators Corp.		93,094		2,953,873
Horizon Bancorp, Inc.		74,962		711,389
Houlihan Lokey, Inc.^(c)		33,139		3,331,132
I3 Verticals, Inc., Class A^(b)		12,839		240,731
Independent Bank Corporation		36,537		728,913
Independent Bank Group, Inc.^(c)		53,015		1,874,080
Interactive Brokers Group, Inc., Class A		21,129		1,691,799
International Bancshares Corp.		80,127		3,511,966
International Money Express, Inc.^(b)		18,774		299,633
Invesco Mortgage Capital, Inc.^(c)(d)		63,834		435,986
James River Group Holdings Ltd.		82,314		1,131,817
Kearny Financial Corp.		129,630		899,632
Kinsale Capital Group, Inc.		3,508		1,171,356
KKR Real Estate Finance Trust, Inc.		143,663		1,499,842
Ladder Capital Corp.		312,171		3,156,049
Lakeland Bancorp, Inc.		73,937		834,009
Lakeland Financial Corp.^(c)		20,959		1,032,231
Lemonade, Inc.^(b)(c)		40,838		446,768
LendingClub Corp.^(b)(c)		157,176		815,743
LendingTree, Inc.^(b)(c)		29,720		393,196
Live Oak Bancshares, Inc.^(c)		25,996		749,985
Macatawa Bank Corp.		36,583		334,003
MarketAxess Holdings, Inc.		9,801		2,094,964
Marqeta, Inc., Class A^(b)		251,101		1,298,192
Mercantile Bank Corp.		15,556		512,415
Merchants Bancorp		16,295		487,058
Mercury General Corp.		93,729		2,894,352
Metrocity Bankshares, Inc.		16,880		338,275
Metropolitan Bank Holding Corp.^(b)		14,420		467,352
Mid Penn Bancorp, Inc.		17,040		324,782
Midland States Bancorp, Inc.		31,931		696,734
MidWestOne Financial Group, Inc.		15,150		301,788
Moelis & Co., Class A^(c)		87,673		3,650,704
Morningstar, Inc.^(c)		9,546		2,417,429
National Bank Holdings Corp., Class A		27,806		866,991
National Western Life Group, Inc., Class A		4,398		2,106,202
NBT Bancorp, Inc.^(c)		64,066		2,144,289
Nelnet, Inc., Class A		22,677		1,923,236
New York Mortgage Trust, Inc.^(c)		326,025		2,539,735
Nicolet Bankshares, Inc.^(c)		13,471		980,958
NMI Holdings, Inc., Class A^(b)		107,252		2,933,342
Northeast Bank		7,419		354,183
Northfield Bancorp, Inc.		67,717		582,366
Northrim BanCorp, Inc.^(c)		8,753		365,088
Northwest Bancshares, Inc.		240,813		2,509,271

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


		20

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Financials-(continued)
NU Holdings Ltd., Class A (Brazil)^(b)		513,990	$	4,214,718
OceanFirst Financial Corp.		95,889		1,213,955
Ocwen Financial Corp.^(b)(c)		19,423		466,929
OFG Bancorp		68,719		2,035,457
Old Second Bancorp, Inc.		34,695		470,464
Open Lending Corp., Class A^(b)(c)		43,255		259,097
Oportun Financial Corp.^(b)		107,482		628,770
Orchid Island Capital, Inc.		62,309		391,301
Origin Bancorp, Inc.^(c)		20,204		597,836
Oscar Health, Inc., Class A^(b)		211,472		1,082,737
Pagseguro Digital Ltd., Class A (Brazil)^(b)(c)		320,003		2,259,221
Palomar Holdings, Inc.^(b)(c)		9,833		492,437
Park National Corp.^(c)		18,464		1,872,065
Pathward Financial, Inc.		33,325		1,509,289
Payoneer Global, Inc.^(b)(c)		87,005		503,759
Paysafe Ltd.^(b)(c)		110,696		1,075,965
Peapack-Gladstone Financial Corp.		20,639		482,333
Peoples Bancorp, Inc.		46,270		1,276,127
Perella Weinberg Partners^(c)		30,696		301,128
Piper Sandler Cos		17,572		2,457,444
PJT Partners, Inc., Class A^(c)		9,834		770,592
PRA Group, Inc.^(b)		72,140		888,043
Preferred Bank^(c)		15,078		898,196
Premier Financial Corp.		53,394		926,386
ProAssurance Corp.		173,639		2,951,863
PROG Holdings, Inc.^(b)		138,527		3,794,255
Provident Financial Services, Inc.		134,153		1,884,850
QCR Holdings, Inc.^(c)		18,064		857,137
RBB Bancorp		20,906		241,882
Ready Capital Corp.^(c)		323,553		3,051,105
Redwood Trust, Inc.^(c)		410,002		2,574,813
Regional Management Corp.		15,554		386,672
Remitly Global, Inc.^(b)		33,883		912,469
Renasant Corp.		94,008		2,292,855
Repay Holdings Corp., Class A^(b)(c)		102,486		613,891
Republic Bancorp, Inc., Class A^(c)		7,477		330,409
RLI Corp.		25,259		3,365,509
Root, Inc., Class A^(b)(c)		62,151		561,845
Runway Growth Finance Corp.^(c)		32,392		394,535
Ryan Specialty Holdings, Inc., Class A^(b)(c)		16,768		724,378
S&T Bancorp, Inc.		60,035		1,546,502
Safety Insurance Group, Inc.		28,698		2,157,229
Sandy Spring Bancorp, Inc.		78,248		1,600,172
Sculptor Capital Management, Inc.		57,098		722,290
Seacoast Banking Corp.of Florida		43,992		889,078
Selectquote, Inc.^(b)		225,412		297,544
ServisFirst Bancshares, Inc.^(c)		29,725		1,401,831
Shift4 Payments, Inc., Class A^(b)(c)		12,346		549,644
Shore Bancshares, Inc.^(c)		23,925		245,471
SiriusPoint Ltd. (Bermuda)^(b)		285,185		2,809,072
SmartFinancial, Inc.		16,415		342,253
South Plains Financial, Inc.		16,755		449,369
Southern First Bancshares, Inc.^(b)(c)		10,142		273,834
Southern Missouri Bancorp, Inc.^(c)		7,135		288,611
Southside Bancshares, Inc.		49,684		1,326,563
Stellar Bancorp, Inc.^(c)		23,934		520,325
StepStone Group, Inc., Class A		36,057		1,020,413
Stewart Information Services Corp.^(c)		78,922		3,446,524
Stock Yards Bancorp, Inc.^(c)		21,166		827,802


	Shares		Value
Financials-(continued)
StoneCo Ltd., Class A (Brazil)^(b)		393,607	$	3,902,613
StoneX Group, Inc.^(b)		19,600		1,868,272
Summit Financial Group, Inc.		12,189		262,063
TFS Financial Corp.^(c)		55,195		654,613
Third Coast Bancshares, Inc.^(b)		16,062		249,122
Tiptree, Inc.		28,179		425,785
Toast, Inc., Class A^(b)(c)		47,395		757,846
Tompkins Financial Corp.		17,422		872,494
Towne Bank^(c)		83,017		1,987,427
TPG RE Finance Trust, Inc.		227,300		1,252,423
TPG, Inc.^(c)		99,088		2,738,792
Tradeweb Markets, Inc., Class A		38,309		3,448,193
TriCo Bancshares^(c)		30,424		984,216
Triumph Financial, Inc.^(b)(c)		25,168		1,566,708
Trupanion, Inc.^(b)(c)		10,759		221,635
TrustCo Bank Corp.		33,971		867,280
Trustmark Corp.		118,941		2,391,904
Two Harbors Investment Corp.^(c)		226,548		2,630,222
United Community Banks, Inc.^(c)		115,803		2,558,088
United Fire Group, Inc.		36,392		732,935
Universal Insurance Holdings, Inc.		102,038		1,597,915
Univest Financial Corp.		43,283		721,095
Upstart Holdings, Inc.^(b)(c)		55,753		1,339,745
Veritex Holdings, Inc.		70,100		1,207,122
Victory Capital Holdings, Inc., Class A^(c)		12,994		382,803
Virtu Financial, Inc., Class A^(c)		190,638		3,524,897
Virtus Investment Partners, Inc.		9,539		1,757,370
WaFd, Inc.^(c)		107,896		2,662,873
Walker & Dunlop, Inc.^(c)		38,691		2,507,177
Washington Trust Bancorp, Inc.		28,907		670,353
Waterstone Financial, Inc.		33,246		359,057
WesBanco, Inc.^(c)		92,118		2,246,758
West Bancorporation, Inc.		14,124		232,057
Westamerica Bancorporation		33,408		1,578,194
White Mountains Insurance Group Ltd.^(c)		2,386		3,413,769
WisdomTree, Inc.		124,856		774,107
World Acceptance Corp.^(b)(c)		12,410		1,223,874
WSFS Financial Corp.		57,691		2,042,261
XP, Inc., Class A (Brazil)		297,624		5,952,480

				345,480,326

Health Care-9.16%
10X Genomics, Inc., Class A^(b)(c)		15,209		536,574
23andMe Holding Co., Class A^(b)		221,195		187,374
2seventy bio, Inc.^(b)(c)		33,450		81,618
Acadia Pharmaceuticals, Inc.^(b)		29,562		667,214
Accolade, Inc.^(b)(c)		72,587		471,815
Accuray, Inc.^(b)(c)		138,873		366,625
AdaptHealth Corp.^(b)(c)		90,882		666,165
Adaptive Biotechnologies Corp.^(b)(c)		53,130		235,897
Addus HomeCare Corp.^(b)		11,496		907,034
Agiliti, Inc.^(b)(c)		21,867		123,111
agilon health, inc.^(b)(c)		41,550		747,900
Agios Pharmaceuticals, Inc.^(b)(c)		50,023		1,050,983
Alignment Healthcare, Inc.^(b)(c)		49,547		340,883
Alkermes PLC^(b)(c)		69,486		1,680,866
Allogene Therapeutics, Inc.^(b)(c)		67,901		191,481
Alnylam Pharmaceuticals, Inc.^(b)		3,723		565,151
Amedisys, Inc.^(b)		34,210		3,129,873
American Well Corp., Class A^(b)(c)		288,124		337,105

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


		21

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Health Care-(continued)
Amicus Therapeutics, Inc.^(b)		31,797	$	348,813
Amneal Pharmaceuticals, Inc.^(b)(c)		394,323		1,526,030
Amphastar Pharmaceuticals, Inc.^(b)(c)		20,212		914,997
AngioDynamics, Inc.^(b)		45,139		279,862
ANI Pharmaceuticals, Inc.^(b)		11,588		715,443
Anika Therapeutics, Inc.^(b)(c)		16,143		314,788
Apollo Medical Holdings, Inc.^(b)(c)		25,533		796,885
Arcus Biosciences, Inc.^(b)(c)		30,960		486,382
Arrowhead Pharmaceuticals, Inc.^(b)(c)		13,250		325,817
Artivion, Inc.^(b)(c)		42,535		541,896
Arvinas, Inc.^(b)(c)		19,804		319,240
Assertio Holdings, Inc.^(b)(c)		74,770		160,756
Atea Pharmaceuticals, Inc.^(b)(c)		194,284		631,423
AtriCure, Inc.^(b)		15,469		535,846
Atrion Corp.^(c)		688		235,282
Aurinia Pharmaceuticals, Inc. (Canada)^(b)		54,525		400,213
Avanos Medical, Inc.^(b)		63,524		1,166,301
Avidity Biosciences, Inc.^(b)(c)		11,551		59,488
Axonics, Inc.^(b)(c)		8,775		449,368
Azenta, Inc.^(b)(c)		43,561		1,979,847
Beam Therapeutics, Inc.^(b)(c)		16,773		354,581
BioLife Solutions, Inc.^(b)(c)		16,613		167,791
Bionano Genomics, Inc.^(b)(c)		22,261		30,720
Bio-Techne Corp.		42,728		2,334,231
Bluebird Bio, Inc.^(b)(c)		53,059		156,524
Blueprint Medicines Corp.^(b)(c)		24,683		1,452,841
Brookdale Senior Living, Inc.^(b)(c)		1,102,683		4,311,491
Bruker Corp.		37,100		2,114,700
Butterfly Network, Inc.^(b)(c)		127,991		108,396
C4 Therapeutics, Inc.^(b)(c)		56,237		83,793
Cano Health, Inc.^(b)(c)		245,400		32,270
CareDx, Inc.^(b)(c)		34,394		186,072
CareMax, Inc.^(b)		69,318		138,636
Caribou Biosciences, Inc.^(b)(c)		50,825		184,495
Castle Biosciences, Inc.^(b)(c)		15,513		242,313
Catalyst Pharmaceuticals, Inc.^(b)(c)		19,234		238,694
Celldex Therapeutics, Inc.^(b)(c)		9,297		218,665
Certara, Inc.^(b)(c)		51,917		632,868
Chemed Corp.		6,055		3,406,846
Chinook Therapeutics, Inc.^(b)(c)		14,882		5,804
Clover Health Investments Corp.^(b)(c)		844,227		804,802
Collegium Pharmaceutical, Inc.^(b)(c)		21,178		460,833
Computer Programs and Systems, Inc.^(b)(c)		16,389		230,921
CONMED Corp.^(c)		19,320		1,882,927
Corcept Therapeutics, Inc.^(b)(c)		39,058		1,096,749
CorVel Corp.^(b)(c)		2,879		558,353
Crinetics Pharmaceuticals, Inc.^(b)(c)		14,996		439,233
CRISPR Therapeutics AG (Switzerland)^(b)(c)		44,604		1,736,434
Cross Country Healthcare, Inc.^(b)(c)		46,012		1,065,638
CryoPort, Inc.^(b)(c)		28,332		274,820
Cue Health, Inc.^(b)		237,407		71,460
Cytek Biosciences, Inc.^(b)(c)		38,988		164,139
Denali Therapeutics, Inc.^(b)(c)		26,274		494,739
DocGo, Inc.^(b)(c)		49,029		291,232
Doximity, Inc., Class A^(b)(c)		21,108		431,236
Eagle Pharmaceuticals, Inc.^(b)(c)		12,742		174,948
Editas Medicine, Inc.^(b)(c)		55,158		368,455
Embecta Corp.^(c)		130,402		1,971,678


	Shares		Value
Health Care-(continued)
Emergent BioSolutions, Inc.^(b)(c)		245,888	$	513,906
Enanta Pharmaceuticals, Inc.^(b)(c)		9,623		86,799
Enhabit, Inc.^(b)(c)		186,513		1,374,601
Ensign Group, Inc. (The)^(c)		30,198		2,917,127
EQRx, Inc.^(b)		287,866		627,548
Evolent Health, Inc., Class A^(b)(c)		30,566		746,727
Exact Sciences Corp.^(b)(c)		64,523		3,973,972
Fate Therapeutics, Inc.^(b)(c)		86,240		156,094
FibroGen, Inc.^(b)(c)		14,042		7,597
Fulgent Genetics, Inc.^(b)(c)		44,494		1,065,186
Generation Bio Co.^(b)(c)		62,010		58,184
Glaukos Corp.^(b)		13,674		932,567
Globus Medical, Inc., Class A^(b)(c)		86,609		3,958,897
Guardant Health, Inc.^(b)		26,135		676,374
Haemonetics Corp.^(b)		28,763		2,451,470
Halozyme Therapeutics, Inc.^(b)		14,801		501,310
Health Catalyst, Inc.^(b)		45,797		343,020
HealthEquity, Inc.^(b)		41,247		2,956,585
HealthStream, Inc.		22,814		579,476
ICU Medical, Inc.^(b)(c)		15,754		1,544,837
ImmunoGen, Inc.^(b)(c)		94,448		1,403,497
Inari Medical, Inc.^(b)(c)		5,576		338,519
Inmode Ltd.^(b)(c)		21,239		405,665
Innoviva, Inc.^(b)(c)		95,444		1,184,460
Inogen, Inc.^(b)		32,398		144,819
Inovio Pharmaceuticals, Inc.^(b)(c)		255,521		93,086
Insmed, Inc.^(b)(c)		22,753		570,190
Inspire Medical Systems, Inc.^(b)		1,087		159,963
Insulet Corp.^(b)		5,114		677,963
Integer Holdings Corp.^(b)		44,214		3,588,850
Integra LifeSciences Holdings Corp.^(b)		58,472		2,102,653
Intellia Therapeutics, Inc.^(b)(c)		25,198		631,210
Intra-Cellular Therapies, Inc.^(b)		8,017		398,926
Invitae Corp.^(b)(c)		1,432,712		867,794
Ionis Pharmaceuticals, Inc.^(b)(c)		41,391		1,832,380
Iovance Biotherapeutics, Inc.^(b)(c)		75,172		287,157
iRhythm Technologies, Inc.^(b)(c)		3,752		294,607
Ironwood Pharmaceuticals, Inc.^(b)		82,480		739,846
iTeos Therapeutics, Inc.^(b)		27,193		273,562
Karuna Therapeutics, Inc.^(b)(c)		2,111		351,714
Kodiak Sciences, Inc.^(b)		54,688		79,298
Krystal Biotech, Inc.^(b)(c)		5,888		688,131
Kura Oncology, Inc.^(b)(c)		37,449		316,444
Kymera Therapeutics, Inc.^(b)(c)		9,458		110,375
Lantheus Holdings, Inc.^(b)		15,525		1,002,915
LeMaitre Vascular, Inc.^(c)		8,540		414,873
LifeStance Health Group, Inc.^(b)(c)		66,665		388,657
Ligand Pharmaceuticals, Inc.^(b)		10,563		552,339
LivaNova PLC^(b)		37,870		1,857,523
Lyell Immunopharma, Inc.^(b)(c)		239,079		395,676
MacroGenics, Inc.^(b)(c)		44,723		233,454
Maravai LifeSciences Holdings, Inc., Class A^(b)(c)		39,609		271,718
Masimo Corp.^(b)(c)		19,174		1,555,587
Medpace Holdings, Inc.^(b)		9,582		2,325,264
Merit Medical Systems, Inc.^(b)		32,223		2,215,009
Mesa Laboratories, Inc.^(c)		2,541		238,422
Mirati Therapeutics, Inc.^(b)(c)		21,775		1,209,166
ModivCare, Inc.^(b)		17,945		757,997
Multiplan Corp.^(b)(c)		1,300,759		2,198,283

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


		22

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Health Care-(continued)
Myriad Genetics, Inc.^(b)(c)		79,877	$	1,244,484
Natera, Inc.^(b)		16,338		644,861
National HealthCare Corp.		25,984		1,750,282
National Research Corp.		9,729		411,148
Nektar Therapeutics^(b)		304,251		142,694
Neogen Corp.^(b)(c)		83,253		1,239,637
NeoGenomics, Inc.^(b)		103,963		1,457,561
Neurocrine Biosciences, Inc.^(b)		20,777		2,305,000
Nevro Corp.^(b)(c)		15,993		230,779
NextGen Healthcare, Inc.^(b)		48,119		1,151,006
Novocure Ltd.^(b)(c)		7,879		104,791
Nurix Therapeutics, Inc.^(b)(c)		35,440		198,110
Nuvation Bio, Inc.^(b)		177,287		170,834
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(e)		4,734		0
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(e)		4,734		0
Omnicell, Inc.^(b)		43,219		1,536,003
OPKO Health, Inc.^(b)(c)		1,165,268		1,456,585
Option Care Health, Inc.^(b)		104,031		2,884,780
OraSure Technologies, Inc.^(b)		101,362		523,028
Orthofix Medical, Inc.^(b)		36,457		402,485
Outset Medical, Inc.^(b)(c)		15,209		53,840
Pacific Biosciences of California, Inc.^(b)(c)		73,519		454,347
Pacira BioSciences, Inc.^(b)		29,093		822,168
PDL BioPharma, Inc.^(b)(e)		527,611		849,454
Pediatrix Medical Group, Inc.^(b)		230,334		2,639,628
Pennant Group, Inc. (The)^(b)(c)		31,080		337,840
Penumbra, Inc.^(b)		4,949		946,001
PetIQ, Inc.^(b)(c)		85,050		1,596,388
Phibro Animal Health Corp., Class A		41,702		455,386
Phreesia, Inc.^(b)(c)		12,889		176,064
Prestige Consumer Healthcare, Inc.^(b)		59,938		3,557,920
Privia Health Group, Inc.^(b)(c)		14,748		310,003
Progyny, Inc.^(b)(c)		11,495		354,736
Prothena Corp. PLC (Ireland)^(b)(c)		6,446		235,021
Quanterix Corp.^(b)		32,599		708,050
Quantum-Si, Inc.^(b)(c)		146,319		175,583
QuidelOrtho Corp.^(b)(c)		40,497		2,473,557
R1 RCM, Inc.^(b)(c)		41,129		484,911
RadNet, Inc.^(b)		70,012		1,887,524
Recursion Pharmaceuticals, Inc., Class A^(b)(c)		49,118		259,343
REGENXBIO, Inc.^(b)(c)		36,427		469,544
Relay Therapeutics, Inc.^(b)(c)		33,986		224,308
Repligen Corp.^(b)(c)		12,577		1,692,361
REVOLUTION Medicines, Inc.^(b)(c)		19,771		391,466
Rocket Pharmaceuticals, Inc.^(b)		15,838		286,668
Sage Therapeutics, Inc.^(b)(c)		36,893		691,006
Sana Biotechnology, Inc.^(b)(c)		74,398		220,218
Sangamo Therapeutics, Inc.^(b)		114,039		71,867
Sarepta Therapeutics, Inc.^(b)(c)		9,525		641,128
Schrodinger, Inc.^(b)(c)		19,142		415,381
Seagen, Inc.^(b)(c)		17,849		3,798,446
Seer, Inc.^(b)(c)		89,229		146,336
Sharecare, Inc.^(b)(c)		243,330		255,496
SIGA Technologies, Inc.^(c)		60,086		306,439
SNDL, Inc. (Canada)^(b)(c)		503,647		725,252
SomaLogic, Inc.^(b)(c)		172,010		383,582
Sotera Health Co.^(b)(c)		53,220		673,765


	Shares		Value
Health Care-(continued)
STAAR Surgical Co.^(b)(c)		6,157	$	257,486
Supernus Pharmaceuticals, Inc.^(b)		44,307		1,056,722
Surgery Partners, Inc.^(b)(c)		42,580		984,875
Tandem Diabetes Care, Inc.^(b)(c)		16,970		293,581
Travere Therapeutics, Inc.^(b)(c)		23,273		150,809
Twist Bioscience Corp.^(b)(c)		26,648		419,972
UFP Technologies, Inc.^(b)(c)		3,400		530,128
Ultragenyx Pharmaceutical, Inc.^(b)(c)		19,753		699,256
uniQure N.V. (Netherlands)^(b)		30,302		172,721
US Physical Therapy, Inc.^(c)		9,036		760,018
Vanda Pharmaceuticals, Inc.^(b)		105,374		461,538
Varex Imaging Corp.^(b)(c)		78,641		1,419,470
Veracyte, Inc.^(b)		44,956		931,488
Veradigm, Inc.^(b)(c)		181,587		2,395,133
Vir Biotechnology, Inc.^(b)(c)		32,973		261,476
Xencor, Inc.^(b)(c)		21,776		377,814
Xenon Pharmaceuticals, Inc. (Canada)^(b)		13,480		417,880
Zimvie, Inc.^(b)(c)		150,194		1,060,370

				172,702,775

Industrials-18.47%
3D Systems Corp.^(b)(c)		112,655		420,203
AAON, Inc.^(c)		19,522		1,063,559
AAR Corp.^(b)		43,306		2,570,644
ACCO Brands Corp.		391,167		1,979,305
ACV Auctions, Inc., Class A^(b)(c)		47,180		628,909
Advanced Drainage Systems, Inc.		25,256		2,698,098
AeroVironment, Inc.^(b)		12,691		1,455,150
AerSale Corp.^(b)(c)		17,842		272,804
Air Transport Services Group, Inc.^(b)(c)		142,212		2,783,089
Alamo Group, Inc.		9,388		1,504,896
Alaska Air Group, Inc.^(b)		59,421		1,879,486
Albany International Corp., Class A		23,423		1,911,551
Allegiant Travel Co.^(c)		8,472		564,405
Allient, Inc.		9,664		266,726
Alta Equipment Group, Inc.^(c)		27,436		252,137
Ameresco, Inc., Class A^(b)(c)		20,554		537,487
American Woodmark Corp.^(b)		50,216		3,376,022
Apogee Enterprises, Inc.		39,102		1,678,258
ArcBest Corp.		35,134		3,825,390
Archer Aviation, Inc., Class A^(b)(c)		141,267		671,018
Arcosa, Inc.		58,656		4,051,370
Argan, Inc.		24,581		1,124,335
Armstrong World Industries, Inc.		32,391		2,458,153
Array Technologies, Inc.^(b)(c)		37,363		647,501
Astec Industries, Inc.		33,193		1,329,048
Astronics Corp.^(b)		45,971		704,735
Axon Enterprise, Inc.^(b)		7,386		1,510,363
AZEK Co., Inc. (The)^(b)(c)		79,105		2,072,551
AZZ, Inc.		43,133		2,038,897
Babcock & Wilcox Enterprises, Inc.^(b)(c)		76,696		201,710
Barnes Group, Inc.		75,951		1,579,021
Barrett Business Services, Inc.		9,883		903,899
Bloom Energy Corp., Class A^(b)(c)		21,925		228,020
Blue Bird Corp.^(b)		24,844		452,409
BlueLinx Holdings, Inc.^(b)(c)		36,716		2,610,875
BrightView Holdings, Inc.^(b)(c)		227,831		1,535,581
Cadre Holdings, Inc.		14,522		407,342
Casella Waste Systems, Inc., Class A^(b)(c)		20,823		1,571,095
Castor Maritime, Inc. (Cyprus)^(b)		230,863		78,770

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


		23

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
CBIZ, Inc.^(b)		36,858	$	1,915,142
CECO Environmental Corp.^(b)		26,566		429,838
Ceridian HCM Holding, Inc.^(b)(c)		38,864		2,487,685
ChargePoint Holdings, Inc.^(b)(c)		39,404		100,086
Chart Industries, Inc.^(b)(c)		23,972		2,786,266
Cimpress PLC (Ireland)^(b)(c)		57,799		3,448,866
Civeo Corp.		12,793		255,860
Columbus McKinnon Corp.		40,476		1,237,351
Comfort Systems USA, Inc.		23,929		4,351,489
Commercial Vehicle Group, Inc.^(b)		56,805		395,931
Conduent, Inc.^(b)		470,426		1,500,659
Construction Partners, Inc., Class A^(b)(c)		37,642		1,447,335
Core & Main, Inc., Class A^(b)(c)		77,948		2,344,676
Corp. America Airports S.A. (Argentina)^(b)		32,570		347,196
Costamare, Inc. (Monaco)^(c)		146,535		1,323,211
Covenant Logistics Group, Inc., Class A		30,992		1,223,719
CRA International, Inc.^(c)		4,949		480,597
CSG Systems International, Inc.		33,182		1,554,909
CSW Industrials, Inc.		6,562		1,163,180
Custom Truck One Source, Inc.^(b)		57,548		332,052
Danaos Corp. (Greece)		34,633		2,294,783
Daseke, Inc.^(b)(c)		131,854		585,432
Deluxe Corp.		130,835		2,230,737
Desktop Metal, Inc., Class A^(b)(c)		580,258		502,736
Diana Shipping, Inc. (Greece)		89,065		289,461
Douglas Dynamics, Inc.		27,018		655,997
Driven Brands Holdings, Inc.^(b)(c)		38,510		438,244
Ducommun, Inc.^(b)		21,505		1,028,799
DXP Enterprises, Inc.^(b)		30,492		994,039
Eagle Bulk Shipping, Inc.^(c)		19,391		791,153
Encore Wire Corp.^(c)		13,197		2,360,020
Energy Recovery, Inc.^(b)		14,739		224,033
Enerpac Tool Group Corp.		33,842		957,729
Eneti, Inc.		37,323		378,828
Ennis, Inc.		48,573		1,037,519
EnPro Industries, Inc.		21,217		2,356,360
Enviri Corp.^(b)		300,388		1,724,227
Esab Corp.		67,236		4,256,039
ESCO Technologies, Inc.		18,170		1,766,487
ExlService Holdings, Inc.^(b)(c)		59,105		1,543,232
Exponent, Inc.		13,185		966,329
Federal Signal Corp.		40,032		2,323,457
First Advantage Corp.^(c)		63,087		820,762
Fiverr International Ltd.^(b)		9,637		204,015
Forrester Research, Inc.^(b)		10,572		245,270
Forward Air Corp.		19,830		1,277,250
Franklin Electric Co., Inc.		26,661		2,312,042
FREYR Battery S.A. (Norway)^(b)(c)		36,111		115,916
FTAI Aviation Ltd.^(c)		151,883		5,712,320
FTAI Infrastructure, Inc.		367,010		1,123,051
FuelCell Energy, Inc.^(b)(c)		188,806		205,799
Gates Industrial Corp. PLC^(b)(c)		227,293		2,482,040
Genco Shipping & Trading Ltd.		62,406		821,887
Gibraltar Industries, Inc.^(b)		40,144		2,443,164
Global Industrial Co.		17,577		561,585
Global Ship Lease, Inc., Class A (United Kingdom)^(c)		24,011		422,113
Golden Ocean Group Ltd. (Norway)^(c)		303,303		2,198,947
Gorman-Rupp Co. (The)		34,196		1,010,492


	Shares		Value
Industrials-(continued)
GrafTech International Ltd.^(c)		641,949	$	2,214,724
Granite Construction, Inc.		78,352		3,171,689
Great Lakes Dredge & Dock Corp.^(b)(c)		228,229		1,734,540
Greenbrier Cos., Inc. (The)		132,678		4,589,332
Griffon Corp.		57,529		2,297,708
H&E Equipment Services, Inc.		50,882		2,071,915
Hawaiian Holdings, Inc.^(b)(c)		64,919		273,309
Hayward Holdings, Inc.^(b)(c)		91,219		957,799
Healthcare Services Group, Inc.		200,429		1,904,075
Heartland Express, Inc.		63,496		740,363
Heidrick & Struggles International, Inc.		32,921		801,297
Helios Technologies, Inc.		21,205		1,096,723
Herc Holdings, Inc.		24,806		2,649,033
Hillman Solutions Corp.^(b)(c)		191,060		1,253,354
HireRight Holdings Corp.^(b)(c)		32,833		302,392
HNI Corp.		101,824		3,532,275
Huron Consulting Group, Inc.^(b)		19,383		1,925,895
Hydrofarm Holdings Group, Inc.^(b)(c)		401,223		400,581
Hyliion Holdings Corp.^(b)		123,767		73,802
Hyster-Yale Materials Handling, Inc.		29,258		1,170,613
ICF International, Inc.		18,887		2,393,550
Ideanomics, Inc.^(b)(c)		22,810		50,638
IES Holdings, Inc.^(b)		11,361		706,995
INNOVATE Corp.^(b)(c)		200,073		244,089
Insteel Industries, Inc.		31,251		872,215
Interface, Inc.		134,759		1,198,008
Janus International Group, Inc.^(b)		33,024		309,105
JetBlue Airways Corp.^(b)(c)		331,632		1,246,936
Joby Aviation, Inc.^(b)(c)		116,865		615,879
John Bean Technologies Corp.		23,654		2,460,489
Kadant, Inc.		6,371		1,401,620
Kaman Corp.		71,722		1,334,746
Kelly Services, Inc., Class A		87,959		1,570,068
Kforce, Inc.^(c)		24,675		1,506,162
Korn Ferry		66,589		3,031,131
Kornit Digital Ltd. (Israel)^(b)		48,945		675,441
Kratos Defense & Security Solutions, Inc.^(b)(c)		145,639		2,483,145
Legalzoom.com, Inc.^(b)(c)		38,741		386,248
Li-Cycle Holdings Corp. (Canada)^(b)(c)		56,009		75,052
Limbach Holdings, Inc.^(b)		38,335		1,142,383
Lindsay Corp.		6,182		772,255
LSI Industries, Inc.		26,727		397,698
Luxfer Holdings PLC (United Kingdom)		39,319		325,168
Lyft, Inc., Class A^(b)(c)		265,262		2,432,453
Manitowoc Co., Inc. (The)^(b)		106,029		1,357,171
Marten Transport Ltd.		72,118		1,267,834
Masonite International Corp.^(b)		42,961		3,399,934
Matrix Service Co.^(b)		93,787		1,092,619
Matson, Inc.		17,397		1,514,409
Matthews International Corp., Class A		58,586		2,076,288
Mayville Engineering Co., Inc.^(b)		19,075		230,617
McGrath RentCorp		21,715		2,184,529
Mercury Systems, Inc.^(b)(c)		40,326		1,450,929
Microvast Holdings, Inc.^(b)(c)		277,631		341,486
Miller Industries, Inc.		14,346		521,764
Montrose Environmental Group, Inc.^(b)		11,549		267,013
Moog, Inc., Class A		34,603		4,015,678
MRC Global, Inc.^(b)		283,129		2,975,686
MSA Safety, Inc.		20,895		3,298,903

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


		24

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
Mueller Water Products, Inc., Class A		156,813	$	1,939,777
MYR Group, Inc.^(b)		25,355		2,936,870
National Presto Industries, Inc.		11,086		828,679
Nikola Corp.^(b)(c)		174,109		188,038
Northwest Pipe Co.^(b)		14,182		386,601
NOW, Inc.^(b)		201,347		2,218,844
NV5 Global, Inc.^(b)(c)		8,991		848,301
PAM Transportation Services, Inc.^(b)		10,610		183,235
Pangaea Logistics Solutions Ltd.^(c)		81,037		469,204
Park Aerospace Corp.		29,571		434,102
Parsons Corp.^(b)(c)		42,726		2,416,155
Paycom Software, Inc.		7,169		1,756,190
Paycor HCM, Inc.^(b)(c)		12,839		277,066
Paylocity Holding Corp.^(b)		4,479		803,533
PGT Innovations, Inc.^(b)		77,492		2,320,110
Pitney Bowes, Inc.^(c)		916,305		2,959,665
Planet Labs PBC^(b)(c)		85,056		183,721
Powell Industries, Inc.		13,463		1,031,939
Preformed Line Products Co.		3,830		518,391
Primoris Services Corp.		137,533		4,134,242
Proto Labs, Inc.^(b)		48,592		1,147,257
Quad/Graphics, Inc.^(b)(c)		88,431		432,428
Quanex Building Products Corp.		49,297		1,323,624
Radiant Logistics, Inc.^(b)		57,780		338,591
RBC Bearings, Inc.^(b)(c)		15,461		3,398,946
Resources Connection, Inc.		61,155		823,758
REV Group, Inc.		82,695		1,177,577
Rocket Lab USA, Inc.^(b)(c)		66,908		283,021
Rollins, Inc.^(c)		83,113		3,125,880
Safe Bulkers, Inc. (Greece)		309,151		970,734
Saia, Inc.^(b)		14,414		5,167,275
Schneider National, Inc., Class B		95,004		2,406,451
Seanergy Maritime Holdings Corp.		79,833		402,358
Shyft Group, Inc. (The)		28,095		308,483
Simpson Manufacturing Co., Inc.		29,763		3,963,836
SiteOne Landscape Supply, Inc.^(b)(c)		27,092		3,732,465
Skillsoft Corp.^(b)(c)		14,705		276,454
SkyWest, Inc.^(b)		77,054		3,249,367
SP Plus Corp.^(b)		41,183		2,080,977
Spirit Airlines, Inc.^(c)		79,632		914,175
SPX Technologies, Inc.^(b)		36,392		2,915,727
Standex International Corp.		11,108		1,594,776
Star Bulk Carriers Corp. (Greece)		91,081		1,700,482
Steelcase, Inc., Class A^(c)		425,609		4,643,394
Stem, Inc.^(b)(c)		78,974		266,932
Sterling Check Corp.^(b)(c)		26,746		299,020
Sterling Infrastructure, Inc.^(b)		44,019		3,206,784
Sun Country Airlines Holdings, Inc.^(b)(c)		17,461		227,342
SunPower Corp.^(b)(c)		37,700		160,979
Tecnoglass, Inc.^(c)		11,153		364,480
Tennant Co.		23,845		1,769,776
Tetra Tech, Inc.		26,066		3,933,620
Textainer Group Holdings Ltd. (China)^(c)		111,161		5,460,228
Thermon Group Holdings, Inc.^(b)		33,808		902,336
Titan International, Inc.^(b)(c)		66,819		759,064
Titan Machinery, Inc.^(b)		35,540		882,814
Toro Corp. (Cyprus)^(b)(c)		23,109		95,671
TPI Composites, Inc.^(b)(c)		111,502		257,570
Trex Co., Inc.^(b)		46,085		2,590,438
TriNet Group, Inc.^(b)(c)		37,432		3,846,138


	Shares		Value
Industrials-(continued)
Triumph Group, Inc.^(b)(c)		129,790	$	968,233
TrueBlue, Inc.^(b)		69,946		774,302
TTEC Holdings, Inc.		22,982		472,970
TuSimple Holdings, Inc., Class A^(b)(c)		376,671		403,038
Tutor Perini Corp.^(b)		177,184		1,277,497
UniFirst Corp.^(c)		14,620		2,403,967
Universal Logistics Holdings, Inc.^(c)		14,342		320,974
Upwork, Inc.^(b)(c)		39,643		414,269
V2X, Inc.^(b)(c)		14,533		742,200
Verra Mobility Corp., Class A^(b)		77,571		1,533,579
Vertiv Holdings Co.		246,883		9,695,095
Viad Corp.^(b)		27,253		660,340
Vicor Corp.^(b)(c)		6,400		247,936
View, Inc.^(b)		7,275		22,625
Virgin Galactic Holdings, Inc.^(b)(c)		118,292		175,072
VSE Corp.		15,211		818,352
Wabash National Corp.^(c)		73,780		1,526,508
Watts Water Technologies, Inc., Class A		14,671		2,538,230
Wheels Up Experience, Inc.^(b)(c)		94,019		132,567
Willdan Group, Inc.^(b)(c)		22,863		403,303
Xometry, Inc., Class A^(b)(c)		10,839		157,707
Zurn Elkay Water Solutions Corp.		38,870		1,028,500

				348,374,062

Information Technology-12.46%
8x8, Inc.^(b)		87,040		207,155
A10 Networks, Inc.		24,013		261,021
ACI Worldwide, Inc.^(b)		132,472		2,698,455
ACM Research, Inc., Class A^(b)(c)		53,080		721,888
Adeia, Inc.		62,694		528,510
ADTRAN Holdings, Inc.		49,682		326,411
Advanced Energy Industries, Inc.^(c)		20,016		1,746,596
Alarm.com Holdings, Inc.^(b)(c)		25,390		1,298,191
Allegro MicroSystems, Inc. (Japan)^(b)(c)		14,469		375,615
Alpha & Omega Semiconductor Ltd.^(b)		27,206		645,326
Altair Engineering, Inc., Class A^(b)(c)		12,146		754,510
Alteryx, Inc., Class A^(b)(c)		8,706		278,679
Ambarella, Inc.^(b)(c)		7,435		334,501
American Software, Inc., Class A		29,204		320,368
AppFolio, Inc., Class A^(b)		2,504		469,675
AppLovin Corp., Class A^(b)(c)		190,249		6,932,674
Arlo Technologies, Inc.^(b)		95,320		809,267
Aspen Technology, Inc.^(b)(c)		1,565		278,179
Atlassian Corp., Class A^(b)		5,944		1,073,724
Aurora Innovation, Inc.^(b)(c)		465,910		815,342
Aviat Networks, Inc.^(b)		11,581		309,213
Avid Technology, Inc.^(b)(c)		12,975		350,584
Axcelis Technologies, Inc.^(b)(c)		10,393		1,325,107
AXT, Inc.^(b)		65,480		130,305
Badger Meter, Inc.		9,974		1,381,898
Bel Fuse, Inc., Class B		13,307		720,973
Belden, Inc.		37,597		2,665,627
Benchmark Electronics, Inc.		93,356		2,260,149
Bentley Systems, Inc., Class B^(c)		49,910		2,427,622
BILL Holdings, Inc.^(b)(c)		26,188		2,390,703
Blackbaud, Inc.^(b)		28,853		1,886,986
BlackLine, Inc.^(b)(c)		6,991		343,258
Blend Labs, Inc., Class A^(b)(c)		379,112		458,726
Box, Inc., Class A^(b)(c)		16,164		401,837
Braze, Inc., Class A^(b)		10,078		429,121

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


		25

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Information Technology-(continued)
C3.ai, Inc., Class A^(b)(c)		24,002	$	585,649
CalAmp Corp.^(b)		91,425		22,033
Calix, Inc.^(b)(c)		16,781		555,787
CCC Intelligent Solutions Holdings, Inc.^(b)(c)		78,815		848,838
Cerence, Inc.^(b)(c)		57,608		881,978
CEVA, Inc.^(b)		11,245		193,077
Cloudflare, Inc., Class A^(b)(c)		13,945		790,542
Cognyte Software Ltd. (Israel)^(b)		228,331		954,424
Cohu, Inc.^(b)		39,177		1,180,795
CommVault Systems, Inc.^(b)		13,933		910,522
Comtech Telecommunications Corp.		61,542		750,812
Confluent, Inc., Class A^(b)(c)		17,443		504,277
Consensus Cloud Solutions, Inc.^(b)		16,091		347,405
Corsair Gaming, Inc.^(b)(c)		46,398		593,430
CrowdStrike Holdings, Inc., Class A^(b)		11,855		2,095,608
CTS Corp.		21,329		797,918
CyberArk Software Ltd.^(b)(c)		7,832		1,281,628
Daktronics, Inc.^(b)		139,929		1,346,117
Datadog, Inc., Class A^(b)		15,015		1,223,272
Digi International, Inc.^(b)(c)		21,306		536,485
Digital Turbine, Inc.^(b)(c)		69,428		329,089
DigitalOcean Holdings, Inc.^(b)(c)		20,586		421,190
Diodes, Inc.^(b)		38,273		2,490,807
DocuSign, Inc.^(b)		17,948		697,818
Dolby Laboratories, Inc., Class A^(c)		40,379		3,268,276
DoubleVerify Holdings, Inc.^(b)		13,398		372,866
Dropbox, Inc., Class A^(b)		53,499		1,407,024
Dynatrace, Inc.^(b)		32,800		1,466,488
E2open Parent Holdings, Inc.^(b)(c)		364,351		1,052,974
Eastman Kodak Co.^(b)(c)		351,659		1,308,171
Ebix, Inc.^(c)		78,578		478,540
Elastic N.V.^(b)		10,384		779,215
Enphase Energy, Inc.^(b)(c)		7,308		581,571
Envestnet, Inc.^(b)		33,176		1,227,512
ePlus, Inc.^(b)		39,615		2,475,937
Everbridge, Inc.^(b)		17,582		362,365
Extreme Networks, Inc.^(b)		45,014		928,189
Fabrinet (Thailand)^(b)(c)		25,056		3,883,680
Fair Isaac Corp.^(b)		2,656		2,246,631
FARO Technologies, Inc.^(b)(c)		20,677		266,113
Fastly, Inc., Class A^(b)(c)		67,789		994,465
Five9, Inc.^(b)		6,654		385,067
FormFactor, Inc.^(b)(c)		58,403		1,978,694
Fortinet, Inc.^(b)		63,823		3,648,761
Freshworks, Inc., Class A^(b)(c)		30,280		543,223
GLOBALFOUNDRIES, Inc.^(b)(c)		30,316		1,504,280
Globant S.A.^(b)		13,766		2,344,212
Guidewire Software, Inc.^(b)(c)		28,772		2,593,220
Hackett Group, Inc. (The)		24,033		535,696
Harmonic, Inc.^(b)(c)		39,386		424,975
Hive Digital Technologies Ltd. (Canada)^(b)(c)		155,815		476,794
HubSpot, Inc.^(b)		3,432		1,454,379
Ichor Holdings Ltd.^(b)		43,795		1,062,467
Infinera Corp.^(b)(c)		148,155		434,094
Information Services Group, Inc.		54,762		222,334
InterDigital, Inc.		30,010		2,258,252
IonQ, Inc.^(b)(c)		71,682		691,014
IPG Photonics Corp.^(b)		31,196		2,679,736


	Shares		Value
Information Technology-(continued)
Itron, Inc.^(b)		61,324	$	3,512,639
Jamf Holding Corp.^(b)(c)		24,209		388,797
JFrog Ltd. (Israel)^(b)		20,610		463,519
Kimball Electronics, Inc.^(b)		35,386		927,113
Knowles Corp.^(b)		148,910		1,934,341
Kulicke & Soffa Industries, Inc. (Singapore)		43,404		1,806,040
Lattice Semiconductor Corp.^(b)		11,865		659,813
Littelfuse, Inc.		15,208		3,295,117
LivePerson, Inc.^(b)		38,510		101,666
LiveRamp Holdings, Inc.^(b)		53,652		1,484,014
MACOM Technology Solutions Holdings, Inc.^(b)		10,075		710,690
Magnachip Semiconductor Corp. (South Korea)^(b)		122,567		905,770
Manhattan Associates, Inc.^(b)		10,042		1,957,989
Marathon Digital Holdings, Inc.^(b)(c)		87,910		774,487
Maxeon Solar Technologies Ltd.^(b)(c)		32,960		205,670
MaxLinear, Inc.^(b)		28,301		430,175
MeridianLink, Inc.^(b)(c)		17,702		290,667
Methode Electronics, Inc.		44,130		1,009,253
MicroStrategy, Inc., Class A^(b)(c)		3,784		1,602,108
Mirion Technologies, Inc.^(b)(c)		126,378		875,800
MongoDB, Inc.^(b)		4,691		1,616,472
Monolithic Power Systems, Inc.		6,224		2,749,390
N-able, Inc.^(b)		44,357		574,867
nCino, Inc.^(b)(c)		25,317		711,408
NETGEAR, Inc.^(b)		70,603		892,422
NetScout Systems, Inc.^(b)		105,572		2,304,637
New Relic, Inc.^(b)(c)		7,853		680,619
nLight, Inc.^(b)(c)		33,856		282,020
Novanta, Inc.^(b)(c)		9,267		1,223,800
Nutanix, Inc., Class A^(b)(c)		34,210		1,238,060
Olo, Inc., Class A^(b)		49,572		253,313
ON24, Inc.^(c)		38,385		236,068
OneSpan, Inc.^(b)(c)		30,339		239,678
Onto Innovation, Inc.^(b)(c)		27,326		3,070,623
OSI Systems, Inc.^(b)		21,499		2,241,701
Ouster, Inc.^(b)		36,968		141,218
PagerDuty, Inc.^(b)(c)		12,372		249,543
Palantir Technologies, Inc., Class A^(b)		293,401		4,342,335
Palo Alto Networks, Inc.^(b)(c)		18,246		4,434,143
PAR Technology Corp.^(b)(c)		17,526		511,584
PC Connection, Inc.		27,076		1,450,732
Pegasystems, Inc.^(c)		11,013		470,696
Perficient, Inc.^(b)(c)		15,715		914,456
Photronics, Inc.^(b)		106,358		1,952,733
Power Integrations, Inc.^(c)		22,876		1,585,993
PowerSchool Holdings, Inc., Class A^(b)(c)		19,455		387,544
Procore Technologies, Inc.^(b)		10,982		670,890
Progress Software Corp.		27,100		1,392,398
PTC, Inc.^(b)		29,735		4,175,389
Pure Storage, Inc., Class A^(b)		62,509		2,113,429
Q2 Holdings, Inc.^(b)(c)		23,563		707,597
Qualys, Inc.^(b)		10,117		1,547,395
Rackspace Technology, Inc.^(b)		556,591		679,041
Radware Ltd. (Israel)^(b)		26,658		397,471
Rambus, Inc.^(b)		26,258		1,426,597
Ribbon Communications, Inc.^(b)		95,784		180,074
RingCentral, Inc., Class A^(b)		26,144		694,908

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


		26

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Information Technology-(continued)
Riot Platforms, Inc.^(b)(c)		194,549	$	1,902,689
Rogers Corp.^(b)(c)		17,012		2,090,605
ScanSource, Inc.^(b)		51,137		1,554,565
Semtech Corp.^(b)(c)		59,382		828,973
SentinelOne, Inc., Class A^(b)(c)		75,070		1,173,344
Silicon Laboratories, Inc.^(b)(c)		17,085		1,574,895
SiTime Corp.^(b)(c)		4,573		456,385
SMART Global Holdings, Inc.^(b)(c)		103,596		1,419,265
SmartRent, Inc.^(b)(c)		108,932		262,526
Smartsheet, Inc., Class A^(b)		16,219		641,299
SolarEdge Technologies, Inc.^(b)(c)		10,325		784,184
SolarWinds Corp.^(b)(c)		123,020		1,133,014
Splunk, Inc.^(b)		18,080		2,660,653
SPS Commerce, Inc.^(b)		6,175		990,099
Stratasys Ltd.^(b)(c)		103,989		1,057,568
Super Micro Computer, Inc.^(b)(c)		40,534		9,706,677
Synaptics, Inc.^(b)		23,447		1,961,576
Tenable Holdings, Inc.^(b)(c)		11,048		465,231
Teradata Corp.^(b)		74,646		3,188,877
Thoughtworks Holding, Inc.^(b)(c)		51,326		173,995
TTM Technologies, Inc.^(b)		285,755		3,283,325
Tucows,Inc.,Class A^(b)(c)		16,295		275,223
Turtle Beach Corp.^(b)(c)		55,494		457,825
UiPath,Inc.,Class A^(b)(c)		100,722		1,564,213
Ultra Clean Holdings, Inc.^(b)		70,440		1,680,698
Unisys Corp.^(b)(c)		306,878		853,121
Unity Software, Inc.^(b)(c)		46,552		1,181,024
Universal Display Corp.		14,432		2,008,646
Upland Software, Inc.^(b)(c)		56,476		188,630
Varonis Systems, Inc.^(b)(c)		28,824		969,639
Veeco Instruments, Inc.^(b)(c)		36,551		875,031
Verint Systems, Inc.^(b)(c)		49,617		933,296
VeriSign, Inc.^(b)		17,251		3,444,335
Viavi Solutions, Inc.^(b)(c)		210,567		1,638,211
Vishay Precision Group, Inc.^(b)		14,465		432,793
Wix.com Ltd. (Israel)^(b)		8,489		678,271
Wolfspeed, Inc.^(b)(c)		37,314		1,262,706
Xperi, Inc.^(b)		128,632		1,092,086
Yext, Inc.^(b)		55,135		332,464
Zscaler, Inc.^(b)		3,398		539,229
Zuora, Inc., Class A^(b)(c)		38,723		286,937

				235,115,947

Materials-4.90%
AdvanSix, Inc.		57,574		1,586,164
Alpha Metallurgical Resources, Inc.		17,873		3,931,345
Alto Ingredients, Inc.^(b)(c)		499,774		2,079,060
American Vanguard Corp.		35,074		328,293
Arch Resources, Inc.		16,257		2,452,043
Ardagh Metal Packaging S.A		238,698		804,412
ATI, Inc.^(b)(c)		90,402		3,414,484
Balchem Corp.		13,764		1,599,927
Carpenter Technology Corp.		69,319		4,347,688
Century Aluminum Co.^(b)(c)		119,823		792,030
Chase Corp.		6,392		812,167
Clearwater Paper Corp.^(b)		54,349		1,837,540
Coeur Mining, Inc.^(b)(c)		561,381		1,409,066
Compass Minerals International, Inc.^(c)		77,172		1,901,518
Danimer Scientific, Inc.^(b)(c)		208,745		298,505
Eagle Materials, Inc.		24,864		3,826,818


	Shares		Value
Materials-(continued)
Ecovyst, Inc.^(b)(c)		146,955	$	1,351,986
Ferroglobe PLC^(b)		167,925		764,059
FutureFuel Corp.		100,372		657,437
Ginkgo Bioworks Holdings, Inc.^(b)(c)		385,074		527,551
Glatfelter Corp.^(b)(c)		413,552		715,445
Greif, Inc., Class A		57,283		3,637,470
Hawkins, Inc.^(c)		22,433		1,288,327
Haynes International, Inc.		13,312		572,749
Hecla Mining Co.^(c)		436,037		1,774,671
Ingevity Corp.^(b)		35,472		1,428,812
Innospec, Inc.		22,740		2,228,520
Intrepid Potash, Inc.^(b)(c)		25,384		504,888
Kaiser Aluminum Corp.		32,037		1,819,702
Koppers Holdings, Inc.		46,679		1,707,051
Kronos Worldwide, Inc.^(c)		68,809		474,782
Livent Corp.^(b)(c)		54,308		792,354
LSB Industries, Inc.^(b)(c)		80,284		731,387
Materion Corp.		15,817		1,533,933
Mativ Holdings, Inc., Class A^(c)		105,187		1,377,950
McEwen Mining, Inc. (Canada)^(b)(c)		62,428		432,626
Mercer International, Inc. (Germany)^(c)		166,547		1,322,383
Minerals Technologies, Inc.		53,498		2,892,102
MP Materials Corp.^(b)(c)		23,897		391,911
Myers Industries, Inc.		41,412		694,479
NewMarket Corp.		8,186		3,946,880
Nexa Resources S.A. (Brazil)		77,102		461,841
Olympic Steel, Inc.		27,305		1,386,275
Orion S.A. (Germany)		105,274		2,137,062
Pactiv Evergreen, Inc.		100,344		864,965
Perimeter Solutions S.A.^(b)		111,002		355,206
Quaker Chemical Corp.		9,866		1,417,941
Ranpak Holdings Corp.^(b)(c)		71,509		225,968
Rayonier Advanced Materials, Inc.^(b)		298,341		826,405
Ryerson Holding Corp.		49,672		1,442,972
Schnitzer Steel Industries, Inc., Class A		78,803		1,789,616
Sensient Technologies Corp.		43,030		2,427,753
Stepan Co.		28,923		2,163,440
SunCoke Energy, Inc.		207,462		1,972,964
TimkenSteel Corp.^(b)(c)		105,521		2,145,242
Tredegar Corp.		61,550		275,744
TriMas Corp.^(c)		57,714		1,397,256
Tronox Holdings PLC, Class A^(c)		256,834		2,745,555
Worthington Industries, Inc.		54,711		3,371,292

				92,398,012

Real Estate-6.08%
Acadia Realty Trust		204,698		2,931,275
Agree Realty Corp.		53,444		2,989,657
Alexander & Baldwin, Inc.		140,800		2,224,640
Alexander’s, Inc.		3,374		634,278
American Assets Trust, Inc.		87,670		1,556,142
Apartment Investment & Management Co., Class A^(b)(c)		131,321		769,541
Armada Hoffler Properties, Inc.		82,479		821,491
Ashford Hospitality Trust, Inc.^(b)(c)		302,201		637,644
Braemar Hotels & Resorts, Inc.		210,853		552,435
Broadstone Net Lease, Inc.		184,548		2,611,354
CareTrust REIT, Inc.		94,360		2,030,627
CBL & Associates Properties, Inc.^(c)		58,447		1,211,606
Centerspace		25,348		1,231,406

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


		27

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Real Estate-(continued)
Chatham Lodging Trust^(c)		119,748	$	1,107,669
City Office REIT, Inc.		154,010		586,778
Community Healthcare Trust, Inc.		18,653		534,782
Compass, Inc., Class A^(b)(c)		481,113		952,604
CTO Realty Growth, Inc.^(c)		29,437		476,585
Diversified Healthcare Trust		1,595,400		3,302,478
Douglas Elliman, Inc.^(c)		206,670		365,806
Easterly Government Properties, Inc.^(c)		160,174		1,723,472
EastGroup Properties, Inc.		21,939		3,581,542
Elme Communities		153,617		1,960,153
Empire State Realty Trust, Inc., Class A^(c)		334,695		2,707,683
Equity Commonwealth		115,837		2,193,953
Essential Properties Realty Trust, Inc.		98,284		2,157,334
eXp World Holdings, Inc.^(c)		42,369		562,237
Farmland Partners, Inc.		44,573		464,451
Forestar Group, Inc.^(b)(c)		48,723		1,157,171
Four Corners Property Trust, Inc.		70,570		1,503,141
Franklin Street Properties Corp.		477,723		831,238
Getty Realty Corp.		41,595		1,107,259
Gladstone Commercial Corp.		54,780		654,621
Gladstone Land Corp.^(c)		29,553		403,694
Global Medical REIT, Inc.		81,646		707,054
Global Net Lease, Inc.^(c)		471,007		3,739,796
Hersha Hospitality Trust, Class A		115,110		1,141,891
Independence Realty Trust, Inc.^(c)		217,483		2,694,614
Industrial Logistics Properties Trust^(c)		490,243		1,225,608
Innovative Industrial Properties, Inc.^(c)		20,239		1,453,767
InvenTrust Properties Corp.^(c)		109,792		2,755,779
Kennedy-Wilson Holdings, Inc.^(c)		219,267		2,821,966
LTC Properties, Inc.		48,631		1,537,226
Marcus & Millichap, Inc.^(c)		34,883		1,001,142
National Health Investors, Inc.		56,907		2,847,626
National Storage Affiliates Trust		57,757		1,647,230
NETSTREIT Corp.^(c)		41,360		589,380
Newmark Group, Inc., Class A^(c)		268,989		1,525,168
NexPoint Residential Trust, Inc.		21,901		591,108
Offerpad Solutions, Inc.^(b)(c)		31,239		248,350
Office Properties Income Trust		218,378		980,517
One Liberty Properties, Inc.^(c)		27,058		497,867
Opendoor Technologies, Inc.^(b)(c)		1,894,903		3,600,316
Orion Office REIT, Inc.		123,765		591,597
Pebblebrook Hotel Trust^(c)		264,012		3,149,663
Plymouth Industrial REIT, Inc.		26,368		525,778
RE/MAX Holdings, Inc., Class A^(c)		30,753		330,902
Redfin Corp.^(b)(c)		122,170		569,312
Retail Opportunity Investments Corp.^(c)		189,000		2,218,860
RMR Group, Inc. (The), Class A		28,152		633,983
RPT Realty^(c)		194,230		2,095,742
Ryman Hospitality Properties, Inc.		39,169		3,352,866
Safehold, Inc.^(b)(c)		38,535		626,964
Saul Centers, Inc.		17,911		622,765
Seritage Growth Properties, Class A^(b)(c)		59,201		428,615
St. Joe Co. (The)		12,286		573,019
Star Holdings^(b)		13,637		156,144
Summit Hotel Properties, Inc.		279,053		1,573,859
Tanger Factory Outlet Centers, Inc.		174,246		3,929,247
Tejon Ranch Co.^(b)		18,244		283,147
Terreno Realty Corp.		43,689		2,327,750
UMH Properties, Inc.		51,705		714,046
Universal Health Realty Income Trust		12,549		482,384


	Shares		Value
Real Estate-(continued)
Urban Edge Properties		201,579	$	3,197,043
Veris Residential, Inc.		149,736		2,004,965
WeWork, Inc., Class A^(b)(c)		12,138		27,675
Whitestone REIT		108,266		1,077,247
Xenia Hotels & Resorts, Inc.		265,747		3,090,638

				114,727,363

Utilities-1.46%
American States Water Co.		22,919		1,788,828
Artesian Resources Corp., Class A		7,324		287,833
Atlantica Sustainable Infrastructure PLC (Spain)^(c)		143,395		2,596,883
California Water Service Group		46,300		2,253,884
Chesapeake Utilities Corp.^(c)		15,716		1,392,595
Clearway Energy, Inc., Class A		34,073		694,067
Clearway Energy, Inc., Class C^(c)		81,901		1,778,071
Genie Energy Ltd., Class B		26,084		517,507
MGE Energy, Inc.^(c)		36,472		2,612,489
Middlesex Water Co.		9,573		608,173
Northwest Natural Holding Co.		58,496		2,147,389
Ormat Technologies, Inc.^(c)		32,303		1,987,927
Otter Tail Corp.^(c)		43,613		3,355,584
ReNew Energy Global PLC, Class A (India)^(b)(c)		329,398		1,778,749
SJW Group		25,184		1,573,496
Spruce Power Holding Corp.^(b)(c)		33,712		125,409
Sunnova Energy International, Inc.^(b)(c)		66,727		609,218
Unitil Corp.		24,848		1,134,808
Via Renewables, Inc.^(c)		9,331		52,813
York Water Co. (The)		8,406		303,204

				27,598,927

Total Common Stocks & Other Equity Interests (Cost $2,086,382,445)				1,885,234,597


Closed-End Funds-0.04%
BP Prudhoe Bay Royalty Trust^(c)		38,149		184,260
Mesabi Trust^(c)		14,318		292,946
Sabine Royalty Trust^(c)		4,706		271,771

Total Closed-End Funds (Cost $944,470)				748,977


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(f) (Cost $1,106,734)		1,106,734		1,106,734

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $2,088,433,649)				1,887,090,308


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-25.93%
Invesco Private Government Fund, 5.32%^(d)(f)(g)		137,019,851		137,019,851

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


		28

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(f)(g)		352,026,849	$	352,062,052

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $489,050,416)				489,081,903

TOTAL INVESTMENTS IN SECURITIES-125.97% (Cost $2,577,484,065)				2,376,172,211
OTHER ASSETS LESS LIABILITIES-(25.97)%				(489,841,319	)

NET ASSETS-100.00%			$	1,886,330,892

Investment Abbreviations:

REIT -Real Estate Investment Trust

Rts. -Rights

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value October 31, 2023			Dividend Income
Invesco Mortgage Capital, Inc.	$	666,987	$	27,187	$	(63,618	)		$	(194,015	)	$	(555	)		$	435,986	$	50,447

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		2,412,621		44,063,759		(45,369,646	)			-			-				1,106,734		32,656

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		161,246,789		242,491,512		(266,718,450	)			-			-				137,019,851		3,962,486	*

Invesco Private Prime Fund		402,326,336		512,439,864		(562,745,746	)			101,087			(59,489	)			352,062,052		10,560,465	*

Total	$	566,652,733	$	799,022,322	$	(874,897,460	)		$	(92,928	)	$	(60,044	)		$	490,624,623	$	14,606,054

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

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

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

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


		29

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Industrials			18.47

Financials			18.31

Consumer Discretionary			13.81

Information Technology			12.46

Health Care			9.16

Energy			7.05

Real Estate			6.08

Materials			4.92

Consumer Staples			4.61

Communication Services			3.65

Utilities			1.46

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.


		30

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)


	Invesco Bloomberg MVP Multi-factor ETF (BMVP)				Invesco FTSE RAFI US 1000 ETF (PRF)			Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	83,152,980			$	5,762,578,913		$	1,885,547,588
Affiliated investments in securities, at value			7,535,265				291,967,468			490,624,623
Cash			-				22			15,102
Receivable for:
Dividends			100,029				7,184,067			696,115
Securities lending			543				55,396			232,872
Investments sold			-				-			647,811
Fund shares sold			-				4,611,999			2,447,707
Other assets			30,897				1,385			1,336

Total assets			90,819,714				6,066,399,250			2,380,213,154


Liabilities:
Payable for:
Investments purchased			-				4,240,742			2,951,429
Collateral upon return of securities loaned			7,534,366				287,154,456			489,050,416
Accrued advisory fees			20,801				1,420,226			463,754
Accrued trustees’ and officer’s fees			83,891				405,067			155,962
Accrued expenses			10,500				3,612,378			1,260,701

Total liabilities			7,649,558				296,832,869			493,882,262

Net Assets		$	83,170,156			$	5,769,566,381		$	1,886,330,892


Net assets consist of:
Shares of beneficial interest		$	254,098,094			$	5,472,792,018		$	2,549,372,650
Distributable earnings (loss)			(170,927,938	)			296,774,363			(663,041,758	)

Net Assets		$	83,170,156			$	5,769,566,381		$	1,886,330,892

Shares outstanding (unlimited amount authorized, $0.01 par value)			2,340,000				186,190,000			61,180,000
Net asset value		$	35.54			$	30.99		$	30.83

Market price		$	35.53			$	30.99		$	30.83

Unaffiliated investments in securities, at cost		$	84,952,598			$	5,078,271,268		$	2,086,202,122

Affiliated investments in securities, at cost		$	7,535,692			$	294,204,540		$	491,281,943

^(a)Includes securities on loan with an aggregate value of:		$	7,424,104			$	281,979,024		$	479,409,774

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


		31

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)


	Invesco Bloomberg MVP Multi-factor ETF (BMVP)				Invesco FTSE RAFI US 1000 ETF (PRF)				Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
Investment income:										��
Unaffiliated dividend income		$	809,292			$	69,976,075				$	17,560,727
Affiliated dividend income			3,120				150,146					83,103
Securities lending income, net			8,830				432,752					2,926,163
Foreign withholding tax			(1,239	)			(11,081	)				(25,041	)

Total investment income			820,003				70,547,892					20,544,952


Expenses:
Unitary management fees			151,191				-					-
Advisory fees			45,261				8,746,582					2,934,012
Sub-licensing fees			9,072				2,714,437					910,549
Accounting & administration fees			(4,995	)			199,831					77,952
Custodian & transfer agent fees			(368	)			16,541					7,497
Trustees’ and officer’s fees			3,035				38,006					15,469
Other expenses			(2,941	)			159,811					80,375

Total expenses			200,255				11,875,208					4,025,854

Less: Waivers			(60	)			(108,581	)				(78,692	)

Net expenses			200,195				11,766,627					3,947,162

Net investment income			619,808				58,781,265					16,597,790


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(2,766,637	)			(8,512,476	)				(3,174,074	)
Affiliated investment securities			(650	)			(2,329	)				(59,489	)
Unaffiliated in-kind redemptions			5,146,680				71,708,952					18,673,659
Affiliated in-kind redemptions			-				2,977					(555	)
Foreign currencies			-				-					6

Net realized gain			2,379,393				63,197,124					15,439,547

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(4,431,909	)			(204,344,294	)				(85,924,743	)
Affiliated investment securities			(226	)			(789,100	)				(92,928	)

Change in net unrealized appreciation (depreciation)			(4,432,135	)			(205,133,394	)				(86,017,671	)

Net realized and unrealized gain (loss)			(2,052,742	)			(141,936,270	)				(70,578,124	)

Net increase (decrease) in net assets resulting from operations		$	(1,432,934	)		$	(83,155,005	)			$	(53,980,334	)

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


		32

(This Page Intentionally Left Blank)


		33

Statements of Changes in Net Assets

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

(Unaudited)


	Invesco Bloomberg MVP Multi-factor ETF (BMVP)								Invesco FTSE RAFI US 1000 ETF (PRF)
	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	619,808			$	1,220,338			$	58,781,265			$	119,256,727
Net realized gain (loss)			2,379,393				(3,691,744	)			63,197,124				150,790,219
Change in net unrealized appreciation (depreciation)			(4,432,135	)			6,399,213				(205,133,394	)			(199,894,821	)

Net increase (decrease) in net assets resulting from operations			(1,432,934	)			3,927,807				(83,155,005	)			70,152,125


Distributions to Shareholders from:
Distributable earnings			(495,376	)			(1,393,641	)			(55,437,263	)			(121,245,950	)


Shareholder Transactions:
Proceeds from shares sold			29,089,471				24,564,978				122,914,098				1,013,641,362
Value of shares repurchased			(34,555,671	)			(41,935,463	)			(187,136,734	)			(639,141,302	)

Net increase (decrease) in net assets resulting from share transactions			(5,466,200	)			(17,370,485	)			(64,222,636	)			374,500,060

Net increase (decrease) in net assets			(7,394,510	)			(14,836,319	)			(202,814,904	)			323,406,235


Net assets:
Beginning of period			90,564,666				105,400,985				5,972,381,285				5,648,975,050

End of period		$	83,170,156			$	90,564,666			$	5,769,566,381			$	5,972,381,285


Changes in Shares Outstanding:
Shares sold			760,000	^(a)			690,000	^(a)			3,870,000	^(b)			33,250,000	^(b)
Shares repurchased			(910,000	)^(a)			(1,200,000	)^(a)			(5,780,000	)^(b)			(21,250,000	)^(b)
Shares outstanding, beginning of period			2,490,000	^(a)			3,000,000	^(a)			188,100,000	^(b)			176,100,000	^(b)

Shares outstanding, end of period			2,340,000	^(a)			2,490,000	^(a)			186,190,000	^(b)			188,100,000	^(b)

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

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

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


		34


Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	16,597,790			$	28,253,720
		15,439,547				63,707,584
		(86,017,671	)			(130,802,222	)

		(53,980,334	)			(38,840,918	)


		(17,579,128	)			(26,785,262	)


		98,409,530				698,742,061
		(68,716,288	)			(500,211,412	)

		29,693,242				198,530,649

		(41,866,220	)			132,904,469


		1,928,197,112				1,795,292,643

	$	1,886,330,892			$	1,928,197,112


		3,050,000	^(b)			22,050,000	^(b)
		(2,070,000	)^(b)			(15,600,000	)^(b)
		60,200,000	^(b)			53,750,000	^(b)

		61,180,000	^(b)			60,200,000	^(b)


		35

Financial Highlights

Invesco Bloomberg MVP Multi-factor ETF (BMVP)


	Six Months Ended October 31,
	2023^(a)				Years Ended April 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	36.37			$	35.13			$	40.78			$	27.58			$	32.91			$	32.32

Net investment income^(b)			0.26				0.44				0.26				0.25				0.38				0.30
Net realized and unrealized gain (loss) on investments			(0.88	)			1.30				(5.62	)			13.25				(5.33	)			0.66

Total from investment operations			(0.62	)			1.74				(5.36	)			13.50				(4.95	)			0.96

Distributions to shareholders from:
Net investment income			(0.21	)			(0.50	)			(0.29	)			(0.30	)			(0.38	)			(0.37	)

Net asset value at end of period		$	35.54			$	36.37			$	35.13			$	40.78			$	27.58			$	32.91

Market price at end of period^(c)		$	35.53			$	36.36			$	35.10			$	40.80			$	27.13			$	32.88

Net Asset Value Total Return^(d)			(1.74	)%			5.09	%			(13.20	)%			49.27	%			(15.04	)%			3.00	%
Market Price Total Return^(d)			(1.72	)%			5.16	%			(13.32	)%			51.78	%			(16.32	)%			2.89	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	83,170			$	90,565			$	105,401			$	135,810			$	115,831			$	157,975
Ratio to average net assets of:
Expenses, after Waivers			0.44	%^(e)			0.60	%			0.60	%			0.60	%			0.58	%			0.59	%
Expenses, prior to Waivers			0.44	%^(e)			0.63	%			0.60	%			0.62	%			0.58	%			0.59	%
Net investment income			1.35	%^(e)			1.25	%			0.64	%			0.75	%			1.22	%			0.91	%
Portfolio turnover rate^(f)			180	%			233	%			228	%			321	%			313	%			240	%

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

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Annualized.

^(f)

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

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


		36

Financial Highlights–(continued)

Invesco FTSE RAFI US 1000 ETF (PRF)


	Six Months Ended October 31,
	2023^(a)				Years Ended April 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	31.75			$	32.08			$	31.54			$	20.83			$	23.56			$	22.21

Net investment income^(b)			0.32				0.64				0.58				0.49				0.52				0.48
Net realized and unrealized gain (loss) on investments			(0.78	)			(0.33	)			0.52				10.73				(2.68	)			1.34

Total from investment operations			(0.46	)			0.31				1.10				11.22				(2.16	)			1.82

Distributions to shareholders from:
Net investment income			(0.30	)			(0.64	)			(0.56	)			(0.51	)			(0.57	)			(0.47	)

Net asset value at end of period		$	30.99			$	31.75			$	32.08			$	31.54			$	20.83			$	23.56

Market price at end of period^(c)		$	30.99			$	31.74			$	32.06			$	31.54			$	20.86			$	23.56

Net Asset Value Total Return^(d)			(1.50	)%			1.11	%			3.45	%			54.54	%			(9.18	)%			8.40	%
Market Price Total Return^(d)			(1.47	)%			1.12	%			3.41	%			54.32	%			(9.06	)%			8.32	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,769,566			$	5,972,381			$	5,648,975			$	5,110,669			$	4,010,580			$	5,590,025
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(e)			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%
Expenses, prior to Waivers			0.39	%^(e)			0.39	%			0.39	%			0.40	%			0.39	%			0.40	%
Net investment income			1.95	%^(e)			2.05	%			1.76	%			1.94	%			2.24	%			2.13	%
Portfolio turnover rate^(f)			1	%			9	%			10	%			11	%			8	%			10	%

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

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Annualized.

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

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


		37

Financial Highlights–(continued)

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)


	Six Months Ended October 31,
	2023^(a)				Years Ended April 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	32.03			$	33.40			$	36.14			$	20.62			$	26.43			$	26.06

Net investment income^(b)			0.28				0.47				0.37				0.24				0.30				0.35
Net realized and unrealized gain (loss) on investments			(1.19	)			(1.40	)			(2.73	)			15.55				(5.71	)			0.35

Total from investment operations			(0.91	)			(0.93	)			(2.36	)			15.79				(5.41	)			0.70

Distributions to shareholders from:
Net investment income			(0.29	)			(0.44	)			(0.38	)			(0.27	)			(0.40	)			(0.33	)

Net asset value at end of period		$	30.83			$	32.03			$	33.40			$	36.14			$	20.62			$	26.43

Market price at end of period^(c)		$	30.83			$	32.01			$	33.40			$	36.13			$	20.63			$	26.44

Net Asset Value Total Return^(d)			(2.91	)%			(2.77	)%			(6.60	)%			77.05	%			(20.65	)%			2.75	%
Market Price Total Return^(d)			(2.84	)%			(2.83	)%			(6.59	)%			76.88	%			(20.62	)%			2.60	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,886,331			$	1,928,197			$	1,795,293			$	1,949,569			$	1,437,974			$	2,094,831
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(e)			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%
Expenses, prior to Waivers			0.40	%^(e)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			1.64	%^(e)			1.43	%			1.01	%			0.87	%			1.20	%			1.33	%
Portfolio turnover rate^(f)			3	%			27	%			28	%			25	%			21	%			24	%

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

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Annualized.

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

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


		38

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2023

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

Invesco Bloomberg MVP Multi-factor ETF (BMVP)*		“Bloomberg MVP Multi-factor ETF”

Invesco FTSE RAFI US 1000 ETF (PRF)		“FTSE RAFI US 1000 ETF”

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)		“FTSE RAFI US 1500 Small-Mid ETF”

*	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco Dynamic Market ETF to Invesco Bloomberg MVP Multi-factor ETF.

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Shares of Bloomberg MVP Multi-factor ETF and FTSE RAFI US 1000 ETF are listed and traded on NYSE Arca, Inc., and Shares of FTSE RAFI US 1500 Small-Mid ETF are listed and traded on The Nasdaq Stock Market LLC.

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

Bloomberg MVP Multi-factor ETF		Bloomberg MVP Index

FTSE RAFI US 1000 ETF		FTSE RAFI^TM US 1000 Index

FTSE RAFI US 1500 Small-Mid ETF		FTSE RAFI^TM US Mid Small 1500 Index

NOTE 2–Significant Accounting Policies

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

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

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

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


		39

debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.


		40

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.

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

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

FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF are responsible for all of their own expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to their respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary


		41

expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Prior to August 28, 2023, Bloomberg MVP Multi-factor ETF was responsible for all of its own expenses, including, but not limited to, the expenses listed directly above.


	Amount

Bloomberg MVP Multi-factor ETF		$548

FTSE RAFI US 1000 ETF		27,603

FTSE RAFI US 1500 Small-Mid ETF		154,520


		42

K.	Other Risks


		43

supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, 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 certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

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

NOTE 3–Investment Advisory Agreements and Other Agreements

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

Pursuant to an Investment Advisory Agreement, Bloomberg MVP Multi-factor ETF accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.29% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Pursuant to another Investment Advisory Agreement, each of FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets.

Prior to August 28, 2023, Bloomberg MVP Multi-factor ETF accrued daily and paid monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of FTSE RAFI US 1000 ETF and the FTSE RAFI US 1500 Small-Mid ETF, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each such Fund from exceeding 0.39% of the Fund’s average daily net assets per year (an “Expense Cap”), through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase a Fund’s Expense Cap without approval of the Board of Trustees.

Prior to August 28, 2023, the Trust also had entered into the Expense Agreement with the Adviser on behalf of Bloomberg MVP Multi-factor ETF, pursuant to which the Adviser had agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Bloomberg MVP Multi-factor ETF (excluding interest expenses, brokerage commissions and


		44

other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) from exceeding 0.60% of the Fund’s average daily net assets per year (an “Expense Cap”).

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



Bloomberg MVP Multi-factor ETF	$	60

FTSE RAFI US 1000 ETF		108,581

FTSE RAFI US 1500 Small-Mid ETF		78,692

For FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF, the fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. For Bloomberg MVP Multi-factor ETF, the expenses borne by the Adviser pursuant to the Expense Cap were not subject to recapture.

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


	Total Potential Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/24		4/30/25		4/30/26		10/31/25
FTSE RAFI US 1000 ETF		$555,967	$	172,523	$	65,117	$	211,376	$	106,951

FTSE RAFI US 1500 Small-Mid ETF		478,289		66,589		120,438		213,285		77,977

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


Fund		Licensor

Bloomberg MVP Multi-factor ETF		Bloomberg Index Services Limited

FTSE RAFI US 1000 ETF		FTSE International Limited and Research Affiliates LLC

FTSE RAFI US 1500 Small-Mid ETF		FTSE International Limited and Research Affiliates LLC

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

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



Bloomberg MVP Multi-factor ETF	$	16,846

FTSE RAFI US 1000 ETF		8,857

FTSE RAFI US 1500 Small-Mid ETF		30,553


		45

NOTE 4–Additional Valuation Information


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

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

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


	Level 1		Level 2		Level 3		Total

Bloomberg MVP Multi-factor ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	83,152,980	$	-	$	-	$	83,152,980

Money Market Funds		1,326		7,533,939		-		7,535,265


Total Investments	$	83,154,306	$	7,533,939	$	-	$	90,688,245


FTSE RAFI US 1000 ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	5,765,108,997	$	-	$	0	$	5,765,108,997

Money Market Funds		2,275,786		287,161,598		-		289,437,384


Total Investments	$	5,767,384,783	$	287,161,598	$	0	$	6,054,546,381


FTSE RAFI US 1500 Small-Mid ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	1,882,642,905	$	1,742,238	$	849,454	$	1,885,234,597

Closed-End Funds		748,977		-		-		748,977

Money Market Funds		1,106,734		489,081,903		-		490,188,637


Total Investments	$	1,884,498,616	$	490,824,141	$	849,454	$	2,376,172,211

NOTE 5–Tax Information


		46

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


	No expiration
	Short-Term		Long-Term		Total*

Bloomberg MVP Multi-factor ETF	$	170,438,732	$	1,076,827	$	171,515,559

FTSE RAFI US 1000 ETF		34,024,027		303,998,873		338,022,900

FTSE RAFI US 1500 Small-Mid ETF		87,603,934		297,311,523		384,915,457

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

NOTE 6–Investment Transactions


	Purchases		Sales

Bloomberg MVP Multi-factor ETF	$	162,320,241	$	162,417,168

FTSE RAFI US 1000 ETF		61,253,176		60,259,847

FTSE RAFI US 1500 Small-Mid ETF		51,406,092		51,164,798

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


	In-kind Purchases		In-kind Sales

Bloomberg MVP Multi-factor ETF	$	29,102,924	$	34,350,724

FTSE RAFI US 1000 ETF		114,840,149		177,592,744

FTSE RAFI US 1500 Small-Mid ETF		96,153,537		67,402,625

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


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Bloomberg MVP Multi-factor ETF	$	1,913,668	$	(3,751,810	)	$	(1,838,142	)	$	92,526,387

FTSE RAFI US 1000 ETF		1,194,862,174		(630,380,814	)		564,481,360			5,490,065,021

FTSE RAFI US 1500 Small-Mid ETF		233,328,663		(527,956,485	)		(294,627,822	)		2,670,800,033

NOTE 7–Trustees’ and Officer’s Fees

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

NOTE 8–Capital


		47

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

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

NOTE 9–Stock Split

On June 22, 2023, the Board of Trustees approved the stock splits set forth in the table below. The effect of the stock splits was to increase the number of shares outstanding of those Funds, whereby every outstanding share of the respective Funds was exchanged for three or five shares, as described below, effective after the close of business on July 14, 2023. The transactions did not change the net assets of the Funds or the net asset value of any shareholder’s investment in the Funds.


Fund		Stock Split Ratio

Invesco Bloomberg MVP Multi-factor ETF		3 to 1

FTSE RAFI US 1000 ETF		5 to 1

FTSE RAFI US 1500 Small-Mid ETF		5 to 1


		48

Calculating your ongoing Fund expenses

Example

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

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

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Bloomberg MVP Multi-factor ETF (BMVP)

Actual		$1,000.00		$ 982.60		0.44	%		$2.19

Hypothetical (5% return before expenses)		1,000.00		1,022.92		0.44			2.24

Invesco FTSE RAFI US 1000 ETF (PRF)

Actual		1,000.00		985.00		0.39			1.95

Hypothetical (5% return before expenses)		1,000.00		1,023.18		0.39			1.98

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

Actual		1,000.00		970.90		0.39			1.93

Hypothetical (5% return before expenses)		1,000.00		1,023.18		0.39			1.98

⁽¹⁾


		49

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


©2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-PS-SAR-2	invesco.com/ETFs


		Invesco Semi-Annual Report to Shareholders
		October 31, 2023
		PYZ		Invesco Dorsey Wright Basic Materials Momentum ETF (formerly, Invesco DWA Basic Materials Momentum ETF)
		PEZ		Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (formerly, Invesco DWA Consumer Cyclicals Momentum ETF)
		PSL		Invesco Dorsey Wright Consumer Staples Momentum ETF (formerly, Invesco DWA Consumer Staples Momentum ETF)
		PXI		Invesco Dorsey Wright Energy Momentum ETF (formerly, Invesco DWA Energy Momentum ETF)
		PFI		Invesco Dorsey Wright Financial Momentum ETF (formerly, Invesco DWA Financial Momentum ETF)
		PTH		Invesco Dorsey Wright Healthcare Momentum ETF (formerly, Invesco DWA Healthcare Momentum ETF)
		PRN		Invesco Dorsey Wright Industrials Momentum ETF (formerly, Invesco DWA Industrials Momentum ETF)
		PTF		Invesco Dorsey Wright Technology Momentum ETF (formerly, Invesco DWA Technology Momentum ETF)
		PUI		Invesco Dorsey Wright Utilities Momentum ETF (formerly, Invesco DWA Utilities Momentum ETF)
		PNQI		Invesco NASDAQ Internet ETF

Table of Contents



Schedules of Investments

Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)			3

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)			5

Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)			7

Invesco Dorsey Wright Energy Momentum ETF (PXI)			9

Invesco Dorsey Wright Financial Momentum ETF (PFI)			11

Invesco Dorsey Wright Healthcare Momentum ETF (PTH)			13

Invesco Dorsey Wright Industrials Momentum ETF (PRN)			15

Invesco Dorsey Wright Technology Momentum ETF (PTF)			17

Invesco Dorsey Wright Utilities Momentum ETF (PUI)			19

Invesco NASDAQ Internet ETF (PNQI)			21

Statements of Assets and Liabilities			24

Statements of Operations			26

Statements of Changes in Net Assets			28

Financial Highlights			32

Notes to Financial Statements			42

Fund Expenses			54


		2

Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Aluminum-1.07%
Kaiser Aluminum Corp.		18,746	$	1,064,773


Automotive Retail-1.69%
Valvoline, Inc.		56,757		1,683,980


Commodity Chemicals-14.51%
Cabot Corp.^(b)		26,669		1,772,955
Dow, Inc.		44,759		2,163,650
LyondellBasell Industries N.V., Class A		33,003		2,978,191
Olin Corp.^(b)		67,714		2,892,742
Orion S.A. (Germany)		66,875		1,357,563
PureCycle Technologies, Inc.^(b)(c)		227,351		1,011,712
Westlake Corp.^(b)		19,831		2,287,704

				14,464,517

Construction Materials-2.42%
Summit Materials, Inc., Class A^(c)		73,322		2,412,294


Copper-2.01%
Freeport-McMoRan, Inc.		59,329		2,004,134


Diversified Chemicals-4.73%
Chemours Co. (The)		71,945		1,734,594
Huntsman Corp.		73,524		1,715,315
LSB Industries, Inc.^(b)(c)		138,172		1,258,747

				4,708,656

Diversified Metals & Mining-1.58%
Materion Corp.^(b)		16,236		1,574,567


Fertilizers & Agricultural Chemicals-4.48%
CF Industries Holdings, Inc.^(b)		26,916		2,147,358
Corteva, Inc.		48,126		2,316,786

				4,464,144

Forest Products-1.83%
Louisiana-Pacific Corp.		35,572		1,824,132


Gold-1.55%
Royal Gold, Inc.^(b)		14,782		1,542,206


Industrial Gases-7.21%
Air Products and Chemicals, Inc.		13,400		3,784,696
Linde PLC^(b)		8,891		3,397,785

				7,182,481

Metal, Glass & Plastic Containers-1.60%
O-I Glass, Inc.^(b)(c)		103,301		1,596,000


Paper & Plastic Packaging Products & Materials-3.57%
Avery Dennison Corp.		20,449		3,559,557


Paper Products-2.00%
Sylvamo Corp.^(b)		44,896		1,988,893


Specialty Chemicals-25.91%
Albemarle Corp.^(b)		16,616		2,106,576
Alto Ingredients, Inc.^(b)(c)		378,943		1,576,403
Avient Corp.		65,132		2,059,474
Celanese Corp.^(b)		17,937		2,053,966
DuPont de Nemours, Inc.		30,292		2,207,681
Ecolab, Inc.		12,292		2,061,860


	Shares		Value
Specialty Chemicals-(continued)
Ecovyst, Inc.^(b)(c)		137,244	$	1,262,645
Element Solutions, Inc.^(b)		91,929		1,675,866
H.B. Fuller Co.^(b)		25,795		1,706,339
Innospec, Inc.		15,670		1,535,660
NewMarket Corp.		4,029		1,942,582
PPG Industries, Inc.		16,084		1,974,633
Quaker Chemical Corp.^(b)		10,167		1,461,201
RPM International, Inc.^(b)		24,057		2,195,682

				25,820,568

Steel-20.36%
ATI, Inc.^(b)(c)		62,456		2,358,963
Carpenter Technology Corp.		38,786		2,432,658
Commercial Metals Co.		49,569		2,096,273
Nucor Corp.		22,707		3,355,867
Reliance Steel & Aluminum Co.		14,389		3,660,274
Ryerson Holding Corp.^(b)		53,099		1,542,526
Steel Dynamics, Inc.		31,429		3,347,503
Worthington Industries, Inc.		24,322		1,498,722

				20,292,786

Timber REITs-3.47%
PotlatchDeltic Corp.^(b)		35,558		1,523,660
Weyerhaeuser Co.^(b)		67,432		1,934,624

				3,458,284

Total Common Stocks & Other Equity Interests (Cost $101,723,740)				99,641,972


Money Market Funds-0.14%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $144,602)		144,602		144,602

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.13% (Cost $101,868,342)				99,786,574


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-24.43%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		6,890,961		6,890,961
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		17,454,843		17,456,588

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $24,347,610)				24,347,549

TOTAL INVESTMENTS IN SECURITIES-124.56% (Cost $126,215,952)				124,134,123
OTHER ASSETS LESS LIABILITIES-(24.56)%				(24,478,526	)

NET ASSETS-100.00%.			$	99,655,597

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


		3

Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

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

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	180,435		$	1,770,660		$	(1,806,493	)		$	-		$	-		$	144,602		$	5,646

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			5,834,163			43,034,305			(41,977,507	)			-			-			6,890,961			132,734	*

Invesco Private Prime Fund			15,002,132			88,190,455			(85,736,691	)			268			424			17,456,588			356,234	*


Total		$	21,016,730		$	132,995,420		$	(129,520,691	)		$	268		$	424		$	24,492,151		$	494,614

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

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

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

Portfolio Composition

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

as of October 31, 2023



Specialty Chemicals			25.91

Steel			20.36

Commodity Chemicals			14.51

Industrial Gases			7.21

Diversified Chemicals			4.73

Fertilizers & Agricultural Chemicals			4.48

Paper & Plastic Packaging Products & Materials			3.57

Timber REITs			3.47

Sub-Industry Types Each Less Than 3%			15.75

Money Market Funds Plus Other Assets Less Liabilities			0.01

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


		4

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


		Shares		Value
Common Stocks & Other Equity Interests-100.14%
Apparel Retail-6.62%
Abercrombie & Fitch Co., Class A^(b)(c)			12,854	$	781,780
Guess?, Inc.			13,948		299,882

					1,081,662

Automotive Parts & Equipment-2.83%
Modine Manufacturing Co.^(b)			11,698		462,071


Automotive Retail-12.11%
AutoNation, Inc.^(b)(c)			4,572		594,726
Carvana Co.^(b)(c)			8,843		238,761
Group 1 Automotive, Inc.^(c)			1,841		464,539
Penske Automotive Group, Inc.			4,745		678,915

					1,976,941

Broadline Retail-3.00%
Groupon, Inc.^(b)(c)			38,323		490,151
	��

Casinos & Gaming-3.76%
DraftKings, Inc., Class A^(b)			22,251		614,573


Education Services-3.65%
Duolingo, Inc.^(b)(c)			4,078		595,592


Footwear-4.14%
Deckers Outdoor Corp.^(b)(c)			1,131		675,275


Home Improvement Retail-3.05%
Lowe’s Cos., Inc.			2,617		498,722


Homebuilding-34.74%
Century Communities, Inc.^(c)			3,504		215,496
D.R. Horton, Inc.			4,708		491,515
Hovnanian Enterprises, Inc., Class A^(b)			2,782		193,293
Installed Building Products, Inc.^(c)			2,713		302,961
KB Home			10,786		476,741
Lennar Corp., Class A			4,463		476,113
M.D.C. Holdings, Inc.			7,233		274,492
M/I Homes, Inc.^(b)(c)			4,531		371,859
Meritage Homes Corp.			2,703		308,196
NVR, Inc.^(b)			101		546,675
PulteGroup, Inc.			7,530		554,133
Taylor Morrison Home Corp., Class A^(b)			8,396		321,735
Toll Brothers, Inc.^(c)			7,902		558,750
TopBuild Corp.^(b)			1,255		287,094
Tri Pointe Homes, Inc.^(b)(c)			11,759		294,681

					5,673,734

Hotels, Resorts & Cruise Lines-12.11%
Booking Holdings, Inc.^(b)			169		471,436
Hilton Worldwide Holdings, Inc.			3,313		502,019


	Shares		Value
Hotels, Resorts & Cruise Lines-(continued)
Marriott International, Inc., Class A		2,798	$	527,591
Royal Caribbean Cruises Ltd.^(b)		5,629		476,945

				1,977,991

Other Specialty Retail-4.72%
Signet Jewelers Ltd.^(c)		6,700		467,861
Winmark Corp.		750		302,490

				770,351

Passenger Airlines-2.49%
SkyWest, Inc.^(b)(c)		9,661		407,404


Restaurants-2.76%
DoorDash, Inc., Class A^(b)		6,010		450,449


Specialized Consumer Services-1.58%
Rover Group, Inc.^(b)		39,966		257,781


Trading Companies & Distributors-2.58%
Beacon Roofing Supply, Inc.^(b)		5,925		421,682

Total Common Stocks & Other Equity Interests (Cost $16,968,373)				16,354,379


Money Market Funds-0.68%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $111,665)		111,665		111,665

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.82% (Cost $17,080,038)				16,466,044


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-24.94%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		1,140,388		1,140,388
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		2,932,537		2,932,830

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,073,193)				4,073,218

TOTAL INVESTMENTS IN SECURITIES-125.76% (Cost $21,153,231)				20,539,262
OTHER ASSETS LESS LIABILITIES-(25.76)%				(4,207,605	)

NET ASSETS-100.00%			$	16,331,657

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


		5

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	144,833		$	174,635		$	(207,803	)		$	-		$	-		$	111,665		$	3,795

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,999,085			17,375,274			(18,233,971	)			-			-			1,140,388			39,400	*

Invesco Private Prime Fund			5,121,565			33,264,205			(35,453,234	)			69			225			2,932,830			105,264	*


Total		$	7,265,483		$	50,814,114		$	(53,895,008	)		$	69		$	225		$	4,184,883		$	148,459

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

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

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

Portfolio Composition

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

as of October 31, 2023



Homebuilding	34.74

Hotels, Resorts & Cruise Lines	12.11

Automotive Retail	12.11

Apparel Retail	6.62

Other Specialty Retail	4.72

Footwear	4.14

Casinos & Gaming	3.76

Education Services	3.65

Home Improvement Retail	3.05

Broadline Retail	3.00

Sub-Industry Types Each Less Than 3%	12.24

Money Market Funds Plus Other Assets Less Liabilities	(0.14	)

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


		6

Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Agricultural Products & Services-5.86%
Bunge Ltd.		28,642	$	3,035,479
Ingredion, Inc.		14,634		1,369,450

				4,404,929

Brewers-3.15%
Molson Coors Beverage Co., Class B		40,980		2,367,415


Consumer Staples Merchandise Retail-5.53%
Costco Wholesale Corp.		7,527		4,158,216


Distillers & Vintners-1.98%
MGP Ingredients, Inc.^(b)		15,731		1,489,096


Education Services-3.71%
Laureate Education, Inc., Class A^(b)		103,858		1,468,552
Perdoceo Education Corp.		73,269		1,325,436

				2,793,988

Food Distributors-9.86%
Andersons, Inc. (The)		34,423		1,725,625
Performance Food Group Co.^(c)		45,433		2,624,210
US Foods Holding Corp.^(c)		78,746		3,066,369

				7,416,204

Food Retail-6.38%
Casey’s General Stores, Inc.		10,010		2,721,819
Sprouts Farmers Market, Inc.^(b)(c)		49,352		2,073,771

				4,795,590

Household Appliances-1.73%
Helen of Troy Ltd.^(b)(c)		13,220		1,299,790


Household Products-6.05%
Procter & Gamble Co. (The)		20,517		3,078,165
WD-40 Co.^(b)		6,949		1,469,019

				4,547,184

Packaged Foods & Meats-18.97%
Freshpet, Inc.^(b)(c)		23,856		1,369,334
Hershey Co. (The)		15,749		2,950,575
JM Smucker Co. (The)		15,203		1,730,710
Kraft Heinz Co. (The)		64,528		2,030,051
Lamb Weston Holdings, Inc.		29,089		2,612,192
Mondelez International, Inc., Class A		33,149		2,194,795
Post Holdings, Inc.^(b)(c)		17,159		1,377,525

				14,265,182

Personal Care Products-12.53%
BellRing Brands, Inc.^(b)(c)		45,626		1,995,225
Coty, Inc., Class A^(c)		154,855		1,450,991


	Shares		Value
Personal Care Products-(continued)
e.l.f. Beauty, Inc.^(b)(c)		39,428	$	3,652,216
Inter Parfums, Inc.		18,260		2,321,029

				9,419,461

Soft Drinks & Non-alcoholic Beverages-16.15%
Celsius Holdings, Inc.^(b)(c)		20,564		3,127,579
Coca-Cola Consolidated, Inc.		4,589		2,920,486
Monster Beverage Corp.^(c)		44,484		2,273,132
National Beverage Corp.^(b)(c)		27,613		1,280,691
PepsiCo, Inc.		15,589		2,545,372

				12,147,260

Specialized Consumer Services-8.04%
H&R Block, Inc.^(b)		55,618		2,283,119
Service Corp. International^(b)		47,941		2,608,949
WW International, Inc.^(b)(c)		147,469		1,153,208

				6,045,276

Total Common Stocks & Other Equity Interests (Cost $73,191,054)				75,149,591


Money Market Funds-0.31%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $228,835)		228,835		228,835

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.25% (Cost $73,419,889)				75,378,426


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-21.86%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		4,602,309		4,602,309
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		11,836,797		11,837,981

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $16,440,131)				16,440,290

TOTAL INVESTMENTS IN SECURITIES-122.11% (Cost $89,860,020)				91,818,716
OTHER ASSETS LESS LIABILITIES-(22.11)%				(16,623,591	)

NET ASSETS-100.00%.			$	75,195,125

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


		7

Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	146,579		$	1,833,215		$	(1,750,959	)		$	-		$	-		$	228,835		$	5,210

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,940,344			48,742,487			(48,080,522	)			-			-			4,602,309			105,291	*

Invesco Private Prime Fund			10,132,313			77,991,673			(76,286,522	)			174			343			11,837,981			279,755	*


Total		$	14,219,236		$	128,567,375		$	(126,118,003	)		$	174		$	343		$	16,669,125		$	390,256

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

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

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

Portfolio Composition

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

as of October 31, 2023



Packaged Foods & Meats			18.97

Soft Drinks & Non-alcoholic Beverages			16.15

Personal Care Products			12.53

Food Distributors			9.86

Specialized Consumer Services			8.04

Food Retail			6.38

Household Products			6.05

Agricultural Products & Services			5.86

Consumer Staples Merchandise Retail			5.53

Education Services			3.71

Brewers			3.15

Sub-Industry Types Each Less Than 3%			3.71

Money Market Funds Plus Other Assets Less Liabilities			0.06

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


		8

Invesco Dorsey Wright Energy Momentum ETF (PXI)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Coal & Consumable Fuels-1.79%
CONSOL Energy, Inc.^(b)		22,215	$	2,041,336


Oil & Gas Drilling-7.34%
Diamond Offshore Drilling, Inc.^(c)		172,709		2,143,319
Transocean Ltd.^(b)(c)		508,738		3,367,846
Valaris Ltd.^(c)		43,013		2,840,578

				8,351,743

Oil & Gas Equipment & Services-28.40%
Archrock, Inc.		132,491		1,678,661
Baker Hughes Co., Class A		77,349		2,662,352
ChampionX Corp.^(b)		76,641		2,360,543
Expro Group Holdings N.V.^(c)		94,184		1,483,398
Halliburton Co.		65,447		2,574,685
Helix Energy Solutions Group, Inc.^(b)(c)		278,520		2,729,496
Oceaneering International, Inc.^(b)(c)		106,701		2,346,355
RPC, Inc.		170,646		1,419,775
Schlumberger N.V		46,565		2,591,808
Tidewater, Inc.^(b)(c)		50,898		3,478,878
Weatherford International PLC^(b)(c)		96,829		9,013,812

				32,339,763

Oil & Gas Exploration & Production-30.31%
APA Corp.		58,388		2,319,171
California Resources Corp.^(b)		33,582		1,766,077
Civitas Resources, Inc.^(b)		57,202		4,314,747
CNX Resources Corp.^(b)(c)		87,440		1,899,197
ConocoPhillips^(b)		37,061		4,402,847
Murphy Oil Corp.		88,205		3,957,758
Northern Oil and Gas, Inc.^(b)		80,581		3,089,476
Permian Resources Corp.^(b)		246,695		3,594,346
SilverBow Resources, Inc.^(c)		44,180		1,506,538
Texas Pacific Land Corp.^(b)		2,370		4,374,902
Vital Energy, Inc.^(c)		33,642		1,683,446
Vitesse Energy, Inc.^(b)		67,676		1,603,244

				34,511,749

Oil & Gas Refining & Marketing-14.25%
Marathon Petroleum Corp.		27,776		4,201,120
Par Pacific Holdings, Inc.^(b)(c)		74,076		2,431,174
PBF Energy, Inc., Class A^(b)		97,696		4,643,491
Phillips 66		21,689		2,474,064
Valero Energy Corp.		19,459		2,471,293

				16,221,142


	Shares		Value
Oil & Gas Storage & Transportation-8.89%
Antero Midstream Corp.^(b)		156,000	$	1,925,040
Kinder Morgan, Inc.		133,989		2,170,622
Targa Resources Corp.		72,102		6,028,448

				10,124,110

Steel-8.95%
Alpha Metallurgical Resources, Inc.^(b)		36,106		7,941,876
Warrior Met Coal, Inc.		46,217		2,252,154

				10,194,030

Total Common Stocks & Other Equity Interests (Cost $108,471,822)				113,783,873


Money Market Funds-0.15%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $177,509)		177,509		177,509

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.08% (Cost $108,649,331)				113,961,382


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-21.40%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		6,820,317		6,820,317
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		17,541,116		17,542,870

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $24,362,638)				24,363,187

TOTAL INVESTMENTS IN SECURITIES-121.48% (Cost $133,011,969)				138,324,569
OTHER ASSETS LESS LIABILITIES-(21.48)%				(24,457,630	)

NET ASSETS-100.00%.			$	113,866,939

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


		9

Invesco Dorsey Wright Energy Momentum ETF (PXI)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	221,047		$	2,063,801		$	(2,107,339	)		$	-		$	-		$	177,509		$	4,619

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			5,805,002			51,939,908			(50,924,593	)			-			-			6,820,317			116,296	*

Invesco Private Prime Fund			14,927,149			97,547,927			(94,933,692	)			549			937			17,542,870			309,793	*


Total		$	20,953,198		$	151,551,636		$	(147,965,624	)		$	549		$	937		$	24,540,696		$	430,708

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

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

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

Portfolio Composition

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

as of October 31, 2023



Oil & Gas Exploration & Production			30.31

Oil & Gas Equipment & Services			28.40

Oil & Gas Refining & Marketing			14.25

Steel			8.95

Oil & Gas Storage & Transportation			8.89

Oil & Gas Drilling			7.34

Coal & Consumable Fuels			1.79

Money Market Funds Plus Other Assets Less Liabilities			0.07

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


		10

Invesco Dorsey Wright Financial Momentum ETF (PFI)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Asset Management & Custody Banks-6.57%
Ares Management Corp., Class A		11,358	$	1,119,785
Victory Capital Holdings, Inc., Class A^(b)		9,785		288,266
WisdomTree, Inc.		37,553		232,829

				1,640,880

Commercial & Residential Mortgage Finance-7.85%
Federal Agricultural Mortgage Corp., Class C		2,271		337,380
MGIC Investment Corp.		20,954		352,865
Mr. Cooper Group, Inc.^(b)(c)		12,459		704,307
NMI Holdings, Inc., Class A^(c)		9,118		249,377
Radian Group, Inc.		12,514		317,105

				1,961,034

Consumer Finance-1.31%
OneMain Holdings, Inc.		9,080		326,245


Diversified Banks-6.81%
First Citizens BancShares, Inc., Class A^(b)		523		722,127
JPMorgan Chase & Co.		7,042		979,261

				1,701,388

Diversified Financial Services-4.92%
Apollo Global Management, Inc.		11,615		899,465
Jackson Financial, Inc., Class A^(b)		8,966		329,142

				1,228,607

Diversified Real Estate Activities-0.84%
St. Joe Co. (The)		4,474		208,667


Diversified REITs-1.31%
Essential Properties Realty Trust, Inc.^(b)		14,939		327,911


Financial Exchanges & Data-1.69%
Donnelley Financial Solutions, Inc.^(c)		7,733		420,907


Insurance Brokers-14.61%
Aon PLC, Class A		2,090		646,646
Arthur J. Gallagher & Co.		4,076		959,857
Brown & Brown, Inc.		9,525		661,225
Goosehead Insurance, Inc., Class A^(b)(c)		5,208		337,843
Marsh & McLennan Cos., Inc.		3,838		727,877
Ryan Specialty Holdings, Inc., Class A^(b)(c)		7,294		315,101

				3,648,549

Investment Banking & Brokerage-6.62%
Houlihan Lokey, Inc.		4,101		412,233
LPL Financial Holdings, Inc.		5,531		1,241,820

				1,654,053

Life & Health Insurance-4.30%
Aflac, Inc.		7,525		587,778
Primerica, Inc.		2,549		487,267

				1,075,045

Multi-Sector Holdings-1.68%
Berkshire Hathaway, Inc., Class B^(c)		1,226		418,471


Property & Casualty Insurance-10.58%
Arch Capital Group Ltd.^(c)		7,099		615,341
Erie Indemnity Co., Class A^(b)		1,764		487,199
Kinsale Capital Group, Inc.^(b)		3,524		1,176,699
Old Republic International Corp.		13,291		363,908

				2,643,147


	Shares		Value
Real Estate Operating Companies-1.17%
DigitalBridge Group, Inc.^(b)		18,375	$	291,244


Regional Banks-14.57%
BancFirst Corp.		3,077		249,575
Bancorp, Inc. (The)^(b)(c)		7,572		269,942
Customers Bancorp, Inc.^(b)(c)		8,502		341,865
First Bancorp		34,179		456,290
First Foundation, Inc.		35,058		159,163
New York Community Bancorp, Inc.		40,663		385,485
OFG Bancorp		10,625		314,713
Pathward Financial, Inc.		5,657		256,206
ServisFirst Bancshares, Inc.^(b)		7,750		365,490
Western Alliance Bancorporation^(b)		12,371		508,448
Wintrust Financial Corp.		4,440		331,624

				3,638,801

Reinsurance-1.35%
Reinsurance Group of America, Inc.		2,253		336,756


Retail REITs-2.66%
Kite Realty Group Trust^(b)		15,692		334,553
Tanger Factory Outlet Centers, Inc.		14,600		329,230

				663,783

Trading Companies & Distributors-1.67%
FTAI Aviation Ltd.^(b)		11,094		417,245


Transaction & Payment Processing Services-9.47%
Mastercard, Inc., Class A		3,751		1,411,689
Visa, Inc., Class A^(b)		4,051		952,390

				2,364,079

Total Common Stocks & Other Equity Interests (Cost $24,269,866)				24,966,812


Money Market Funds-0.56%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $139,625)		139,625		139,625

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.54% (Cost $24,409,491)				25,106,437


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-19.89%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		1,390,977		1,390,977
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		3,577,512		3,577,870

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,968,770)				4,968,847

TOTAL INVESTMENTS IN SECURITIES-120.43% (Cost $29,378,261)				30,075,284
OTHER ASSETS LESS LIABILITIES-(20.43)%				(5,102,858	)

NET ASSETS-100.00%			$	24,972,426

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


		11

Invesco Dorsey Wright Financial Momentum ETF (PFI)–(continued)

October 31, 2023

(Unaudited)

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

^(c)	Non-income producing security.

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	135,073		$	422,551		$	(417,999	)		$	-		$	-		$	139,625		$	3,554

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,083,298			16,990,522			(16,682,843	)			-			-			1,390,977			42,346	*

Invesco Private Prime Fund			2,785,624			33,048,883			(32,257,363	)			175			551			3,577,870			114,510	*


Total		$	4,003,995		$	50,461,956		$	(49,358,205	)		$	175		$	551		$	5,108,472		$	160,410

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

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

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

Portfolio Composition

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

as of October 31, 2023



Insurance Brokers			14.61

Regional Banks			14.57

Property & Casualty Insurance			10.58

Transaction & Payment Processing Services			9.47

Commercial & Residential Mortgage Finance			7.85

Diversified Banks			6.81

Investment Banking & Brokerage			6.62

Asset Management & Custody Banks			6.57

Diversified Financial Services			4.92

Life & Health Insurance			4.30

Sub-Industry Types Each Less Than 3%			13.68

Money Market Funds Plus Other Assets Less Liabilities			0.02

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


		12

Invesco Dorsey Wright Healthcare Momentum ETF (PTH)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Biotechnology-54.48%
Agios Pharmaceuticals, Inc.^(b)(c)		126,585	$	2,659,551
Akero Therapeutics, Inc.^(b)(c)		95,429		1,137,514
Arcturus Therapeutics Holdings, Inc.^(b)(c)		119,978		2,291,580
Ardelyx, Inc.^(b)(c)		1,113,084		4,396,682
Bridgebio Pharma, Inc.^(b)(c)		184,971		4,816,645
Cabaletta Bio, Inc.^(b)(c)		234,802		3,348,275
Crinetics Pharmaceuticals, Inc.^(b)(c)		130,291		3,816,223
Disc Medicine, Inc.^(b)(c)		74,948		3,433,368
Ideaya Biosciences, Inc.^(b)(c)		156,113		4,241,590
Kiniksa Pharmaceuticals Ltd., Class A^(b)(c)		186,740		2,847,785
Mirum Pharmaceuticals, Inc.^(b)(c)		121,308		3,327,478
MoonLake Immunotherapeutics^(b)(c)		80,476		4,169,462
Nuvalent, Inc., Class A^(b)(c)		75,407		3,927,951
REVOLUTION Medicines, Inc.^(b)(c)		125,265		2,480,247
Roivant Sciences Ltd.^(b)(c)		435,357		3,761,484
Tango Therapeutics, Inc.^(b)(c)		425,696		3,575,846
Vera Therapeutics, Inc.^(b)(c)		217,819		2,269,674
Veracyte, Inc.^(b)(c)		130,315		2,700,127
Viking Therapeutics, Inc.^(b)(c)		316,921		3,108,995

				62,310,477

Health Care Equipment-10.29%
Glaukos Corp.^(b)(c)		51,020		3,479,564
IDEXX Laboratories, Inc.^(b)		10,787		4,309,083
Stryker Corp.		14,745		3,984,394

				11,773,041

Health Care Facilities-3.47%
HCA Healthcare, Inc.		17,528		3,963,782


Health Care Services-6.30%
CorVel Corp.^(b)(c)		18,404		3,569,272
RadNet, Inc.^(b)(c)		134,748		3,632,806

				7,202,078

Health Care Supplies-3.13%
Haemonetics Corp.^(b)(c)		41,927		3,573,438


Life Sciences Tools & Services-7.43%
Medpace Holdings, Inc.^(b)		22,213		5,390,429
Quanterix Corp.^(b)		143,046		3,106,959

				8,497,388


	Shares		Value
Pharmaceuticals-14.86%
ANI Pharmaceuticals, Inc.^(b)(c)		56,106	$	3,463,984
Corcept Therapeutics, Inc.^(b)(c)		115,826		3,252,394
Cymabay Therapeutics, Inc.^(b)(c)		302,270		4,951,183
Eli Lilly and Co.		9,618		5,327,699

				16,995,260

Total Common Stocks & Other Equity Interests (Cost $125,885,385)				114,315,464


Money Market Funds-0.28%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $325,384)		325,384		325,384

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.24% (Cost $126,210,769)				114,640,848


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-31.74%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		10,484,190		10,484,190
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		25,812,551		25,815,132

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $36,299,253)				36,299,322

TOTAL INVESTMENTS IN SECURITIES-131.98% (Cost $162,510,022)				150,940,170
OTHER ASSETS LESS LIABILITIES-(31.98)%				(36,574,069	)

NET ASSETS-100.00%.			$	114,366,101

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	272,087		$	1,332,710		$	(1,279,413	)		$	-		$	-		$	325,384		$	7,114

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


		13

Invesco Dorsey Wright Healthcare Momentum ETF (PTH)–(continued)

October 31, 2023

(Unaudited)


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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	11,949,604		$	72,007,778		$	(73,473,192	)		$	-		$	-		$	10,484,190		$	273,324	*

Invesco Private Prime Fund			30,727,554			150,904,443			(155,820,086	)			69			3,152			25,815,132			721,659	*


Total		$	42,949,245		$	224,244,931		$	(230,572,691	)		$	69		$	3,152		$	36,624,706		$	1,002,097

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

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

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

Portfolio Composition

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

as of October 31, 2023



Biotechnology			54.48

Pharmaceuticals			14.86

Health Care Equipment			10.29

Life Sciences Tools & Services			7.43

Health Care Services			6.30

Health Care Facilities			3.47

Health Care Supplies			3.13

Money Market Funds Plus Other Assets Less Liabilities			0.04

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


		14

Invesco Dorsey Wright Industrials Momentum ETF (PRN)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Aerospace & Defense-6.64%
HEICO Corp.^(b)		19,673	$	3,116,400
Howmet Aerospace, Inc.		61,380		2,706,858
TransDigm Group, Inc.^(c)		3,758		3,111,962

				8,935,220

Building Products-14.46%
A.O. Smith Corp.		36,310		2,532,985
Builders FirstSource, Inc.^(b)(c)		55,139		5,983,684
Carlisle Cos., Inc.^(b)		11,107		2,822,178
CSW Industrials, Inc.		6,981		1,237,452
Trane Technologies PLC.		27,799		5,290,428
UFP Industries, Inc.		16,898		1,608,183

				19,474,910

Cargo Ground Transportation-11.62%
ArcBest Corp.		22,464		2,445,880
Old Dominion Freight Line, Inc.		18,515		6,973,860
Saia, Inc.^(b)(c)		17,360		6,223,387

				15,643,127

Commercial Printing-0.79%
Cimpress PLC (Ireland)^(c)		17,850		1,065,109


Construction & Engineering-10.41%
API Group Corp.^(b)(c)		70,099		1,813,461
Comfort Systems USA, Inc.		12,043		2,190,020
Limbach Holdings, Inc.^(b)(c)		55,595		1,656,731
MYR Group, Inc.^(c)		10,889		1,261,273
Quanta Services, Inc.		24,901		4,161,455
Sterling Infrastructure, Inc.^(c)		40,343		2,938,987

				14,021,927

Construction Machinery & Heavy Transportation Equipment-1.01%
Terex Corp.		29,717		1,361,039


Diversified Support Services-8.65%
Cintas Corp.		12,138		6,155,422
Copart, Inc.^(c)		126,086		5,487,263

				11,642,685

Electrical Components & Equipment-13.69%
AMETEK, Inc.		51,693		7,276,824
Fluence Energy, Inc.^(b)(c)		86,443		1,497,193
Hubbell, Inc.		17,896		4,833,709
Powell Industries, Inc.		18,320		1,404,228
Vertiv Holdings Co.		87,333		3,429,567

				18,441,521

Electronic Equipment & Instruments-1.26%
Crane NXT Co.^(b)		32,516		1,690,832


Electronic Manufacturing Services-2.89%
Jabil, Inc.^(b)		31,735		3,897,058


Environmental & Facilities Services-1.17%
Clean Harbors, Inc.^(b)(c)		10,212		1,569,278


	Shares		Value
Industrial Machinery & Supplies & Components-8.02%
Graco, Inc.^(b)		41,804	$	3,108,128
Illinois Tool Works, Inc.		12,618		2,827,946
Parker-Hannifin Corp.		13,186		4,864,447

				10,800,521

Oil & Gas Storage & Transportation-2.19%
Dorian LPG Ltd.		92,394		2,953,836


Research & Consulting Services-3.18%
CBIZ, Inc.^(c)		23,078		1,199,133
KBR, Inc.		53,065		3,085,730

				4,284,863

Trading Companies & Distributors-11.73%
GMS, Inc.^(b)(c)		28,983		1,694,926
Herc Holdings, Inc.^(b)		22,666		2,420,502
Rush Enterprises, Inc., Class A		29,068		1,034,239
United Rentals, Inc.		7,883		3,202,626
W.W. Grainger, Inc.		4,570		3,335,323
WESCO International, Inc.		32,033		4,106,631

				15,794,247

Transaction & Payment Processing Services-2.24%
Fiserv, Inc.^(c)		26,580		3,023,475

Total Common Stocks & Other Equity Interests (Cost $123,392,676)				134,599,648


Money Market Funds-0.13%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $172,330)		172,330		172,330

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.08% (Cost $123,565,006)				134,771,978


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.14%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		2,313,885		2,313,885
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		5,952,352		5,952,947

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,267,151)				8,266,832

TOTAL INVESTMENTS IN SECURITIES-106.22% (Cost $131,832,157)				143,038,810
OTHER ASSETS LESS LIABILITIES-(6.22)%				(8,381,759	)

NET ASSETS-100.00%.			$	134,657,051

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


		15

Invesco Dorsey Wright Industrials Momentum ETF (PRN)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	166,062		$	1,070,956		$	(1,064,688	)		$	-			$	-		$	172,330		$	5,057

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,700,195			29,594,566			(30,980,876	)			-				-			2,313,885			75,042	*

Invesco Private Prime Fund			9,618,556			59,121,162			(62,788,279	)			(176	)			1,684			5,952,947			203,005	*


Total		$	13,484,813		$	89,786,684		$	(94,833,843	)		$	(176	)		$	1,684		$	8,439,162		$	283,104
			��

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

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

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

Portfolio Composition

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

as of October 31, 2023



Building Products			14.46

Electrical Components & Equipment			13.69

Trading Companies & Distributors			11.73

Cargo Ground Transportation			11.62

Construction & Engineering			10.41

Diversified Support Services			8.65

Industrial Machinery & Supplies & Components			8.02

Aerospace & Defense			6.64

Research & Consulting Services			3.18

Sub-Industry Types Each Less Than 3%			11.55

Money Market Funds Plus Other Assets Less Liabilities			0.05

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


		16

Invesco Dorsey Wright Technology Momentum ETF (PTF)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Advertising-2.20%
Cardlytics, Inc.^(b)(c)		505,371	$	6,261,546


Application Software-43.86%
AppFolio, Inc., Class A^(b)		39,477		7,404,701
AppLovin Corp., Class A^(b)		290,492		10,585,529
Braze, Inc., Class A^(b)		150,319		6,400,583
Cadence Design Systems, Inc.^(b)		62,869		15,079,130
Fair Isaac Corp.^(b)		11,776		9,960,965
Freshworks, Inc., Class A^(b)		336,777		6,041,779
HubSpot, Inc.^(b)		16,342		6,925,249
InterDigital, Inc.^(c)		83,261		6,265,390
Manhattan Associates, Inc.^(b)		49,986		9,746,270
PowerSchool Holdings, Inc., Class A^(b)(c)		325,643		6,486,809
PROS Holdings, Inc.^(b)(c)		177,021		5,514,204
Samsara, Inc., Class A^(b)		373,872		8,625,227
SPS Commerce, Inc.^(b)		46,814		7,506,157
Synopsys, Inc.^(b)		23,416		10,992,407
Vertex, Inc., Class A^(b)		298,253		7,220,705

				124,755,105

Communications Equipment-3.92%
Arista Networks, Inc.^(b)		55,678		11,156,201


Electronic Equipment & Instruments-1.52%
PAR Technology Corp.^(b)(c)		147,541		4,306,722


Internet Services & Infrastructure-1.92%
Fastly, Inc., Class A^(b)(c)		372,367		5,462,624


Semiconductor Materials & Equipment-6.09%
Axcelis Technologies, Inc.^(b)(c)		76,833		9,796,207
Onto Innovation, Inc.^(b)		67,034		7,532,611

				17,328,818

Semiconductors-13.37%
Broadcom, Inc.		12,195		10,260,507
MACOM Technology Solutions Holdings, Inc.^(b)		105,927		7,472,091
NVIDIA Corp.		29,719		12,119,408
ON Semiconductor Corp.^(b)		130,316		8,162,994

				38,015,000

Systems Software-11.67%
Microsoft Corp.		30,521		10,319,455
Oracle Corp.		74,202		7,672,487


	Shares		Value
Systems Software-(continued)
Palo Alto Networks, Inc.^(b)		34,456	$	8,373,497
Qualys, Inc.^(b)		44,569		6,816,829

				33,182,268

Technology Hardware, Storage & Peripherals-9.87%
Apple, Inc.		109,173		18,643,473
Dell Technologies, Inc., Class C		141,100		9,441,001

				28,084,474

Transaction & Payment Processing Services-2.64%
Affirm Holdings, Inc.^(b)(c)		425,818		7,498,655


Wireless Telecommunication Services-2.95%
United States Cellular Corp.^(b)		199,802		8,397,678

Total Common Stocks & Other Equity Interests (Cost $287,126,453)				284,449,091


Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $321,703)		321,703		321,703

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12% (Cost $287,448,156)				284,770,794


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.83%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		10,215,882		10,215,882
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		26,272,838		26,275,465

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $36,491,347)				36,491,347

TOTAL INVESTMENTS IN SECURITIES-112.95% (Cost $323,939,503)				321,262,141
OTHER ASSETS LESS LIABILITIES-(12.95)%				(36,830,276	)

NET ASSETS-100.00%.			$	284,431,865

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


		17

Invesco Dorsey Wright Technology Momentum ETF (PTF)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	292,096		$	1,338,468		$	(1,308,861	)		$	-		$	-		$	321,703		$	9,102

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			14,253,080			106,186,852			(110,224,050	)			-			-			10,215,882			374,796	*

Invesco Private Prime Fund			37,945,789			234,853,861			(246,527,146	)			1,396			1,565			26,275,465			1,010,638	*


Total		$	52,490,965		$	342,379,181		$	(358,060,057	)		$	1,396		$	1,565		$	36,813,050		$	1,394,536

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

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

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

Portfolio Composition

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

as of October 31, 2023



Application Software	43.86

Semiconductors	13.37

Systems Software	11.67

Technology Hardware, Storage & Peripherals	9.87

Semiconductor Materials & Equipment	6.09

Communications Equipment	3.92

Sub-Industry Types Each Less Than 3%	11.23

Money Market Funds Plus Other Assets Less Liabilities	(0.01	)

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


		18

Invesco Dorsey Wright Utilities Momentum ETF (PUI)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.82%
Electric Utilities-45.41%
Alliant Energy Corp.		26,467	$	1,291,325
Constellation Energy Corp.		12,368		1,396,595
Duke Energy Corp.		13,226		1,175,659
Evergy, Inc.		16,560		813,758
Eversource Energy		12,838		690,556
Exelon Corp.		26,966		1,050,056
FirstEnergy Corp.		20,842		741,975
IDACORP, Inc.		7,024		665,243
NextEra Energy, Inc.		21,577		1,257,939
NRG Energy, Inc.		19,571		829,419
Otter Tail Corp.^(b)		11,336		872,192
PG&E Corp.^(c)		74,839		1,219,876
Pinnacle West Capital Corp.		15,291		1,134,286
Southern Co. (The)		20,325		1,367,873
Xcel Energy, Inc.		19,342		1,146,400

				15,653,152

Gas Utilities-11.24%
Atmos Energy Corp.^(b)		11,832		1,273,833
Chesapeake Utilities Corp.^(b)		7,051		624,789
National Fuel Gas Co.		11,884		605,490
New Jersey Resources Corp.^(b)		18,648		756,736
ONE Gas, Inc.^(b)		10,144		612,698

				3,873,546

Independent Power Producers & Energy Traders-3.76%
Vistra Corp.		39,656		1,297,544


Multi-Utilities-23.52%
Ameren Corp.		9,872		747,409
CenterPoint Energy, Inc.		30,166		810,862
CMS Energy Corp.		17,707		962,199
DTE Energy Co.		13,133		1,265,759
NiSource, Inc.		45,855		1,153,712
Public Service Enterprise Group, Inc.		12,631		778,701
Sempra		17,612		1,233,368
WEC Energy Group, Inc.		14,177		1,153,866

				8,105,876

Oil & Gas Exploration & Production-2.34%
EQT Corp.		19,021		806,110


	Shares		Value
Oil & Gas Storage & Transportation-3.93%
ONEOK, Inc.		20,756	$	1,353,291


Water Utilities-9.62%
American States Water Co.		11,111		867,214
American Water Works Co., Inc.		9,047		1,064,379
Consolidated Water Co. Ltd. (Cayman Islands)		26,898		794,029
Essential Utilities, Inc.		17,696		592,108

				3,317,730

Total Common Stocks & Other Equity Interests (Cost $38,953,138)				34,407,249


Money Market Funds-0.40%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $138,139)		138,139		138,139

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.22% (Cost $39,091,277)				34,545,388


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.99%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		963,322		963,322
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		2,477,639		2,477,887

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,441,160)				3,441,209

TOTAL INVESTMENTS IN SECURITIES-110.21% (Cost $42,532,437)				37,986,597
OTHER ASSETS LESS LIABILITIES-(10.21)%				(3,518,576	)

NET ASSETS-100.00%			$	34,468,021

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	116,870		$	999,455		$	(978,186	)		$	-		$	-		$	138,139		$	2,818

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


		19

Invesco Dorsey Wright Utilities Momentum ETF (PUI)–(continued)

October 31, 2023

(Unaudited)


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

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	2,664,890		$	17,019,197		$	(18,720,765	)		$	-		$	-		$	963,322		$	23,200	*

Invesco Private Prime Fund			6,852,888			30,709,754			(35,085,270	)			91			424			2,477,887			63,322	*


Total		$	9,634,648		$	48,728,406		$	(54,784,221	)		$	91		$	424		$	3,579,348		$	89,340

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

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

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

Portfolio Composition

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

as of October 31, 2023



Electric Utilities			45.41

Multi-Utilities			23.52

Gas Utilities			11.24

Water Utilities			9.62

Oil & Gas Storage & Transportation			3.93

Independent Power Producers & Energy Traders			3.76

Oil & Gas Exploration & Production			2.34

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.


		20

Invesco NASDAQ Internet ETF (PNQI)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.07%
Advertising-0.08%
Criteo S.A., ADR (France)^(b)		15,109	$	427,131


Apparel Retail-0.02%
Lands’ End, Inc.^(b)(c)		8,525		53,537
Stitch Fix, Inc., Class A^(b)(c)		23,591		77,378

				130,915

Application Software-15.67%
Adobe, Inc.^(b)		83,757		44,563,749
Alarm.com Holdings, Inc.^(b)(c)		13,323		681,205
Box,Inc., Class A^(b)(c)		38,457		956,041
Consensus Cloud Solutions, Inc.^(b)(c)		5,247		113,283
DocuSign, Inc.^(b)		54,029		2,100,648
Dropbox, Inc., Class A^(b)(c)		71,243		1,873,691
Envestnet, Inc.^(b)(c)		14,560		538,720
LivePerson, Inc.^(b)(c)		20,815		54,952
New Relic, Inc.^(b)(c)		18,748		1,624,889
Open Text Corp. (Canada)^(c)		72,401		2,418,193
PROS Holdings, Inc.^(b)(c)		12,336		384,266
Salesforce, Inc.^(b)		105,775		21,242,793
SPS Commerce, Inc.^(b)(c)		9,784		1,568,767
Unity Software, Inc.^(b)(c)		102,376		2,597,279
Zoom Video Communications, Inc., Class A^(b)		67,892		4,072,162

				84,790,638

Broadline Retail-17.10%
Alibaba Group Holding Ltd., ADR (China)^(b)(c)		230,732		19,044,619
Amazon.com, Inc.^(b)		339,461		45,178,865
eBay, Inc.		142,076		5,573,641
Global-e Online Ltd. (Israel)^(b)(c)		43,852		1,539,644
JD.com, Inc., ADR (China)^(c)		121,086		3,078,006
MercadoLibre, Inc. (Brazil)^(b)		13,373		16,592,416
Vipshop Holdings Ltd., ADR (China)^(b)		109,313		1,558,803

				92,565,994

Casinos & Gaming-0.63%
DraftKings, Inc., Class A^(b)		123,873		3,421,372


Commercial Printing-0.08%
Cimpress PLC (Ireland)^(b)		7,039		420,017


Education Services-0.05%
2U, Inc.^(b)		21,739		46,087
Chegg, Inc.^(b)(c)		30,788		231,833

				277,920

Financial Exchanges & Data-0.72%
Coinbase Global, Inc., Class A^(b)(c)		50,713		3,910,987


Health Care Technology-0.16%
GoodRx Holdings, Inc., Class A^(b)(c)		22,456		110,708
Teladoc Health, Inc.^(b)(c)		44,038		728,389

				839,097

Homefurnishing Retail-0.22%
Overstock.com, Inc.^(b)(c)		12,069		188,277
Wayfair, Inc., Class A^(b)(c)		24,097		1,026,773

				1,215,050

Hotels, Resorts & Cruise Lines-7.71%
Airbnb, Inc., Class A^(b)		113,828		13,464,714
Booking Holdings, Inc.^(b)		7,543		21,041,651


	Shares		Value
Hotels, Resorts & Cruise Lines-(continued)
Expedia Group, Inc.^(b)		36,800	$	3,506,672
MakeMyTrip Ltd. (India)^(b)		17,746		687,303
Trip.com Group Ltd., ADR (China)^(b)(c)		89,293		3,035,962

				41,736,302

Human Resource & Employment Services-0.49%
Paylocity Holding Corp.^(b)		14,929		2,678,263


Interactive Home Entertainment-2.41%
Bilibili, Inc., ADR (China)^(b)(c)		31,428		422,078
NetEase, Inc., ADR (China)^(c)		32,860		3,513,391
Roblox Corp., Class A^(b)(c)		151,293		4,812,630
Sea Ltd., ADR (Singapore)^(b)(c)		102,632		4,279,755

				13,027,854

Interactive Media & Services-18.98%
Alphabet, Inc., Class C^(b)		341,093		42,738,953
Autohome, Inc., ADR (China)		18,035		482,436
Baidu, Inc., ADR (China)^(b)(c)		36,517		3,834,285
Bumble, Inc., Class A^(b)(c)		36,447		489,848
Cars.com, Inc.^(b)(c)		17,747		270,287
Eventbrite, Inc., Class A^(b)(c)		22,038		182,475
Hello Group, Inc., ADR (China)		46,338		328,073
JOYY, Inc., ADR (China)^(c)		15,504		603,416
Meta Platforms, Inc., Class A^(b)		158,333		47,700,983
Shutterstock, Inc.^(c)		9,631		391,789
Snap, Inc., Class A^(b)(c)		365,398		3,657,634
TripAdvisor, Inc.^(b)		33,421		493,294
Yelp, Inc.^(b)(c)		18,345		773,975
Ziff Davis, Inc.^(b)(c)		12,410		750,308

				102,697,756

Internet Services & Infrastructure-5.97%
Akamai Technologies, Inc.^(b)		40,503		4,185,175
Brightcove, Inc.^(b)(c)		11,547		35,565
Fastly, Inc., Class A^(b)(c)		34,494		506,027
GoDaddy, Inc., Class A^(b)(c)		39,197		2,870,396
Okta, Inc.^(b)(c)		41,849		2,821,041
Shopify, Inc., Class A (Canada)^(b)		321,309		15,162,572
VeriSign, Inc.^(b)		27,534		5,497,439
Wix.com Ltd. (Israel)^(b)		15,157		1,211,044

				32,289,259

Movies & Entertainment-10.27%
Netflix, Inc.^(b)		54,014		22,237,024
Roku, Inc., Class A^(b)(c)		33,128		1,973,435
Spotify Technology S.A.^(b)		51,640		8,508,206
Walt Disney Co. (The)^(b)		279,930		22,839,489

				55,558,154

Other Specialty Retail-0.13%
1-800-Flowers.com, Inc., Class A^(b)(c)		10,069		75,618
Chewy, Inc., Class A^(b)(c)		31,810		614,887
PetMed Express, Inc.^(c)		5,646		38,901

				729,406

Passenger Ground Transportation-4.14%
Lyft, Inc., Class A^(b)(c)		100,822		924,538
Uber Technologies, Inc.^(b)		495,965		21,465,365

				22,389,903

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


		21

Invesco NASDAQ Internet ETF (PNQI)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Real Estate Services-1.81%
CoStar Group, Inc.^(b)		109,016	$	8,002,865
Redfin Corp.^(b)(c)		30,431		141,808
Zillow Group, Inc., Class C^(b)(c)		45,366		1,644,518

				9,789,191

Restaurants-1.35%
DoorDash, Inc., Class A^(b)(c)		97,669		7,320,292


Systems Software-9.14%
Gitlab, Inc., Class A^(b)(c)		25,737		1,113,897
Microsoft Corp.		142,937		48,328,429

				49,442,326

Transaction & Payment Processing Services-2.94%
Dlocal Ltd. (Uruguay)^(b)(c)		43,316		729,874
PayPal Holdings, Inc.^(b)		293,151		15,185,222

				15,915,096

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.07% (Cost $582,572,005)				541,572,923


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.37%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		15,740,379	$	15,740,379
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		40,397,775		40,401,815

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $56,141,715)				56,142,194

TOTAL INVESTMENTS IN SECURITIES-110.44% (Cost $638,713,720)				597,715,117
OTHER ASSETS LESS LIABILITIES-(10.44)%				(56,499,948	)

NET ASSETS-100.00%.			$	541,215,169

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


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

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	696,593		$	(696,593	)		$	-		$	-		$	-		$	1,408

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			8,626,317			188,077,913			(180,963,851	)			-			-			15,740,379			373,930	*

Invesco Private Prime Fund			22,188,871			359,017,306			(340,811,707	)			479			6,866			40,401,815			973,086	*


Total		$	30,815,188		$	547,791,812		$	(522,472,151	)		$	479		$	6,866		$	56,142,194		$	1,348,424

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

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

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

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


		22

Invesco NASDAQ Internet ETF (PNQI)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Interactive Media & Services	18.98

Broadline Retail	17.10

Application Software	15.67

Movies & Entertainment	10.27

Systems Software	9.14

Hotels, Resorts & Cruise Lines	7.71

Internet Services & Infrastructure	5.97

Passenger Ground Transportation	4.14

Sub-Industry Types Each Less Than 3%	11.09

Money Market Funds Plus Other Assets Less Liabilities	(0.07	)

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


		23

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)


	Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)				Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)				Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)				Invesco Dorsey Wright Energy Momentum ETF (PXI)
Assets:
Unaffiliated investments in securities, at value^(a)		$	99,641,972			$	16,354,379			$	75,149,591		$	113,783,873
Affiliated investments in securities, at value			24,492,151				4,184,883				16,669,125			24,540,696
Receivable for:
Dividends			117,519				5,023				27,117			124,389
Securities lending			2,598				2,533				1,786			2,811
Investments sold			1,475,977				-				-			-
Expenses absorbed			-				109				-			-
Other assets.			-				14,635				-			-

Total assets			125,730,217				20,561,562				91,847,619			138,451,769


Liabilities:
Due to custodian			-				-				-			-
Payable for:
Collateral upon return of securities loaned			24,347,610				4,073,193				16,440,131			24,362,638
Fund shares repurchased			1,476,372				-				-			-
Accrued unitary management fees			-				-				-			-
Accrued advisory fees			40,862				-				21,531			35,966
Accrued trustees’ and officer’s fees			55,359				50,345				56,485			61,814
Accrued expenses			154,417				106,367				134,347			124,412

Total liabilities			26,074,620				4,229,905				16,652,494			24,584,830

Net Assets		$	99,655,597			$	16,331,657			$	75,195,125		$	113,866,939


Net assets consist of:
Shares of beneficial interest		$	201,430,483			$	102,833,408			$	190,837,063		$	310,440,330
Distributable earnings (loss)			(101,774,886	)			(86,501,751	)			(115,641,938	)		(196,573,391	)

Net Assets		$	99,655,597			$	16,331,657			$	75,195,125		$	113,866,939

Shares outstanding (unlimited amount authorized, $0.01 par value)			1,350,000				270,000				950,000			2,630,000
Net asset value		$	73.82			$	60.49			$	79.15			$43.30

Market price		$	73.80			$	60.53			$	79.16			$43.26

Unaffiliated investments in securities, at cost		$	101,723,740			$	16,968,373			$	73,191,054		$	108,471,822

Affiliated investments in securities, at cost		$	24,492,212			$	4,184,858			$	16,668,966		$	24,540,147

^(a)Includes securities on loan with an aggregate value of:		$	23,776,476			$	4,039,963			$	15,862,818		$	23,683,275

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


		24


Invesco Dorsey Wright Financial Momentum ETF (PFI)				Invesco Dorsey Wright Healthcare Momentum ETF (PTH)				Invesco Dorsey Wright Industrials Momentum ETF (PRN)				Invesco Dorsey Wright Technology Momentum ETF (PTF)				Invesco Dorsey Wright Utilities Momentum ETF (PUI)				Invesco NASDAQ Internet ETF (PNQI)

	$	24,966,812			$	114,315,464			$	134,599,648			$	284,449,091			$	34,407,249			$	541,572,923
		5,108,472				36,624,706				8,439,162				36,813,050				3,579,348				56,142,194

		11,741				1,618				116,814				53,791				70,510				287
		658				6,778				1,245				8,456				316				6,039
		-				-				-				-				-				-
		-				-				-				-				-				-
		10,725				-				-				-				-				-

		30,098,408				150,948,566				143,156,869				321,324,388				38,057,423				597,721,443



		-				-				-				-				-				85,620

		4,968,770				36,299,253				8,267,151				36,491,347				3,441,160				56,141,715
		-				-				-				-				-				-
		-				-				-				-				-				278,939
		4,452				36,038				56,891				105,516				5,649				-
		49,830				62,636				56,587				56,240				53,020				-
		102,930				184,538				119,189				239,420				89,573				-

		5,125,982				36,582,465				8,499,818				36,892,523				3,589,402				56,506,274

	$	24,972,426			$	114,366,101			$	134,657,051			$	284,431,865			$	34,468,021			$	541,215,169



	$	71,683,745			$	471,430,557			$	238,392,293			$	471,734,324			$	71,660,423			$	761,644,565
		(46,711,319	)			(357,064,456	)			(103,735,242	)			(187,302,459	)			(37,192,402	)			(220,429,396	)

	$	24,972,426			$	114,366,101			$	134,657,051			$	284,431,865			$	34,468,021			$	541,215,169


		630,000				3,780,000				1,400,000				6,920,000				1,150,000				18,080,000
	$	39.64			$	30.26			$	96.18			$	41.10			$	29.97			$	29.93

	$	39.63			$	30.26			$	96.06			$	41.09			$	29.98			$	29.96

	$	24,269,866			$	125,885,385			$	123,392,676			$	287,126,453			$	38,953,138			$	582,572,005

	$	5,108,395			$	36,624,637			$	8,439,481			$	36,813,050			$	3,579,299			$	56,141,715


	$	4,893,738			$	36,603,537			$	8,172,872			$	36,363,961			$	3,454,985			$	55,014,370


		25

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)


	Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)				Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)				Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)				Invesco Dorsey Wright Energy Momentum ETF (PXI)
Investment income:
Unaffiliated dividend income		$	1,256,191			$	98,502			$	769,613			$	1,053,982
Affiliated dividend income			5,646				3,795				5,210				4,619
Securities lending income, net			21,107				15,835				9,142				65,815
Foreign withholding tax			(509	)			-				-				-

Total investment income			1,282,435				118,132				783,965				1,124,416


Expenses:
Unitary management fees			-				-				-				-
Advisory fees			368,665				51,120				265,702				234,841
Sub-licensing fees			110,601				15,336				79,711				70,453
Accounting & administration fees			10,108				7,113				10,178				13,479
Professional fees			18,217				20,950				19,824				20,059
Custodian & transfer agent fees			2,216				1,489				3,503				1,828
Trustees’ and officer’s fees			5,388				4,765				5,281				5,575
Other expenses			14,585				11,900				13,649				15,805

Total expenses			529,780				112,673				397,848				362,040

Less: Waivers			(87,503	)			(51,404	)			(79,117	)			(80,331	)

Net expenses			442,277				61,269				318,731				281,709

Net investment income (loss)			840,158				56,863				465,234				842,707


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(4,021,973	)			(246,909	)			(3,405,975	)			(18,713	)
Affiliated investment securities			424				225				343				937
In-kind redemptions			3,176,134				162,355				4,702,827				2,307,001
Foreign currencies			5				-				-				-

Net realized gain (loss)			(845,410	)			(84,329	)			1,297,195				2,289,225

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(14,211,430	)			(2,434,702	)			(11,414,184	)			3,662,780
Affiliated investment securities			268				69				174				549

Change in net unrealized appreciation (depreciation)			(14,211,162	)			(2,434,633	)			(11,414,010	)			3,663,329

Net realized and unrealized gain (loss)			(15,056,572	)			(2,518,962	)			(10,116,815	)			5,952,554

Net increase (decrease) in net assets resulting from operations		$	(14,216,414	)		$	(2,462,099	)		$	(9,651,581	)		$	6,795,261

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


		26


Invesco Dorsey Wright Financial Momentum ETF (PFI)				Invesco Dorsey Wright Healthcare Momentum ETF (PTH)				Invesco Dorsey Wright Industrials Momentum ETF (PRN)				Invesco Dorsey Wright Technology Momentum ETF (PTF)				Invesco Dorsey Wright Utilities Momentum ETF (PUI)				Invesco NASDAQ Internet ETF (PNQI)

	$	279,614			$	60,854			$	789,825			$	452,408			$	643,388			$	347,401
		3,554				7,114				5,057				9,102				2,818				1,408
		39,209				59,541				8,293				579,205				2,361				44,568
		(278	)			-				-				-				-				(5,056	)

		322,099				127,509				803,175				1,040,715				648,567				388,321



		-				-				-				-				-				1,707,990
		69,687				396,174				358,987				734,114				97,114				-
		6,969				118,853				37,391				220,237				29,135				-
		8,343				14,643				10,080				12,857				8,929				-
		19,667				20,075				19,813				20,030				19,664				-
		1,709				1,005				1,849				2,005				1,807				-
		4,789				5,814				5,331				5,760				4,900				-
		13,314				21,968				15,814				16,970				11,510				-

		124,478				578,532				449,265				1,011,973				173,059				1,707,990

		(40,924	)			(103,271	)			(18,586	)			(130,301	)			(56,580	)			(27	)

		83,554				475,261				430,679				881,672				116,479				1,707,963

		238,545				(347,752	)			372,496				159,043				532,088				(1,319,642	)




		(271,781	)			(5,403,603	)			(2,741,465	)			(12,103,456	)			(1,403,332	)			(1,366,843	)
		551				3,152				1,684				1,565				424				6,866
		225,867				1,277,875				5,845,525				30,016,253				(38,847	)			11,183,687
		-				-				-				-				-				-

		(45,363	)			(4,122,576	)			3,105,744				17,914,362				(1,441,755	)			9,823,710


		(569,930	)			(34,937,406	)			(1,073,310	)			(19,699,971	)			(2,908,567	)			26,785,322
		175				69				(176	)			1,396				91				479

		(569,755	)			(34,937,337	)			(1,073,486	)			(19,698,575	)			(2,908,476	)			26,785,801

		(615,118	)			(39,059,913	)			2,032,258				(1,784,213	)			(4,350,231	)			36,609,511

	$	(376,573	)		$	(39,407,665	)		$	2,404,754			$	(1,625,170	)		$	(3,818,143	)		$	35,289,869


		27

Statements of Changes in Net Assets

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

(Unaudited)


	Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)							Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)
	Six Months Ended October 31, 2023				Year Ended April 30, 2023			Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income (loss)		$	840,158		$	1,729,683			$	56,863		$	209,933
Net realized gain (loss)			(845,410	)		(30,343,479	)			(84,329	)		(7,561,822	)
Change in net unrealized appreciation (depreciation)			(14,211,162	)		2,154,740				(2,434,633	)		6,060,368

Net increase (decrease) in net assets resulting from operations			(14,216,414	)		(26,459,056	)			(2,462,099	)		(1,291,521	)


Distributions to Shareholders from:
Distributable earnings.			(746,698	)		(1,743,728	)			(71,528	)		(181,785	)


Shareholder Transactions:
Proceeds from shares sold			-			58,858,993				-			-
Value of shares repurchased.			(41,917,749	)		(61,407,537	)			(3,899,740	)		(14,479,301	)

Net increase (decrease) in net assets resulting from share transactions			(41,917,749	)		(2,548,544	)			(3,899,740	)		(14,479,301	)

Net increase (decrease) in net assets			(56,880,861	)		(30,751,328	)			(6,433,367	)		(15,952,607	)


Net assets:
Beginning of period			156,536,458			187,287,786				22,765,024			38,717,631

End of period.		$	99,655,597		$	156,536,458			$	16,331,657		$	22,765,024


Changes in Shares Outstanding:
Shares sold			-			690,000				-			-
Shares repurchased			(560,000	)		(820,000	)			(60,000	)		(220,000	)
Shares outstanding, beginning of period			1,910,000			2,040,000				330,000			550,000

Shares outstanding, end of period			1,350,000			1,910,000				270,000			330,000

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

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


		28



Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)								Invesco Dorsey Wright Energy Momentum ETF (PXI)								Invesco Dorsey Wright Financial Momentum ETF (PFI)								Invesco Dorsey Wright Healthcare Momentum ETF (PTH)
Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	465,234			$	2,471,194			$	842,707			$	7,039,894			$	238,545			$	770,188			$	(347,752	)		$	(54,865	)
		1,297,195				(7,529,218	)			2,289,225				25,657,446				(45,363	)			(13,031,256	)			(4,122,576	)			(54,552,614	)
		(11,414,010	)			14,035,971				3,663,329				(37,155,265	)			(569,755	)			6,634,296				(34,937,337	)			49,429,729

		(9,651,581	)			8,977,947				6,795,261				(4,457,925	)			(376,573	)			(5,626,772	)			(39,407,665	)			(5,177,750	)



		(712,219	)			(2,475,873	)			(992,703	)			(7,195,508	)			(214,220	)			(816,131	)			-				-



		855,388				98,186,163				44,693,219				76,919,560				-				23,143,715				4,841,301				4,965,922
		(36,793,922	)			(82,730,990	)			(31,954,196	)			(210,643,376	)			(3,309,196	)			(71,998,070	)			(32,211,391	)			(92,228,741	)

		(35,938,534	)			15,455,173				12,739,023				(133,723,816	)			(3,309,196	)			(48,854,355	)			(27,370,090	)			(87,262,819	)

		(46,302,334	)			21,957,247				18,541,581				(145,377,249	)			(3,899,989	)			(55,297,258	)			(66,777,755	)			(92,440,569	)



		121,497,459				99,540,212				95,325,358				240,702,607				28,872,415				84,169,673				181,143,856				273,584,425

	$	75,195,125			$	121,497,459			$	113,866,939			$	95,325,358			$	24,972,426			$	28,872,415			$	114,366,101			$	181,143,856



		10,000				1,170,000				980,000				1,760,000				-				580,000				120,000	^(a)			120,000	^(a)
		(430,000	)			(980,000	)			(810,000	)			(5,030,000	)			(80,000	)			(1,720,000	)			(870,000	)^(a)			(2,340,000	)^(a)
		1,370,000				1,180,000				2,460,000				5,730,000				710,000				1,850,000				4,530,000	^(a)			6,750,000	^(a)

		950,000				1,370,000				2,630,000				2,460,000				630,000				710,000				3,780,000	^(a)			4,530,000	^(a)


		29

Statements of Changes in Net Assets–(continued)

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

(Unaudited)


	Invesco Dorsey Wright Industrials Momentum ETF (PRN)							Invesco Dorsey Wright Technology Momentum ETF (PTF)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023			Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income (loss)		$	372,496		$	1,113,796			$	159,043		$	(331,545	)
Net realized gain (loss)			3,105,744			(18,599,168	)			17,914,362			(41,601,206	)
Change in net unrealized appreciation (depreciation)			(1,073,486	)		24,217,473				(19,698,575	)		47,164,471

Net increase (decrease) in net assets resulting from operations			2,404,754			6,732,101				(1,625,170	)		5,231,720


Distributions to Shareholders from:
Distributable earnings			(323,365	)		(1,148,969	)			(221,495	)		-


Shareholder Transactions:
Proceeds from shares sold			34,332,888			24,825,901				164,597,424			113,251,506
Value of shares repurchased			(30,200,667	)		(75,874,027	)			(108,615,761	)		(93,625,586	)

Net increase (decrease) in net assets resulting from share transactions			4,132,221			(51,048,126	)			55,981,663			19,625,920

Net increase (decrease) in net assets			6,213,610			(45,464,994	)			54,134,998			24,857,640


Net assets:
Beginning of period			128,443,441			173,908,435				230,296,867			205,439,227

End of period		$	134,657,051		$	128,443,441			$	284,431,865		$	230,296,867


Changes in Shares Outstanding:
Shares sold			330,000			290,000				3,440,000	^(a)		2,760,000	^(a)
Shares repurchased			(290,000	)		(850,000	)			(2,250,000	)^(a)		(2,250,000	)^(a)
Shares outstanding, beginning of period			1,360,000			1,920,000				5,730,000	^(a)		5,220,000	^(a)

Shares outstanding, end of period.			1,400,000			1,360,000				6,920,000	^(a)		5,730,000	^(a)

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

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

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


		30


Invesco Dorsey Wright Utilities Momentum ETF (PUI)								Invesco NASDAQ Internet ETF (PNQI)

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

	$	532,088			$	1,283,665			$	(1,319,642	)		$	(1,780,807	)
		(1,441,755	)			(445,429	)			9,823,710				(22,366,491	)
		(2,908,476	)			(5,695,722	)			26,785,801				24,295,360

		(3,818,143	)			(4,857,486	)			35,289,869				148,062



		(515,048	)			(1,259,429	)			-				-



		-				45,958,102				17,760,805				106,828,408
		(4,508,286	)			(52,293,542	)			(40,120,081	)			(135,609,435	)

		(4,508,286	)			(6,335,440	)			(22,359,276	)			(28,781,027	)

		(8,841,477	)			(12,452,355	)			12,930,593				(28,632,965	)



		43,309,498				55,761,853				528,284,576				556,917,541

	$	34,468,021			$	43,309,498			$	541,215,169			$	528,284,576



		-				1,250,000				610,000	^(b)			4,350,000	^(b)
		(140,000	)			(1,540,000	)			(1,330,000	)^(b)			(5,450,000	)^(b)
		1,290,000				1,580,000				18,800,000	^(b)			19,900,000	^(b)

		1,150,000				1,290,000				18,080,000	^(b)			18,800,000	^(b)


		31

Financial Highlights

Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	81.96		$	91.81		$	85.67		$	47.51		$	60.49		$	66.74

Net investment income^(a)			0.47			1.00			0.35			0.47			0.79			0.72
Net realized and unrealized gain (loss) on investments			(8.20	)		(9.87	)		6.16			38.31			(12.77	)		(6.30	)

Total from investment operations			(7.73	)		(8.87	)		6.51			38.78			(11.98	)		(5.58	)

Distributions to shareholders from:
Net investment income			(0.41	)		(0.98	)		(0.37	)		(0.62	)		(1.00	)		(0.67	)

Net asset value at end of period		$	73.82		$	81.96		$	91.81		$	85.67		$	47.51		$	60.49

Market price at end of period^(b)		$	73.80		$	81.92		$	91.90		$	85.68		$	47.63		$	60.48

Net Asset Value Total Return^(c)			(9.47	)%		(9.61	)%		7.61	%		82.25	%		(19.95	)%		(8.36	)%
Market Price Total Return^(c)			(9.45	)%		(9.74	)%		7.70	%		81.80	%		(19.74	)%		(8.46	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	99,656		$	156,536		$	187,288		$	114,802		$	35,634		$	63,518
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.61	%^(e)		0.60	%
Expenses, prior to Waivers			0.72	%^(d)		0.73	%		0.70	%		0.82	%		0.79	%^(e)		0.76	%
Net investment income			1.14	%^(d)		1.21	%		0.38	%		0.70	%		1.40	%^(e)		1.12	%
Portfolio turnover rate^(f)			34	%		86	%		125	%		132	%		90	%		89	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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

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


		32

Financial Highlights–(continued)

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period.		$	68.98		$	70.40		$	89.43		$	41.64		$	56.86		$	50.42

Net investment income (loss)^(a)			0.19			0.53			0.22			(0.00	)^(b)		0.06			0.08
Net realized and unrealized gain (loss) on investments			(8.44	)		(1.46	)		(19.05	)		47.98			(15.17	)		6.53

Total from investment operations			(8.25	)		(0.93	)		(18.83	)		47.98			(15.11	)		6.61

Distributions to shareholders from:
Net investment income			(0.24	)		(0.49	)		(0.20	)		(0.19	)		(0.11	)		(0.17	)

Net asset value at end of period		$	60.49		$	68.98		$	70.40		$	89.43		$	41.64		$	56.86

Market price at end of period^(c)		$	60.53		$	69.03		$	70.54		$	89.37		$	41.67		$	56.87

Net Asset Value Total Return^(d)			(12.00	)%		(1.27	)%		(21.10	)%		115.43	%		(26.51	)%		13.15	%
Market Price Total Return^(d)			(12.01	)%		(1.40	)%		(20.90	)%		115.13	%		(26.47	)%		13.03	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	16,332		$	22,765		$	38,718		$	126,992		$	16,657		$	31,271
Ratio to average net assets of:
Expenses, after Waivers.			0.60	%^(e)		0.60	%		0.60	%		0.60	%		0.61	%^(f)		0.60	%
Expenses, prior to Waivers			1.10	%^(e)		1.01	%		0.73	%		0.80	%		0.82	%^(f)		0.80	%
Net investment income (loss)			0.56	%^(e)		0.80	%		0.25	%		(0.00	)%^(g)		0.12	%^(f)		0.15	%
Portfolio turnover rate^(h)			112	%		192	%		227	%		163	%		176	%		136	%

^(a)	Based on average shares outstanding.

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

^(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)	Amount represents less than 0.005%.

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

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


		33

Financial Highlights–(continued)

Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	88.68		$	84.36		$	94.26		$	60.84		$	72.67		$	67.39

Net investment income^(a)			0.38			1.68	^(b)		1.21			0.73			0.46			0.45
Net realized and unrealized gain (loss) on investments			(9.32	)		4.34			(9.89	)		33.35			(11.78	)		5.25

Total from investment operations			(8.94	)		6.02			(8.68	)		34.08			(11.32	)		5.70

Distributions to shareholders from:
Net investment income.			(0.59	)		(1.70	)		(1.22	)		(0.66	)		(0.51	)		(0.42	)

Net asset value at end of period		$	79.15		$	88.68		$	84.36		$	94.26		$	60.84		$	72.67

Market price at end of period^(c)		$	79.16		$	88.68		$	84.28		$	94.31		$	60.81		$	72.65

Net Asset Value Total Return^(d)			(10.14	)%		7.34	%		(9.27	)%		56.25	%		(15.61	)%		8.50	%
Market Price Total Return^(d)			(10.13	)%		7.44	%		(9.41	)%		56.42	%		(15.63	)%		8.12	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	75,195		$	121,497		$	99,540		$	111,221		$	109,513		$	174,401
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(e)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers			0.75	%^(e)		0.73	%		0.73	%		0.75	%		0.71	%		0.71	%
Net investment income.			0.88	%^(e)		2.04	%^(b)		1.34	%		0.93	%		0.65	%		0.64	%
Portfolio turnover rate^(f)			49	%		135	%		94	%		97	%		119	%		118	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.24 and 1.51%, respectively.

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

^(d)

^(e)	Annualized.

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

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


		34

Financial Highlights–(continued)

Invesco Dorsey Wright Energy Momentum ETF (PXI)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	38.75		$	42.01		$	24.49		$	15.20		$	31.95		$	42.26

Net investment income^(a)			0.38			1.47			0.32			0.17			0.74	^(b)		0.28
Net realized and unrealized gain (loss) on investments			4.60			(3.24	)		17.47			9.33			(16.70	)		(10.24	)

Total from investment operations			4.98			(1.77	)		17.79			9.50			(15.96	)		(9.96	)

Distributions to shareholders from:
Net investment income			(0.43	)		(1.49	)		(0.27	)		(0.21	)		(0.79	)		(0.35	)

Net asset value at end of period		$	43.30		$	38.75		$	42.01		$	24.49		$	15.20		$	31.95

Market price at end of period^(c)		$	43.26		$	38.73		$	42.02		$	24.51		$	15.24		$	31.95

Net Asset Value Total Return^(d)			12.90	%		(4.42	)%		72.99	%		63.39	%		(50.75	)%		(23.63	)%
Market Price Total Return^(d)			12.85	%		(4.50	)%		72.89	%		63.10	%		(50.62	)%		(23.74	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	113,867		$	95,325		$	240,703		$	139,581		$	17,479		$	51,127
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(e)		0.60	%		0.60	%		0.60	%		0.62	%^(f)		0.60	%
Expenses, prior to Waivers			0.77	%^(e)		0.70	%		0.70	%		0.85	%		0.86	%^(f)		0.75	%
Net investment income			1.79	%^(e)		3.37	%		1.00	%		0.86	%		2.98	%^(b)(f)		0.72	%
Portfolio turnover rate^(g)			82	%		147	%		115	%		196	%		92	%		113	%

^(a)	Based on average shares outstanding.

^(b)

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

^(d)

^(e)	Annualized.

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

^(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.


		35

Financial Highlights–(continued)

Invesco Dorsey Wright Financial Momentum ETF (PFI)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	40.67		$	45.50		$	51.11		$	31.88		$	35.52		$	35.16

Net investment income^(a)			0.36			0.60			0.75			0.47			0.52			0.41
Net realized and unrealized gain (loss) on investments			(1.06	)		(4.74	)		(5.61	)		19.34			(3.54	)		0.39

Total from investment operations.			(0.70	)		(4.14	)		(4.86	)		19.81			(3.02	)		0.80

Distributions to shareholders from:
Net investment income			(0.33	)		(0.69	)		(0.75	)		(0.58	)		(0.62	)		(0.44	)

Net asset value at end of period		$	39.64		$	40.67		$	45.50		$	51.11		$	31.88		$	35.52

Market price at end of period^(b)		$	39.63		$	40.63		$	45.43		$	51.16		$	31.86		$	35.49

Net Asset Value Total Return^(c)			(1.77	)%		(9.05	)%		(9.63	)%		62.64	%		(8.33	)%		2.44	%
Market Price Total Return^(c)			(1.70	)%		(9.00	)%		(9.85	)%		62.90	%		(8.31	)%		2.18	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	24,972		$	28,872		$	84,170		$	55,708		$	28,695		$	24,861
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.61	%^(e)		0.60	%
Expenses, prior to Waivers			0.89	%^(d)		0.79	%		0.70	%		0.82	%		0.71	%^(e)		0.79	%
Net investment income			1.71	%^(d)		1.44	%		1.44	%		1.16	%		1.40	%^(e)		1.22	%
Portfolio turnover rate^(f)			83	%		144	%		153	%		167	%		158	%		132	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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

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


		36

Financial Highlights–(continued)

Invesco Dorsey Wright Healthcare Momentum ETF (PTH)


	Six Months Ended October 31, 2023^(a)				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	39.99		$	40.53		$	52.12		$	32.77		$	25.93		$	25.88

Net investment income (loss)^(b)			(0.08	)		(0.01	)		(0.24	)		(0.16	)		(0.10	)		(0.11	)
Net realized and unrealized gain (loss) on investments			(9.65	)		(0.53	)		(11.35	)		19.51			6.94			0.16

Total from investment operations.			(9.73	)		(0.54	)		(11.59	)		19.35			6.84			0.05

Net asset value at end of period		$	30.26		$	39.99		$	40.53		$	52.12		$	32.77		$	25.93

Market price at end of period^(c)		$	30.26		$	39.97		$	40.50		$	52.05		$	32.83		$	25.90

Net Asset Value Total Return^(d)			(24.33	)%		(1.34	)%		(22.24	)%		59.04	%		26.39	%		0.18	%
Market Price Total Return^(d)			(24.30	)%		(1.31	)%		(22.18	)%		58.54	%		26.78	%		(0.15	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	114,366		$	181,144		$	273,584		$	558,234		$	265,463		$	163,351
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(e)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers.			0.73	%^(e)		0.71	%		0.68	%		0.67	%		0.73	%		0.69	%
Net investment income (loss)			(0.44	)%^(e)		(0.02	)%		(0.47	)%		(0.32	)%		(0.34	)%		(0.39	)%
Portfolio turnover rate^(f)			137	%		219	%		204	%		217	%		175	%		166	%

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

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Annualized.

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

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


		37

Financial Highlights–(continued)

Invesco Dorsey Wright Industrials Momentum ETF (PRN)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	94.44		$	90.58		$	102.57		$	61.51		$	63.65		$	57.87

Net investment income^(a)			0.27			0.83			0.14			0.05			0.30			0.17
Net realized and unrealized gain (loss) on investments			1.70			3.91			(11.97	)		41.11			(2.16	)		5.76

Total from investment operations			1.97			4.74			(11.83	)		41.16			(1.86	)		5.93

Distributions to shareholders from:
Net investment income.			(0.23	)		(0.88	)		(0.16	)		(0.10	)		(0.28	)		(0.15	)

Net asset value at end of period		$	96.18		$	94.44		$	90.58		$	102.57		$	61.51		$	63.65

Market price at end of period^(b)		$	96.06		$	94.45		$	90.42		$	102.49		$	61.72		$	63.64

Net Asset Value Total Return^(c)			2.08	%		5.32	%		(11.56	)%		66.98	%		(2.95	)%		10.28	%
Market Price Total Return^(c)			1.94	%		5.52	%		(11.64	)%		66.28	%		(2.61	)%		10.19	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	134,657		$	128,443		$	173,908		$	314,886		$	58,431		$	101,839
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.61	%^(e)		0.60	%
Expenses, prior to Waivers			0.63	%^(d)		0.65	%		0.63	%		0.64	%		0.62	%^(e)		0.64	%
Net investment income.			0.52	%^(d)		0.92	%		0.13	%		0.06	%		0.46	%^(e)		0.29	%
Portfolio turnover rate^(f)			45	%		142	%		152	%		169	%		111	%		104	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

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

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


		38

Financial Highlights–(continued)

Invesco Dorsey Wright Technology Momentum ETF (PTF)


	Six Months Ended October 31, 2023^(a)				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	40.19		$	39.36		$	47.63		$	25.54		$	23.94		$	18.73

Net investment income (loss)^(b)			0.02			(0.06	)		(0.15	)		(0.15	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss) on investments			0.93	^(c)		0.89			(8.12	)		22.24			1.64			5.25

Total from investment operations.			0.95			0.83			(8.27	)		22.09			1.60			5.22

Distributions to shareholders from:
Net investment income			(0.04	)		-			-			-			-			(0.01	)

Net asset value at end of period		$	41.10		$	40.19		$	39.36		$	47.63		$	25.54		$	23.94

Market price at end of period^(d)		$	41.09		$	40.18		$	39.37		$	47.62		$	25.56		$	23.97

Net Asset Value Total Return^(e)			2.34	%		2.13	%		(17.37	)%		86.48	%		6.70	%		27.90	%
Market Price Total Return^(e)			2.35	%		2.05	%		(17.33	)%		86.28	%		6.65	%		28.01	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	284,432		$	230,297		$	205,439		$	297,237		$	157,096		$	175,966
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers.			0.69	%^(f)		0.71	%		0.69	%		0.69	%		0.69	%		0.72	%
Net investment income (loss)			0.11	%^(f)		(0.16	)%		(0.31	)%		(0.37	)%		(0.17	)%		(0.15	)%
Portfolio turnover rate^(g)			91	%		158	%		207	%		172	%		159	%		133	%

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

^(b)	Based on average shares outstanding.

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

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

^(e)

^(f)	Annualized.

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

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


		39

Financial Highlights–(continued)

Invesco Dorsey Wright Utilities Momentum ETF (PUI)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period.		$	33.57		$	35.29		$	34.30		$	30.19		$	32.18		$	27.11

Net investment income^(a)			0.44			0.72			0.73			0.64			0.65			0.63
Net realized and unrealized gain (loss) on investments			(3.61	)		(1.77	)		0.98			4.27			(1.87	)		4.98

Total from investment operations			(3.17	)		(1.05	)		1.71			4.91			(1.22	)		5.61

Distributions to shareholders from:
Net investment income			(0.43	)		(0.67	)		(0.72	)		(0.80	)		(0.77	)		(0.54	)

Net asset value at end of period		$	29.97		$	33.57		$	35.29		$	34.30		$	30.19		$	32.18

Market price at end of period^(b)		$	29.98		$	33.57		$	35.27		$	34.24		$	30.29		$	32.18

Net Asset Value Total Return^(c)			(9.53	)%		(3.00	)%		5.08	%		16.63	%		(3.84	)%		20.98	%
Market Price Total Return^(c)			(9.50	)%		(2.95	)%		5.20	%		16.05	%		(3.53	)%		20.89	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	34,468		$	43,309		$	55,762		$	49,728		$	81,526		$	223,637
Ratio to average net assets of:
Expenses, after Waivers.			0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers			0.89	%^(d)		0.78	%		0.81	%		0.81	%		0.69	%		0.73	%
Net investment income			2.74	%^(d)		2.09	%		2.12	%		2.06	%		1.93	%		2.08	%
Portfolio turnover rate^(e)			8	%		60	%		61	%		64	%		69	%		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.


		40

Financial Highlights–(continued)

Invesco NASDAQ Internet ETF (PNQI)


	Six Months Ended October 31, 2023^(a)				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	28.10		$	27.99		$	48.83		$	29.36		$	28.49		$	25.83

Net investment income (loss)^(b)			(0.07	)		(0.09	)		(0.24	)		(0.23	)		(0.09	)		(0.09	)
Net realized and unrealized gain (loss) on investments			1.90			0.20			(20.60	)		19.70			0.96			2.75

Total from investment operations			1.83			0.11			(20.84	)		19.47			0.87			2.66

Net asset value at end of period		$	29.93		$	28.10		$	27.99		$	48.83		$	29.36		$	28.49

Market price at end of period^(c)		$	29.96		$	28.10		$	27.95		$	48.87		$	29.35		$	28.48

Net Asset Value Total Return^(d)			6.51	%		0.40	%		(42.68	)%		66.30	%		3.07	%		10.29	%
Market Price Total Return^(d)			6.60	%		0.54	%		(42.81	)%		66.50	%		3.05	%		10.15	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	541,215		$	528,285		$	556,918		$	1,069,442		$	557,897		$	598,232
Ratio to average net assets of:
Expenses.			0.60	%^(e)		0.60	%		0.60	%		0.60	%		0.60	%^(f)		0.60	%
Net investment income (loss)			(0.46	)%^(e)		(0.36	)%		(0.55	)%		(0.54	)%		(0.32	)%		(0.34	)%
Portfolio turnover rate^(g)			14	%		21	%		29	%		27	%		41	%		20	%

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

^(b)	Based on average shares outstanding.

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

^(d)

^(e)	Annualized.

^(f)

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

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

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


		41

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2023

(Unaudited)

NOTE 1–Organization


Full Name	Former Fund Name	Short Name
Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)*	Invesco DWA Basic Materials Momentum ETF	“Dorsey Wright Basic Materials Momentum ETF”

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)*	Invesco DWA Consumer Cyclicals Momentum ETF	“Dorsey Wright Consumer Cyclicals Momentum ETF”

Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)*	Invesco DWA Consumer Staples Momentum ETF	“Dorsey Wright Consumer Staples Momentum ETF”

Invesco Dorsey Wright Energy Momentum ETF (PXI)*	Invesco DWA Energy Momentum ETF	“Dorsey Wright Energy Momentum ETF”

Invesco Dorsey Wright Financial Momentum ETF (PFI)*	Invesco DWA Financial Momentum ETF	“Dorsey Wright Financial Momentum ETF”

Invesco Dorsey Wright Healthcare Momentum ETF (PTH)*	Invesco DWA Healthcare Momentum ETF	“Dorsey Wright Healthcare Momentum ETF”

Invesco Dorsey Wright Industrials Momentum ETF (PRN)*	Invesco DWA Industrials Momentum ETF	“Dorsey Wright Industrials Momentum ETF”

Invesco Dorsey Wright Technology Momentum ETF (PTF)*	Invesco DWA Technology Momentum ETF	“Dorsey Wright Technology Momentum ETF”

Invesco Dorsey Wright Utilities Momentum ETF (PUI)*	Invesco DWA Utilities Momentum ETF	“Dorsey Wright Utilities Momentum ETF”

Invesco NASDAQ Internet ETF (PNQI)		“NASDAQ Internet ETF”

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

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
Dorsey Wright Basic Materials Momentum ETF		Dorsey Wright^® Basic Materials Technical Leaders Index

Dorsey Wright Consumer Cyclicals Momentum ETF		Dorsey Wright^® Consumer Cyclicals Technical Leaders Index

Dorsey Wright Consumer Staples Momentum ETF		Dorsey Wright^® Consumer Staples Technical Leaders Index

Dorsey Wright Energy Momentum ETF		Dorsey Wright^® Energy Technical Leaders Index

Dorsey Wright Financial Momentum ETF		Dorsey Wright^® Financials Technical Leaders Index

Dorsey Wright Healthcare Momentum ETF		Dorsey Wright^® Healthcare Technical Leaders Index

Dorsey Wright Industrials Momentum ETF		Dorsey Wright^® Industrials Technical Leaders Index

Dorsey Wright Technology Momentum ETF		Dorsey Wright^® Technology Technical Leaders Index

Dorsey Wright Utilities Momentum ETF		Dorsey Wright^® Utilities Technical Leaders Index

NASDAQ Internet ETF		NASDAQ CTA Internet Index^SM

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.


		42

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

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

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


		43


		44

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

NASDAQ Internet ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).


		45

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.


	Amount

Dorsey Wright Basic Material Momentum ETF	$	1,285

Dorsey Wright Consumer Cyclicals Momentum ETF		1,413

Dorsey Wright Consumer Staples Momentum ETF		855

Dorsey Wright Energy Momentum ETF		5,403

Dorsey Wright Financial Momentum ETF		3,535

Dorsey Wright Healthcare Momentum ETF		5,384

Dorsey Wright Industrials Momentum ETF		785

Dorsey Wright Technology Momentum ETF		40,040

Dorsey Wright Utilities Momentum ETF		206

NASDAQ Internet ETF		3,464

K.	Other Risks


		46

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.

Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

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

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


		47

NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for NASDAQ Internet ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, NASDAQ Internet ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.60% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of NASDAQ Internet ETF, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

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

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

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



Dorsey Wright Basic Materials Momentum ETF	$	87,503

Dorsey Wright Consumer Cyclicals Momentum ETF		51,404

Dorsey Wright Consumer Staples Momentum ETF		79,117

Dorsey Wright Energy Momentum ETF		80,331

Dorsey Wright Financial Momentum ETF		40,924

Dorsey Wright Healthcare Momentum ETF		103,271

Dorsey Wright Industrials Momentum ETF		18,586

Dorsey Wright Technology Momentum ETF		130,301

Dorsey Wright Utilities Momentum ETF		56,580

NASDAQ Internet ETF		27

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

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


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

Dorsey Wright Basic Materials Momentum ETF	$	509,214	$	62,243	$	167,780	$	191,801	$	87,390

Dorsey Wright Consumer Cyclicals Momentum ETF		353,133		61,098		132,414		108,291		51,330

Dorsey Wright Consumer Staples Momentum ETF		455,956		77,823		138,574		160,546		79,013

Dorsey Wright Energy Momentum ETF		515,887		61,012		156,302		218,338		80,235

Dorsey Wright Financial Momentum ETF		272,359		38,816		89,336		103,352		40,855


		48


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

Dorsey Wright Healthcare Momentum ETF	$	962,653	$	240,034	$	362,462	$	257,024	$	103,133

Dorsey Wright Industrials Momentum ETF		188,769		28,269		82,905		59,111		18,484

Dorsey Wright Technology Momentum ETF		765,887		144,106		259,127		232,413		130,241

Dorsey Wright Utilities Momentum ETF		324,406		58,223		99,123		110,535		56,525

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


Fund		Licensor

Dorsey Wright Basic Materials Momentum ETF		Dorsey Wright & Associates, LLC

Dorsey Wright Consumer Cyclicals Momentum ETF		Dorsey Wright & Associates, LLC

Dorsey Wright Consumer Staples Momentum ETF		Dorsey Wright & Associates, LLC

Dorsey Wright Energy Momentum ETF		Dorsey Wright & Associates, LLC

Dorsey Wright Financial Momentum ETF		Dorsey Wright & Associates, LLC

Dorsey Wright Healthcare Momentum ETF		Dorsey Wright & Associates, LLC

Dorsey Wright Industrials Momentum ETF		Dorsey Wright & Associates, LLC

Dorsey Wright Technology Momentum ETF		Dorsey Wright & Associates, LLC

Dorsey Wright Utilities Momentum ETF		Dorsey Wright & Associates, LLC

NASDAQ Internet ETF		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 NASDAQ Internet 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.



Dorsey Wright Basic Materials Momentum ETF	$	14,500

Dorsey Wright Consumer Cyclicals Momentum ETF		5,398

Dorsey Wright Consumer Staples Momentum ETF		11,446

Dorsey Wright Energy Momentum ETF		27,246

Dorsey Wright Financial Momentum ETF		10,017

Dorsey Wright Healthcare Momentum ETF		72,404

Dorsey Wright Industrials Momentum ETF		9,348

Dorsey Wright Technology Momentum ETF		53,089

Dorsey Wright Utilities Momentum ETF		2,322

NASDAQ Internet ETF		8,790

NOTE 4–Additional Valuation Information


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


		49


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


	Level 1			Level 2			Level 3		Total
Dorsey Wright Basic Materials Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	99,641,972		$	-		$-		$	99,641,972

Money Market Funds			144,602			24,347,549		-			24,492,151


Total Investments		$	99,786,574		$	24,347,549		$-		$	124,134,123


Dorsey Wright Consumer Cyclicals Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	16,354,379		$	-		$-		$	16,354,379

Money Market Funds			111,665			4,073,218		-			4,184,883


Total Investments		$	16,466,044		$	4,073,218		$-		$	20,539,262


Dorsey Wright Consumer Staples Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	75,149,591		$	-		$-		$	75,149,591

Money Market Funds			228,835			16,440,290		-			16,669,125


Total Investments		$	75,378,426		$	16,440,290		$-		$	91,818,716


Dorsey Wright Energy Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	113,783,873		$	-		$-		$	113,783,873

Money Market Funds			177,509			24,363,187		-			24,540,696


Total Investments		$	113,961,382		$	24,363,187		$-		$	138,324,569


Dorsey Wright Financial Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	24,966,812		$	-		$-		$	24,966,812

Money Market Funds			139,625			4,968,847		-			5,108,472


Total Investments		$	25,106,437		$	4,968,847		$-		$	30,075,284


Dorsey Wright Healthcare Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	114,315,464		$	-		$-		$	114,315,464

Money Market Funds			325,384			36,299,322		-			36,624,706


Total Investments		$	114,640,848		$	36,299,322		$-		$	150,940,170


Dorsey Wright Industrials Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	134,599,648		$	-		$-		$	134,599,648

Money Market Funds			172,330			8,266,832		-			8,439,162


Total Investments		$	134,771,978		$	8,266,832		$-		$	143,038,810


Dorsey Wright Technology Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	284,449,091		$	-		$-		$	284,449,091

Money Market Funds			321,703			36,491,347		-			36,813,050


Total Investments		$	284,770,794		$	36,491,347		$-		$	321,262,141


		50


	Level 1			Level 2			Level 3		Total

Dorsey Wright Utilities Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	34,407,249		$	-		$-		$	34,407,249

Money Market Funds			138,139			3,441,209		-			3,579,348


Total Investments		$	34,545,388		$	3,441,209		$-		$	37,986,597


NASDAQ Internet ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	541,572,923		$	-		$-		$	541,572,923

Money Market Funds			-			56,142,194		-			56,142,194


Total Investments		$	541,572,923		$	56,142,194		$-		$	597,715,117

NOTE 5–Tax Information

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


	No expiration
	Short-Term		Long-Term		Total*

Dorsey Wright Basic Materials Momentum ETF	$	83,216,134	$	14,684,792	$	97,900,926

Dorsey Wright Consumer Cyclicals Momentum ETF		85,754,541		-		85,754,541

Dorsey Wright Consumer Staples Momentum ETF		112,134,416		6,385,299		118,519,715

Dorsey Wright Energy Momentum ETF		172,778,440		31,129,569		203,908,009

Dorsey Wright Financial Momentum ETF		47,295,958		-		47,295,958

Dorsey Wright Healthcare Momentum ETF		340,863,021		-		340,863,021

Dorsey Wright Industrials Momentum ETF		116,655,076		1,315,271		117,970,347

Dorsey Wright Technology Momentum ETF		199,340,306		2,745,291		202,085,597

Dorsey Wright Utilities Momentum ETF		27,003,697		3,892,444		30,896,141

NASDAQ Internet ETF		81,059,554		87,467,710		168,527,264

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

NOTE 6–Investment Transactions


	Purchases		Sales

Dorsey Wright Basic Materials Momentum ETF	$	48,355,909	$	48,318,764

Dorsey Wright Consumer Cyclicals Momentum ETF		22,671,317		22,655,681

Dorsey Wright Consumer Staples Momentum ETF		51,537,137		51,829,242

Dorsey Wright Energy Momentum ETF		78,531,303		78,690,657

Dorsey Wright Financial Momentum ETF		23,005,031		22,962,438

Dorsey Wright Healthcare Momentum ETF		214,076,619		214,516,007

Dorsey Wright Industrials Momentum ETF		65,089,265		65,598,853

Dorsey Wright Technology Momentum ETF		273,696,320		274,288,328

Dorsey Wright Utilities Momentum ETF		2,955,969		11,967,515

NASDAQ Internet ETF		78,288,348		79,438,159


		51

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


	In-kind		In-kind
	Purchases		Sales

Dorsey Wright Basic Materials Momentum ETF	$	-	$	41,885,844

Dorsey Wright Consumer Cyclicals Momentum ETF		-		3,889,115

Dorsey Wright Consumer Staples Momentum ETF		855,204		36,784,384

Dorsey Wright Energy Momentum ETF		44,601,753		31,920,505

Dorsey Wright Financial Momentum ETF		-		3,304,913

Dorsey Wright Healthcare Momentum ETF		4,841,223		32,188,938

Dorsey Wright Industrials Momentum ETF		34,324,493		29,710,276

Dorsey Wright Technology Momentum ETF		164,555,210		108,002,219

Dorsey Wright Utilities Momentum ETF		4,507,841		-

NASDAQ Internet ETF		17,761,714		40,141,080

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of October 31, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Dorsey Wright Basic Materials Momentum ETF	$	7,223,591	$	(10,294,416	)	$	(3,070,825	)	$	127,204,948

Dorsey Wright Consumer Cyclicals Momentum ETF		701,013		(1,315,731	)		(614,718	)		21,153,980
Dorsey Wright Consumer Staples Momentum ETF		6,833,374		(5,240,323	)		1,593,051			90,225,665

Dorsey Wright Energy Momentum ETF		7,878,017		(2,746,118	)		5,131,899			133,192,670
Dorsey Wright Financial Momentum ETF		1,723,879		(1,072,491	)		651,388			29,423,896

Dorsey Wright Healthcare Momentum ETF		2,450,009		(14,026,844	)		(11,576,835	)		162,517,005
Dorsey Wright Industrials Momentum ETF		15,386,610		(4,253,969	)		11,132,641			131,906,169

Dorsey Wright Technology Momentum ETF		19,165,588		(21,986,059	)		(2,820,471	)		324,082,612
Dorsey Wright Utilities Momentum ETF		1,197,813		(6,061,580	)		(4,863,767	)		42,850,364

NASDAQ Internet ETF		95,550,099		(155,303,541	)		(59,753,442	)		657,468,559

NOTE 7–Trustees’ and Officer’s Fees

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

Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital


		52

undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 9–Stock Split


Fund		Stock Split Ratio
Dorsey Wright Healthcare Momentum ETF		3 for 1

Dorsey Wright Technology Momentum ETF		3 for 1
NASDAQ Internet ETF		5 for 1


		53

Calculating your ongoing Fund expenses

Example

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

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

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period⁽¹⁾
Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)

Actual	$1,000.00	$ 905.30	0.60%	$2.87

Hypothetical (5% return before expenses)	1,000.00	1,022.12	0.60	3.05

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)

Actual	1,000.00	880.00	0.60	2.84

Hypothetical (5% return before expenses)	1,000.00	1,022.12	0.60	3.05

Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)

Actual	1,000.00	898.60	0.60	2.86

Hypothetical (5% return before expenses)	1,000.00	1,022.12	0.60	3.05

Invesco Dorsey Wright Energy Momentum ETF (PXI)

Actual	1,000.00	1,129.00	0.60	3.21

Hypothetical (5% return before expenses)	1,000.00	1,022.12	0.60	3.05

Invesco Dorsey Wright Financial Momentum ETF (PFI)

Actual	1,000.00	982.30	0.60	2.99

Hypothetical (5% return before expenses)	1,000.00	1,022.12	0.60	3.05


		54

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Dorsey Wright Healthcare Momentum ETF (PTH)

Actual	$1,000.00	$756.70	0.60%	$2.65

Hypothetical (5% return before expenses)	1,000.00	1,022.12	0.60	3.05

Invesco Dorsey Wright Industrials Momentum ETF (PRN)

Actual	1,000.00	1,020.80	0.60	3.05

Hypothetical (5% return before expenses)	1,000.00	1,022.12	0.60	3.05

Invesco Dorsey Wright Technology Momentum ETF (PTF)

Actual	1,000.00	1,023.40	0.60	3.05

Hypothetical (5% return before expenses)	1,000.00	1,022.12	0.60	3.05

Invesco Dorsey Wright Utilities Momentum ETF (PUI)

Actual	1,000.00	904.70	0.60	2.87

Hypothetical (5% return before expenses)	1,000.00	1,022.12	0.60	3.05

Invesco NASDAQ Internet ETF (PNQI)

Actual	1,000.00	1,065.10	0.60	3.11

Hypothetical (5% return before expenses)	1,000.00	1,022.12	0.60	3.05

⁽¹⁾


		55

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


^©2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-PS-SAR-3	invesco.com/ETFs



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

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

		PSP		Invesco Global Listed Private Equity ETF

		PGJ		Invesco Golden Dragon China ETF

		ERTH		Invesco MSCI Sustainable Future ETF

		RYJ		Invesco Raymond James SB-1 Equity ETF

		PBP		Invesco S&P 500 BuyWrite ETF

		SPHQ		Invesco S&P 500^® Quality ETF

		CSD		Invesco S&P Spin-Off ETF

		PHO		Invesco Water Resources ETF

		PBW		Invesco WilderHill Clean Energy ETF

Table of Contents



Schedules of Investments

Invesco Aerospace & Defense ETF (PPA)			3

Invesco Dorsey Wright Momentum ETF (PDP)			5

Invesco Global Listed Private Equity ETF (PSP)			8

Invesco Golden Dragon China ETF (PGJ)			11

Invesco MSCI Sustainable Future ETF (ERTH)			14

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

Invesco S&P 500 BuyWrite ETF (PBP)			22

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

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

Invesco Water Resources ETF (PHO)			33

Invesco WilderHill Clean Energy ETF (PBW)			35

Statements of Assets and Liabilities			38

Statements of Operations			40

Statements of Changes in Net Assets			42

Financial Highlights			46

Notes to Financial Statements			57

Fund Expenses			74

Invesco Aerospace & Defense ETF (PPA)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



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

				1,456,279,943

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

				8,493,729

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

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

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

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

				48,430,245



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

				202,916,874

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

				72,571,054

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

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

				239,151,941

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

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


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

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


Investments Purchased with Cash Collateral from Securities on Loan

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

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


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

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

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



		3
		3

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

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

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

Investments Purchased with Cash Collateral from Securities on Loan:

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

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


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

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

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

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

Portfolio Composition

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

as of October 31, 2023



Aerospace & Defense			68.08

Professional Services			11.18

Industrial Conglomerates			9.49

Machinery			3.39

Industry Types Each Less Than 3%			7.86

Money Market Funds Plus Other Assets Less Liabilities			0.00

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



		4
		4

Invesco Dorsey Wright Momentum ETF (PDP)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



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

				12,541,666

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

				107,811,317

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

				34,683,986

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

				91,136,771

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

				129,586,845

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



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

				66,496,540

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

				271,474,985

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

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



		5
		5

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

October 31, 2023

(Unaudited)



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

				252,295,596

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

				13,307,096

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

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



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

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

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

NET ASSETS-100.00%			$	986,265,575

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

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

Investments Purchased with Cash Collateral from Securities on Loan:

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

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

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

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

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

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

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



		6
		6

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

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Industrials			27.53

Information Technology			25.58

Financials			13.14

Consumer Discretionary			10.93

Energy			9.24

Health Care			6.74

Consumer Staples			3.52

Sector Types Each Less Than 3%			3.26

Money Market Funds Plus Other Assets Less Liabilities			0.06

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



		7
		7

Invesco Global Listed Private Equity ETF (PSP)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



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

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

				80,297,183

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

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

				23,382,994

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

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

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


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



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

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


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

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


Investments Purchased with Cash Collateral from Securities on Loan

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

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

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

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

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



		8
		8

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

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

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

^(c)

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

^(d)	Non-income producing security.

^(e)



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

Investments in Affiliated Money Market Funds:

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

Investments Purchased with Cash Collateral from Securities on Loan:

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

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


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

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

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

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

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


United Kingdom			17.59	%

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

Counterparty

Pay/
Receive

Reference Entity

Rate

Payment
Frequency

Maturity Date

Notional Value^(b)

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Equity Risk

Citibank, N.A.

Receive

Brookfield Business Partners LP

1-Day CORRA

plus 55

basis points

Monthly

October-2024

CAD 1,242,180

(70,046

)

$(70,046)

Abbreviations:

CAD -Canadian Dollar

CORRA-Canadian Overnight Repo Rate Average

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

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

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



		9
		9

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

October 31, 2023

(Unaudited)


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

Capital Markets			54.99

Closed-End Funds			18.47

Financial Services			16.01

Aerospace & Defense			4.32

Industry Types Each Less Than 3%			3.67

Money Market Funds Plus Other Assets Less Liabilities			2.54

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



		10
		10

Invesco Golden Dragon China ETF (PGJ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



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

				35,437,416

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

				87,481,367

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

				2,271,388

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



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

				5,562,218

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

				1,649,040

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

				11,693,770

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

				7,902,072

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

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


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

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

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



		11
		11

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

October 31, 2023

(Unaudited)



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

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

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

NET ASSETS-100.00%			$	158,181,461

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

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

Investments Purchased with Cash Collateral from Securities on Loan:

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

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


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

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

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

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

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



		12
		12

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

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Consumer Discretionary			55.30

Communication Services			22.40

Industrials			7.39

Information Technology			5.00

Real Estate			3.84

Financials			3.52

Sector Types Each Less Than 3%			2.48

Money Market Funds Plus Other Assets Less Liabilities			0.07

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



		13
		13

Invesco MSCI Sustainable Future ETF (ERTH)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



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

				37,552,691

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

				10,286,827

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

				2,572,909

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

				771,411

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

				927,994

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

				2,025,903

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



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

				34,310,221

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

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

				6,144,059

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

				12,701,117

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

				4,307,045

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

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



		14
		14

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

October 31, 2023

(Unaudited)



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

				15,742,692

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

				3,483,397

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

				929,209

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



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

				3,588,905

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

				932,720

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

				9,620,229

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

				668,590

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

				6,549,824

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

				9,798,990

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

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



		15
		15

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

October 31, 2023

(Unaudited)



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

				10,850,988

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

				20,016,118

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

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

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

				186,271



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

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

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


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


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


Investments Purchased with Cash Collateral from Securities on Loan

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

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

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

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

Investment Abbreviations:

ADR	-American Depositary Receipt

CVA	-Dutch Certificates

ETF	-Exchange-Traded Fund

NVDR	-Non-Voting Depositary Receipt

REIT	-Real Estate Investment Trust

Wts.

-Warrants

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



		16
		16

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

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)

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

^(e)



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

Investments in Affiliated Money Market Funds:

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

Investments Purchased with Cash Collateral from Securities on Loan:

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

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


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

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

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

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

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


China	14.94	%
Japan	11.00	%

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



		17
		17

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

October 31, 2023

(Unaudited)


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

Automobiles			17.57

Electrical Equipment			16.05

Semiconductors & Semiconductor Equipment			9.36

Independent Power and Renewable Electricity Producers			7.36

Specialized REITs			6.14

Ground Transportation			5.94

Retail REITs			5.08

Building Products			4.81

Real Estate Management & Development			4.58

Office REITs			4.50

Paper & Forest Products			3.06

Industry Types Each Less Than 3%			15.52

Money Market Funds Plus Other Assets Less Liabilities			0.03

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



		18
		18

Invesco Raymond James SB-1 Equity ETF (RYJ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



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

				4,450,027

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

				8,997,201

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

				1,917,962

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



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

					16,228,003

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

					22,781,987

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

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



		19
		19

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

October 31, 2023

(Unaudited)



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

				17,082,511

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

				11,331,566

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

Investment Abbreviations:

ADR -American Depositary Receipt

REIT -Real Estate Investment Trust



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

				13,040,491

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

				1,290,766

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

				8,550,259

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

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


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

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


Investments Purchased with Cash Collateral from Securities on Loan

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

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

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

NET ASSETS-100.00%			$	106,440,183

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



		20
		20

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

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

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

Investments Purchased with Cash Collateral from Securities on Loan:

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

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


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

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

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

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


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

Financials			21.40

Health Care			16.05

Energy			15.25

Information Technology			12.25

Industrials			10.65

Consumer Discretionary			8.45

Real Estate			8.03

Communication Services			4.18

Sector Types Each Less Than 3%			3.65

Money Market Funds Plus Other Assets Less Liabilities			0.09

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



		21
		21

Invesco S&P 500 BuyWrite ETF (PBP)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



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

				8,312,579

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



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

				10,076,083

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

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



		22
		22

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

October 31, 2023

(Unaudited)



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

				6,320,804

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

				4,327,333

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



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

				12,176,666

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

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



		23
		23

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

October 31, 2023

(Unaudited)



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

				12,544,628

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



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

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



		24
		24

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

October 31, 2023

(Unaudited)



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

				7,949,753

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



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

				26,778,319

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

				2,311,367

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

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



		25
		25

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

October 31, 2023

(Unaudited)



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

				2,248,230

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



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

				2,385,467


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


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


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

NET ASSETS-100.00%			$	94,607,766

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)



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

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

Investments in Affiliated Money Market Funds:

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


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

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

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



		26
		26

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

October 31, 2023

(Unaudited)

Open Exchange-Traded Index Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise
Price

Notional
Value*

Value

Equity Risk

S&P 500 Index

Call

11/17/2023

227

$4,240

$(96,248,000

)

$(890,975)

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

Portfolio Composition

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



Information Technology	28.31

Health Care	13.26

Financials	12.87

Consumer Discretionary	10.65

Communication Services	8.79

Industrials	8.40

Consumer Staples	6.68

Energy	4.57

Sector Types Each Less Than 3%	7.34

Money Market Funds Plus Other Assets Less Liabilities	(0.87	)

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



		27
		27

Invesco S&P 500^® Quality ETF (SPHQ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



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

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

				191,004,903

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

				363,666,461

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

				744,916,605

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

				627,481,228

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



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

				1,107,643,432

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

				620,975,093

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

				1,894,125,853

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



		28
		28

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

October 31, 2023

(Unaudited)



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

				174,159,850

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

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



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

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

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

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

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

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

Investments Purchased with Cash Collateral from Securities on Loan:

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

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


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

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

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

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

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



		29
		29

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

October 31, 2023

(Unaudited)

Portfolio Composition

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



Information Technology			31.22

Health Care			18.26

Energy			12.28

Financials			10.34

Industrials			10.24

Consumer Staples			5.99

Communication Services			5.08

Consumer Discretionary			3.15

Sector Types Each Less Than 3%			3.41

Money Market Funds Plus Other Assets Less Liabilities			0.03

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



		30
		30

Invesco S&P Spin-Off ETF (CSD)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



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

				1,504,167

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

				1,318,983

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

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

				7,537,468

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

				24,113,490

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

				3,909,118

Investment Abbreviations:

REIT -Real Estate Investment Trust



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

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

				2,261,331

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

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


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

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


Investments Purchased with Cash Collateral from Securities on Loan

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

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

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

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

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



		31
		31

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

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

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

Investments Purchased with Cash Collateral from Securities on Loan:

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

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


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

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

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

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

Portfolio Composition

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

as of October 31, 2023



Industrials	50.16

Health Care	15.68

Information Technology	8.13

Utilities	7.83

Energy	4.75

Real Estate	4.70

Communication Services	3.13

Sector Types Each Less Than 3%	5.65

Money Market Funds Plus Other Assets Less Liabilities	(0.03	)

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



		32
		32

Invesco Water Resources ETF (PHO)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



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

				171,848,564

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

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

				72,363,414

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

				118,728,656

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

				49,672,311

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

				172,493,800

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

				415,112,161

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

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

				176,441,131

Investment Abbreviations:

ADR-American Depositary Receipt



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

				204,592,550

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


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

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


Investments Purchased with Cash Collateral from Securities on Loan

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

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

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

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

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



		33
		33

Invesco Water Resources ETF (PHO)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)


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

Investments in Affiliated Money Market Funds:

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

Investments Purchased with Cash Collateral from Securities on Loan:

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

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


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

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

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

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

Portfolio Composition

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

as of October 31, 2023



Machinery			24.93

Water Utilities			12.28

Trading Companies & Distributors			10.59

Life Sciences Tools & Services			10.36

Building Products			10.32

Software			8.82

Chemicals			8.22

Construction & Engineering			7.13

Commercial Services & Supplies			4.35

Electronic Equipment, Instruments & Components			2.98

Money Market Funds Plus Other Assets Less Liabilities			0.02

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



		34
		34

Invesco WilderHill Clean Energy ETF (PBW)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



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

				10,173,726

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

				14,571,226

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

				38,545,712

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

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

				6,707,625

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

				17,569,701

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



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

				130,466,952

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

				20,316,014

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

				32,043,479

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

				11,612,080

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

				32,567,006

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

				11,266,758

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

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

				51,125,130

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



		35
		35

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

October 31, 2023

(Unaudited)



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

				7,449,213

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


Investments Purchased with Cash Collateral from Securities on Loan

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



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

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

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

NET ASSETS-100.00%			$	395,444,800

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)



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

Investments in Affiliated Money Market Funds:

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

Investments Purchased with Cash Collateral from Securities on Loan:

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

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

Investments in Other Affiliates:

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


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

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

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

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

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

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



		36
		36

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

October 31, 2023

(Unaudited)

Portfolio Composition

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

as of October 31, 2023



Electrical Equipment			32.99

Semiconductors & Semiconductor Equipment			12.93

Automobiles			9.75

Metals & Mining			8.24

Independent Power and Renewable Electricity Producers			8.10

Electronic Equipment, Instruments & Components			5.14

Construction & Engineering			4.44

Automobile Components			3.68

Industry Types Each Less Than 3%			14.63

Money Market Funds Plus Other Assets Less Liabilities			0.10

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



		37
		37

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)



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

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


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

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

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


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

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

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

Market price		$	81.44		$	73.60			$	48.07			$	25.31

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

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

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

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

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

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		38
		38



Invesco MSCI Sustainable Future ETF (ERTH)				Invesco Raymond James SB-1 Equity ETF (RYJ)				Invesco S&P 500 BuyWrite ETF (PBP)			Invesco S&P 500^® Quality ETF (SPHQ)			Invesco S&P Spin-Off ETF (CSD)			Invesco Water Resources ETF (PHO)			Invesco WilderHill Clean Energy ETF (PBW)

	$	213,708,398			$	106,347,233		$	95,415,445		$	6,064,688,182		$	48,092,644		$	1,665,149,331			$	395,056,173
		60,571,889				24,422,024			53,536			289,695,753			12,412,724			88,556,803				121,622,795
		-				-			-			-			-			-				-

		188,527				40,352			70,465			5,270,167			22,048			1,276,040				12,228
		40,476				19,794			-			33,277			1,386			10,912				1,384,863
		-				38,296			-			-			-			-				16,445,607
		-				-			3,203			34,377,058			-			-				-
		109,290				754			-			-			-			1,278				-
		23,690				-			-			667,360			9,730			32,758				56,299

		274,642,270				130,868,453			95,542,649			6,394,731,797			60,538,532			1,755,027,122				534,577,965




		-				-			-			-			-			-				-
		-				-			890,975			-			-			-				-
		53,540				3,969			4,226			3,327,225			-			-				265,481
		23,089				-			-			-			-			-				-

		-				15,372			-			34,208,535			-			129,184				-
		-				-			-			-			-			1,207,767				-
		60,571,312				24,339,461			-			289,684,410			12,328,843			86,252,621				121,618,522
		-				-			-			-			-			-				16,463,903
		30,985				-			-			-			-			-				25,958
		-				69,468			39,682			-			-			-				-
		95,393				-			-			510,833			8,753			727,686				197,365
		63,261				-			-			111,654			9,323			231,276				120,504
		35,217				-			-			173,003			113,311			1,017,395				441,432

		60,872,797				24,428,270			934,883			328,015,660			12,460,230			89,565,929				139,133,165

	$	213,769,473			$	106,440,183		$	94,607,766		$	6,066,716,137		$	48,078,302		$	1,665,461,193			$	395,444,800



	$	363,480,610			$	178,642,389		$	106,215,512		$	6,279,028,982		$	202,999,252		$	1,834,990,455			$	2,293,235,359
		(149,711,137	)			(72,202,206	)		(11,607,746	)		(212,312,845	)		(154,920,950	)		(169,529,262	)			(1,897,790,559	)

	$	213,769,473			$	106,440,183		$	94,607,766		$	6,066,716,137		$	48,078,302		$	1,665,461,193			$	395,444,800

		5,450,000				2,022,822			4,500,000			124,680,000			900,000			32,780,000				15,848,273
	$	39.22			$	52.62		$	21.02		$	48.66		$	53.42		$	50.81			$	24.95

	$	39.19			$	52.63		$	21.00		$	48.67		$	53.41		$	50.78			$	24.96

	$	311,091,790			$	101,954,301		$	88,850,115		$	5,817,346,254		$	43,277,597		$	1,554,039,103			$	883,894,263

	$	60,571,312			$	24,421,259		$	72,740		$	289,684,410		$	12,412,698		$	88,556,861			$	121,618,522

	$	(23,159	)		$	-		$	-		$	-		$	-		$	-			$	-

	$	-			$	-		$	2,123,884		$	-		$	-		$	-			$	-

	$	58,868,529			$	23,960,118		$	-		$	286,534,752		$	12,268,982		$	84,980,904			$	115,869,965



		39
		39

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)



	Invesco Aerospace & Defense ETF (PPA)				Invesco Dorsey Wright Momentum ETF (PDP)				Invesco Global Listed Private Equity ETF (PSP)				Invesco Golden Dragon China ETF (PGJ)
Investment income:
Unaffiliated dividend income		$	10,901,950			$	4,373,262			$	3,966,061			$	394,757
Affiliated dividend income			24,311				782				52,235				8,594
Securities lending income, net			73,687				53,275				126,109				1,034,514
Foreign withholding tax			(18,901	)			-				-				-


Total investment income			10,981,047				4,427,319				4,144,405				1,437,865


Expenses:
Unitary management fees			-				-				-				-
Advisory fees			4,873,309				2,687,232				493,932				453,204
Sub-licensing fees			584,781				537,439				98,785				90,639
Accounting & administration fees			53,178				44,041				12,234				15,012
Professional fees			23,356				22,235				20,619				21,992
Custodian & transfer agent fees			10,615				4,198				1,217				117,091
Trustees’ and officer’s fees			12,868				12,167				6,322				6,617
Recapture (Note 3)			-				-				-				-
Other expenses			48,316				51,386				24,635				18,080

Total expenses			5,606,423				3,358,698				657,744				722,635

Less: Waivers			(475	)			(18	)			(1,210	)			(88,330	)

Net expenses			5,605,948				3,358,680				656,534				634,305

Net investment income			5,375,099				1,068,639				3,487,871				803,560


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			966,304				1,335,425				(7,387,445	)			(12,507,435	)
Affiliated investment securities			(6,852	)			(4,751	)			1,593				2,674
Unaffiliated in-kind redemptions			26,902,932				11,232,140				1,666,163				1,107,037
Affiliated in-kind redemptions			-				-				-				-
Short Sales			-				-				-				-
Foreign currencies			-				-				4,434				-
Swap agreements			-				-				(281,315	)			-
Written options			-				-				-				-

Net realized gain (loss)			27,862,384				12,562,814				(5,996,570	)			(11,397,724	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(5,830,607	)			(33,865,476	)			(7,879,558	)			1,261,277
Affiliated investment securities			12,418				3,433				4,220				836
Foreign currencies			-				-				(13,847	)			-
Swap agreements			-				-				(16,038	)			-
Written options			-				-				-				-

Change in net unrealized appreciation (depreciation)			(5,818,189	)			(33,862,043	)			(7,905,223	)			1,262,113

Net realized and unrealized gain (loss)			22,044,195				(21,299,229	)			(13,901,793	)			(10,135,611	)

Net increase (decrease) in net assets resulting from operations		$	27,419,294			$	(20,230,590	)		$	(10,413,922	)		$	(9,332,051	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		40
		40



Invesco MSCI Sustainable Future ETF (ERTH)			Invesco Raymond James SB-1 Equity ETF (RYJ)			Invesco S&P 500 BuyWrite ETF (PBP)			Invesco S&P 500^® Quality ETF (SPHQ)			Invesco S&P Spin-Off ETF (CSD)			Invesco Water Resources ETF (PHO)			Invesco WilderHill Clean Energy ETF (PBW)

$	2,702,652		$	1,104,299		$	771,056		$	47,666,742		$	395,627		$	11,709,334		$	804,116
	558			366			1,427			19,599			1,997			35,224			6,033
	203,016			222,214			-			174,947			6,894			70,498			9,370,199
	(210,874	)		(1,544	)		(211	)		(39,863	)		-			(3,814	)		-


	2,695,352			1,325,335			772,272			47,821,425			404,518			11,811,242			10,180,348



	-			447,802			235,797			-			-			-			-
	672,895			-			-			4,190,108			130,349			4,565,242			1,556,881
	9,401			-			-			760,991			13,035			684,793			311,372
	18,675			-			-			121,917			8,101			62,098			44,287
	23,204			-			-			30,235			19,651			23,681			21,893
	26,057			-			-			11,662			1,809			4,641			27,202
	6,262			-			-			25,005			3,884			16,300			9,897
	30,986			-			-			-			-			-			-
	25,931			-			-			108,034			12,915			74,563			69,825

	813,411			447,802			235,797			5,247,952			189,744			5,431,318			2,041,357

	(19	)		(7	)		(23	)		(1,058,527	)		(20,331	)		(680	)		(17,427	)

	813,392			447,795			235,774			4,189,425			169,413			5,430,638			2,023,930

	1,881,960			877,540			536,498			43,632,000			235,105			6,380,604			8,156,418




	(18,317,509	)		(749,814	)		(843,709	)		(58,089,218	)		(402,954	)		(18,309,604	)		(244,088,487	)
	2,967			107			(1,832	)		(10,006	)		1,579			14,565			(1,445,608	)
	2,621,638			2,049,299			3,128,605			337,501,539			708,933			88,134,367			16,261,295
	-			-			(26	)		-			-			-			-
	-			-			66,906			-			-			-			-
	(60,608	)		-			-			-			-			-			-
	-			-			-			-			-			-			-
	-			-			(3,734,720	)		-			-			-			-

	(15,753,512	)		1,299,592			(1,384,776	)		279,402,315			307,558			69,839,328			(229,272,800	)



	(22,660,036	)		(7,171,632	)		(1,495,211	)		(245,675,034	)		(2,367,496	)		(129,517,431	)		61,861,969
	2,809			3,001			(3,037	)		24,556			86			1,044			25,479
	(7,725	)		-			-			-			-			-			-
	-			-			-			-			-			-			-
	-			-			1,547,153			-			-			-			-

	(22,664,952	)		(7,168,631	)		48,905			(245,650,478	)		(2,367,410	)		(129,516,387	)		61,887,448

	(38,418,464	)		(5,869,039	)		(1,335,871	)		33,751,837			(2,059,852	)		(59,677,059	)		(167,385,352	)

$	(36,536,504	)	$	(4,991,499	)	$	(799,373	)	$	77,383,837		$	(1,824,747	)	$	(53,296,455	)	$	(159,228,934	)

Statements of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)



	Invesco Aerospace & Defense ETF (PPA)								Invesco Dorsey Wright Momentum ETF (PDP)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	5,375,099			$	12,546,012			$	1,068,639			$	7,621,849
Net realized gain (loss)			27,862,384				57,471,475				12,562,814				(183,447,114	)
Change in net unrealized appreciation (depreciation)			(5,818,189	)			101,847,056				(33,862,043	)			184,039,882

Net increase (decrease) in net assets resulting from operations			27,419,294				171,864,543				(20,230,590	)			8,214,617


Distributions to Shareholders from:
Distributable earnings			(5,718,031	)			(13,151,371	)			(1,844,589	)			(6,541,547	)


Shareholder Transactions:
Proceeds from shares sold			350,665,941				736,605,724				71,711,649				60,796,731
Value of shares repurchased			(112,741,275	)			(472,233,238	)			(78,181,040	)			(274,187,348	)

Net increase (decrease) in net assets resulting from share transactions			237,924,666				264,372,486				(6,469,391	)			(213,390,617	)

Net increase (decrease) in net assets			259,625,929				423,085,658				(28,544,570	)			(211,717,547	)


Net assets:
Beginning of period			1,879,495,892				1,456,410,234				1,014,810,145				1,226,527,692

End of period		$	2,139,121,821			$	1,879,495,892			$	986,265,575			$	1,014,810,145


Changes in Shares Outstanding:
Shares sold			4,280,000				9,790,000				920,000				810,000
Shares repurchased			(1,410,000	)			(6,420,000	)			(1,010,000	)			(3,770,000	)
Shares outstanding, beginning of period			23,410,000				20,040,000				13,490,000				16,450,000

Shares outstanding, end of period			26,280,000				23,410,000				13,400,000				13,490,000

^(a)	Changes in shares outstanding have been restated to reflect a one-for-five reverse stock split effective after the close of business on July 14, 2023. See Note 11.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		42
		42



Invesco Global Listed Private Equity ETF (PSP)								Invesco Golden Dragon China ETF (PGJ)								Invesco MSCI Sustainable Future ETF (ERTH)								Invesco Raymond James SB-1 Equity ETF (RYJ)

Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	3,487,871			$	5,260,243			$	803,560			$	1,664,883			$	1,881,960			$	3,416,755			$	877,540			$	1,254,945
		(5,996,570	)			(11,153,398	)			(11,397,724	)			(49,589,193	)			(15,753,512	)			(15,153,887	)			1,299,592				(7,079,992	)
		(7,905,223	)			(6,614,233	)			1,262,113				37,087,626				(22,664,952	)			(36,979,680	)			(7,168,631	)			4,193,553

		(10,413,922	)			(12,507,388	)			(9,332,051	)			(10,836,684	)			(36,536,504	)			(48,716,812	)			(4,991,499	)			(1,631,494	)



		(6,732,994	)			(2,967,539	)			(1,475,973	)			(2,158,845	)			(2,267,068	)			(3,982,357	)			-				(849,008	)



		56,215,357				125,235,216				19,302,222				77,206,276				9,187,981				24,355,050				-				16,530,016
		(66,191,044	)			(131,737,487	)			(50,853,297	)			(102,675,701	)			(35,894,708	)			(79,113,153	)			(7,476,988	)			(16,495,059	)

		(9,975,687	)			(6,502,271	)			(31,551,075	)			(25,469,425	)			(26,706,727	)			(54,758,103	)			(7,476,988	)			34,957

		(27,122,603	)			(21,977,198	)			(42,359,099	)			(38,464,954	)			(65,510,299	)			(107,457,272	)			(12,468,487	)			(2,445,545	)



		173,147,506				195,124,704				200,540,560				239,005,514				279,279,772				386,737,044				118,908,670				121,354,215

	$	146,024,903			$	173,147,506			$	158,181,461			$	200,540,560			$	213,769,473			$	279,279,772			$	106,440,183			$	118,908,670



		1,040,000	^(a)			2,500,000	^(a)			700,000				2,700,000				200,000				450,000				-				280,000
		(1,320,037	)^(a)			(2,650,000	)^(a)			(1,930,000	)			(3,900,000	)			(750,000	)			(1,500,000	)			(130,000	)			(280,000	)
		3,320,000	^(a)			3,470,000	^(a)			7,480,000				8,680,000				6,000,000				7,050,000				2,152,822				2,152,822

		3,039,963	^(a)			3,320,000	^(a)			6,250,000				7,480,000				5,450,000				6,000,000				2,022,822				2,152,822

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)



	Invesco S&P 500 BuyWrite ETF (PBP)								Invesco S&P 500^® Quality ETF (SPHQ)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

Operations:
Net investment income		$	536,498			$	1,394,396			$	43,632,000			$	68,879,340
Net realized gain (loss)			(1,384,776	)			19,389,484				279,402,315				(389,124,786	)
Change in net unrealized appreciation (depreciation)			48,905				(24,633,218	)			(245,650,478	)			550,618,396

Net increase (decrease) in net assets resulting from operations			(799,373	)			(3,849,338	)			77,383,837				230,372,950


Distributions to Shareholders from:
Distributable earnings			(1,299,314	)			(1,438,993	)			(41,336,554	)			(70,243,548	)


Shareholder Transactions:
Proceeds from shares sold			10,786,249				30,632,738				2,802,795,213				2,576,253,855
Value of shares repurchased			(7,499,256	)			(69,971,794	)			(1,589,617,152	)			(1,576,680,180	)

Net increase (decrease) in net assets resulting from share transactions			3,286,993				(39,339,056	)			1,213,178,061				999,573,675

Net increase (decrease) in net assets			1,188,306				(44,627,387	)			1,249,225,344				1,159,703,077


Net assets:
Beginning of period			93,419,460				138,046,847				4,817,490,793				3,657,787,716

End of period		$	94,607,766			$	93,419,460			$	6,066,716,137			$	4,817,490,793


Changes in Shares Outstanding:
Shares sold			500,000				1,500,000				56,270,000				57,550,000
Shares repurchased			(350,000	)			(3,400,000	)			(31,730,000	)			(36,290,000	)
Shares outstanding, beginning of period			4,350,000				6,250,000				100,140,000				78,880,000

Shares outstanding, end of period			4,500,000				4,350,000				124,680,000				100,140,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		44
		44



Invesco S&P Spin-Off ETF (CSD)								Invesco Water Resources ETF (PHO)								Invesco WilderHill Clean Energy ETF (PBW)

Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023


	$	235,105			$	518,357			$	6,380,604			$	9,739,861			$	8,156,418			$	35,832,855
		307,558				(1,788,363	)			69,839,328				26,697,294				(229,272,800	)			(631,976,345	)
		(2,367,410	)			274,692				(129,516,387	)			91,444,500				61,887,448				297,902,555

		(1,824,747	)			(995,314	)			(53,296,455	)			127,881,655				(159,228,934	)			(298,240,935	)



		-				(459,000	)			(5,505,751	)			(9,687,113	)			(7,668,627	)			(38,198,585	)



		-				5,551,868				238,061,140				233,810,160				217,618,613				1,115,865,815
		(2,840,607	)			(16,190,099	)			(255,988,215	)			(267,890,874	)			(306,110,029	)			(1,198,860,073	)

		(2,840,607	)			(10,638,231	)			(17,927,075	)			(34,080,714	)			(88,491,416	)			(82,994,258	)

		(4,665,354	)			(12,092,545	)			(76,729,281	)			84,113,828				(255,388,977	)			(419,433,778	)



		52,743,656				64,836,201				1,742,190,474				1,658,076,646				650,833,777				1,070,267,555

	$	48,078,302			$	52,743,656			$	1,665,461,193			$	1,742,190,474			$	395,444,800			$	650,833,777



		-				100,000				4,340,000				4,400,000				6,540,000				22,890,000
		(50,000	)			(290,000	)			(4,680,000	)			(5,270,000	)			(9,060,000	)			(25,510,000	)
		950,000				1,140,000				33,120,000				33,990,000				18,368,273				20,988,273

		900,000				950,000				32,780,000				33,120,000				15,848,273				18,368,273



		45
		45

Financial Highlights

Invesco Aerospace & Defense ETF (PPA)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	80.29		$	72.68		$	75.01		$	53.88		$	61.93		$	55.62

Net investment income^(a)			0.23			0.61			0.44			0.44			0.80			0.49
Net realized and unrealized gain (loss) on investments			1.12			7.66			(2.38	)		21.13			(7.98	)		6.30

Total from investment operations			1.35			8.27			(1.94	)		21.57			(7.18	)		6.79

Distributions to shareholders from:
Net investment income			(0.24	)		(0.66	)		(0.39	)		(0.44	)		(0.87	)		(0.48	)

Net asset value at end of period		$	81.40		$	80.29		$	72.68		$	75.01		$	53.88		$	61.93

Market price at end of period^(b)		$	81.44		$	80.29		$	72.65		$	74.97		$	53.98		$	61.94

Net Asset Value Total Return^(c)			1.68	%		11.51	%		(2.59	)%		40.21	%		(11.64	)%		12.33	%
Market Price Total Return^(c)			1.73	%		11.55	%		(2.58	)%		39.87	%		(11.48	)%		12.27	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,139,122		$	1,879,496		$	1,456,410		$	743,395		$	708,521		$	938,246
Ratio to average net assets of:
Expenses			0.58	%^(d)		0.58	%		0.58	%		0.61	%		0.59	%		0.59	%
Net investment income			0.55	%^(d)		0.80	%		0.59	%		0.71	%		1.22	%		0.86	%
Portfolio turnover rate^(e)			8	%		19	%		26	%		22	%		18	%		15	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		46
		46

Financial Highlights–(continued)

Invesco Dorsey Wright Momentum ETF (PDP)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	75.23		$	74.56		$	87.48		$	60.60		$	58.78		$	52.66

Net investment income (loss)^(a)			0.08			0.51			(0.12	)		(0.15	)		0.19			0.11
Net realized and unrealized gain (loss) on investments			(1.58	)		0.61			(12.80	)		27.05			1.86			6.10

Total from investment operations			(1.50	)		1.12			(12.92	)		26.90			2.05			6.21

Distributions to shareholders from:
Net investment income			(0.13	)		(0.45	)		-			(0.02	)		(0.23	)		(0.09	)

Net asset value at end of period		$	73.60		$	75.23		$	74.56		$	87.48		$	60.60		$	58.78

Market price at end of period^(b)		$	73.60		$	75.20		$	74.53		$	87.44		$	60.68		$	58.79

Net Asset Value Total Return^(c)			(1.99	)%		1.52	%		(14.77	)%		44.41	%		3.53	%		11.81	%
Market Price Total Return^(c)			(1.96	)%		1.52	%		(14.77	)%		44.15	%		3.65	%		11.70	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	986,266		$	1,014,810		$	1,226,528		$	1,789,037		$	1,290,768		$	1,545,947
Ratio to average net assets of:
Expenses			0.62	%^(d)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Net investment income (loss)			0.20	%^(d)		0.69	%		(0.14	)%		(0.18	)%		0.32	%		0.20	%
Portfolio turnover rate^(e)			59	%		140	%		173	%		124	%		82	%		82	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		47
		47

Financial Highlights–(continued)

Invesco Global Listed Private Equity ETF (PSP)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	52.15		$	56.25		$	78.10		$	46.55		$	60.50		$	60.95

Net investment income^(b)			0.93			1.40			2.05			1.50			2.60	^(c)		1.60
Net realized and unrealized gain (loss) on investments			(3.32	)		(4.65	)		(15.85	)		32.65			(11.80	)		(0.15	)

Total from investment operations			(2.39	)		(3.25	)		(13.80	)		34.15			(9.20	)		1.45

Distributions to shareholders from:
Net investment income			(1.72	)		(0.85	)		(8.05	)		(2.60	)		(4.75	)		(1.90	)

Net asset value at end of period		$	48.04		$	52.15		$	56.25		$	78.10		$	46.55		$	60.50

Market price at end of period^(d)		$	48.07		$	52.20		$	56.35		$	78.00		$	46.60		$	60.65

Net Asset Value Total Return^(e)			(4.87	)%		(5.65	)%		(19.85	)%		75.17	%		(15.82	)%		2.28	%
Market Price Total Return^(e)			(4.90	)%		(5.73	)%		(19.61	)%		74.76	%		(15.92	)%		2.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	146,025		$	173,148		$	195,125		$	234,353		$	141,534		$	244,443
Ratio to average net assets of:
Expenses, after Waivers^(f)			0.66	%^(g)		0.67	%		0.65	%		0.68	%		0.63	%		0.64	%
Expenses, prior to Waivers^(f)			0.67	%^(g)		0.67	%		0.65	%		0.69	%		0.65	%		0.66	%
Net investment income			3.53	%^(g)		2.81	%		2.73	%		2.42	%		4.47	%^(c)		2.79	%
Portfolio turnover rate^(h)			21	%		38	%		62	%		47	%		50	%		64	%

^(a)	Per share amounts have been adjusted to reflect a one-for-five reverse stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)

^(g)	Annualized.

^(h)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		48
		48

Financial Highlights–(continued)

Invesco Golden Dragon China ETF (PGJ)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	26.81		$	27.54		$	63.49		$	40.36		$	42.08		$	45.58

Net investment income (loss)^(a)			0.12			0.19			0.14			(0.12	)		0.16			0.11
Net realized and unrealized gain (loss) on investments			(1.39	)		(0.67	)		(36.09	)		23.36			(1.72	)		(3.51	)

Total from investment operations			(1.27	)		(0.48	)		(35.95	)		23.24			(1.56	)		(3.40	)

Distributions to shareholders from:
Net investment income			(0.23	)		(0.25	)		-			(0.11	)		(0.16	)		(0.10	)

Net asset value at end of period		$	25.31		$	26.81		$	27.54		$	63.49		$	40.36		$	42.08

Market price at end of period^(b)		$	25.31		$	26.82		$	27.57		$	63.52		$	40.32		$	42.11

Net Asset Value Total Return^(c)			(4.79	)%		(1.80	)%		(56.62	)%		57.61	%		(3.67	)%		(7.46	)%
Market Price Total Return^(c)			(4.83	)%		(1.88	)%		(56.60	)%		57.84	%		(3.83	)%		(7.39	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	158,181		$	200,541		$	239,006		$	274,295		$	161,450		$	216,730
Ratio to average net assets of:
Expenses, after Waivers			0.70	%^(d)		0.70	%		0.70	%		0.69	%		0.70	%^(e)		0.70	%
Expenses, prior to Waivers			0.80	%^(d)		0.74	%		0.71	%		0.69	%		0.71	%^(e)		0.70	%
Net investment income (loss)			0.89	%^(d)		0.69	%		0.35	%		(0.20	)%		0.40	%^(e)		0.27	%
Portfolio turnover rate^(f)			24	%		24	%		42	%		40	%		30	%		36	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of less than 0.005%.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		49
		49

Financial Highlights–(continued)

Invesco MSCI Sustainable Future ETF (ERTH)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	46.55		$	54.86		$	74.89		$	42.68		$	45.03		$	42.12

Net investment income^(a)			0.33			0.53			0.54			0.10			0.23			0.19
Net realized and unrealized gain (loss) on investments			(7.27	)		(8.25	)		(10.40	)		32.29			(2.25	)		2.95

Total from investment operations			(6.94	)		(7.72	)		(9.86	)		32.39			(2.02	)		3.14

Distributions to shareholders from:
Net investment income			(0.39	)		(0.59	)		(0.52	)		(0.18	)		(0.33	)		(0.23	)
Net realized gains			-			-			(9.65	)		-			-			-

Total distributions			(0.39	)		(0.59	)		(10.17	)		(0.18	)		(0.33	)		(0.23	)

Net asset value at end of period		$	39.22		$	46.55		$	54.86		$	74.89		$	42.68		$	45.03

Market price at end of period^(b)		$	39.19		$	46.53		$	54.67		$	74.75		$	42.74		$	45.21

Net Asset Value Total Return^(c)			(15.06	)%		(14.22	)%		(15.38	)%		75.99	%		(4.49	)%		7.48	%
Market Price Total Return^(c)			(15.08	)%		(13.95	)%		(15.57	)%		75.42	%		(4.73	)%		7.55	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	213,769		$	279,280		$	386,737		$	486,807		$	224,059		$	180,121
Ratio to average net assets of:
Expenses, after Waivers			0.60	%^(d)		0.61	%^(e)		0.55	%		0.61	%		0.65	%		0.68	%
Expenses, prior to Waivers			0.60	%^(d)		0.62	%^(e)		0.55	%		0.61	%		0.65	%		0.68	%
Net investment income			1.40	%^(d)		1.02	%		0.83	%		0.16	%		0.51	%		0.47	%
Portfolio turnover rate^(f)			17	%		37	%		30	%		140	%		75	%		21	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		50
		50

Financial Highlights–(continued)

Invesco Raymond James SB-1 Equity ETF (RYJ)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,												Eight Months Ended April 30, 2019				Year Ended August 31, 2018
					Years Ended April 30,
					2023			2022			2021			2020
Per Share Operating Performance:
Net asset value at beginning of period		$	55.23		$	56.37		$	60.80		$	34.18		$	45.30			$	49.24			$	39.34

Net investment income^(a)			0.42			0.58			0.38			0.23			0.33				0.13				0.27
Net realized and unrealized gain (loss) on investments			(3.03	)		(1.33	)		(4.48	)		26.53			(11.35	)			(3.55	)			9.63

Total from investment operations			(2.61	)		(0.75	)		(4.10	)		26.76			(11.02	)			(3.42	)			9.90

Distributions to shareholders from:
Net investment income			-			(0.39	)		(0.33	)		(0.14	)		(0.10	)			(0.52	)			-

Net asset value at end of period		$	52.62		$	55.23		$	56.37		$	60.80		$	34.18			$	45.30			$	49.24

Market price at end of period^(b)		$	52.63		$	55.22		$	56.30		$	60.81		$	34.22			$	45.30			$	49.19	^(b)

Net Asset Value Total Return^(c)			(4.73	)%		(1.30	)%		(6.78	)%		78.39	%		(24.40	)%			(6.60	)%			25.16	%
Market Price Total Return^(c)			(4.69	)%		(1.19	)%		(6.90	)%		78.21	%		(24.31	)%			(6.51	)%			25.10	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	106,440		$	118,909		$	121,354		$	141,230		$	101,604			$	173,156			$	200,560
Ratio to average net assets of:
Expenses			0.75	%^(d)		0.75	%^(e)		0.75	%		0.75	%^(e)		0.75	%			0.75	%^(d)(e)			0.71	%
Net investment income			1.47	%^(d)		1.05	%		0.62	%		0.49	%		0.78	%			0.44	%^(d)			0.60	%
Portfolio turnover rate^(f)			53	%		104	%		92	%		110	%		114	%			65	%			82	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)

^(f)	^{Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.}

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



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Financial Highlights–(continued)

Invesco S&P 500 BuyWrite ETF (PBP)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	21.48		$	22.09		$	21.79		$	17.45		$	21.39		$	21.29

Net investment income^(a)			0.12			0.26			0.21			0.23			0.33			0.32
Net realized and unrealized gain (loss) on investments			(0.46	)		(0.60	)		1.57			4.35			(3.05	)		0.32

Total from investment operations			(0.34	)		(0.34	)		1.78			4.58			(2.72	)		0.64

Distributions to shareholders from:
Net investment income			(0.12	)		(0.27	)		(0.24	)		(0.24	)		(0.36	)		(0.31	)
Net realized gains			-			-			(1.24	)		-			(0.86	)		(0.23	)

Total distributions			(0.12	)		(0.27	)		(1.48	)		(0.24	)		(1.22	)		(0.54	)

Net asset value at end of period		$	21.02		$	21.48		$	22.09		$	21.79		$	17.45		$	21.39

Market price at end of period^(b)		$	21.00		$	21.47		$	22.02		$	21.76		$	17.40		$	21.39

Net Asset Value Total Return^(c)			(0.81	)%		(1.47	)%		8.06	%		26.40	%		(13.62	)%		3.16	%
Market Price Total Return^(c)			(0.86	)%		(1.21	)%		7.86	%		26.59	%		(13.85	)%		2.97	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	94,608		$	93,419		$	138,047		$	167,818		$	192,813		$	320,778
Ratio to average net assets of:
Expenses			0.49	%^(d)		0.49	%		0.49	%		0.49	%		0.49	%		0.53	%
Net investment income			1.11	%^(d)		1.26	%		0.92	%		1.19	%		1.56	%		1.47	%
Portfolio turnover rate^(e)			9	%		38	%		33	%		19	%		19	%		15	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		52
		52

Financial Highlights–(continued)

Invesco S&P 500^® Quality ETF (SPHQ)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	48.11		$	46.37		$	45.73		$	33.61		$	33.29		$	29.53

Net investment income^(a)			0.39			0.82			0.70			0.63			0.61			0.51
Net realized and unrealized gain on investments			0.53			1.76			0.60			12.11			0.35			3.75

Total from investment operations			0.92			2.58			1.30			12.74			0.96			4.26

Distributions to shareholders from:
Net investment income			(0.37	)		(0.84	)		(0.66	)		(0.62	)		(0.64	)		(0.50	)

Net asset value at end of period		$	48.66		$	48.11		$	46.37		$	45.73		$	33.61		$	33.29

Market price at end of period^(b)		$	48.67		$	48.11		$	46.36		$	45.75		$	33.62		$	33.30

Net Asset Value Total Return^(c)			1.89	%		5.78	%		2.76	%		38.23	%		3.03	%		14.63	%
Market Price Total Return^(c)			1.91	%		5.80	%		2.70	%		38.26	%		3.03	%		14.59	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	6,066,716		$	4,817,491		$	3,657,788		$	2,670,218		$	1,756,210		$	1,469,785
Ratio to average net assets of:
Expenses, after Waivers			0.15	%^(d)		0.15	%		0.15	%		0.15	%		0.15	%		0.19	%
Expenses, prior to Waivers			0.19	%^(d)		0.19	%		0.19	%		0.19	%		0.21	%		0.26	%
Net investment income			1.56	%^(d)		1.82	%		1.40	%		1.59	%		1.79	%		1.67	%
Portfolio turnover rate^(e)			35	%		65	%		48	%		57	%		56	%		73	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



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Financial Highlights–(continued)

Invesco S&P Spin-Off ETF (CSD)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	55.52		$	56.87		$	64.57		$	34.38		$	52.43		$	52.61

Net investment income^(a)			0.26			0.50			0.38			0.33			0.58			0.43
Net realized and unrealized gain (loss) on investments			(2.36	)		(1.40	)		(7.63	)		30.41			(18.08	)		(0.19	)

Total from investment operations			(2.10	)		(0.90	)		(7.25	)		30.74			(17.50	)		0.24

Distributions to shareholders from:
Net investment income			-			(0.45	)		(0.45	)		(0.55	)		(0.55	)		(0.42	)

Net asset value at end of period		$	53.42		$	55.52		$	56.87		$	64.57		$	34.38		$	52.43

Market price at end of period^(b)		$	53.41		$	55.50		$	56.92		$	64.57		$	34.41		$	52.41

Net Asset Value Total Return^(c)			(3.78	)%		(1.53	)%		(11.24	)%		89.69	%		(33.72	)%		0.71	%
Market Price Total Return^(c)			(3.77	)%		(1.65	)%		(11.16	)%		89.53	%		(33.64	)%		0.78	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	48,078		$	52,744		$	64,836		$	75,548		$	58,447		$	146,814
Ratio to average net assets of:
Expenses, after Waivers			0.65	%^(d)		0.65	%		0.65	%		0.65	%		0.62	%		0.62	%
Expenses, prior to Waivers			0.73	%^(d)		0.71	%		0.65	%		0.68	%		0.62	%		0.62	%
Net investment income			0.90	%^(d)		0.93	%		0.60	%		0.68	%		1.27	%		0.84	%
Portfolio turnover rate^(e)			55	%		106	%		68	%		57	%		55	%		49	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



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		54

Financial Highlights–(continued)

Invesco Water Resources ETF (PHO)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	52.60		$	48.78		$	52.18		$	34.44		$	34.67		$	30.09

Net investment income^(a)			0.19			0.29			0.14			0.17			0.15			0.16
Net realized and unrealized gain (loss) on investments			(1.81	)		3.82			(3.41	)		17.74			(0.18	)		4.55

Total from investment operations			(1.62	)		4.11			(3.27	)		17.91			(0.03	)		4.71

Distributions to shareholders from:
Net investment income			(0.17	)		(0.29	)		(0.13	)		(0.17	)		(0.20	)		(0.13	)

Net asset value at end of period		$	50.81		$	52.60		$	48.78		$	52.18		$	34.44		$	34.67

Market price at end of period^(b)		$	50.78		$	52.58		$	48.78		$	52.17		$	34.49		$	34.70

Net Asset Value Total Return^(c)			(3.11	)%		8.46	%		(6.29	)%		52.15	%		(0.07	)%		15.74	%
Market Price Total Return^(c)			(3.13	)%		8.42	%		(6.27	)%		51.90	%		(0.01	)%		15.84	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,665,461		$	1,742,190		$	1,658,077		$	1,604,412		$	991,846		$	941,269
Ratio to average net assets of:
Expenses			0.59	%^(d)		0.60	%		0.59	%		0.60	%		0.60	%		0.60	%
Net investment income			0.70	%^(d)		0.58	%		0.25	%		0.39	%		0.42	%		0.51	%
Portfolio turnover rate^(e)			21	%		32	%		29	%		22	%		26	%		31	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



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		55

Financial Highlights–(continued)

Invesco WilderHill Clean Energy ETF (PBW)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	35.43		$	50.99		$	87.86		$	31.91		$	28.30		$	24.64

Net investment income^(a)			0.48			1.77			0.93			0.61			0.49			0.39
Net realized and unrealized gain (loss) on investments			(10.51	)		(15.53	)		(36.46	)		55.82			3.73			3.66

Total from investment operations			(10.03	)		(13.76	)		(35.53	)		56.43			4.22			4.05

Distributions to shareholders from:
Net investment income			(0.45	)		(1.80	)		(1.34	)		(0.48	)		(0.61	)		(0.39	)

Net asset value at end of period		$	24.95		$	35.43		$	50.99		$	87.86		$	31.91		$	28.30

Market price at end of period^(b)		$	24.96		$	35.41		$	50.92		$	87.72		$	31.93		$	28.31

Net Asset Value Total Return^(c)			(28.71	)%		(27.59	)%		(40.88	)%		176.87	%		15.13	%		16.76	%
Market Price Total Return^(c)			(28.64	)%		(27.52	)%		(40.86	)%		176.26	%		15.16	%		16.70	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	395,445		$	650,834		$	1,070,268		$	2,196,396		$	247,876		$	144,857
Ratio to average net assets of:
Expenses, after Waivers			0.65	%^(d)		0.66	%		0.62	%		0.61	%		0.70	%		0.70	%
Expenses, prior to Waivers			0.66	%^(d)		0.66	%		0.62	%		0.61	%		0.70	%		0.71	%
Net investment income			2.62	%^(d)		3.78	%		1.23	%		0.71	%		1.57	%		1.56	%
Portfolio turnover rate^(e)			26	%		55	%		60	%		81	%		40	%		40	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



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		56

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2023

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

Invesco Aerospace & Defense ETF (PPA)		“Aerospace & Defense ETF”

Invesco Dorsey Wright Momentum ETF (PDP)*		“Dorsey Wright Momentum ETF”

Invesco Global Listed Private Equity ETF (PSP)		“Global Listed Private Equity ETF”

Invesco Golden Dragon China ETF (PGJ)		“Golden Dragon China ETF”

Invesco MSCI Sustainable Future ETF (ERTH)		“MSCI Sustainable Future ETF”

Invesco Raymond James SB-1 Equity ETF (RYJ)		“Raymond James SB-1 Equity ETF”

Invesco S&P 500 BuyWrite ETF (PBP)		“S&P 500 BuyWrite ETF”

Invesco S&P 500^® Quality ETF (SPHQ)		“S&P 500^® Quality ETF”

Invesco S&P Spin-Off ETF (CSD)		“S&P Spin-Off ETF”

Invesco Water Resources ETF (PHO)		“Water Resources ETF”

Invesco WilderHill Clean Energy ETF (PBW)		“WilderHill Clean Energy ETF”

*	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco DWA Momentum ETF to Invesco Dorsey Wright Momentum ETF.

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of Dorsey Wright Momentum ETF, Golden Dragon China ETF and Water Resources ETF, which are listed and traded on The Nasdaq Stock Market LLC.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

Aerospace & Defense ETF		SPADE^® Defense Index

Dorsey Wright Momentum ETF		Dorsey Wright^® Technical Leaders Index

Global Listed Private Equity ETF		Red Rocks Global Listed Private Equity Index

Golden Dragon China ETF		NASDAQ Golden Dragon China Index

MSCI Sustainable Future ETF		MSCI Global Environment Select Index

Raymond James SB-1 Equity ETF		Raymond James SB-1 Equity index

S&P 500 BuyWrite ETF		CBOE S&P 500 BuyWrite Index^SM

S&P 500^® Quality ETF		S&P 500^® Quality Index

S&P Spin-Off ETF		S&P U.S. Spin-Off Index

Water Resources ETF		NASDAQ OMX US Water Index^SM

WilderHill Clean Energy ETF		WilderHill Clean Energy Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

Dividends and Distributions to Shareholders - Each Fund (except Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P Spin-Off ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Raymond James SB-1 Equity ETF and S&P Spin-Off ETF declare and pay dividends from net investment income, if any, to shareholders annually and records such dividends on the ex-dividend date. S&P 500 BuyWrite ETF declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with

federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, partnerships and passive foreign investment company adjustments, if any.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended October 31, 2023, the Funds did not enter into any closing agreements.

Expenses - Each Fund (except for S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF) is responsible for all of its own expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF have agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2023, each Fund (except for S&P 500 BuyWrite ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:


	Amount

Aerospace & Defense ETF		$4,591

Dorsey Wright Momentum ETF		3,737

Global Listed Private Equity ETF		6,562

Golden Dragon China ETF		16,497

MSCI Sustainable Future ETF		7,455

Raymond James SB-1 Equity ETF		8,490

S&P 500^® Quality ETF		16,903

S&P Spin-Off ETF		702

Water Resources ETF		5,056

WilderHill Clean Energy ETF		683,149

respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Call Options Purchased and Written - Certain Funds may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statements of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Swap Agreements - Certain Funds may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain, among other conditions, events of default and termination events, and various covenants and representations such as provisions that require each Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of each Fund’s NAV over specific periods of time. If each Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the futures commission merchant (“FCM”)) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a

receivable or payable for variation margin in the Statements of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statements of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statements of Operations. Cash held as collateral is recorded as deposits with brokers on the Statements of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty.

N.	Other Risks

China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events, such as disease outbreaks and pandemics, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work

papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Listed Private Equity Companies Risk. There are certain risks inherent in investing in listed private equity companies, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to or provide services to privately held companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. A Fund is also subject to the underlying risks which affect the listed private equity companies in which the financial institutions or vehicles held by the Fund invest. Listed private equity companies are subject to various risks depending on their underlying investments, which include additional liquidity risk, industry risk, foreign security risk, currency risk, valuation risk and credit risk. Listed private equity companies may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings, which may be adversely impacted by the poor performance of a small number of investments. By investing in companies in the capital markets whose business is to lend money, there is a risk that the issuer may default on its payments or declare bankruptcy.

Non-Diversified Fund Risk. Because Aerospace & Defense ETF, Golden Dragon China ETF, S&P Spin-Off ETF and Water Resources ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small-and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Thematic Investing Risk. Certain Funds rely on the index provider for its Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. The Fund’s performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that the index provider evaluates environmental, social and governance (“ESG”) factors as part of an Underlying Index’s methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider’s ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact the Fund’s performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in the Underlying Index. There is no guarantee that the Underlying Index will reflect complete exposure to any particular environmental theme.

NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500^® Quality ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. S&P 500^® Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.15% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF accrue daily and pay monthly to the Adviser an annual unitary management fee of 0.75% and 0.49%, respectively, of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except for Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500^® Quality ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2025. The Expense Cap (including sub-licensing fees) for S&P 500^® Quality ETF is 0.15% of the Fund’s average daily net assets per year through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Aerospace & Defense ETF, Dorsey Wright Momentum ETF, Global Listed Private Equity ETF, Water Resources ETF and WilderHill Clean Energy ETF.

For the six months ended October 31, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



Aerospace & Defense ETF	$	475

Dorsey Wright Momentum ETF		18

Global Listed Private Equity ETF		1,210

Golden Dragon China ETF		88,330

MSCI Sustainable Future ETF		19

Raymond James SB-1 Equity ETF		7



S&P 500 BuyWrite ETF	$	23

S&P 500^® Quality ETF		1,058,527

S&P Spin-Off ETF		20,331

Water Resources ETF		680

WilderHill Clean Energy ETF		17,427

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2023 are as follows:


	Total
	Potential
	Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/24		4/30/25		4/30/26		10/31/26

Golden Dragon China ETF	$	186,837	$	-	$	-	$	98,679	$	88,158

MSCI Sustainable Future ETF		2,399		-		-		2,399		-

S&P 500^® Quality ETF		4,468,916		587,037		1,190,350		1,633,585		1,057,944

S&P Spin-Off ETF		62,929		-		8,096		34,541		20,292

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):


Fund				Licensor

Aerospace & Defense ETF				SPADE Indexes

Dorsey Wright Momentum ETF				Dorsey Wright & Associates, LLC

Global Listed Private Equity ETF				Red Rocks Capital, LLC

Golden Dragon China ETF				Nasdaq, Inc.

MSCI Sustainable Future ETF				MSCI, Inc.

Raymond James SB-1 Equity ETF				Raymond James Research Services, LLC

S&P 500 BuyWrite ETF				S&P Dow Jones Indices LLC

S&P 500^® Quality ETF				S&P Dow Jones Indices LLC

S&P Spin-Off ETF				S&P Dow Jones Indices LLC

Water Resources ETF				Nasdaq, Inc.

WilderHill Clean Energy ETF				WilderHill

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.



Aerospace & Defense ETF	$	17,192

Dorsey Wright Momentum ETF		76,440

Global Listed Private Equity ETF		5,728

Golden Dragon China ETF		30,185

MSCI Sustainable Future ETF		10,820

Raymond James SB-1 Equity ETF		38,564

S&P 500 BuyWrite ETF		46

S&P 500^® Quality ETF		181,701



S&P Spin-Off ETF	$	13,447

Water Resources ETF		10,161

WilderHill Clean Energy ETF		93,597

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the six months ended October 31, 2023, the following Fund engaged in transactions with affiliates as listed below:


	Securities Purchases		Securities Sales		Net Realized Gains (Losses)*

S&P 500 BuyWrite ETF		$41,084		$789	$(871)

*	Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–Additional Valuation Information


		Level 1 –		Prices are determined using quoted prices in an active market for identical assets.

		Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

		Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2023, for each Fund (except for S&P 500 BuyWrite ETF). As of October 31, 2023, all of the securities in S&P 500 BuyWrite ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The value of options held in S&P 500 BuyWrite ETF was based on Level 1 inputs.The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total

Aerospace & Defense ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	2,139,127,842		$	-		$	-		$	2,139,127,842

Money Market Funds			1,008,425			181,277,766			-			182,286,191


Total Investments		$	2,140,136,267		$	181,277,766		$	-		$	2,321,414,033


Dorsey Wright Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	985,654,031		$	-		$	-		$	985,654,031

Money Market Funds			-			94,307,365			-			94,307,365


Total Investments		$	985,654,031		$	94,307,365		$	-		$	1,079,961,396


	Level 1			Level 2				Level 3			Total

Global Listed Private Equity ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	115,355,977		$	-			$	-		$	115,355,977

Closed-End Funds			26,969,207			-				-			26,969,207

Money Market Funds			2,024,540			42,580,379				-			44,604,919


Total Investments in Securities			144,349,724			42,580,379				-			186,930,103


Other Investments - Liabilities*

Swap Agreements			-			(70,046	)			-			(70,046	)


Total Investments		$	144,349,724		$	42,510,333			$	-		$	186,860,057


Golden Dragon China ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	158,073,693		$	-			$	-		$	158,073,693

Money Market Funds			141,161			53,095,342				-			53,236,503


Total Investments		$	158,214,854		$	53,095,342			$	-		$	211,310,196


MSCI Sustainable Future ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	210,670,529		$	-			$	-		$	210,670,529

Exchange-Traded Funds			3,037,869			-				-			3,037,869

Money Market Funds			-			60,571,889				-			60,571,889


Total Investments		$	213,708,398		$	60,571,889			$	-		$	274,280,287


Raymond James SB-1 Equity ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	106,347,233		$	-			$	-		$	106,347,233

Money Market Funds			81,798			24,340,226				-			24,422,024


Total Investments		$	106,429,031		$	24,340,226			$	-		$	130,769,257


S&P 500^® Quality ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	6,064,688,182		$	-			$	-		$	6,064,688,182

Money Market Funds			-			289,695,753				-			289,695,753


Total Investments		$	6,064,688,182		$	289,695,753			$	-		$	6,354,383,935


S&P Spin-Off ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	48,092,644		$	-			$	-		$	48,092,644

Money Market Funds			83,855			12,328,869				-			12,412,724


Total Investments		$	48,176,499		$	12,328,869			$	-		$	60,505,368


Water Resources ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,665,149,331		$	-			$	-		$	1,665,149,331

Money Market Funds			2,304,240			86,252,563				-			88,556,803


Total Investments		$	1,667,453,571		$	86,252,563			$	-		$	1,753,706,134


WilderHill Clean Energy ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	395,056,173		$	-			$	-		$	395,056,173

Money Market Funds			-			121,622,795				-			121,622,795


Total Investments		$	395,056,173		$	121,622,795			$	-		$	516,678,968

*	Unrealized appreciation (depreciation).

NOTE 6–Derivative Investments

The Funds may enter into an ISDA Master Agreement under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2023:


	Value
	Global Listed Private Equity ETF					S&P 500 BuyWrite ETF

Derivative Liabilities		Equity Risk					Equity Risk


Unrealized depreciation on swap agreements-OTC			$	(70,046	)			$	-

Options written, at value - Exchange-Traded				-					(890,975	)


Total Derivative Liabilities				(70,046	)				(890,975	)


Derivatives not subject to master netting agreements				-					890,975


Total Derivative Liabilities subject to master netting agreements			$	(70,046	)			$	-

Offsetting Assets and Liabilities

The table below reflects the Funds’ exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2023:

Global Listed Private Equity ETF

Financial Derivative
Assets

Financial Derivative
Liabilities

Collateral
(Received)/Pledged

Counterparty

Swap Agreements

Net Value of
Derivatives

Non-Cash

Cash

Net Amount

Citibank, N.A.

$(70,046)

Effect of Derivative Investments for the Six-Month Period Ended October 31, 2023

The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statements of Operations
	Global Listed Private Equity ETF				S&P 500 BuyWrite ETF
	Credit Risk				Equity Risk

Realized Gain (Loss):

Options written		$	-			$	(3,734,720	)

Swap agreements			(281,315	)			-

Change in Net Unrealized Appreciation (Depreciation):

Options written			-				1,547,153

Swap agreements			(16,038	)			-


Total		$	(297,353	)		$	(2,187,567	)

The table below summarizes the average notional value of derivatives held during the period.


	Average Notional Value
	Global Listed Private Equity ETF		S&P 500 BuyWrite ETF

Options written		$ -		$	96,404,429

Swap agreements		1,494,387			-

NOTE 7–Tax Information

The Funds had capital loss carryforwards as of April 30, 2023, as follows:

��


	No expiration
	Short-Term		Long-Term		Total*

Aerospace & Defense ETF	$	26,525,361	$	31,829,590	$	58,354,951

Dorsey Wright Momentum ETF		870,576,180		10,911,178		881,487,358

Global Listed Private Equity ETF		37,515,025		72,679,228		110,194,253

Golden Dragon China ETF		54,421,872		239,332,524		293,754,396

MSCI Sustainable Future ETF		9,661,323		15,456,925		25,118,248

Raymond James SB-1 Equity ETF		38,722,358		28,637,384		67,359,742

S&P 500 BuyWrite ETF		7,254,078		2,291,995		9,546,073

S&P 500^® Quality ETF		520,712,543		129,684,956		650,397,499

S&P Spin-Off ETF		60,432,527		96,006,064		156,438,591

Water Resources ETF		196,601,256		143,058,677		339,659,933

WilderHill Clean Energy ETF		472,569,964		585,849,573		1,058,419,537

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions


	Purchases		Sales

Aerospace & Defense ETF	$	151,912,469	$	152,470,071

Dorsey Wright Momentum ETF		626,123,165		627,861,044

Global Listed Private Equity ETF		38,099,791		40,928,075

Golden Dragon China ETF		44,438,625		45,035,298

MSCI Sustainable Future ETF		44,504,070		47,965,878

Raymond James SB-1 Equity ETF		63,218,466		62,238,569

S&P 500 BuyWrite ETF		8,569,713		12,497,249

S&P 500^® Quality ETF		2,403,140,495		1,935,760,586

S&P Spin-Off ETF		28,835,602		28,610,093

Water Resources ETF		375,653,504		377,028,476

WilderHill Clean Energy ETF		160,452,760		159,722,648

For the six months ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Aerospace & Defense ETF	$	350,638,145	$	112,651,645

Dorsey Wright Momentum ETF		71,721,517		78,128,857

Global Listed Private Equity ETF		54,220,468		64,811,736

Golden Dragon China ETF		19,285,087		50,834,376

MSCI Sustainable Future ETF		7,411,958		30,950,675

Raymond James SB-1 Equity ETF		-		7,469,865

S&P 500 BuyWrite ETF		10,817,682		7,620,297

S&P 500^® Quality ETF		2,307,280,093		1,556,472,523

S&P Spin-Off ETF		-		2,832,892


	In-kind Purchases		In-kind Sales

Water Resources ETF	$	238,088,117	$	253,481,592

WilderHill Clean Energy ETF		217,205,848		305,762,225

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost

Aerospace & Defense ETF	$	210,976,915	$	(128,562,827	)	$	82,414,088		$	2,238,999,945

Dorsey Wright Momentum ETF		111,608,048		(42,332,956	)		69,275,092			1,010,686,304

Global Listed Private Equity ETF		2,979,869		(54,899,236	)		(51,919,367	)		238,779,424

Golden Dragon China ETF		6,280,432		(112,637,524	)		(106,357,092	)		317,667,288

MSCI Sustainable Future ETF		11,891,320		(120,333,847	)		(108,442,527	)		382,722,814

Raymond James SB-1 Equity ETF		15,665,542		(22,445,945	)		(6,780,403	)		137,549,660

S&P 500 BuyWrite ETF		14,909,742		(14,860,837	)		48,905			94,529,101

S&P 500^® Quality ETF		451,522,656		(298,424,975	)		153,097,681			6,201,286,254

S&P Spin-Off ETF		8,674,089		(7,792,051	)		882,038			59,623,330

Water Resources ETF		171,596,781		(72,433,225	)		99,163,556			1,654,542,578

WilderHill Clean Energy ETF		7,463,363		(615,917,281	)		(608,453,918	)		1,125,132,886

NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF. The Interested Trustee does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10–Capital

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 11–Stock Split

On June 22, 2023, the Board of Trustees approved a one-for-five reverse stock split for Global Listed Private Equity ETF. The effect of the reverse stock split was to decrease the number of shares outstanding of that Fund, whereby every five outstanding shares of the Fund were exchanged for one share effective after the close of business on July 14, 2023. The transaction did not change the net assets of the Fund or the net asset value of any shareholder’s investment in the Fund.

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco Raymond James SB-1 Equity ETF and Invesco S&P 500 BuyWrite ETF), you incur advisory fees and other Fund expenses. As a shareholder of Invesco Raymond James SB-1 Equity ETF or Invesco S&P 500 BuyWrite ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

In addition to the fees and expenses which the Invesco Global Listed Private Equity ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total returns.

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.



	Beginning Account Value May 1, 2023			Ending Account Value October 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Aerospace & Defense ETF (PPA)

Actual		$	1,000.00		$	1,016.80		0.58	%		$2.94

Hypothetical (5% return before expenses)			1,000.00			1,022.22		0.58			2.95

Invesco Dorsey Wright Momentum ETF (PDP)

Actual			1,000.00			980.10		0.62			3.09

Hypothetical (5% return before expenses)			1,000.00			1,022.02		0.62			3.15

Calculating your ongoing Fund expenses–(continued)



	Beginning Account Value May 1, 2023			Ending Account Value October 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Global Listed Private Equity ETF (PSP)

Actual		$	1,000.00		$	951.30		0.66	%		$	3.24

Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.66				3.35

Invesco Golden Dragon China ETF (PGJ)

Actual			1,000.00			952.10		0.70				3.43

Hypothetical (5% return before expenses)			1,000.00			1,021.62		0.70				3.56

Invesco MSCI Sustainable Future ETF (ERTH)

Actual			1,000.00			849.40		0.60				2.79

Hypothetical (5% return before expenses)			1,000.00			1,022.12		0.60				3.05

Invesco Raymond James SB-1 Equity ETF (RYJ)

Actual			1,000.00			952.70		0.75				3.68

Hypothetical (5% return before expenses)			1,000.00			1,021.37		0.75				3.81

Invesco S&P 500 BuyWrite ETF (PBP)

Actual			1,000.00			991.90		0.49				2.45

Hypothetical (5% return before expenses)			1,000.00			1,022.67		0.49				2.49

Invesco S&P 500^® Quality ETF (SPHQ)

Actual			1,000.00			1,018.90		0.15				0.76

Hypothetical (5% return before expenses)			1,000.00			1,024.38		0.15				0.76

Invesco S&P Spin-Off ETF (CSD)

Actual			1,000.00			962.20		0.65				3.21

Hypothetical (5% return before expenses)			1,000.00			1,021.87		0.65				3.30

Invesco Water Resources ETF (PHO)

Actual			1,000.00			968.90		0.59				2.92

Hypothetical (5% return before expenses)			1,000.00			1,022.17		0.59				3.00

Invesco WilderHill Clean Energy ETF (PBW)

Actual			1,000.00			712.90		0.65				2.80

Hypothetical (5% return before expenses)			1,000.00			1,021.87		0.65				3.30

⁽¹⁾

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


©2023 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-PS-SAR-4	invesco.com/ETFs



		Invesco Semi-Annual Report to Shareholders
		October 31, 2023
		PWB		Invesco Large Cap Growth ETF (formerly, Invesco Dynamic Large Cap Growth ETF)
		PWV		Invesco Large Cap Value ETF (formerly, Invesco Dynamic Large Cap Value ETF)
		EQWL		Invesco S&P 100 Equal Weight ETF

		SPGP		Invesco S&P 500 GARP ETF

		SPVM		Invesco S&P 500 Value with Momentum ETF

		XMMO		Invesco S&P MidCap Momentum ETF

		XMHQ		Invesco S&P MidCap Quality ETF

		XMVM		Invesco S&P MidCap Value with Momentum ETF

		XSMO		Invesco S&P SmallCap Momentum ETF

		XSVM		Invesco S&P SmallCap Value with Momentum ETF

		CZA		Invesco Zacks Mid-Cap ETF

		CVY		Invesco Zacks Multi-Asset Income ETF

Table of Contents



Schedules of Investments

Invesco Large Cap Growth ETF (PWB)			3

Invesco Large Cap Value ETF (PWV)			5

Invesco S&P 100 Equal Weight ETF (EQWL)			7

Invesco S&P 500 GARP ETF (SPGP)			10

Invesco S&P 500 Value with Momentum ETF (SPVM)			13

Invesco S&P MidCap Momentum ETF (XMMO)			16

Invesco S&P MidCap Quality ETF (XMHQ)			19

Invesco S&P MidCap Value with Momentum ETF (XMVM)			22

Invesco S&P SmallCap Momentum ETF (XSMO)			25

Invesco S&P SmallCap Value with Momentum ETF (XSVM)			28

Invesco Zacks Mid-Cap ETF (CZA)			31

Invesco Zacks Multi-Asset Income ETF (CVY)			34

Statements of Assets and Liabilities			38

Statements of Operations			40

Statements of Changes in Net Assets			42

Financial Highlights			47

Notes to Financial Statements			59

Fund Expenses			72

Invesco Large Cap Growth ETF (PWB)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.07%
Communication Services-7.03%
Meta Platforms, Inc., Class A^(b)		73,764	$	22,222,880
Netflix, Inc.^(b)(c)		51,345		21,138,223

				43,361,103

Consumer Discretionary-18.86%
Airbnb, Inc., Class A^(b)		71,544		8,462,940
Booking Holdings, Inc.^(b)		2,959		8,254,308
Chipotle Mexican Grill, Inc.^(b)		4,858		9,435,208
Hilton Worldwide Holdings, Inc.		60,616		9,185,142
Las Vegas Sands Corp.		170,134		8,074,560
Marriott International, Inc., Class A		44,580		8,406,005
McDonald’s Corp.		75,682		19,841,550
MercadoLibre, Inc. (Brazil)^(b)		7,316		9,077,254
O’Reilly Automotive, Inc., Class R^(b)(c)		9,733		9,055,972
Ross Stores, Inc.^(c)		77,187		8,951,376
TJX Cos., Inc. (The)		102,042		8,986,839
Yum! Brands, Inc.^(c)		70,236		8,488,723

				116,219,877

Consumer Staples-4.85%
Costco Wholesale Corp.		39,405		21,768,898
Monster Beverage Corp.^(b)		158,535		8,101,139

				29,870,037

Energy-1.44%
Baker Hughes Co., Class A		258,440		8,895,505


Financials-13.02%
Apollo Global Management, Inc.		111,517		8,635,877
Berkshire Hathaway, Inc., Class B^(b)(c)		60,514		20,655,244
Mastercard, Inc., Class A		53,324		20,068,487
NU Holdings Ltd., Class A (Brazil)^(b)(c)		1,236,999		10,143,392
Visa, Inc., Class A^(c)		88,184		20,732,058

				80,235,058

Health Care-10.17%
Boston Scientific Corp.^(b)		180,359		9,232,577
DexCom, Inc.^(b)		84,988		7,549,484
Eli Lilly and Co.		38,316		21,224,382
IDEXX Laboratories, Inc.^(b)(c)		18,618		7,437,332
Intuitive Surgical, Inc.^(b)		31,662		8,302,410
Stryker Corp.		33,004		8,918,341

				62,664,526

Industrials-12.79%
AMETEK, Inc.		58,775		8,273,757
Copart, Inc.^(b)		207,625		9,035,840
Eaton Corp. PLC		41,844		8,699,786



	Shares		Value
Industrials-(continued)
Otis Worldwide Corp.		109,608	$	8,462,834
Parker-Hannifin Corp.		22,838		8,425,167
Trane Technologies PLC^(c)		46,098		8,772,910
TransDigm Group, Inc.^(b)		10,631		8,803,425
Uber Technologies, Inc.^(b)		205,005		8,872,616
W.W. Grainger, Inc.		13,010		9,495,088

				78,841,423

Information Technology-30.61%
Accenture PLC, Class A		68,676		20,402,953
Adobe, Inc.^(b)		40,838		21,728,266
Apple, Inc.		119,701		20,441,340
Arista Networks, Inc.^(b)(c)		48,485		9,714,940
Cadence Design Systems, Inc.^(b)		40,317		9,670,032
Fortinet, Inc.^(b)		155,899		8,912,746
Microsoft Corp.		65,788		22,243,581
Motorola Solutions, Inc.		32,954		9,176,371
NVIDIA Corp.		46,455		18,944,349
Oracle Corp.		182,036		18,822,522
Salesforce, Inc.^(b)		102,604		20,605,961
Shopify, Inc., Class A (Canada)^(b)		168,494		7,951,232

				188,614,293

Materials-1.30%
Sherwin-Williams Co. (The)		33,622		8,009,096

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.07% (Cost $580,918,174)				616,710,918


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.69%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		8,087,181		8,087,181
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		20,803,030		20,805,110

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,893,790)				28,892,291

TOTAL INVESTMENTS IN SECURITIES-104.76% (Cost $609,811,964)				645,603,209
OTHER ASSETS LESS LIABILITIES-(4.76)%				(29,351,582	)

NET ASSETS-100.00%			$	616,251,627

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		3
		3

Invesco Large Cap Growth ETF (PWB)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	158,266		$	1,805,943		$	(1,964,209	)		$	-			$	-		$	-		$	2,283

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			6,733,945			86,202,285			(84,849,049	)			-				-			8,087,181			161,386	*

Invesco Private Prime Fund			17,315,858			177,919,735			(174,431,886	)			(1,469	)			2,872			20,805,110			425,038	*


Total		$	24,208,069		$	265,927,963		$	(261,245,144	)		$	(1,469	)		$	2,872		$	28,892,291		$	588,707

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Information Technology	30.61

Consumer Discretionary	18.86

Financials	13.02

Industrials	12.79

Health Care	10.17

Communication Services	7.03

Consumer Staples	4.85

Sector Types Each Less Than 3%	2.74

Money Market Funds Plus Other Assets Less Liabilities	(0.07	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		4
		4

Invesco Large Cap Value ETF (PWV)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-6.84%
Comcast Corp., Class A		554,052	$	22,876,807
Verizon Communications, Inc.		760,526		26,717,279

				49,594,086

Consumer Discretionary-5.19%
D.R. Horton, Inc.		92,181		9,623,696
Ford Motor Co.		909,542		8,868,035
General Motors Co.		327,846		9,245,257
Lennar Corp., Class A.		92,628		9,881,555

				37,618,543

Consumer Staples-5.52%
Altria Group, Inc.		253,557		10,185,385
Archer-Daniels-Midland Co.		133,669		9,566,690
Kimberly-Clark Corp.		84,390		10,096,420
Kraft Heinz Co. (The)		324,223		10,200,055

				40,048,550

Energy-15.66%
Chevron Corp.		158,733		23,132,160
Energy Transfer L.P.		835,888		10,991,927
Exxon Mobil Corp.		233,536		24,719,786
Marathon Petroleum Corp.		75,834		11,469,892
Phillips 66		96,010		10,951,861
Pioneer Natural Resources Co.		46,102		11,018,378
Valero Energy Corp.		82,490		10,476,230
Williams Cos., Inc. (The)		313,090		10,770,296

				113,530,530

Financials-22.04%
Aflac, Inc.^(b)		147,710		11,537,628
American International Group, Inc.		189,035		11,589,736
Ameriprise Financial, Inc.		32,861		10,337,085
Bank of America Corp.		887,637		23,380,358
Capital One Financial Corp.		108,092		10,948,639
Chubb Ltd.		54,462		11,688,634
JPMorgan Chase & Co.		172,466		23,983,122
MetLife, Inc.		176,074		10,566,201
Morgan Stanley		304,264		21,547,976
Wells Fargo & Co.		608,375		24,195,074

				159,774,453

Health Care-16.98%
Abbott Laboratories		240,128		22,704,103
AbbVie, Inc.		170,307		24,043,942
Centene Corp.^(c)		169,899		11,719,633
Cigna Group (The)		38,696		11,964,803
Gilead Sciences, Inc.^(b)		141,989		11,151,816
HCA Healthcare, Inc.		39,294		8,885,945
Johnson & Johnson		152,086		22,560,437
Regeneron Pharmaceuticals, Inc.^(c)		12,902		10,062,141

				123,092,820



	Shares		Value
Industrials-8.58%
Emerson Electric Co.		112,362	$	9,996,847
FedEx Corp.		41,685		10,008,569
Illinois Tool Works, Inc.		45,759		10,255,507
PACCAR, Inc.^(b)		127,667		10,536,358
United Parcel Service, Inc., Class B		151,318		21,373,667

				62,170,948

Information Technology-15.08%
Cisco Systems, Inc.		455,233		23,731,296
Dell Technologies, Inc., Class C		194,096		12,986,963
Intel Corp.		767,433		28,011,305
Lam Research Corp.		16,193		9,525,047
QUALCOMM, Inc.		230,607		25,133,857
TE Connectivity Ltd.		84,511		9,959,621

				109,348,089

Materials-2.64%
Nucor Corp.		64,098		9,473,043
Southern Copper Corp. (Mexico)		136,272		9,661,685

				19,134,728

Utilities-1.45%
PG&E Corp.^(b)(c)		646,245		10,533,794

Total Common Stocks & Other Equity Interests (Cost $733,726,202)				724,846,541


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $91,549)		91,549		91,549

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $733,817,751)				724,938,090


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.98%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		8,086,547		8,086,547
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		20,796,116		20,798,196

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,883,456)				28,884,743

TOTAL INVESTMENTS IN SECURITIES-103.97% (Cost $762,701,207)				753,822,833
OTHER ASSETS LESS LIABILITIES-(3.97)%				(28,800,338	)

NET ASSETS-100.00%			$	725,022,495

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		5
		5

Invesco Large Cap Value ETF (PWV)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023. (c) Non-income producing security.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	13,661,285		$	(13,569,736	)		$	-		$	-			$	91,549		$	6,994

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			99,066,148			(90,979,601	)			-			-				8,086,547			108,972	*

Invesco Private Prime Fund			-			209,096,736			(188,299,633	)			1,287			(194	)			20,798,196			289,558	*


Total		$	-		$	321,824,169		$	(292,848,970	)		$	1,287		$	(194	)		$	28,976,292		$	405,524

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Financials			22.04

Health Care			16.98

Energy			15.66

Information Technology			15.08

Industrials			8.58

Communication Services			6.84

Consumer Staples			5.52

Consumer Discretionary			5.19

Sector Types Each Less Than 3%			4.09

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.



		6
		6

Invesco S&P 100 Equal Weight ETF (EQWL)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-9.43%
Alphabet, Inc., Class A^(b)		14,205	$	1,762,556
Alphabet, Inc., Class C^(b)		12,088		1,514,626
AT&T, Inc.		249,842		3,847,567
Charter Communications, Inc., Class A^(b)		8,508		3,427,023
Comcast Corp., Class A		79,891		3,298,699
Meta Platforms, Inc., Class A^(b)		12,072		3,636,932
Netflix, Inc.^(b)		8,116		3,341,276
T-Mobile US, Inc.^(b)		26,142		3,760,788
Verizon Communications, Inc.		107,560		3,778,583
Walt Disney Co. (The)^(b)		44,104		3,598,445

				31,966,495

Consumer Discretionary-9.51%
Amazon.com, Inc.^(b)		26,035		3,464,998
Booking Holdings, Inc.^(b)		1,152		3,213,573
Ford Motor Co.		292,342		2,850,335
General Motors Co.		109,213		3,079,807
Home Depot, Inc. (The)		10,948		3,116,786
Lowe’s Cos., Inc.^(c)		15,555		2,964,316
McDonald’s Corp.		12,882		3,377,274
NIKE, Inc., Class B.		36,816		3,783,580
Starbucks Corp.		37,759		3,482,890
Tesla, Inc.^(b)		14,477		2,907,561

				32,241,120

Consumer Staples-11.21%
Altria Group, Inc.		81,632		3,279,158
Coca-Cola Co. (The)		61,690		3,484,868
Colgate-Palmolive Co.		49,141		3,691,472
Costco Wholesale Corp.		6,533		3,609,091
Kraft Heinz Co. (The)		109,166		3,434,362
Mondelez International, Inc., Class A		51,544		3,412,728
PepsiCo, Inc.		20,412		3,332,871
Philip Morris International, Inc.		38,413		3,424,903
Procter & Gamble Co. (The)		23,521		3,528,856
Target Corp.		29,089		3,222,770
Walmart, Inc.		21,964		3,589,137

				38,010,216

Energy-2.92%
Chevron Corp.		21,525		3,136,838
ConocoPhillips		29,298		3,480,602
Exxon Mobil Corp.^(c)		31,117		3,293,735

				9,911,175

Financials-17.79%
American Express Co.		22,848		3,336,493
American International Group, Inc.		60,311		3,697,667
Bank of America Corp.^(c)		126,854		3,341,334
Bank of New York Mellon Corp. (The)		80,358		3,415,215
Berkshire Hathaway, Inc., Class B^(b)		9,901		3,379,508
BlackRock, Inc.		5,215		3,193,040
Capital One Financial Corp.^(c)		36,007		3,647,149
Charles Schwab Corp. (The)		60,639		3,155,654
Citigroup, Inc.		88,608		3,499,130
Goldman Sachs Group, Inc. (The)		11,046		3,353,676
JPMorgan Chase & Co.		25,011		3,478,030
Mastercard, Inc., Class A		8,682		3,267,471



	Shares		Value
Financials-(continued)
MetLife, Inc.		56,830	$	3,410,368
Morgan Stanley		42,347		2,999,015
PayPal Holdings, Inc.^(b)		58,968		3,054,542
U.S. Bancorp^(c)		99,571		3,174,324
Visa, Inc., Class A^(c)		14,549		3,420,470
Wells Fargo & Co.		87,762		3,490,295

				60,313,381

Health Care-14.04%
Abbott Laboratories		35,729		3,378,177
AbbVie, Inc.		24,140		3,408,085
Amgen, Inc.		13,862		3,544,513
Bristol-Myers Squibb Co.		59,128		3,046,866
CVS Health Corp.^(c)		54,637		3,770,499
Danaher Corp.		16,410		3,151,048
Eli Lilly and Co.		6,136		3,398,915
Gilead Sciences, Inc.		47,329		3,717,220
Johnson & Johnson		22,403		3,323,261
Medtronic PLC		45,002		3,175,341
Merck & Co., Inc.		32,991		3,388,176
Pfizer, Inc.		104,995		3,208,647
Thermo Fisher Scientific, Inc.		6,949		3,090,707
UnitedHealth Group, Inc.		7,483		4,007,596

				47,609,051

Industrials-13.03%
3M Co.		33,869		3,080,386
Boeing Co. (The)^(b)		17,038		3,183,039
Caterpillar, Inc.		12,743		2,880,555
Deere & Co.		8,993		3,285,682
Emerson Electric Co.		36,352		3,234,237
FedEx Corp.		14,197		3,408,700
General Dynamics Corp.^(c)		16,509		3,983,787
General Electric Co.		32,211		3,499,081
Honeywell International, Inc.		19,489		3,571,554
Lockheed Martin Corp.		8,497		3,863,076
RTX Corp.^(c)		43,069		3,505,386
Union Pacific Corp.^(c)		16,973		3,523,765
United Parcel Service, Inc., Class B		22,337		3,155,101

				44,174,349

Information Technology-13.89%
Accenture PLC, Class A		11,048		3,282,250
Adobe, Inc.^(b)		6,434		3,423,274
Advanced Micro Devices, Inc.^(b)		33,903		3,339,446
Apple, Inc.		20,189		3,447,676
Broadcom, Inc.		4,187		3,522,816
Cisco Systems, Inc.		63,505		3,310,516
Intel Corp.		94,657		3,454,981
International Business Machines Corp.^(c)		24,359		3,523,286
Microsoft Corp.		10,759		3,637,725
NVIDIA Corp.		7,895		3,219,581
Oracle Corp.		28,471		2,943,901
QUALCOMM, Inc.		33,907		3,695,524
Salesforce, Inc.^(b)		15,999		3,213,079
Texas Instruments, Inc.		21,843		3,101,924

				47,115,979

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		7
		7

Invesco S&P 100 Equal Weight ETF (EQWL)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Materials-2.00%
Dow, Inc.		66,981	$	3,237,862
Linde PLC^(c)		9,302		3,554,852

				6,792,714

Real Estate-2.06%
American Tower Corp.^(c)		19,890		3,544,199
Simon Property Group, Inc.^(c)		31,389		3,449,337

				6,993,536

Utilities-4.03%
Duke Energy Corp.		39,508		3,511,866
Exelon Corp.		88,598		3,450,006
NextEra Energy, Inc.^(c)		53,807		3,136,948
Southern Co. (The)		52,951		3,563,603

				13,662,423

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $352,106,193)				338,790,439



	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.94%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		5,642,285	$	5,642,285
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		14,510,586		14,512,037

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,154,838)				20,154,322

TOTAL INVESTMENTS IN SECURITIES-105.85% (Cost $372,261,031)				358,944,761
OTHER ASSETS LESS LIABILITIES-(5.85)%				(19,848,805	)

NET ASSETS-100.00%			$	339,095,956

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	17,471		$	3,696,183		$	(3,713,654	)		$	-			$	-		$	-		$	2,457

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			4,144,515			40,889,835			(39,392,065	)			-				-			5,642,285			47,759	*

Invesco Private Prime Fund			10,657,324			73,290,664			(69,435,687	)			(516	)			252			14,512,037			125,489	*


Total		$	14,819,310		$	117,876,682		$	(112,541,406	)		$	(516	)		$	252		$	20,154,322		$	175,705

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		8
		8

Invesco S&P 100 Equal Weight ETF (EQWL)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Financials			17.79

Health Care			14.04

Information Technology			13.89

Industrials			13.03

Consumer Staples			11.21

Consumer Discretionary			9.51

Communication Services			9.43

Utilities			4.03

Sector Types Each Less Than 3%			6.98

Money Market Funds Plus Other Assets Less Liabilities			0.09

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		9
		9

Invesco S&P 500 GARP ETF (SPGP)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-1.33%
Alphabet, Inc., Class C^(b)		379,205	$	47,514,387

Consumer Discretionary-8.62%
D.R. Horton, Inc.		508,856		53,124,566
Lennar Corp., Class A		382,031		40,755,067
NVR, Inc.^(b)(c)		6,887		37,276,714
Pool Corp.^(c)		157,971		49,882,503
PulteGroup, Inc.		709,167		52,187,599
Tractor Supply Co.^(c)		214,862		41,373,827
Ulta Beauty, Inc.^(b)		89,190		34,009,039

				308,609,315

Consumer Staples-3.32%
Archer-Daniels-Midland Co.		568,859		40,713,239
Bunge Ltd.^(c)		435,279		46,130,868
Procter & Gamble Co. (The)		214,027		32,110,471

				118,954,578

Energy-27.68%
APA Corp.		1,580,997		62,797,201
Chevron Corp.^(c)		373,259		54,395,034
ConocoPhillips		537,255		63,825,894
Coterra Energy, Inc.^(c)		2,622,870		72,128,925
Devon Energy Corp.		1,252,830		58,344,293
Diamondback Energy, Inc.		556,102		89,154,273
EOG Resources, Inc.		392,783		49,588,854
EQT Corp.^(c)		1,547,379		65,577,922
Exxon Mobil Corp.		404,220		42,786,687
Marathon Oil Corp.		2,427,723		66,301,115
Marathon Petroleum Corp.^(c)		577,357		87,325,246
Occidental Petroleum Corp.		923,413		57,076,157
ONEOK, Inc.		817,163		53,279,028
Phillips 66.		400,628		45,699,636
Pioneer Natural Resources Co.		269,831		64,489,609
Valero Energy Corp.		457,720		58,130,440

				990,900,314

Financials-3.57%
American International Group, Inc.		558,220		34,224,468
Arch Capital Group Ltd.^(b)		431,516		37,403,807
Capital One Financial Corp.		301,496		30,538,530
Discover Financial Services		314,006		25,773,613

				127,940,418

Health Care-11.28%
Cigna Group (The)		116,960		36,164,032
Elevance Health, Inc.		77,894		35,059,310
Humana, Inc.		62,476		32,718,056
IDEXX Laboratories, Inc.^(b)		69,916		27,929,344
Moderna, Inc.^(b)(c)		640,852		48,679,118
Molina Healthcare, Inc.^(b)(c)		174,040		57,946,618
Pfizer, Inc.		1,572,451		48,054,103
Regeneron Pharmaceuticals, Inc.^(b)		65,895		51,390,852
Vertex Pharmaceuticals, Inc.^(b)		182,172		65,966,303

				403,907,736

Industrials-8.94%
C.H. Robinson Worldwide, Inc.		469,531		38,421,722
Copart, Inc.^(b)		936,053		40,737,026



	Shares		Value
Industrials-(continued)
Expeditors International of Washington, Inc.		519,215	$	56,724,239
Generac Holdings, Inc.^(b)(c)		420,911		35,385,988
J.B. Hunt Transport Services, Inc.		232,613		39,979,196
Old Dominion Freight Line, Inc.		130,858		49,288,974
United Parcel Service, Inc., Class B		183,160		25,871,350
W.W. Grainger, Inc.		46,124		33,662,679

				320,071,174

Information Technology-19.25%
Accenture PLC, Class A		98,166		29,164,137
Adobe, Inc.^(b)		92,455		49,191,607
Apple, Inc.		243,762		41,627,237
Applied Materials, Inc		376,192		49,789,011
Arista Networks, Inc.^(b)		284,138		56,932,731
Autodesk, Inc.^(b)		214,776		42,446,181
Broadcom, Inc.		49,245		41,433,266
Gartner, Inc.^(b)		114,948		38,167,334
KLA Corp.		124,046		58,264,406
Lam Research Corp.		84,482		49,694,002
Microsoft Corp.		120,002		40,573,876
NXP Semiconductors N.V. (China)		310,807		53,592,451
QUALCOMM, Inc.		473,096		51,562,733
Skyworks Solutions, Inc.		396,965		34,432,744
Teradyne, Inc.^(c)		315,259		26,251,617
Texas Instruments, Inc.		183,388		26,042,930

				689,166,263

Materials-13.59%
Albemarle Corp.^(c)		248,512		31,506,351
Celanese Corp.^(c)		390,903		44,762,303
CF Industries Holdings, Inc.		1,084,514		86,522,527
Dow, Inc.^(c)		731,233		35,347,803
DuPont de Nemours, Inc.^(c)		635,874		46,342,497
LyondellBasell Industries N.V., Class A		370,600		33,442,944
Mosaic Co. (The)		1,959,316		63,638,584
Nucor Corp.		458,810		67,807,530
Steel Dynamics, Inc.		724,008		77,114,092

				486,484,631

Real Estate-2.38%
Public Storage^(c)		127,168		30,356,273
Weyerhaeuser Co.^(c)		1,918,504		55,041,880

				85,398,153

Total Common Stocks & Other Equity Interests (Cost $3,608,810,647)				3,578,946,969


Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $624,869)		624,869		624,869

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $3,609,435,516)				3,579,571,838

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		10
		10

Invesco S&P 500 GARP ETF (SPGP)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.43%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		84,404,326	$	84,404,326
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		217,348,405		217,370,140

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $301,769,690)				301,774,466

TOTAL INVESTMENTS IN SECURITIES-108.41% (Cost $3,911,205,206)				3,881,346,304
OTHER ASSETS LESS LIABILITIES-(8.41)%				(301,030,879	)

NET ASSETS-100.00%			$	3,580,315,425

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	^{All or a portion of this security was out on loan at October 31, 2023.}

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	25,240,215		$	(24,615,346	)		$	-		$	-			$	624,869		$	15,643

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			72,100,398			480,028,260			(467,724,332	)			-			-				84,404,326			1,518,483	*

Invesco Private Prime Fund			125,583,975			925,687,703			(833,903,987	)			11,178			(8,729	)			217,370,140			4,106,503	*


Total		$	197,684,373		$	1,430,956,178		$	(1,326,243,665	)		$	11,178		$	(8,729	)		$	302,399,335		$	5,640,629

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		11
		11

Invesco S&P 500 GARP ETF (SPGP)–continued)

October 31, 2023

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Energy			27.68

Information Technology			19.25

Materials			13.59

Health Care			11.28

Industrials			8.94

Consumer Discretionary			8.62

Financials			3.57

Consumer Staples			3.32

Sector Types Each Less Than 3%			3.71

Money Market Funds Plus Other Assets Less Liabilities			0.04

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		12
		12

Invesco S&P 500 Value with Momentum ETF (SPVM)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-1.19%
Comcast Corp., Class A		5,758	$	237,748
Omnicom Group, Inc.		2,375		177,911

				415,659

Consumer Discretionary-10.12%
BorgWarner, Inc.		9,636		355,568
D.R. Horton, Inc.		3,685		384,714
Ford Motor Co.		46,237		450,811
Genuine Parts Co.		1,508		194,321
Lennar Corp., Class A		4,432		472,806
LKQ Corp.		5,394		236,904
MGM Resorts International		8,312		290,255
NVR, Inc.^(b)		40		216,505
PulteGroup, Inc.		7,013		516,087
Ralph Lauren Corp.		2,225		250,379
Tapestry, Inc.		5,572		153,564

				3,521,914

Consumer Staples-4.05%
Conagra Brands, Inc.		7,721		211,247
Dollar Tree, Inc.^(b)		1,779		197,629
JM Smucker Co. (The)		1,618		184,193
Kraft Heinz Co. (The)		10,163		319,728
Molson Coors Beverage Co., Class B		4,141		239,226
Walmart, Inc.		1,571		256,717

				1,408,740

Energy-26.24%
APA Corp.		11,253		446,969
Chevron Corp.		2,411		351,355
ConocoPhillips		3,175		377,190
Coterra Energy, Inc.		19,915		547,663
Devon Energy Corp.		8,524		396,963
Diamondback Energy, Inc.		3,427		549,417
EOG Resources, Inc.		3,007		379,634
EQT Corp.		15,291		648,033
Exxon Mobil Corp.		3,769		398,949
Kinder Morgan, Inc.		20,262		328,244
Marathon Oil Corp.		20,735		566,273
Marathon Petroleum Corp.		6,637		1,003,846
Occidental Petroleum Corp.		6,214		384,087
ONEOK, Inc.		4,647		302,984
Phillips 66		7,791		888,719
Pioneer Natural Resources Co.		1,733		414,187
Targa Resources Corp.		3,418		285,779
Valero Energy Corp.		6,787		861,949

				9,132,241

Financials-18.60%
Aflac, Inc.		4,644		362,743
Arch Capital Group Ltd.^(b)		3,714		321,929
Bank of New York Mellon Corp. (The)		9,764		414,970
Chubb Ltd.		1,617		347,040
Citigroup, Inc.		12,216		482,410
Discover Financial Services.		3,189		261,753
Everest Group Ltd.		930		367,927
Globe Life, Inc.		2,476		288,107
Goldman Sachs Group, Inc. (The)		1,142		346,723



	Shares		Value
Financials-(continued)
Hartford Financial Services Group, Inc. (The)		5,225	$	383,776
JPMorgan Chase & Co.		2,394		332,910
MetLife, Inc.		7,339		440,413
Morgan Stanley		3,406		241,213
Principal Financial Group, Inc.		7,513		508,480
Raymond James Financial, Inc.		2,962		282,693
State Street Corp.		5,781		373,626
Travelers Cos., Inc. (The)		1,870		313,113
Wells Fargo & Co.		10,092		401,358

				6,471,184

Health Care-10.60%
Cardinal Health, Inc.		4,245		386,295
Cencora, Inc.		2,353		435,658
Cigna Group (The)		1,938		599,229
Elevance Health, Inc.		675		303,811
Henry Schein, Inc.^(b)		3,643		236,722
Humana, Inc.		559		292,743
McKesson Corp.		1,058		481,771
Molina Healthcare, Inc.^(b)		1,129		375,900
Quest Diagnostics, Inc.		1,696		220,650
Universal Health Services, Inc., Class B		2,820		355,010

				3,687,789

Industrials-10.32%
C.H. Robinson Worldwide, Inc.		3,427		280,431
Carrier Global Corp.		4,766		227,148
Cummins, Inc.		1,334		288,544
Expeditors International of Washington, Inc.		1,922		209,979
FedEx Corp.		1,536		368,794
General Electric Co.		2,289		248,654
Huntington Ingalls Industries, Inc.		1,565		344,018
PACCAR, Inc.		3,904		322,197
RTX Corp.		2,362		192,243
Snap-on, Inc.		801		206,610
Textron, Inc.		4,887		371,412
United Rentals, Inc.		660		268,138
Wabtec Corp.		2,463		261,127

				3,589,295

Information Technology-1.32%
Hewlett Packard Enterprise Co.		29,752		457,586


Materials-6.93%
Albemarle Corp.		1,645		208,553
Corteva, Inc.		4,221		203,199
DuPont de Nemours, Inc.		6,847		499,009
LyondellBasell Industries N.V., Class A		4,639		418,623
Nucor Corp.		3,540		523,177
Steel Dynamics, Inc.		5,260		560,243

				2,412,804

Real Estate-0.62%
VICI Properties, Inc.		7,749		216,197


Utilities-9.91%
Ameren Corp.		2,692		203,811
American Electric Power Co., Inc.		2,835		214,156
Atmos Energy Corp.		2,063		222,102
CenterPoint Energy, Inc.		8,275		222,432
Consolidated Edison, Inc.		3,255		285,756

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		13
		13

Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Utilities-(continued)
Edison International.		3,412	$	215,161
Evergy, Inc.		4,905		241,032
NiSource, Inc.		9,454		237,863
NRG Energy, Inc.		8,731		370,020
PG&E Corp.^(b)		17,486		285,022
Pinnacle West Capital Corp.		3,559		264,007
PPL Corp.		9,947		244,398
Sempra		3,396		237,822
Xcel Energy, Inc.		3,443		204,066

				3,447,648

Total Common Stocks & Other Equity Interests (Cost $36,644,707)				34,761,057



	Shares		Value
Money Market Funds-0.22%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(c)(d) (Cost $77,045)		77,045	$	77,045

TOTAL INVESTMENTS IN SECURITIES-100.12% (Cost $36,721,752)				34,838,102
OTHER ASSETS LESS LIABILITIES-(0.12)%				(41,046	)

NET ASSETS-100.00%			$	34,797,056

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	22,944		$	875,271		$	(821,170	)		$	-		$	-			$	77,045		$	1,548

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			428,564			(428,564	)			-			-				-			189	*

Invesco Private Prime Fund			-			1,305,914			(1,305,900	)			-			(14	)			-			583	*


Total		$	22,944		$	2,609,749		$	(2,555,634	)		$	-		$	(14	)		$	77,045		$	2,320

*	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, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		14
		14

Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)

October 31, 2023

(Unaudited)


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Energy			26.24

Financials			18.60

Health Care			10.60

Industrials			10.32

Consumer Discretionary			10.12

Utilities			9.91

Materials			6.93

Consumer Staples			4.05

Sector Types Each Less Than 3%			3.13

Money Market Funds Plus Other Assets Less Liabilities			0.10

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		15
		15

Invesco S&P MidCap Momentum ETF (XMMO)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-0.74%
TKO Group Holdings, Inc.^(b)		95,884	$	7,860,570


Consumer Discretionary-14.58%
Deckers Outdoor Corp.^(b)(c)		72,923		43,539,406
Dick’s Sporting Goods, Inc.^(b)		114,856		12,283,849
Five Below, Inc.^(b)(c)		114,676		19,951,331
KB Home		182,228		8,054,478
Penske Automotive Group, Inc.		34,087		4,877,168
Skechers U.S.A., Inc., Class A^(c)		238,810		11,515,418
Taylor Morrison Home Corp., Class A^(b)(c)		257,614		9,871,768
Tempur Sealy International, Inc.^(b)		359,467		14,353,517
Texas Roadhouse, Inc.^(b)		114,202		11,596,071
Toll Brothers, Inc.^(b)		270,015		19,092,761

				155,135,767

Consumer Staples-8.06%
BellRing Brands, Inc.^(c)		248,010		10,845,477
Casey’s General Stores, Inc.		59,851		16,274,085
Celsius Holdings, Inc.^(b)(c)		74,856		11,384,849
Coty, Inc., Class A^(b)(c)		736,608		6,902,017
Ingredion, Inc.^(b)		118,856		11,122,545
Lancaster Colony Corp.^(b)		44,197		7,476,807
Sprouts Farmers Market, Inc.^(b)(c)		161,390		6,781,608
US Foods Holding Corp.^(c)		383,966		14,951,636

				85,739,024

Energy-1.82%
ChampionX Corp.^(b)		412,625		12,708,850
Valaris Ltd.^(b)(c)		100,419		6,631,671

				19,340,521

Financials-13.33%
CNO Financial Group, Inc.^(b)		198,611		4,603,803
Evercore, Inc., Class A^(b)		55,718		7,253,369
FirstCash Holdings, Inc.^(b)		60,873		6,630,287
Interactive Brokers Group, Inc., Class A^(b)		215,870		17,284,711
Kinsale Capital Group, Inc.^(b)		39,964		13,344,379
Old Republic International Corp.		464,370		12,714,451
Primerica, Inc.		105,615		20,189,363
RenaissanceRe Holdings Ltd. (Bermuda)		92,333		20,275,403
RLI Corp.		63,899		8,513,903
Selective Insurance Group, Inc.		115,070		11,979,938
Unum Group.		390,365		19,088,849

				141,878,456

Health Care-3.87%
Encompass Health Corp.		163,455		10,225,745
Haemonetics Corp.^(c)		79,153		6,746,210
Penumbra, Inc.^(b)(c)		126,899		24,256,744

				41,228,699

Industrials-36.69%
AECOM		196,445		15,037,865
Builders FirstSource, Inc.^(c)		390,369		42,362,844
Clean Harbors, Inc.^(c)		138,419		21,270,848
Crane Co.^(b)		100,739		9,804,927
Curtiss-Wright Corp.		71,486		14,212,132
EMCOR Group, Inc.		162,695		33,620,922
EnerSys		93,106		7,968,011



	Shares		Value
Industrials-(continued)
Esab Corp.		139,249	$	8,814,462
ITT, Inc.		130,503		12,182,455
Landstar System, Inc.		63,756		10,505,714
Lennox International, Inc.		67,555		25,031,830
Lincoln Electric Holdings, Inc.^(b)		130,832		22,869,434
MasTec, Inc.^(c)		108,883		6,472,005
MSC Industrial Direct Co., Inc., Class A^(b)		81,581		7,729,800
nVent Electric PLC^(b)		358,736		17,265,964
Owens Corning		188,208		21,337,141
Ryder System, Inc.^(b)		66,873		6,522,792
Saia, Inc.^(b)(c)		56,717		20,332,477
Science Applications International Corp.^(b)		94,922		10,369,279
Simpson Manufacturing Co., Inc.		88,894		11,838,903
Terex Corp.		153,083		7,011,201
Timken Co. (The)^(b)		121,791		8,418,194
Watsco, Inc.^(b)		59,731		20,839,548
Watts Water Technologies, Inc., Class A^(b)		46,552		8,053,961
XPO, Inc.^(b)(c)		271,463		20,579,610

				390,452,319

Information Technology-13.89%
Allegro MicroSystems, Inc. (Japan)^(b)(c)		215,400		5,591,784
Belden, Inc.		90,068		6,385,821
CommVault Systems, Inc.^(b)(c)		83,681		5,468,553
Crane NXT Co.^(b)		149,252		7,761,104
Dynatrace, Inc.^(b)(c)		375,345		16,781,675
Jabil, Inc.^(b)		451,756		55,475,637
Super Micro Computer, Inc.^(b)(c)		157,617		37,744,543
Teradata Corp.^(c)		189,519		8,096,252
Vishay Intertechnology, Inc.^(b)		203,589		4,527,819

				147,833,188

Materials-7.00%
Commercial Metals Co.		208,012		8,796,827
Eagle Materials, Inc.^(b)		72,305		11,128,463
NewMarket Corp.^(b)		18,091		8,722,576
Reliance Steel & Aluminum Co.		144,327		36,713,902
Westlake Corp.^(b)		52,388		6,043,480
Worthington Industries, Inc.		49,331		3,039,776

				74,445,024

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $1,038,860,751)				1,063,913,568


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-13.67%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		40,713,713		40,713,713

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		16
		16

Invesco S&P MidCap Momentum ETF (XMMO)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		104,708,002	$	104,718,473

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $145,431,087)				145,432,186

TOTAL INVESTMENTS IN SECURITIES-113.65% (Cost $1,184,291,838)				1,209,345,754
OTHER ASSETS LESS LIABILITIES-(13.65)%				(145,276,252	)

NET ASSETS-100.00%			$	1,064,069,502

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	333,211	$	42,640,027	$	(42,973,238	)	$	-	$	-	$	-	$	18,807

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		27,988,178		208,239,891		(195,514,356	)		-		-		40,713,713		696,157	*

Invesco Private Prime Fund		71,341,758		421,514,775		(388,144,713	)		4,778		1,875		104,718,473		1,871,842	*


Total	$	99,663,147	$	672,394,693	$	(626,632,307	)	$	4,778	$	1,875	$	145,432,186	$	2,586,806

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		17
		17

Invesco S&P MidCap Momentum ETF (XMMO)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Industrials			36.69

Consumer Discretionary			14.58

Information Technology			13.89

Financials			13.33

Consumer Staples			8.06

Materials			7.00

Health Care			3.87

Sector Types Each Less Than 3%			2.56

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.



		18
		18

Invesco S&P MidCap Quality ETF (XMHQ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Consumer Discretionary-17.02%
Boyd Gaming Corp.^(b)		215,877	$	11,927,204
Capri Holdings Ltd.^(c)		334,671		17,128,462
Deckers Outdoor Corp.^(c)		73,095		43,642,101
Gentex Corp.		612,583		17,568,880
Grand Canyon Education, Inc.^(c)		98,516		11,657,398
Light & Wonder, Inc.^(b)(c)		366,301		26,780,266
Murphy USA, Inc.		81,105		29,415,972
Polaris, Inc.^(b)		147,994		12,789,642
Taylor Morrison Home Corp., Class A^(c)		313,436		12,010,868
Texas Roadhouse, Inc.^(b)		199,467		20,253,879
Toll Brothers, Inc.		261,862		18,516,262
TopBuild Corp.^(c)		86,949		19,890,453
Williams-Sonoma, Inc.^(b)		248,411		37,321,269

				278,902,656

Consumer Staples-1.22%
Boston Beer Co., Inc. (The), Class A^(b)(c)		28,318		9,456,796
Coca-Cola Consolidated, Inc.		16,659		10,601,954

				20,058,750

Energy-13.00%
Antero Resources Corp.^(c)		881,615		25,954,746
ChampionX Corp.^(b)		522,049		16,079,109
CNX Resources Corp.^(b)(c)		663,584		14,413,044
Matador Resources Co.^(b)		337,107		20,796,131
Murphy Oil Corp.		411,232		18,451,980
PBF Energy, Inc., Class A		566,822		26,941,050
Range Resources Corp.^(b)		1,158,597		41,524,117
Southwestern Energy Co.^(c)		5,319,117		37,925,304
Valaris Ltd.^(b)(c)		164,505		10,863,910

				212,949,391

Financials-11.25%
Affiliated Managers Group, Inc.		111,832		13,728,496
American Financial Group, Inc.		203,015		22,201,721
East West Bancorp, Inc.^(b)		379,664		20,357,584
Essent Group Ltd.		297,455		14,051,774
Evercore, Inc., Class A		112,188		14,604,634
Federated Hermes, Inc., Class B		243,886		7,731,186
Kinsale Capital Group, Inc.		61,334		20,480,036
MGIC Investment Corp.		831,169		13,996,886
RLI Corp		199,618		26,597,102
SEI Investments Co.		318,605		17,096,344
Western Union Co. (The)^(b)		1,197,845		13,523,670

				184,369,433

Health Care-4.60%
Azenta, Inc.^(b)(c)		178,360		8,106,462
Chemed Corp.		49,928		28,091,989
Medpace Holdings, Inc.^(c)		130,719		31,721,580
Patterson Cos., Inc.		246,001		7,493,190

				75,413,221

Industrials-30.38%
Acuity Brands, Inc.^(b)		84,923		13,754,978
Advanced Drainage Systems, Inc.		170,493		18,213,767
AGCO Corp.		166,979		19,145,812
Builders FirstSource, Inc.^(b)(c)		565,919		61,413,530
Carlisle Cos., Inc.^(b)		154,137		39,164,670



	Shares		Value
Industrials-(continued)
Donaldson Co., Inc.		372,872	$	21,499,800
EMCOR Group, Inc.		141,802		29,303,383
ExlService Holdings, Inc.^(b)(c)		485,745		12,682,802
Exponent, Inc.^(b)		165,536		12,132,134
Fortune Brands Innovations, Inc.		425,524		23,744,239
Genpact Ltd.		487,654		16,355,915
Graco, Inc.^(b)		444,144		33,022,106
Insperity, Inc.		139,193		14,732,187
Landstar System, Inc.		155,546		25,630,870
MSC Industrial Direct Co., Inc., Class A		133,104		12,611,604
Owens Corning		270,380		30,652,981
Terex Corp.		177,027		8,107,837
Tetra Tech, Inc.		163,156		24,621,872
Trex Co., Inc.^(b)(c)		294,375		16,546,819
UFP Industries, Inc.		171,845		16,354,489
Watsco, Inc.^(b)		101,935		35,564,102
Watts Water Technologies, Inc., Class A		72,988		12,627,654

				497,883,551

Information Technology-14.25%
Belden, Inc.		124,169		8,803,582
Cognex Corp.^(b)		498,229		17,931,262
Crane NXT Co.		131,568		6,841,536
IPG Photonics Corp.^(c)		102,728		8,824,335
Jabil, Inc.		408,431		50,155,327
Lattice Semiconductor Corp.^(b)(c)		539,876		30,022,504
Manhattan Associates, Inc.^(c)		362,722		70,723,535
Power Integrations, Inc.^(b)		205,508		14,247,870
Qualys, Inc.^(b)(c)		169,340		25,900,553

				233,450,504

Materials-8.27%
Ashland, Inc.		146,299		11,210,892
Cabot Corp.		152,652		10,148,305
Eagle Materials, Inc.		131,306		20,209,307
Greif, Inc., Class A		71,154		4,518,279
Louisiana-Pacific Corp.		252,289		12,937,380
NewMarket Corp.^(b)		24,382		11,755,781
Olin Corp.		416,228		17,781,260
Reliance Steel & Aluminum Co.^(b)		184,886		47,031,301

				135,592,505

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $1,631,765,061)				1,638,620,011


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.55%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		39,214,056		39,214,056

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		19
		19

Invesco S&P MidCap Quality ETF (XMHQ)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		100,805,021	$	100,815,102

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $140,025,226)				140,029,158

TOTAL INVESTMENTS IN SECURITIES-108.54% (Cost $1,771,790,287)				1,778,649,169
OTHER ASSETS LESS LIABILITIES-(8.54)%				(139,943,389	)

NET ASSETS-100.00%			$	1,638,705,780

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	547,107		$	6,780,209		$	(7,327,316	)		$	-		$	-		$	-		$	13,360

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			29,590,609			270,063,497			(260,440,050	)			-			-			39,214,056			840,804	*

Invesco Private Prime Fund			76,090,138			500,165,970			(475,452,629	)			8,698			2,925			100,815,102			2,309,700	*


Total		$	106,227,854		$	777,009,676		$	(743,219,995	)		$	8,698		$	2,925		$	140,029,158		$	3,163,864

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		20
		20

Invesco S&P MidCap Quality ETF (XMHQ)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Industrials			30.38

Consumer Discretionary			17.02

Information Technology			14.25

Energy			13.00

Financials			11.25

Materials			8.27

Health Care			4.60

Consumer Staples			1.22

Money Market Funds Plus Other Assets Less Liabilities			0.01

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		21
		21

Invesco S&P MidCap Value with Momentum ETF (XMVM)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-0.98%
Nexstar Media Group, Inc., Class A^(b)		11,866	$	1,662,189


Consumer Discretionary-15.59%
Adient PLC^(b)(c)		76,322		2,571,288
AutoNation, Inc.^(c)		22,401		2,913,922
Brunswick Corp.^(b)		19,560		1,358,833
Graham Holdings Co., Class B		3,974		2,299,833
Harley-Davidson, Inc.^(b)		66,038		1,773,120
KB Home		69,698		3,080,653
Light & Wonder, Inc.^(c)		36,020		2,633,422
Murphy USA, Inc.		7,704		2,794,164
PVH Corp.		23,522		1,748,861
Taylor Morrison Home Corp., Class A^(b)(c)		72,690		2,785,481
Toll Brothers, Inc.		35,537		2,512,821

				26,472,398

Consumer Staples-7.91%
BJ’s Wholesale Club Holdings, Inc.^(b)(c)		23,418		1,595,234
Casey’s General Stores, Inc.		6,684		1,817,446
Ingredion, Inc.		13,805		1,291,872
Performance Food Group Co.^(c)		52,411		3,027,259
Post Holdings, Inc.^(b)(c)		20,228		1,623,904
Sprouts Farmers Market, Inc.^(b)(c)		44,628		1,875,269
US Foods Holding Corp.^(c)		56,266		2,190,998

				13,421,982

Energy-15.42%
Chord Energy Corp.^(b)		20,853		3,447,418
HF Sinclair Corp.		114,853		6,360,559
Matador Resources Co.		45,890		2,830,954
Murphy Oil Corp.		74,098		3,324,777
PBF Energy, Inc., Class A^(b)		136,556		6,490,507
Range Resources Corp.^(b)		104,200		3,734,528

				26,188,743

Financials-23.89%
Affiliated Managers Group, Inc.		14,072		1,727,479
Bank OZK^(b)		53,893		1,929,908
CNO Financial Group, Inc.		95,916		2,223,333
Essent Group Ltd.		47,182		2,228,878
F.N.B. Corp.^(b)		225,654		2,412,241
First American Financial Corp.^(b)		30,322		1,559,764
Home BancShares, Inc.^(b)		65,623		1,341,990
International Bancshares Corp.^(b)		39,219		1,718,969
Jefferies Financial Group, Inc.		78,058		2,511,906
Kemper Corp.		29,829		1,189,581
MGIC Investment Corp.		162,194		2,731,347
New York Community Bancorp, Inc.^(b)		209,546		1,986,496
Old Republic International Corp.		78,436		2,147,578
Prosperity Bancshares, Inc.^(b)		36,923		2,013,780
Reinsurance Group of America, Inc.		14,890		2,225,608
Stifel Financial Corp.		30,583		1,743,231
Texas Capital Bancshares, Inc.^(c)		47,112		2,593,987
United Bankshares, Inc.		61,258		1,742,178
Unum Group		64,100		3,134,490
Voya Financial, Inc.^(b)		20,969		1,400,100

				40,562,844



	Shares		Value
Health Care-1.45%
Perrigo Co. PLC^(b)		46,717	$	1,291,258
Tenet Healthcare Corp.^(c)		21,833		1,172,432

				2,463,690

Industrials-13.10%
AGCO Corp.		16,126		1,849,007
Builders FirstSource, Inc.^(c)		14,059		1,525,683
Fluor Corp.^(c)		69,293		2,306,764
Knight-Swift Transportation Holdings, Inc.		30,446		1,488,505
MDU Resources Group, Inc.		77,266		1,437,920
Owens Corning		15,435		1,749,866
Regal Rexnord Corp.		10,060		1,191,205
Ryder System, Inc.		43,864		4,278,494
Terex Corp.		32,398		1,483,828
Timken Co. (The)^(b)		16,684		1,153,198
UFP Industries, Inc.		25,829		2,458,146
Werner Enterprises, Inc.^(b)		36,474		1,324,736

				22,247,352

Information Technology-10.90%
Amkor Technology, Inc.		70,224		1,464,873
Arrow Electronics, Inc.^(c)		29,613		3,358,410
Avnet, Inc.		107,710		4,990,204
Crane NXT Co.		35,405		1,841,060
Jabil, Inc.		20,918		2,568,731
Kyndryl Holdings, Inc.^(c)		192,440		2,815,397
Vishay Intertechnology, Inc.^(b)		66,099		1,470,042

				18,508,717

Materials-7.77%
Ashland, Inc.		15,729		1,205,313
Commercial Metals Co.		62,841		2,657,546
Greif, Inc., Class A.		41,404		2,629,154
Olin Corp.		38,440		1,642,157
Reliance Steel & Aluminum Co.		7,539		1,917,771
Sonoco Products Co.		23,341		1,209,297
Worthington Industries, Inc.		31,286		1,927,843

				13,189,081

Utilities-2.98%
ALLETE, Inc.^(b)		23,922		1,280,784
NorthWestern Energy Group, Inc.^(b)		25,515		1,224,975
Portland General Electric Co.		28,007		1,120,840
Spire, Inc.^(b)		25,834		1,437,146

				5,063,745

Total Common Stocks & Other Equity Interests (Cost $170,011,288)				169,780,741


Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $118,808)		118,808		118,808

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $170,130,096)				169,899,549

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		22
		22

Invesco S&P MidCap Value with Momentum ETF (XMVM)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.09%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		6,608,564	$	6,608,564
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		17,317,156		17,318,888

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $23,927,637)				23,927,452

TOTAL INVESTMENTS IN SECURITIES-114.15% (Cost $194,057,733)				193,827,001
OTHER ASSETS LESS LIABILITIES-(14.15)%				(24,025,452	)

NET ASSETS-100.00%			$	169,801,549

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	234,059		$	3,537,240		$	(3,652,491	)		$	-		$	-		$	118,808		$	4,344

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			10,391,714			51,407,551			(55,190,701	)			-			-			6,608,564			152,650	*

Invesco Private Prime Fund			25,480,378			107,389,874			(115,552,108	)			177			567			17,318,888			408,183	*


Total		$	36,106,151		$	162,334,665		$	(174,395,300	)		$	177		$	567		$	24,046,260		$	565,177

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		23
		23

Invesco S&P MidCap Value with Momentum ETF (XMVM)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Financials			23.89

Consumer Discretionary			15.59

Energy			15.42

Industrials			13.10

Information Technology			10.90

Consumer Staples			7.91

Materials			7.77

Sector Types Each Less Than 3%			5.41

Money Market Funds Plus Other Assets Less Liabilities			0.01

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		24
		24

Invesco S&P SmallCap Momentum ETF (XSMO)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-2.68%
Cars.com, Inc.^(b)		51,321	$	781,619
Madison Square Garden Sports Corp., Class A^(b)		11,599		1,950,256
Yelp, Inc.^(b)		36,612		1,544,660

				4,276,535

Consumer Discretionary-17.86%
Abercrombie & Fitch Co., Class A^(b)		38,480		2,340,354
Academy Sports & Outdoors, Inc.^(c)		34,482		1,546,173
Asbury Automotive Group, Inc.^(b)(c)		8,317		1,591,624
BJ’s Restaurants, Inc.^(b)(c)		13,288		341,767
Bloomin’ Brands, Inc.^(c)		42,734		997,412
Boot Barn Holdings, Inc.^(b)(c)		14,460		1,004,970
Buckle, Inc. (The)^(c)		14,762		498,513
Century Communities, Inc.		15,972		982,278
Chuy’s Holdings, Inc.^(b)(c)		15,747		530,044
Ethan Allen Interiors, Inc.		13,945		366,196
Green Brick Partners, Inc.^(b)		20,498		793,273
Group 1 Automotive, Inc.^(c)		7,926		1,999,968
Haverty Furniture Cos., Inc.		7,073		184,252
Installed Building Products, Inc.		12,325		1,376,333
Jack in the Box, Inc.^(c)		10,792		681,839
M.D.C. Holdings, Inc.		35,650		1,352,917
M/I Homes, Inc.^(b)		27,948		2,293,692
Meritage Homes Corp.		26,494		3,020,846
ODP Corp. (The)^(b)		17,446		783,674
Patrick Industries, Inc.		11,012		827,552
Shake Shack, Inc., Class A^(b)(c)		19,063		1,068,290
Tri Pointe Homes, Inc.^(b)		76,120		1,907,567
Upbound Group, Inc.^(c)		25,155		655,539
Urban Outfitters, Inc.^(b)		38,767		1,342,113

				28,487,186

Consumer Staples-5.67%
Andersons, Inc. (The)		14,698		736,811
e.l.f. Beauty, Inc.^(b)		54,747		5,071,215
Inter Parfums, Inc.		15,404		1,958,002
John B. Sanfilippo & Son, Inc.		6,505		665,201
Vector Group Ltd.		59,585		612,534

				9,043,763

Energy-5.12%
Archrock, Inc.		78,497		994,557
Dorian LPG Ltd..		34,138		1,091,392
Helix Energy Solutions Group, Inc.^(b)		134,730		1,320,354
Northern Oil and Gas, Inc.		37,188		1,425,788
Oceaneering International, Inc.^(b)		75,752		1,665,786
Oil States International, Inc.^(b)		30,357		220,392
Par Pacific Holdings, Inc.^(b)		43,893		1,440,568

				8,158,837

Financials-6.42%
AMERISAFE, Inc.^(c)		9,668		492,778
Avantax, Inc.^(b)		16,050		414,251
Bancorp, Inc. (The)^(b)		27,242		971,177
Enova International, Inc.^(b)		19,018		758,438
Genworth Financial, Inc., Class A^(b)		221,884		1,329,085
NMI Holdings, Inc., Class A^(b)		48,927		1,338,154



	Shares		Value
Financials-(continued)
Pathward Financial, Inc.		16,394	$	742,484
PROG Holdings, Inc.^(b)		38,347		1,050,324
Radian Group, Inc.		74,101		1,877,719
SiriusPoint Ltd. (Bermuda)^(b)(c)		86,004		847,139
WisdomTree, Inc.^(c)		66,683		413,435

				10,234,984

Health Care-7.14%
Amphastar Pharmaceuticals, Inc.^(b)		24,329		1,101,374
ANI Pharmaceuticals, Inc.^(b)		9,359		577,825
Collegium Pharmaceutical, Inc.^(b)(c)		14,729		320,503
Ensign Group, Inc. (The)^(c)		24,472		2,363,995
Glaukos Corp.^(b)		23,448		1,599,154
Merit Medical Systems, Inc.^(b)		28,639		1,968,645
NeoGenomics, Inc.^(b)		59,122		828,890
RadNet, Inc.^(b)(c)		35,619		960,288
Schrodinger, Inc.^(b)(c)		26,134		567,108
UFP Technologies, Inc.^(b)(c)		7,060		1,100,795

				11,388,577

Industrials-23.50%
AAON, Inc.^(c)		53,584		2,919,256
AAR Corp.^(b)		17,407		1,033,279
Alamo Group, Inc.		7,036		1,127,871
American Woodmark Corp.^(b)		8,925		600,028
Applied Industrial Technologies, Inc.		22,846		3,507,089
Arcosa, Inc.		28,131		1,943,008
Boise Cascade Co.		25,354		2,376,937
Comfort Systems USA, Inc.		26,380		4,797,203
Enerpac Tool Group Corp.		28,909		818,125
EnPro Industries, Inc.		12,953		1,438,560
Enviri Corp.^(b)		50,186		288,068
ESCO Technologies, Inc.		12,639		1,228,764
Federal Signal Corp.		41,890		2,431,296
Gibraltar Industries, Inc.^(b)		15,190		924,463
GMS, Inc.^(b)		20,269		1,185,331
Granite Construction, Inc.^(c)		23,904		967,634
Griffon Corp.		24,362		973,018
Matthews International Corp., Class A^(c)		24,309		861,511
Moog, Inc., Class A		12,198		1,415,578
MYR Group, Inc.^(b)		10,067		1,166,061
Powell Industries, Inc.		9,184		703,954
SkyWest, Inc.^(b)		28,852		1,216,689
SPX Technologies, Inc.^(b)		23,602		1,890,992
Standex International Corp.		8,828		1,267,436
Wabash National Corp.^(c)		19,263		398,551

				37,480,702

Information Technology-22.25%
Adeia, Inc.		74,222		625,691
Advanced Energy Industries, Inc.^(c)		19,809		1,728,533
Agilysys, Inc.^(b)		11,189		959,904
Axcelis Technologies, Inc.^(b)(c)		32,999		4,207,373
Badger Meter, Inc.		25,456		3,526,929
Cohu, Inc.^(b)(c)		26,894		810,585
Digi International, Inc.^(b)(c)		19,105		481,064
DoubleVerify Holdings, Inc.^(b)(c)		96,695		2,691,022
Extreme Networks, Inc.^(b)		110,560		2,279,747
Insight Enterprises, Inc.^(b)(c)		25,530		3,658,449

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		25
		25

Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Information Technology-(continued)
InterDigital, Inc.		16,057	$	1,208,289
N-able, Inc.^(b)		33,810		438,178
PDF Solutions, Inc.^(b)(c)		20,516		544,290
Progress Software Corp.		23,444		1,204,553
Rambus, Inc.^(b)		109,718		5,960,979
Sanmina Corp.^(b)		27,567		1,402,333
SPS Commerce, Inc.^(b)(c)		23,391		3,750,513

				35,478,432

Materials-7.38%
ATI, Inc.^(b)(c)		106,973		4,040,370
Carpenter Technology Corp.		36,950		2,317,504
Haynes International, Inc.		5,304		228,205
Koppers Holdings, Inc.		14,480		529,534
Materion Corp.		9,732		943,810
O-I Glass, Inc.^(b)		93,614		1,446,336
Olympic Steel, Inc.		7,103		360,619
Sylvamo Corp.		14,451		640,179
Warrior Met Coal, Inc.		25,974		1,265,713

				11,772,270

Real Estate-1.95%
eXp World Holdings, Inc.^(c)		37,800		501,606
St. Joe Co. (The)		22,381		1,043,850
Tanger Factory Outlet Centers, Inc.		69,132		1,558,926

				3,104,382

Total Common Stocks & Other Equity Interests (Cost $157,372,650)				159,425,668



	Shares		Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $127,363)		127,363	$	127,363

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $157,500,013)				159,553,031


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-22.29%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		9,950,373		9,950,373
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		25,589,609		25,592,168

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $35,541,453)				35,542,541

TOTAL INVESTMENTS IN SECURITIES-122.34% (Cost $193,041,466)				195,095,572
OTHER ASSETS LESS LIABILITIES-(22.34)%				(35,627,772	)

NET ASSETS-100.00%			$	159,467,800

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	243,605		$	2,115,507		$	(2,231,749	)		$	-		$	-		$	127,363		$	3,378

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			9,771,272			45,606,621			(45,427,520	)			-			-			9,950,373			241,241	*

Invesco Private Prime Fund			31,554,662			103,209,804			(109,177,089	)			2,875			1,916			25,592,168			644,665	*


Total		$	41,569,539		$	150,931,932		$	(156,836,358	)		$	2,875		$	1,916		$	35,669,904		$	889,284

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		26
		26

Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Industrials			23.50

Information Technology			22.25

Consumer Discretionary			17.86

Materials			7.38

Health Care			7.14

Financials			6.42

Consumer Staples			5.67

Energy			5.12

Sector Types Each Less Than 3%			4.63

Money Market Funds Plus Other Assets Less Liabilities			0.03

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		27
		27

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Consumer Discretionary-22.65%
Academy Sports & Outdoors, Inc.^(b)		73,137	$	3,279,463
American Axle & Manufacturing Holdings, Inc.^(c)		967,517		6,530,740
America’s Car-Mart, Inc.^(b)(c)		50,985		3,414,975
Asbury Automotive Group, Inc.^(b)(c)		26,329		5,038,581
Caleres, Inc.^(b)		356,285		9,113,770
Century Communities, Inc.^(b)		84,087		5,171,351
Chico’s FAS, Inc.^(b)(c)		1,112,694		8,322,951
Ethan Allen Interiors, Inc.		153,061		4,019,382
Group 1 Automotive, Inc.^(b)		30,815		7,775,549
Haverty Furniture Cos., Inc.^(b)		179,223		4,668,759
Hibbett, Inc.^(b)		189,852		8,746,482
La-Z-Boy, Inc.^(b)		168,897		4,938,548
LCI Industries^(b)		31,013		3,364,600
M.D.C. Holdings, Inc.		124,459		4,723,219
M/I Homes, Inc.^(c)		88,186		7,237,425
Meritage Homes Corp.		41,674		4,751,669
ODP Corp. (The)^(b)(c)		136,716		6,141,283
Patrick Industries, Inc.^(b)		75,799		5,696,295
Perdoceo Education Corp.		322,858		5,840,501
Signet Jewelers Ltd.^(b)		62,563		4,368,774
Sonic Automotive, Inc., Class A^(b)		141,907		6,790,250
Tri Pointe Homes, Inc.^(c)		162,183		4,064,306
Urban Outfitters, Inc.^(b)(c)		102,769		3,557,863
Winnebago Industries, Inc.^(b)		83,227		4,823,005

				132,379,741

Consumer Staples-4.27%
Andersons, Inc. (The)		181,221		9,084,609
Cal-Maine Foods, Inc.		119,813		5,428,727
Fresh Del Monte Produce, Inc.		257,831		6,445,775
Universal Corp.^(b)		88,306		3,973,770

				24,932,881

Energy-15.60%
CONSOL Energy, Inc.^(b)		92,403		8,490,912
CVR Energy, Inc.^(b)		235,795		7,722,286
Dorian LPG Ltd.		160,606		5,134,574
Helix Energy Solutions Group, Inc.^(c)		537,973		5,272,135
Northern Oil and Gas, Inc.		144,120		5,525,561
Oil States International, Inc.^(c)		740,001		5,372,407
Par Pacific Holdings, Inc.^(c)		386,588		12,687,818
REX American Resources Corp.^(c)		97,299		3,698,335
SM Energy Co.		211,379		8,522,801
Talos Energy, Inc.^(b)(c)		494,770		7,668,935
US Silica Holdings, Inc.^(c)		376,358		4,542,641
Vital Energy, Inc.^(b)(c)		198,357		9,925,784
World Kinect Corp.		358,815		6,638,078

				91,202,267

Financials-19.84%
Ambac Financial Group, Inc.^(c)		549,372		6,663,882
American Equity Investment Life Holding Co.^(c)		136,520		7,230,099
Apollo Commercial Real Estate Finance, Inc.^(b)		523,289		5,211,958
Assured Guaranty Ltd.		82,995		5,178,888
Axos Financial, Inc.^(b)(c)		79,849		2,876,960



	Shares		Value
Financials-(continued)
Employers Holdings, Inc.		91,607	$	3,481,066
Encore Capital Group, Inc.^(b)(c)		79,812		3,007,316
Enova International, Inc.^(c)		83,901		3,345,972
EZCORP, Inc., Class A^(b)(c)		639,598		5,244,704
First Commonwealth Financial Corp.		235,597		2,869,571
First Financial Bancorp^(b)		195,902		3,624,187
Franklin BSP Realty Trust, Inc.^(b)		248,535		3,134,026
Genworth Financial, Inc., Class A^(c)		1,408,050		8,434,220
Hilltop Holdings, Inc.		107,427		2,967,134
Mr. Cooper Group, Inc.^(b)(c)		86,368		4,882,383
NMI Holdings, Inc., Class A^(c)		130,654		3,573,387
Northwest Bancshares, Inc.^(b)		334,443		3,484,896
OFG Bancorp		145,511		4,310,036
Radian Group, Inc.		159,913		4,052,195
Ready Capital Corp.^(b)		449,815		4,241,755
Renasant Corp.^(b)		157,034		3,830,059
S&T Bancorp, Inc.		141,279		3,639,347
SiriusPoint Ltd. (Bermuda)^(c)		431,815		4,253,378
StoneX Group, Inc.^(b)(c)		92,302		8,798,227
TrustCo Bank Corp.		138,845		3,544,713
United Fire Group, Inc.^(b)		203,241		4,093,274

				115,973,633

Health Care-2.91%
AdaptHealth Corp.^(b)(c)		504,785		3,700,074
Avanos Medical, Inc.^(c)		139,034		2,552,664
Community Health Systems, Inc.^(b)(c)		1,215,717		2,601,635
Cross Country Healthcare, Inc.^(b)(c)		180,289		4,175,493
OraSure Technologies, Inc.^(c)		776,063		4,004,485

				17,034,351

Industrials-20.76%
ABM Industries, Inc.^(b)		84,231		3,313,648
American Woodmark Corp.^(c)		63,843		4,292,165
Apogee Enterprises, Inc.		87,177		3,741,637
ArcBest Corp.		53,742		5,851,429
Boise Cascade Co.		76,480		7,170,000
DXP Enterprises, Inc.^(c)		126,955		4,138,733
Encore Wire Corp.^(b)		23,752		4,247,570
GEO Group, Inc. (The)^(b)(c)		844,039		7,376,901
GMS, Inc.^(c)		56,490		3,303,535
Granite Construction, Inc.^(b)		83,698		3,388,095
Heartland Express, Inc.^(b)		206,847		2,411,836
Hillenbrand, Inc.^(b)		68,337		2,598,856
Hub Group, Inc., Class A^(c)		58,679		4,034,181
Kelly Services, Inc., Class A		441,192		7,875,277
Matson, Inc.		80,477		7,005,523
Mueller Industries, Inc.^(b)		79,658		3,003,903
NOW, Inc.^(c)		497,425		5,481,624
OPENLANE, Inc.^(b)(c)		255,818		3,435,636
Quanex Building Products Corp.		149,478		4,013,484
Resideo Technologies, Inc.^(b)(c)		319,451		4,625,651
Resources Connection, Inc.		245,954		3,313,000
SkyWest, Inc.^(c)		159,677		6,733,579
Titan International, Inc.^(b)(c)		625,078		7,100,886
Veritiv Corp.		58,372		9,888,801
Wabash National Corp.^(b)		145,586		3,012,174

				121,358,124

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		28
		28

Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Information Technology-4.11%
Benchmark Electronics, Inc.		252,158	$	6,104,745
Ichor Holdings Ltd.^(b)(c)		101,593		2,464,646
Sanmina Corp.^(b)(c)		79,506		4,044,470
ScanSource, Inc.^(c)		256,951		7,811,311
TTM Technologies, Inc.^(c)		313,645		3,603,781

				24,028,953

Materials-9.34%
AdvanSix, Inc.		131,402		3,620,125
Clearwater Paper Corp.^(c)		207,312		7,009,219
Haynes International, Inc.^(b)		68,580		2,950,655
Koppers Holdings, Inc.		159,527		5,833,902
O-I Glass, Inc.^(c)		227,949		3,521,812
Olympic Steel, Inc.		158,462		8,045,116
SunCoke Energy, Inc.		847,276		8,057,595
Sylvamo Corp.^(b)		75,597		3,348,947
TimkenSteel Corp.^(b)(c)		204,286		4,153,134
Warrior Met Coal, Inc.		165,786		8,078,752

				54,619,257

Real Estate-0.48%
Service Properties Trust		388,665		2,817,821

Total Common Stocks & Other Equity Interests (Cost $570,365,489)				584,347,028


Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $226,927)		226,927		226,927

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $570,592,416)				584,573,955



	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-20.49%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		33,071,134	$	33,071,134
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		86,714,268		86,722,939

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $119,792,854)				119,794,073

TOTAL INVESTMENTS IN SECURITIES-120.49% (Cost $690,385,270)				704,368,028
OTHER ASSETS LESS LIABILITIES-(20.49)%				(119,778,896	)

NET ASSETS-100.00%			$	584,589,132

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	29,495		$	8,894,541		$	(8,697,109	)		$	-		$	-		$	226,927		$	8,957

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		29
		29

Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)

October 31, 2023

(Unaudited)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	30,638,853		$	117,625,787		$	(115,193,506	)		$	-		$	-			$	33,071,134		$	927,352	*

Invesco Private Prime Fund			86,712,240			244,405,414			(244,400,349	)			7,129			(1,495	)			86,722,939			2,468,631	*


Total		$	117,380,588		$	370,925,742		$	(368,290,964	)		$	7,129		$	(1,495	)		$	120,021,000		$	3,404,940

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Consumer Discretionary			22.65

Industrials			20.76

Financials			19.84

Energy			15.60

Materials			9.34

Consumer Staples			4.27

Information Technology			4.11

Sector Types Each Less Than 3%			3.39

Money Market Funds Plus Other Assets Less Liabilities			0.04

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		30
		30

Invesco Zacks Mid-Cap ETF (CZA)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-1.74%
Endeavor Group Holdings, Inc., Class A^(b)		111,934	$	2,547,618
Playtika Holding Corp.^(c)		55,549		466,612

				3,014,230

Consumer Discretionary-3.79%
Garmin Ltd.		28,325		2,904,162
Genuine Parts Co.		21,068		2,714,822
Mattel, Inc.^(c)		49,633		946,998

				6,565,982

Consumer Staples-3.07%
Church & Dwight Co., Inc.		36,394		3,309,671
Lamb Weston Holdings, Inc.		22,394		2,010,981

				5,320,652

Financials-21.39%
Affiliated Managers Group, Inc.		5,117		628,163
Assurant, Inc.		7,373		1,097,840
AXIS Capital Holdings Ltd.		12,332		704,157
CNA Financial Corp.^(b)		39,709		1,604,244
Credicorp Ltd. (Peru)^(b)		11,845		1,480,151
Deutsche Bank AG (Germany)^(b)		290,191		3,195,003
East West Bancorp, Inc.		20,993		1,125,645
Essent Group Ltd.		15,728		742,991
Fifth Third Bancorp.		105,028		2,490,214
FleetCor Technologies, Inc.^(c)		11,252		2,533,613
Hartford Financial Services Group, Inc. (The)		45,108		3,313,182
Janus Henderson Group PLC^(b)		25,277		583,140
Nasdaq, Inc.		73,531		3,647,137
SEI Investments Co.		19,198		1,030,165
State Street Corp.		47,562		3,073,932
TPG, Inc.^(b)		44,632		1,233,628
Unum Group		27,822		1,360,496
W.R. Berkley Corp.		37,578		2,533,509
WEX, Inc.^(b)(c)		6,366		1,059,812
Willis Towers Watson PLC		15,218		3,589,774

				37,026,796

Health Care-3.86%
Avantor, Inc.^(c)		102,590		1,788,144
Baxter International, Inc.		74,644		2,420,705
Elanco Animal Health, Inc.^(c)		73,764		649,861
Merit Medical Systems, Inc.^(b)(c)		8,303		570,748
QIAGEN N.V.^(c)		33,355		1,248,477

				6,677,935

Industrials-25.09%
AECOM		19,845		1,519,135
Air Lease Corp., Class A		16,194		560,798
Booz Allen Hamilton Holding Corp.^(b)		19,061		2,285,986
CACI International, Inc., Class A^(c)		3,322		1,078,853
Crane Co.		8,090		787,400
Donaldson Co., Inc.		17,718		1,021,620
Dover Corp.		20,421		2,653,709
EnerSys		6,067		519,214
Equifax, Inc.		18,877		3,200,973
Esab Corp.		8,710		551,343
Fortive Corp.^(b)		51,350		3,352,128
Franklin Electric Co., Inc.		6,725		583,192



	Shares		Value
Industrials-(continued)
Genpact Ltd.		26,564	$	890,956
Graco, Inc.		24,891		1,850,646
Hubbell, Inc.		7,535		2,035,203
IDEX Corp.		10,944		2,094,791
Ingersoll Rand, Inc.^(b)		59,442		3,606,940
ITT, Inc.		11,772		1,098,916
Jacobs Solutions, Inc.^(b)		17,612		2,347,680
Leidos Holdings, Inc.		20,043		1,986,662
Pentair PLC		24,127		1,402,261
Regal Rexnord Corp.		10,122		1,198,546
Stericycle, Inc.^(b)(c)		12,983		535,419
TFI International, Inc. (Canada)		12,672		1,401,777
Timken Co. (The)		10,080		696,730
Valmont Industries, Inc.		3,064		603,332
Wabtec Corp.		25,691		2,723,760
Watts Water Technologies, Inc., Class A		4,836		836,676

				43,424,646

Information Technology-9.35%
Amdocs Ltd.		17,522		1,404,564
Corning, Inc.		128,335		3,434,245
F5, Inc.^(c)		8,651		1,311,405
Flex Ltd.^(c)		65,076		1,673,755
IPG Photonics Corp.^(c)		6,785		582,831
Littelfuse, Inc.^(b)		3,722		806,446
Skyworks Solutions, Inc.		22,805		1,978,106
Teledyne Technologies, Inc.^(c)		6,826		2,556,951
Trimble, Inc.^(c)		37,727		1,778,073
Vontier Corp.		22,140		654,458

				16,180,834

Materials-7.12%
AptarGroup, Inc.^(b)		9,473		1,158,264
Cabot Corp.^(b)		8,081		537,225
Eastman Chemical Co.		17,816		1,331,390
ICL Group Ltd. (Israel)^(b)		190,775		921,443
International Flavors & Fragrances, Inc.^(b)		38,031		2,599,419
RPM International, Inc.^(b)		18,796		1,715,511
Sibanye Stillwater Ltd., ADR (South Africa)		112,224		570,098
Silgan Holdings, Inc.		16,238		650,494
Sonoco Products Co.		14,365		744,250
Suzano S.A., ADR (Brazil)		204,568		2,090,685

				12,318,779

Real Estate-11.76%
American Homes 4 Rent, Class A^(b)		54,772		1,793,235
Americold Realty Trust, Inc.^(b)		41,293		1,082,702
AvalonBay Communities, Inc.^(b)		21,519		3,566,559
Camden Property Trust^(b)		16,450		1,396,276
Equity Residential^(b)		59,994		3,319,468
Extra Space Storage, Inc.^(b)		31,986		3,313,430
Federal Realty Investment Trust^(b)		12,587		1,147,809
NNN REIT, Inc.		28,552		1,037,294
Sun Communities, Inc.^(b)		18,895		2,101,880
UDR, Inc.		50,509		1,606,691

				20,365,344

Utilities-12.84%
Ameren Corp.		39,720		3,007,201

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		31
		31

Invesco Zacks Mid-Cap ETF (CZA)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Utilities-(continued)
American Water Works Co., Inc.		30,237	$	3,557,383
Avangrid, Inc.^(b)		60,574		1,809,345
Black Hills Corp.		10,161		491,284
DTE Energy Co.		31,291		3,015,827
Entergy Corp.		31,854		3,044,924
Essential Utilities, Inc.		40,785		1,364,666
Evergy, Inc.		34,979		1,718,868
Eversource Energy		54,341		2,923,003
Pinnacle West Capital Corp.		17,374		1,288,803

				22,221,304

Total Common Stocks & Other Equity Interests (Cost $184,210,944)				173,116,502


Money Market Funds-0.15%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $268,615)		268,615		268,615

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.16% (Cost $184,479,559)				173,385,117



	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.74%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		7,166,628	$	7,166,628
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		18,348,105		18,349,940

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,516,667)				25,516,568

TOTAL INVESTMENTS IN SECURITIES-114.90% (Cost $209,996,226)				198,901,685
OTHER ASSETS LESS LIABILITIES-(14.90)%				(25,798,282	)

NET ASSETS-100.00%			$	173,103,403

Investment Abbreviations:

ADR-American Depositary Receipt

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)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	205,195		$	1,721,610		$	(1,658,190	)		$	-			$	-		$	268,615		$	4,364

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,237,909			40,567,000			(35,638,281	)			-				-			7,166,628			88,328	*

Invesco Private Prime Fund			5,754,623			83,567,545			(70,972,696	)			(37	)			505			18,349,940			231,751	*


Total		$	8,197,727		$	125,856,155		$	(108,269,167	)		$	(37	)		$	505		$	25,785,183		$	324,443

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		32
		32

Invesco Zacks Mid-Cap ETF (CZA)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Industrials	25.09

Financials	21.39

Utilities	12.84

Real Estate	11.76

Information Technology	9.35

Materials	7.12

Health Care	3.86

Consumer Discretionary	3.79

Consumer Staples	3.07

Communication Services	1.74

Money Market Funds Plus Other Assets Less Liabilities	(0.01	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		33
		33

Invesco Zacks Multi-Asset Income ETF (CVY)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-80.30%
Communication Services-1.71%
Mobile TeleSystems PJSC, ADR (Russia)^(b)(c).		152,493	$	0
Nexstar Media Group, Inc., Class A		4,074		570,686
TEGNA, Inc.		39,957		579,776
TIM S.A., ADR (Brazil)		28,066		423,516

				1,573,978

Consumer Discretionary-3.64%
Dick’s Sporting Goods, Inc.^(d)		8,391		897,417
La-Z-Boy, Inc.^(d)		10,976		320,938
Patrick Industries, Inc.^(d)		4,036		303,305
Polaris, Inc.^(d)		5,799		501,150
Sonic Automotive, Inc., Class A^(d)		6,170		295,235
Williams-Sonoma, Inc.		6,867		1,031,698

				3,349,743

Consumer Staples-1.15%
Bunge Ltd		8,584		909,732
Coca-Cola FEMSA S.A.B. de C.V., ADR (Mexico)		1,942		147,631

				1,057,363

Energy-29.06%
Alliance Resource Partners L.P.		63,288		1,438,220
APA Corp.		22,717		902,319
Black Stone Minerals L.P.		59,431		1,069,758
Chesapeake Energy Corp.^(d)		11,398		981,140
Chord Energy Corp.^(d)		4,135		683,598
Civitas Resources, Inc.^(d)		8,227		620,563
Comstock Resources, Inc.^(d)		55,609		700,673
Coterra Energy, Inc.		34,937		960,768
Crescent Point Energy Corp. (Canada)		41,086		329,099
Delek US Holdings, Inc.		24,201		637,696
Diamondback Energy, Inc.		6,466		1,036,629
Ecopetrol S.A., ADR (Colombia)^(d)		86,948		1,026,856
Energy Transfer L.P.		65,069		855,657
Enterprise Products Partners L.P.		25,811		672,118
EOG Resources, Inc.		7,649		965,686
Genesis Energy L.P.		57,427		636,291
Global Partners L.P.		24,635		782,900
HF Sinclair Corp.		17,260		955,859
Imperial Oil Ltd. (Canada)		5,878		334,987
MPLX L.P.		23,223		836,957
Murphy Oil Corp.		14,432		647,564
Noble Corp. PLC^(d)		12,936		603,982
Northern Oil and Gas, Inc.		15,920		610,373
NuStar Energy L.P.		53,250		910,575
Ovintiv, Inc.		20,825		999,600
Petroleo Brasileiro S.A., ADR (Brazil)		45,451		681,765
Phillips 66		8,611		982,257
Plains All American Pipeline L.P.		41,953		635,588
Shell PLC, ADR (Netherlands)		7,027		457,739
Suncor Energy, Inc. (Canada)		29,330		950,292
Sunoco L.P.		15,164		761,081
Teekay Tankers Ltd., Class A (Canada)		7,943		394,767
Valero Energy Corp.		7,403		940,181
Western Midstream Partners L.P.		27,956		750,060

				26,753,598



	Shares		Value
Financials-22.29%
Arbor Realty Trust, Inc.^(d)		53,641	$	676,413
Banco Bilbao Vizcaya Argentaria S.A., ADR (Spain)^(d)		88,483		692,822
Banco Macro S.A., ADR (Argentina)		37,130		680,222
Bancolombia S.A., ADR (Colombia)^(d)		35,331		896,701
Bank of America Corp.		33,889		892,636
BOK Financial Corp.		4,001		262,146
Bread Financial Holdings, Inc.		17,567		474,836
Capital One Financial Corp.^(d)		9,592		971,574
Cathay General Bancorp.		9,312		315,770
Discover Financial Services		10,881		893,112
East West Bancorp, Inc.^(d)		11,818		633,681
Enterprise Financial Services Corp.^(d)		8,355		290,503
Equitable Holdings, Inc.		23,114		614,139
First Bancorp.		23,501		313,738
Goldman Sachs Group, Inc. (The)		2,990		907,794
Hancock Whitney Corp.^(d)		7,949		273,684
Hartford Financial Services Group, Inc. (The) .		13,545		994,880
HSBC Holdings PLC, ADR (United Kingdom)^(d)		13,654		496,050
International Bancshares Corp.		7,091		310,799
Jackson Financial, Inc., Class A^(d)		9,450		346,910
Lloyds Banking Group PLC, ADR (United Kingdom)		205,696		392,879
MFA Financial, Inc.		11,855		105,391
MGIC Investment Corp.		37,538		632,140
Navient Corp.^(d)		18,769		298,615
Old National Bancorp^(d)		42,319		579,770
Popular, Inc.		5,011		325,915
Radian Group, Inc.		24,124		611,302
Stifel Financial Corp.		10,122		576,954
Sumitomo Mitsui Financial Group, Inc., ADR (Japan)		34,964		338,102
Synchrony Financial		30,475		854,824
Synovus Financial Corp.^(d)		21,115		550,468
UMB Financial Corp.^(d)		10,238		642,127
Unum Group		13,235		647,191
WaFd, Inc.		12,096		298,529
Wells Fargo & Co.		23,267		925,329
Western Alliance Bancorporation		19,579		804,697

				20,522,643

Health Care-3.36%
CVS Health Corp.		14,529		1,002,646
Embecta Corp.^(d)		18,680		282,442
Organon & Co.		29,628		438,198
Royalty Pharma PLC, Class A		21,459		576,604
Viatris, Inc.		88,947		791,628

				3,091,518

Industrials-2.64%
Allegiant Travel Co.^(d)		3,692		245,961
Copa Holdings S.A., Class A (Panama)		6,526		532,848
Costamare, Inc. (Monaco)^(d)		32,115		289,998
Danaos Corp. (Greece)		4,949		327,921
Global Ship Lease, Inc., Class A (United Kingdom)^(d)		17,431		306,437

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		34
		34

Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)

October 31, 2022

(Unaudited)



	Shares		Value
Industrials-(continued)
Ryder System, Inc.		3,330	$	324,808
Textainer Group Holdings Ltd. (China)^(d)		8,201		402,833

				2,430,806

Information Technology-1.38%
Avnet, Inc.		13,189		611,047
United Microelectronics Corp., ADR (Taiwan)		93,227		663,776

				1,274,823

Materials-5.11%
Gerdau S.A., ADR (Brazil)^(d)		163,903		711,339
Nutrien Ltd. (Canada)		15,623		838,955
Ryerson Holding Corp.^(d)		11,067		321,496
Sealed Air Corp.		18,192		560,132
Sylvamo Corp.^(d)		8,006		354,666
Ternium S.A., ADR (Mexico)		22,402		839,851
WestRock Co.		30,159		1,083,613

				4,710,052

Real Estate-9.16%
Digital Realty Trust, Inc.^(d)		7,683		955,458
EPR Properties		7,724		329,815
Essential Properties Realty Trust, Inc.^(d)		12,489		274,133
Essex Property Trust, Inc.		4,104		877,928
Invitation Homes, Inc.		28,952		859,585
Iron Mountain, Inc.		15,746		930,116
Kite Realty Group Trust^(d)		17,113		364,849
Omega Healthcare Investors, Inc.		22,882		757,394
Simon Property Group, Inc.		8,748		961,318
STAG Industrial, Inc.		21,279		706,888
Tanger Factory Outlet Centers, Inc.		9,554		215,443
Urban Edge Properties^(d)		12,660		200,788
Welltower, Inc.^(d)		12,015		1,004,574

				8,438,289

Utilities-0.80%
Cia Energetica de Minas Gerais S.A., ADR (Brazil)		322,852		732,874

Total Common Stocks & Other Equity Interests (Cost $74,414,686)				73,935,687


Preferred Stocks-9.83%
Communication Services-1.10%
AT&T, Inc., Series C, Pfd., 4.75%^(d)		58,255		1,007,811


Financials-8.73%
Arch Capital Group Ltd., Series G, Pfd., 4.55%		17,822		308,321
Bank of America Corp., Series QQ, Pfd., 4.25%		32,466		527,897
JPMorgan Chase & Co., Series EE, Pfd., 6.00%		40,148		959,939
JPMorgan Chase & Co., Series JJ, Pfd., 4.55%		35,180		646,256
KeyCorp, Pfd., 6.20%^(e)		34,401		574,841
Morgan Stanley, Series K, Pfd., 5.85%^(e)		35,745		781,386
Morgan Stanley, Series I, Pfd., 6.38%^(e)		33,539		788,837
Morgan Stanley, Series P, Pfd., 6.50%^(d)		41,797		1,030,714
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50%		914		965,458



	Shares		Value
Financials-(continued)
Wells Fargo & Co., Series AA, Pfd., 4.70%		56,742	$	1,002,631
Wells Fargo & Co., Series CC, Pfd., 4.38%		28,052		454,162

				8,040,442

Total Preferred Stocks (Cost $10,162,781)				9,048,253


Closed-End Funds-9.75%
Allspring Income Opportunities Fund		56,365		326,917
Ares Dynamic Credit Allocation Fund, Inc.^(d)		23,909		291,690
Blackstone Strategic Credit Fund^(d)		45,240		481,354
DoubleLine Income Solutions Fund^(d)		87,916		961,801
DoubleLine Yield Opportunities Fund^(d)		59,827		849,543
Eaton Vance Limited Duration Income Fund		96,436		837,064
First Trust High Yield Opportunities 2027 Term Fund		25,929		332,151
Flaherty & Crumrine Preferred & Income Securities Fund, Inc.		45,057		565,465
GAMCO Global Gold Natural Resources & Income Trust		128,251		464,269
Highland Opportunities and Income Fund		66,986		488,998
Invesco Senior Income Trust^(f)		185,278		722,584
Nuveen Preferred & Income Opportunities Fund		111,557		676,035
Nuveen Taxable Municipal Income Fund^(d)		23,954		334,158
PGIM Global High Yield Fund, Inc.		44,787		464,441
PGIM High Yield Bond Fund, Inc.		33,278		371,050
PIMCO Access Income Fund^(d)		22,777		296,784
Western Asset Diversified Income Fund^(d)		12,580		156,244
Western Asset Emerging Markets Debt Fund, Inc.		14,625		117,878
Western Asset High Income Opportunity Fund, Inc.		33,506		122,967
Western Asset Inflation-Linked Opportunities & Income Fund		14,764		120,917

Total Closed-End Funds (Cost $10,464,470)				8,982,310


Money Market Funds-0.41%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(f)(g) (Cost $379,550)		379,550		379,550

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.29% (Cost $95,421,487)				92,345,800


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.86%
Invesco Private Government Fund, 5.32%^(f)(g)(h)		3,659,752		3,659,752

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		35
		35

Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(f)(g)(h)		10,938,889	$	10,939,983

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,599,751)				14,599,735

TOTAL INVESTMENTS IN SECURITIES-116.15% (Cost $110,021,238)				106,945,535
OTHER ASSETS LESS LIABILITIES-(16.15)%				(14,870,102	)

NET ASSETS-100.00%			$	92,075,433

Investment Abbreviations:

ADR -American Depositary Receipt

Conv.-Convertible

Pfd. -Preferred

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)	Security valued using significant unobservable inputs (Level 3). See Note 5.

^(d)	All or a portion of this security was out on loan at October 31, 2023.

^(e)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(f)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Invesco Senior Income Trust		$	-		$	738,860		$	-			$	(16,276	)		$	-			$	722,584		$	15,126

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			419,085			4,241,509			(4,281,044	)			-				-				379,550			5,782

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			4,129,257			31,991,055			(32,460,560	)			-				-				3,659,752			98,369	*

Invesco Private Prime Fund			10,150,235			62,033,753			(61,244,487	)			886				(404	)			10,939,983			260,617	*


Total		$	14,698,577		$	99,005,177		$	(97,986,091	)		$	(15,390	)		$	(404	)		$	15,701,869		$	379,894

*	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.

^(g)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(h)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		36
		36

Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Financials			31.02

Energy			29.06

Closed-End Funds			9.75

Real Estate			9.16

Materials			5.11

Consumer Discretionary			3.64

Health Care			3.36

Sector Types Each Less Than 3%			8.78

Money Market Funds Plus Other Assets Less Liabilities			0.12

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		37
		37

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)



	Invesco Large Cap Growth ETF (PWB)				Invesco Large Cap Value ETF (PWV)				Invesco S&P 100 Equal Weight ETF (EQWL)				Invesco S&P 500 GARP ETF (SPGP)
Assets:
Unaffiliated investments in securities, at value^(a)		$	616,710,918			$	724,846,541			$	338,790,439			$	3,578,946,969
Affiliated investments in securities, at value			28,892,291				28,976,292				20,154,322				302,399,335
Cash			-				-				-				-
Receivable for:
Dividends			119,283				1,381,624				533,551				2,211,492
Securities lending			2,131				3,069				848				34,506
Investments sold			-				260,127				-				-
Fund shares sold			-				-				-				13,075,326
Foreign tax reclaims			-				-				-				-
Other assets			59,741				73,492				1,411				42,201

Total assets			645,784,364				755,541,145				359,480,571				3,896,709,829


Liabilities:
Due to custodian			81,108				2,303				48,959				2,535
Payable for:
Investments purchased.			-				190,129				-				13,098,357
Investments purchased - affiliated broker			-				553,270				-				-
Collateral upon return of securities loaned			28,893,790				28,883,456				20,154,838				301,769,690
Fund shares repurchased			-				-				-				-
Expenses recaptured.			-				-				-				-
Accrued advisory fees			263,202				312,386				54,130				871,258
Accrued trustees’ and officer’s fees			102,364				141,804				50,883				46,925
Accrued expenses			192,273				435,302				75,805				605,639

Total liabilities			29,532,737				30,518,650				20,384,615				316,394,404

Net Assets		$	616,251,627			$	725,022,495			$	339,095,956			$	3,580,315,425


Net assets consist of:
Shares of beneficial interest		$	826,751,648			$	1,234,633,039			$	352,022,016			$	3,698,698,137
Distributable earnings (loss)			(210,500,021	)			(509,610,544	)			(12,926,060	)			(118,382,712	)

Net Assets		$	616,251,627			$	725,022,495			$	339,095,956			$	3,580,315,425

Shares outstanding (unlimited amount authorized, $0.01 par value)			9,200,000				16,110,000				4,420,000				40,830,000
Net asset value		$	66.98			$	45.00			$	76.72			$	87.69

Market price		$	66.99			$	45.01			$	76.74			$	87.72

Unaffiliated investments in securities, at cost		$	580,918,174			$	733,726,202			$	352,106,193			$	3,608,810,647

Affiliated investments in securities, at cost		$	28,893,790			$	28,975,005			$	20,154,838			$	302,394,559

^(a)Includes securities on loan with an aggregate value of:		$	28,594,018			$	28,223,462			$	20,054,399			$	297,536,048

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		38
		38



Invesco S&P 500 Value with Momentum ETF (SPVM)	Invesco S&P MidCap Momentum ETF (XMMO)			Invesco S&P MidCap Quality ETF (XMHQ)			Invesco S&P MidCap Value with Momentum ETF (XMVM)			Invesco S&P SmallCap Momentum ETF (XSMO)				Invesco S&P SmallCap Value with Momentum ETF (XSVM)			Invesco Zacks Mid-Cap ETF (CZA)			Invesco Zacks Multi-Asset Income ETF (CVY)

$34,761,057	$	1,063,913,568		$	1,638,620,011		$	169,780,741		$	159,425,668			$	584,347,028		$	173,116,502		$	91,243,666
77,045		145,432,186			140,029,158			24,046,260			35,669,904				120,021,000			25,785,183			15,701,869
-					-			-			-				-			-			4,814

41,061		364,863			660,454			52,172			58,496				397,303			72,067			159,902
1		16,197			16,473			2,581			2,946				13,876			6,574			10,502
-		-			-			1,735,488			-				2,272,139			-			81,759
-		-			1,530,061			-			-		��		2,717,456			-			-
-		-			-			-			-				-			12,470			4,323
25,128		244,202			617			9,362			24,730				1,352			14,663			14,009

34,904,292		1,209,971,016			1,780,856,774			195,626,604			195,181,744				709,770,154			199,007,459			107,220,844



-		46,979			57,998			175			-				-			-			-

-		-			1,529,448			-			-				2,714,474			-			178,329
-		-			-			-			-				-			-			71,564
-		145,431,087			140,025,226			23,927,637			35,541,453				119,792,854			25,516,667			14,599,751
-		-			-			1,737,086			-				2,274,640			-			-
-		-			-			650			4,098				2,067			-			-
3,685		268,902			253,316			43,330			38,295				147,586			66,127			29,233
39,957		74,321			48,615			53,652			52,107				57,650			11,032			10,242
63,594		80,225			236,391			62,525			77,991				191,751			310,230			256,292

107,236		145,901,514			142,150,994			25,825,055			35,713,944				125,181,022			25,904,056			15,145,411

$34,797,056	$	1,064,069,502		$	1,638,705,780		$	169,801,549		$	159,467,800			$	584,589,132		$	173,103,403		$	92,075,433



$59,964,690	$	1,301,299,176		$	1,660,337,900		$	232,348,545		$	237,904,052			$	779,037,750		$	320,184,163		$	546,036,795
(25,167,634)		(237,229,674	)		(21,632,120	)		(62,546,996	)		(78,436,252	)			(194,448,618	)		(147,080,760	)		(453,961,362	)

$34,797,056	$	1,064,069,502		$	1,638,705,780		$	169,801,549		$	159,467,800			$	584,589,132		$	173,103,403		$	92,075,433

750,000		13,970,000			21,420,000			3,910,000			3,480,000				12,850,000			2,130,000			4,330,800
$46.40	$	76.17		$	76.50		$	43.43		$	45.82			$	45.49		$	81.27		$	21.26

$46.39	$	76.06		$	76.50		$	43.39		$	45.85			$	45.50		$	81.26		$	21.25

$36,644,707	$	1,038,860,751		$	1,631,765,061		$	170,011,288		$	157,372,650			$	570,365,489		$	184,210,944		$	94,303,077

$77,045	$	145,431,087		$	140,025,226		$	24,046,445		$	35,668,816			$	120,019,781		$	25,785,282		$	15,718,161

$-	$	142,766,759		$	136,011,034		$	23,626,063		$	35,181,063			$	118,515,683		$	25,164,665		$	14,376,098

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)



	Invesco Large Cap Growth ETF (PWB)				Invesco Large Cap Value ETF (PWV)				Invesco S&P 100 Equal Weight ETF (EQWL)				Invesco S&P 500 GARP ETF (SPGP)

Investment income:
Unaffiliated dividend income		$	2,312,049			$	10,947,626			$	3,563,623			$	25,406,892
Affiliated dividend income			2,283				6,994				2,457				15,643
Securities lending income, net			15,291				40,874				7,669				133,243
Foreign withholding tax			-				-				-				(42,199	)

Total investment income			2,329,623				10,995,494				3,573,749				25,513,579


Expenses:
Advisory fees			1,587,483				1,931,452				360,528				4,707,463
Sub-licensing fees			95,252				115,891				45,640				619,638
Accounting & administration fees			25,389				32,001				10,532				46,502
Professional fees			22,279				21,500				15,910				24,284
Custodian & transfer agent fees			3,238				5,272				2,271				10,015
Trustees’ and officer’s fees			8,351				10,029				5,439				14,310
Recapture (Note 3)			-				-				-				-
Other expenses			27,097				27,876				12,890				35,665

Total expenses			1,769,089				2,144,021				453,210				5,457,877

Less: Waivers			(49	)			(171	)			(92,051	)			(385	)

Net expenses			1,769,040				2,143,850				361,159				5,457,492

Net investment income			560,583				8,851,644				3,212,590				20,056,087


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			14,561,473				(23,765,753	)			(3,079,399	)			(56,279,074	)
Affiliated investment securities			2,872				(194	)			252				(8,729	)
In-kind redemptions			3,681,920				29,558,657				14,244,999				209,725,648
Foreign currencies			-				-				-				-

Net realized gain (loss)			18,246,265				5,792,710				11,165,852				153,437,845

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(4,853,658	)			(14,646,251	)			(22,973,056	)			(119,383,384	)
Affiliated investment securities			(1,469	)			1,287				(516	)			11,178
Foreign currencies			-				-				-				-

Change in net unrealized appreciation (depreciation)			(4,855,127	)			(14,644,964	)			(22,973,572	)			(119,372,206	)

Net realized and unrealized gain (loss)			13,391,138				(8,852,254	)			(11,807,720	)			34,065,639

Net increase (decrease) in net assets resulting from operations		$	13,951,721			$	(610	)		$	(8,595,130	)		$	54,121,726

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		40
		40



Invesco S&P 500 Value with Momentum ETF (SPVM)				Invesco S&P MidCap Momentum ETF (XMMO)				Invesco S&P MidCap Quality ETF (XMHQ)				Invesco S&P MidCap Value with Momentum ETF (XMVM)				Invesco S&P SmallCap Momentum ETF (XSMO)				Invesco S&P SmallCap Value with Momentum ETF (XSVM)				Invesco Zacks Mid-Cap ETF (CZA)				Invesco Zacks Multi-Asset Income ETF (CVY)


	$	534,845			$	6,319,029			$	5,793,450			$	1,856,528			$	1,188,476			$	6,609,882			$	2,367,837			$	2,271,265
		1,548				18,807				13,360				4,344				3,378				8,957				4,364				20,908
		163				61,636				73,959				16,274				22,278				81,261				67,267				75,748
		-				-				-				-				-				(6,337	)			(28,151	)			(7,332	)

		536,556				6,399,472				5,880,769				1,877,146				1,214,132				6,693,763				2,411,317				2,360,589



		56,593				1,602,361				1,406,906				260,785				246,285				896,712				485,659				237,708
		4,191				123,065				198,468				28,667				24,146				116,571				133,130				58,744
		7,844				37,801				16,398				12,977				11,435				28,498				13,418				10,649
		19,639				22,005				21,108				18,092				19,928				21,199				20,085				19,811
		1,928				7,985				3,016				2,141				2,716				4,125				4,170				2,370
		4,564				9,573				6,909				5,540				5,395				7,618				4,556				4,092
		-				-				-				4,047				4,098				-				-				-
		11,633				38,931				21,581				18,898				16,175				30,473				17,417				15,771

		106,392				1,841,721				1,674,386				351,147				330,178				1,105,196				678,435				349,145

		(30,317	)			(471	)			(267,160	)			(526	)			(72	)			(2,268	)			(83	)			(5,274	)

		76,075				1,841,250				1,407,226				350,621				330,106				1,102,928				678,352				343,871

		460,481				4,558,222				4,473,543				1,526,525				884,026				5,590,835				1,732,965				2,016,718



		(2,186,037	)			(13,360,034	)			(4,656,075	)			(8,849,635	)			(5,204,039	)			(41,268,763	)			(2,377,563	)			(3,465,194	)
		(14	)			1,875				2,925				567				1,916				(1,495	)			505				(404	)
		135,701				65,746,129				34,944,630				9,313,316				15,021,522				34,739,154				552,862				292,375
		-				-				-				-				-				-				395				(40	)

		(2,050,350	)			52,387,970				30,291,480				464,248				9,819,399				(6,531,104	)			(1,823,801	)			(3,173,263	)


		925,302				(40,764,495	)			(34,897,752	)			2,189,826				(4,796,872	)			24,704,929				(10,973,558	)			2,503,796
		-				4,778				8,698				177				2,875				7,129				(37	)			(15,390	)
		-				-				-				-				-				-				(270	)			-

		925,302				(40,759,717	)			(34,889,054	)			2,190,003				(4,793,997	)			24,712,058				(10,973,865	)			2,488,406

		(1,125,048	)			11,628,253				(4,597,574	)			2,654,251				5,025,402				18,180,954				(12,797,666	)			(684,857	)

	$	(664,567	)		$	16,186,475			$	(124,031	)		$	4,180,776			$	5,909,428			$	23,771,789			$	(11,064,701	)		$	1,331,861

Statements of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)



	Invesco Large Cap Growth ETF (PWB)								Invesco Large Cap Value ETF (PWV)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	560,583			$	2,320,307			$	8,851,644			$	18,376,237
Net realized gain (loss)			18,246,265				(35,729,470	)			5,792,710				10,559,339
Change in net unrealized appreciation (depreciation)			(4,855,127	)			49,656,994				(14,644,964	)			(27,735,501	)

Net increase (decrease) in net assets resulting from operations			13,951,721				16,247,831				(610	)			1,200,075


Distributions to Shareholders from:
Distributable earnings			(952,022	)			(2,438,421	)			(9,422,834	)			(19,146,951	)


Shareholder Transactions:
Proceeds from shares sold			25,681,458				145,329,624				191,338,177				400,760,163
Value of shares repurchased			(26,370,064	)			(168,616,074	)			(231,629,898	)			(410,158,765	)

Net increase (decrease) in net assets resulting from share transactions			(688,606	)			(23,286,450	)			(40,291,721	)			(9,398,602	)

Net increase (decrease) in net assets			12,311,093				(9,477,040	)			(49,715,165	)			(27,345,478	)


Net assets:
Beginning of period			603,940,534				613,417,574				774,737,660				802,083,138

End of period		$	616,251,627			$	603,940,534			$	725,022,495			$	774,737,660


Changes in Shares Outstanding:
Shares sold			370,000				2,260,000				4,050,000				8,310,000
Shares repurchased			(390,000	)			(2,670,000	)			(4,870,000	)			(8,570,000	)
Shares outstanding, beginning of period			9,220,000				9,630,000				16,930,000				17,190,000

Shares outstanding, end of period			9,200,000				9,220,000				16,110,000				16,930,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		42
		42



Invesco S&P 100 Equal Weight ETF (EQWL)								Invesco S&P 500 GARP ETF (SPGP)								Invesco S&P 500 Value with Momentum ETF (SPVM)

Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	3,212,590			$	3,193,994			$	20,056,087			$	21,612,812			$	460,481			$	1,228,725
		11,165,852				491,900				153,437,845				(132,270,175	)			(2,050,350	)			(707,024	)
		(22,973,572	)			5,541,417				(119,372,206	)			132,302,830				925,302				(3,528,503	)

		(8,595,130)				9,227,311				54,121,726				21,645,467				(664,567	)			(3,006,802	)



		(3,001,114	)			(3,066,329	)			(19,710,904	)			(20,629,556	)			(437,848	)			(1,302,225	)



		181,750,252				113,870,616				1,744,109,140				2,728,334,473				959,214				32,326,264
		(49,226,260	)			(19,456,295	)			(1,065,409,611	)			(695,895,701	)			(7,057,942	)			(43,699,858	)

		132,523,992				94,414,321				678,699,529				2,032,438,772				(6,098,728	)			(11,373,594	)

		120,927,748				100,575,303				713,110,351				2,033,454,683				(7,201,143	)			(15,682,621	)



		218,168,208				117,592,905				2,867,205,074				833,750,391				41,998,199				57,680,820

	$	339,095,956			$	218,168,208			$	3,580,315,425			$	2,867,205,074			$	34,797,056			$	41,998,199



		2,250,000				1,500,000				19,370,000				32,100,000				20,000				630,000
		(600,000	)			(260,000	)			(11,850,000	)			(8,540,000	)			(150,000	)			(880,000	)
		2,770,000				1,530,000				33,310,000				9,750,000				880,000				1,130,000

		4,420,000				2,770,000				40,830,000				33,310,000				750,000				880,000

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)



	Invesco S&P MidCap Momentum ETF (XMMO)								Invesco S&P MidCap Quality ETF (XMHQ)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	4,558,222			$	14,806,416			$	4,473,543			$	5,305,710
Net realized gain (loss)			52,387,970				(157,490,558	)			30,291,480				(43,786,328	)
Change in net unrealized appreciation (depreciation)			(40,759,717	)			73,720,422				(34,889,054	)			68,142,338

Net increase (decrease) in net assets resulting from operations			16,186,475				(68,963,720	)			(124,031	)			29,661,720


Distributions to Shareholders from:
Distributable earnings			(3,783,775	)			(15,255,789	)			(3,744,975	)			(5,571,866	)


Shareholder Transactions:
Proceeds from shares sold			397,208,317				330,942,497				1,185,316,222				403,872,171
Value of shares repurchased			(398,595,280	)			(88,079,379	)			(257,610,068	)			(42,917,144	)

Net increase (decrease) in net assets resulting from share transactions			(1,386,963	)			242,863,118				927,706,154				360,955,027

Net increase (decrease) in net assets			11,015,737				158,643,609				923,837,148				385,044,881


Net assets:
Beginning of period			1,053,053,765				894,410,156				714,868,632				329,823,751

End of period		$	1,064,069,502			$	1,053,053,765			$	1,638,705,780			$	714,868,632


Changes in Shares Outstanding:
Shares sold			4,910,000				4,280,000				15,040,000				5,600,000
Shares repurchased			(4,970,000	)			(1,160,000	)			(3,290,000	)			(640,000	)
Shares outstanding, beginning of period.			14,030,000				10,910,000				9,670,000				4,710,000

Shares outstanding, end of period			13,970,000				14,030,000				21,420,000				9,670,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		44
		44



Invesco S&P MidCap Value with Momentum ETF (XMVM)								Invesco S&P SmallCap Momentum ETF (XSMO)								Invesco S&P SmallCap Value with Momentum ETF (XSVM)

Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	1,526,525			$	3,941,841			$	884,026			$	2,290,799			$	5,590,835			$	9,757,283
		464,248				(21,469,293	)			9,819,399				(29,411,567	)			(6,531,104	)			(115,208,994	)
		2,190,003				8,987,405				(4,793,997	)			15,252,264				24,712,058				22,363,050

		4,180,776				(8,540,047	)			5,909,428				(11,868,504	)			23,771,789				(83,088,661	)



		(1,549,635	)			(3,875,612	)			(978,160	)			(2,369,992	)			(4,997,904	)			(10,428,984	)



		63,308,373				33,533,313				71,583,619				82,998,607				130,499,263				229,247,727
		(66,366,408	)			(107,959,085	)			(94,969,142	)			(36,490,054	)			(177,015,163	)			(234,474,173	)

		(3,058,035)				(74,425,772	)			(23,385,523	)			46,508,553				(46,515,900	)			(5,226,446	)

		(426,894	)			(86,841,431	)			(18,454,255	)			32,270,057				(27,742,015	)			(98,744,091	)



		170,228,443				257,069,874				177,922,055				145,651,998				612,331,147				711,075,238

	$	169,801,549			$	170,228,443			$	159,467,800			$	177,922,055			$	584,589,132			$	612,331,147



		1,400,000				760,000				1,460,000				1,710,000				2,840,000				4,830,000
		(1,490,000	)			(2,520,000	)			(1,950,000	)			(770,000	)			(3,880,000	)			(5,150,000	)
		4,000,000				5,760,000				3,970,000				3,030,000				13,890,000				14,210,000

		3,910,000				4,000,000				3,480,000				3,970,000				12,850,000				13,890,000

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)



	Invesco Zacks Mid-Cap ETF (CZA)								Invesco Zacks Multi-Asset Income ETF (CVY)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	1,732,965			$	2,479,414			$	2,016,718			$	4,522,667
Net realized gain (loss)			(1,823,801	)			(10,239,081	)			(3,173,263	)			(2,654,346	)
Change in net unrealized appreciation (depreciation)			(10,973,865	)			3,362,339				2,488,406				(1,667,140	)

Net increase (decrease) in net assets resulting from operations			(11,064,701	)			(4,397,328	)			1,331,861				201,181


Distributions to Shareholders from:
Distributable earnings			-				(3,585,713	)			(2,223,136	)			(5,592,580	)


Shareholder Transactions:
Proceeds from shares sold			848,916				12,663,945				880,101				5,356,914
Value of shares repurchased			(15,576,302	)			(17,520,576	)			(4,088,741	)			(17,939,985	)

Net increase (decrease) in net assets resulting from share transactions			(14,727,386	)			(4,856,631	)			(3,208,640	)			(12,583,071	)

Net increase (decrease) in net assets			(25,792,087	)			(12,839,672	)			(4,099,915	)			(17,974,470	)


Net assets:
Beginning of period			198,895,490				211,735,162				96,175,348				114,149,818

End of period		$	173,103,403			$	198,895,490			$	92,075,433			$	96,175,348


Changes in Shares Outstanding:
Shares sold			10,000				140,000				40,000				250,000
Shares repurchased			(180,000	)			(200,000	)			(190,000	)			(810,000	)
Shares outstanding, beginning of period			2,300,000				2,360,000				4,480,800				5,040,800

Shares outstanding, end of period			2,130,000				2,300,000				4,330,800				4,480,800

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		46
		46

Financial Highlights

Invesco Large Cap Growth ETF (PWB)



	Six Months Ended October 31, 2023 (Unaudited)					Years Ended April 30,
						Years Ended April 30,
						2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	65.50				$	63.70			$	71.25			$	48.91			$	48.75			$	43.32

Net investment income^(a)			0.06					0.25				0.04				0.08				0.19				0.48
Net realized and unrealized gain (loss) on investments			1.52					1.81				(7.55	)			22.34				0.24				5.39

Total from investment operations			1.58					2.06				(7.51	)			22.42				0.43				5.87

Distributions to shareholders from:
Net investment income			(0.10	)				(0.26	)			(0.04	)			(0.08	)			(0.27	)			(0.44	)

Net asset value at end of period		$	66.98				$	65.50			$	63.70			$	71.25			$	48.91			$	48.75

Market price at end of period^(b)		$	66.99				$	65.48			$	63.74			$	71.25			$	48.93			$	48.77
					��
Net Asset Value Total Return^(c)			2.41	%				3.27	%			(10.55	)%			45.89	%			0.92	%			13.69	%
Market Price Total Return^(c)			2.46	%				3.18	%			(10.50	)%			45.83	%			0.91	%			13.57	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	616,252				$	603,941			$	613,418			$	753,157			$	613,853			$	758,057
Ratio to average net assets of:
Expenses			0.56	%^(d)				0.56	%			0.55	%			0.56	%			0.56	%			0.55	%
Net investment income			0.18	%^(d)				0.40	%			0.05	%			0.13	%			0.38	%			1.06	%
Portfolio turnover rate^(e)			60	%				123	%			129	%			118	%			166	%			181	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		47
		47

Financial Highlights–(continued)

Invesco Large Cap Value ETF (PWV)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	45.76			$	46.66			$	44.21			$	33.19			$	36.73			$	36.10

Net investment income^(a)			0.54				1.07				0.99				0.91				0.91				0.84
Net realized and unrealized gain (loss) on investments			(0.73	)			(0.85	)			2.40				11.05				(3.52	)			0.68

Total from investment operations			(0.19	)			0.22				3.39				11.96				(2.61	)			1.52

Distributions to shareholders from:
Net investment income			(0.57	)			(1.12	)			(0.94	)			(0.94	)			(0.93	)			(0.89	)

Net asset value at end of period		$	45.00			$	45.76			$	46.66			$	44.21			$	33.19			$	36.73

Market price at end of period^(b)		$	45.01			$	45.75			$	46.66			$	44.20			$	33.23			$	36.74

Net Asset Value Total Return^(c)			(0.46	)%			0.53	%			7.72	%			36.68	%			(7.12	)%			4.32	%
Market Price Total Return^(c)			(0.42	)%			0.52	%			7.75	%			36.50	%			(7.04	)%			4.26	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	725,022			$	774,738			$	802,083			$	736,477			$	678,709			$	1,041,362
Ratio to average net assets of:
Expenses, after Waivers			0.55	%^(d)			0.55	%			0.55	%			0.58	%			0.56	%			0.55	%
Expenses, prior to Waivers			0.56	%^(d)			0.55	%			0.55	%			0.58	%			0.56	%			0.55	%
Net investment income			2.29	%^(d)			2.32	%			2.12	%			2.47	%			2.43	%			2.33	%
Portfolio turnover rate^(e)			53	%			104	%			113	%			149	%			142	%			189	%

^(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.



		48
		48

Financial Highlights–(continued)

Invesco S&P 100 Equal Weight ETF (EQWL)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	78.76			$	76.86			$	77.93			$	53.60			$	56.90			$	52.38

Net investment income^(a)			0.89				1.66				1.57				1.34				1.30				1.14
Net realized and unrealized gain (loss) on investments			(2.09	)			1.85				(1.14	)			24.35				(3.22	)			4.52

Total from investment operations			(1.20	)			3.51				0.43				25.69				(1.92	)			5.66

Distributions to shareholders from:
Net investment income			(0.84	)			(1.61	)			(1.50	)			(1.36	)			(1.38	)			(1.14	)

Net asset value at end of period		$	76.72			$	78.76			$	76.86			$	77.93			$	53.60			$	56.90

Market price at end of period^(b)		$	76.74			$	78.76			$	76.71			$	77.98			$	53.54			$	56.91

Net Asset Value Total Return^(c)			(1.58	)%			4.75	%			0.46	%			48.53	%			(3.34	)%			11.04	%
Market Price Total Return^(c)			(1.55	)%			4.95	%			0.20	%			48.79	%			(3.46	)%			10.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	339,096			$	218,168			$	117,593			$	89,618			$	53,604			$	59,749
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.26	%^(e)			0.25	%
Expenses, prior to Waivers			0.31	%^(d)			0.36	%			0.35	%			0.40	%			0.40	%^(e)			0.41	%
Net investment income			2.23	%^(d)			2.21	%			1.90	%			2.08	%			2.28	%^(e)			2.13	%
Portfolio turnover rate^(f)			9	%			17	%			15	%			20	%			51	%			24	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		49
		49

Financial Highlights–(continued)

Invesco S&P 500 GARP ETF (SPGP)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	86.08			$	85.51			$	85.25			$	51.39			$	55.20			$	47.90

Net investment income^(a)			0.56				1.10				0.75				0.71				0.71				0.47
Net realized and unrealized gain (loss) on investments			1.61				0.50				0.17	^(b)			33.95				(3.81	)			7.29

Total from investment operations			2.17				1.60				0.92				34.66				(3.10	)			7.76

Distributions to shareholders from:
Net investment income			(0.56	)			(1.03	)			(0.66	)			(0.80	)			(0.71	)			(0.46	)

Net asset value at end of period		$	87.69			$	86.08			$	85.51			$	85.25			$	51.39			$	55.20

Market price at end of period^(c)		$	87.72			$	86.07			$	85.51			$	85.34			$	51.43			$	55.18

Net Asset Value Total Return^(d)			2.49	%			1.96	%			1.04	%			67.94	%			(5.56	)%			16.35	%
Market Price Total Return^(d)			2.54	%			1.95	%			0.94	%			67.99	%			(5.45	)%			16.20	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,580,315			$	2,867,205			$	833,750			$	411,737			$	244,088			$	229,088
Ratio to average net assets of:
Expenses			0.34	%^(e)			0.34	%			0.33	%			0.36	%			0.34	%			0.36	%
Net investment income			1.24	%^(e)			1.30	%			0.83	%			1.07	%			1.23	%			0.92	%
Portfolio turnover rate^(f)			40	%			49	%			50	%			68	%			110	%			17	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		50
		50

Financial Highlights–(continued)

Invesco S&P 500 Value with Momentum ETF (SPVM)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	47.73			$	51.04			$	48.45			$	31.56			$	40.00			$	38.01

Net investment income^(a)			0.57				1.22				0.84				0.78				0.87				1.03
Net realized and unrealized gain (loss) on investments			(1.35	)			(3.22	)			2.50	^(b)			16.94				(8.26	)			2.06

Total from investment operations			(0.78	)			(2.00	)			3.34				17.72				(7.39	)			3.09

Distributions to shareholders from:
Net investment income			(0.55	)			(1.31	)			(0.75	)			(0.83	)			(1.05	)			(1.10	)

Net asset value at end of period		$	46.40			$	47.73			$	51.04			$	48.45			$	31.56			$	40.00

Market price at end of period^(c)		$	46.39			$	47.71			$	50.98			$	48.46			$	31.62			$	39.99

Net Asset Value Total Return^(d)			(1.66	)%			(3.87	)%			6.94	%			56.93	%			(18.74	)%			8.40	%
Market Price Total Return^(d)			(1.64	)%			(3.80	)%			6.80	%			56.68	%			(18.57	)%			8.31	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	34,797			$	41,998			$	57,681			$	35,372			$	44,190			$	96,009
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(e)			0.39	%			0.39	%			0.39	%			0.40	%^(f)			0.39	%
Expenses, prior to Waivers			0.55	%^(e)			0.52	%			0.48	%			0.57	%			0.45	%^(f)			0.41	%
Net investment income			2.36	%^(e)			2.50	%			1.64	%			2.07	%			2.24	%^(f)			2.70	%
Portfolio turnover rate^(g)			37	%			77	%			71	%			83	%			127	%			32	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	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. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		51
		51

Financial Highlights–(continued)

Invesco S&P MidCap Momentum ETF (XMMO)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	75.06			$	81.98			$	85.50			$	54.07			$	59.05			$	45.61

Net investment income^(a)			0.33				1.15				0.58				0.32				0.49				0.06
Net realized and unrealized gain (loss) on investments			1.05				(6.89	)			(3.56	)			31.45				(4.92	)			13.47

Total from investment operations			1.38				(5.74	)			(2.98	)			31.77				(4.43	)			13.53

Distributions to shareholders from:
Net investment income			(0.27	)			(1.18	)			(0.54	)			(0.34	)			(0.55	)			(0.09	)

Net asset value at end of period		$	76.17			$	75.06			$	81.98			$	85.50			$	54.07			$	59.05

Market price at end of period^(b)		$	76.06			$	75.05			$	82.00			$	85.51			$	54.17			$	59.07

Net Asset Value Total Return^(c)			1.83	%			(6.97	)%			(3.50	)%			58.94	%			(7.45	)%			29.72	%
Market Price Total Return^(c)			1.68	%			(7.01	)%			(3.49	)%			58.66	%			(7.32	)%			29.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,064,070			$	1,053,054			$	894,410			$	943,934			$	519,048			$	625,899
Ratio to average net assets of:
Expenses			0.33	%^(d)			0.34	%			0.33	%			0.33	%			0.34	%			0.39	%
Net investment income			0.82	%^(d)			1.50	%			0.67	%			0.44	%			0.84	%			0.12	%
Portfolio turnover rate^(e)			66	%			129	%			135	%			100	%			194	%			30	%

^(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. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		52
		52

Financial Highlights–(continued)

Invesco S&P MidCap Quality ETF (XMHQ)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	73.93			$	70.03			$	78.05			$	47.16			$	50.74			$	47.29

Net investment income^(a)			0.32				1.03				1.00				0.77				0.67				0.66
Net realized and unrealized gain (loss) on investments			2.52	^(b)			3.98				(8.07	)			30.84				(3.49	)			3.46

Total from investment operations			2.84				5.01				(7.07	)			31.61				(2.82	)			4.12

Distributions to shareholders from:
Net investment income			(0.27	)			(1.11	)			(0.95	)			(0.72	)			(0.76	)			(0.67	)

Net asset value at end of period		$	76.50			$	73.93			$	70.03			$	78.05			$	47.16			$	50.74

Market price at end of period^(c)		$	76.50			$	73.92			$	70.16			$	78.13			$	47.33			$	50.72

Net Asset Value Total Return^(d)			3.83	%			7.33	%			(9.16	)%			67.43	%			(5.52	)%			8.85	%
Market Price Total Return^(d)			3.84	%			7.11	%			(9.07	)%			67.00	%			(5.15	)%			8.78	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,638,706			$	714,869			$	329,824			$	245,868			$	23,578			$	25,372
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(e)			0.25	%			0.25	%			0.25	%			0.27	%^(f)			0.25	%
Expenses, prior to Waivers			0.30	%^(e)			0.33	%			0.31	%			0.37	%			0.56	%^(f)			0.61	%
Net investment income			0.79	%^(e)			1.46	%			1.30	%			1.17	%			1.35	%^(f)			1.36	%
Portfolio turnover rate^(g)			36	%			79	%			83	%			56	%			130	%			30	%

^(a)	Based on average shares outstanding.

^(b)	Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(g)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		53
		53

Financial Highlights–(continued)

Invesco S&P MidCap Value with Momentum ETF (XMVM)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	42.56			$	44.63			$	46.41			$	25.75			$	32.38			$	30.69

Net investment income^(a)			0.39				0.83				0.64				0.38				0.54				0.84
Net realized and unrealized gain (loss) on investments			0.88				(2.10	)			(1.79	)			20.73				(6.49	)			1.64

Total from investment operations			1.27				(1.27	)			(1.15	)			21.11				(5.95	)			2.48

Distributions to shareholders from:
Net investment income			(0.40	)			(0.80	)			(0.63	)			(0.45	)			(0.68	)			(0.79	)

Net asset value at end of period		$	43.43			$	42.56			$	44.63			$	46.41			$	25.75			$	32.38

Market price at end of period^(b)		$	43.39			$	42.50			$	44.65			$	46.51			$	25.81			$	32.36

Net Asset Value Total Return^(c)			2.94	%			(2.78	)%			(2.51	)%			82.77	%			(18.59	)%			8.36	%
Market Price Total Return^(c)			2.99	%			(2.97	)%			(2.67	)%			82.75	%			(18.34	)%			8.30	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	169,802			$	170,228			$	257,070			$	132,722			$	45,060			$	51,809
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(d)			0.39	%			0.39	%			0.39	%			0.40	%^(e)			0.39	%
Expenses, prior to Waivers			0.39	%^(d)			0.40	%			0.39	%			0.46	%			0.44	%^(e)			0.48	%
Net investment income			1.70	%^(d)			1.88	%			1.38	%			1.09	%			1.72	%^(e)			2.73	%
Portfolio turnover rate^(f)			44	%			76	%			76	%			78	%			128	%			49	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		54
		54

Financial Highlights–(continued)

Invesco S&P SmallCap Momentum ETF (XSMO)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	44.82			$	48.07			$	51.21			$	32.48			$	37.29			$	33.25

Net investment income^(a)			0.25				0.66				0.26				0.24				0.34				0.13
Net realized and unrealized gain (loss) on investments			1.02				(3.25	)			(3.20	)			18.77				(4.71	)			4.04

Total from investment operations			1.27				(2.59	)			(2.94	)			19.01				(4.37	)			4.17

Distributions to shareholders from:
Net investment income			(0.27	)			(0.66	)			(0.20	)			(0.28	)			(0.44	)			(0.13	)

Net asset value at end of period		$	45.82			$	44.82			$	48.07			$	51.21			$	32.48			$	37.29

Market price at end of period^(b)		$	45.85			$	44.77			$	48.05			$	51.16			$	32.56			$	37.31

Net Asset Value Total Return^(c)			2.79	%			(5.38	)%			(5.78	)%			58.74	%			(11.70	)%			12.55	%
Market Price Total Return^(c)			2.97	%			(5.45	)%			(5.72	)%			58.20	%			(11.53	)%			12.41	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	159,468			$	177,922			$	145,652			$	171,548			$	74,694			$	89,495
Ratio to average net assets of:
Expenses, after Waivers			0.39	%^(d)			0.39	%			0.37	%			0.39	%			0.39	%			0.39	%
Expenses, prior to Waivers			0.39	%^(d)			0.42	%			0.37	%			0.40	%			0.40	%			0.44	%
Net investment income			1.04	%^(d)			1.40	%			0.48	%			0.53	%			0.92	%			0.37	%
Portfolio turnover rate^(e)			52	%			125	%			147	%			132	%			180	%			44	%

^(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. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		55
		55

Financial Highlights–(continued)

Invesco S&P SmallCap Value with Momentum ETF (XSVM)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	44.08			$	50.04			$	49.21			$	22.95			$	30.31			$	30.37

Net investment income^(a)			0.43				0.68				0.74				0.38				0.51				0.58
Net realized and unrealized gain (loss) on investments			1.36				(5.91	)			0.84	^(b)			26.23				(7.27	)			0.03

Total from investment operations			1.79				(5.23	)			1.58				26.61				(6.76	)			0.61

Distributions to shareholders from:
Net investment income			(0.38	)			(0.73	)			(0.75	)			(0.35	)			(0.60	)			(0.67	)

Net asset value at end of period		$	45.49			$	44.08			$	50.04			$	49.21			$	22.95			$	30.31

Market price at end of period^(c)		$	45.50			$	44.07			$	50.03			$	49.27			$	22.92			$	30.30

Net Asset Value Total Return^(d)			4.05	%			(10.46	)%			3.18	%			116.75	%			(22.43	)%			2.13	%
Market Price Total Return^(d)			4.09	%			(10.47	)%			3.04	%			117.30	%			(22.51	)%			2.00	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	584,589			$	612,331			$	711,075			$	259,319			$	52,778			$	78,794
Ratio to average net assets of:
Expenses, after Waivers			0.36	%^(e)			0.36	%			0.36	%			0.39	%			0.40	%^(f)			0.39	%
Expenses, prior to Waivers			0.36	%^(e)			0.36	%			0.36	%			0.41	%			0.40	%^(f)			0.44	%
Net investment income			1.81	%^(e)			1.44	%			1.41	%			1.11	%			1.73	%^(f)			1.88	%
Portfolio turnover rate^(g)			41	%			86	%			73	%			75	%			136	%			52	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	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. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		56
		56

Financial Highlights–(continued)

Invesco Zacks Mid-Cap ETF (CZA)



	Six Months Ended October 31, 2023 (Unaudited)					Years Ended April 30,
						Years Ended April 30,
						2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	86.48		��		$	89.72			$	88.94			$	57.49			$	70.67			$	64.70

Net investment income^(a)			0.78					1.06				1.06				0.83				1.03				0.90
Net realized and unrealized gain (loss) on investments			(5.99	)				(2.78	)			0.57				31.70				(13.14	)			5.82

Total from investment operations			(5.21	)				(1.72	)			1.63				32.53				(12.11	)			6.72

Distributions to shareholders from:
Net investment income			-					(1.52	)			(0.85	)			(1.08	)			(1.07	)			(0.75	)

Net asset value at end of period		$	81.27				$	86.48			$	89.72			$	88.94			$	57.49			$	70.67

Market price at end of period^(b)		$	81.26				$	86.48			$	89.97			$	88.93			$	57.59			$	70.75

Net Asset Value Total Return^(c)			(6.03	)%				(1.93	)%			1.82	%			56.93	%			(17.51	)%			10.68	%
Market Price Total Return^(c)			(6.04	)%				(2.20	)%			2.12	%			56.65	%			(17.46	)%			10.72	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	173,103				$	198,895			$	211,735			$	226,798			$	232,835			$	265,019
Ratio to average net assets of:
Expenses, after Waivers			0.70	%^(d)				0.72	%			0.74	%			0.69	%			0.65	%^(e)(f)			0.65	%^(e)
Expenses, prior to Waivers			0.70	%^(d)				0.72	%			0.74	%			0.69	%			0.68	%^(e)(f)			0.70	%^(e)
Net investment income			1.78	%^(d)				1.20	%			1.16	%			1.18	%			1.46	%^(f)			1.36	%
Portfolio turnover rate^(g)			60	%				122	%			121	%			162	%			144	%			170	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)

^(f)	Ratios include non-recurring costs associated with a proxy statement of less than 0.005%.

^(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.



		57
		57

Financial Highlights–(continued)

Invesco Zacks Multi-Asset Income ETF (CVY)



	Six Months Ended October 31, 2023 (Unaudited)				Years Ended April 30,
					Years Ended April 30,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	21.46			$	22.65			$	24.06			$	15.82			$	22.25			$	21.87

Net investment income^(a)(b)			0.46				0.95				0.67				0.65				0.77				0.81
Net realized and unrealized gain (loss) on investments			(0.15	)			(0.94	)			(1.44	)			8.20				(6.45	)			0.38

Total from investment operations			0.31				0.01				(0.77	)			8.85				(5.68	)			1.19

Distributions to shareholders from:
Net investment income.			(0.51	)			(1.20	)			(0.64	)			(0.61	)			(0.75	)			(0.81	)

Net asset value at end of period		$	21.26			$	21.46			$	22.65			$	24.06			$	15.82			$	22.25

Market price at end of period^(c)		$	21.25			$	21.48			$	22.61			$	24.08			$	15.84			$	22.27

Net Asset Value Total Return^(d)			1.42	%			0.28	%			(3.30	)%			57.19	%			(25.93	)%			5.67	%
Market Price Total Return^(d)			1.28	%			0.56	%			(3.54	)%			57.13	%			(25.91	)%			5.76	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	92,075			$	96,175			$	114,150			$	133,536			$	125,007			$	229,220
Ratio to average net assets of:
Expenses, after Waivers			0.72	%^(e)(f)			0.73	%^(f)			0.73	%^(f)			0.73	%			0.65	%^(f)(g)			0.65	%^(f)
Expenses, prior to Waivers			0.73	%^(e)(f)			0.73	%^(f)			0.74	%^(f)			0.73	%			0.69	%^(f)(g)			0.71	%^(f)
Net investment income^(b)			4.24	%^(e)			4.37	%			2.77	%			3.48	%			3.64	%^(g)			3.71	%
Portfolio turnover rate^(h)			63	%			142	%			161	%			176	%			203	%			196	%

^(a)	Based on average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)

^(g)	Ratios include non-recurring costs associated with a proxy statement of less than 0.005%.

^(h)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		58
		58

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2023

(Unaudited)

NOTE 1–Organization


		Full Name		Short Name

		Invesco Large Cap Growth ETF (PWB)*		“Large Cap Growth ETF”

		Invesco Large Cap Value ETF (PWV)**		“Large Cap Value ETF”

		Invesco S&P 100 Equal Weight ETF (EQWL)		“S&P 100 Equal Weight ETF”

		Invesco S&P 500 GARP ETF (SPGP)		“S&P 500 GARP ETF”

		Invesco S&P 500 Value with Momentum ETF (SPVM)		“S&P 500 Value with Momentum ETF”

		Invesco S&P MidCap Momentum ETF (XMMO)		“S&P MidCap Momentum ETF”

		Invesco S&P MidCap Quality ETF (XMHQ)		“S&P MidCap Quality ETF”

		Invesco S&P MidCap Value with Momentum ETF (XMVM)		“S&P MidCap Value with Momentum ETF”

		Invesco S&P SmallCap Momentum ETF (XSMO)		“S&P SmallCap Momentum ETF”

		Invesco S&P SmallCap Value with Momentum ETF (XSVM)		“S&P SmallCap Value with Momentum ETF”

		Invesco Zacks Mid-Cap ETF (CZA)		“Zacks Mid-Cap ETF”

		Invesco Zacks Multi-Asset Income ETF (CVY)		“Zacks Multi-Asset Income ETF”

*	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco Dynamic Large Cap Growth ETF to Invesco Large Cap Growth ETF.

**	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco Dynamic Large Cap Value ETF to Invesco Large Cap Value ETF.

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

		Large Cap Growth ETF		Dynamic Large Cap Growth Intellidex^® Index

		Large Cap Value ETF		Dynamic Large Cap Value Intellidex^® Index

		S&P 100 Equal Weight ETF		S&P 100^® Equal Weight Index

		S&P 500 GARP ETF		S&P 500^® GARP Index

		S&P 500 Value with Momentum ETF		S&P 500^® High Momentum Value Index

		S&P MidCap Momentum ETF		S&P MidCap 400^® Momentum Index

		S&P MidCap Quality ETF		S&P MidCap 400^® Quality Index

		S&P MidCap Value with Momentum ETF		S&P MidCap 400^® High Momentum Value Index

		S&P SmallCap Momentum ETF		S&P SmallCap 600^® Momentum Index

		S&P SmallCap Value with Momentum ETF		S&P SmallCap 600^® High Momentum Value Index

		Zacks Mid-Cap ETF		Zacks Mid-Cap Core Index

		Zacks Multi-Asset Income ETF		Zacks Multi-Asset Income Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly (except for Zacks Mid-Cap ETF, which declares and pays dividends from net investment income, if any, to shareholders annually) 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.

E.	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.

Expenses - Each Fund is responsible for all of its own expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that 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.


	Amount

Large Cap Growth ETF	$	1,371

Large Cap Value ETF		972

S&P 100 Equal Weight ETF		454

S&P 500 GARP ETF		7,904

S&P 500 Value with Momentum ETF		15

S&P MidCap Momentum ETF		3,756

S&P MidCap Quality ETF		4,252

S&P MidCap Value with Momentum ETF		1,408

S&P SmallCap Momentum ETF		1,971

S&P SmallCap Value with Momentum ETF		5,706

Zacks Mid-Cap ETF		3,612

Zacks Multi-Asset Income ETF		5,487

and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

L.	Other Risks

ADR Risk. Certain Funds may invest in American depositary receipts (“ADRs”). 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. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs 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.

Growth Investing Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.

Investment in Investment Companies Risk. Investing in other investment companies, including exchange-traded funds (“ETFs”) and closed-end funds, subjects a Fund to those risks affecting the investment company, including the possibility that the value of the underlying securities held by the investment company could decrease or the portfolio becomes illiquid. Moreover, a Fund will pay indirectly a proportional share of the fees and expenses of the investment companies in which it invests. Investments in another ETF or closed-end fund are subject to, among other risks, the risk that the ETF’s or closed-end fund’s shares may trade at a discount or premium relative to the NAV of its shares and the listing exchange may halt trading of the fund’s shares.

Master Limited Partnership Risk. Certain Funds may invest in master limited partnerships (“MLPs”). An MLP is an entity that is classified as a partnership under the Internal Revenue Code and whose partnership interests or “units” are traded on securities exchanges like shares of corporate stock. Investments in MLP units are subject to certain risks inherent in a partnership structure, including (i) tax risks, (ii) the limited ability to elect or remove management or the general partner or managing member, (iii) limited voting rights and (iv) conflicts of interest between the general partner or managing member and its affiliates and the limited partners or members. Securities issued by MLPs may experience limited trading volumes and may be relatively illiquid or volatile at times. As partnerships, MLPs may be subject to less regulation (and less protection for investors) than corporations under state laws, and may be subject to state taxation in certain jurisdictions, which may reduce the amount of income an MLP pays to its investors.

tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

Value Investing Risk. For certain Funds, value securities are subject to the risk that the valuations never improve or that the returns on value securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets. Each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.25% of the Fund’s average daily net assets. Each of Large Cap Growth ETF, Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, 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, 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2025. The Expense Cap for each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF is 0.25% of the Fund’s average daily net assets per year, through at least August 31, 2025. The Expense Cap for each of Large Cap Growth ETF, Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF is 0.60% of the Fund’s average daily net assets per year through at least August 31, 2025, and sub-licensing fees are excluded from the expenses subject to the Expense Cap for these Funds in addition to the excluded expenses above. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the six months ended October 31, 2023 under this Expense Cap for Large Cap Growth ETF, Large Cap Value ETF, S&P 500 GARP ETF, S&P MidCap Momentum ETF, S&P SmallCap Value with Momentum ETF and Zacks Mid-Cap ETF.

For the six months ended October 31, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



Large Cap Growth ETF	$	49

Large Cap Value ETF		171

S&P 100 Equal Weight ETF		92,051

S&P 500 GARP ETF		385

S&P 500 Value with Momentum ETF		30,317

S&P MidCap Momentum ETF		471

S&P MidCap Quality ETF		267,160

S&P MidCap Value with Momentum ETF		526

S&P SmallCap Momentum ETF		72

S&P SmallCap Value with Momentum ETF		2,268



Zacks Mid-Cap ETF	$	83

Zacks Multi-Asset Income ETF		5,274

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of October 31, 2023 are as follows:


	Total Potential Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/24		4/30/25		4/30/26		10/31/26

S&P 100 Equal Weight ETF	$	399,486	$	44,828	$	103,638	$	159,032	$	91,988

S&P 500 Value with Momentum ETF		161,576		27,839		38,697		64,754		30,286

S&P MidCap Quality ETF		806,307		66,146		185,234		288,036		266,891

S&P MidCap Value with Momentum ETF		35,377		16,198		-		19,179		-

S&P SmallCap Momentum ETF		49,103		5,640		-		43,463		-

Zacks Multi-Asset Income ETF		25,421		-		9,144		11,122		5,155

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):


		Fund		Licensor

		Large Cap Growth ETF		ICE Data Indices, LLC

		Large Cap Value ETF		ICE Data Indices, LLC

		S&P 100 Equal Weight ETF		S&P Dow Jones Indices LLC

		S&P 500 GARP ETF		S&P Dow Jones Indices LLC

		S&P 500 Value with Momentum ETF		S&P Dow Jones Indices LLC

		S&P MidCap Momentum ETF		S&P Dow Jones Indices LLC

		S&P MidCap Quality ETF		S&P Dow Jones Indices LLC

		S&P MidCap Value with Momentum ETF		S&P Dow Jones Indices LLC

		S&P SmallCap Momentum ETF		S&P Dow Jones Indices LLC

		S&P SmallCap Value with Momentum ETF		S&P Dow Jones Indices LLC

		Zacks Mid-Cap ETF		Zacks Investment Research, Inc.

		Zacks Multi-Asset Income ETF		Zacks Investment Research, Inc.



Large Cap Growth ETF	$	38,977

Large Cap Value ETF		75,525

S&P 100 Equal Weight ETF		4,188

S&P 500 GARP ETF		97,151

S&P 500 Value with Momentum ETF		3,203

S&P MidCap Momentum ETF		17,640

S&P MidCap Quality ETF		30,036

S&P MidCap Value with Momentum ETF		28,609



S&P SmallCap Momentum ETF	$	18,698

S&P SmallCap Value with Momentum ETF		32,685

Zacks Mid-Cap ETF		28,256

Zacks Multi-Asset Income ETF		29,525

NOTE 4–Security Transactions with Affiliated Funds

For the six months ended October 31, 2023, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*

S&P 500 Value with Momentum ETF		$	-		$	75,301		$	15,349

S&P MidCap Momentum ETF			-			45,923,921			6,455,548

S&P MidCap Quality ETF			-			12,579,116			826,993

S&P SmallCap Momentum ETF			-			371,053			(8,746	)

S&P SmallCap Value with Momentum ETF			-			716,920			159,956

*	Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.

Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2023, for each Fund (except for S&P 500 Value with Momentum ETF). As of October 31, 2023, all of the securities in S&P 500 Value with Momentum 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

Large Cap Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	616,710,918		$	-		$-		$	616,710,918

Money Market Funds			-			28,892,291		-			28,892,291


Total Investments		$	616,710,918		$	28,892,291		$-		$	645,603,209


	Level 1			Level 2			Level 3			Total

Large Cap Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	724,846,541		$	-		$	-		$	724,846,541

Money Market Funds			91,549			28,884,743			-			28,976,292


Total Investments		$	724,938,090		$	28,884,743		$	-		$	753,822,833


S&P 100 Equal Weight ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	338,790,439		$	-		$	-		$	338,790,439

Money Market Funds			-			20,154,322			-			20,154,322


Total Investments		$	338,790,439		$	20,154,322		$	-		$	358,944,761


S&P 500 GARP ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	3,578,946,969		$	-		$	-		$	3,578,946,969

Money Market Funds			624,869			301,774,466			-			302,399,335


Total Investments		$	3,579,571,838		$	301,774,466		$	-		$	3,881,346,304


S&P MidCap Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,063,913,568		$	-		$	-		$	1,063,913,568

Money Market Funds			-			145,432,186			-			145,432,186


Total Investments		$	1,063,913,568		$	145,432,186		$	-		$	1,209,345,754


S&P MidCap Quality ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,638,620,011		$	-		$	-		$	1,638,620,011

Money Market Funds			-			140,029,158			-			140,029,158


Total Investments		$	1,638,620,011		$	140,029,158		$	-		$	1,778,649,169


S&P MidCap Value with Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	169,780,741		$	-		$	-		$	169,780,741

Money Market Funds			118,808			23,927,452			-			24,046,260


Total Investments		$	169,899,549		$	23,927,452		$	-		$	193,827,001


S&P SmallCap Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	159,425,668		$	-		$	-		$	159,425,668

Money Market Funds			127,363			35,542,541			-			35,669,904


Total Investments		$	159,553,031		$	35,542,541		$	-		$	195,095,572


S&P SmallCap Value with Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	584,347,028		$	-		$	-		$	584,347,028

Money Market Funds			226,927			119,794,073			-			120,021,000


Total Investments		$	584,573,955		$	119,794,073		$	-		$	704,368,028


Zacks Mid-Cap ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	173,116,502		$	-		$	-		$	173,116,502

Money Market Funds			268,615			25,516,568			-			25,785,183


Total Investments		$	173,385,117		$	25,516,568		$	-		$	198,901,685


Zacks Multi-Asset Income ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	73,935,687		$	-		$	0		$	73,935,687

Preferred Stocks			9,048,253			-			-			9,048,253

Closed-End Funds			8,982,310			-			-			8,982,310

Money Market Funds			379,550			14,599,735			-			14,979,285


Total Investments		$	92,345,800		$	14,599,735		$	0		$	106,945,535

NOTE 6–Tax Information

The Funds had capital loss carryforwards as of April 30, 2023, as follows:


	No expiration
	Short-Term			Long-Term		Total*

Large Cap Growth ETF	$	260,225,682		$	-	$	260,225,682

Large Cap Value ETF		428,723,368			70,774,654		499,498,022

S&P 100 Equal Weight ETF		2,791,682			3,934,060		6,725,742

S&P 500 GARP ETF		170,859,940			32,155,012		203,014,952

S&P 500 Value with Momentum ETF		15,398,064			5,816,797		21,214,861

S&P MidCap Momentum ETF		314,440,608			-		314,440,608

S&P MidCap Quality ETF		50,951,381			6,373,235		57,324,616

S&P MidCap Value with Momentum ETF		46,994,702			14,132,733		61,127,435

S&P SmallCap Momentum ETF		81,868,636			7,376,865		89,245,501

S&P SmallCap Value with Momentum ETF		150,033,586	��		47,292,823		197,326,409

Zacks Mid-Cap ETF		125,030,538			10,191,930		135,222,468

Zacks Multi-Asset Income ETF		368,533,316			77,796,020		446,329,336

*	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


	Purchases		Sales

Large Cap Growth ETF	$	379,034,691	$	379,152,232

Large Cap Value ETF		402,117,334		402,199,417

S&P 100 Equal Weight ETF		25,609,142		25,637,452

S&P 500 GARP ETF		1,275,117,848		1,288,851,225

S&P 500 Value with Momentum ETF		14,388,579		14,422,911

S&P MidCap Momentum ETF		723,518,861		725,493,338

S&P MidCap Quality ETF		413,908,345		416,383,483

S&P MidCap Value with Momentum ETF		77,500,364		77,896,826

S&P SmallCap Momentum ETF		88,321,187		89,181,819

S&P SmallCap Value with Momentum ETF		250,404,911		251,695,671

Zacks Mid-Cap ETF		117,743,573		116,094,920

Zacks Multi-Asset Income ETF		60,061,764		59,664,466

For the six months ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

Large Cap Growth ETF	$	25,722,899	$	26,340,669

Large Cap Value ETF		191,191,553		231,214,077

S&P 100 Equal Weight ETF		181,808,970		49,161,559

S&P 500 GARP ETF		1,746,018,751		1,053,655,811

S&P 500 Value with Momentum ETF		950,694		7,032,537

S&P MidCap Momentum ETF		397,119,366		395,512,597

S&P MidCap Quality ETF		1,184,302,299		253,002,196


	In-kind Purchases		In-kind Sales

S&P MidCap Value with Momentum ETF	$	63,214,269	$	65,783,753

S&P SmallCap Momentum ETF		71,553,493		94,218,364

S&P SmallCap Value with Momentum ETF		130,173,903		175,216,255

Zacks Mid-Cap ETF		848,995		15,537,149

Zacks Multi-Asset Income ETF		814,958		3,825,672


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost

Large Cap Growth ETF	$	62,951,681	$	(30,986,626	)	$	31,965,055		$	613,638,154

Large Cap Value ETF		36,095,863		(51,865,711	)		(15,769,848	)		769,592,681

S&P 100 Equal Weight ETF		12,272,780		(30,086,847	)		(17,814,067	)		376,758,828

S&P 500 GARP ETF		198,138,661		(268,742,550	)		(70,603,889	)		3,951,950,193

S&P 500 Value with Momentum ETF		1,199,370		(3,124,167	)		(1,924,797	)		36,762,899

S&P MidCap Momentum ETF		86,219,501		(62,128,680	)		24,090,821			1,185,254,933

S&P MidCap Quality ETF		95,112,474		(90,397,728	)		4,714,746			1,773,934,423

S&P MidCap Value with Momentum ETF		12,229,056		(14,105,082	)		(1,876,026	)		195,703,027

S&P SmallCap Momentum ETF		10,627,593		(9,613,441	)		1,014,152			194,081,420

S&P SmallCap Value with Momentum ETF		60,261,204		(51,391,899	)		8,869,305			695,498,723

Zacks Mid-Cap ETF		7,215,651		(19,260,647	)		(12,044,996	)		210,946,681

Zacks Multi-Asset Income ETF		6,650,148		(9,931,744	)		(3,281,596	)		110,227,131

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 Interested Trustee does not receive any Trustees’ fees.

NOTE 9–Capital

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.

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

In addition to the fees and expenses which the Invesco Zacks Multi-Asset Income ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.



	Beginning Account Value May 1, 2023			Ending Account Value October 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Large Cap Growth ETF (PWB)

Actual		$	1,000.00		$	1,024.10		0.56	%		$	2.85

Hypothetical (5% return before expenses)			1,000.00			1,022.32		0.56				2.85

Invesco Large Cap Value ETF (PWV)

Actual			1,000.00			995.40		0.55				2.76

Hypothetical (5% return before expenses)			1,000.00			1,022.37		0.55				2.80

Invesco S&P 100 Equal Weight ETF (EQWL)

Actual			1,000.00			984.20		0.25				1.25

Hypothetical (5% return before expenses)			1,000.00			1,023.88		0.25				1.27

Invesco S&P 500 GARP ETF (SPGP)

Actual			1,000.00			1,024.90		0.34				1.73

Hypothetical (5% return before expenses)			1,000.00			1,023.43		0.34				1.73

Calculating your ongoing Fund expenses–(continued)



	Beginning Account Value May 1, 2023			Ending Account Value October 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco S&P 500 Value with Momentum ETF (SPVM)

Actual		$	1,000.00		$	983.40		0.39	%		$	1.94

Hypothetical (5% return before expenses)			1,000.00			1,023.18		0.39				1.98

Invesco S&P MidCap Momentum ETF (XMMO)

Actual			1,000.00			1,018.30		0.33				1.67

Hypothetical (5% return before expenses)			1,000.00			1,023.48		0.33				1.68

Invesco S&P MidCap Quality ETF (XMHQ)

Actual			1,000.00			1,038.30		0.25				1.28

Hypothetical (5% return before expenses)			1,000.00			1,023.88		0.25				1.27

Invesco S&P MidCap Value with Momentum ETF (XMVM)

Actual			1,000.00			1,029.40		0.39				1.99

Hypothetical (5% return before expenses)			1,000.00			1,023.18		0.39				1.98

Invesco S&P SmallCap Momentum ETF (XSMO)

Actual			1,000.00			1,027.90		0.39				1.99

Hypothetical (5% return before expenses)			1,000.00			1,023.18		0.39				1.98

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

Actual			1,000.00			1,040.50		0.36				1.85

Hypothetical (5% return before expenses)			1,000.00			1,023.33		0.36				1.83

Invesco Zacks Mid-Cap ETF (CZA)

Actual			1,000.00			939.70		0.70				3.41

Hypothetical (5% return before expenses)			1,000.00			1,021.62		0.70				3.56

Invesco Zacks Multi-Asset Income ETF (CVY)

Actual			1,000.00			1,014.20		0.72				3.65

Hypothetical (5% return before expenses)			1,000.00			1,021.52		0.72				3.66

⁽¹⁾

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

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P-PS-SAR-5 invesco.com/ETFs



		Invesco Semi-Annual Report to Shareholders
		October 31, 2023

		IGPT		Invesco AI and Next Gen Software ETF (formerly, Invesco Dynamic Software ETF)

		PBE		Invesco Biotechnology & Genome ETF (formerly, Invesco Dynamic Biotechnology & Genome ETF)

		PKB		Invesco Building & Construction ETF (formerly, Invesco Dynamic Building & Construction ETF)

		PXE		Invesco Energy Exploration & Production ETF (formerly, Invesco Dynamic Energy Exploration & Production ETF)

		PBJ		Invesco Food & Beverage ETF (formerly, Invesco Dynamic Food & Beverage ETF)

		PEJ		Invesco Leisure and Entertainment ETF (formerly, Invesco Dynamic Leisure and Entertainment ETF)

		KNCT		Invesco Next Gen Connectivity ETF (formerly, Invesco Dynamic Networking ETF)

		GGME		Invesco Next Gen Media and Gaming ETF (formerly, Invesco Dynamic Media ETF)

		PXJ		Invesco Oil & Gas Services ETF (formerly, Invesco Dynamic Oil & Gas Services ETF)

		PJP		Invesco Pharmaceuticals ETF (formerly, Invesco Dynamic Pharmaceuticals ETF)

		PSI		Invesco Semiconductors ETF (formerly, Invesco Dynamic Semiconductors ETF)

Table of Contents


Schedules of Investments

Invesco AI and Next Gen Software ETF (IGPT)			3

Invesco Biotechnology & Genome ETF (PBE)			6

Invesco Building & Construction ETF (PKB)			8

Invesco Energy Exploration & Production ETF (PXE)			10

Invesco Food & Beverage ETF (PBJ)			12

Invesco Leisure and Entertainment ETF (PEJ)			14

Invesco Next Gen Connectivity ETF (KNCT)			16

Invesco Next Gen Media and Gaming ETF (GGME)			19

Invesco Oil & Gas Services ETF (PXJ)			22

Invesco Pharmaceuticals ETF (PJP)			24

Invesco Semiconductors ETF (PSI)			26

Statements of Assets and Liabilities			28

Statements of Operations			30

Statements of Changes in Net Assets			32

Financial Highlights			36

Notes to Financial Statements			47

Fund Expenses			60

Invesco AI and Next Gen Software ETF (IGPT)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Advertising-1.39%
Magnite, Inc.^(b)(c)		9,081	$	60,298
Trade Desk, Inc. (The), Class A^(b)		29,518		2,094,597

				2,154,895

Alternative Carriers-0.12%
Cogent Communications Holdings, Inc.		2,923		189,937


Application Software-21.16%
Adobe, Inc.^(b)		23,809		12,667,817
Altair Engineering, Inc., Class A^(b)(c)		3,178		197,417
Alteryx, Inc., Class A^(b)(c)		4,193		134,218
Altium Ltd. (Australia)		6,196		154,880
ANSYS, Inc.^(b)		5,746		1,598,882
Autodesk, Inc.^(b)		14,141		2,794,686
Bentley Systems, Inc., Class B^(c)		15,516		754,698
Cadence Design Systems, Inc.^(b)		15,882		3,809,298
Dassault Systemes SE (France)		47,935		1,966,652
DoubleVerify Holdings, Inc.^(b)(c)		7,571		210,701
Elastic N.V.^(b)		4,753		356,665
Enghouse Systems Ltd. (Canada)		2,223		52,138
Five9, Inc.^(b)		4,781		276,676
HubSpot, Inc.^(b)		3,310		1,402,679
IRESS Ltd. (Australia)		7,148		22,583
MicroStrategy, Inc., Class A^(b)(c)		798		337,865
Nemetschek SE (Germany)		2,289		170,331
Nice Ltd. (Israel)^(b)		3,431		529,718
Pegasystems, Inc.^(c)		2,786		119,074
PTC, Inc.^(b)		5,264		739,171
Sinch AB^(b)(c)(d)		43,061		67,848
Splunk, Inc.^(b)		10,105		1,487,052
Synopsys, Inc.^(b)		5,116		2,401,655
Unity Software, Inc.^(b)(c)		17,362		440,474
Verint Systems, Inc.^(b)(c)		4,254		80,018

				32,773,196

Automotive Parts & Equipment-0.03%
Luminar Technologies, Inc.^(b)(c)		15,901		50,406


Consumer Electronics-0.41%
Garmin Ltd.		6,192		634,866


Data Center REITs-4.52%
Digital Realty Trust, Inc.		20,024		2,490,185
Equinix, Inc.		6,193		4,518,660

				7,008,845

Electrical Components & Equipment-1.59%
AMETEK, Inc.		10,999		1,548,329
Nidec Corp. (Japan)		25,757		921,977

				2,470,306

Electronic Components-0.29%
Largan Precision Co. Ltd. (Taiwan)		7,048		449,803


Electronic Equipment & Instruments-4.97%
Cognex Corp.		11,419		410,970
Halma PLC (United Kingdom)		17,871		400,099
Hexagon AB, Class B (Sweden)		133,776		1,085,999
Inficon Holding AG (Switzerland)		115		124,471
Jenoptik AG (Germany)		2,967		70,124
Keyence Corp. (Japan)		13,678		5,251,911



	Shares		Value

Electronic Equipment & Instruments-(continued)
Novanta, Inc.^(b)		1,610	$	212,617
Spectris PLC (United Kingdom)		3,602		135,496

				7,691,687


Electronic Manufacturing Services-0.13%
IPG Photonics Corp.^(b)		2,276		195,508


Health Care Equipment-3.94%
Intuitive Surgical, Inc.^(b)		23,256		6,098,188


Health Care Services-0.06%
RadNet, Inc.^(b)(c)		3,716		100,183


Industrial Machinery & Supplies & Components-1.59%
3D Systems Corp.^(b)(c)		8,844		32,988
ATS Corp. (Canada)^(b)		4,830		162,479
AutoStore Holdings Ltd. (Norway)^(b)(d)		64,994		71,675
Duerr AG (Germany)		2,884		59,047
Fortive Corp.^(c)		18,029		1,176,933
Harmonic Drive Systems, Inc. (Japan)		4,170		89,213
Hiwin Technologies Corp. (Taiwan)		16,958		102,213
MINEBEA MITSUMI, Inc. (Japan)		18,521		284,887
Yaskawa Electric Corp. (Japan)		14,979		482,370

				2,461,805


Interactive Home Entertainment-1.54%
Electronic Arts, Inc.		10,265		1,270,704
Take-Two Interactive Software, Inc.^(b)		7,555		1,010,481
Ubisoft Entertainment S.A. (France)^(b)		3,718		105,637

				2,386,822


Interactive Media & Services-18.04%
Alphabet, Inc., Class A^(b)		98,646		12,239,996
Baidu, Inc., A Shares (China)^(b)		83,263		1,092,849
Meta Platforms, Inc., Class A^(b)		44,674		13,458,936
Pinterest, Inc., Class A^(b)(c)		38,559		1,152,143

				27,943,924


Internet Services & Infrastructure-2.22%
GDS Holdings Ltd., A Shares (China)^(b)		43,488		53,800
NEXTDC Ltd. (Australia)^(b)		34,163		254,156
Snowflake, Inc., Class A^(b)		21,570		3,130,454

				3,438,410


IT Consulting & Other Services-0.02%
Addnode Group AB (Sweden)^(c)		4,818		29,949


Movies & Entertainment-0.27%
Roku, Inc., Class A^(b)(c)		7,138		425,211


Research & Consulting Services-0.09%
Clarivate PLC^(b)(c)		21,643		138,082


Semiconductors-34.26%
Advanced Micro Devices, Inc.^(b)		106,945		10,534,082
Alchip Technologies Ltd. (Taiwan)		4,447		359,901
Ambarella, Inc.^(b)		2,629		118,279
AP Memory Technology Corp. (Taiwan)		8,912		98,091
ASMedia Technology, Inc. (Taiwan)		1,778		72,085
Diodes, Inc.^(b)		3,034		197,453
Faraday Technology Corp. (Taiwan)		12,728		118,510
Global Unichip Corp. (Taiwan)		4,261		188,517
Intel Corp.		264,293		9,646,694
Lattice Semiconductor Corp.^(b)		8,897		494,762

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		3
		3

Invesco AI and Next Gen Software ETF (IGPT)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Semiconductors-(continued)
Macronix International Co. Ltd. (Taiwan)		81,503	$	67,846
Marvell Technology, Inc.		33,737		1,593,061
MaxLinear, Inc.^(b)		2,841		43,183
Microchip Technology, Inc.		25,872		1,844,415
Micron Technology, Inc.		72,461		4,845,467
Nanya Technology Corp. (Taiwan)		77,829		155,250
NVIDIA Corp.		28,855		11,767,069
QUALCOMM, Inc.		63,240		6,892,528
Renesas Electronics Corp. (Japan)^(b)		54,017		697,483
Sanken Electric Co. Ltd. (Japan)		1,660		80,213
Silicon Laboratories, Inc.^(b)(c)		2,116		195,053
SK hynix, Inc. (South Korea)		33,825		2,912,774
Winbond Electronics Corp. (Taiwan)		189,005		145,388
Winbond Electronics Corp., Rts., expiring 11/30/2023 (Taiwan)^(b)		7,598		691

				53,068,795

Systems Software-0.39%
Dolby Laboratories, Inc., Class A^(c)		3,946		319,389
Teradata Corp.^(b)		6,626		283,063

				602,452

Technology Hardware, Storage & Peripherals-3.00%
Hewlett Packard Enterprise Co.		51,583		793,346
NetApp, Inc.		9,706		706,403
Pure Storage, Inc., Class A^(b)(c)		12,349		417,520
Seagate Technology Holdings PLC^(c)		13,740		937,755
Super Micro Computer, Inc.^(b)		2,547		609,930
Western Digital Corp.^(b)		21,200		851,180
Wiwynn Corp. (Taiwan)		7,214		338,069

				4,654,203

Total Common Stocks & Other Equity Interests (Cost $160,135,413)				154,967,473



	Shares		Value
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(e)(f) (Cost $83,253)		83,253	$	83,253

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $160,218,666)				155,050,726


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.65%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		1,581,715		1,581,715
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		4,068,893		4,069,300

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,651,071)				5,651,015

TOTAL INVESTMENTS IN SECURITIES-103.74% (Cost $165,869,737)				160,701,741
OTHER ASSETS LESS LIABILITIES-(3.74)%				(5,786,179	)

NET ASSETS-100.00%.			$	154,915,562

Investment Abbreviations:

Rts.-Rights

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $139,523, which represented less than 1% of the Fund’s Net Assets.

^(e)



	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	154,502	$	18,438,104	$	(18,509,353)		$ -		$ -		$ 83,253	$	6,873

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		4
		4

Invesco AI and Next Gen Software ETF (IGPT)–(continued)

October 31, 2023

(Unaudited)



	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	5,666,175	$	55,212,884	$	(59,297,344	)		$	-		$	-			$	1,581,715	$	106,622	*

Invesco Private Prime Fund			14,570,164		118,222,383		(128,722,481	)			1,123			(1,889	)			4,069,300		282,565	*


Total		$	20,390,841	$	191,873,371	$	(206,529,178	)		$	1,123		$	(1,889	)		$	5,734,268	$	396,060

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Semiconductors	34.26

Application Software	21.16

Interactive Media & Services	18.04

Electronic Equipment & Instruments	4.97

Data Center REITs	4.52

Health Care Equipment	3.94

Technology Hardware, Storage & Peripherals	3.00

Sub-Industry Types Each Less Than 3%	10.14

Money Market Funds Plus Other Assets Less Liabilities	(0.03	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		5
		5

Invesco Biotechnology & Genome ETF (PBE)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.05%
Biotechnology-83.31%
Acadia Pharmaceuticals, Inc.^(b)		225,189	$	5,082,516
Alkermes PLC^(b)(c)		222,135		5,373,446
Amgen, Inc.		46,617		11,919,967
Amicus Therapeutics, Inc.^(b)		525,320		5,762,760
Arrowhead Pharmaceuticals, Inc.^(b)(c)		230,824		5,675,962
Biogen, Inc.^(b)		45,668		10,847,977
BioMarin Pharmaceutical, Inc.^(b)		132,659		10,805,076
Catalyst Pharmaceuticals, Inc.^(b)(c)		454,282		5,637,640
Dynavax Technologies Corp.^(b)(c)		438,177		6,226,495
Exelixis, Inc.^(b)		304,970		6,279,332
Gilead Sciences, Inc.^(c)		157,299		12,354,263
Halozyme Therapeutics, Inc.^(b)		153,414		5,196,132
Incyte Corp.^(b)		185,363		9,996,627
MannKind Corp.^(b)(c)		1,442,898		6,190,032
Myriad Genetics, Inc.^(b)		377,129		5,875,670
Neurocrine Biosciences, Inc.^(b)		61,170		6,786,200
PTC Therapeutics, Inc.^(b)(c)		166,263		3,117,431
Regeneron Pharmaceuticals, Inc.^(b)		14,288		11,143,068
United Therapeutics Corp.^(b)		51,978		11,583,817
Veracyte, Inc.^(b)(c)		252,050		5,222,476
Vericel Corp.^(b)(c)		200,266		7,045,358
Vertex Pharmaceuticals, Inc.^(b)		34,275		12,411,320
Xencor, Inc.^(b)(c)		285,312		4,950,163

				175,483,728

Health Care Services-4.48%
Fulgent Genetics, Inc.^(b)(c)		193,467		4,631,600
OPKO Health, Inc.^(b)(c)		3,853,383		4,816,729

				9,448,329

Life Sciences Tools & Services-7.09%
Pacific Biosciences of California, Inc.^(b)(c)		637,853		3,941,932
QIAGEN N.V.^(b)		148,072		5,542,335
Repligen Corp.^(b)(c)		40,484		5,447,527

				14,931,794



	Shares		Value
Pharmaceuticals-5.17%
Catalent, Inc.^(b)(c)		147,507	$	5,072,766
Intra-Cellular Therapies, Inc.^(b)		116,728		5,808,385

				10,881,151

Total Common Stocks & Other Equity Interests (Cost $220,233,567)				210,745,002


Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $149,552)		149,552		149,552

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12% (Cost $220,383,119)				210,894,554


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-26.63%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		15,706,345		15,706,345
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		40,394,421		40,398,460

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $56,103,638)				56,104,805

TOTAL INVESTMENTS IN SECURITIES-126.75% (Cost $276,486,757)				266,999,359
OTHER ASSETS LESS LIABILITIES-(26.75)%				(56,349,095	)

NET ASSETS-100.00%.			$	210,650,264

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)



	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 294,606		$ 1,647,557		$ (1,792,611)		$ -		$ -		$ 149,552	$	5,086

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		6
		6

Invesco Biotechnology & Genome ETF (PBE)–(continued)

October 31, 2023

(Unaudited)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	10,396,545		$	83,642,792		$	(78,332,992	)		$	-		$	-			$	15,706,345		$	351,325	*

Invesco Private Prime Fund			26,733,973			172,490,200			(158,829,204	)			6,254			(2,763	)			40,398,460			944,072	*


Total		$	37,425,124		$	257,780,549		$	(238,954,807	)		$	6,254		$	(2,763	)		$	56,254,357		$	1,300,483

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Biotechnology	83.31

Life Sciences Tools & Services	7.09

Pharmaceuticals	5.17

Health Care Services	4.48

Money Market Funds Plus Other Assets Less Liabilities	(0.05	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		7
		7

Invesco Building & Construction ETF (PKB)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.05%
Building Products-16.80%
American Woodmark Corp.^(b)(c)		80,834	$	5,434,470
Gibraltar Industries, Inc.^(b)		82,332		5,010,726
Griffon Corp.		145,248		5,801,205
Lennox International, Inc.^(c)		30,762		11,398,551
Owens Corning		43,277		4,906,314

				32,551,266

Construction & Engineering-8.83%
Comfort Systems USA, Inc.		32,949		5,991,775
EMCOR Group, Inc.^(c)		27,083		5,596,702
Sterling Infrastructure, Inc.^(b)(c)		75,749		5,518,315

				17,106,792

Construction Materials-15.89%
Eagle Materials, Inc.^(c)		32,986		5,076,875
Martin Marietta Materials, Inc.		24,716		10,107,361
United States Lime & Minerals, Inc.^(c)		28,891		5,720,129
Vulcan Materials Co.		50,259		9,875,391

				30,779,756

Forest Products-2.61%
Louisiana-Pacific Corp.		98,761		5,064,464


Home Improvement Retail-4.88%
Home Depot, Inc. (The)		33,237		9,462,242


Homebuilding-48.33%
Beazer Homes USA, Inc.^(b)(c)		208,240		5,037,326
D.R. Horton, Inc.		92,009		9,605,739
Dream Finders Homes, Inc., Class A^(b)(c)		221,979		4,370,766
Green Brick Partners, Inc.^(b)(c)		122,617		4,745,278
KB Home		119,814		5,295,779
Lennar Corp., Class A		92,478		9,865,553
M.D.C. Holdings, Inc.		126,945		4,817,563
M/I Homes, Inc.^(b)		63,416		5,204,551
Meritage Homes Corp.		43,421		4,950,862
NVR, Inc.^(b)		1,769		9,574,925
PulteGroup, Inc.		136,764		10,064,463



	Shares		Value
Homebuilding-(continued)
Taylor Morrison Home Corp., Class A^(b)(c)		128,621	$	4,928,757
Toll Brothers, Inc.^(c)		77,419		5,474,297
TopBuild Corp.^(b)		20,664		4,727,097
Tri Pointe Homes, Inc.^(b)		198,604		4,977,016

				93,639,972

Specialized Consumer Services-2.71%
Frontdoor, Inc.^(b)		181,211		5,242,434

Total Common Stocks & Other Equity Interests (Cost $190,888,515)				193,846,926


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $111,483)		111,483		111,483

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $190,999,998)				193,958,409


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.31%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		3,424,000		3,424,000
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		8,805,077		8,805,958

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,229,934)				12,229,958

TOTAL INVESTMENTS IN SECURITIES-106.42% (Cost $203,229,932)				206,188,367
OTHER ASSETS LESS LIABILITIES-(6.42)%				(12,443,631	)

NET ASSETS-100.00%.			$	193,744,736

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)



	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 152,257		$ 1,707,328		$ (1,748,102)		$ -		$ -		$ 111,483	$	4,136

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		8
		8

Invesco Building & Construction ETF (PKB)–(continued)

October 31, 2023

(Unaudited)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	3,829,706		$	55,054,562		$	(55,460,268	)		$	-		$	-			$	3,424,000		$	120,738	*

Invesco Private Prime Fund			9,847,815			125,202,452			(126,244,311	)			137			(135	)			8,805,958			325,016	*


Total		$	13,829,778		$	181,964,342		$	(183,452,681	)		$	137		$	(135	)		$	12,341,441		$	449,890

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Homebuilding	48.33

Building Products	16.80

Construction Materials	15.89

Construction & Engineering	8.83

Home Improvement Retail	4.88

Sub-Industry Types Each Less Than 3%	5.32

Money Market Funds Plus Other Assets Less Liabilities	(0.05	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		9
		9

Invesco Energy Exploration & Production ETF (PXE)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Gas Utilities-2.62%
National Fuel Gas Co.		86,706	$	4,417,671


Oil & Gas Exploration & Production-71.77%
APA Corp.		107,314		4,262,512
California Resources Corp.^(b)		82,943		4,361,972
Callon Petroleum Co.^(b)(c)		125,212		4,676,668
Chesapeake Energy Corp.^(b)		53,114		4,572,053
Chord Energy Corp.^(b)		29,024		4,798,248
Civitas Resources, Inc.^(b)		57,965		4,372,300
CNX Resources Corp.^(b)(c)		208,020		4,518,195
Comstock Resources, Inc.^(b)		386,197		4,866,082
Coterra Energy, Inc.^(b)		300,462		8,262,705
Diamondback Energy, Inc.		56,525		9,062,088
EOG Resources, Inc.		64,867		8,189,459
EQT Corp.^(b)		193,163		8,186,248
Gulfport Energy Corp.^(c)		41,217		5,094,833
Magnolia Oil & Gas Corp., Class A^(b)		203,685		4,572,728
Murphy Oil Corp.		102,092		4,580,868
Ovintiv, Inc.		95,966		4,606,368
Permian Resources Corp.^(b)		340,469		4,960,633
Pioneer Natural Resources Co.		35,656		8,521,784
Range Resources Corp.^(b)		144,143		5,166,085
SM Energy Co.^(b)		113,519		4,577,086
Southwestern Energy Co.^(c)		693,841		4,947,086
Vital Energy, Inc.^(b)(c)		78,960		3,951,159

				121,107,160


Oil & Gas Refining & Marketing-25.60%
CVR Energy, Inc.^(b)		131,849		4,318,055
HF Sinclair Corp.^(b)		80,845		4,477,196
Marathon Petroleum Corp.		58,648		8,870,510
Par Pacific Holdings, Inc.^(b)(c)		129,602		4,253,538
PBF Energy, Inc., Class A^(b)		98,617		4,687,266



	Shares		Value
Oil & Gas Refining & Marketing-(continued)
Phillips 66		74,218	$	8,466,047
Valero Energy Corp.^(b)		64,057		8,135,239

				43,207,851

Total Common Stocks & Other Equity Interests (Cost $158,855,107)				168,732,682


Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $163,043)		163,043		163,043

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $159,018,150)				168,895,725


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-28.53%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		13,479,602		13,479,602
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		34,665,968		34,669,435

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $48,148,295)				48,149,037

TOTAL INVESTMENTS IN SECURITIES-128.62% (Cost $207,166,445)				217,044,762
OTHER ASSETS LESS LIABILITIES-(28.62)%				(48,297,273	)

NET ASSETS-100.00%.			$	168,747,489

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	108,993	$	2,600,536	$	(2,546,486)	$	-	$	-	$	163,043	$	2,472

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		10
		10

Invesco Energy Exploration & Production ETF (PXE)–(continued)

October 31, 2023

(Unaudited)



	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	5,820,927	$	84,552,443	$	(76,893,768	)		$	-		$	-		$	13,479,602	$	311,845	*

Invesco Private Prime Fund			14,968,098		154,068,932		(134,374,635	)			782			6,258			34,669,435		820,842	*


Total		$	20,898,018	$	241,221,911	$	(213,814,889	)		$	782		$	6,258		$	48,312,080	$	1,135,159

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Oil & Gas Exploration & Production			71.77

Oil & Gas Refining & Marketing			25.60

Gas Utilities			2.62

Money Market Funds Plus Other Assets Less Liabilities			0.01

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		11
		11

Invesco Food & Beverage ETF (PBJ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Agricultural Products & Services-10.30%
Archer-Daniels-Midland Co.		121,402	$	8,688,741
Bunge Ltd.		48,050		5,092,339
Fresh Del Monte Produce, Inc.		207,612		5,190,300

				18,971,380


Brewers-2.68%
Molson Coors Beverage Co., Class B		85,625		4,946,556


Distillers & Vintners-4.84%
Constellation Brands, Inc., Class A		38,127		8,927,437


Food Distributors-8.44%
Andersons, Inc. (The)		105,468		5,287,111
Performance Food Group Co.^(b)(c)		87,725		5,066,996
US Foods Holding Corp.^(b)		133,320		5,191,481

				15,545,588


Food Retail-8.81%
Kroger Co. (The)		113,773		5,161,881
Sprouts Farmers Market, Inc.^(b)(c)		138,247		5,809,139
Weis Markets, Inc.^(c)		80,756		5,257,216

				16,228,236


Packaged Foods & Meats-31.01%
Adecoagro S.A. (Brazil)		484,560		5,112,108
B&G Foods, Inc.^(c)		440,994		3,558,822
Cal-Maine Foods, Inc.		112,934		5,117,039
Dole PLC^(c)		449,523		5,133,553
John B. Sanfilippo & Son, Inc.		52,500		5,368,650
Kraft Heinz Co. (The)		294,513		9,265,379
Lamb Weston Holdings, Inc.		55,585		4,991,533
Mondelez International, Inc., Class A		139,700		9,249,537
Nomad Foods Ltd. (United Kingdom)^(b)(c)		293,295		4,053,337
Seaboard Corp.		1,509		5,291,987

				57,141,945


Personal Care Products-3.16%
BellRing Brands, Inc.^(b)		133,167		5,823,393


Restaurants-10.45%
Arcos Dorados Holdings, Inc., Class A (Brazil)^(c)		536,037		4,835,053



	Shares		Value
Restaurants-(continued)
Chipotle Mexican Grill, Inc.^(b)		5,240	$	10,177,128
Dutch Bros, Inc., Class A^(b)(c)		174,764		4,253,756

				19,265,937


Soft Drinks & Non-alcoholic Beverages-20.29%
Coca-Cola Co. (The)		163,311		9,225,438
Coca-Cola Consolidated, Inc.		7,772		4,946,178
Monster Beverage Corp.^(b)		170,986		8,737,385
PepsiCo, Inc.		55,814		9,113,310
Vita Coco Co., Inc. (The)^(b)(c)		197,706		5,357,833

				37,380,144

Total Common Stocks & Other Equity Interests (Cost $195,340,968)				184,230,616


Money Market Funds-0.13%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $241,490)		241,490		241,490

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $195,582,458)				184,472,106


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-7.76%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		4,003,938		4,003,938
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		10,298,795		10,299,825

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,304,000)				14,303,763

TOTAL INVESTMENTS IN SECURITIES-107.87% (Cost $209,886,458)				198,775,869
OTHER ASSETS LESS LIABILITIES-(7.87)%				(14,508,518	)

NET ASSETS-100.00%.			$	184,267,351

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)



	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ -		$ 3,392,666		$ (3,151,176)		$ -		$ -		$ 241,490	$	3,134

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		12
		12

Invesco Food & Beverage ETF (PBJ)–(continued)

October 31, 2023

(Unaudited)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	8,310,046		$	65,124,134		$	(69,430,242	)		$	-			$	-			$	4,003,938		$	198,801	*

Invesco Private Prime Fund			21,368,689			139,233,113			(150,300,346	)			(237	)			(1,394	)			10,299,825			541,188	*


Total		$	29,678,735		$	207,749,913		$	(222,881,764	)		$	(237	)		$	(1,394	)		$	14,545,253		$	743,123

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Packaged Foods & Meats			31.01

Soft Drinks & Non-alcoholic Beverages			20.29

Restaurants			10.45

Agricultural Products & Services			10.30

Food Retail			8.81

Food Distributors			8.44

Distillers & Vintners			4.84

Personal Care Products			3.16

Brewers			2.68

Money Market Funds Plus Other Assets Less Liabilities			0.02

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		13
		13

Invesco Leisure and Entertainment ETF (PEJ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Broadcasting-2.84%
Fox Corp., Class A^(b)		267,616	$	8,132,850

Casinos & Gaming-12.93%
Accel Entertainment, Inc.^(b)(c)		804,466		7,923,990
Caesars Entertainment, Inc.^(b)(c)		169,952		6,779,385
Las Vegas Sands Corp.		301,056		14,288,118
Wynn Resorts Ltd.		92,302		8,102,270

				37,093,763

Food Distributors-2.98%
US Foods Holding Corp.^(c)		219,099		8,531,715

Hotels, Resorts & Cruise Lines-25.87%
Airbnb, Inc., Class A^(c)		126,600		14,975,514
Booking Holdings, Inc.^(c)		5,224		14,572,661
MakeMyTrip Ltd. (India)^(b)(c)		235,590		9,124,401
Marriott International, Inc., Class A		78,913		14,879,835
Norwegian Cruise Line Holdings Ltd.^(b)(c)		509,491		6,929,078
Royal Caribbean Cruises Ltd.^(c)		161,879		13,716,008

				74,197,497

Interactive Media & Services-5.46%
Eventbrite, Inc., Class A^(b)(c)		863,714		7,151,552
TripAdvisor, Inc.^(b)(c)		576,003		8,501,804

				15,653,356

Movies & Entertainment-19.22%
Cinemark Holdings, Inc.^(b)(c)		509,717		8,405,234
Liberty Media Corp.-Liberty Formula One^(c)		133,219		8,617,937
Lions Gate Entertainment Corp., Class A^(b)(c)		1,234,227		9,701,024
Live Nation Entertainment, Inc.^(b)(c)		104,366		8,351,367
Sphere Entertainment Co.^(b)(c)		222,120		7,309,969
Warner Bros Discovery, Inc.^(b)(c)		1,283,110		12,754,114

				55,139,645

Passenger Airlines-14.45%
American Airlines Group, Inc.^(b)(c)		592,961		6,611,515
Copa Holdings S.A., Class A (Panama)^(b)		89,789		7,331,272
Delta Air Lines, Inc.		386,630		12,082,187
SkyWest, Inc.^(b)(c)		218,006		9,193,313
United Airlines Holdings, Inc.^(b)(c)		177,869		6,227,194

				41,445,481



	Shares		Value
Restaurants-16.24%
Arcos Dorados Holdings, Inc., Class A (Brazil)		879,561	$	7,933,640
Chipotle Mexican Grill, Inc.^(c)		8,579		16,662,134
Dutch Bros, Inc., Class A^(b)(c)		287,230		6,991,178
First Watch Restaurant Group, Inc.^(b)(c)		480,722		8,032,865
Shake Shack, Inc., Class A^(b)(c)		124,438		6,973,505

				46,593,322

Total Common Stocks & Other Equity Interests (Cost $320,277,016)				286,787,629


Money Market Funds-0.15%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e) (Cost $440,194)		440,194		440,194

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% (Cost $320,717,210)				287,227,823


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-21.67%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		17,396,824		17,396,824
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		44,745,629		44,750,104

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $62,148,183)				62,146,928

TOTAL INVESTMENTS IN SECURITIES-121.81% (Cost $382,865,393)				349,374,751
OTHER ASSETS LESS LIABILITIES-(21.81)%				(62,549,614	)

NET ASSETS-100.00%.			$	286,825,137

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 392,263		$ 2,282,077		$ (2,234,146)		$ -		$ -		$ 440,194	$	8,253

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		14
		14

Invesco Leisure and Entertainment ETF (PEJ)–(continued)

October 31, 2023

(Unaudited)



	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	29,897,937	$	177,445,385	$	(189,946,498	)		$	-		$	-			$	17,396,824	$	570,982	*

Invesco Private Prime Fund			76,880,409		397,406,960		(429,539,354	)			6,345			(4,256	)			44,750,104		1,521,135	*


Total		$	107,170,609	$	577,134,422	$	(621,719,998	)		$	6,345		$	(4,256	)		$	62,587,122	$	2,100,370

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Hotels, Resorts & Cruise Lines			25.87

Movies & Entertainment			19.22

Restaurants			16.24

Passenger Airlines			14.45

Casinos & Gaming			12.93

Interactive Media & Services			5.46

Sub-Industry Types Each Less Than 3%			5.82

Money Market Funds Plus Other Assets Less Liabilities			0.01

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		15
		15

Invesco Next Gen Connectivity ETF (KNCT)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Alternative Carriers-0.20%
Iridium Communications, Inc.		1,088	$	40,310
Liberty Global PLC, Class C (United Kingdom)^(b)(c)		1,809		30,681

				70,991

Application Software-3.09%
Confluent, Inc., Class A^(b)(c)		2,047		59,179
Datadog, Inc., Class A^(b)		2,888		235,285
Dynatrace, Inc.^(b)(c)		2,333		104,308
Nutanix, Inc., Class A^(b)(c)		2,277		82,405
Synopsys, Inc.^(b)		1,327		622,947

				1,104,124

Cable & Satellite-4.39%
Charter Communications, Inc., Class A^(b)		951		383,063
Comcast Corp., Class A		26,257		1,084,151
Liberty Broadband Corp., Class C^(b)		1,209		100,722

				1,567,936

Communications Equipment-8.89%
Accton Technology Corp. (Taiwan)		4,974		76,446
Arista Networks, Inc.^(b)		2,534		507,738
Ciena Corp.^(b)(c)		1,444		60,937
Cisco Systems, Inc.		31,936		1,664,824
F5, Inc.^(b)		573		86,861
Juniper Networks, Inc.		3,104		83,560
Motorola Solutions, Inc.		1,409		392,350
Nokia OYJ (Finland)^(c)		51,257		170,121
Telefonaktiebolaget LM Ericsson, Class B (Sweden)^(c)		29,769		133,249

				3,176,086

Data Center REITs-2.85%
Digital Realty Trust, Inc.^(c)		2,906		361,390
Equinix, Inc.		900		656,676

				1,018,066

Data Processing & Outsourced Services-0.08%
Genpact Ltd		845		28,341


Electronic Components-1.28%
Amphenol Corp., Class A		3,860		310,923
Coherent Corp.^(b)		1,229		36,379
Hamamatsu Photonics K.K. (Japan)		1,195		43,848
Largan Precision Co. Ltd. (Taiwan)		1,028		65,607

				456,757

Electronic Equipment & Instruments-0.41%
Keysight Technologies, Inc.^(b)		1,205		147,070


Integrated Telecommunication Services-12.55%
AT&T, Inc.		68,568		1,055,947
BCE, Inc. (Canada)		3,620		134,239
BT Group PLC (United Kingdom)		38,243		52,323
Cellnex Telecom S.A. (Spain)^(d)		4,375		128,188
China Tower Corp. Ltd., H Shares (China)^(d)		404,487		37,737
Chunghwa Telecom Co. Ltd. (Taiwan)		20,073		71,789
Deutsche Telekom AG (Germany)		22,077		477,792
Elisa OYJ (Finland)		1,454		61,598
Emirates Telecommunications Group Co. PJSC (United Arab Emirates)		27,910		140,272



	Shares		Value
Integrated Telecommunication Services-(continued)
HKT Trust & HKT Ltd. (Hong Kong)		26,918	$	27,865
Nippon Telegraph & Telephone Corp. (Japan)		67,037		78,260
Orange S.A. (France)^(c)		13,536		158,957
PT Telkom Indonesia (Persero) Tbk (Indonesia)		431,263		94,750
Spark New Zealand Ltd. (New Zealand)		14,490		41,888
Telefonica S.A. (Spain)		53,753		207,155
Telenor ASA (Norway)		5,946		60,755
Telia Co. AB (Sweden)^(c)		18,527		39,151
Telstra Group Ltd. (Australia)		35,074		84,609
TELUS Corp. (Canada)		6,434		103,630
Verizon Communications, Inc.		40,645		1,427,859

				4,484,764

Internet Services & Infrastructure-1.81%
Akamai Technologies, Inc.^(b)		1,468		151,689
Cloudflare, Inc., Class A^(b)(c)		2,826		160,206
MongoDB, Inc.^(b)		682		235,010
Okta, Inc.^(b)		1,498		100,980

				647,885

IT Consulting & Other Services-4.35%
Accenture PLC, Class A		4,021		1,194,599
DXC Technology Co.^(b)		1,982		39,977
Fujitsu Ltd. (Japan)		1,321		169,350
NEC Corp. (Japan)		1,441		68,556
Otsuka Corp. (Japan)		1,221		48,559
TIS, Inc. (Japan)		1,562		33,056

				1,554,097

Research & Consulting Services-0.42%
Booz Allen Hamilton Holding Corp.		690		82,751
CACI International, Inc., Class A^(b)		209		67,875

				150,626

Security & Alarm Services-0.27%
SECOM Co. Ltd. (Japan)		1,385		95,568


Semiconductors-28.74%
Broadcom, Inc.		3,477		2,925,443
Intel Corp.		39,177		1,429,961
Lattice Semiconductor Corp.^(b)		1,331		74,017
Marvell Technology, Inc.		8,263		390,179
Microchip Technology, Inc.		3,776		269,191
Micron Technology, Inc.		8,963		599,356
QUALCOMM, Inc.		10,791		1,176,111
Rambus, Inc.^(b)(c)		1,054		57,264
Silicon Laboratories, Inc.^(b)(c)		308		28,391
SK hynix, Inc. (South Korea)		3,283		282,709
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		176,033		2,871,018
United Microelectronics Corp. (Taiwan)		115,076		163,913

				10,267,553

Systems Software-6.25%
Check Point Software Technologies Ltd. (Israel)^(b)		876		117,603
CrowdStrike Holdings, Inc., Class A^(b)		2,165		382,707
CyberArk Software Ltd.^(b)		403		65,947
Fortinet, Inc.^(b)		6,302		360,285
Palo Alto Networks, Inc.^(b)(c)		2,959		719,096

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		16
		16

Invesco Next Gen Connectivity ETF (KNCT)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Systems Software-(continued)
Qualys, Inc.^(b)(c)		355	$	54,297
Tenable Holdings, Inc.^(b)(c)		1,117		47,037
Trend Micro, Inc. (Japan)		1,004		37,404
VMware, Inc., Class A^(b)(c)		2,116		308,195
Zscaler, Inc.^(b)		889		141,076

				2,233,647

Technology Hardware, Storage & Peripherals-15.00%
Apple, Inc.		16,782		2,865,862
Lite-On Technology Corp. (Taiwan)		12,046		37,139
NetApp, Inc.		2,036		148,180
Samsung Electronics Co. Ltd. (South Korea)		42,570		2,108,721
Xiaomi Corp., B Shares (China)^(b)(d)		112,099		200,857

				5,360,759

Telecom Tower REITs-3.63%
American Tower Corp.^(c)		4,485		799,182
Crown Castle, Inc.		3,002		279,126
SBA Communications Corp., Class A		1,047		218,436

				1,296,744

Wireless Telecommunication Services-5.72%
America Movil S.A.B. de C.V., Class B (Mexico)^(b)		235,164		193,962
KDDI Corp. (Japan)		12,273		363,623
MTN Group Ltd. (South Africa)		8,758		42,503
Rogers Communications, Inc., Class B (Canada)		1,607		59,476
SoftBank Corp. (Japan)		16,291		183,408
SoftBank Group Corp. (Japan)		5,976		241,652



	Shares		Value
Wireless Telecommunication Services-(continued)
Tele2 AB, Class B (Sweden)		4,139	$	29,318
T-Mobile US, Inc.^(b)		5,064		728,507
Vodacom Group Ltd. (South Africa)		3,417		18,493
Vodafone Group PLC (United Kingdom)		200,242		183,939

				2,044,881

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $34,985,423)				35,705,895


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.52%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		651,686		651,686
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		1,676,029		1,676,197

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,327,879)				2,327,883

TOTAL INVESTMENTS IN SECURITIES-106.45% (Cost $37,313,302)				38,033,778
OTHER ASSETS LESS LIABILITIES-(6.45)%				(2,304,192	)

NET ASSETS-100.00%			$	35,729,586

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $366,782, which represented 1.03% of the Fund’s Net Assets.

^(e)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	94,897		$	4,949,871		$	(5,044,768	)		$	-		$	-		$	-		$	3,357

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,545,282			13,276,076			(15,169,672	)			-			-			651,686			38,386	*

Invesco Private Prime Fund			6,478,220			26,602,930			(31,405,457	)			4			500			1,676,197			98,102	*


Total		$	9,118,399		$	44,828,877		$	(51,619,897	)		$	4		$	500		$	2,327,883		$	139,845

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		17
		17

Invesco Next Gen Connectivity ETF (KNCT)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Semiconductors			28.74

Technology Hardware, Storage & Peripherals			15.00

Integrated Telecommunication Services			12.55

Communications Equipment			8.89

Systems Software			6.25

Wireless Telecommunication Services			5.72

Cable & Satellite			4.39

IT Consulting & Other Services			4.35

Telecom Tower REITs			3.63

Application Software			3.09

Sub-Industry Types Each Less Than 3%			7.32

Money Market Funds Plus Other Assets Less Liabilities			0.07

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		18
		18

Invesco Next Gen Media and Gaming ETF (GGME)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.82%
Advertising-2.00%
Magnite, Inc.^(b)		2,480	$	16,467
Trade Desk, Inc. (The), Class A^(b)		8,079		573,286

				589,753

Application Software-17.71%
Adobe, Inc.^(b)		4,607		2,451,200
Altair Engineering, Inc., Class A^(b)(c)		867		53,858
ANSYS, Inc.^(b)		1,572		437,425
AppLovin Corp., Class A^(b)(c)		1,501		54,696
Autodesk, Inc.^(b)		3,816		754,156
Bentley Systems, Inc., Class B^(c)		4,238		206,136
Dassault Systemes SE (France)		13,124		538,445
DoubleVerify Holdings, Inc.^(b)(c)		2,068		57,552
Iflytek Co. Ltd., A Shares (China)		1,500		9,339
Matterport, Inc.^(b)(c)		4,600		9,384
Nemetschek SE (Germany)		627		46,658
PTC, Inc.^(b)		1,440		202,205
Unity Software, Inc.^(b)(c)		4,744		120,355
Zoom Video Communications, Inc., Class A^(b)		4,543		272,489

				5,213,898

Broadcasting-0.01%
Viaplay Group AB, Class B (Sweden)^(b)(c)		1,375		2,931

Casinos & Gaming-3.25%
Aristocrat Leisure Ltd. (Australia)^(c)		11,756		286,791
DraftKings, Inc., Class A^(b)		8,401		232,036
Everi Holdings, Inc.^(b)(c)		888		9,581
Evolution AB (Sweden)^(d)		3,499		310,639
Light & Wonder, Inc.^(b)		1,086		79,397
Playtech PLC (United Kingdom)^(b)		5,300		25,249
Sportradar Holding AG (Switzerland)^(b)(c)		1,454		12,839

				956,532

Consumer Electronics-0.20%
Merry Electronics Co. Ltd. (Taiwan)		3,943		10,771
Sharp Corp. (Japan)^(b)		2,847		17,665
Skyworth Group Ltd. (Hong Kong)		12,485		4,516
Sonos, Inc.^(b)(c)		2,322		25,031

				57,983

Electrical Components & Equipment-0.03%
Phihong Technology Co. Ltd. (Taiwan)^(b)		5,097		8,250


Electronic Equipment & Instruments-0.02%
MicroVision, Inc.^(b)(c)		3,401		6,428


Electronic Manufacturing Services-0.04%
Primax Electronics Ltd. (Taiwan)		5,455		11,605


Interactive Home Entertainment-11.85%
37 Interactive Entertainment Network Technology Group Co. Ltd., A Shares (China)		2,200		6,223
Capcom Co. Ltd. (Japan)		3,017		96,400
CD Projekt S.A. (Poland)^(c)		1,015		25,291
DeNA Co. Ltd. (Japan)		1,156		11,202
Electronic Arts, Inc.		4,458		551,856
Embracer Group AB (Sweden)^(b)(c)		16,147		26,167
GungHo Online Entertainment, Inc. (Japan)		876		13,087
Kakao Games Corp. (South Korea)^(b)		859		14,820
Kingsoft Corp. Ltd. (China)		17,907		62,477



	Shares		Value
Interactive Home Entertainment-(continued)
Koei Tecmo Holdings Co. Ltd. (Japan)		2,369	$	30,722
Konami Group Corp. (Japan)		1,603		82,074
Krafton, Inc. (South Korea)^(b)		628		76,166
Mixi, Inc. (Japan)		628		9,446
Modern Times Group MTG AB, Class B (Sweden)^(b)		1,305		10,436
NCSoft Corp. (South Korea)		315		54,228
NetEase, Inc. (China)		28,518		613,396
Netmarble Corp. (South Korea)^(b)(d)		383		10,946
Nexon Co. Ltd. (Japan)		6,342		114,972
Nintendo Co. Ltd. (Japan)		21,047		864,561
Pearl Abyss Corp. (South Korea)^(b)		676		24,651
Playtika Holding Corp.^(b)		619		5,200
Roblox Corp., Class A^(b)		8,978		285,590
Square Enix Holdings Co. Ltd. (Japan)		1,277		42,160
Stillfront Group AB (Sweden)^(b)		8,280		8,549
Take-Two Interactive Software, Inc.^(b)		2,869		383,729
Ubisoft Entertainment S.A. (France)^(b)		1,697		48,215
Wemade Co. Ltd. (South Korea)		335		9,736
XD, Inc. (China)^(b)(d)		3,398		5,142

				3,487,442

Interactive Media & Services-15.49%
Bumble, Inc., Class A^(b)		1,808		24,300
Hello Group, Inc., ADR (China)		2,329		16,489
JOYY, Inc., ADR (China)^(c)		805		31,331
Meta Platforms, Inc., Class A^(b)		8,646		2,604,781
Pinterest, Inc., Class A^(b)		10,537		314,846
Rumble, Inc.^(b)(c)		1,462		6,564
Snap, Inc., Class A^(b)(c)		23,542		235,655
Tencent Holdings Ltd. (China)		35,408		1,308,692
Weibo Corp., ADR (China)		1,441		17,047

				4,559,705

Internet Services & Infrastructure-2.94%
Cloudflare, Inc., Class A^(b)(c)		5,298		300,344
GMO Internet Group, Inc. (Japan)		675		9,728
GoDaddy, Inc., Class A^(b)		1,827		133,791
Squarespace, Inc., Class A^(b)(c)		472		13,409
VeriSign, Inc.^(b)		1,635		326,444
Wix.com Ltd. (Israel)^(b)(c)		1,029		82,217

				865,933

IT Consulting & Other Services-0.03%
Addnode Group AB (Sweden)^(c)		1,318		8,193


Leisure Products-0.30%
Sankyo Co. Ltd. (Japan)		805		33,190
Sega Sammy Holdings, Inc. (Japan)		3,010		46,627
Tsuburaya Fields Holdings, Inc. (Japan)		732		7,840

				87,657

Movies & Entertainment-10.07%
China Ruyi Holdings Ltd. (China)^(b)		107,891		24,820
iQIYI, Inc., ADR (China)^(b)(c)		7,542		35,146
Netflix, Inc.^(b)		5,827		2,398,917
Roku, Inc., Class A^(b)(c)		2,247		133,854
Spotify Technology S.A.^(b)		2,257		371,863

				2,964,600

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		19
		19

Invesco Next Gen Media and Gaming ETF (GGME)–(continued)

October 31, 2023

(Unaudited)



	Shares		Value
Semiconductors-20.02%
Advanced Micro Devices, Inc.^(b)		13,627	$	1,342,260
Ambarella, Inc.^(b)(c)		717		32,258
MediaTek, Inc. (Taiwan)		28,966		751,946
NVIDIA Corp.		5,584		2,277,155
QUALCOMM, Inc.		13,652		1,487,931

				5,891,550

Systems Software-0.30%
Dolby Laboratories, Inc., Class A^(c)		1,078		87,253

Technology Hardware, Storage & Peripherals-15.52%
Apple, Inc		14,543		2,483,508
HTC Corp. (Taiwan)^(b)		13,500		18,355
Kinpo Electronics (Taiwan)		24,583		10,535
Lenovo Group Ltd. (China)		128,396		149,324
Logitech International S.A., Class R (Switzerland).		2,706		211,592
Samsung Electronics Co. Ltd. (South Korea)		27,552		1,364,799
Wacom Co. Ltd. (Japan)		2,709		9,248
Xiaomi Corp., B Shares (China)^(b)(d)		179,734		322,045

				4,569,406

Trading Companies & Distributors-0.04%
Xometry, Inc., Class A^(b)(c)		774		11,262

Total Common Stocks & Other Equity Interests (Cost $28,633,899)				29,380,381



	Shares		Value
Money Market Funds-0.48%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(e)(f) (Cost $140,022)		140,022	$	140,022

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.30% (Cost $28,773,921)				29,520,403


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.59%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		377,927		377,927
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		972,023		972,120

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,350,031)				1,350,047

TOTAL INVESTMENTS IN SECURITIES-104.89% (Cost $30,123,952)				30,870,450
OTHER ASSETS LESS LIABILITIES-(4.89)%				(1,437,828	)

NET ASSETS-100.00%			$	29,432,622

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $648,772, which represented 2.20% of the Fund’s Net Assets.

^(e)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	79,956		$	7,459,798		$	(7,399,732	)		$	-		$	-			$	140,022		$	4,743

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,942,832			12,903,744			(15,468,649	)			-			-				377,927			38,623	*

Invesco Private Prime Fund			7,567,281			26,180,076			(32,775,155	)			1,360			(1,442	)			972,120			104,915	*


Total		$	10,590,069		$	46,543,618		$	(55,643,536	)		$	1,360		$	(1,442	)		$	1,490,069		$	148,281

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		20
		20

Invesco Next Gen Media and Gaming ETF (GGME)–(continued)

October 31, 2023

(Unaudited)


Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Semiconductors			20.02

Application Software			17.71

Technology Hardware, Storage & Peripherals			15.52

Interactive Media & Services			15.49

Interactive Home Entertainment			11.85

Movies & Entertainment			10.07

Casinos & Gaming			3.25

Sub-Industry Types Each Less Than 3%			5.91

Money Market Funds Plus Other Assets Less Liabilities			0.18

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		21
		21

Invesco Oil & Gas Services ETF (PXJ)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Oil & Gas Drilling-13.69%
Helmerich & Payne, Inc.		98,663	$	3,904,095
Nabors Industries Ltd.^(b)(c)		19,936		1,946,551
Patterson-UTI Energy, Inc.		152,977		1,942,808
Transocean Ltd.^(b)(c)		509,874		3,375,366

				11,168,820

Oil & Gas Equipment & Services-62.21%
Archrock, Inc.		173,865		2,202,870
Atlas Energy Solutions, Inc.		98,153		1,787,366
Baker Hughes Co., Class A		113,303		3,899,889
ChampionX Corp.		113,031		3,481,355
Core Laboratories, Inc.^(c)		91,807		1,966,506
Expro Group Holdings N.V.^(b)		94,291		1,485,083
Halliburton Co.		103,354		4,065,946
Helix Energy Solutions Group, Inc.^(b)		231,809		2,271,728
Liberty Energy, Inc., Class A		136,152		2,682,194
Oceaneering International, Inc.^(b)		101,731		2,237,065
ProFrac Holding Corp., Class A^(b)		209,225		1,970,900
ProPetro Holding Corp.^(b)		222,359		2,330,322
RPC, Inc.^(c)		269,028		2,238,313
Schlumberger N.V.		70,768		3,938,947
TechnipFMC PLC (United Kingdom)^(c)		219,835		4,730,849
Tidewater, Inc.^(b)		35,311		2,413,507
USA Compression Partners L.P.		105,021		2,636,027
Weatherford International PLC^(b)		47,234		4,397,013

				50,735,880

Oil & Gas Storage & Transportation-24.09%
DHT Holdings, Inc.		224,560		2,497,107
Dorian LPG Ltd.		87,682		2,803,194
Frontline PLC (Norway)^(c)		121,519		2,703,798
Golar LNG Ltd. (Cameroon)		98,404		2,207,202
International Seaways, Inc.^(c)		48,127		2,314,427



	Shares		Value
Oil & Gas Storage & Transportation-(continued)
Navigator Holdings Ltd.^(c)		160,170	$	2,250,388
Scorpio Tankers, Inc. (Monaco)		42,121		2,365,094
Teekay Tankers Ltd., Class A (Canada)		50,358		2,502,793

				19,644,003

Total Common Stocks & Other Equity Interests (Cost $80,625,932)				81,548,703


Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $59,901)		59,901		59,901

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $80,685,833)				81,608,604


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.41%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		2,148,441		2,148,441
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		5,520,765		5,521,317

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,669,745)				7,669,758

TOTAL INVESTMENTS IN SECURITIES-109.47% (Cost $88,355,578)				89,278,362
OTHER ASSETS LESS LIABILITIES-(9.47)%				(7,719,877	)

NET ASSETS-100.00%			$	81,558,485

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)



	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 82,865		$ 1,274,399		$ (1,297,363)		$ -		$ -		$ 59,901	$	2,632

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		22
		22

Invesco Oil & Gas Services ETF (PXJ)–(continued)

October 31, 2023

(Unaudited)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	2,959,918		$	24,980,247		$	(25,791,724	)		$	-		$	-		$	2,148,441		$	58,878	*

Invesco Private Prime Fund			7,611,218			55,821,672			(57,911,636	)			34			29			5,521,317			157,441	*


Total		$	10,654,001		$	82,076,318		$	(85,000,723	)		$	34		$	29		$	7,729,659		$	218,951

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Oil & Gas Equipment & Services			62.21

Oil & Gas Storage & Transportation			24.09

Oil & Gas Drilling			13.69

Money Market Funds Plus Other Assets Less Liabilities			0.01

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		23
		23

Invesco Pharmaceuticals ETF (PJP)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Biotechnology-34.81%
AbbVie, Inc.		105,482	$	14,891,949
Amgen, Inc.		60,695		15,519,711
Biogen, Inc.^(b)		35,678		8,474,952
Geron Corp.^(b)(c)		4,114,816		7,818,150
Gilead Sciences, Inc.^(c)		204,796		16,084,678
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(d)		39,023		0
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(d)		39,023		0
Regeneron Pharmaceuticals, Inc.^(b)		11,167		8,709,032
Travere Therapeutics, Inc.^(b)(c)		730,671		4,734,748
United Therapeutics Corp.^(b)		40,609		9,050,122

				85,283,342

Health Care Equipment-5.74%
Abbott Laboratories		148,703		14,059,869


Pharmaceuticals-59.43%
Amphastar Pharmaceuticals, Inc.^(b)(c)		175,394		7,940,086
ANI Pharmaceuticals, Inc.^(b)		150,106		9,267,544
Bausch Health Cos., Inc.^(b)(c)		1,137,190		7,755,636
Corcept Therapeutics, Inc.^(b)(c)		295,950		8,310,276
Eli Lilly and Co.		28,235		15,640,214
Jazz Pharmaceuticals PLC^(b)		66,917		8,499,797
Johnson & Johnson		94,188		13,971,848
Ligand Pharmaceuticals, Inc.^(b)(c)		141,292		7,388,159
Merck & Co., Inc.		145,816		14,975,303
Pacira BioSciences, Inc.^(b)(c)		247,666		6,999,041
Perrigo Co. PLC		248,388		6,865,444
Pfizer, Inc.		424,432		12,970,642
Prestige Consumer Healthcare, Inc.^(b)(c)		158,454		9,405,830
Supernus Pharmaceuticals, Inc.^(b)(c)		293,915		7,009,873
Taro Pharmaceutical Industries Ltd.^(b)		252,741		8,583,084

				145,582,777

Total Common Stocks & Other Equity Interests (Cost $246,652,728)				244,925,988



	Shares		Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(e)(f) (Cost $127,571)		127,571	$	127,571

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $246,780,299)				245,053,559


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.24%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		2,904,537		2,904,537
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		7,470,459		7,471,206

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,375,384)				10,375,743

TOTAL INVESTMENTS IN SECURITIES-104.27% (Cost $257,155,683)				255,429,302
OTHER ASSETS LESS LIABILITIES-(4.27)%				(10,455,239	)

NET ASSETS-100.00%			$	244,974,063

Investment Abbreviations:

Rts.-Rights

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 4.

^(e)



	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 106,731		$ 3,576,593		$ (3,555,753)		$ -		$ -		$ 127,571		$ 3,738

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		24
		24

Invesco Pharmaceuticals ETF (PJP)–(continued)

October 31, 2023

(Unaudited)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	10,601,820		$	123,997,913		$	(131,695,196	)		$	-		$	-		$	2,904,537		$	218,494	*

Invesco Private Prime Fund			27,164,158			175,396,929			(195,091,472	)			1,029			562			7,471,206			561,396	*


Total		$	37,872,709		$	302,971,435		$	(330,342,421	)		$	1,029		$	562		$	10,503,314		$	783,628

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Pharmaceuticals			59.43

Biotechnology			34.81

Health Care Equipment			5.74

Money Market Funds Plus Other Assets Less Liabilities			0.02

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		25
		25

Invesco Semiconductors ETF (PSI)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)



	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Electronic Components-2.61%
Vishay Intertechnology, Inc.^(b)		636,740	$	14,161,097


Electronic Equipment & Instruments-2.41%
Advanced Energy Industries, Inc.^(b)		149,815		13,072,857


Electronic Manufacturing Services-2.89%
TE Connectivity Ltd.		133,017		15,676,053


Semiconductor Materials & Equipment-44.35%
Aehr Test Systems^(b)(c)		422,021		9,942,815
Amkor Technology, Inc.		662,559		13,820,981
Applied Materials, Inc.		210,731		27,890,248
Axcelis Technologies, Inc.^(b)(c)		98,839		12,601,973
Camtek Ltd. (Israel)^(b)(c)		342,084		17,993,618
Cohu, Inc.^(c)		478,039		14,408,095
KLA Corp.		64,012		30,066,436
Kulicke & Soffa Industries, Inc. (Singapore)^(b).		335,453		13,958,199
Lam Research Corp.		46,720		27,481,638
Nova Ltd. (Israel)^(c)		141,200		13,409,764
Onto Innovation, Inc.^(b)(c)		150,629		16,926,181
Photronics, Inc.^(c)		750,308		13,775,655
Teradyne, Inc.^(b)		165,399		13,772,775
Veeco Instruments, Inc.^(b)(c)		599,239		14,345,782

				240,394,160

Semiconductors-47.76%
Allegro MicroSystems, Inc. (Japan) ^(b)(c)		440,507		11,435,562
Analog Devices, Inc.		176,362		27,747,034
Broadcom, Inc.		36,398		30,624,185
Intel Corp.		947,302		34,576,523
Lattice Semiconductor Corp.^(b)(c)		186,589		10,376,214
Microchip Technology, Inc.		211,818		15,100,505
Micron Technology, Inc.		491,352		32,856,708
NVIDIA Corp.		68,222		27,820,932
NXP Semiconductors N.V. (China)		85,113		14,676,035



	Shares		Value
Semiconductors-(continued)
ON Semiconductor Corp.^(c)		183,987	$	11,524,946
Qorvo, Inc.^(c)		169,677		14,833,163
SiTime Corp.^(b)(c)		133,230		13,296,354
Skyworks Solutions, Inc.		161,445		14,003,739

				258,871,900

Total Common Stocks & Other Equity Interests (Cost $525,819,452)				542,176,067


Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $400,327)		400,327		400,327

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $526,219,779)				542,576,394


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-10.04%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		15,231,836		15,231,836
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		39,174,039		39,177,956

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $54,408,831)				54,409,792

TOTAL INVESTMENTS IN SECURITIES-110.13% (Cost $580,628,610)				596,986,186
OTHER ASSETS LESS LIABILITIES-(10.13)%				(54,920,010	)

NET ASSETS-100.00%.			$	542,066,176

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)



	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 483,981		$ 2,943,386		$ (3,027,040)		$ -		$ -		$ 400,327		$ 6,261

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		26
		26

Invesco Semiconductors ETF (PSI)–(continued)

October 31, 2023

(Unaudited)



	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	12,923,048		$	105,858,816		$	(103,550,028	)		$	-		$	-		$	15,231,836		$	400,122	*

Invesco Private Prime Fund			33,230,696			213,181,608			(207,236,682	)			1,711			623			39,177,956			1,075,153	*


Total		$	46,637,725		$	321,983,810		$	(313,813,750	)		$	1,711		$	623		$	54,810,119		$	1,481,536

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Semiconductors	47.76

Semiconductor Materials & Equipment	44.35

Sub-Industry Types Each Less Than 3%	7.91

Money Market Funds Plus Other Assets Less Liabilities	(0.02	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		27
		27

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)



	Invesco AI and Next Gen Software ETF (IGPT)				Invesco Biotechnology & Genome ETF (PBE)				Invesco Building & Construction ETF (PKB)				Invesco Energy Exploration & Production ETF (PXE)
Assets:
Unaffiliated investments in securities, at value^(a)		$	154,967,473			$	210,745,002			$	193,846,926			$	168,732,682
Affiliated investments in securities, at value			5,734,268				56,254,357				12,341,441				48,312,080
Cash			-				-				-				2,993
Foreign currencies, at value			1,264				-				-				-
Receivable for:
Dividends			31,539				818				23,122				44,384
Securities lending			1,420				5,712				1,847				5,950
Investments sold			12,726				-				-				-
Foreign tax reclaims.			-				-				-				-
Other assets			36,838				34,637				33,963				48,893

Total assets			160,785,528				267,040,526				206,247,299				217,146,982


Liabilities:
Due to custodian			-				-				-				-
Due to foreign custodian			-				-				-				-
Payable for:
Collateral upon return of securities loaned			5,651,071				56,103,638				12,229,934				48,148,295
Fund shares repurchased			-				-				-				-
Expenses recaptured			18,714				-				-				2,896
Accrued advisory fees			67,991				92,835				84,609				72,809
Accrued trustees’ and officer’s fees			59,564				83,782				58,232				59,983
Accrued expenses			72,626				110,007				129,788				115,444
Accrued tax expenses			-				-				-				66

Total liabilities			5,869,966				56,390,262				12,502,563				48,399,493

Net Assets		$	154,915,562			$	210,650,264			$	193,744,736			$	168,747,489


Net assets consist of:
Shares of beneficial interest		$	345,768,339			$	535,185,836			$	286,204,354			$	305,952,864
Distributable earnings (loss)			(190,852,777	)			(324,535,572	)			(92,459,618	)			(137,205,375	)

Net Assets		$	154,915,562			$	210,650,264			$	193,744,736			$	168,747,489

Shares outstanding (unlimited amount authorized, $0.01 par value)			4,930,000				3,930,000				4,040,000				5,230,000
Net asset value		$	31.42			$	53.60			$	47.96			$	32.27

Market price		$	31.45			$	53.59			$	47.96			$	32.25

Unaffiliated investments in securities, at cost		$	160,135,413			$	220,233,567			$	190,888,515			$	158,855,107

Affiliated investments in securities, at cost		$	5,734,324			$	56,253,190			$	12,341,417			$	48,311,338

Foreign currencies (due to foreign custodian), at cost		$	1,383			$	-			$	-			$	-

^(a)Includes securities on loan with an aggregate value of:		$	5,660,767			$	54,712,077			$	12,203,285			$	47,817,676

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		28
		28



Invesco Food & Beverage ETF (PBJ)				Invesco Leisure and Entertainment ETF (PEJ)				Invesco Next Gen Connectivity ETF (KNCT)				Invesco Next Gen Media and Gaming ETF (GGME)				Invesco Oil & Gas Services ETF (PXJ)				Invesco Pharmaceuticals ETF (PJP)				Invesco Semiconductors ETF (PSI)

	$	184,230,616			$	286,787,629			$	35,705,895			$	29,380,381			$	81,548,703			$	244,925,988			$	542,176,067
		14,545,253				62,587,122				2,327,883				1,490,069				7,729,659				10,503,314				54,810,119
		-				-				-				-				-				-				-
		-				-				8,375				-				-				-				-

		5,250				42,598				76,326				19,393				55,553				239,835				1,828
		9,662				20,384				363				317				1,642				1,797				7,448
		-				-				4				-				34,734				-				759,862
		-				-				38				605				-				-				-
		39,421				145,792				19,947				22,879				25,116				43,010				69,573

		198,830,202				349,583,525				38,138,831				30,913,644				89,395,407				255,713,944				597,824,897



		-				-				10,726				-				-				-				-
		-				-				-				1,448				-				-				-

		14,304,000				62,148,183				2,327,879				1,350,031				7,669,745				10,375,384				54,408,831
		-				-				-				-				-				-				758,779
		-				13,831				-				-				-				-				-
		80,782				130,327				12,159				7,924				22,661				108,795				252,471
		69,283				63,581				48,799				61,290				70,058				128,995				57,990
		108,786				402,466				9,682				60,329				74,458				126,707				280,650
		-				-				-				-				-				-				-

		14,562,851				62,758,388				2,409,245				1,481,022				7,836,922				10,739,881				55,758,721

	$	184,267,351			$	286,825,137			$	35,729,586			$	29,432,622			$	81,558,485			$	244,974,063			$	542,066,176



	$	307,637,212			$	872,660,154			$	88,170,982			$	140,457,093			$	193,684,573			$	704,152,428			$	663,589,469
		(123,369,861	)			(585,835,017	)			(52,441,396	)			(111,024,471	)			(112,126,088	)			(459,178,365	)			(121,523,293	)

	$	184,267,351			$	286,825,137			$	35,729,586			$	29,432,622			$	81,558,485			$	244,974,063			$	542,066,176

		4,470,000				8,030,000				470,000				910,000				2,755,978				3,550,000				14,240,000
	$	41.22			$	35.72			$	76.02			$	32.34			$	29.59			$	69.01			$	38.07

	$	41.23			$	35.72			$	76.06			$	32.39			$	29.59			$	69.01			$	38.05

	$	195,340,968			$	320,277,016			$	34,985,423			$	28,633,899			$	80,625,932			$	246,652,728			$	525,819,452

	$	14,545,490			$	62,588,377			$	2,327,879			$	1,490,053			$	7,729,646			$	10,502,955			$	54,809,158

	$	-			$	-			$	8,470			$	(1,461	)		$	-			$	-			$	-

	$	14,451,918			$	60,743,033			$	2,313,862			$	1,338,988			$	7,492,239			$	10,278,486			$	51,723,074

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)



	Invesco AI and Next Gen Software ETF (IGPT)				Invesco Biotechnology & Genome ETF (PBE)				Invesco Building & Construction ETF (PKB)				Invesco Energy Exploration & Production ETF (PXE)
Investment income:
Unaffiliated dividend income		$	210,200			$	351,536			$	1,098,232			$	2,338,312
Affiliated dividend income			6,873				5,086				4,136				2,472
Securities lending income, net			16,631				60,867				15,708				28,718
Foreign withholding tax			(5,510	)			-				-				-

Total investment income			228,194				417,489				1,118,076				2,369,502


Expenses:
Unitary management fees			-				-				-				-
Advisory fees			452,505				603,172				563,912				400,535
Sub-licensing fees			18,380				36,192				33,836				24,033
Accounting & administration fees			13,270				14,281				10,171				15,675
Professional fees			20,001				20,122				19,808				20,236
Custodian & transfer agent fees			3,462				1,689				2,562				9,172
Trustees’ and officer’s fees			5,627				6,460				5,455				5,808
Recapture (Note 3)			18,714				-				-				-
Other expenses			20,955				19,508				17,126				20,379

Total expenses			552,914				701,424				652,870				495,838

Less: Waivers			(133	)			(109	)			(85	)			(2,956	)

Net expenses			552,781				701,315				652,785				492,882

Net investment income (loss)			(324,587	)			(283,826	)			465,291				1,876,620


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			3,515,435				(14,578,349	)			1,200,304				(13,696,496	)
Affiliated investment securities			(1,889	)			(2,763	)			(135	)			6,258
In-kind redemptions			2,677,934				2,095,316				11,004,921				2,139,369
Foreign currencies			(130,105	)			-				-				-

Net realized gain (loss)			6,061,375				(12,485,796	)			12,205,090				(11,550,869	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(8,678,180	)			(22,709,073	)			(13,673,395	)			39,964,779
Affiliated investment securities			1,123				6,254				137				782
Foreign currencies			(680	)			-				-				-

Change in net unrealized appreciation (depreciation)			(8,677,737	)			(22,702,819	)			(13,673,258	)			39,965,561

Net realized and unrealized gain (loss)			(2,616,362	)			(35,188,615	)			(1,468,168	)			28,414,692

Net increase (decrease) in net assets resulting from operations		$	(2,940,949	)		$	(35,472,441	)		$	(1,002,877	)		$	30,291,312

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		30
		30



Invesco Food & Beverage ETF (PBJ)				Invesco Leisure and Entertainment ETF (PEJ)				Invesco Next Gen Connectivity ETF (KNCT)				Invesco Next Gen Media and Gaming ETF (GGME)				Invesco Oil & Gas Services ETF (PXJ)				Invesco Pharmaceuticals ETF (PJP)				Invesco Semiconductors ETF (PSI)

	$	2,463,613			$	1,330,607			$	234,634			$	121,221			$	609,485			$	2,203,709			$	2,687,471
		3,134				8,253				3,357				4,743				2,632				3,738				6,261
		49,950				106,533				3,873				111,166				10,698				55,166				49,908
		-				-				(8,989	)			(2,971	)			-				-				(26,586	)

		2,516,697				1,445,393				232,875				234,159				622,815				2,262,613				2,717,054



		-				-				26,135				-				-				-				-
		669,453				956,412				63,717				78,324				107,119				720,875				1,556,336
		40,169				57,387				3,823				3,111				6,431				43,254				93,383
		16,770				35,049				(4,856	)			7,384				7,329				16,802				23,512
		20,348				21,173				2,229				19,601				19,690				20,303				21,442
		16,300				1,795				(11,369	)			1,490				1,898				2,178				4,728
		6,430				7,490				1,691				5,015				5,372				7,775				7,140
		-				-				41,062				-				-				-				-
		20,758				50,233				(3,161	)			13,654				13,244				20,578				30,436

		790,228				1,129,539				119,271				128,579				161,083				831,765				1,736,977

		(73	)			(8,808	)			(12,920	)			(31,566	)			(25,212	)			(79	)			(130	)

		790,155				1,120,731				106,351				97,013				135,871				831,686				1,736,847

		1,726,542				324,662				126,524				137,146				486,944				1,430,927				980,207




		(6,765,708	)			(11,987,197	)			1,675,506				(7,527,523	)			(3,985,350	)			7,709,117				(5,378,459	)
		(1,394	)			(4,256	)			500				(1,442	)			29				562				623
		5,362,633				4,568,359				488,538				201,389				(2,060,372	)			8,652,432				7,343,492
		-				-				(41,796	)			(37,266	)			-				-				-

		(1,404,469	)			(7,423,094	)			2,122,748				(7,364,842	)			(6,045,693	)			16,362,111				1,965,656


		(32,298,051	)			(42,508,934	)			(207,211	)			5,885,764				9,696,239				(48,037,497	)			10,621,189
		(237	)			6,345				4				1,360				34				1,029				1,711
		-				-				(304	)			(152	)			-				-				-

		(32,298,288	)			(42,502,589	)			(207,511	)			5,886,972				9,696,273				(48,036,468	)			10,622,900

		(33,702,757	)			(49,925,683	)			1,915,237				(1,477,870	)			3,650,580				(31,674,357	)			12,588,556

	$	(31,976,215	)		$	(49,601,021	)		$	2,041,761			$	(1,340,724	)		$	4,137,524			$	(30,243,430	)		$	13,568,763

Statements of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)



	Invesco AI and Next Gen Software ETF (IGPT)								Invesco Biotechnology & Genome ETF (PBE)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income (loss)		$	(324,587	)		$	2,368,114			$	(283,826	)		$	(238,973	)
Net realized gain (loss)			6,061,375				(58,255,316	)			(12,485,796	)			(10,970,866	)
Change in net unrealized appreciation (depreciation)			(8,677,737	)			52,440,079				(22,702,819	)			35,128,107

Net increase (decrease) in net assets resulting from operations			(2,940,949	)			(3,447,123	)			(35,472,441	)			23,918,268


Distributions to Shareholders from:
Distributable earnings			-				(2,689,882	)			(55,858	)			-


Shareholder Transactions:
Proceeds from shares sold			4,635,565				2,006,325				10,393,470				90,047,476
Value of shares repurchased			(26,836,915	)			(56,049,648	)			(15,871,928	)			(70,499,457	)

Net increase (decrease) in net assets resulting from share transactions			(22,201,350	)			(54,043,323	)			(5,478,458	)			19,548,019

Net increase (decrease) in net assets			(25,142,299	)			(60,180,328	)			(41,006,757	)			43,466,287


Net assets:
Beginning of period			180,057,861				240,238,189				251,657,021				208,190,734

End of period		$	154,915,562			$	180,057,861			$	210,650,264			$	251,657,021


Changes in Shares Outstanding:
Shares sold			130,000	^(a)			60,000	^(a)			180,000				1,480,000
Shares repurchased			(780,000	)^(a)			(1,770,000	)^(a)			(270,000	)			(1,160,000	)
Shares outstanding, beginning of period			5,580,000	^(a)			7,290,000	^(a)			4,020,000				3,700,000

Shares outstanding, end of period			4,930,000	^(a)			5,580,000	^(a)			3,930,000				4,020,000

^(a)	Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023. See Note 9.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		32
		32



Invesco Building & Construction ETF (PKB)								Invesco Energy Exploration & Production ETF (PXE)								Invesco Food & Beverage ETF (PBJ)								Invesco Leisure and Entertainment ETF (PEJ)

Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	465,291			$	622,124			$	1,876,620			$	9,327,805			$	1,726,542			$	7,704,222			$	324,662			$	3,617,656
		12,205,090				(12,896,199	)			(11,550,869	)			65,482,071				(1,404,469	)			(5,378,167	)			(7,423,094	)			(272,836,513	)
		(13,673,258	)			31,328,255				39,965,561				(96,932,926	)			(32,298,288	)			5,360,645				(42,502,589	)			145,238,017

		(1,002,877	)			19,054,180				30,291,312				(22,123,050	)			(31,976,215	)			7,686,700				(49,601,021	)			(123,980,840	)



		(553,177	)			(597,983	)			(1,910,815	)			(9,616,549	)			(2,488,777	)			(6,857,863	)			(489,803	)			(3,846,251	)



		87,475,900				68,792,752				20,942,200				375,874,783				8,468,370				236,684,423				18,668,729				111,142,758
		(75,795,882	)			(50,950,001	)			(43,147,922	)			(445,778,697	)			(125,782,857	)			(204,319,168	)			(135,373,737	)			(879,116,414	)

		11,680,018				17,842,751				(22,205,722	)			(69,903,914	)			(117,314,487	)			32,365,255				(116,705,008	)			(767,973,656	)

		10,123,964				36,298,948				6,174,775				(101,643,513	)			(151,779,479	)			33,194,092				(166,795,832	)			(895,800,747	)



		183,620,772				147,321,824				162,572,714				264,216,227				336,046,830				302,852,738				453,620,969				1,349,421,716

	$	193,744,736			$	183,620,772			$	168,747,489			$	162,572,714			$	184,267,351			$	336,046,830			$	286,825,137			$	453,620,969



		1,690,000				1,540,000				650,000				11,490,000				190,000				5,170,000				470,000				2,710,000
		(1,510,000	)			(1,240,000	)			(1,510,000	)			(14,890,000	)			(2,840,000	)			(4,540,000	)			(3,390,000	)			(22,930,000	)
		3,860,000				3,560,000				6,090,000				9,490,000				7,120,000				6,490,000				10,950,000				31,170,000

		4,040,000				3,860,000				5,230,000				6,090,000				4,470,000				7,120,000				8,030,000				10,950,000

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)



	Invesco Next Gen Connectivity ETF (KNCT)								Invesco Next Gen Media and Gaming ETF (GGME)

	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	126,524			$	29,977			$	137,146			$	775,383
Net realized gain (loss)			2,122,748				(7,141,326	)			(7,364,842	)			(13,366,535	)
Change in net unrealized appreciation (depreciation)			(207,511	)			2,778,829				5,886,972				7,381,796

Net increase (decrease) in net assets resulting from operations			2,041,761				(4,332,520	)			(1,340,724	)			(5,209,356	)


Distributions to Shareholders from:
Distributable earnings			(58,200	)			(598,396	)			(341,459	)			(672,062	)


Shareholder Transactions:
Proceeds from shares sold			-				8,138,121				646,029				10,335,959
Value of shares repurchased			(3,142,749	)			(11,400,298	)			(1,393,150	)			(11,042,508	)

Net increase (decrease) in net assets resulting from share transactions			(3,142,749	)			(3,262,177	)			(747,121	)			(706,549	)

Net increase (decrease) in net assets			(1,159,188	)			(8,193,093	)			(2,429,304	)			(6,587,967	)


Net assets:
Beginning of period			36,888,774				45,081,867				31,861,926				38,449,893

End of period		$	35,729,586			$	36,888,774			$	29,432,622			$	31,861,926


Changes in Shares Outstanding:
Shares sold			-				110,000				20,000				300,000
Shares repurchased			(40,000	)			(160,000	)			(40,000	)			(320,000	)
Shares outstanding, beginning of period			510,000				560,000				930,000				950,000

Shares outstanding, end of period.			470,000				510,000				910,000				930,000

^(a)	Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023. See Note 9.

^(b)	Changes in shares outstanding have been restated to reflect a one-for-five reverse stock split effective after the close of business on July 14, 2023. See Note 9.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		34
		34



Invesco Oil & Gas Services ETF (PXJ)								Invesco Pharmaceuticals ETF (PJP)								Invesco Semiconductors ETF (PSI)

Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	486,944			$	636,959			$	1,430,927			$	2,809,472			$	980,207			$	2,907,758
		(6,045,693	)			3,208,517				16,362,111				(21,548,506	)			1,965,656				(96,385,960	)
		9,696,273				(11,014,297	)			(48,036,468	)			27,040,908				10,622,900				97,546,144

		4,137,524				(7,168,821	)			(30,243,430	)			8,301,874				13,568,763				4,067,942



		(493,585	)			(636,965	)			(1,433,158	)			(3,108,674	)			(1,228,971	)			(3,263,542	)



		47,109,378				94,100,045				6,160,702				39,783,422				57,399,580				85,135,316
		(51,922,034	)			(71,513,523	)			(35,110,641	)			(59,858,382	)			(38,686,048	)			(165,236,558	)

		(4,812,656	)			22,586,522				(28,949,939	)			(20,074,960	)			18,713,532				(80,101,242	)

		(1,168,717	)			14,780,736				(60,626,527	)			(14,881,760	)			31,053,324				(79,296,842	)



		82,727,202				67,946,466				305,600,590				320,482,350				511,012,852				590,309,694

	$	81,558,485			$	82,727,202			$	244,974,063			$	305,600,590			$	542,066,176			$	511,012,852



		1,550,000	^(b)			3,696,000	^(b)			80,000				520,000				1,410,000	^(a)			2,190,000	^(a)
		(2,206,022	)^(b)			(3,422,000	)^(b)			(470,000	)			(800,000	)			(940,000	)^(a)			(4,620,000	)^(a)
		3,412,000	^(b)			3,138,000	^(b)			3,940,000				4,220,000				13,770,000	^(a)			16,200,000	^(a)

		2,755,978	^(b)			3,412,000	^(b)			3,550,000				3,940,000				14,240,000	^(a)			13,770,000	^(a)

Financial Highlights

Invesco AI and Next Gen Software ETF (IGPT)



	Six Months Ended October 31, 2023				Years Ended April 30,

	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	32.27		$	32.95		$	54.43		$	32.95		$	32.03		$	23.60

Net investment income (loss)^(b)			(0.06	)		0.38			0.21	^(c)		(0.14	)		0.01			(0.07	)
Net realized and unrealized gain (loss) on investments			(0.79	)		(0.63	)		(19.04	)		21.62			0.95			8.50

Total from investment operations			(0.85	)		(0.25	)		(18.83	)		21.48			0.96			8.43

Distributions to shareholders from:
Net investment income			-			(0.43	)		(0.24	)		-			(0.04	)		-
Net realized gains			-			-			(2.41	)		-			-			-

Total distributions			-			(0.43	)		(2.65	)		-			(0.04	)		-

Net asset value at end of period		$	31.42		$	32.27		$	32.95		$	54.43		$	32.95		$	32.03

Market price at end of period^(d)		$	31.45		$	32.26		$	32.93		$	54.41		$	32.93		$	32.04

Net Asset Value Total Return^(e)			(2.63	)%		(0.71	)%		(35.58	)%		65.17	%		2.99	%		35.71	%
Market Price Total Return^(e)			(2.52	)%		(0.67	)%		(35.59	)%		65.21	%		2.91	%		35.58	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	154,916		$	180,058		$	240,238		$	622,085		$	400,339		$	437,243
Ratio to average net assets of:
Expenses, after Waivers			0.61	%^(f)		0.63	%		0.56	%		0.56	%		0.56	%		0.58	%
Expenses, prior to Waivers			0.61	%^(f)		0.64	%		0.56	%		0.56	%		0.56	%		0.58	%
Net investment income (loss)			(0.36	)%^(f)		1.18	%		0.44	%^(c)		(0.31	)%		0.03	%		(0.27	)%
Portfolio turnover rate^(g)			143	%		190	%		209	%		176	%		190	%		157	%

^(a)	Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $(0.36) and (0.26)%, respectively.

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	Annualized.

^(g)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		36
		36

Financial Highlights–(continued)

Invesco Biotechnology & Genome ETF (PBE)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	62.60		$	56.27		$	75.35		$	53.16		$	52.22		$	48.02

Net investment income (loss)^(a)			(0.07	)		(0.06	)		(0.10	)		(0.19	)		0.00	^(b)		(0.16	)
Net realized and unrealized gain (loss) on investments			(8.92	)		6.39			(18.98	)		22.38			0.97			4.36

Total from investment operations			(8.99	)		6.33			(19.08	)		22.19			0.97			4.20

Distributions to shareholders from:
Net investment income			(0.01	)		-			-			-			(0.03	)		(0.00	)^(c)

Net asset value at end of period		$	53.60		$	62.60		$	56.27		$	75.35		$	53.16		$	52.22

Market price at end of period^(d)		$	53.59		$	62.59		$	56.24		$	75.31		$	53.27		$	52.22

Net Asset Value Total Return^(e)			(14.36	)%		11.25	%		(25.32	)%		41.74	%		1.87	%		8.75	%
Market Price Total Return^(e)			(14.36	)%		11.29	%		(25.32	)%		41.37	%		2.08	%		8.62	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	210,650		$	251,657		$	208,191		$	287,833		$	220,611		$	248,027
Ratio to average net assets of:
Expenses			0.58	%^(f)		0.58	%		0.57	%		0.59	%		0.58	%		0.57	%
Net investment income (loss)			(0.24	)%^(f)		(0.10	)%		(0.14	)%		(0.30	)%		0.01	%		(0.29	)%
Portfolio turnover rate^(g)			57	%		71	%		121	%		151	%		252	%		117	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

^(c)	Amount represents less than $(0.005).

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		37
		37

Financial Highlights–(continued)

Invesco Building & Construction ETF (PKB)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	47.57		$	41.38		$	51.43		$	25.83		$	30.04		$	30.33

Net investment income^(a)			0.11			0.21			0.14			0.10			0.12			0.13
Net realized and unrealized gain (loss) on investments			0.40	^(b)		6.18			(10.05	)		25.62			(4.19	)		(0.29	)

Total from investment operations			0.51			6.39			(9.91	)		25.72			(4.07	)		(0.16	)

Distributions to shareholders from:
Net investment income			(0.12	)		(0.20	)		(0.14	)		(0.12	)		(0.14	)		(0.13	)

Net asset value at end of period		$	47.96		$	47.57		$	41.38		$	51.43		$	25.83		$	30.04

Market price at end of period^(c)		$	47.96		$	47.56		$	41.38		$	51.48		$	25.89		$	30.05

Net Asset Value Total Return^(d)			1.07	%		15.53	%		(19.31	)%		99.81	%		(13.59	)%		(0.47	)%
Market Price Total Return^(d)			1.09	%		15.50	%		(19.39	)%		99.54	%		(13.42	)%		(0.47	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	193,745		$	183,621		$	147,322		$	279,793		$	69,753		$	118,639
Ratio to average net assets of:
Expenses			0.58	%^(e)		0.62	%		0.57	%		0.60	%		0.59	%		0.60	%
Net investment income.			0.41	%^(e)		0.49	%		0.29	%		0.25	%		0.38	%		0.44	%
Portfolio turnover rate^(f)			59	%		118	%		151	%		136	%		139	%		148	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		38
		38

Financial Highlights–(continued)

Invesco Energy Exploration & Production ETF (PXE)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	26.70		$	27.84		$	15.09		$	10.12		$	19.55		$	24.06

Net investment income^(a)			0.35			1.01			0.51			0.15			0.26			0.20
Net realized and unrealized gain (loss) on investments			5.57			(1.12	)		12.68			5.22			(9.41	)		(4.48	)

Total from investment operations			5.92			(0.11	)		13.19			5.37			(9.15	)		(4.28	)

Distributions to shareholders from:
Net investment income			(0.35	)		(1.03	)		(0.44	)		(0.40	)		(0.28	)		(0.23	)

Net asset value at end of period.		$	32.27		$	26.70		$	27.84		$	15.09		$	10.12		$	19.55

Market price at end of period^(b)		$	32.25		$	26.70		$	27.79		$	15.12		$	10.11		$	19.57

Net Asset Value Total Return^(c)			22.33	%		(0.52	)%		88.75	%		55.47	%		(47.06	)%		(17.84	)%
Market Price Total Return^(c)			22.26	%		(0.34	)%		88.04	%		55.94	%		(47.17	)%		(17.96	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	168,747		$	162,573		$	264,216		$	59,593		$	16,693		$	40,078
Ratio to average net assets of:
Expenses, after Waivers			0.62	%^(d)		0.60	%		0.63	%		0.63	%		0.65	%^(e)		0.63	%
Expenses, prior to Waivers			0.62	%^(d)		0.60	%		0.63	%		0.95	%		0.86	%^(e)		0.64	%
Net investment income			2.34	%^(d)		3.38	%		2.41	%		1.30	%		1.80	%^(e)		0.82	%
Portfolio turnover rate^(f)			61	%		94	%		63	%		73	%		126	%		110	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		39
		39

Financial Highlights–(continued)

Invesco Food & Beverage ETF (PBJ)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	47.20		$	46.66		$	41.25		$	30.36		$	34.21		$	32.81

Net investment income^(a)			0.29			1.07	^(b)		0.34			0.47			0.41			0.34
Net realized and unrealized gain (loss) on investments			(5.86	)		0.40	^(c)		5.46			10.87			(3.81	)		1.39

Total from investment operations			(5.57	)		1.47			5.80			11.34			(3.40	)		1.73

Distributions to shareholders from:
Net investment income			(0.41	)		(0.93	)		(0.39	)		(0.45	)		(0.45	)		(0.33	)

Net asset value at end of period		$	41.22		$	47.20		$	46.66		$	41.25		$	30.36		$	34.21

Market price at end of period^(d)		$	41.23		$	47.21		$	46.70		$	41.27		$	30.38		$	34.19

Net Asset Value Total Return^(e)			(11.87	)%		3.25	%		14.14	%		37.65	%		(10.00	)%		5.37	%
Market Price Total Return^(e)			(11.86	)%		3.19	%		14.18	%		37.63	%		(9.90	)%		5.47	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	184,267		$	336,047		$	302,853		$	83,735		$	63,746		$	71,831
Ratio to average net assets of:
Expenses, after Waivers			0.59	%^(f)		0.57	%		0.63	%		0.63	%		0.64	%^(g)		0.63	%
Expenses, prior to Waivers			0.59	%^(f)		0.57	%		0.63	%		0.68	%		0.64	%^(g)		0.65	%
Net investment income			1.29	%^(f)		2.36	%^(b)		0.78	%		1.35	%		1.23	%^(g)		1.05	%
Portfolio turnover rate^(h)			66	%		95	%		98	%		116	%		136	%		122	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	Annualized.

^(g)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(h)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		40
		40

Financial Highlights–(continued)

Invesco Leisure and Entertainment ETF (PEJ)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	41.43		$	43.29		$	46.00		$	27.39		$	44.80		$	44.89

Net investment income^(a)			0.03			0.19			0.18			0.31	^(b)		0.18			0.19
Net realized and unrealized gain (loss) on investments			(5.69	)		(1.82	)		(2.68	)		18.62			(17.35	)		(0.05	)

Total from investment operations			(5.66	)		(1.63	)		(2.50	)		18.93			(17.17	)		0.14

Distributions to shareholders from:
Net investment income			(0.05	)		(0.23	)		(0.21	)		(0.32	)		(0.24	)		(0.23	)

Net asset value at end of period		$	35.72		$	41.43		$	43.29		$	46.00		$	27.39		$	44.80

Market price at end of period^(c)		$	35.72		$	41.41		$	43.29		$	45.93		$	27.48		$	44.78

Net Asset Value Total Return^(d)			(13.67	)%		(3.71	)%		(5.47	)%		69.34	%		(38.42	)%		0.33	%
Market Price Total Return^(d)			(13.63	)%		(3.75	)%		(5.32	)%		68.53	%		(38.19	)%		0.12	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	286,825		$	453,621		$	1,349,422		$	1,787,267		$	135,590		$	67,201
Ratio to average net assets of:
Expenses, after Waivers			0.59	%^(e)		0.58	%		0.54	%		0.55	%		0.64	%^(f)		0.63	%
Expenses, prior to Waivers			0.59	%^(e)		0.58	%		0.55	%		0.55	%		0.70	%^(f)		0.63	%
Net investment income			0.17	%^(e)		0.49	%		0.38	%		0.76	%^(b)		0.47	%^(f)		0.42	%
Portfolio turnover rate^(g)			90	%		165	%		153	%		126	%		163	%		207	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.01 and 0.02%, respectively.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		41
		41

Financial Highlights–(continued)

Invesco Next Gen Connectivity ETF (KNCT)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period.		$	72.33		$	80.50		$	85.40		$	57.59		$	63.16		$	50.08

Net investment income^(a)			0.25			0.06			2.23	^(b)		0.08			0.10			0.66
Net realized and unrealized gain (loss) on investments			3.56			(7.12	)		(6.10	)		27.86			(5.51	)		13.13

Total from investment operations			3.81			(7.06	)		(3.87	)		27.94			(5.41	)		13.79

Distributions to shareholders from:
Net investment income			(0.12	)		(1.11	)		(1.03	)		(0.13	)		(0.16	)		(0.71	)

Net asset value at end of period		$	76.02		$	72.33		$	80.50		$	85.40		$	57.59		$	63.16

Market price at end of period^(c)		$	76.06		$	72.28		$	80.36		$	85.46		$	57.51		$	63.14

Net Asset Value Total Return^(d)			5.27	%		(8.77	)%		(4.67	)%		48.59	%		(8.56	)%		27.90	%
Market Price Total Return^(d)			5.40	%		(8.66	)%		(4.91	)%		48.90	%		(8.66	)%		27.81	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	35,730		$	36,889		$	45,082		$	41,848		$	46,070		$	101,051
Ratio to average net assets of:
Expenses, after Waivers			0.55	%^(e)		0.63	%		0.63	%		0.63	%		0.64	%^(f)		0.63	%
Expenses, prior to Waivers			0.62	%^(e)		0.79	%		0.69	%		0.73	%		0.65	%^(f)		0.64	%
Net investment income			0.66	%^(e)		0.08	%		2.42	%^(b)		0.11	%		0.17	%^(f)		1.21	%
Portfolio turnover rate^(g)			116	%		109	%		109	%		103	%		99	%		98	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.47 and 1.60%, respectively.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(g)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		42
		42

Financial Highlights–(continued)

Invesco Next Gen Media and Gaming ETF (GGME)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	34.26		$	40.47		$	52.00		$	27.88		$	34.65		$	29.14

Net investment income^(a)			0.15			0.78			0.06			0.40	^(b)		0.12			0.16
Net realized and unrealized gain (loss) on investments			(1.70	)		(6.30	)		(11.42	)		23.96			(6.75	)		5.58

Total from investment operations			(1.55	)		(5.52	)		(11.36	)		24.36			(6.63	)		5.74

Distributions to shareholders from:
Net investment income			(0.37	)		(0.69	)		(0.17	)		(0.24	)		(0.14	)		(0.23	)

Net asset value at end of period		$	32.34		$	34.26		$	40.47		$	52.00		$	27.88		$	34.65

Market price at end of period^(c)		$	32.39		$	34.24		$	40.43		$	51.96		$	27.85		$	34.65

Net Asset Value Total Return^(d)			(4.58	)%		(13.54	)%		(21.90	)%		87.47	%		(19.20	)%		19.81	%
Market Price Total Return^(d)			(4.38	)%		(13.50	)%		(21.92	)%		87.53	%		(19.28	)%		19.73	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	29,433		$	31,862		$	38,450		$	82,685		$	30,668		$	88,348
Ratio to average net assets of:
Expenses, after Waivers			0.62	%^(e)		0.63	%		0.63	%		0.63	%		0.64	%^(f)		0.63	%
Expenses, prior to Waivers			0.82	%^(e)		0.80	%		0.64	%		0.72	%		0.67	%^(f)		0.67	%
Net investment income			0.88	%^(e)		2.21	%		0.12	%		0.94	%^(b)		0.36	%^(f)		0.49	%
Portfolio turnover rate^(g)			133	%		91	%		99	%		99	%		146	%		103	%

^(a)	Based on average shares outstanding.

^(b)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.04 and 0.08%, respectively.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(g)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		43
		43

Financial Highlights–(continued)

Invesco Oil & Gas Services ETF (PXJ)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	24.25		$	21.65		$	16.30		$	11.95		$	34.35		$	48.50

Net investment income^(b)			0.31			0.25			0.02			0.35	^(c)		0.35			0.20
Net realized and unrealized gain (loss) on investments			5.39			2.55	^(d)		5.43			4.70	^(d)		(22.35	)		(14.05	)

Total from investment operations			5.70			2.80			5.45			5.05			(22.00	)		(13.85	)

Distributions to shareholders from:
Net investment income			(0.36	)		(0.20	)		(0.10	)		(0.70	)		(0.40	)		(0.30	)

Net asset value at end of period		$	29.59		$	24.25		$	21.65		$	16.30		$	11.95		$	34.35

Market price at end of period^(e)		$	29.59		$	24.25		$	21.65		$	16.35		$	12.00		$	34.35

Net Asset Value Total Return^(f)			23.63	%		13.10	%		33.40	%		43.34	%		(63.87	)%		(28.69	)%
Market Price Total Return^(f)			23.63	%		13.10	%		33.00	%		43.19	%		(63.72	)%		(28.69	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	81,558		$	82,727		$	67,946		$	55,918		$	5,971		$	17,519
Ratio to average net assets of:
Expenses, after Waivers			0.63	%^(g)		0.63	%		0.63	%		0.63	%		0.67	%^(h)		0.63	%
Expenses, prior to Waivers			0.75	%^(g)		0.68	%		0.74	%		1.17	%		1.09	%^(h)		0.83	%
Net investment income			2.27	%^(g)		1.03	%		0.12	%		2.32	%^(c)		1.51	%^(h)		0.48	%
Portfolio turnover rate⁽ⁱ⁾			39	%		64	%		109	%		63	%		82	%		81	%

^(a)	Per share amounts have been adjusted to reflect a one-for-five reverse stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)

^(d)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(e)	The mean between the last bid and ask prices.

^(f)

^(g)	Annualized.

^(h)	Ratios include non-recurring costs associated with a proxy statement of 0.04%.

⁽ⁱ⁾	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		44
		44

Financial Highlights–(continued)

Invesco Pharmaceuticals ETF (PJP)



	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	77.56		$	75.94		$	78.11		$	62.54		$	62.65		$	61.49

Net investment income^(a)			0.38			0.67			0.73			0.53			0.55			0.69
Net realized and unrealized gain (loss) on investments			(8.55	)		1.70	^(b)		(2.19	)		15.60			(0.08	)		1.17

Total from investment operations			(8.17	)		2.37			(1.46	)		16.13			0.47			1.86

Distributions to shareholders from:
Net investment income			(0.38	)		(0.75	)		(0.71	)		(0.56	)		(0.58	)		(0.70	)

Net asset value at end of period		$	69.01		$	77.56		$	75.94		$	78.11		$	62.54		$	62.65

Market price at end of period^(c)		$	69.01		$	77.54		$	75.97		$	78.17		$	62.49		$	62.64

Net Asset Value Total Return^(d)			(10.58	)%		3.17	%		(1.91	)%		25.91	%		0.83	%		3.02	%
Market Price Total Return^(d)			(10.55	)%		3.10	%		(1.94	)%		26.10	%		0.77	%		2.94	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	244,974		$	305,601		$	320,482		$	358,503		$	356,497		$	416,591
Ratio to average net assets of:
Expenses			0.58	%^(e)		0.57	%		0.56	%		0.58	%		0.56	%		0.56	%
Net investment income			0.99	%^(e)		0.88	%		0.92	%		0.76	%		0.92	%		1.03	%
Portfolio turnover rate^(f)			18	%		36	%		40	%		48	%		63	%		81	%

^(a)	Based on average shares outstanding.

^(b)	Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net realized and unrealized gain (loss) on investments per share would have been $1.58. Total returns would have been lower.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		45
		45

Financial Highlights–(continued)

Invesco Semiconductors ETF (PSI)



	Six Months Ended October 31, 2023					Years Ended April 30,
	(Unaudited)					2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	37.11			$	36.44		$	40.36		$	21.20		$	19.36		$	16.30

Net investment income^(b)			0.07				0.20			0.12			0.06			0.10			0.13
Net realized and unrealized gain (loss) on investments			0.97				0.69			(3.94	)		19.16			1.87			3.06

Total from investment operations.			1.04				0.89			(3.82	)		19.22			1.97			3.19

Distributions to shareholders from:
Net investment income			(0.08	)			(0.22	)		(0.10	)		(0.06	)		(0.13	)		(0.13	)

Net asset value at end of period		$	38.07			$	37.11		$	36.44		$	40.36		$	21.20		$	19.36

Market price at end of period^(c)		$	38.05			$	37.10		$	36.44		$	40.32		$	21.24		$	19.35

Net Asset Value Total Return^(d)			2.78	%			2.49	%		(9.50	)%		90.85	%		10.23	%		19.71	%
Market Price Total Return^(d)			2.75	%			2.48	%		(9.41	)%		90.32	%		10.51	%		19.53	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	542,066			$	511,013		$	590,310		$	633,276		$	228,946		$	200,423
Ratio to average net assets of:
Expenses			0.56	%^(e)	��		0.57	%		0.55	%		0.56	%		0.57	%		0.58	%
Net investment income			0.31	%^(e)			0.55	%		0.26	%		0.20	%		0.49	%		0.73	%
Portfolio turnover rate^(f)			50	%			108	%		84	%		95	%		94	%		98	%

^(a)	Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.



		46
		46

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2023

(Unaudited)

NOTE 1–Organization


Full Name	Former Fund Name	Short Name

Invesco AI and Next Gen Software ETF (IGPT)*	Invesco Dynamic Software ETF	“AI and Next Gen Software ETF”

Invesco Biotechnology & Genome ETF (PBE)*	Invesco Dynamic Biotechnology & Genome ETF	“Biotechnology & Genome ETF”

Invesco Building & Construction ETF (PKB)*	Invesco Dynamic Building & Construction ETF	“Building & Construction ETF”

Invesco Energy Exploration & Production ETF (PXE)*	Invesco Dynamic Energy Exploration & Production ETF	“Energy Exploration & Production ETF”

Invesco Food & Beverage ETF (PBJ)*	Invesco Dynamic Food & Beverage ETF	“Food & Beverage ETF”

Invesco Leisure and Entertainment ETF (PEJ)*	Invesco Dynamic Leisure and Entertainment ETF	“Leisure and Entertainment ETF”

Invesco Next Gen Connectivity ETF (KNCT)*	Invesco Dynamic Networking ETF	“Next Gen Connectivity ETF”

Invesco Next Gen Media and Gaming ETF (GGME)*	Invesco Dynamic Media ETF	“Next Gen Media and Gaming ETF”

Invesco Oil & Gas Services ETF (PXJ)*	Invesco Dynamic Oil & Gas Services ETF	“Oil & Gas Services ETF”

Invesco Pharmaceuticals ETF (PJP)*	Invesco Dynamic Pharmaceuticals ETF	“Pharmaceuticals ETF”

Invesco Semiconductors ETF (PSI)*	Invesco Dynamic Semiconductors ETF	“Semiconductors ETF”

*	Effective after the close of markets on August 25, 2023, the Fund’s name changed.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):


Fund		Underlying Index

AI and Next Gen Software ETF		STOXX World AC NexGen Software Development Index

Biotechnology & Genome ETF		Dynamic Biotech & Genome Intellidex^®Index

Building & Construction ETF		Dynamic Building & Construction Intellidex^®Index

Energy Exploration & Production ETF		Dynamic Energy Exploration & Production Intellidex^®Index

Food & Beverage ETF		Dynamic Food & Beverage Intellidex^®Index

Leisure and Entertainment ETF		Dynamic Leisure & Entertainment Intellidex^®Index

Next Gen Connectivity ETF		STOXX World AC NexGen Connectivity Index

Next Gen Media and Gaming ETF		STOXX World AC NexGen Media Index

Oil & Gas Services ETF		Dynamic Oil Services Intellidex^®Index

Pharmaceuticals ETF		Dynamic Pharmaceutical Intellidex^®Index

Semiconductors ETF		Dynamic Semiconductor Intellidex^®Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Expenses - Effective August 28, 2023, Next Gen Connectivity ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

Each Fund (except for Next Gen Connectivity ETF) is responsible for all of its own expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Prior to August 28, 2023, Next Gen Connectivity ETF was responsible for all of its own expenses, including, but not limited to, the expenses listed directly above.

unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.


	Amount

AI and Next Gen Software ETF		$	1,071

Biotechnology & Genome ETF			3,774

Building & Construction ETF			731

Energy Exploration & Production ETF			2,644

Food & Beverage ETF			3,745

Leisure and Entertainment ETF			8,209

Next Gen Connectivity ETF			313

Next Gen Media and Gaming ETF			4,389

Oil & Gas Services ETF			784

Pharmaceuticals ETF			2,127

Semiconductors ETF			2,283

L.	Other Risks

Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Valuation Time Risk. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund’s portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.

NOTE 3–Investment Advisory Agreements and Other Agreements

Pursuant to an Investment Advisory Agreement, each Fund (except for Next Gen Connectivity ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, Next Gen Connectivity ETF accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.40% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Prior to August 28, 2023, Next Gen Connectivity ETF accrued daily and paid monthly to the Adviser an annual fee of 0.50% of its average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Next Gen Connectivity ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except Next Gen Connectivity ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (an “Expense Cap”), through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase a Fund’s Expense Cap without approval of the Board of Trustees.

Prior to August 28, 2023, the Trust also had entered into the Expense Agreement with the Adviser on behalf of Next Gen Connectivity ETF, pursuant to which the Adviser had agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Next Gen Connectivity ETF (excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) from exceeding 0.60% of the Fund’s average daily net assets per year (an “Expense Cap”).

The Adviser did not waive fees and/or pay Fund expenses during the period under the Expense Cap for Biotechnology & Genome ETF, Building & Construction ETF, Energy Exploration & Production ETF, Food & Beverage ETF, Leisure and Entertainment ETF, Pharmaceuticals ETF and Semiconductors ETF.

For the six months ended October 31, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:



AI and Next Gen Software ETF	$	133

Biotechnology & Genome ETF		109

Building & Construction ETF		85

Energy Exploration & Production ETF		2,956

Food & Beverage ETF		73

Leisure and Entertainment ETF		8,808

Next Gen Connectivity ETF		12,920

Next Gen Media and Gaming ETF		31,566

Oil & Gas Services ETF		25,212

Pharmaceuticals ETF		79

Semiconductors ETF		130

For each Fund (except for Next Gen Connectivity ETF), the fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For Next Gen Connectivity ETF, the fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap were subject to recapture by the Adviser, under the same conditions described above. Claims for any unreimbursed fees were terminated in connection with the implementation of Next Gen Connectivity ETF’s unitary management fee effective on August 28, 2023.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of October 31, 2023 are as follows:


	Total Potential Recapture Amounts

				Potential Recapture Amounts Expiring

				4/30/24			4/30/25		4/30/26		10/31/26

Next Gen Media and Gaming ETF		$	115,524		$	13,184		$12,359		$58,501		$	31,480

Oil & Gas Services ETF			133,919			36,181		39,278		33,302			25,158

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):


Fund		Licensor

AI and Next Gen Software ETF		STOXX Ltd.

Biotechnology & Genome ETF		ICE Data Indices, LLC

Building & Construction ETF		ICE Data Indices, LLC

Energy Exploration & Production ETF		ICE Data Indices, LLC

Food & Beverage ETF		ICE Data Indices, LLC

Leisure and Entertainment ETF		ICE Data Indices, LLC

Next Gen Connectivity ETF		STOXX Ltd.

Next Gen Media and Gaming ETF		STOXX Ltd.

Oil & Gas Services ETF		ICE Data Indices, LLC

Pharmaceuticals ETF		ICE Data Indices, LLC

Semiconductors ETF		ICE Data Indices, LLC



AI and Next Gen Software ETF	$	41,910

Biotechnology & Genome ETF		26,564

Building & Construction ETF		8,968

Energy Exploration & Production ETF		26,086

Food & Beverage ETF		22,718

Leisure and Entertainment ETF		60,871

Next Gen Connectivity ETF		11,506

Next Gen Media and Gaming ETF		15,434

Oil & Gas Services ETF		10,668

Pharmaceuticals ETF		13,863

Semiconductors ETF		21,529

NOTE 4–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.

Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3			Total

AI and Next Gen Software ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	154,966,782		$	691		$	-		$	154,967,473

Money Market Funds			83,253			5,651,015			-			5,734,268


Total Investments		$	155,050,035		$	5,651,706		$	-		$	160,701,741


Biotechnology & Genome ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	210,745,002		$	-		$	-		$	210,745,002

Money Market Funds			149,552			56,104,805			-			56,254,357


Total Investments		$	210,894,554		$	56,104,805		$	-		$	266,999,359


Building & Construction ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	193,846,926		$	-		$	-		$	193,846,926

Money Market Funds			111,483			12,229,958			-			12,341,441


Total Investments		$	193,958,409		$	12,229,958		$	-		$	206,188,367


	Level 1			Level 2			Level 3			Total

Energy Exploration & Production ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	168,732,682		$	-		$	-		$	168,732,682

Money Market Funds			163,043			48,149,037			-			48,312,080


Total Investments		$	168,895,725		$	48,149,037		$	-		$	217,044,762


Food & Beverage ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	184,230,616		$	-		$	-		$	184,230,616

Money Market Funds			241,490			14,303,763			-			14,545,253


Total Investments		$	184,472,106		$	14,303,763		$	-		$	198,775,869


Leisure and Entertainment ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	286,787,629		$	-		$	-		$	286,787,629

Money Market Funds			440,194			62,146,928			-			62,587,122


Total Investments		$	287,227,823		$	62,146,928		$	-		$	349,374,751


Next Gen Connectivity ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	35,705,895		$	-		$	-		$	35,705,895

Money Market Funds			-			2,327,883			-			2,327,883


Total Investments		$	35,705,895		$	2,327,883		$	-		$	38,033,778


Next Gen Media and Gaming ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	29,380,381		$	-		$	-		$	29,380,381

Money Market Funds			140,022			1,350,047			-			1,490,069


Total Investments		$	29,520,403		$	1,350,047		$	-		$	30,870,450


Oil & Gas Services ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	81,548,703		$	-		$	-		$	81,548,703

Money Market Funds			59,901			7,669,758			-			7,729,659


Total Investments		$	81,608,604		$	7,669,758		$	-		$	89,278,362


Pharmaceuticals ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	244,925,988		$	-		$	0		$	244,925,988

Money Market Funds			127,571			10,375,743			-			10,503,314


Total Investments		$	245,053,559		$	10,375,743		$	0		$	255,429,302


Semiconductors ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	542,176,067		$	-		$	-		$	542,176,067

Money Market Funds			400,327			54,409,792			-			54,810,119


Total Investments		$	542,576,394		$	54,409,792		$	-		$	596,986,186

NOTE 5–Tax Information

The Funds had capital loss carryforwards as of April 30, 2023, as follows:


	No expiration

	Short-Term		Long-Term		Total*

AI and Next Gen Software ETF	$	175,559,773	$	14,160,891	$	189,720,664

Biotechnology & Genome ETF		259,186,035		39,771,749		298,957,784

Building & Construction ETF		99,459,024		7,894,024		107,353,048

Energy Exploration & Production ETF		96,514,158		34,867,387		131,381,545

Food & Beverage ETF		97,483,681		9,879,421		107,363,102

Leisure and Entertainment ETF		454,713,680		89,379,970		544,093,650

Next Gen Connectivity ETF		45,607,213		9,629,026		55,236,239

Next Gen Media and Gaming ETF		91,395,763		11,844,673		103,240,436

Oil & Gas Services ETF		57,758,745		48,347,346		106,106,091

Pharmaceuticals ETF		189,362,805		282,236,065		471,598,870

Semiconductors ETF		136,313,825		-		136,313,825

*	Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions


.	Purchases		Sales

AI and Next Gen Software ETF	$	258,083,320	$	258,672,109

Biotechnology & Genome ETF		135,382,347		135,515,620

Building & Construction ETF		129,341,868		129,429,536

Energy Exploration & Production ETF		97,454,316		97,549,104

Food & Beverage ETF		173,520,620		174,492,162

Leisure and Entertainment ETF		338,933,618		339,380,553

Next Gen Connectivity ETF		44,411,964		44,576,295

Next Gen Media and Gaming ETF		41,386,975		41,643,333

Oil & Gas Services ETF		19,947,290		19,848,569

Pharmaceuticals ETF		52,349,051		52,249,826

Semiconductors ETF		310,134,024		310,196,702

For the six months ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

AI and Next Gen Software ETF	$	4,635,560	$	26,562,320

Biotechnology & Genome ETF		10,387,859		15,867,119

Building & Construction ETF		87,234,147		75,472,624

Energy Exploration & Production ETF		20,933,400		43,131,103

Food & Beverage ETF		8,454,153		125,559,867

Leisure and Entertainment ETF		18,686,293		135,158,551

Next Gen Connectivity ETF		-		2,958,687

Next Gen Media and Gaming ETF		645,779		1,393,655

Oil & Gas Services ETF		47,047,857		51,921,187

Pharmaceuticals ETF		6,156,510		35,103,542

Semiconductors ETF		57,387,849		38,704,118

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost

AI and Next Gen Software ETF	$	3,913,985	$	(10,405,137	)	$	(6,491,152	)	$	167,192,893

Biotechnology & Genome ETF		17,538,871		(30,086,547	)		(12,547,676	)		279,547,035

Building & Construction ETF		10,740,143		(7,934,936	)		2,805,207			203,383,160

Energy Exploration & Production ETF		18,900,643		(13,084,133	)		5,816,510			211,228,252

Food & Beverage ETF		6,566,383		(21,213,215	)		(14,646,832	)		213,422,701

Leisure and Entertainment ETF		8,906,057		(43,001,327	)		(34,095,270	)		383,470,021

Next Gen Connectivity ETF		2,084,748		(1,442,797	)		641,951			37,391,827

Next Gen Media and Gaming ETF		2,040,183		(2,302,125	)		(261,942	)		31,132,392

Oil & Gas Services ETF		4,567,893		(4,155,534	)		412,359			88,866,003

Pharmaceuticals ETF		37,557,701		(41,491,931	)		(3,934,230	)		259,363,532

Semiconductors ETF		66,098,196		(52,971,454	)		13,126,742			583,859,444

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Next Gen Connectivity ETF. Prior to August 28, 2023, Next Gen Connectivity ETF accrued amounts to pay for such remuneration. The Interested Trustee does not receive any Trustees’ fees.

NOTE 8–Capital

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 9–Stock Split

On June 22, 2023, the Board of Trustees approved a three-for-one stock split for each of AI and Next Gen Software ETF and Semiconductors ETF. The effect of the stock splits was to increase the number of shares outstanding of those Funds, whereby every outstanding share of the respective Funds was exchanged for three shares effective after the close of business on July 14, 2023. The transactions did not change the net assets of the Funds or the net asset value of any shareholder’s investment in the Funds.

On June 22, 2023, the Board of Trustees approved a one-for-five reverse stock split for Oil & Gas Services ETF. The effect of the reverse stock split was to decrease the number of shares outstanding of that Fund, whereby every five outstanding shares of

the Fund were exchanged for one share effective after the close of business on July 14, 2023. The transaction did not change the net assets of the Fund or the net asset value of any shareholder’s investment in the Fund.

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Next Gen Connectivity ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Next Gen Connectivity ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes



	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco AI and Next Gen Software ETF (IGPT)

Actual		$1,000.00		$ 973.70		0.61	%		$3.03

Hypothetical (5% return before expenses)		1,000.00		1,022.07		0.61			3.10

Invesco Biotechnology & Genome ETF (PBE)

Actual		1,000.00		856.40		0.58			2.71

Hypothetical (5% return before expenses)		1,000.00		1,022.22		0.58			2.95

Invesco Building & Construction ETF (PKB)

Actual		1,000.00		1,010.70		0.58			2.93

Hypothetical (5% return before expenses)		1,000.00		1,022.22		0.58			2.95

Invesco Energy Exploration & Production ETF (PXE)

Actual		1,000.00		1,223.30		0.62			3.46

Hypothetical (5% return before expenses)		1,000.00		1,022.02		0.62			3.15

Invesco Food & Beverage ETF (PBJ)

Actual		1,000.00		881.30		0.59			2.79

Hypothetical (5% return before expenses)		1,000.00		1,022.17		0.59			3.00

Calculating your ongoing Fund expenses–(continued)



	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Leisure and Entertainment ETF (PEJ)

Actual		$1,000.00		$ 863.30		0.59	%		$2.76

Hypothetical (5% return before expenses)		1,000.00		1,022.17		0.59			3.00

Invesco Next Gen Connectivity ETF (KNCT)

Actual		1,000.00		1,052.70		0.55			2.84

Hypothetical (5% return before expenses)		1,000.00		1,022.37		0.55			2.80

Invesco Next Gen Media and Gaming ETF (GGME)

Actual		1,000.00		954.20		0.62			3.05

Hypothetical (5% return before expenses)		1,000.00		1,022.02		0.62			3.15

Invesco Oil & Gas Services ETF (PXJ)

Actual		1,000.00		1,236.30		0.63			3.54

Hypothetical (5% return before expenses)		1,000.00		1,021.97		0.63			3.20

Invesco Pharmaceuticals ETF (PJP)

Actual		1,000.00		894.20		0.58			2.76

Hypothetical (5% return before expenses)		1,000.00		1,022.22		0.58			2.95

Invesco Semiconductors ETF (PSI)

Actual		1,000.00		1,027.80		0.56			2.85

Hypothetical (5% return before expenses)		1,000.00		1,022.32		0.56			2.85

⁽¹⁾

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700


Downers Grove, IL 60515		P-PS-SAR-7		invesco.com/ETFs



		Invesco Semi-Annual Report to Shareholders October 31, 2023
		RSP		Invesco S&P 500^®Equal Weight ETF

		RSPC		Invesco S&P 500^®Equal Weight Communication Services ETF

		RSPD		Invesco S&P 500^®Equal Weight Consumer Discretionary ETF

		RSPS		Invesco S&P 500^®Equal Weight Consumer Staples ETF

		RSPG		Invesco S&P 500^®Equal Weight Energy ETF

		RSPF		Invesco S&P 500^®Equal Weight Financials ETF

		RSPH		Invesco S&P 500^®Equal Weight Health Care ETF

		RSPN		Invesco S&P 500^®Equal Weight Industrials ETF

		RSPM		Invesco S&P 500^®Equal Weight Materials ETF

		RSPR		Invesco S&P 500^®Equal Weight Real Estate ETF

		RSPT		Invesco S&P 500^®Equal Weight Technology ETF

		RSPU		Invesco S&P 500^®Equal Weight Utilities ETF

		GRPM		Invesco S&P MidCap 400^®GARP ETF (formerly, Invesco S&P MidCap 400^®Equal Weight ETF)

Table of Contents


Schedules of Investments

Invesco S&P 500^® Equal Weight ETF (RSP)			3

Invesco S&P 500^® Equal Weight Communication Services ETF (RSPC)			10

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RSPD)			12

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RSPS)			14

Invesco S&P 500^® Equal Weight Energy ETF (RSPG)			16

Invesco S&P 500^® Equal Weight Financials ETF (RSPF)			18

Invesco S&P 500^® Equal Weight Health Care ETF (RSPH)			20

Invesco S&P 500^® Equal Weight Industrials ETF (RSPN)			22

Invesco S&P 500^® Equal Weight Materials ETF (RSPM)			25

Invesco S&P 500^® Equal Weight Real Estate ETF (RSPR)			27

Invesco S&P 500^® Equal Weight Technology ETF (RSPT)			29

Invesco S&P 500^® Equal Weight Utilities ETF (RSPU)			31

Invesco S&P MidCap 400^®GARP ETF (GRPM)			33

Statements of Assets and Liabilities			36

Statements of Operations			40

Statements of Changes in Net Assets			44

Financial Highlights			50

Notes to Financial Statements			63

Fund Expenses			75


		2

Invesco S&P 500^® Equal Weight ETF (RSP)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-3.92%
Alphabet, Inc., Class A^(b)		326,960	$	40,569,197
Alphabet, Inc., Class C^(b)		278,140		34,850,942
AT&T, Inc.		5,746,955		88,503,107
Charter Communications, Inc., Class A^(b)(c)		195,906		78,910,937
Comcast Corp., Class A		1,837,821		75,883,629
Electronic Arts, Inc.		679,729		84,143,653
Fox Corp., Class A^(c)		1,783,983		54,215,243
Fox Corp., Class B		927,720		25,892,665
Interpublic Group of Cos., Inc. (The)^(c)		2,606,459		74,023,436
Live Nation Entertainment, Inc.^(b)(c)		1,024,766		82,001,775
Match Group, Inc.^(b)(c)		1,878,664		65,001,774
Meta Platforms, Inc., Class A^(b)(c)		277,799		83,692,505
Netflix, Inc.^(b)		186,870		76,932,510
News Corp., Class A^(c)		2,995,438		61,945,658
News Corp., Class B^(c)		908,267		19,473,245
Omnicom Group, Inc.		1,048,887		78,572,125
Paramount Global, Class B^(c)		6,058,286		65,914,152
Take-Two Interactive Software, Inc.^(b)		579,619		77,524,041
T-Mobile US, Inc.^(b)(c)		603,122		86,765,131
Verizon Communications, Inc.^(c)		2,474,010		86,911,971
Walt Disney Co. (The)^(b)(c)		1,014,416		82,766,202
Warner Bros Discovery, Inc.^(b)(c)		7,310,581		72,667,175

				1,497,161,073

Consumer Discretionary-10.19%
Airbnb, Inc., Class A^(b)(c)		567,531		67,133,242
Amazon.com, Inc.^(b)		598,699		79,680,850
Aptiv PLC^(b)		823,622		71,819,838
AutoZone, Inc.^(b)(c)		31,701		78,527,498
Bath & Body Works, Inc.		2,267,256		67,224,140
Best Buy Co., Inc.^(c)		1,130,091		75,512,681
Booking Holdings, Inc.^(b)		26,646		74,330,616
BorgWarner, Inc.^(c)		2,067,383		76,286,433
Caesars Entertainment, Inc.^(b)(c)		1,505,990		60,073,941
CarMax, Inc.^(b)(c)		1,019,426		62,276,734
Carnival Corp.^(b)(c)		5,408,899		61,985,983
Chipotle Mexican Grill, Inc.^(b)		42,515		82,572,633
D.R. Horton, Inc.^(c)		705,450		73,648,980
Darden Restaurants, Inc.^(c)		553,753		80,587,674
Domino’s Pizza, Inc.^(c)		213,609		72,411,315
eBay, Inc.		1,905,481		74,752,020
Etsy, Inc.^(b)(c)		1,232,757		76,800,761
Expedia Group, Inc.^(b)		753,682		71,818,358
Ford Motor Co.		6,728,130		65,599,268
Garmin Ltd.		805,228		82,560,027
General Motors Co.		2,511,582		70,826,612
Genuine Parts Co.		551,717		71,094,253
Hasbro, Inc.		1,183,243		53,423,421
Hilton Worldwide Holdings, Inc.		536,962		81,365,852
Home Depot, Inc. (The)		251,756		71,672,416
Las Vegas Sands Corp.		1,693,398		80,368,669
Lennar Corp., Class A^(c)		697,347		74,392,978
LKQ Corp.		1,640,055		72,031,216
Lowe’s Cos., Inc.^(c)		357,783		68,182,706
lululemon athletica, inc.^(b)(c)		204,435		80,441,084
Marriott International, Inc., Class A^(c)		404,100		76,197,096


	Shares		Value
Consumer Discretionary-(continued)
McDonald’s Corp.		296,353	$	77,694,866
MGM Resorts International^(c)		1,892,009		66,068,954
Mohawk Industries, Inc.^(b)		879,555		70,698,631
NIKE, Inc., Class B^(c)		847,307		87,077,740
Norwegian Cruise Line Holdings Ltd.^(b)(c)		5,077,080		69,048,288
NVR, Inc.^(b)(c)		13,275		71,852,530
O’Reilly Automotive, Inc., Class R^(b)(c)		86,579		80,556,565
Pool Corp.^(c)		240,359		75,898,161
PulteGroup, Inc.^(c)		1,025,257		75,448,663
Ralph Lauren Corp.^(c)		707,626		79,629,154
Ross Stores, Inc.		693,307		80,402,813
Royal Caribbean Cruises Ltd.^(b)(c)		850,099		72,028,888
Starbucks Corp.		868,545		80,114,591
Tapestry, Inc.		2,595,063		71,519,936
Tesla, Inc.^(b)(c)		333,011		66,881,929
TJX Cos., Inc. (The)		904,940		79,698,066
Tractor Supply Co.^(c)		380,649		73,297,771
Ulta Beauty, Inc.^(b)		200,040		76,277,252
VF Corp.^(c)		4,401,941		64,840,591
Whirlpool Corp.^(c)		606,241		63,388,559
Wynn Resorts Ltd.^(c)		873,784		76,700,760
Yum! Brands, Inc.		654,056		79,049,208

				3,893,773,211

Consumer Staples-7.58%
Altria Group, Inc.^(c)		1,877,383		75,414,475
Archer-Daniels-Midland Co.^(c)		1,050,087		75,154,726
Brown-Forman Corp., Class B^(c)		1,286,810		72,267,250
Bunge Ltd.		736,403		78,043,990
Campbell Soup Co.^(c)		1,961,951		79,282,440
Church & Dwight Co., Inc.^(c)		864,997		78,662,827
Clorox Co. (The)^(c)		534,945		62,963,026
Coca-Cola Co. (The)		1,418,788		80,147,334
Colgate-Palmolive Co.		1,130,555		84,927,291
Conagra Brands, Inc.		2,843,846		77,807,626
Constellation Brands, Inc., Class A		320,347		75,009,250
Costco Wholesale Corp.		150,615		83,205,751
Dollar General Corp.		650,604		77,447,900
Dollar Tree, Inc.^(b)(c)		713,311		79,241,719
Estee Lauder Cos., Inc. (The), Class A		537,382		69,252,418
General Mills, Inc.^(c)		1,251,071		81,619,872
Hershey Co. (The)		395,908		74,173,364
Hormel Foods Corp.^(c)		2,229,436		72,568,142
JM Smucker Co. (The)		584,502		66,539,708
Kellanova^(c)		1,482,976		74,845,799
Kenvue, Inc.		3,885,263		72,265,892
Keurig Dr Pepper, Inc.		2,480,700		75,239,631
Kimberly-Clark Corp.		649,171		77,666,818
Kraft Heinz Co. (The)		2,510,819		78,990,366
Kroger Co. (The)		1,762,991		79,986,902
Lamb Weston Holdings, Inc.		841,007		75,522,429
McCormick & Co., Inc.^(c)		1,025,512		65,530,217
Molson Coors Beverage Co., Class B		1,300,388		75,123,415
Mondelez International, Inc., Class A^(c)		1,185,281		78,477,455
Monster Beverage Corp.^(b)(c)		1,468,093		75,019,552
PepsiCo, Inc.^(c)		469,463		76,653,919
Philip Morris International, Inc.^(c)		883,517		78,774,376

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		3

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Consumer Staples-(continued)
Procter & Gamble Co. (The)^(c)		541,150	$	81,188,734
Sysco Corp.		1,183,074		78,662,590
Target Corp.		669,044		74,123,385
Tyson Foods, Inc., Class A^(c)		1,589,669		73,681,158
Walgreens Boots Alliance, Inc.^(c)		3,763,322		79,330,828
Walmart, Inc.		505,315		82,573,524

				2,897,386,099

Energy-4.74%
APA Corp.		1,869,802		74,268,536
Baker Hughes Co., Class A		2,239,645		77,088,581
Chevron Corp.^(c)		494,895		72,121,048
ConocoPhillips^(c)		674,344		80,112,067
Coterra Energy, Inc.		2,934,630		80,702,325
Devon Energy Corp.^(c)		1,571,502		73,184,848
Diamondback Energy, Inc.		530,374		85,029,560
EOG Resources, Inc.		623,500		78,716,875
EQT Corp.^(c)		1,948,127		82,561,622
Exxon Mobil Corp.		715,855		75,773,252
Halliburton Co.		2,004,768		78,867,573
Hess Corp.^(c)		515,569		74,448,164
Kinder Morgan, Inc.		4,925,954		79,800,455
Marathon Oil Corp.		3,030,219		82,755,281
Marathon Petroleum Corp.^(c)		532,839		80,591,899
Occidental Petroleum Corp.		1,267,709		78,357,093
ONEOK, Inc.		1,277,722		83,307,474
Phillips 66		677,054		77,231,550
Pioneer Natural Resources Co.		347,593		83,074,727
Schlumberger N.V.		1,375,359		76,552,482
Targa Resources Corp.		969,871		81,090,914
Valero Energy Corp.^(c)		582,523		73,980,421
Williams Cos., Inc. (The)^(c)		2,446,946		84,174,942

				1,813,791,689

Financials-14.81%
Aflac, Inc.^(c)		1,105,937		86,384,739
Allstate Corp. (The)^(c)		779,226		99,842,227
American Express Co.		525,647		76,760,231
American International Group, Inc.^(c)		1,387,143		85,045,737
Ameriprise Financial, Inc.		239,807		75,436,088
Aon PLC, Class A		248,169		76,783,489
Arch Capital Group Ltd.^(b)(c)		1,071,208		92,852,309
Arthur J. Gallagher & Co.^(c)		362,655		85,401,626
Assurant, Inc.^(c)		599,516		89,267,932
Bank of America Corp.		2,918,028		76,860,858
Bank of New York Mellon Corp. (The)		1,848,033		78,541,403
Berkshire Hathaway, Inc., Class B^(b)		227,889		77,785,352
BlackRock, Inc.		120,233		73,616,261
Blackstone, Inc., Class A		734,504		67,831,444
Brown & Brown, Inc.		1,131,795		78,569,209
Capital One Financial Corp.^(c)		828,257		83,894,152
Cboe Global Markets, Inc.		541,929		88,816,744
Charles Schwab Corp. (The)		1,394,812		72,586,016
Chubb Ltd.		405,546		87,038,283
Cincinnati Financial Corp.^(c)		788,151		78,555,010
Citigroup, Inc.		2,038,860		80,514,581
Citizens Financial Group, Inc.		3,023,633		70,843,721
CME Group, Inc., Class A		404,915		86,433,156
Comerica, Inc.		1,770,931		69,774,681
Discover Financial Services^(c)		923,913		75,834,779
Everest Group Ltd.		223,238		88,317,418


	Shares		Value
Financials-(continued)
FactSet Research Systems, Inc.		192,895	$	83,309,422
Fidelity National Information Services, Inc.		1,495,687		73,453,189
Fifth Third Bancorp		3,133,534		74,296,091
Fiserv, Inc.^(b)		680,569		77,414,724
FleetCor Technologies, Inc.^(b)		304,417		68,545,576
Franklin Resources, Inc.^(c)		3,191,544		72,735,288
Global Payments, Inc.		657,284		69,816,706
Globe Life, Inc.		758,111		88,213,796
Goldman Sachs Group, Inc. (The)		256,146		77,768,487
Hartford Financial Services Group, Inc. (The)		1,157,595		85,025,353
Huntington Bancshares, Inc.		7,613,211		73,467,486
Intercontinental Exchange, Inc.^(c)		719,840		77,339,610
Invesco Ltd.^(d)		5,356,394		69,472,430
Jack Henry & Associates, Inc.^(c)		548,293		77,303,830
JPMorgan Chase & Co.		570,689		79,360,012
KeyCorp		7,356,108		75,179,424
Loews Corp.		1,325,584		84,850,632
M&T Bank Corp.		679,561		76,620,503
MarketAxess Holdings, Inc.		365,157		78,052,309
Marsh & McLennan Cos., Inc.		424,918		80,585,699
Mastercard, Inc., Class A		199,494		75,079,567
MetLife, Inc.		1,307,190		78,444,472
Moody’s Corp.^(c)		243,543		75,011,244
Morgan Stanley		977,398		69,219,326
MSCI, Inc.		155,004		73,092,136
Nasdaq, Inc.		1,609,108		79,811,757
Northern Trust Corp.^(c)		1,083,161		71,391,142
PayPal Holdings, Inc.^(b)		1,357,112		70,298,402
PNC Financial Services Group, Inc. (The)^(c)		707,748		81,015,914
Principal Financial Group, Inc.		1,097,849		74,302,420
Progressive Corp. (The)		609,553		96,364,234
Prudential Financial, Inc.^(c)		870,285		79,578,860
Raymond James Financial, Inc.^(c)		778,271		74,278,184
Regions Financial Corp.^(c)		4,618,086		67,100,790
S&P Global, Inc.		211,779		73,976,522
State Street Corp.		1,179,525		76,232,701
Synchrony Financial		2,645,647		74,210,398
T. Rowe Price Group, Inc.^(c)		757,555		68,558,728
Travelers Cos., Inc. (The)		519,129		86,922,960
Truist Financial Corp.		2,778,890		78,809,320
U.S. Bancorp^(c)		2,291,807		73,062,807
Visa, Inc., Class A^(c)		334,644		78,674,804
W.R. Berkley Corp.^(c)		1,336,320		90,094,694
Wells Fargo & Co.		2,018,417		80,272,444
Willis Towers Watson PLC^(c)		408,229		96,297,139
Zions Bancorporation N.A.^(c)		2,369,891		73,111,137

				5,661,610,115

Health Care-12.57%
Abbott Laboratories^(c)		821,573		77,679,727
AbbVie, Inc.		555,317		78,399,654
Agilent Technologies, Inc.^(c)		725,979		75,044,449
Align Technology, Inc.^(b)		249,060		45,973,985
Amgen, Inc.		319,947		81,810,448
Baxter International, Inc.		2,140,055		69,401,984
Becton, Dickinson and Co.		310,227		78,419,181
Biogen, Inc.^(b)		320,507		76,133,233

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		4

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Health Care-(continued)
Bio-Rad Laboratories, Inc., Class A^(b)(c)		231,933	$	63,846,516
Bio-Techne Corp.		1,152,264		62,948,182
Boston Scientific Corp.^(b)(c)		1,536,188		78,637,464
Bristol-Myers Squibb Co.		1,360,699		70,116,820
Cardinal Health, Inc.		932,153		84,825,923
Catalent, Inc.^(b)(c)		1,706,988		58,703,317
Cencora, Inc.^(c)		465,677		86,220,097
Centene Corp.^(b)		1,265,184		87,272,392
Charles River Laboratories International, Inc.^(b)(c)		414,300		69,751,548
Cigna Group (The)^(c)		294,898		91,182,462
Cooper Cos., Inc. (The)^(c)		237,279		73,971,728
CVS Health Corp.		1,256,902		86,738,807
Danaher Corp.		379,113		72,797,278
DaVita, Inc.^(b)		866,086		66,887,822
DENTSPLY SIRONA, Inc.		2,298,753		69,905,079
DexCom, Inc.^(b)(c)		793,072		70,448,586
Edwards Lifesciences Corp.^(b)(c)		1,117,246		71,190,915
Elevance Health, Inc.		184,386		82,990,295
Eli Lilly and Co.^(c)		141,112		78,166,170
GE HealthCare Technologies, Inc.^(c)		1,275,148		84,886,602
Gilead Sciences, Inc.^(c)		1,088,873		85,520,086
HCA Healthcare, Inc.		302,476		68,401,923
Henry Schein, Inc.^(b)(c)		1,120,126		72,785,788
Hologic, Inc.^(b)		1,145,708		75,811,498
Humana, Inc.		177,449		92,928,267
IDEXX Laboratories, Inc.^(b)		178,254		71,207,125
Illumina, Inc.^(b)(c)		522,553		57,177,749
Incyte Corp.^(b)(c)		1,293,462		69,756,406
Insulet Corp.^(b)(c)		481,369		63,815,088
Intuitive Surgical, Inc.^(b)		277,490		72,763,428
IQVIA Holdings, Inc.^(b)(c)		387,546		70,079,943
Johnson & Johnson^(c)		516,708		76,648,465
Laboratory Corp. of America Holdings		408,331		81,555,951
McKesson Corp.^(c)		196,672		89,556,562
Medtronic PLC		1,034,951		73,026,143
Merck & Co., Inc.		758,878		77,936,771
Mettler-Toledo International, Inc.^(b)(c)		73,165		72,082,158
Moderna, Inc.^(b)(c)		768,841		58,401,162
Molina Healthcare, Inc.^(b)(c)		258,993		86,231,719
Pfizer, Inc.		2,416,220		73,839,683
Quest Diagnostics, Inc.^(c)		651,528		84,763,793
Regeneron Pharmaceuticals, Inc.^(b)		99,594		77,672,365
ResMed, Inc.		559,342		78,990,277
Revvity, Inc.^(c)		774,620		64,177,267
STERIS PLC^(c)		372,432		78,203,271
Stryker Corp.^(c)		285,828		77,236,442
Teleflex, Inc.^(c)		400,187		73,934,548
Thermo Fisher Scientific, Inc.		159,657		71,010,644
UnitedHealth Group, Inc.		172,615		92,445,689
Universal Health Services, Inc., Class B		629,345		79,228,242
Vertex Pharmaceuticals, Inc.^(b)		241,209		87,344,191
Viatris, Inc.^(c)		8,185,543		72,851,333
Waters Corp.^(b)(c)		314,738		75,074,455
West Pharmaceutical Services, Inc.		210,818		67,101,261


	Shares		Value
Health Care-(continued)
Zimmer Biomet Holdings, Inc.^(c)		685,940	$	71,618,995
Zoetis, Inc.		445,440		69,934,080

				4,805,463,432

Industrials-15.47%
3M Co.		778,932		70,843,865
A.O. Smith Corp.		1,179,019		82,248,365
Alaska Air Group, Inc.^(b)(c)		2,078,762		65,751,242
Allegion PLC^(c)		765,562		75,300,678
American Airlines Group, Inc.^(b)(c)		5,923,104		66,042,610
AMETEK, Inc.		537,731		75,696,393
Automatic Data Processing, Inc.		331,847		72,415,652
Axon Enterprise, Inc.^(b)(c)		385,412		78,812,900
Boeing Co. (The)^(b)(c)		391,701		73,177,581
Broadridge Financial Solutions, Inc.^(c)		440,803		75,218,624
C.H. Robinson Worldwide, Inc.^(c)		958,714		78,451,567
Carrier Global Corp.		1,410,779		67,237,727
Caterpillar, Inc.		294,140		66,490,347
Ceridian HCM Holding, Inc.^(b)(c)		1,131,950		72,456,120
Cintas Corp.		167,136		84,758,008
Copart, Inc.^(b)		1,851,763		80,588,726
CSX Corp.		2,763,154		82,480,147
Cummins, Inc.		352,317		76,206,167
Deere & Co.		207,749		75,903,175
Delta Air Lines, Inc.		2,027,338		63,354,313
Dover Corp.		582,317		75,672,094
Eaton Corp. PLC		351,941		73,172,053
Emerson Electric Co.		836,322		74,407,568
Equifax, Inc.		421,018		71,392,022
Expeditors International of Washington, Inc.^(c)		721,286		78,800,496
Fastenal Co.		1,518,174		88,570,271
FedEx Corp.^(c)		326,673		78,434,187
Fortive Corp.^(c)		1,066,986		69,652,846
Generac Holdings, Inc.^(b)(c)		718,462		60,401,100
General Dynamics Corp.		381,044		91,949,728
General Electric Co.		740,763		80,469,085
Honeywell International, Inc.		448,488		82,189,911
Howmet Aerospace, Inc.		1,736,726		76,589,617
Hubbell, Inc.		238,067		64,301,897
Huntington Ingalls Industries, Inc.		392,502		86,279,790
IDEX Corp.		382,945		73,299,502
Illinois Tool Works, Inc.		348,143		78,025,809
Ingersoll Rand, Inc.^(c)		1,192,135		72,338,752
J.B. Hunt Transport Services, Inc.		448,221		77,035,743
Jacobs Solutions, Inc.		634,870		84,628,171
Johnson Controls International PLC^(c)		1,443,014		70,736,546
L3Harris Technologies, Inc.		492,739		88,402,304
Leidos Holdings, Inc.^(c)		863,820		85,621,838
Lockheed Martin Corp.		195,596		88,925,765
Masco Corp.		1,471,757		76,663,822
Nordson Corp.		355,457		75,566,604
Norfolk Southern Corp.		423,003		80,704,742
Northrop Grumman Corp.		195,767		92,290,437
Old Dominion Freight Line, Inc.		196,452		73,995,610
Otis Worldwide Corp.		1,000,526		77,250,613
PACCAR, Inc.^(c)		979,230		80,815,852
Parker-Hannifin Corp.		202,892		74,848,888
Paychex, Inc.		688,293		76,434,938
Paycom Software, Inc.		292,025		71,537,364

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		5

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
Pentair PLC		1,215,580	$	70,649,510
Quanta Services, Inc.		400,770		66,976,682
Republic Services, Inc.		565,975		84,041,628
Robert Half, Inc.^(c)		1,130,555		84,531,597
Rockwell Automation, Inc.		278,765		73,262,230
Rollins, Inc.		2,291,807		86,194,861
RTX Corp.^(c)		991,339		80,685,081
Snap-on, Inc.		319,596		82,436,592
Southwest Airlines Co.^(c)		2,802,406		62,297,485
Stanley Black & Decker, Inc.^(c)		909,525		77,355,101
Textron, Inc.		1,094,647		83,193,172
Trane Technologies PLC^(c)		403,093		76,712,629
TransDigm Group, Inc.^(b)(c)		95,237		78,864,807
Union Pacific Corp.^(c)		390,719		81,117,172
United Airlines Holdings, Inc.^(b)(c)		1,744,431		61,072,529
United Parcel Service, Inc., Class B^(c)		513,900		72,588,375
United Rentals, Inc.^(c)		179,046		72,741,018
Veralto Corp.^(b)		1,001,776		69,122,544
Verisk Analytics, Inc.		338,638		76,992,736
W.W. Grainger, Inc.		120,315		87,809,497
Wabtec Corp.		776,514		82,326,014
Waste Management, Inc.		528,947		86,921,861
Xylem, Inc.		869,094		81,295,053

				5,914,028,346

Information Technology-12.59%
Accenture PLC, Class A^(c)		254,268		75,540,480
Adobe, Inc.^(b)		148,177		78,839,055
Advanced Micro Devices, Inc.^(b)		780,035		76,833,448
Akamai Technologies, Inc.^(b)		790,566		81,689,185
Amphenol Corp., Class A		963,524		77,611,858
Analog Devices, Inc.		466,282		73,360,147
ANSYS, Inc.^(b)(c)		264,134		73,497,927
Apple, Inc.		464,548		79,330,862
Applied Materials, Inc.		560,938		74,240,144
Arista Networks, Inc.^(b)		421,212		84,398,248
Autodesk, Inc.^(b)(c)		378,781		74,858,489
Broadcom, Inc.		96,830		81,469,857
Cadence Design Systems, Inc.^(b)(c)		348,787		83,656,562
CDW Corp.^(c)		389,117		77,979,047
Cisco Systems, Inc.		1,460,304		76,125,648
Cognizant Technology Solutions Corp., Class A		1,160,034		74,787,392
Corning, Inc.		2,638,040		70,593,950
Enphase Energy, Inc.^(b)(c)		690,080		54,916,566
EPAM Systems, Inc.^(b)		311,879		67,855,514
F5, Inc.^(b)		516,753		78,334,587
Fair Isaac Corp.^(b)		92,284		78,060,267
First Solar, Inc.^(b)(c)		451,703		64,345,092
Fortinet, Inc.^(b)(c)		1,291,641		73,843,116
Gartner, Inc.^(b)		234,403		77,831,172
Gen Digital, Inc.^(c)		4,139,877		68,970,351
Hewlett Packard Enterprise Co.		4,772,513		73,401,250
HP, Inc.		2,810,036		73,988,248
Intel Corp.		2,177,244		79,469,406
International Business Machines Corp.^(c)		560,367		81,051,483
Intuit, Inc.		150,808		74,642,420
Juniper Networks, Inc.^(c)		2,846,797		76,635,775
Keysight Technologies, Inc.^(b)		625,531		76,346,059


	Shares		Value
Information Technology-(continued)
KLA Corp.^(c)		166,261	$	78,092,792
Lam Research Corp.		124,147		73,025,748
Microchip Technology, Inc.^(c)		1,050,488		74,889,290
Micron Technology, Inc.		1,179,188		78,852,302
Microsoft Corp.		247,559		83,702,173
Monolithic Power Systems, Inc.		165,216		72,982,516
Motorola Solutions, Inc.		293,872		81,831,597
NetApp, Inc.		1,046,362		76,154,226
NVIDIA Corp.		182,174		74,290,557
NXP Semiconductors N.V. (China)		408,878		70,502,834
ON Semiconductor Corp.^(b)		845,139		52,939,507
Oracle Corp.^(c)		655,146		67,742,096
Palo Alto Networks, Inc.^(b)(c)		332,689		80,850,081
PTC, Inc.^(b)(c)		577,966		81,157,986
Qorvo, Inc.^(b)		833,031		72,823,570
QUALCOMM, Inc.		779,667		84,975,906
Roper Technologies, Inc.		168,370		82,260,531
Salesforce, Inc.^(b)		368,202		73,946,008
Seagate Technology Holdings PLC^(c)		1,265,959		86,401,702
ServiceNow, Inc.^(b)		137,904		80,239,442
Skyworks Solutions, Inc.		832,695		72,227,964
SolarEdge Technologies, Inc.^(b)(c)		555,953		42,224,630
Synopsys, Inc.^(b)(c)		180,797		84,873,344
TE Connectivity Ltd.^(c)		647,238		76,276,998
Teledyne Technologies, Inc.^(b)(c)		202,371		75,806,153
Teradyne, Inc.^(c)		832,098		69,288,800
Texas Instruments, Inc.		502,577		71,370,960
Trimble, Inc.^(b)		1,623,280		76,505,186
Tyler Technologies, Inc.^(b)(c)		211,722		78,951,134
VeriSign, Inc.^(b)		401,858		80,234,968
Western Digital Corp.^(b)(c)		1,903,724		76,434,519
Zebra Technologies Corp., Class A^(b)		323,978		67,850,713

				4,814,209,838

Materials-5.81%
Air Products and Chemicals, Inc.		277,220		78,298,017
Albemarle Corp.^(c)		448,708		56,887,200
Amcor PLC^(c)		8,946,580		79,535,096
Avery Dennison Corp.		458,182		79,755,741
Ball Corp.^(c)		1,588,746		76,498,120
Celanese Corp.^(c)		664,414		76,082,047
CF Industries Holdings, Inc.		988,255		78,842,984
Corteva, Inc.^(c)		1,669,166		80,353,651
Dow, Inc.^(c)		1,540,774		74,481,015
DuPont de Nemours, Inc.^(c)		1,097,412		79,979,387
Eastman Chemical Co.		1,040,560		77,761,049
Ecolab, Inc.		454,562		76,248,230
FMC Corp.^(c)		1,096,683		58,343,536
Freeport-McMoRan, Inc.		2,106,273		71,149,902
International Flavors & Fragrances, Inc.^(c)		1,204,058		82,297,364
International Paper Co.		2,389,710		80,604,918
Linde PLC^(c)		213,919		81,751,285
LyondellBasell Industries N.V., Class A		832,695		75,142,397
Martin Marietta Materials, Inc.		188,883		77,241,814
Mosaic Co. (The)		2,198,037		71,392,242
Newmont Corp.		2,136,733		80,063,385
Nucor Corp.^(c)		501,722		74,149,494
Packaging Corp. of America		564,659		86,421,060
PPG Industries, Inc.		609,823		74,867,970

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		6

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Materials-(continued)
Sealed Air Corp.^(c)		2,436,836	$	75,030,180
Sherwin-Williams Co. (The)		304,855		72,619,510
Steel Dynamics, Inc.		803,896		85,622,963
Vulcan Materials Co.		382,661		75,189,060
WestRock Co.		2,393,867		86,011,641

				2,222,621,258

Real Estate-6.04%
Alexandria Real Estate Equities, Inc.^(c)		719,526		67,009,456
American Tower Corp.^(c)		457,509		81,523,529
AvalonBay Communities, Inc.^(c)		463,090		76,752,537
Boston Properties, Inc.^(c)		1,242,964		66,585,581
Camden Property Trust		803,505		68,201,504
CBRE Group, Inc., Class A^(b)		970,596		67,301,127
CoStar Group, Inc.^(b)(c)		1,002,226		73,573,411
Crown Castle, Inc.		833,873		77,533,512
Digital Realty Trust, Inc.^(c)		636,658		79,174,789
Equinix, Inc.^(c)		107,263		78,263,375
Equity Residential^(c)		1,320,919		73,086,448
Essex Property Trust, Inc.^(c)		367,334		78,580,089
Extra Space Storage, Inc.^(c)		654,782		67,828,867
Federal Realty Investment Trust		847,829		77,313,527
Healthpeak Properties, Inc.		4,133,651		64,278,273
Host Hotels & Resorts, Inc.^(c)		5,156,149		79,817,187
Invitation Homes, Inc.		2,442,603		72,520,883
Iron Mountain, Inc.^(c)		1,320,286		77,989,294
Kimco Realty Corp.^(c)		4,454,054		79,905,729
Mid-America Apartment Communities, Inc.^(c)		600,135		70,905,950
Prologis, Inc.		675,669		68,073,652
Public Storage^(c)		302,388		72,183,039
Realty Income Corp.		1,495,958		70,878,490
Regency Centers Corp.^(c)		1,291,641		77,834,287
SBA Communications Corp., Class A		381,476		79,587,338
Simon Property Group, Inc.^(c)		721,980		79,338,382
UDR, Inc.^(c)		2,140,610		68,092,804
Ventas, Inc.^(c)		1,952,743		82,913,468
VICI Properties, Inc.^(c)		2,653,308		74,027,293
Welltower, Inc.^(c)		1,001,861		83,765,598
Weyerhaeuser Co.^(c)		2,578,039		73,963,939

				2,308,803,358

Utilities-6.21%
AES Corp. (The)		4,791,910		71,399,459
Alliant Energy Corp.		1,630,975		79,575,270
Ameren Corp.^(c)		1,042,136		78,900,117
American Electric Power Co., Inc.		1,064,510		80,413,085
American Water Works Co., Inc.^(c)		600,878		70,693,297
Atmos Energy Corp.^(c)		724,768		78,028,523
CenterPoint Energy, Inc.		2,925,265		78,631,123
CMS Energy Corp.		1,478,546		80,344,190
Consolidated Edison, Inc.		927,233		81,401,785
Constellation Energy Corp.		761,748		86,016,584


	Shares		Value
Utilities-(continued)
Dominion Energy, Inc.		1,756,313	$	70,814,540
DTE Energy Co.		806,093		77,691,243
Duke Energy Corp.		909,224		80,820,921
Edison International		1,185,622		74,765,323
Entergy Corp.		868,637		83,033,011
Evergy, Inc.		1,534,190		75,390,097
Eversource Energy		1,333,084		71,706,588
Exelon Corp.		2,039,364		79,412,834
FirstEnergy Corp.		2,323,269		82,708,376
NextEra Energy, Inc.		1,238,304		72,193,123
NiSource, Inc.		3,068,442		77,202,001
NRG Energy, Inc.		2,094,590		88,768,724
PG&E Corp.^(b)(c)		4,879,505		79,535,932
Pinnacle West Capital Corp.		1,080,114		80,122,857
PPL Corp.		3,343,658		82,153,677
Public Service Enterprise Group, Inc.		1,361,372		83,928,584
Sempra^(c)		1,161,503		81,340,055
Southern Co. (The)		1,218,270		81,989,571
WEC Energy Group, Inc.		977,376		79,548,633
Xcel Energy, Inc.		1,450,046		85,944,226

				2,374,473,749

Total Common Stocks & Other Equity Interests (Cost $42,029,853,785)				38,203,322,168


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $3,946,259)		3,946,259		3,946,259

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $42,033,800,044)				38,207,268,427


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.43%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		577,549,687		577,549,687
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		1,499,260,079		1,499,410,005

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,076,921,004)				2,076,959,692

TOTAL INVESTMENTS IN SECURITIES-105.37% (Cost $44,110,721,048)				40,284,228,119
OTHER ASSETS LESS LIABILITIES-(5.37)%				(2,051,558,293	)

NET ASSETS-100.00%.			$	38,232,669,826

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		7

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain		Value October 31, 2023			Dividend Income

Invesco Ltd.	$	67,912,073	$	40,417,831	$	(17,281,124	)		$	(21,627,241	)	$	50,891		$	69,472,430	$	1,818,981

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		-		341,216,582		(337,270,323	)			-			-			3,946,259		163,775

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		539,713,330		2,501,433,722		(2,463,597,365	)			-			-			577,549,687		13,692,384	*

Invesco Private Prime Fund		1,380,240,578		5,019,311,652		(4,900,332,718	)			48,167			142,326			1,499,410,005		36,733,422	*


Total	$	1,987,865,981	$	7,902,379,787	$	(7,718,481,530	)		$	(21,579,074	)	$	193,217		$	2,150,378,381	$	52,408,562

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		8

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

October 31, 2023

(Unaudited)


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Industrials			15.47

Financials			14.81

Information Technology			12.59

Health Care			12.57

Consumer Discretionary			10.19

Consumer Staples			7.58

Utilities			6.21

Real Estate			6.04

Materials			5.81

Energy			4.74

Communication Services			3.92

Money Market Funds Plus Other Assets Less Liabilities			0.07

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		9

Invesco S&P 500^® Equal Weight Communication Services ETF (RSPC)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Diversified Telecommunication Services-14.65%
AT&T, Inc.		173,073	$	2,665,324
Iridium Communications, Inc.		52,337		1,939,086
Verizon Communications, Inc.		74,507		2,617,431

				7,221,841

Entertainment-29.08%
Electronic Arts, Inc.		20,470		2,533,981
Live Nation Entertainment, Inc.^(b)		30,792		2,463,976
Netflix, Inc.^(b)		5,628		2,316,992
Take-Two Interactive Software, Inc.^(b)(c)		17,456		2,334,740
Walt Disney Co. (The)^(b)		30,549		2,492,493
Warner Bros Discovery, Inc.^(b)		220,164		2,188,430

				14,330,612

Interactive Media & Services-13.70%
Alphabet, Inc., Class A^(b)		9,847		1,221,815
Alphabet, Inc., Class C^(b)		8,377		1,049,638
Match Group, Inc.^(b)		56,578		1,957,599
Meta Platforms, Inc., Class A^(b)		8,366		2,520,425

				6,749,477

Media-37.29%
Charter Communications, Inc., Class A^(b)		5,900		2,376,520
Comcast Corp., Class A		55,347		2,285,278
Fox Corp., Class A		53,725		1,632,703
Fox Corp., Class B		27,939		779,777
Interpublic Group of Cos., Inc. (The)		78,497		2,229,315
New York Times Co. (The), Class A^(c)		56,336		2,270,904
News Corp., Class A^(c)		90,209		1,865,522


	Shares		Value
Media-(continued)
News Corp., Class B^(c)		27,353	$	586,448
Omnicom Group, Inc.		31,588		2,366,257
Paramount Global, Class B^(c)		182,450		1,985,056

				18,377,780

Wireless Telecommunication Services-5.29%
T-Mobile US, Inc.^(b)		18,109		2,605,161

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $56,605,169)				49,284,871


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.60%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		772,750		772,750
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		1,987,935		1,988,134

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,761,068)				2,760,884

TOTAL INVESTMENTS IN SECURITIES-105.61% (Cost $59,366,237)				52,045,755
OTHER ASSETS LESS LIABILITIES-(5.61)%				(2,764,267	)

NET ASSETS-100.00%			$	49,281,488

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	2,724,211	$	(2,724,211	)		$	-			$	-			$	-	$	2,633

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			4,241,707		19,286,264		(22,755,221	)			-				-				772,750		53,465	*

Invesco Private Prime Fund			10,907,518		43,875,885		(52,795,000	)			(21	)			(248	)			1,988,134		141,114	*


Total		$	15,149,225	$	65,886,360	$	(78,274,432	)		$	(21	)		$	(248	)		$	2,760,884	$	197,212

*	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.


		10

Invesco S&P 500^® Equal Weight Communication Services ETF (RSPC)–(continued)

October 31, 2023

(Unaudited)

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Media	37.29

Entertainment	29.08

Diversified Telecommunication Services	14.65

Interactive Media & Services	13.70

Wireless Telecommunication Services	5.29

Money Market Funds Plus Other Assets Less Liabilities	(0.01	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		11

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RSPD)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Automobile Components-3.80%
Aptiv PLC^(b)		77,547	$	6,762,099
BorgWarner, Inc.		194,678		7,183,618

				13,945,717

Automobiles-5.22%
Ford Motor Co.		633,490		6,176,527
General Motors Co.		236,514		6,669,695
Tesla, Inc.^(b)		31,363		6,298,945

				19,145,167

Broadline Retail-5.94%
Amazon.com, Inc.^(b)		56,373		7,502,683
eBay, Inc.		179,458		7,040,137
Etsy, Inc.^(b)(c)		116,106		7,233,404

				21,776,224

Distributors-5.63%
Genuine Parts Co.		51,944		6,693,504
LKQ Corp.		154,410		6,781,687
Pool Corp.^(c)		22,642		7,149,664

				20,624,855

Hotels, Restaurants & Leisure-34.12%
Airbnb, Inc., Class A^(b)		53,453		6,322,955
Booking Holdings, Inc.^(b)		2,480		6,918,109
Caesars Entertainment, Inc.^(b)		141,838		5,657,918
Carnival Corp.^(b)		509,263		5,836,154
Chipotle Mexican Grill, Inc.^(b)		4,007		7,782,395
Darden Restaurants, Inc.^(c)		52,137		7,587,498
Domino’s Pizza, Inc.		20,113		6,818,106
Expedia Group, Inc.^(b)		70,962		6,761,969
Hilton Worldwide Holdings, Inc.		50,556		7,660,751
Las Vegas Sands Corp.		159,497		7,569,728
Marriott International, Inc., Class A		37,929		7,151,892
McDonald’s Corp.		27,916		7,318,738
MGM Resorts International		178,191		6,222,430
Norwegian Cruise Line Holdings Ltd.^(b)(c)		477,986		6,500,609
Royal Caribbean Cruises Ltd.^(b)		80,053		6,782,891
Starbucks Corp.		81,804		7,545,601
Wynn Resorts Ltd.		82,266		7,221,309
Yum! Brands, Inc.		61,592		7,444,009

				125,103,062

Household Durables-13.13%
D.R. Horton, Inc.		66,422		6,934,457
Garmin Ltd.		75,833		7,775,158
Lennar Corp., Class A.		65,674		7,006,102
Mohawk Industries, Inc.^(b)		82,839		6,658,599
NVR, Inc.^(b)		1,236		6,689,998


	Shares		Value
Household Durables-(continued)
PulteGroup, Inc.		96,529	$	7,103,569
Whirlpool Corp.^(c)		57,088		5,969,121

				48,137,004

Leisure Products-1.37%
Hasbro, Inc.		111,426		5,030,884


Specialty Retail-20.88%
AutoZone, Inc.^(b)		2,976		7,371,939
Bath & Body Works, Inc.		213,499		6,330,245
Best Buy Co., Inc.^(c)		106,423		7,111,185
CarMax, Inc.^(b)(c)		95,975		5,863,113
Home Depot, Inc. (The)		23,702		6,747,722
Lowe’s Cos., Inc.		33,693		6,420,875
O’Reilly Automotive, Inc., Class R^(b)		8,131		7,565,408
Ross Stores, Inc.		65,280		7,570,521
TJX Cos., Inc. (The)		85,201		7,503,652
Tractor Supply Co.^(c)		35,841		6,901,543
Ulta Beauty, Inc.^(b)		18,838		7,183,118

				76,569,321

Textiles, Apparel & Luxury Goods-9.86%
lululemon athletica, inc.^(b)		19,342		7,610,690
NIKE, Inc., Class B.		79,788		8,199,813
Ralph Lauren Corp.		66,641		7,499,112
Tapestry, Inc.		244,415		6,736,077
VF Corp.^(c)		414,509		6,105,718

				36,151,410

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $451,616,221)				366,483,644


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.33%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		10,233,409		10,233,409
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		34,971,150		34,974,647

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $45,207,049)				45,208,056

TOTAL INVESTMENTS IN SECURITIES-112.28% (Cost $496,823,270)				411,691,700
OTHER ASSETS LESS LIABILITIES-(12.28)%				(45,026,814	)

NET ASSETS-100.00%			$	366,664,886

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		12

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RSPD)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	158,262		$	4,178,134		$	(4,336,396	)		$	-		$	-		$	-		$	3,497

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			16,981,695			149,540,307			(156,288,593	)			-			-			10,233,409			531,886	*

Invesco Private Prime Fund			43,667,216			292,075,134			(300,775,373	)			5,561			2,109			34,974,647			1,421,041	*


Total		$	60,807,173		$	445,793,575		$	(461,400,362	)		$	5,561		$	2,109		$	45,208,056		$	1,956,424

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Hotels, Restaurants & Leisure			34.12

Specialty Retail			20.88

Household Durables			13.13

Textiles, Apparel & Luxury Goods			9.86

Broadline Retail			5.94

Distributors			5.63

Automobiles			5.22

Automobile Components			3.80

Leisure Products			1.37

Money Market Funds Plus Other Assets Less Liabilities			0.05

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		13

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RSPS)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Beverages-18.26%
Brown-Forman Corp., Class B		236,947	$	13,306,944
Coca-Cola Co. (The)		261,273		14,759,312
Constellation Brands, Inc., Class A		58,783		13,764,039
Keurig Dr Pepper, Inc.		456,741		13,852,955
Molson Coors Beverage Co., Class B		239,429		13,831,813
Monster Beverage Corp.^(b)		270,333		13,814,016
PepsiCo, Inc.		86,443		14,114,413

				97,443,492

Consumer Staples Distribution & Retail-21.88%
Costco Wholesale Corp.		27,645		15,272,204
Dollar General Corp.		119,781		14,258,730
Dollar Tree, Inc.^(b)(c)		131,348		14,591,449
Kroger Co. (The)		324,691		14,731,231
Sysco Corp.		217,871		14,486,243
Target Corp.		123,181		13,647,223
Walgreens Boots Alliance, Inc.		692,991		14,608,250
Walmart, Inc.		93,022		15,200,725

				116,796,055

Food Products-36.30%
Archer-Daniels-Midland Co.		193,341		13,837,415
Bunge Ltd.^(c)		135,613		14,372,266
Campbell Soup Co.^(c)		361,315		14,600,739
Conagra Brands, Inc.		523,670		14,327,611
General Mills, Inc.		230,357		15,028,491
Hershey Co. (The)		72,896		13,657,066
Hormel Foods Corp.^(c)		410,541		13,363,109
JM Smucker Co. (The)		107,633		12,252,941
Kellanova		273,257		13,791,281
Kraft Heinz Co. (The)		462,419		14,547,702
Lamb Weston Holdings, Inc.		154,889		13,909,032
McCormick & Co., Inc.		188,791		12,063,745
Mondelez International, Inc., Class A		218,236		14,449,405
Tyson Foods, Inc., Class A		292,789		13,570,770

				193,771,573


	Shares		Value
Household Products-13.30%
Church & Dwight Co., Inc.		159,302	$	14,486,924
Clorox Co. (The)		98,491		11,592,391
Colgate-Palmolive Co.		208,164		15,637,280
Kimberly-Clark Corp.		119,524		14,299,851
Procter & Gamble Co. (The)		99,669		14,953,340

				70,969,786

Personal Care Products-4.88%
Estee Lauder Cos., Inc. (The), Class A		98,933		12,749,496
Kenvue, Inc.		715,527		13,308,802

				26,058,298

Tobacco-5.32%
Altria Group, Inc.		345,680		13,885,966
Philip Morris International, Inc.		162,660		14,502,765

				28,388,731

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $640,826,225)				533,427,935


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.68%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		4,003,462		4,003,462
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		10,297,431		10,298,461

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,301,923)				14,301,923

TOTAL INVESTMENTS IN SECURITIES-102.62% (Cost $655,128,148)				547,729,858
OTHER ASSETS LESS LIABILITIES-(2.62)%				(14,004,209	)

NET ASSETS-100.00%.			$	533,725,649

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	194,993	$	9,590,147	$	(9,785,140	)		$	-		$	-		$	-	$	4,683

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		14

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RSPS)–(continued)

October 31, 2023

(Unaudited)


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	10,342,558	$	100,602,272	$	(106,941,368	)		$	-		$	-		$	4,003,462	$	205,790	*

Invesco Private Prime Fund			26,595,150		227,398,088		(243,700,588	)			-			5,811			10,298,461		556,989	*


Total		$	37,132,701	$	337,590,507	$	(360,427,096	)		$	-		$	5,811		$	14,301,923	$	767,462

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Food Products			36.30

Consumer Staples Distribution & Retail			21.88

Beverages			18.26

Household Products			13.30

Tobacco			5.32

Personal Care Products			4.88

Money Market Funds Plus Other Assets Less Liabilities			0.06

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		15

Invesco S&P 500^® Equal Weight Energy ETF (RSPG)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.85%
Energy Equipment & Services-12.80%
Baker Hughes Co., Class A		758,355	$	26,102,579
Halliburton Co.		678,809		26,704,346
Schlumberger N.V.		465,698		25,920,751

				78,727,676

Oil, Gas & Consumable Fuels-87.05%
APA Corp.		633,106		25,146,970
Chevron Corp.		167,579		24,421,288
ConocoPhillips		228,331		27,125,723
Coterra Energy, Inc.		993,668		27,325,870
Devon Energy Corp.		532,107		24,780,223
Diamondback Energy, Inc.		179,585		28,791,067
EOG Resources, Inc.		211,118		26,653,647
EQT Corp.^(b)		659,631		27,955,162
Exxon Mobil Corp.		242,373		25,655,182
Hess Corp.		174,562		25,206,753
Kinder Morgan, Inc.		1,667,903		27,020,029
Marathon Oil Corp.		1,026,024		28,020,715
Marathon Petroleum Corp.		180,417		27,288,071
Occidental Petroleum Corp.		429,239		26,531,263
ONEOK, Inc.		432,618		28,206,694
Phillips 66.		229,246		26,150,091
Pioneer Natural Resources Co.		117,329		28,041,631
Targa Resources Corp.		328,381		27,455,935
Valero Energy Corp.		197,246		25,050,242
Williams Cos., Inc. (The)		828,525		28,501,260

				535,327,816

Total Common Stocks & Other Equity Interests (Cost $553,018,565)				614,055,492


	Shares		Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(c)(d) (Cost $403,500)		403,500	$	403,500

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $553,422,065)				614,458,992


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.02%
Invesco Private Government Fund, 5.32%^(c)(d)(e)		31,792		31,792
Invesco Private Prime Fund, 5.53%^(c)(d)(e)		81,880		81,888

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $113,688)				113,680

TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $553,535,753)				614,572,672
OTHER ASSETS LESS LIABILITIES-0.06%				387,965

NET ASSETS-100.00%			$	614,960,637

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	269,112	$	7,603,367	$	(7,468,979	)		$	-			$	-		$	403,500	$	4,326

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,524,900		46,625,857		(49,118,965	)			-				-			31,792		151,157	*

Invesco Private Prime Fund			6,644,893		106,305,233		(112,870,046	)			(8	)			1,816			81,888		403,283	*


Total		$	9,438,905	$	160,534,457	$	(169,457,990	)		$	(8	)		$	1,816		$	517,180	$	558,766

*	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.


		16

Invesco S&P 500^® Equal Weight Energy ETF (RSPG)–(continued)

October 31, 2023

(Unaudited)

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(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, 2023

Oil, Gas & Consumable Fuels			87.05

Energy Equipment & Services			12.80

Money Market Funds Plus Other Assets Less Liabilities			0.15

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		17

Invesco S&P 500^® Equal Weight Financials ETF (RSPF)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Banks-19.96%
Bank of America Corp.		118,775	$	3,128,534
Citigroup, Inc.		83,286		3,288,964
Citizens Financial Group, Inc.		123,056		2,883,202
Comerica, Inc.^(b)		72,087		2,840,228
Fifth Third Bancorp		127,538		3,023,926
Huntington Bancshares, Inc.^(b)		309,856		2,990,110
JPMorgan Chase & Co.		23,510		3,269,301
KeyCorp		299,401		3,059,878
M&T Bank Corp.		27,766		3,130,617
PNC Financial Services Group, Inc. (The)		28,901		3,308,297
Regions Financial Corp.^(b)		187,969		2,731,190
Truist Financial Corp.		113,109		3,207,771
U.S. Bancorp		93,270		2,973,448
Wells Fargo & Co.		82,150		3,267,105
Zions Bancorporation N.A.^(b)		96,444		2,975,297

				46,077,868

Capital Markets-29.32%
Ameriprise Financial, Inc.		9,759		3,069,889
Bank of New York Mellon Corp. (The)		75,219		3,196,807
BlackRock, Inc.		4,889		2,993,437
Blackstone, Inc., Class A		29,895		2,760,803
Cboe Global Markets, Inc.		22,090		3,620,330
Charles Schwab Corp. (The)		56,760		2,953,791
CME Group, Inc., Class A		16,436		3,508,429
FactSet Research Systems, Inc.^(b)		7,875		3,401,134
Franklin Resources, Inc.^(b)		129,901		2,960,444
Goldman Sachs Group, Inc. (The)		10,391		3,154,812
Intercontinental Exchange, Inc.		29,292		3,147,132
Invesco Ltd.^(c)		218,004		2,827,512
MarketAxess Holdings, Inc.		14,858		3,175,897
Moody’s Corp.		9,919		3,055,052
Morgan Stanley		39,662		2,808,863
MSCI, Inc.		6,306		2,973,594
Nasdaq, Inc.		65,498		3,248,701
Northern Trust Corp.		44,103		2,906,829
Raymond James Financial, Inc.^(b)		31,673		3,022,871
S&P Global, Inc.		8,633		3,015,593
State Street Corp.		48,003		3,102,434
T. Rowe Price Group, Inc.^(b)		30,834		2,790,477

				67,694,831

Consumer Finance-5.48%
American Express Co.		21,390		3,123,582
Capital One Financial Corp.		33,714		3,414,891
Discover Financial Services		37,729		3,096,796
Synchrony Financial		107,669		3,020,116

				12,655,385

Financial Services-11.79%
Berkshire Hathaway, Inc., Class B^(d)		9,271		3,164,470
Fidelity National Information Services, Inc.		61,089		3,000,081
Fiserv, Inc.^(d)		27,707		3,151,671
FleetCor Technologies, Inc.^(d)		12,378		2,787,154
Global Payments, Inc.^(b)		26,758		2,842,235
Jack Henry & Associates, Inc.^(b)		22,238		3,135,336
Mastercard, Inc., Class A		8,129		3,059,349


	Shares		Value
Financial Services-(continued)
PayPal Holdings, Inc.^(d)		55,242	$	2,861,536
Visa, Inc., Class A^(b)		13,625		3,203,237

				27,205,069

Insurance-33.36%
Aflac, Inc.		45,162		3,527,604
Allstate Corp. (The)		31,828		4,078,122
American International Group, Inc.		56,665		3,474,131
Aon PLC, Class A.		10,092		3,122,465
Arch Capital Group Ltd.^(d)		43,740		3,791,383
Arthur J. Gallagher & Co.		14,806		3,486,665
Assurant, Inc.		24,435		3,638,371
Brown & Brown, Inc.		46,055		3,197,138
Chubb Ltd.		16,524		3,546,381
Cincinnati Financial Corp.		32,070		3,196,417
Everest Group Ltd.		9,106		3,602,516
Globe Life, Inc.		30,858		3,590,637
Hartford Financial Services Group, Inc. (The)		47,112		3,460,376
Loews Corp.		54,142		3,465,629
Marsh & McLennan Cos., Inc.		17,295		3,279,997
MetLife, Inc.		53,200		3,192,532
Principal Financial Group, Inc.^(b)		44,675		3,023,604
Progressive Corp. (The)		24,904		3,937,073
Prudential Financial, Inc.		35,418		3,238,622
Travelers Cos., Inc. (The)		21,147		3,540,854
W.R. Berkley Corp.		54,575		3,679,446
Willis Towers Watson PLC		16,657		3,929,220

				76,999,183

Total Common Stocks & Other Equity Interests (Cost $265,699,795)				230,632,336


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(c)(e) (Cost $33,095)		33,095		33,095

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $265,732,890)				230,665,431


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.28%
Invesco Private Government Fund, 5.32%^(c)(e)(f)		3,412,966		3,412,966
Invesco Private Prime Fund, 5.53%^(c)(e)(f)		8,779,281		8,780,159

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,192,816)				12,193,125

TOTAL INVESTMENTS IN SECURITIES-105.20% (Cost $277,925,706)				242,858,556
OTHER ASSETS LESS LIABILITIES-(5.20)%				(12,007,656	)

NET ASSETS-100.00%			$	230,850,900

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		18

Invesco S&P 500^® Equal Weight Financials ETF (RSPF)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value October 31, 2023			Dividend Income

Invesco Ltd.		$	4,495,323	$	325,400	$	(1,028,926	)		$	(835,082	)	$	(129,203	)		$	2,827,512	$	97,660

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			149,370		2,171,969		(2,288,244	)			-			-				33,095		1,745

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,782,109		46,013,438		(46,382,581	)			-			-				3,412,966		88,711	*

Invesco Private Prime Fund			9,725,423		91,660,788		(92,606,373	)			309			12				8,780,159		239,022	*


Total		$	18,152,225	$	140,171,595	$	(142,306,124	)		$	(834,773	)	$	(129,191	)		$	15,053,732	$	427,138

*	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)	Non-income producing security.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Insurance			33.36

Capital Markets			29.32

Banks			19.96

Financial Services			11.79

Consumer Finance			5.48

Money Market Funds Plus Other Assets Less Liabilities			0.09

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		19

Invesco S&P 500^® Equal Weight Health Care ETF (RSPH)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Biotechnology-12.80%
AbbVie, Inc.		97,709	$	13,794,557
Amgen, Inc.		56,134		14,353,464
Biogen, Inc.^(b)		56,231		13,357,112
Gilead Sciences, Inc.		191,618		15,049,678
Incyte Corp.^(b)		227,614		12,275,223
Moderna, Inc.^(b)(c)		135,292		10,276,780
Regeneron Pharmaceuticals, Inc.^(b)		17,543		13,681,610
Vertex Pharmaceuticals, Inc.^(b)		42,446		15,370,121

				108,158,545

Health Care Equipment & Supplies-30.34%
Abbott Laboratories		144,565		13,668,621
Align Technology, Inc.^(b)		43,841		8,092,610
Baxter International, Inc.		376,596		12,213,008
Becton, Dickinson and Co.		54,613		13,805,074
Boston Scientific Corp.^(b)		270,329		13,838,142
Cooper Cos., Inc. (The)		41,592		12,966,306
DENTSPLY SIRONA, Inc.		404,545		12,302,213
DexCom, Inc.^(b)		139,569		12,397,914
Edwards Lifesciences Corp.^(b)		196,631		12,529,327
GE HealthCare Technologies, Inc.		224,388		14,937,509
Hologic, Inc.^(b)		201,621		13,341,262
IDEXX Laboratories, Inc.^(b)		31,283		12,496,620
Insulet Corp.^(b)		84,694		11,227,884
Intuitive Surgical, Inc.^(b)		48,825		12,802,892
Medtronic PLC		182,134		12,851,375
ResMed, Inc.		98,424		13,899,437
STERIS PLC^(c)		65,370		13,726,393
Stryker Corp.		50,306		13,593,687
Teleflex, Inc.^(c)		70,433		13,012,497
Zimmer Biomet Holdings, Inc.		120,725		12,604,897

				256,307,668

Health Care Providers & Services-27.76%
Cardinal Health, Inc.		164,021		14,925,911
Cencora, Inc.^(c)		81,945		15,172,117
Centene Corp.^(b)		222,657		15,358,880
Cigna Group (The)		51,724		15,993,061
CVS Health Corp.		221,186		15,264,046
DaVita, Inc.^(b)		152,418		11,771,242
Elevance Health, Inc.		32,445		14,603,170
HCA Healthcare, Inc.		53,236		12,038,789
Henry Schein, Inc.^(b)		197,104		12,807,818
Humana, Inc.		31,152		16,313,991
Laboratory Corp. of America Holdings		71,617		14,304,063
McKesson Corp.		34,628		15,768,206
Molina Healthcare, Inc.^(b)(c)		45,433		15,126,917
Quest Diagnostics, Inc.		114,640		14,914,664
UnitedHealth Group, Inc.		30,298		16,226,397
Universal Health Services, Inc., Class B		110,766		13,944,332

				234,533,604


	Shares		Value
Life Sciences Tools & Services-17.09%
Agilent Technologies, Inc.		127,744	$	13,204,897
Bio-Rad Laboratories, Inc., Class A^(b)		40,701		11,204,171
Bio-Techne Corp.		202,785		11,078,145
Charles River Laboratories International, Inc.^(b)		72,912		12,275,464
Danaher Corp.		66,425		12,754,929
Illumina, Inc.^(b)		91,955		10,061,716
IQVIA Holdings, Inc.^(b)(c)		68,187		12,330,255
Mettler-Toledo International, Inc.^(b)		12,876		12,685,435
Revvity, Inc.		136,330		11,294,941
Thermo Fisher Scientific, Inc.		28,119		12,506,488
Waters Corp.^(b)(c)		55,242		13,176,874
West Pharmaceutical Services, Inc.		37,049		11,792,326

				144,365,641

Pharmaceuticals-12.04%
Bristol-Myers Squibb Co.		239,463		12,339,528
Catalent, Inc.^(b)		300,389		10,330,378
Eli Lilly and Co.		24,830		13,754,082
Johnson & Johnson.		90,719		13,457,256
Merck & Co., Inc.		133,561		13,716,715
Pfizer, Inc.		425,224		12,994,845
Viatris, Inc.		1,440,494		12,820,397
Zoetis, Inc.		78,378		12,305,346

				101,718,547

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $855,346,276)				845,084,005


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.90%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		2,126,427		2,126,427
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		5,470,812		5,471,359

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,597,786)				7,597,786

TOTAL INVESTMENTS IN SECURITIES-100.93% (Cost $862,944,062)				852,681,791
OTHER ASSETS LESS LIABILITIES-(0.93)%				(7,848,484	)

NET ASSETS-100.00%.			$	844,833,307

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		20

Invesco S&P 500^® Equal Weight Health Care ETF (RSPH)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	924	$	4,160,254	$	(4,161,178	)		$	-	$	-			$	-	$	5,274

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			12,963,050		122,429,539		(133,266,162	)			-		-				2,126,427		183,167	*

Invesco Private Prime Fund			26,010,926		245,118,541		(265,656,799	)			-		(1,309	)			5,471,359		474,170	*


Total		$	38,974,900	$	371,708,334	$	(403,084,139	)		$	-	$	(1,309	)		$	7,597,786	$	662,611

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Health Care Equipment & Supplies	30.34

Health Care Providers & Services	27.76

Life Sciences Tools & Services	17.09

Biotechnology	12.80

Pharmaceuticals	12.04

Money Market Funds Plus Other Assets Less Liabilities	(0.03	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		21

Invesco S&P 500^® Equal Weight Industrials ETF (RSPN)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Aerospace & Defense-15.54%
Axon Enterprise, Inc.^(b)		34,157	$	6,984,765
Boeing Co. (The)^(b)		34,716		6,485,643
General Dynamics Corp.		33,658		8,122,012
Howmet Aerospace, Inc.		153,910		6,787,431
Huntington Ingalls Industries, Inc.		34,787		7,646,878
L3Harris Technologies, Inc.		43,666		7,834,117
Lockheed Martin Corp.		17,335		7,881,184
Northrop Grumman Corp.		17,350		8,179,311
RTX Corp.^(c)		87,848		7,149,949
Textron, Inc.		97,009		7,372,684
TransDigm Group, Inc.^(b)		8,411		6,965,065

				81,409,039

Air Freight & Logistics-5.21%
C.H. Robinson Worldwide, Inc.		84,958		6,952,113
Expeditors International of Washington, Inc.		63,921		6,983,369
FedEx Corp.		28,954		6,951,856
United Parcel Service, Inc., Class B		45,540		6,432,525

				27,319,863

Building Products-7.59%
A.O. Smith Corp.		104,488		7,289,083
Allegion PLC		67,840		6,672,742
Carrier Global Corp.		125,020		5,958,453
Johnson Controls International PLC		127,876		6,268,482
Masco Corp.		130,421		6,793,630
Trane Technologies PLC		35,611		6,777,129

				39,759,519

Commercial Services & Supplies-8.31%
Cintas Corp.		14,815		7,512,983
Copart, Inc.^(b)		164,105		7,141,850
Republic Services, Inc.		50,158		7,447,961
Rollins, Inc.		203,092		7,638,290
Veralto Corp.^(b)		88,676		6,118,644
Waste Management, Inc.		46,876		7,703,133

				43,562,861

Construction & Engineering-1.13%
Quanta Services, Inc.		35,514		5,935,100


Electrical Equipment-7.12%
AMETEK, Inc.		47,649		6,707,550
Eaton Corp. PLC		31,057		6,457,061
Emerson Electric Co.		74,116		6,594,100
Generac Holdings, Inc.^(b)(c)		63,670		5,352,737
Hubbell, Inc.		21,082		5,694,248
Rockwell Automation, Inc.		24,707		6,493,247

				37,298,943

Ground Transportation-6.69%
CSX Corp.		244,867		7,309,280
J.B. Hunt Transport Services, Inc.		39,721		6,826,848
Norfolk Southern Corp.		37,489		7,152,527
Old Dominion Freight Line, Inc.		17,411		6,558,027
Union Pacific Corp.		34,628		7,189,119

				35,035,801

Industrial Conglomerates-3.95%
3M Co.		69,026		6,277,915


	Shares		Value
Industrial Conglomerates-(continued)
General Electric Co.		65,645	$	7,131,016
Honeywell International, Inc.		39,744		7,283,485

				20,692,416

Machinery-21.80%
Caterpillar, Inc.		25,982		5,873,231
Cummins, Inc.		31,224		6,753,751
Deere & Co.		18,349		6,703,991
Dover Corp.		51,608		6,706,460
Fortive Corp.^(c)		94,559		6,172,812
IDEX Corp.		33,937		6,495,881
Illinois Tool Works, Inc.		30,753		6,892,362
Ingersoll Rand, Inc.		105,645		6,410,539
Nordson Corp.		31,503		6,697,223
Otis Worldwide Corp.		88,671		6,846,288
PACCAR, Inc.		86,780		7,161,953
Parker-Hannifin Corp.		17,919		6,610,498
Pentair PLC		107,720		6,260,686
Snap-on, Inc.		28,234		7,282,678
Stanley Black & Decker, Inc.		80,597		6,854,775
Wabtec Corp.		68,819		7,296,190
Xylem, Inc.		77,020		7,204,451

				114,223,769

Passenger Airlines-5.39%
Alaska Air Group, Inc.^(b)		184,214		5,826,689
American Airlines Group, Inc.^(b)(c)		524,586		5,849,134
Delta Air Lines, Inc.		179,663		5,614,469
Southwest Airlines Co.^(c)		248,345		5,520,709
United Airlines Holdings, Inc.^(b)		154,587		5,412,091

				28,223,092

Professional Services-13.03%
Automatic Data Processing, Inc.		29,406		6,416,977
Broadridge Financial Solutions, Inc.		39,069		6,666,734
Ceridian HCM Holding, Inc.^(b)(c)		100,307		6,420,651
Equifax, Inc.		37,312		6,326,996
Jacobs Solutions, Inc.		56,098		7,477,864
Leidos Holdings, Inc.		76,551		7,587,735
Paychex, Inc.		60,839		6,756,171
Paycom Software, Inc.		25,796		6,319,246
Robert Half, Inc.		100,191		7,491,281
Verisk Analytics, Inc.		30,010		6,823,074

				68,286,729

Trading Companies & Distributors-4.21%
Fastenal Co.		134,536		7,848,830
United Rentals, Inc.^(c)		15,814		6,424,754
W.W. Grainger, Inc.		10,633		7,760,282

				22,033,866

Total Common Stocks & Other Equity Interests (Cost $537,216,860)				523,780,998

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		22

Invesco S&P 500^® Equal Weight Industrials ETF (RSPN)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $70,193)		70,193	$	70,193

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $537,287,053)				523,851,191


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.53%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		8,106,792		8,106,792


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		20,850,377	$	20,852,462

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,959,549)				28,959,254

TOTAL INVESTMENTS IN SECURITIES-105.51% (Cost $566,246,602)				552,810,445
OTHER ASSETS LESS LIABILITIES-(5.51)%				(28,876,072	)

NET ASSETS-100.00%			$	523,934,373

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	3,009,198	$	(2,939,005	)		$	-			$	-		$	70,193	$	2,180

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			5,724,792		99,114,076		(96,732,076	)			-				-			8,106,792		171,753	*

Invesco Private Prime Fund			14,720,894		193,743,782		(187,612,014	)			(295	)			95			20,852,462		470,599	*


Total		$	20,445,686	$	295,867,056	$	(287,283,095	)		$	(295	)		$	95		$	29,029,447	$	644,532

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		23

Invesco S&P 500^® Equal Weight Industrials ETF (RSPN)–(continued)

October 31, 2023

(Unaudited)


Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Machinery			21.80

Aerospace & Defense			15.54

Professional Services			13.03

Commercial Services & Supplies			8.31

Building Products			7.59

Electrical Equipment			7.12

Ground Transportation			6.69

Passenger Airlines			5.39

Air Freight & Logistics			5.21

Trading Companies & Distributors			4.21

Industrial Conglomerates			3.95

Construction & Engineering			1.13

Money Market Funds Plus Other Assets Less Liabilities			0.03

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		24

Invesco S&P 500^® Equal Weight Materials ETF (RSPM)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Chemicals-53.78%
Air Products and Chemicals, Inc.		32,997	$	9,319,673
Albemarle Corp.^(b)		53,407		6,770,939
Celanese Corp.^(b)		79,096		9,057,283
CF Industries Holdings, Inc.		117,640		9,385,319
Corteva, Inc.		198,682		9,564,551
Dow, Inc.		183,403		8,865,701
DuPont de Nemours, Inc.^(b)		130,627		9,520,096
Eastman Chemical Co.		123,867		9,256,581
Ecolab, Inc.		54,113		9,076,915
FMC Corp.		130,539		6,944,675
International Flavors & Fragrances, Inc.		143,326		9,796,332
Linde PLC		25,473		9,734,762
LyondellBasell Industries N.V., Class A		99,117		8,944,318
Mosaic Co. (The)		261,643		8,498,165
PPG Industries, Inc.		72,593		8,912,242
Sherwin-Williams Co. (The)		36,288		8,644,164

				142,291,716

Construction Materials-6.86%
Martin Marietta Materials, Inc.		22,487		9,195,834
Vulcan Materials Co.		45,551		8,950,316

				18,146,150

Containers & Packaging-25.36%
Amcor PLC		1,064,949		9,467,396
Avery Dennison Corp.		54,402		9,469,756
Ball Corp.		189,113		9,105,791
International Paper Co.		284,467		9,595,072
Packaging Corp. of America		67,214		10,287,103
Sealed Air Corp.		290,068		8,931,194
WestRock Co.		284,954		10,238,397

				67,094,709


	Shares		Value
Metals & Mining-13.99%
Freeport-McMoRan, Inc.		250,719	$	8,469,288
Newmont Corp.		254,345		9,530,307
Nucor Corp.		59,719		8,825,871
Steel Dynamics, Inc.		95,692		10,192,155

				37,017,621

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $332,352,448)				264,550,196


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.43%
Invesco Private Government Fund, 5.32%^(c)(d)(e)		6,982,687		6,982,687
Invesco Private Prime Fund, 5.53%^(c)(d)(e)		17,960,196		17,961,992

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $24,944,376)				24,944,679

TOTAL INVESTMENTS IN SECURITIES-109.42% (Cost $357,296,824)				289,494,875
OTHER ASSETS LESS LIABILITIES-(9.42)%				(24,932,450	)

NET ASSETS-100.00%			$	264,562,425

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	3,227,916	$	(3,227,916	)		$	-		$	-		$	-	$	2,887

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		25

Invesco S&P 500^® Equal Weight Materials ETF (RSPM)–(continued)

October 31, 2023

(Unaudited)


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	3,243,583	$	51,836,582	$	(48,097,478	)		$	-		$	-		$	6,982,687	$	130,519	*

Invesco Private Prime Fund			8,340,653		127,991,145		(118,373,246	)			987			2,453			17,961,992		349,852	*


Total		$	11,584,236	$	183,055,643	$	(169,698,640	)		$	987		$	2,453		$	24,944,679	$	483,258

*	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, 2023.

^(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, 2023

Chemicals			53.78

Containers & Packaging			25.36

Metals & Mining			13.99

Construction Materials			6.86

Money Market Funds Plus Other Assets Less Liabilities			0.01

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		26

Invesco S&P 500^® Equal Weight Real Estate ETF (RSPR)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Health Care REITs-9.99%
Healthpeak Properties, Inc.		139,318	$	2,166,396
Ventas, Inc.^(b)		65,817		2,794,590
Welltower, Inc.^(b)		33,765		2,823,091

				7,784,077

Hotel & Resort REITs-3.45%
Host Hotels & Resorts, Inc.		173,781		2,690,130


Industrial REITs-2.95%
Prologis, Inc.		22,769		2,293,977


Office REITs-5.78%
Alexandria Real Estate Equities, Inc.^(b)		24,254		2,258,775
Boston Properties, Inc.^(b)		41,892		2,244,154

				4,502,929

Real Estate Management & Development-6.10%
CBRE Group, Inc., Class A^(c)		32,725		2,269,151
CoStar Group, Inc.^(c)		33,777		2,479,569

				4,748,720

Residential REITs-21.98%
AvalonBay Communities, Inc.^(b)		15,558		2,578,583
Camden Property Trust		27,085		2,298,975
Equity Residential		44,518		2,463,181
Essex Property Trust, Inc.^(b)		12,382		2,648,757
Invitation Homes, Inc.		82,326		2,444,259
Mid-America Apartment Communities, Inc.		20,222		2,389,229
UDR, Inc.		72,147		2,294,996

				17,117,980

Retail REITs-16.67%
Federal Realty Investment Trust^(b)		28,575		2,605,754
Kimco Realty Corp.		150,114		2,693,045
Realty Income Corp.		50,418		2,388,805
Regency Centers Corp.		43,535		2,623,419
Simon Property Group, Inc.		24,334		2,674,064

				12,985,087

Specialized REITs-32.97%
American Tower Corp.		15,415		2,746,799

Investment Abbreviations:

REIT-Real Estate Investment Trust


	Shares		Value
Specialized REITs-(continued)
Crown Castle, Inc.		28,103	$	2,613,017
Digital Realty Trust, Inc.^(b)		21,460		2,668,766
Equinix, Inc.		3,617		2,639,108
Extra Space Storage, Inc.^(b)		22,068		2,286,024
Iron Mountain, Inc.		44,497		2,628,438
Public Storage		10,192		2,432,932
SBA Communications Corp., Class A		12,855		2,681,939
VICI Properties, Inc.		89,426		2,494,985
Weyerhaeuser Co.^(b)		86,890		2,492,874

				25,684,882

Total Common Stocks & Other Equity Interests (Cost $107,863,126)				77,807,782


Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $86,288)		86,288		86,288

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $107,949,414)				77,894,070


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-11.33%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		2,210,529		2,210,529
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		6,610,521		6,611,182

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,822,015)				8,821,711

TOTAL INVESTMENTS IN SECURITIES-111.33% (Cost $116,771,429)				86,715,781
OTHER ASSETS LESS LIABILITIES-(11.33)%				(8,822,310	)

NET ASSETS-100.00%			$	77,893,471

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		27

Invesco S&P 500^® Equal Weight Real Estate ETF (RSPR)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	1,637,050	$	(1,550,762	)		$	-			$	-		$	86,288	$	863

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			2,274,652		28,439,617		(28,503,740	)			-				-			2,210,529		40,197	*

Invesco Private Prime Fund			5,849,106		67,283,820		(66,522,370	)			(304	)			930			6,611,182		108,268	*


Total		$	8,123,758	$	97,360,487	$	(96,576,872	)		$	(304	)		$	930		$	8,907,999	$	149,328

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Specialized REITs			32.97

Residential REITs			21.98

Retail REITs			16.67

Health Care REITs			9.99

Real Estate Management & Development			6.10

Office REITs			5.78

Hotel & Resort REITs			3.45

Industrial REITs			2.95

Money Market Funds Plus Other Assets Less Liabilities			0.11

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		28

Invesco S&P 500^® Equal Weight Technology ETF (RSPT)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communications Equipment-8.25%
Arista Networks, Inc.^(b)		251,861	$	50,465,389
Cisco Systems, Inc.		872,977		45,508,291
F5, Inc.^(b)		308,068		46,700,028
Juniper Networks, Inc.		1,702,249		45,824,543
Motorola Solutions, Inc.		175,074		48,751,106

				237,249,357

Electronic Equipment, Instruments & Components-12.44%
Amphenol Corp., Class A		575,916		46,390,034
CDW Corp.		232,688		46,630,675
Corning, Inc.		1,577,436		42,212,187
Keysight Technologies, Inc.^(b)		373,897		45,634,129
TE Connectivity Ltd.		386,893		45,595,340
Teledyne Technologies, Inc.^(b)		120,578		45,167,313
Trimble, Inc.^(b)		970,354		45,732,784
Zebra Technologies Corp., Class A^(b)		193,021		40,424,388

				357,786,850

IT Services-11.20%
Accenture PLC, Class A		152,038		45,168,969
Akamai Technologies, Inc.^(b)		472,445		48,817,742
Cognizant Technology Solutions Corp., Class A		693,635		44,718,649
EPAM Systems, Inc.^(b)		186,482		40,572,889
Gartner, Inc.^(b)		139,728		46,395,285
International Business Machines Corp.		335,077		48,465,537
VeriSign, Inc.^(b)		239,560		47,830,550

				321,969,621

Semiconductors & Semiconductor Equipment-31.02%
Advanced Micro Devices, Inc.^(b)		466,433		45,943,650
Analog Devices, Inc.		278,658		43,841,263
Applied Materials, Inc.		335,417		44,392,440
Broadcom, Inc.		57,657		48,510,870
Enphase Energy, Inc.^(b)(c)		411,464		32,744,305
First Solar, Inc.^(b)		270,095		38,475,033
Intel Corp.		1,301,881		47,518,656
KLA Corp.		99,416		46,695,695
Lam Research Corp.		73,983		43,518,280
Microchip Technology, Inc.		627,731		44,750,943
Micron Technology, Inc.		704,960		47,140,675
Monolithic Power Systems, Inc.		98,794		43,641,262
NVIDIA Corp.		108,584		44,280,555
NXP Semiconductors N.V. (China)		243,634		42,009,811
ON Semiconductor Corp.^(b)		505,159		31,643,160
Qorvo, Inc.^(b)		497,980		43,533,412
QUALCOMM, Inc.		465,925		50,781,166
Skyworks Solutions, Inc.		497,781		43,177,524
SolarEdge Technologies, Inc.^(b)(c)		332,447		25,249,350
Teradyne, Inc.^(c)		496,023		41,303,835
Texas Instruments, Inc.		300,346		42,652,135

				891,804,020

Software-27.40%
Adobe, Inc.^(b)		88,305		46,983,558


	Shares		Value
Software-(continued)
ANSYS, Inc.^(b)		157,341	$	43,781,707
Autodesk, Inc.^(b)		225,761		44,617,146
Cadence Design Systems, Inc.^(b)		207,841		49,850,664
Fair Isaac Corp.^(b)		54,998		46,521,158
Fortinet, Inc.^(b)		772,354		44,155,478
Gen Digital, Inc.		2,475,445		41,240,914
Intuit, Inc.		89,837		44,464,823
Microsoft Corp.		147,947		50,022,360
Oracle Corp.		391,733		40,505,192
Palo Alto Networks, Inc.^(b)(c)		198,933		48,344,698
PTC, Inc.^(b)		344,365		48,355,733
Roper Technologies, Inc.		100,603		49,151,608
Salesforce, Inc.^(b)		220,158		44,214,331
ServiceNow, Inc.^(b)		82,470		47,985,170
Synopsys, Inc.^(b)		107,776		50,594,366
Tyler Technologies, Inc.^(b)		126,098		47,021,944

				787,810,850

Technology Hardware, Storage & Peripherals-9.68%
Apple, Inc.		277,646		47,413,607
Hewlett Packard Enterprise Co.		2,852,584		43,872,742
HP, Inc.		1,680,285		44,241,904
NetApp, Inc.		625,671		45,536,335
Seagate Technology Holdings PLC^(c)		756,535		51,633,514
Western Digital Corp.^(b)		1,138,092		45,694,394

				278,392,496

Total Common Stocks & Other Equity Interests (Cost $2,877,814,386)				2,875,013,194


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $767,974)		767,974		767,974

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $2,878,582,360)				2,875,781,168


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.05%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		33,941,400		33,941,400
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		111,401,154		111,412,294

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $145,352,588)				145,353,694

TOTAL INVESTMENTS IN SECURITIES-105.07% (Cost $3,023,934,948)				3,021,134,862
OTHER ASSETS LESS LIABILITIES-(5.07)%				(145,780,339	)

NET ASSETS-100.00%			$	2,875,354,523

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		29

Invesco S&P 500^® Equal Weight Technology ETF (RSPT)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	1,549,245	$	7,986,780	$	(8,768,051	)		$	-		$	-		$	767,974	$	8,092

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		29,707,142		304,798,627		(300,564,369	)			-			-			33,941,400		839,244	*

Invesco Private Prime Fund		76,389,794		570,730,583		(535,719,082	)			4,340			6,659			111,412,294		2,236,670	*


Total	$	107,646,181	$	883,515,990	$	(845,051,502	)		$	4,340		$	6,659		$	146,121,668	$	3,084,006

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Semiconductors & Semiconductor Equipment			31.02

Software			27.40

Electronic Equipment, Instruments & Components			12.44

IT Services			11.20

Technology Hardware, Storage & Peripherals			9.68

Communications Equipment			8.25

Money Market Funds Plus Other Assets Less Liabilities			0.01

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		30

Invesco S&P 500^® Equal Weight Utilities ETF (RSPU)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


		Shares		Value
Common Stocks & Other Equity Interests-99.87%
Electric Utilities-57.40%
Alliant Energy Corp.			180,611	$	8,812,011
American Electric Power Co., Inc.			118,137		8,924,069
Constellation Energy Corp.	��		84,532		9,545,353
Duke Energy Corp.			100,880		8,967,223
Edison International			131,567		8,296,615
Entergy Corp.			96,401		9,214,972
Evergy, Inc.			169,737		8,340,876
Eversource Energy			147,480		7,932,949
Exelon Corp.			225,618		8,785,565
FirstEnergy Corp.			257,779		9,176,932
NextEra Energy, Inc.			136,980		7,985,934
NRG Energy, Inc.			232,391		9,848,731
PG&E Corp.^(b)(c)			541,508		8,826,580
Pinnacle West Capital Corp.			119,839		8,889,657
PPL Corp.			371,029		9,116,183
Southern Co. (The)			134,889		9,078,030
Xcel Energy, Inc.			160,901		9,536,602

					151,278,282

Gas Utilities-3.28%
Atmos Energy Corp.^(c)			80,411		8,657,048


Independent Power and Renewable Electricity Producers-3.00%
AES Corp. (The)			530,107		7,898,595


Multi-Utilities-33.21%
Ameren Corp.			115,318		8,730,726
CenterPoint Energy, Inc.			324,591		8,725,006
CMS Energy Corp.			164,096		8,916,977
Consolidated Edison, Inc.			102,810		9,025,690
Dominion Energy, Inc.			194,895		7,858,166


	Shares		Value
Multi-Utilities-(continued)
DTE Energy Co.		89,173	$	8,594,494
NiSource, Inc.		339,408		8,539,505
Public Service Enterprise Group, Inc.		150,613		9,285,291
Sempra.		128,890		9,026,167
WEC Energy Group, Inc.		108,451		8,826,827

				87,528,849

Water Utilities-2.98%
American Water Works Co., Inc.		66,680		7,844,902

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $312,503,451)				263,207,676


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-5.44%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		4,012,836		4,012,836
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		10,318,710		10,319,742

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,332,578)				14,332,578

TOTAL INVESTMENTS IN SECURITIES-105.31% (Cost $326,836,029)				277,540,254
OTHER ASSETS LESS LIABILITIES-(5.31)%				(13,993,563	)

NET ASSETS-100.00%.			$	263,546,691

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	5,596,430	$	(5,596,430	)		$	-		$	-		$	-	$	3,201

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			5,960,965		66,009,254		(67,957,383	)			-			-			4,012,836		57,758	*

Invesco Private Prime Fund			15,328,610		155,780,358		(160,790,360	)			-			1,134			10,319,742		159,858	*


Total		$	21,289,575	$	227,386,042	$	(234,344,173	)		$	-		$	1,134		$	14,332,578	$	220,817

*	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.


		31

Invesco S&P 500^® Equal Weight Utilities ETF (RSPU)–(continued)

October 31, 2023

(Unaudited)

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Electric Utilities			57.40

Multi-Utilities			33.21

Gas Utilities			3.28

Independent Power and Renewable Electricity Producers			3.00

Water Utilities			2.98

Money Market Funds Plus Other Assets Less Liabilities			0.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		32

Invesco S&P MidCap 400^® GARP ETF (GRPM)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-0.94%
TEGNA, Inc.		128,697	$	1,867,392


Consumer Discretionary-26.87%
AutoNation, Inc.^(b)		27,219		3,540,648
Brunswick Corp.^(c)		48,005		3,334,907
Capri Holdings Ltd.^(b)		55,285		2,829,486
Crocs, Inc.^(b)(c)		40,954		3,658,011
Deckers Outdoor Corp.^(b)		5,984		3,572,807
Dick’s Sporting Goods, Inc.^(c)		20,831		2,227,875
Grand Canyon Education, Inc.^(b)		23,598		2,792,351
KB Home		55,737		2,463,575
Light & Wonder, Inc.^(b)		42,270		3,090,360
Lithia Motors, Inc., Class A		13,222		3,202,501
Murphy USA, Inc.		16,416		5,953,919
Taylor Morrison Home Corp., Class A^(b)(c)		63,485		2,432,745
Thor Industries, Inc.		46,761		4,111,695
Toll Brothers, Inc.		41,288		2,919,475
TopBuild Corp.^(b)		15,613		3,571,630
Williams-Sonoma, Inc.		23,911		3,592,389

				53,294,374

Consumer Staples-1.65%
Coca-Cola Consolidated, Inc.		5,158		3,282,603


Energy-18.85%
Antero Resources Corp.^(b)		205,134		6,039,145
Chord Energy Corp.^(c)		38,216		6,317,869
HF Sinclair Corp.		69,318		3,838,831
Matador Resources Co.		112,703		6,952,648
PBF Energy, Inc., Class A		101,247		4,812,270
Range Resources Corp.^(c)		127,615		4,573,722
Southwestern Energy Co.^(b)		682,146		4,863,701

				37,398,186

Financials-4.09%
Affiliated Managers Group, Inc.		24,242		2,975,948
East West Bancorp, Inc.		40,759		2,185,498
RLI Corp.		22,209		2,959,127

				8,120,573

Health Care-5.11%
Azenta, Inc.^(b)(c)		67,406		3,063,603
Medpace Holdings, Inc.^(b)		14,696		3,566,278
Shockwave Medical, Inc.^(b)(c)		16,954		3,496,932

				10,126,813

Industrials-18.44%
Advanced Drainage Systems, Inc.		24,012		2,565,202
AGCO Corp.		25,232		2,893,101
Builders FirstSource, Inc.^(b)		39,146		4,248,124
Landstar System, Inc.		17,414		2,869,479
Owens Corning		23,508		2,665,102
Ryder System, Inc.		44,618		4,352,040
Saia, Inc.^(b)		8,826		3,164,033
Simpson Manufacturing Co., Inc.		25,342		3,375,047
Toro Co. (The)		20,592		1,664,657


	Shares		Value
Industrials-(continued)
Trex Co., Inc.^(b)(c)		38,257	$	2,150,426
UFP Industries, Inc.^(c)		44,382		4,223,835
Watsco, Inc.^(c)		6,892		2,404,550

				36,575,596

Information Technology-10.84%
Amkor Technology, Inc.		133,867		2,792,466
Arrow Electronics, Inc.^(b)		29,548		3,351,039
Avnet, Inc.		55,955		2,592,395
Cirrus Logic, Inc.^(b)		28,006		1,874,441
Jabil, Inc.		28,335		3,479,538
Lattice Semiconductor Corp.^(b)		36,087		2,006,798
Qualys, Inc.^(b)(c)		18,332		2,803,879
Super Micro Computer, Inc.^(b)(c)		10,904		2,611,181

				21,511,737

Materials-13.18%
Commercial Metals Co.		65,324		2,762,552
Eagle Materials, Inc.		22,631		3,483,137
Greif, Inc., Class A^(c)		33,049		2,098,612
Louisiana-Pacific Corp.		91,944		4,714,888
Olin Corp.		81,376		3,476,383
Reliance Steel & Aluminum Co.		12,024		3,058,665
Westlake Corp.^(c)		33,404		3,853,485
Worthington Industries, Inc.		43,751		2,695,937

				26,143,659

Total Common Stocks & Other Equity Interests (Cost $213,046,815)				198,320,933


Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $23,258)		23,258		23,258

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $213,070,073)				198,344,191


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-16.25%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		9,022,793		9,022,793
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		23,205,243		23,207,564

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $32,229,870)				32,230,357

TOTAL INVESTMENTS IN SECURITIES-116.23% (Cost $245,299,943)				230,574,548
OTHER ASSETS LESS LIABILITIES-(16.23)%				(32,199,996	)

NET ASSETS-100.00%			$	198,374,552

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		33

Invesco S&P MidCap 400^® GARP ETF (GRPM)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	175,345	$	1,839,056	$	(1,991,143	)		$	-		$	-			$	23,258	$	1,428

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			13,122,643		78,858,515		(82,958,365	)			-			-				9,022,793		311,602	*

Invesco Private Prime Fund			33,616,496		155,055,776		(165,467,991	)			3,290			(7	)			23,207,564		826,908	*


Total		$	46,914,484	$	235,753,347	$	(250,417,499	)		$	3,290		$	(7	)		$	32,253,615	$	1,139,938

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.


Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2023

Consumer Discretionary			26.87

Energy			18.85

Industrials			18.44

Materials			13.18

Information Technology			10.84

Health Care			5.11

Financials			4.09

Sector Types Each Less Than 3%			2.59

Money Market Funds Plus Other Assets Less Liabilities			0.03

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		34

(This Page Intentionally Left Blank)


		35

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)


	Invesco S&P 500^® Equal Weight ETF (RSP)				Invesco S&P 500^® Equal Weight Communication Services ETF (RSPC)				Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RSPD)				Invesco S&P 500^® Equal Weight Consumer Staples ETF (RSPS)
Assets:
Unaffiliated investments in securities, at value^(a)		$	38,133,849,738			$	49,284,871			$	366,483,644			$	533,427,935
Affiliated investments in securities, at value			2,150,378,381				2,760,884				45,208,056				14,301,923
Receivable for:
Dividends and interest			32,534,141				93,340				319,540				566,919
Securities lending			238,685				600				7,259				3,385
Investments sold			270,086,281				-				29,764,818				-
Fund shares sold			133,340,062				-				-				-

Total assets			40,720,427,288				52,139,695				441,783,317				548,300,162


Liabilities:
Due to custodian			166,411				80,202				22,519				89,296
Payable for:
Investments purchased			132,766,003				-				150,977				-
Investments purchased - affiliated broker			-				-				-				-
Collateral upon return of securities loaned			2,076,921,004				2,761,068				45,207,049				14,301,923
Fund shares repurchased			271,275,780				-				29,566,237				-
Accrued unitary management fees			6,628,264				16,937				171,649				183,294

Total liabilities			2,487,757,462				2,858,207				75,118,431				14,574,513

Net Assets		$	38,232,669,826			$	49,281,488			$	366,664,886			$	533,725,649


Net assets consist of:
Shares of beneficial interest		$	45,069,689,088			$	60,324,686			$	554,560,268			$	685,300,828
Distributable earnings (loss)			(6,837,019,262	)			(11,043,198	)			(187,895,382	)			(151,575,179	)

Net Assets		$	38,232,669,826			$	49,281,488			$	366,664,886			$	533,725,649

Shares outstanding (unlimited amount authorized, $0.01 par value)			281,392,663				1,900,001				9,380,000				18,370,000
Net asset value		$	135.87			$	25.94			$	39.09			$	29.05

Market price		$	135.87			$	25.94			$	39.10			$	29.06

Unaffiliated investments in securities, at cost		$	41,922,973,948			$	56,605,169			$	451,616,221			$	640,826,225

Affiliated investments in securities, at cost		$	2,187,747,100			$	2,761,068			$	45,207,049			$	14,301,923

^(a)Includes securities on loan with an aggregate value of:		$	2,036,992,880			$	2,680,310			$	43,589,282			$	14,169,071

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		36


Invesco S&P 500^® Equal Weight Energy ETF (RSPG)				Invesco S&P 500^® Equal Weight Financials ETF (RSPF)				Invesco S&P 500^® Equal Weight Health Care ETF (RSPH)				Invesco S&P 500^® Equal Weight Industrials ETF (RSPN)				Invesco S&P 500^® Equal Weight Materials ETF (RSPM)				Invesco S&P 500^® Equal Weight Real Estate ETF (RSPR)				Invesco S&P 500^® Equal Weight Technology ETF (RSPT)

	$	614,055,492			$	227,804,824			$	845,084,005			$	523,780,998			$	264,550,196			$	77,807,782			$	2,875,013,194
		517,180				15,053,732				7,597,786				29,029,447				24,944,679				8,907,999				146,121,668

		1,203,810				264,701				539,091				265,180				182,660				25,445				588,483
		2,234				1,702				2,962				3,889				3,281				697				18,090
		-				-				3,306,207				-				-				-				7,136,921
		1,503,565				-				-				-				-				-				-

		617,282,281				243,124,959				856,530,051				553,079,514				289,680,816				86,741,923				3,028,878,356



		-				-				487,568				3,554				82,056				-				3,191

		1,718,734				-				-				-				-				-				-
		281,957				-				-				-				-				-				-
		113,688				12,192,816				7,597,786				28,959,549				24,944,376				8,822,015				145,352,588
		-				-				3,305,977				-				-				-				7,155,358
		207,265				81,243				305,413				182,038				91,959				26,437				1,012,696

		2,321,644				12,274,059				11,696,744				29,145,141				25,118,391				8,848,452				153,523,833

	$	614,960,637			$	230,850,900			$	844,833,307			$	523,934,373			$	264,562,425			$	77,893,471			$	2,875,354,523



	$	713,588,872			$	350,715,638			$	936,947,100			$	585,995,177			$	375,952,380			$	119,575,423			$	3,080,116,869
		(98,628,235	)			(119,864,738	)			(92,113,793	)			(62,060,804	)			(111,389,955	)			(41,681,952	)			(204,762,346	)

	$	614,960,637			$	230,850,900			$	844,833,307			$	523,934,373			$	264,562,425			$	77,893,471			$	2,875,354,523


		8,180,005				4,670,000				33,110,000				14,220,000				8,960,000				2,830,000				107,890,000
	$	75.18			$	49.43			$	25.52			$	36.84			$	29.53			$	27.52			$	26.65

	$	75.18			$	49.41			$	25.51			$	36.85			$	29.54			$	27.54			$	26.65

	$	553,018,565			$	260,438,446			$	855,346,276			$	537,216,860			$	332,352,448			$	107,863,126			$	2,877,814,386

	$	517,188			$	17,487,260			$	7,597,786			$	29,029,742			$	24,944,376			$	8,908,303			$	146,120,562

	$	113,027			$	12,078,836			$	7,535,972			$	28,620,399			$	24,405,755			$	8,682,723			$	143,524,868


		37

Statements of Assets and Liabilities–(continued)

October 31, 2023

(Unaudited)


	Invesco S&P 500^® Equal Weight Utilities ETF (RSPU)				Invesco S&P MidCap 400^® GARP ETF (GRPM)
Assets:
Unaffiliated investments in securities, at value^(a)		$	263,207,676			$	198,320,933
Affiliated investments in securities, at value			14,332,578				32,253,615
Receivable for:
Dividends and interest			447,809				88,805
Securities lending			1,334				4,088
Fund shares sold			-				7,423,962

Total assets			277,989,397				238,091,403


Liabilities:
Due to custodian			19,135				204
Payable for:
Investments purchased			-				7,425,078
Collateral upon return of securities loaned			14,332,578				32,229,870
Accrued unitary management fees			90,993				61,699

Total liabilities			14,442,706				39,716,851

Net Assets		$	263,546,691			$	198,374,552


Net assets consist of:
Shares of beneficial interest		$	348,793,945			$	236,334,417
Distributable earnings (loss)			(85,247,254	)			(37,959,865	)

Net Assets		$	263,546,691			$	198,374,552

Shares outstanding (unlimited amount authorized, $0.01 par value)			5,170,000				2,380,000
Net asset value		$	50.98			$	83.35

Market price		$	51.00			$	83.33

Unaffiliated investments in securities, at cost		$	312,503,451			$	213,046,815

Affiliated investments in securities, at cost		$	14,332,578			$	32,253,128

^(a)Includes securities on loan with an aggregate value of:		$	14,092,838			$	32,088,369

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		38

(This Page Intentionally Left Blank)


		39

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)


	Invesco S&P 500^® Equal Weight ETF (RSP)				Invesco S&P 500^® Equal Weight Communication Services ETF (RSPC)				Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RSPD)				Invesco S&P 500^® Equal Weight Consumer Staples ETF (RSPS)
Investment income:
Unaffiliated dividend income		$	392,684,548			$	470,469			$	3,516,286			$	10,291,215
Affiliated dividend income			1,982,756				2,633				3,497				4,683
Securities lending income, net			1,444,106				5,667				51,506				18,292
Foreign withholding tax			(126,195	)			-				-				-

Total investment income			395,985,215				478,769				3,571,289				10,314,190


Expenses:
Unitary management fees			39,086,689				142,418				998,773				1,530,336

Less: Waivers			(4,011	)			(39	)			(79	)			(126	)

Net expenses			39,082,678				142,379				998,694				1,530,210

Net investment income			356,902,537				336,390				2,572,595				8,783,980


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(641,615,990	)			(3,790,752	)			(30,218,314	)			(5,350,681	)
Affiliated investment securities			142,326				(248	)			2,109				5,811
Unaffiliated in-kind redemptions			1,428,843,129				8,865,780				8,251,098				48,269,641
Affiliated in-kind redemptions			50,891				-				-				-

Net realized gain (loss)			787,420,356				5,074,780				(21,965,107	)			42,924,771

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(3,610,816,925	)			(5,398,621	)			(28,139,176	)			(188,394,603	)
Affiliated investment securities			(21,579,074	)			(21	)			5,561				-

Change in net unrealized appreciation (depreciation)			(3,632,395,999	)			(5,398,642	)			(28,133,615	)			(188,394,603	)

Net realized and unrealized gain (loss)			(2,844,975,643	)			(323,862	)			(50,098,722	)			(145,469,832	)

Net increase (decrease) in net assets resulting from operations		$	(2,488,073,106	)		$	12,528			$	(47,526,127	)		$	(136,685,852	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		40


Invesco S&P 500^® Equal Weight Energy ETF (RSPG)				Invesco S&P 500^® Equal Weight Financials ETF (RSPF)				Invesco S&P 500^® Equal Weight Health Care ETF (RSPH)				Invesco S&P 500^® Equal Weight Industrials ETF (RSPN)				Invesco S&P 500^® Equal Weight Materials ETF (RSPM)				Invesco S&P 500^® Equal Weight Real Estate ETF (RSPR)				Invesco S&P 500^® Equal Weight Technology ETF (RSPT)

	$	8,535,087			$	3,559,244			$	5,494,122			$	3,561,525			$	3,845,092			$	1,785,429			$	15,352,694
		4,326				99,405				5,274				2,180				2,887				863				8,092
		14,286				12,876				33,094				16,193				11,434				3,662				75,226
		-				-				-				-				-				-				(73,286	)

		8,553,699				3,671,525				5,532,490				3,579,898				3,859,413				1,789,954				15,362,726



		1,076,392				545,232				1,970,712				994,712				610,572				187,259				5,968,686

		(106	)			(43	)			(109	)			(52	)			(68	)			(23	)			(184	)

		1,076,286				545,189				1,970,603				994,660				610,504				187,236				5,968,502

		7,477,413				3,126,336				3,561,887				2,585,238				3,248,909				1,602,718				9,394,224




		(339,643	)			(13,629,944	)			(12,767,333	)			(2,440,702	)			(2,863,103	)			(2,002,264	)			(25,545,497	)
		1,816				12				(1,309	)			95				2,453				930				6,659
		18,195,622				3,173,749				35,369,748				4,058,717				2,553,304				(2,419,414	)			135,077,038
		-				(129,203	)			-				-				-				-				-

		17,857,795				(10,585,386	)			22,601,106				1,618,110				(307,346	)			(4,420,748	)			109,538,200


		16,121,564				3,666,465				(172,451,935	)			(17,508,039	)			(23,544,846	)			(4,897,338	)			(63,203,774	)
		(8	)			(834,773	)			-				(295	)			987				(304	)			4,340

		16,121,556				2,831,692				(172,451,935	)			(17,508,334	)			(23,543,859	)			(4,897,642	)			(63,199,434	)

		33,979,351				(7,753,694	)			(149,850,829	)			(15,890,224	)			(23,851,205	)			(9,318,390	)			46,338,766

	$	41,456,764			$	(4,627,358	)		$	(146,288,942	)		$	(13,304,986	)		$	(20,602,296	)		$	(7,715,672	)		$	55,732,990


		41

Statements of Operations–(continued)

For the six months ended October 31, 2023

(Unaudited)



	Invesco S&P 500^® Equal Weight Utilities ETF (RSPU)				Invesco S&P MidCap 400^® GARP ETF (GRPM)
Investment income:
Unaffiliated dividend income		$	5,836,354			$	1,498,682
Affiliated dividend income			3,201				1,428
Securities lending income, net			6,807				38,568

Total investment income			5,846,362				1,538,678


Expenses:
Unitary management fees			678,440				416,483

Less: Waivers			(81	)			(32	)

Net expenses			678,359				416,451

Net investment income			5,168,003				1,122,227


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(517,427	)			(11,155,031	)
Affiliated investment securities			1,134				(7	)
In-kind redemptions			512,591				22,854,625

Net realized gain (loss)			(3,702	)			11,699,587

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(42,722,478	)			(21,236,960	)
Affiliated investment securities			-				3,290

Change in net unrealized appreciation (depreciation)			(42,722,478	)			(21,233,670	)

Net realized and unrealized gain (loss)			(42,726,180	)			(9,534,083	)

Net increase (decrease) in net assets resulting from operations		$	(37,558,177	)		$	(8,411,856	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		42

(This Page Intentionally Left Blank)


		43

Statements of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)


	Invesco S&P 500^®Equal Weight ETF (RSP)								Invesco S&P 500^®Equal Weight Communication Services ETF (RSPC)
	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	356,902,537			$	548,015,528			$	336,390			$	582,963
Net realized gain (loss)			787,420,356				292,844,284				5,074,780				(6,592,270	)
Change in net unrealized appreciation (depreciation)			(3,632,395,999	)			(834,642,251	)			(5,398,642	)			7,065,664

Net increase (decrease) in net assets resulting from operations			(2,488,073,106	)			6,217,561				12,528				1,056,357


Distributions to Shareholders from:
Distributable earnings			(339,415,311	)			(585,873,061	)			(267,578	)			(571,708	)


Shareholder Transactions:
Proceeds from shares sold			16,439,983,939				11,372,499,401				10,372,339				93,942,544
Value of shares repurchased			(9,132,135,283	)			(9,355,432,438	)			(83,219,534	)			(10,193,991	)

Net increase (decrease) in net assets resulting from share transactions			7,307,848,656				2,017,066,963				(72,847,195	)			83,748,553

Net increase (decrease) in net assets			4,480,360,239				1,437,411,463				(73,102,245	)			84,233,202


Net assets:
Beginning of period			33,752,309,587				32,314,898,124				122,383,733				38,150,531

End of period		$	38,232,669,826			$	33,752,309,587			$	49,281,488			$	122,383,733


Changes in Shares Outstanding:
Shares sold			112,230,000				79,520,000				370,000				3,580,000
Shares repurchased			(63,440,000	)			(66,030,000	)			(2,950,000	)			(370,000	)
Shares outstanding, beginning of period			232,602,663				219,112,663				4,480,001				1,270,001

Shares outstanding, end of period			281,392,663				232,602,663				1,900,001				4,480,001

^(a)	Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

^(b)	Changes in shares outstanding have been restated to reflect a five-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		44


Invesco S&P 500^®Equal Weight Consumer Discretionary ETF (RSPD)								Invesco S&P 500^®Equal Weight Consumer Staples ETF (RSPS)								Invesco S&P 500^®Equal Weight Energy ETF (RSPG)
Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	2,572,595			$	5,316,212			$	8,783,980			$	14,722,913			$	7,477,413			$	19,727,176
		(21,965,107	)			(24,456,809	)			42,924,771				18,568,527				17,857,795				78,783,817
		(28,133,615	)			25,970,421				(188,394,603	)			4,693,140				16,121,556				(65,294,000	)

		(47,526,127	)			6,829,824				(136,685,852	)			37,984,580				41,456,764				33,216,993



		(2,934,903	)			(4,975,114	)			(8,629,061	)			(16,231,924	)			(6,270,080	)			(20,903,859	)



		143,223,826				600,354,617				70,749,636				659,074,268				129,131,059				280,820,649
		(217,850,424	)			(476,620,320	)			(492,184,746	)			(164,978,667	)			(79,690,981	)			(306,984,789	)


		(74,626,598	)			123,734,297				(421,435,110	)			494,095,601				49,440,078				(26,164,140	)

		(125,087,628	)			125,589,007				(566,750,023	)			515,848,257				84,626,762				(13,851,006	)



		491,752,514				366,163,507				1,100,475,672				584,627,415				530,333,875				544,184,881

	$	366,664,886			$	491,752,514			$	533,725,649			$	1,100,475,672			$	614,960,637			$	530,333,875



		3,320,000	^(a)			14,880,000	^(a)			2,020,000	^(b)			19,450,000	^(b)			1,710,000				3,950,000
		(5,310,000	)^(a)			(12,090,000	)^(a)			(14,900,000	)^(b)			(4,950,000	)^(b)			(1,140,000	)			(4,610,000	)
		11,370,000	^(a)			8,580,000	^(a)			31,250,000	^(b)			16,750,000	^(b)			7,610,005				8,270,005

		9,380,000	^(a)			11,370,000	^(a)			18,370,000	^(b)			31,250,000	^(b)			8,180,005				7,610,005


		45

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)


	Invesco S&P 500^®Equal Weight Financials ETF (RSPF)								Invesco S&P 500^®Equal Weight Health Care ETF (RSPH)
	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	3,126,336			$	8,525,806			$	3,561,887			$	6,052,626
Net realized gain (loss)			(10,585,386	)			(23,969,797	)			22,601,106				(1,547,395	)
Change in net unrealized appreciation (depreciation)			2,831,692				(25,103,855	)			(172,451,935	)			63,424,325

Net increase (decrease) in net assets resulting from operations			(4,627,358	)			(40,547,846	)			(146,288,942	)			67,929,556


Distributions to Shareholders from:
Distributable earnings			(3,285,501	)			(8,617,035	)			(3,397,927	)			(5,972,746	)


Shareholder Transactions:
Proceeds from shares sold			5,436,969				56,081,564				68,603,820				100,536,751
Value of shares repurchased			(75,324,477	)			(181,916,060	)			(98,266,530	)			(39,620,177	)

Net increase (decrease) in net assets resulting from share transactions			(69,887,508	)			(125,834,496	)			(29,662,710	)			60,916,574

Net increase (decrease) in net assets			(77,800,367	)			(174,999,377	)			(179,349,579	)			122,873,384


Net assets:
Beginning of period			308,651,267				483,650,644				1,024,182,886				901,309,502

End of period		$	230,850,900			$	308,651,267			$	844,833,307			$	1,024,182,886


Changes in Shares Outstanding:
Shares sold			100,000				990,000				2,350,000	^(a)			3,600,000	^(a)
Shares repurchased			(1,470,000	)			(3,350,000	)			(3,440,000	)^(a)			1,400,000	^(a)
Shares outstanding, beginning of period			6,040,000				8,400,000				34,200,000	^(a)			32,000,000	^(a)

Shares outstanding, end of period			4,670,000				6,040,000				33,110,000	^(a)			34,200,000	^(a)

^(a)	Changes in shares outstanding have been restated to reflect a ten-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

^(b)	Changes in shares outstanding have been restated to reflect a five-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		46


Invesco S&P 500^®Equal Weight Industrials ETF (RSPN)									Invesco S&P 500^®Equal Weight Materials ETF (RSPM)								Invesco S&P 500^®Equal Weight Real Estate ETF (RSPR)
Six Months Ended October 31, 2023				Year Ended April 30, 2023					Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	2,585,238				$	3,852,612			$	3,248,909			$	8,700,569			$	1,602,718			$	3,399,131
		1,618,110					(10,191,877	)			(307,346	)			8,360,288				(4,420,748	)			(8,621,579	)
		(17,508,334	)				15,221,810				(23,543,859	)			(72,034,779	)			(4,897,642	)			(24,464,475	)

		(13,304,986	)		��		8,882,545				(20,602,296	)			(54,973,922	)			(7,715,672	)			(29,686,923	)



		(2,761,099	)				(4,002,515	)			(3,252,029	)			(8,701,685	)			(1,798,613	)			(2,736,795	)



		195,816,951					93,121,101				4,574,800				139,688,209				20,106,048				37,762,335
		(26,700,485	)				(137,802,256	)			(55,187,878	)			(310,635,807	)			(35,516,362	)			(74,730,664	)


		169,116,466					(44,681,155	)			(50,613,078	)			(170,947,598	)			(15,410,314	)			(36,968,329	)

		153,050,381					(39,801,125	)			(74,467,403	)			(234,623,205	)			(24,924,599	)			(69,392,047	)



		370,883,992					410,685,117				339,029,828				573,653,033				102,818,070				172,210,117

	$	523,934,373				$	370,883,992			$	264,562,425			$	339,029,828			$	77,893,471			$	102,818,070



		4,970,000	^(b)				2,500,000	^(b)			140,000	^(b)			3,950,000	^(b)			680,000				1,140,000
		(700,000	)^(b)				(4,150,000	)^(b)			(1,730,000	)^(b)			(9,400,000	)^(b)			(1,150,000	)			(2,280,000	)
		9,950,000	^(b)				11,600,000	^(b)			10,550,000	^(b)			16,000,000	^(b)			3,300,000				4,440,000

		14,220,000	^(b)				9,950,000	^(b)			8,960,000	^(b)			10,550,000	^(b)			2,830,000				3,300,000


		47

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)


	Invesco S&P 500^®Equal Weight Technology ETF (RSPT)								Invesco S&P 500^®Equal Weight Utilities ETF (RSPU)
	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	9,394,224			$	15,321,631			$	5,168,003			$	9,644,749
Net realized gain (loss)			109,538,200				(10,048,317	)			(3,702	)			12,199,815
Change in net unrealized appreciation (depreciation)			(63,199,434	)			13,706,920				(42,722,478	)			(30,658,342	)

Net increase (decrease) in net assets resulting from operations			55,732,990				18,980,234				(37,558,177	)			(8,813,778	)


Distributions to Shareholders from:
Distributable earnings			(9,281,557	)			(15,024,617	)			(5,189,698	)			(9,404,642	)


Shareholder Transactions:
Proceeds from shares sold			774,489,539				1,010,928,884				32,671,237				203,450,089
Value of shares repurchased			(428,392,126	)			(707,392,682	)			(101,918,483	)			(143,023,336	)

Net increase (decrease) in net assets resulting from share transactions			346,097,413				303,536,202				(69,247,246	)			60,426,753

Net increase (decrease) in net assets			392,548,846				307,491,819				(111,995,121	)			42,208,333


Net assets:
Beginning of period			2,482,805,677				2,175,313,858				375,541,812				333,333,479

End of period		$	2,875,354,523			$	2,482,805,677			$	263,546,691			$	375,541,812


Changes in Shares Outstanding:
Shares sold			28,490,000	^(a)			39,700,000	^(a)			580,000	^(b)			3,380,000	^(b)
Shares repurchased			(15,300,000	)^(a)			(29,000,000	)^(a)			(1,910,000	)^(b)			(2,580,000	)^(b)
Shares outstanding, beginning of period			94,700,000	^(a)			84,000,000	^(a)			6,500,000	^(b)			5,700,000	^(b)

Shares outstanding, end of period			107,890,000	^(a)			94,700,000	^(a)			5,170,000	^(b)			6,500,000	^(b)

^(a)	Changes in shares outstanding have been restated to reflect a ten-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

^(b)	Changes in shares outstanding have been restated to reflect a two-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		48


Invesco S&P MidCap 400^® GARP ETF (GRPM)
Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	1,122,227			$	1,920,657
		11,699,587				(4,047,354	)
		(21,233,670	)			3,859,562

		(8,411,856	)			1,732,865



		(1,099,303	)			(1,850,957	)



		137,198,913				76,350,632
		(116,556,228	)			(12,184,387	)


		20,642,685				64,166,245

		11,131,526				64,048,153



		187,243,026				123,194,873

	$	198,374,552			$	187,243,026



		1,530,000				880,000
		(1,320,000	)			(150,000	)
		2,170,000				1,440,000

		2,380,000				2,170,000


		49

Financial Highlights

Invesco S&P 500^® Equal Weight ETF (RSP)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	145.11			$	147.48			$	148.18			$	96.17			$	108.20			$	99.87

Net investment income^(a)			1.34				2.42				2.30				1.93				2.15				1.78
Net realized and unrealized gain (loss) on investments			(9.30	)			(2.19	)			(0.91	)			52.09				(11.97	)			8.45

Total from investment operations			(7.96	)			0.23				1.39				54.02				(9.82	)			10.23

Distributions to shareholders from:
Net investment income			(1.28	)			(2.60	)			(2.09	)			(2.01	)			(2.21	)			(1.90	)

Net asset value at end of period		$	135.87			$	145.11			$	147.48			$	148.18			$	96.17			$	108.20

Market price at end of period^(b)		$	135.87			$	145.10			$	147.45			$	148.23			$	96.31			$	108.22

Net Asset Value Total Return^(c)			(5.49	)%			0.30	%			0.88	%			56.72	%			(8.98	)%			10.45	%
Market Price Total Return^(c)			(5.49	)%			0.29	%			0.86	%			56.53	%			(8.89	)%			10.43	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	38,232,670			$	33,752,310			$	32,314,898			$	26,605,504			$	10,943,870			$	16,143,961
Ratio to average net assets of:
Expenses			0.20	%^(d)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Net investment income			1.83	%^(d)			1.70	%			1.48	%			1.60	%			2.01	%			1.74	%
Portfolio turnover rate^(e)			11	%			21	%			18	%			24	%			19	%			19	%

^(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.


		50

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Communication Services ETF (RSPC)


	Six Months Ended October 31, 2023				Years Ended April 30,																For the Period November 5, 2018^(a) Through April 30,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	27.32			$	30.04			$	38.39			$	22.73			$	25.39			$	25.00

Net investment income^(b)			0.13				0.34				0.41				0.41				0.41	^(c)			0.16
Net realized and unrealized gain (loss) on investments			(1.37	)			(2.73	)^(d)			(8.37	)			15.60				(2.64	)			0.33

Total from investment operations			(1.24	)			(2.39	)			(7.96	)			16.01				(2.23	)			0.49

Distributions to shareholders from:
Net investment income			(0.14	)			(0.33	)			(0.39	)			(0.35	)			(0.40	)			(0.10	)
Net realized gains			-				-				-				-				(0.03	)			-

Total distributions			(0.14	)			(0.33	)			(0.39	)			(0.35	)			(0.43	)			(0.10	)

Net asset value at end of period		$	25.94			$	27.32			$	30.04			$	38.39			$	22.73			$	25.39

Market price at end of period^(e)		$	25.94			$	27.33			$	30.04			$	38.43			$	22.74			$	25.41

Net Asset Value Total Return^(f)			(4.56	)%			(7.91	)%			(20.90	)%			70.90	%			(8.89	)%			2.04	%^(g)
Market Price Total Return^(f)			(4.60	)%			(7.88	)%			(20.98	)%			71.00	%			(8.92	)%			2.12	%^(g)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	49,281			$	122,384			$	38,151			$	43,000			$	18,180			$	22,851
Ratio to average net assets of:
Expenses			0.40	%^(h)			0.40	%			0.40	%			0.40	%			0.42	%⁽ⁱ⁾			0.40	%^(h)
Net investment income			0.94	%^(h)			1.25	%			1.13	%			1.36	%			1.65	%^(c)(i)			1.42	%^(h)
Portfolio turnover rate^(j)			18	%			37	%			29	%			20	%			30	%			10	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

^(c)

^(d)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(e)	The mean between the last bid and ask prices.

^(f)

^(g)	The net asset value total return from Fund Inception (November 7, 2018, the first day of trading on the exchange) to April 30, 2019 was 0.08%. The market price total return from Fund Inception to April 30, 2019 was 0.04%.

^(h)	Annualized.

⁽ⁱ⁾	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(j)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		51

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RSPD)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	43.25			$	42.68			$	49.62			$	27.24			$	35.95			$	33.05

Net investment income^(b)			0.23				0.51				0.31				0.19				0.61				0.50
Net realized and unrealized gain (loss) on investments			(4.13	)			0.50				(6.93	)			22.39				(8.68	)			2.93

Total from investment operations			(3.90	)			1.01				(6.62	)			22.58				(8.07	)			3.43

Distributions to shareholders from:
Net investment income			(0.26	)			(0.44	)			(0.32	)			(0.20	)			(0.64	)			(0.53	)

Net asset value at end of period		$	39.09			$	43.25			$	42.68			$	49.62			$	27.24			$	35.95

Market price at end of period^(c)		$	39.10			$	43.24			$	42.64			$	49.60			$	27.21			$	35.95

Net Asset Value Total Return^(d)			(9.08	)%			2.52	%			(13.40	)%			83.19	%			(22.56	)%			10.58	%
Market Price Total Return^(d)			(9.05	)%			2.59	%			(13.44	)%			83.29	%			(22.64	)%			10.61	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	366,665			$	491,753			$	366,164			$	973,455			$	49,028			$	113,239
Ratio to average net assets of:
Expenses			0.40	%^(e)			0.40	%			0.40	%			0.40	%			0.41	%^(f)			0.40	%
Net investment income			1.03	%^(e)			1.26	%			0.62	%			0.45	%			1.80	%^(f)			1.45	%
Portfolio turnover rate^(g)			17	%			26	%			21	%			33	%			28	%			30	%

^(a)	Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	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.


		52

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RSPS)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	35.22			$	34.90			$	32.24			$	26.73			$	26.99			$	24.57

Net investment income^(b)			0.38				0.73				0.80				0.56				0.64				0.57
Net realized and unrealized gain (loss) on investments			(6.14	)			0.43				2.53				5.60				(0.27	)			2.47

Total from investment operations			(5.76	)			1.16				3.33				6.16				0.37				3.04

Distributions to shareholders from:
Net investment income			(0.41	)			(0.84	)			(0.67	)			(0.65	)			(0.63	)			(0.62	)

Net asset value at end of period		$	29.05			$	35.22			$	34.90			$	32.24			$	26.73			$	26.99

Market price at end of period^(c)		$	29.06			$	35.21			$	34.90			$	32.22			$	26.72			$	26.99

Net Asset Value Total Return^(d)			(16.47	)%			3.48	%			10.51	%			23.34	%			1.44	%			12.63	%
Market Price Total Return^(d)			(16.42	)%			3.48	%			10.58	%			23.31	%			1.37	%			12.67	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	533,726			$	1,100,476			$	584,627			$	477,173			$	481,080			$	431,837
Ratio to average net assets of:
Expenses			0.40	%^(e)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			2.30	%^(e)			2.17	%			2.46	%			1.91	%			2.32	%			2.27	%
Portfolio turnover rate^(f)			11	%			23	%			13	%			14	%			22	%			19	%

^(a)	Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		53

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Energy ETF (RSPG)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	69.69			$	65.80			$	40.75			$	28.05			$	51.81			$	60.29

Net investment income^(a)			1.01				2.50				1.54				0.86				1.09				0.82
Net realized and unrealized gain (loss) on investments			5.35				4.04				24.84				12.80				(23.84	)			(8.34	)

Total from investment operations			6.36				6.54				26.38				13.66				(22.75	)			(7.52	)

Distributions to shareholders from:
Net investment income			(0.87	)			(2.65	)			(1.33	)			(0.96	)			(1.01	)			(0.96	)

Net asset value at end of period		$	75.18			$	69.69			$	65.80			$	40.75			$	28.05			$	51.81

Market price at end of period^(b)		$	75.18			$	69.70			$	65.79			$	40.80			$	28.06			$	51.82

Net Asset Value Total Return^(c)			9.16	%			10.18	%			65.91	%			50.01	%			(44.18	)%			(12.46	)%
Market Price Total Return^(c)			9.15	%			10.21	%			65.68	%			50.15	%			(44.17	)%			(12.65	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	614,961			$	530,334			$	544,185			$	156,466			$	82,739			$	209,823
Ratio to average net assets of:
Expenses			0.40	%^(d)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			2.78	%^(d)			3.57	%			2.92	%			2.75	%			2.60	%			1.46	%
Portfolio turnover rate^(e)			6	%			20	%			50	%			37	%			34	%			31	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2022, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		54

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Financials ETF (RSPF)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	51.10			$	57.58			$	59.67			$	35.43			$	43.78			$	43.94

Net investment income^(a)			0.59				1.14				1.05				1.05				0.92				0.78
Net realized and unrealized gain (loss) on investments			(1.64	)			(6.47	)			(2.13	)			24.25				(8.38	)			-

Total from investment operations			(1.05	)			(5.33	)			(1.08	)			25.30				(7.46	)			0.78

Distributions to shareholders from:
Net investment income			(0.62	)			(1.15	)			(1.01	)			(1.06	)			(0.89	)			(0.94	)

Net asset value at end of period		$	49.43			$	51.10			$	57.58			$	59.67			$	35.43			$	43.78

Market price at end of period^(b)		$	49.41			$	51.09			$	57.53			$	59.73			$	35.53			$	43.79

Net Asset Value Total Return^(c)			(2.10	)%			(9.31	)%			(1.90	)%			72.61	%			(17.09	)%			1.98	%
Market Price Total Return^(c)			(2.12	)%			(9.25	)%			(2.08	)%			72.30	%			(16.88	)%			1.91	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	230,851			$	308,651			$	483,651			$	375,901			$	161,203			$	291,145
Ratio to average net assets of:
Expenses			0.40	%^(d)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			2.29	%^(d)			2.04	%			1.68	%			2.33	%			2.15	%			1.86	%
Portfolio turnover rate^(e)			10	%			25	%			17	%			19	%			23	%			17	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		55

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Health Care ETF (RSPH)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	29.95			$	28.17			$	28.05			$	21.41			$	19.37			$	17.88

Net investment income^(b)			0.10				0.18				0.18				0.13				0.13				0.11
Net realized and unrealized gain (loss) on investments			(4.43	)			1.78				0.12	^(c)			6.64				2.04				1.48

Total from investment operations			(4.33	)			1.96				0.30				6.77				2.17				1.59

Distributions to shareholders from:
Net investment income			(0.10	)			(0.18	)			(0.18	)			(0.13	)			(0.13	)			(0.10	)

Net asset value at end of period		$	25.52			$	29.95			$	28.17			$	28.05			$	21.41			$	19.37

Market price at end of period^(d)		$	25.51			$	29.95			$	28.16			$	28.07			$	21.44			$	19.37

Net Asset Value Total Return^(e)			(14.48	)%			7.00	%			1.00	%			31.76	%			11.27	%			8.91	%
Market Price Total Return^(e)			(14.52	)%			7.04	%			0.91	%			31.66	%			11.42	%			8.82	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	844,833			$	1,024,183			$	901,310			$	813,540			$	706,437			$	706,845
Ratio to average net assets of:
Expenses			0.40	%^(f)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			0.72	%^(f)			0.64	%			0.59	%			0.51	%			0.64	%			0.55	%
Portfolio turnover rate^(g)			10	%			26	%			22	%			20	%			23	%			23	%

^(a)	Per share amounts have been adjusted to reflect a ten-for-one stock split effective after the close of business July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		56

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Industrials ETF (RSPN)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	37.27			$	35.40			$	37.05			$	21.89			$	25.21			$	23.00

Net investment income^(b)			0.20				0.40				0.30				0.26				0.37				0.31
Net realized and unrealized gain (loss) on investments			(0.42	)			1.88				(1.67	)			15.17				(3.32	)			2.23

Total from investment operations			(0.22	)			2.28				(1.37	)			15.43				(2.95	)			2.54

Distributions to shareholders from:
Net investment income			(0.21	)			(0.41	)			(0.28	)			(0.27	)			(0.37	)			(0.33	)

Net asset value at end of period		$	36.84			$	37.27			$	35.40			$	37.05			$	21.89			$	25.21

Market price at end of period^(c)		$	36.85			$	37.28			$	35.39			$	37.03			$	21.90			$	25.20

Net Asset Value Total Return^(d)			(0.62	)%			6.55	%			(3.70	)%			70.89	%			(11.70	)%			11.21	%
Market Price Total Return^(d)			(0.62	)%			6.61	%			(3.71	)%			70.73	%			(11.64	)%			11.17	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	523,934			$	370,884			$	410,685			$	557,591			$	142,273			$	245,750
Ratio to average net assets of:
Expenses			0.40	%^(e)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			1.04	%^(e)			1.13	%			0.79	%			0.89	%			1.46	%			1.29	%
Portfolio turnover rate^(f)			12	%			22	%			17	%			19	%			23	%			28	%

^(a)	Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		57

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Materials ETF (RSPM)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	32.14			$	35.85			$	33.07			$	18.87			$	21.62			$	21.26

Net investment income^(b)			0.34				0.72				0.52				0.50				0.42				0.36
Net realized and unrealized gain (loss) on investments			(2.61	)			(3.71	)			2.80				14.15				(2.72	)			0.39

Total from investment operations			(2.27	)			(2.99	)			3.32				14.65				(2.30	)			0.75

Distributions to shareholders from:
Net investment income			(0.34	)			(0.72	)			(0.54	)			(0.45	)			(0.45	)			(0.39	)

Net asset value at end of period		$	29.53			$	32.14			$	35.85			$	33.07			$	18.87			$	21.62

Market price at end of period^(c)		$	29.54			$	32.12			$	35.85			$	33.08			$	18.90			$	21.63

Net Asset Value Total Return^(d)			(7.11	)%			(8.32	)%			10.18	%			78.45	%			(10.70	)%			3.67	%
Market Price Total Return^(d)			(7.05	)%			(8.34	)%			10.11	%			78.24	%			(10.58	)%			3.70	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	264,562			$	339,030			$	573,653			$	613,416			$	108,480			$	129,728
Ratio to average net assets of:
Expenses			0.40	%^(e)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			2.13	%^(e)			2.18	%			1.50	%			1.83	%			1.99	%			1.69	%
Portfolio turnover rate^(f)			8	%			22	%			15	%			18	%			25	%			23	%

^(a)	Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


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Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Real Estate ETF (RSPR)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	31.16			$	38.79			$	35.09			$	25.65			$	29.71			$	25.96

Net investment income^(a)			0.52				0.94				0.57				0.67	^(b)			0.72				0.69
Net realized and unrealized gain (loss) on investments			(3.54	)			(7.82	)			4.04				9.93				(3.62	)			3.97

Total from investment operations			(3.02	)			(6.88	)			4.61				10.60				(2.90	)			4.66

Distributions to shareholders from:
Net investment income			(0.62	)			(0.75	)			(0.91	)			(1.16	)			(1.03	)			(0.85	)
Net realized gains			-				-				-				-				(0.13	)			(0.06	)

Total distributions			(0.62	)			(0.75	)			(0.91	)			(1.16	)			(1.16	)			(0.91	)

Net asset value at end of period		$	27.52			$	31.16			$	38.79			$	35.09			$	25.65			$	29.71

Market price at end of period^(c)		$	27.54			$	31.16			$	38.88			$	35.12			$	25.65			$	29.75

Net Asset Value Total Return^(d)			(9.87	)%			(17.78	)%			13.20	%			42.37	%			(9.59	)%			18.35	%
Market Price Total Return^(d)			(9.80	)%			(17.98	)%			13.37	%			42.50	%			(9.71	)%			18.51	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	77,893			$	102,818			$	172,210			$	45,263			$	23,084			$	37,143
Ratio to average net assets of:
Expenses			0.40	%^(e)			0.40	%			0.40	%			0.40	%			0.41	%^(f)			0.40	%
Net investment income			3.42	%^(e)			2.85	%			1.48	%			2.36	%^(b)			2.37	%^(f)			2.46	%
Portfolio turnover rate^(g)			8	%			26	%			19	%			21	%			15	%			14	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		59

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Technology ETF (RSPT)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	26.22			$	25.90			$	27.73			$	18.32			$	18.07			$	15.09

Net investment income^(b)			0.09				0.18				0.16				0.19				0.32	^(c)			0.16
Net realized and unrealized gain (loss) on investments			0.43				0.32				(1.83	)			9.51				0.15				2.98

Total from investment operations			0.52				0.50				(1.67	)			9.70				0.47				3.14

Distributions to shareholders from:
Net investment income			(0.09	)			(0.18	)			(0.16	)			(0.29	)			(0.22	)			(0.16	)

Net asset value at end of period		$	26.65			$	26.22			$	25.90			$	27.73			$	18.32			$	18.07

Market price at end of period^(d)		$	26.65			$	26.21			$	25.90			$	27.72			$	18.34			$	18.07

Net Asset Value Total Return^(e)			1.96	%			1.99	%			(6.10	)%			53.40	%			2.73	%			20.92	%
Market Price Total Return^(e)			1.99	%			1.90	%			(6.08	)%			53.12	%			2.91	%			20.77	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,875,355			$	2,482,806			$	2,175,314			$	2,590,019			$	1,529,343			$	1,788,846
Ratio to average net assets of:
Expenses			0.40	%^(f)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			0.63	%^(f)			0.70	%			0.53	%			0.81	%			1.73	%^(c)			0.98	%
Portfolio turnover rate^(g)			11	%			35	%			24	%			25	%			23	%			27	%

^(a)	Per share amounts have been adjusted to reflect a ten-for-one stock split effective after the close of business July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.19 and 1.06%, respectively.

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		60

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Utilities ETF (RSPU)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	57.78			$	58.48			$	54.03			$	46.16			$	48.63			$	42.26

Net investment income^(b)			0.84				1.40				1.41				1.35				1.39				1.34
Net realized and unrealized gain (loss) on investments			(6.81	)^(c)			(0.76	)			4.37				8.02				(2.50	)			6.34

Total from investment operations			(5.97	)			0.64				5.78				9.37				(1.11	)			7.68

Distributions to shareholders from:
Net investment income			(0.83	)			(1.34	)			(1.33	)			(1.50	)			(1.36	)			(1.31	)

Net asset value at end of period		$	50.98			$	57.78			$	58.48			$	54.03			$	46.16			$	48.63

Market price at end of period^(d)		$	51.00			$	57.79			$	58.48			$	53.92			$	46.26			$	48.62

Net Asset Value Total Return^(e)			(10.42	)%			1.11	%			10.90	%			20.80	%			(2.28	)%			18.54	%
Market Price Total Return^(e)			(10.39	)%			1.14	%			11.15	%			20.28	%			(2.04	)%			18.60	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	263,547			$	375,542			$	333,333			$	208,557			$	300,013			$	335,499
Ratio to average net assets of:
Expenses			0.40	%^(f)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			3.05	%^(f)			2.42	%			2.56	%			2.77	%			2.72	%			2.96	%
Portfolio turnover rate^(g)			5	%			11	%			15	%			10	%			11	%			27	%

^(a)	Per share amounts have been adjusted to reflect a two-for-one stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)	Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	Annualized.

^(g)	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.


		61

Financial Highlights–(continued)

Invesco S&P MidCap 400^® GARP ETF (GRPM)


	Six Months Ended October 31, 2023				Years Ended April 30,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	86.29			$	85.55			$	92.63			$	53.10			$	66.18			$	63.30

Net investment income^(a)			0.46				1.13				0.93				0.75				0.89				0.77
Net realized and unrealized gain (loss) on investments			(2.94	)			0.71				(7.10	)			39.56				(12.99	)			2.96

Total from investment operations			(2.48	)			1.84				(6.17	)			40.31				(12.10	)			3.73

Distributions to shareholders from:
Net investment income			(0.46	)			(1.10	)			(0.91	)			(0.78	)			(0.98	)			(0.85	)

Net asset value at end of period		$	83.35			$	86.29			$	85.55			$	92.63			$	53.10			$	66.18

Market price at end of period^(b)		$	83.33			$	86.28			$	85.47			$	92.64			$	52.87			$	66.19

Net Asset Value Total Return^(c)			(2.91	)%			2.23	%			(6.72	)%			76.41	%			(18.24	)%			5.96	%
Market Price Total Return^(c)			(2.92	)%			2.31	%			(6.81	)%			77.20	%			(18.60	)%			5.99	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	198,375			$	187,243			$	123,195			$	113,933			$	53,095			$	105,893
Ratio to average net assets of:
Expenses			0.38	%^(d)			0.40	%			0.40	%			0.40	%			0.41	%^(e)			0.40	%
Net investment income			1.03	%^(d)			1.33	%			1.01	%			1.06	%			1.42	%^(e)			1.19	%
Portfolio turnover rate^(f)			95	%			33	%			28	%			33	%			32	%			30	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)

^(d)	Annualized.

^(e)	Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)

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, 2023

(Unaudited)

NOTE 1–Organization


		Full Name		Short Name

		Invesco S&P 500^®Equal Weight ETF (RSP)		“S&P 500^®Equal Weight ETF”

		Invesco S&P 500^®Equal Weight Communication Services ETF (RSPC)		“S&P 500^®Equal Weight Communication Services ETF”

		Invesco S&P 500^®Equal Weight Consumer Discretionary ETF (RSPD)		“S&P 500^®Equal Weight Consumer Discretionary ETF”

		Invesco S&P 500^®Equal Weight Consumer Staples ETF (RSPS)		“S&P 500^®Equal Weight Consumer Staples ETF”

		Invesco S&P 500^®Equal Weight Energy ETF (RSPG)		“S&P 500^®Equal Weight Energy ETF”

		Invesco S&P 500^®Equal Weight Financials ETF (RSPF)		“S&P 500^®Equal Weight Financials ETF”

		Invesco S&P 500^®Equal Weight Health Care ETF (RSPH)		“S&P 500^®Equal Weight Health Care ETF”

		Invesco S&P 500^®Equal Weight Industrials ETF (RSPN)		“S&P 500^®Equal Weight Industrials ETF”

		Invesco S&P 500^®Equal Weight Materials ETF (RSPM)		“S&P 500^®Equal Weight Materials ETF”

		Invesco S&P 500^®Equal Weight Real Estate ETF (RSPR)		“S&P 500^®Equal Weight Real Estate ETF”

		Invesco S&P 500^®Equal Weight Technology ETF (RSPT)		“S&P 500^®Equal Weight Technology ETF”

		Invesco S&P 500^®Equal Weight Utilities ETF (RSPU)		“S&P 500^®Equal Weight Utilities ETF”

		Invesco S&P MidCap 400^®GARP ETF (GRPM)*		“S&P MidCap 400^®GARP ETF”

*	Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco S&P MidCap 400^® Equal Weight ETF to Invesco S&P MidCap 400^® GARP ETF.

The investment objective of each of the Funds 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

		S&P 500^®Equal Weight ETF		S&P 500^®Equal Weight Index

		S&P 500^®Equal Weight Communication Services ETF		S&P 500^®Equal Weight Communication Services Plus Index

		S&P 500^®Equal Weight Consumer Discretionary ETF		S&P 500^®Equal Weight Consumer Discretionary Index

		S&P 500^®Equal Weight Consumer Staples ETF		S&P 500^®Equal Weight Consumer Staples Index

		S&P 500^®Equal Weight Energy ETF		S&P 500^®Equal Weight Energy Plus Index

		S&P 500^®Equal Weight Financials ETF		S&P 500^®Equal Weight Financials Index

		S&P 500^®Equal Weight Health Care ETF		S&P 500^®Equal Weight Health Care Index

		S&P 500^®Equal Weight Industrials ETF		S&P 500^®Equal Weight Industrials Index

		S&P 500^®Equal Weight Materials ETF		S&P 500^®Equal Weight Materials Index

		S&P 500^®Equal Weight Real Estate ETF		S&P 500^®Equal Weight Real Estate Index

		S&P 500^®Equal Weight Technology ETF		S&P 500^®Equal Weight Information Technology Index

		S&P 500^®Equal Weight Utilities ETF		S&P 500^®Equal Weight Utilities Plus Index

		S&P MidCap 400^®GARP ETF		S&P MidCap 400^®GARP Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.


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A.	Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


		64

E.	Federal Income Taxes -Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute


		65

substantially all of the Fund’s taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), 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.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust or the Adviser (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Lending -Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends


		66

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.


	Amount

S&P 500^®Equal Weight ETF	$	74,817

S&P 500^®Equal Weight Communication Services ETF		445

S&P 500^®Equal Weight Consumer Discretionary ETF		4,079

S&P 500^®Equal Weight Consumer Staples ETF		1,230

S&P 500^®Equal Weight Energy ETF		343

S&P 500^®Equal Weight Financials ETF		1,121

S&P 500^®Equal Weight Health Care ETF		580

S&P 500^®Equal Weight Industrials ETF		1,156

S&P 500^®Equal Weight Materials ETF		1,006

S&P 500^®Equal Weight Real Estate ETF		401

S&P 500^®Equal Weight Technology ETF		2,536

S&P 500^®Equal Weight Utilities ETF		429

S&P MidCap 400^®GARP ETF		3,476

J. Other Risks


		67

performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Mid-Capitalization Company Risk. Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies and 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. Mid-capitalization companies tend to have less experienced management as well as limited product and market diversification and financial resources compared to larger capitalization companies. Often 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.

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. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because S&P 500^® Equal Weight Communication Services ETF is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election


		68

of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:


		Unitary Management Fees (as a % of average daily net assets)

S&P 500^®Equal Weight ETF		0.20%

S&P 500^®Equal Weight Communication Services ETF		0.40%

S&P 500^®Equal Weight Consumer Discretionary ETF		0.40%

S&P 500^®Equal Weight Consumer Staples ETF		0.40%

S&P 500^®Equal Weight Energy ETF		0.40%

S&P 500^®Equal Weight Financials ETF		0.40%

S&P 500^®Equal Weight Health Care ETF		0.40%

S&P 500^®Equal Weight Industrials ETF		0.40%

S&P 500^®Equal Weight Materials ETF		0.40%

S&P 500^®Equal Weight Real Estate ETF		0.40%

S&P 500^®Equal Weight Technology ETF		0.40%

S&P 500^®Equal Weight Utilities ETF		0.40%

S&P MidCap 400^®GARP ETF*		0.35%

*	Effective August 28, 2023, the Fund’s unitary management fee was reduced from 0.40% to 0.35%.

Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the six months ended October 31, 2023, the Adviser waived fees for each Fund in the following amounts:



S&P 500^®Equal Weight ETF	$	4,011

S&P 500^®Equal Weight Communication Services ETF		39

S&P 500^®Equal Weight Consumer Discretionary ETF		79

S&P 500^®Equal Weight Consumer Staples ETF		126

S&P 500^®Equal Weight Energy ETF		106

S&P 500^®Equal Weight Financials ETF		43

S&P 500^®Equal Weight Health Care ETF		109

S&P 500^®Equal Weight Industrials ETF		52

S&P 500^®Equal Weight Materials ETF		68

S&P 500^®Equal Weight Real Estate ETF		23

S&P 500^®Equal Weight Technology ETF		184

S&P 500^®Equal Weight Utilities ETF		81

S&P MidCap 400^®GARP ETF		32

The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.



S&P 500^®Equal Weight ETF	$	636,105

S&P 500^®Equal Weight Communication Services ETF		2,900

S&P 500^®Equal Weight Consumer Discretionary ETF		12,055


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S&P 500^®Equal Weight Consumer Staples ETF	$	17,229

S&P 500^®Equal Weight Energy ETF		8,258

S&P 500^®Equal Weight Financials ETF		5,192

S&P 500^®Equal Weight Health Care ETF		8,633

S&P 500^®Equal Weight Industrials ETF		5,919

S&P 500^®Equal Weight Materials ETF		3,885

S&P 500^®Equal Weight Real Estate ETF		1,422

S&P 500^®Equal Weight Technology ETF		27,863

S&P 500^®Equal Weight Utilities ETF		4,634

S&P MidCap 400^®GARP ETF		5,642

NOTE 4–Security Transactions with Affiliated Funds

For the six months ended October 31, 2023, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases		Securities Sales		Net Realized Gains (Losses)*

S&P 500^®Equal Weight ETF		$30,856,581		$21,479,796		$(12,042,782	)

S&P 500^®Equal Weight Consumer Discretionary ETF		-		1,437,476		317,352

S&P 500^®Equal Weight Health Care ETF		-		1,407,998		223,703

S&P 500^®Equal Weight Industrials ETF		2,754,091		-		-

S&P MidCap 400^®GARP ETF		-		271,903		116,612

*	Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–Additional Valuation Information


		Level 1 -		Prices are determined using quoted prices in an active market for identical assets.

		Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

		Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


		70

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

S&P 500^®Equal Weight ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	38,203,322,168	$	-		$	-	$	38,203,322,168

Money Market Funds		3,946,259		2,076,959,692			-		2,080,905,951


Total Investments	$	38,207,268,427	$	2,076,959,692		$	-	$	40,284,228,119


S&P 500^®Equal Weight Communication Services ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	49,284,871	$	-		$	-	$	49,284,871

Money Market Funds		-		2,760,884			-		2,760,884


Total Investments	$	49,284,871	$	2,760,884		$	-	$	52,045,755


S&P 500^®Equal Weight Consumer Discretionary ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	366,483,644	$	-		$	-	$	366,483,644

Money Market Funds		-		45,208,056			-		45,208,056


Total Investments	$	366,483,644	$	45,208,056		$	-	$	411,691,700


S&P 500^®Equal Weight Consumer Staples ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	533,427,935	$	-		$	-	$	533,427,935

Money Market Funds		-		14,301,923			-		14,301,923


Total Investments	$	533,427,935	$	14,301,923		$	-	$	547,729,858


S&P 500^®Equal Weight Energy ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	614,055,492	$	-		$	-	$	614,055,492

Money Market Funds		403,500		113,680			-		517,180


Total Investments	$	614,458,992	$	113,680		$	-	$	614,572,672


S&P 500^®Equal Weight Financials ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	230,632,336	$	-		$	-	$	230,632,336

Money Market Funds		33,095		12,193,125			-		12,226,220


Total Investments	$	230,665,431	$	12,193,125		$	-	$	242,858,556


S&P 500^®Equal Weight Health Care ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	845,084,005	$	-		$	-	$	845,084,005

Money Market Funds		-		7,597,786			-		7,597,786


Total Investments	$	845,084,005	$	7,597,786		$	-	$	852,681,791


S&P 500^®Equal Weight Industrials ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	523,780,998	$	-		$	-	$	523,780,998

Money Market Funds		70,193		28,959,254			-		29,029,447


Total Investments	$	523,851,191	$	28,959,254		$	-	$	552,810,445


S&P 500^®Equal Weight Materials ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	264,550,196	$	-		$	-	$	264,550,196

Money Market Funds		-		24,944,679			-		24,944,679


Total Investments	$	264,550,196	$	24,944,679		$	-	$	289,494,875


S&P 500^®Equal Weight Real Estate ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	77,807,782	$	-		$	-	$	77,807,782

Money Market Funds		86,288		8,821,711			-		8,907,999


Total Investments	$	77,894,070	$	8,821,711		$	-	$	86,715,781


		71


	Level 1		Level 2		Level 3				Total

S&P 500^®Equal Weight Technology ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	2,875,013,194	$	-		$	-		$	2,875,013,194

Money Market Funds		767,974		145,353,694			-	��		146,121,668


Total Investments	$	2,875,781,168	$	145,353,694		$	-		$	3,021,134,862


S&P 500^®Equal Weight Utilities ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	263,207,676	$	-		$	-		$	263,207,676

Money Market Funds		-		14,332,578			-			14,332,578


Total Investments	$	263,207,676	$	14,332,578		$	-		$	277,540,254


S&P MidCap 400^®GARP ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	198,320,933	$	-		$	-		$	198,320,933

Money Market Funds		23,258		32,230,357			-			32,253,615


Total Investments	$	198,344,191	$	32,230,357		$	-		$	230,574,548

NOTE 6–Tax Information

The Funds had capital loss carryforwards as of April 30, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

S&P 500^®Equal Weight ETF	$	984,514,173	$	2,799,042,011	$	3,783,556,184

S&P 500^®Equal Weight Communication Services ETF		2,030,653		2,681,142		4,711,795

S&P 500^®Equal Weight Consumer Discretionary ETF		22,556,988		58,169,181		80,726,169

S&P 500^®Equal Weight Consumer Staples ETF		16,199,293		68,952,525		85,151,818

S&P 500^®Equal Weight Energy ETF		35,366,939		139,542,314		174,909,253

S&P 500^®Equal Weight Financials ETF		20,298,842		53,143,118		73,441,960

S&P 500^®Equal Weight Health Care ETF		11,123,077		83,792,803		94,915,880

S&P 500^®Equal Weight Industrials ETF		13,411,753		35,579,855		48,991,608

S&P 500^®Equal Weight Materials ETF		16,820,646		24,359,962		41,180,608

S&P 500^®Equal Weight Real Estate ETF		3,865,105		2,775,377		6,640,482

S&P 500^®Equal Weight Technology ETF		119,120,788		183,060,845		302,181,633

S&P 500^®Equal Weight Utilities ETF		16,347,223		18,968,003		35,315,226

S&P MidCap 400^®GARP ETF		13,015,943		21,891,714		34,907,657

*	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


	Purchases		Sales

S&P 500^®Equal Weight ETF	$	4,191,633,020	$	4,161,579,031

S&P 500^®Equal Weight Communication Services ETF		13,191,594		13,112,047

S&P 500^®Equal Weight Consumer Discretionary ETF		82,919,021		83,217,404

S&P 500^®Equal Weight Consumer Staples ETF		83,663,106		82,862,968

S&P 500^®Equal Weight Energy ETF		34,116,612		32,685,479


		72


	Purchases		Sales

S&P 500^®Equal Weight Financials ETF	$	26,122,467	$	26,550,525

S&P 500^®Equal Weight Health Care ETF		93,825,931		93,703,947

S&P 500^®Equal Weight Industrials ETF		58,166,821		58,371,631

S&P 500^®Equal Weight Materials ETF		25,663,507		25,672,319

S&P 500^®Equal Weight Real Estate ETF		7,599,592		7,901,774

S&P 500^®Equal Weight Technology ETF		313,372,611		742,484,265

S&P 500^®Equal Weight Utilities ETF		17,369,083		17,232,894

S&P MidCap 400^®GARP ETF		204,592,665		203,997,533

For the six months ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind Purchases		In-kind Sales

S&P 500^®Equal Weight ETF	$	16,369,678,541	$	9,092,089,646

S&P 500^®Equal Weight Communication Services ETF		10,291,610		83,101,698

S&P 500^®Equal Weight Consumer Discretionary ETF		142,421,695		216,892,238

S&P 500^®Equal Weight Consumer Staples ETF		70,674,100		491,843,846

S&P 500^®Equal Weight Energy ETF		129,031,396		79,607,680

S&P 500^®Equal Weight Financials ETF		5,422,980		75,169,681

S&P 500^®Equal Weight Health Care ETF		68,567,088		97,736,932

S&P 500^®Equal Weight Industrials ETF		195,714,135		26,683,513

S&P 500^®Equal Weight Materials ETF		4,574,458		55,158,052

S&P 500^®Equal Weight Real Estate ETF		20,097,510		35,475,289

S&P 500^®Equal Weight Technology ETF		774,145,313		-

S&P 500^®Equal Weight Utilities ETF		32,631,987		101,839,332

S&P MidCap 400^®GARP ETF		137,127,638		116,918,845


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost

S&P 500^®Equal Weight ETF	$	1,840,339,144	$	(5,699,231,849	)	$	(3,858,892,705	)	$	44,143,120,824

S&P 500^®Equal Weight Communication Services ETF		1,852,094		(13,395,835	)		(11,543,741	)		63,589,496

S&P 500^®Equal Weight Consumer Discretionary ETF		7,124,712		(92,497,129	)		(85,372,417	)		497,064,117

S&P 500^®Equal Weight Consumer Staples ETF		6,542,603		(117,430,341	)		(110,887,738	)		658,617,596

S&P 500^®Equal Weight Energy ETF		69,461,544		(12,245,654	)		57,215,890			557,356,782

S&P 500^®Equal Weight Financials ETF		16,198,379		(52,336,765	)		(36,138,386	)		278,996,942

S&P 500^®Equal Weight Health Care ETF		115,034,897		(135,165,783	)		(20,130,886	)		872,812,677

S&P 500^®Equal Weight Industrials ETF		31,827,878		(46,422,867	)		(14,594,989	)		567,405,434

S&P 500^®Equal Weight Materials ETF		6,031,514		(76,003,308	)		(69,971,794	)		359,466,669

S&P 500^®Equal Weight Real Estate ETF		345,894		(31,424,178	)		(31,078,284	)		117,794,065

S&P 500^®Equal Weight Technology ETF		243,415,496		(256,075,975	)		(12,660,479	)		3,033,795,341

S&P 500^®Equal Weight Utilities ETF		6,884,305		(57,285,701	)		(50,401,396	)		327,941,650

S&P MidCap 400^®GARP ETF		3,956,818		(18,826,016	)		(14,869,198	)		245,443,746

NOTE 8–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The Interested Trustee does not receive any Trustees’ fees.


		73

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

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 10–Stock Split

On June 22, 2023, the Board of Trustees approved the stock splits set forth in the table below. The effect of the stock splits was to increase the number of shares outstanding of those Funds, whereby every outstanding share of the respective Funds was exchanged for two, three, five or ten shares, as described below, effective after the close of business on July 14, 2023. The transactions did not change the net assets of the Funds or the net asset value of any shareholder’s investment in the Funds.


		Fund		Stock Split Ratio

		S&P 500^®Equal Weight Consumer Discretionary ETF		3 to 1

		S&P 500^®Equal Weight Consumer Staples ETF		5 to 1

		S&P 500^®Equal Weight Health Care ETF		10 to 1

		S&P 500^®Equal Weight Industrials ETF		5 to 1

		S&P 500^®Equal Weight Materials ETF		5 to 1

		S&P 500^®Equal Weight Technology ETF		10 to 1

		S&P 500^®Equal Weight Utilities ETF		2 to 1


		74

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value May 1, 2023			Ending Account Value October 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco S&P 500^®Equal Weight ETF (RSP)

Actual		$	1,000.00		$	945.10		0.20	%		$	0.98

Hypothetical (5% return before expenses)			1,000.00			1,024.13		0.20				1.02

Invesco S&P 500^®Equal Weight Communication Services ETF (RSPC)

Actual			1,000.00			954.40		0.40				1.97

Hypothetical (5% return before expenses)			1,000.00			1,023.13		0.40				2.03

Invesco S&P 500^®Equal Weight Consumer Discretionary ETF (RSPD)

Actual			1,000.00			909.20		0.40				1.92

Hypothetical (5% return before expenses)			1,000.00			1,023.13		0.40				2.03

Invesco S&P 500^®Equal Weight Consumer Staples ETF (RSPS)

Actual			1,000.00			835.30		0.40				1.85

Hypothetical (5% return before expenses)			1,000.00			1,023.13		0.40				2.03

Invesco S&P 500^®Equal Weight Energy ETF (RSPG)

Actual			1,000.00			1,091.60		0.40				2.10

Hypothetical (5% return before expenses)			1,000.00			1,023.13		0.40				2.03


		75

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value May 1, 2023			Ending Account Value October 31, 2023			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco S&P 500^®Equal Weight Financials ETF (RSPF)

Actual		$	1,000.00		$	979.00		0.40	%		$	1.99

Hypothetical (5% return before expenses)			1,000.00			1,023.13		0.40				2.03

Invesco S&P 500^®Equal Weight Health Care ETF (RSPH)

Actual			1,000.00			855.20		0.40				1.87

Hypothetical (5% return before expenses)			1,000.00			1,023.13		0.40				2.03

Invesco S&P 500^®Equal Weight Industrials ETF (RSPN)

Actual			1,000.00			993.80		0.40				2.00

Hypothetical (5% return before expenses)			1,000.00			1,023.13		0.40				2.03

Invesco S&P 500^®Equal Weight Materials ETF (RSPM)

Actual			1,000.00			928.90		0.40				1.94

Hypothetical (5% return before expenses)			1,000.00			1,023.13		0.40				2.03

Invesco S&P 500^®Equal Weight Real Estate ETF (RSPR)

Actual			1,000.00			901.30		0.40				1.91

Hypothetical (5% return before expenses)			1,000.00			1,023.13		0.40				2.03

Invesco S&P 500^®Equal Weight Technology ETF (RSPT)

Actual			1,000.00			1,019.60		0.40				2.03

Hypothetical (5% return before expenses)			1,000.00			1,023.13		0.40				2.03

Invesco S&P 500^®Equal Weight Utilities ETF (RSPU)

Actual			1,000.00			895.80		0.40				1.91

Hypothetical (5% return before expenses)			1,000.00			1,023.13		0.40				2.03

Invesco S&P MidCap 400^®GARP ETF (GRPM)

Actual			1,000.00			970.90		0.38				1.88

Hypothetical (5% return before expenses)			1,000.00			1,023.23		0.38				1.93

⁽¹⁾


		76

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-TRST1-SAR-2

invesco.com/ETFs


		Invesco Semi-Annual Report to Shareholders
		October 31, 2023
		RPG		Invesco S&P 500^®Pure Growth ETF

		RPV		Invesco S&P 500^®Pure Value ETF

		XLG		Invesco S&P 500^®Top 50 ETF

		RFG		Invesco S&P MidCap 400^®Pure Growth ETF

		RFV		Invesco S&P MidCap 400^®Pure Value ETF

		RZG		Invesco S&P SmallCap 600^®Pure Growth ETF

		RZV		Invesco S&P SmallCap 600^®Pure Value ETF

Table of Contents



Schedules of Investments

Invesco S&P 500^®Pure Growth ETF (RPG)			3

Invesco S&P 500^®Pure Value ETF (RPV)			6

Invesco S&P 500^®Top 50 ETF (XLG)			9

Invesco S&P MidCap 400^®Pure Growth ETF (RFG)			11

Invesco S&P MidCap 400^®Pure Value ETF (RFV)			14

Invesco S&P SmallCap 600^®Pure Growth ETF (RZG)			16

Invesco S&P SmallCap 600^®Pure Value ETF (RZV)			19

Statements of Assets and Liabilities			22

Statements of Operations			24

Statements of Changes in Net Assets			26

Financial Highlights			30

Notes to Financial Statements			37

Fund Expenses			47


		2

Invesco S&P 500^® Pure Growth ETF (RPG)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Consumer Discretionary-6.05%
AutoZone, Inc.^(b)		10,781	$	26,705,939
lululemon athletica, inc.^(b)		47,100		18,532,908
O’Reilly Automotive, Inc., Class R^(b)		30,946		28,793,396
Tractor Supply Co.^(c)		83,158		16,012,904
Ulta Beauty, Inc.^(b)		29,354		11,192,974

				101,238,121

Consumer Staples-3.74%
Dollar General Corp.		71,291		8,486,480
Dollar Tree, Inc.^(b)(c)		104,663		11,627,013
Hershey Co. (The)		60,499		11,334,488
Kenvue, Inc.		664,507		12,359,830
Monster Beverage Corp.^(b)		366,543		18,730,347

				62,538,158

Energy-29.56%
APA Corp.		908,103		36,069,851
Chevron Corp.		129,588		18,884,859
ConocoPhillips		287,629		34,170,325
Coterra Energy, Inc.		1,572,373		43,240,258
Devon Energy Corp.		389,087		18,119,782
Diamondback Energy, Inc.		293,697		47,085,503
EOG Resources, Inc.		211,026		26,642,033
EQT Corp.		954,737		40,461,754
Exxon Mobil Corp.		214,582		22,713,505
Hess Corp.		181,758		26,245,855
Marathon Oil Corp.		1,039,542		28,389,892
Occidental Petroleum Corp.^(c)		425,036		26,271,475
ONEOK, Inc.		416,251		27,139,565
Pioneer Natural Resources Co.		148,065		35,387,535
Targa Resources Corp.		549,660		45,957,073
Williams Cos., Inc. (The)		525,416		18,074,310

				494,853,575

Financials-6.71%
Ameriprise Financial, Inc.		37,034		11,649,785
Arch Capital Group Ltd.^(b)		310,903		26,949,072
Blackstone, Inc., Class A		150,056		13,857,672
Jack Henry & Associates, Inc.		79,126		11,155,975
Progressive Corp. (The)		109,286		17,277,024
Raymond James Financial, Inc.		158,012		15,080,665
W.R. Berkley Corp.		242,800		16,369,576

				112,339,769

Health Care-19.33%
AbbVie, Inc.		122,164		17,247,114
Amgen, Inc.		46,179		11,807,970
Bristol-Myers Squibb Co.		235,476		12,134,078
Danaher Corp.		72,640		13,948,333
DexCom, Inc.^(b)		98,568		8,755,795
Elevance Health, Inc.		43,362		19,516,803
Eli Lilly and Co.		47,708		26,426,892
Gilead Sciences, Inc.		140,077		11,001,648
Hologic, Inc.^(b)		212,465		14,058,809
Incyte Corp.^(b)		253,882		13,691,856
Insulet Corp.^(b)		58,096		7,701,787
Merck & Co., Inc.		136,972		14,067,024
Moderna, Inc.^(b)		122,862		9,332,598


	Shares		Value
Health Care-(continued)
Molina Healthcare, Inc.^(b)		78,694	$	26,201,167
Pfizer, Inc.		440,541		13,462,933
Regeneron Pharmaceuticals, Inc.^(b)		46,403		36,189,236
Thermo Fisher Scientific, Inc.		24,887		11,068,991
UnitedHealth Group, Inc.		27,498		14,726,829
Vertex Pharmaceuticals, Inc.^(b)		116,793		42,291,913

				323,631,776

Industrials-8.08%
Axon Enterprise, Inc.^(b)		118,738		24,280,734
Deere & Co.		37,071		13,544,260
Expeditors International of Washington, Inc.		234,096		25,574,988
J.B. Hunt Transport Services, Inc.		82,251		14,136,479
Quanta Services, Inc.		115,616		19,321,746
Rollins, Inc.^(c)		392,607		14,765,949
Veralto Corp.^(b)		24,236		1,672,284
W.W. Grainger, Inc.		30,067		21,943,799

				135,240,239

Information Technology-14.38%
Apple, Inc.		122,370		20,897,125
Arista Networks, Inc.^(b)		122,822		24,609,844
Enphase Energy, Inc.^(b)(c)		116,188		9,246,241
Fair Isaac Corp.^(b)		21,873		18,501,714
Fortinet, Inc.^(b)		360,474		20,608,299
KLA Corp.		64,471		30,282,029
Lam Research Corp.		38,842		22,847,641
Monolithic Power Systems, Inc.		41,259		18,225,751
ON Semiconductor Corp.^(b)		216,695		13,573,775
Palo Alto Networks, Inc.^(b)(c)		111,909		27,196,125
PTC, Inc.^(b)		130,913		18,382,803
QUALCOMM, Inc.		110,510		12,044,485
SolarEdge Technologies, Inc.^(b)(c)		56,356		4,280,238

				240,696,070

Materials-10.23%
Albemarle Corp.^(c)		43,326		5,492,870
CF Industries Holdings, Inc.		403,628		32,201,442
FMC Corp.		109,778		5,840,190
Freeport-McMoRan, Inc.		393,570		13,294,795
Mosaic Co. (The)		909,850		29,551,928
Nucor Corp.		281,553		41,610,718
Steel Dynamics, Inc.		406,707		43,318,362

				171,310,305

Utilities-1.86%
PG&E Corp.^(b)		1,906,041		31,068,468

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $1,667,338,096)				1,672,916,481


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.01%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		18,800,612		18,800,612

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		3

Invesco S&P 500^® Pure Growth ETF (RPG)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		48,354,529	$	48,359,364

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $67,157,633)				67,159,976

TOTAL INVESTMENTS IN SECURITIES-103.95% (Cost $1,734,495,729)				1,740,076,457
OTHER ASSETS LESS LIABILITIES-(3.95)%				(66,172,414	)

NET ASSETS-100.00%			$	1,673,904,043

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value April 30, 2023			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	1,123,323	$	14,891,742	$	(16,015,065	)		$	-		$	-		$	-	$	8,680

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			15,236,858		261,877,707		(258,313,953	)			-			-			18,800,612		639,422	*

Invesco Private Prime Fund			39,180,492		472,065,543		(462,897,517	)			2,343			8,503			48,359,364		1,687,216	*


Total		$	55,540,673	$	748,834,992	$	(737,226,535	)		$	2,343		$	8,503		$	67,159,976	$	2,335,318

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		4

Invesco S&P 500^® Pure Growth ETF (RPG)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Energy			29.56

Health Care			19.33

Information Technology			14.38

Materials			10.23

Industrials			8.08

Financials			6.71

Consumer Discretionary			6.05

Consumer Staples			3.74

Utilities			1.86

Money Market Funds Plus Other Assets Less Liabilities			0.06

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		5

Invesco S&P 500^® Pure Value ETF (RPV)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-8.20%
AT&T, Inc.		1,243,060	$	19,143,124
Fox Corp., Class A^(b)		294,241		8,941,984
Fox Corp., Class B		135,583		3,784,122
News Corp., Class A		682,966		14,123,737
News Corp., Class B^(b)		211,471		4,533,938
Paramount Global, Class B^(b)		3,115,813		33,900,045
Verizon Communications, Inc.		305,526		10,733,128
Warner Bros Discovery, Inc.^(c)		3,050,922		30,326,165

				125,486,243

Consumer Discretionary-17.36%
Best Buy Co., Inc.		324,029		21,651,618
BorgWarner, Inc.^(b)		532,685		19,656,077
CarMax, Inc.^(b)(c)		553,254		33,798,287
Ford Motor Co.		2,956,483		28,825,709
General Motors Co.		1,239,867		34,964,249
Lennar Corp., Class A		297,204		31,705,723
Mohawk Industries, Inc.^(c)		386,371		31,056,501
PulteGroup, Inc.		595,365		43,812,910
Whirlpool Corp.^(b)		193,865		20,270,524

				265,741,598

Consumer Staples-7.67%
Kraft Heinz Co. (The)		428,517		13,481,145
Kroger Co. (The)		642,407		29,146,005
Molson Coors Beverage Co., Class B		461,017		26,632,952
Tyson Foods, Inc., Class A		558,296		25,877,020
Walgreens Boots Alliance, Inc.		1,052,977		22,196,755

				117,333,877

Energy-5.72%
Kinder Morgan, Inc.		554,799		8,987,744
Phillips 66		373,840		42,643,929
Valero Energy Corp.		282,663		35,898,201

				87,529,874

Financials-23.32%
Allstate Corp. (The)		92,325		11,829,602
American International Group, Inc.		390,856		23,963,381
Assurant, Inc		144,203		21,471,827
Bank of America Corp.		319,217		8,408,176
Bank of New York Mellon Corp. (The)		355,815		15,122,137
Berkshire Hathaway, Inc., Class B^(c)		87,154		29,748,275
Capital One Financial Corp.		289,161		29,289,118
Citigroup, Inc.		799,276		31,563,409
Citizens Financial Group, Inc.		453,149		10,617,281
Fidelity National Information Services, Inc.		289,619		14,223,189
Franklin Resources, Inc.^(b)		619,961		14,128,911
Global Payments, Inc.		96,206		10,219,001
Goldman Sachs Group, Inc. (The)		31,931		9,694,571
Hartford Financial Services Group, Inc. (The)		146,696		10,774,821
Invesco Ltd.^(d)		1,480,419		19,201,034
Loews Corp.		418,658		26,798,299
M&T Bank Corp.		59,696		6,730,724
MetLife, Inc.		137,772		8,267,698
Prudential Financial, Inc.		128,815		11,778,844
State Street Corp.		166,269		10,745,965


	Shares		Value
Financials-(continued)
Synchrony Financial		359,048	$	10,071,296
Truist Financial Corp.		325,716		9,237,306
Wells Fargo & Co.		325,163		12,931,733

				356,816,598

Health Care-10.01%
Cardinal Health, Inc.		267,143		24,310,013
Cencora, Inc.^(b)		142,965		26,469,969
Centene Corp.^(c)		364,507		25,143,693
CVS Health Corp.		272,809		18,826,549
DaVita, Inc.^(c)		136,069		10,508,609
Universal Health Services, Inc., Class B		145,993		18,379,059
Viatris, Inc.		3,319,839		29,546,567

				153,184,459

Industrials-8.23%
Alaska Air Group, Inc.^(c)		427,818		13,531,883
American Airlines Group, Inc.^(b)(c)		1,313,207		14,642,258
Delta Air Lines, Inc.		439,799		13,743,719
FedEx Corp.		145,241		34,872,364
Southwest Airlines Co.^(b)		251,417		5,589,000
Stanley Black & Decker, Inc.		276,184		23,489,449
United Airlines Holdings, Inc.^(c)		574,541		20,114,681

				125,983,354

Information Technology-7.27%
Hewlett Packard Enterprise Co.		1,824,270		28,057,272
HP, Inc.		492,915		12,978,452
Intel Corp.		507,394		18,519,881
Micron Technology, Inc.		245,202		16,396,658
Western Digital Corp.^(b)(c)		878,585		35,275,188

				111,227,451

Materials-9.49%
Celanese Corp.^(b)		98,557		11,285,762
Dow, Inc.^(b)		403,106		19,486,144
DuPont de Nemours, Inc.^(b)		137,029		9,986,674
Eastman Chemical Co.		153,768		11,491,083
International Paper Co.		707,091		23,850,179
LyondellBasell Industries N.V., Class A		280,675		25,328,112
WestRock Co.		1,220,668		43,858,601

				145,286,555

Real Estate-0.62%
CBRE Group, Inc., Class A^(c)		136,564		9,469,348

Utilities-1.97%
Evergy, Inc.		149,214		7,332,376
Exelon Corp.		322,601		12,562,083
Pinnacle West Capital Corp.		138,120		10,245,742

				30,140,201

Total Common Stocks & Other Equity Interests (Cost $1,928,689,328)				1,528,199,558

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		6

Invesco S&P 500^® Pure Value ETF (RPV)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $495,406)		495,406	$	495,406

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $1,929,184,734)				1,528,694,964


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-8.07%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		34,559,810		34,559,810


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		88,882,392	$	88,891,280

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $123,449,996)				123,451,090

TOTAL INVESTMENTS IN SECURITIES-107.96% (Cost $2,052,634,730)				1,652,146,054
OTHER ASSETS LESS LIABILITIES-(7.96)%				(121,885,052	)

NET ASSETS-100.00%			$	1,530,261,002

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)


	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2023			Dividend Income

Invesco Ltd.	$	39,169,938	$	2,153,461	$	(14,559,388	)		$	(3,144,051)	$	(4,418,926	)		$	19,201,034	$	771,960

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		1,188,078		28,024,481		(28,717,153	)			-		-				495,406		14,231

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		80,004,554		267,692,704		(313,137,448	)			-		-				34,559,810		1,299,811	*
Invesco Private Prime Fund		205,725,996		555,549,923		(672,386,293	)			26,439		(24,785	)			88,891,280		3,493,476	*

Total	$	326,088,566	$	853,420,569	$	(1,028,800,282	)		$	(3,117,612)	$	(4,443,711	)		$	143,147,530	$	5,579,478

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		7

Invesco S&P 500^® Pure Value ETF (RPV)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Financials			23.32

Consumer Discretionary			17.36

Health Care			10.01

Materials			9.49

Industrials			8.23

Communication Services			8.20

Consumer Staples			7.67

Information Technology			7.27

Energy			5.72

Sector Types Each Less Than 3%			2.59

Money Market Funds Plus Other Assets Less Liabilities			0.14

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		8

Invesco S&P 500^® Top 50 ETF (XLG)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-13.41%
Alphabet, Inc., Class A^(b)		743,315	$	92,230,525
Alphabet, Inc., Class C^(b)		632,283		79,225,060
Comcast Corp., Class A		515,306		21,276,985
Meta Platforms, Inc., Class A^(b)		278,457		83,890,740
Netflix, Inc.^(b)		55,500		22,848,795
Verizon Communications, Inc.		526,107		18,482,139
Walt Disney Co. (The)^(b)		229,274		18,706,466

				336,660,710

Consumer Discretionary-11.81%
Amazon.com, Inc.^(b)		1,137,475		151,386,548
Home Depot, Inc. (The)		125,957		35,858,698
McDonald’s Corp.		91,303		23,936,908
NIKE,Inc.,Class B		153,093		15,733,368
Tesla, Inc.^(b)		345,922		69,474,974

				296,390,496

Consumer Staples-7.22%
Coca-Cola Co. (The)		487,153		27,519,273
Costco Wholesale Corp.		55,471		30,644,399
Kenvue, Inc.		215,837		4,014,568
PepsiCo, Inc.		172,313		28,135,266
Philip Morris International, Inc.		194,348		17,328,068
Procter & Gamble Co. (The)		295,374		44,314,961
Walmart, Inc.		178,892		29,232,742

				181,189,277

Energy-3.40%
Chevron Corp.^(c)		222,285		32,393,593
Exxon Mobil Corp.		501,562		53,090,338

				85,483,931

Financials-10.21%
Bank of America Corp.		865,097		22,786,655
Berkshire Hathaway, Inc., Class B^(b)		228,394		77,957,724
JPMorgan Chase & Co.		364,156		50,639,533
Mastercard, Inc., Class A		104,266		39,240,509
Visa, Inc., Class A^(c)		201,321		47,330,567
Wells Fargo & Co.		457,914		18,211,240

				256,166,228

Health Care-12.71%
Abbott Laboratories^(c)		217,225		20,538,624
AbbVie, Inc.		221,087		31,213,063
Bristol-Myers Squibb Co.		261,554		13,477,877
Danaher Corp.		82,267		15,796,909
Eli Lilly and Co.		99,852		55,311,018
Johnson & Johnson		301,594		44,738,454
Merck & Co., Inc.		317,871		32,645,352


	Shares		Value
Health Care-(continued)
Pfizer, Inc.		706,548	$	21,592,107
Thermo Fisher Scientific, Inc.		48,301		21,482,836
UnitedHealth Group, Inc.		115,984		62,116,391

				318,912,631

Industrials-0.07%
Veralto Corp.^(b)		27,539		1,900,191


Information Technology-39.63%
Accenture PLC, Class A		79,209		23,532,202
Adobe, Inc.^(b)		57,263		30,467,352
Advanced Micro Devices, Inc.^(b)		202,243		19,920,935
Apple, Inc.		1,841,256		314,431,287
Broadcom, Inc.^(c)		51,714		43,510,608
Cisco Systems, Inc.^(c)		510,525		26,613,668
Intel Corp.		524,244		19,134,906
Microsoft Corp.		930,846		314,728,341
NVIDIA Corp.		309,403		126,174,543
Oracle Corp.		196,894		20,358,840
QUALCOMM, Inc.		139,887		15,246,284
Salesforce, Inc.^(b)		121,990		24,499,252
Texas Instruments, Inc.		113,561		16,126,798

				994,745,016

Materials-0.93%
Linde PLC^(c)		61,118		23,356,855


Utilities-0.59%
NextEra Energy, Inc.		253,419		14,774,328

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $2,254,493,587)				2,509,579,663


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.16%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		15,180,932		15,180,932
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		39,045,258		39,049,163


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $54,230,095)				54,230,095

TOTAL INVESTMENTS IN SECURITIES-102.14% (Cost $2,308,723,682)				2,563,809,758
OTHER ASSETS LESS LIABILITIES-(2.14)%				(53,835,277	)

NET ASSETS-100.00%			$	2,509,974,481

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		9

Invesco S&P 500^® Top 50 ETF (XLG)–(continued)

October 31, 2023

(Unaudited)

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	18,850,359		$	(18,850,359	)		$	-		$	-		$	-		$	16,060

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			10,832,299			184,450,388			(180,101,755	)			-			-			15,180,932			526,961	*

Invesco Private Prime Fund			27,854,484			415,676,611			(404,487,225	)			163			5,130			39,049,163			1,395,298	*


Total		$	38,686,783		$	618,977,358		$	(603,439,339	)		$	163		$	5,130		$	54,230,095		$	1,938,319

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Information Technology			39.63

Communication Services			13.41

Health Care			12.71

Consumer Discretionary			11.81

Financials			10.21

Consumer Staples			7.22

Energy			3.40

Sector Types Each Less Than 3%			1.59

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.


		10

Invesco S&P MidCap 400^® Pure Growth ETF (RFG)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-2.41%
Nexstar Media Group, Inc., Class A		22,858	$	3,201,949
TKO Group Holdings, Inc.^(b)		32,007		2,623,934

				5,825,883

Consumer Discretionary-11.23%
Crocs, Inc.^(b)(c)		17,204		1,536,661
Deckers Outdoor Corp.^(c)		4,577		2,732,744
Floor & Decor Holdings, Inc., Class A^(b)(c)		18,968		1,562,963
Grand Canyon Education, Inc.^(c)		29,723		3,517,122
H&R Block, Inc.^(b)		50,762		2,083,780
Murphy USA, Inc.		16,272		5,901,692
Service Corp. International		23,686		1,288,992
Tempur Sealy International, Inc.^(b)		72,102		2,879,033
Texas Roadhouse, Inc.		21,874		2,221,086
Visteon Corp.^(c)		9,813		1,129,771
Wingstop, Inc.^(b)		12,277		2,243,867

				27,097,711

Consumer Staples-5.41%
Casey’s General Stores, Inc.		13,154		3,576,704
Celsius Holdings, Inc.^(b)(c)		40,009		6,084,969
Darling Ingredients, Inc.^(b)(c)		44,709		1,980,162
Lancaster Colony Corp.		8,332		1,409,524

				13,051,359

Energy-23.84%
Antero Resources Corp.^(b)(c)		167,334		4,926,313
Civitas Resources, Inc.^(b)		68,829		5,191,772
CNX Resources Corp.^(b)(c)		224,053		4,866,431
DT Midstream, Inc.^(b)		63,430		3,423,317
Matador Resources Co.		84,610		5,219,591
Murphy Oil Corp.		83,461		3,744,895
NOV, Inc.		112,500		2,245,500
PBF Energy, Inc., Class A		157,136		7,468,674
Range Resources Corp.^(b)		177,800		6,372,352
Southwestern Energy Co.^(c)		679,084		4,841,869
Valaris Ltd.^(b)(c)		48,611		3,210,270
Weatherford International PLC^(c)		64,495		6,003,840

				57,514,824

Financials-11.74%
Annaly Capital Management, Inc.^(b)		275,651		4,302,912
Erie Indemnity Co., Class A^(b)		8,705		2,404,234
FirstCash Holdings, Inc.		18,483		2,013,168
Jefferies Financial Group, Inc.		98,587		3,172,530
Kinsale Capital Group, Inc.		15,838		5,288,467
Morningstar, Inc.^(b)		6,241		1,580,471
RLI Corp.		28,958		3,858,364
Selective Insurance Group, Inc.		16,050		1,670,965
SLM Corp.		190,692		2,478,996
WEX, Inc.^(b)(c)		9,278		1,544,601

				28,314,708

Health Care-11.63%
Exelixis, Inc.^(c)		90,225		1,857,733
Halozyme Therapeutics, Inc.^(b)(c)		80,869		2,739,033
HealthEquity, Inc.^(b)(c)		19,995		1,433,242
Inari Medical, Inc.^(b)(c)		42,739		2,594,685
Jazz Pharmaceuticals PLC^(b)(c)		15,067		1,913,810


	Shares		Value
Health Care-(continued)
Lantheus Holdings, Inc.^(b)(c)		34,806	$	2,248,468
Medpace Holdings, Inc.^(c)		11,720		2,844,092
Neurocrine Biosciences, Inc.^(c)		34,323		3,807,794
Option Care Health, Inc.^(c)		70,314		1,949,807
Repligen Corp.^(b)(c)		9,770		1,314,651
Shockwave Medical, Inc.^(b)(c)		19,783		4,080,441
United Therapeutics Corp.^(c)		5,748		1,280,999

				28,064,755

Industrials-17.56%
Avis Budget Group, Inc.^(c)		15,205		2,475,374
Builders FirstSource, Inc.^(c)		58,789		6,379,782
BWX Technologies, Inc.		30,628		2,275,048
Carlisle Cos., Inc.		7,671		1,949,124
Clean Harbors, Inc.^(c)		18,133		2,786,498
Concentrix Corp.		16,539		1,260,437
EMCOR Group, Inc.		12,470		2,576,926
ExlService Holdings, Inc.^(b)(c)		63,432		1,656,210
FTI Consulting, Inc.^(b)(c)		10,866		2,306,417
KBR, Inc.		30,492		1,773,110
Landstar System, Inc.		17,963		2,959,943
Paylocity Holding Corp.^(c)		7,348		1,318,231
RBC Bearings, Inc.^(b)(c)		14,448		3,176,248
Simpson Manufacturing Co., Inc.		21,838		2,908,385
Toro Co. (The)		13,190		1,066,280
UFP Industries, Inc.		40,987		3,900,733
Valmont Industries, Inc.		8,166		1,607,967

				42,376,713

Information Technology-5.60%
Amkor Technology, Inc.		128,639		2,683,410
Belden, Inc.		25,343		1,796,819
Calix, Inc.^(c)		24,278		804,087
Cirrus Logic, Inc.^(c)		29,841		1,997,258
Dropbox, Inc., Class A^(b)(c)		82,555		2,171,196
GoDaddy, Inc., Class A^(c)		33,930		2,484,694
Onto Innovation, Inc.^(b)(c)		14,032		1,576,776

				13,514,240

Materials-8.23%
Cabot Corp.^(b)		27,732		1,843,623
Eagle Materials, Inc.		11,538		1,775,814
Louisiana-Pacific Corp.		58,503		3,000,034
MP Materials Corp.^(b)(c)		78,841		1,292,993
Olin Corp.		39,636		1,693,250
Reliance Steel & Aluminum Co.		17,014		4,328,021
Silgan Holdings, Inc.		44,072		1,765,524
Westlake Corp.^(b)		36,122		4,167,034

				19,866,293

Utilities-2.28%
Essential Utilities, Inc.		59,663		1,996,324
OGE Energy Corp.		54,069		1,849,160
ONE Gas, Inc.^(b)		27,386		1,654,114

				5,499,598

Total Common Stocks & Other Equity Interests (Cost $233,358,024)				241,126,084

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		11

Invesco S&P MidCap 400^® Pure Growth ETF (RFG)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $225,062)		225,062	$	225,062

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $233,583,086)				241,351,146


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-23.16%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		14,854,081		14,854,081


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		41,012,679	$	41,016,780

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $55,869,618)				55,870,861

TOTAL INVESTMENTS IN SECURITIES-123.18% (Cost $289,452,704)				297,222,007
OTHER ASSETS LESS LIABILITIES-(23.18)%				(55,926,618	)

NET ASSETS-100.00%			$	241,295,389

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2023.

^(c)	Non-income producing security.

^(d)


	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	210,840		$	1,526,119		$	(1,511,897	)		$	-		$	-		$	225,062		$	1,760

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			12,371,070			85,015,800			(82,532,789	)			-			-			14,854,081			300,179	*

Invesco Private Prime Fund			31,811,322			163,608,944			(154,406,891	)			1,674			1,731			41,016,780			801,063	*


Total		$	44,393,232		$	250,150,863		$	(238,451,577	)		$	1,674		$	1,731		$	56,095,923		$	1,103,002

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		12

Invesco S&P MidCap 400^® Pure Growth ETF (RFG)–(continued)

October 31, 2023

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Energy			23.84

Industrials			17.56

Financials			11.74

Health Care			11.63

Consumer Discretionary			11.23

Materials			8.23

Information Technology			5.60

Consumer Staples			5.41

Sector Types Each Less Than 3%			4.69

Money Market Funds Plus Other Assets Less Liabilities			0.07

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		13

Invesco S&P MidCap 400^® Pure Value ETF (RFV)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-0.48%
Frontier Communications Parent, Inc.^(b)(c)		61,603	$	1,103,926


Consumer Discretionary-34.36%
Adient PLC^(b)		119,786		4,035,590
Gap, Inc. (The)^(c)		289,435		3,704,768
Goodyear Tire & Rubber Co. (The)^(b)(c)		795,053		9,461,131
Graham Holdings Co., Class B^(c)		6,588		3,812,607
KB Home		213,490		9,436,258
Lear Corp.^(c)		21,935		2,846,285
Lithia Motors, Inc., Class A		25,539		6,185,801
Macy’s, Inc.^(c)		213,989		2,606,386
Nordstrom, Inc.^(c)		187,669		2,623,613
Penske Automotive Group, Inc.^(c)		29,897		4,277,663
PVH Corp.		81,426		6,054,023
Skechers U.S.A., Inc., Class A^(b)		33,355		1,608,378
Taylor Morrison Home Corp., Class A^(b)(c)		230,618		8,837,282
Thor Industries, Inc.		71,387		6,277,059
Toll Brothers, Inc.		88,284		6,242,562
Topgolf Callaway Brands Corp.^(b)(c)		113,150		1,382,693

				79,392,099

Consumer Staples-2.36%
Pilgrim’s Pride Corp.^(b)(c)		160,219		4,085,584
Post Holdings, Inc.^(b)(c)		17,188		1,379,853

				5,465,437

Energy-0.73%
Chesapeake Energy Corp.^(c)		19,538		1,681,831


Financials-14.99%
Associated Banc-Corp		70,477		1,142,432
Brighthouse Financial, Inc.^(b)		136,771		6,195,726
CNO Financial Group, Inc.^(c)		73,602		1,706,094
Essent Group Ltd.		43,065		2,034,391
F.N.B. Corp.^(c)		125,768		1,344,460
First American Financial Corp.^(c)		51,702		2,659,551
Janus Henderson Group PLC^(c)		85,449		1,971,309
Kemper Corp.		34,961		1,394,245
MGIC Investment Corp.		157,481		2,651,980
New York Community Bancorp, Inc.^(c)		365,090		3,461,053
Old Republic International Corp.		93,110		2,549,352
Reinsurance Group of America, Inc.		11,141		1,665,245
Starwood Property Trust, Inc.^(c)		76,379		1,355,727
Unum Group		92,424		4,519,534

				34,651,099

Health Care-5.34%
Enovis Corp.^(b)(c)		66,973		3,074,061
Patterson Cos., Inc.^(c)		87,102		2,653,127
Perrigo Co. PLC.		77,157		2,132,619
Tenet Healthcare Corp.^(b)(c)		83,347		4,475,734

				12,335,541

Industrials-10.07%
Fluor Corp.^(b)		74,086		2,466,323
GXO Logistics, Inc.^(b)		47,282		2,388,214
Hertz Global Holdings, Inc.^(b)(c)		84,764		714,560
ManpowerGroup, Inc.		53,826		3,766,205


	Shares		Value
Industrials-(continued)
Ryder System, Inc.		49,270	$	4,805,796
XPO, Inc.^(b)		120,369		9,125,174

				23,266,272

Information Technology-14.89%
Arrow Electronics, Inc.^(b)(c)		53,368		6,052,465
Avnet, Inc.		148,196		6,865,921
Coherent Corp.^(b)		52,111		1,542,486
Jabil, Inc.		51,763		6,356,496
Kyndryl Holdings, Inc.^(b)		238,302		3,486,358
MKS Instruments, Inc.		20,210		1,326,989
NCR Voyix Corp.^(b)(c)		148,497		2,270,519
TD SYNNEX Corp.^(c)		55,950		5,129,496
Vishay Intertechnology, Inc.^(c)		61,622		1,370,473

				34,401,203

Materials-9.76%
Alcoa Corp.		38,368		983,755
Avient Corp.^(c)		63,145		1,996,645
Cleveland-Cliffs, Inc.^(b)(c)		393,644		6,605,346
Greif, Inc., Class A^(c)		34,526		2,192,401
United States Steel Corp.^(c)		317,722		10,767,599

				22,545,746

Real Estate-5.88%
Cousins Properties, Inc.		81,674		1,459,514
Jones Lang LaSalle, Inc.^(b)(c)		19,275		2,465,658
Kilroy Realty Corp.^(c)		40,271		1,150,945
Medical Properties Trust, Inc.^(c)		177,710		849,454
Park Hotels & Resorts, Inc.^(c)		340,698		3,928,248
Sabra Health Care REIT, Inc.		105,116		1,433,782
Vornado Realty Trust^(c)		120,063		2,305,210

				13,592,811

Utilities-1.13%
Southwest Gas Holdings, Inc.		24,045		1,409,277
UGI Corp.^(c)		58,017		1,206,754

				2,616,031

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $252,496,956)				231,051,996


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-20.65%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		13,444,279		13,444,279
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		34,270,037		34,273,464

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $47,717,212)				47,717,743

TOTAL INVESTMENTS IN SECURITIES-120.64% (Cost $300,214,168)				278,769,739
OTHER ASSETS LESS LIABILITIES-(20.64)%				(47,698,143	)

NET ASSETS-100.00%			$	231,071,596

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		14

Invesco S&P MidCap 400^® Pure Value ETF (RFV)–(continued)

October 31, 2023

(Unaudited)

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, 2023.

^(d)


	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	110,321		$	9,982,547		$	(10,092,868	)		$	-		$	-			$	-		$	5,296

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			14,295,372			79,774,494			(80,625,587	)			-			-				13,444,279			352,373	*

Invesco Private Prime Fund			36,759,529			155,110,300			(157,597,736	)			2,898			(1,527	)			34,273,464			938,739	*

Total		$	51,165,222		$	244,867,341		$	(248,316,191	)		$	2,898		$	(1,527	)		$	47,717,743		$	1,296,408

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Consumer Discretionary			34.36

Financials			14.99

Information Technology			14.89

Industrials			10.07

Materials			9.76

Real Estate			5.88

Health Care			5.34

Sector Types Each Less Than 3%			4.70

Money Market Funds Plus Other Assets Less Liabilities			0.01

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		15

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-1.47%
ATN International, Inc.		17,463	$	540,480
Cars.com, Inc.^(b)		45,099		686,858

				1,227,338

Consumer Discretionary-8.39%
Adtalem Global Education, Inc.^(b)		23,614		1,223,205
Cavco Industries, Inc.^(b)		2,960		738,550
Ethan Allen Interiors, Inc.		20,236		531,397
Green Brick Partners, Inc.^(b)		42,447		1,642,699
Jack in the Box, Inc.^(c)		10,324		652,270
Monarch Casino & Resort, Inc.		12,479		751,111
Stride, Inc.^(b)(c)		16,466		905,301
XPEL, Inc.^(b)(c)(d)		12,256		567,453

				7,011,986

Consumer Staples-5.81%
Cal-Maine Foods, Inc.		17,126		775,979
e.l.f. Beauty, Inc.^(b)		14,618		1,354,065
Hostess Brands, Inc.^(b)		16,917		565,028
Medifast, Inc.^(c)		4,179		289,020
MGP Ingredients, Inc.^(c)		7,161		677,860
Simply Good Foods Co. (The)^(b)(c)		20,653		770,150
Tootsie Roll Industries, Inc.^(c)		13,660		424,963

				4,857,065

Energy-12.03%
Comstock Resources, Inc.^(c)		130,397		1,643,002
CONSOL Energy, Inc.		6,957		639,279
Dorian LPG Ltd.		55,293		1,767,717
Northern Oil and Gas, Inc.		30,771		1,179,760
REX American Resources Corp.^(b)		43,693		1,660,771
RPC, Inc.		47,565		395,741
SM Energy Co.		40,103		1,616,953
Vital Energy, Inc.^(b)(c)		22,951		1,148,468

				10,051,691

Financials-13.93%
ARMOUR Residential REIT, Inc.^(c)		49,472		720,807
Avantax, Inc.^(b)		26,837		692,663
BancFirst Corp.		5,796		470,114
Bancorp, Inc. (The)^(b)		13,684		487,835
Banner Corp.		5,127		216,411
City Holding Co.^(c)		4,682		425,032
CVB Financial Corp.^(c)		12,692		198,249
Dime Community Bancshares, Inc.		17,654		324,657
First Bancorp		53,063		708,391
Hanmi Financial Corp.		29,285		429,904
Heritage Financial Corp.		12,890		209,720
Mr. Cooper Group, Inc.^(b)		28,964		1,637,335
NBT Bancorp, Inc.^(c)		11,477		384,135
OFG Bancorp		34,229		1,013,863
Palomar Holdings, Inc.^(b)(c)		12,664		634,213
Piper Sandler Cos		5,544		775,328
Preferred Bank^(c)		7,336		437,005
ServisFirst Bancshares, Inc.^(c)		5,791		273,104
Stellar Bancorp, Inc.^(c)		18,616		404,712
StoneX Group, Inc.^(b)		12,561		1,197,314

				11,640,792


	Shares		Value
Health Care-16.28%
AdaptHealth Corp.^(b)(c)		31,316	$	229,546
Addus HomeCare Corp.^(b)		3,479		274,493
AMN Healthcare Services, Inc.^(b)		9,621		729,849
Amphastar Pharmaceuticals, Inc.^(b)		23,785		1,076,747
Arcus Biosciences, Inc.^(b)(c)		20,039		314,813
Catalyst Pharmaceuticals, Inc.^(b)(c)		78,537		974,644
Collegium Pharmaceutical, Inc.^(b)		16,941		368,636
Corcept Therapeutics, Inc.^(b)		29,351		824,176
Cross Country Healthcare, Inc.^(b)(c)		46,791		1,083,680
Cytokinetics, Inc.^(b)(c)		27,337		952,968
Dynavax Technologies Corp.^(b)(c)		94,093		1,337,062
Ensign Group, Inc. (The)^(c)		8,901		859,837
Innoviva, Inc.^(b)(c)		57,269		710,708
NextGen Healthcare, Inc.^(b)(c)		20,717		495,551
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(e)		2,880		0
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(e)		2,881		0
Pacira BioSciences, Inc.^(b)		7,432		210,028
Privia Health Group, Inc.^(b)(c)		17,253		362,658
REGENXBIO, Inc.^(b)(c)		33,360		430,010
Supernus Pharmaceuticals, Inc.^(b)		16,867		402,278
UFP Technologies, Inc.^(b)(c)		5,643		879,857
Veradigm, Inc.^(b)(c)		25,737		339,471
Vir Biotechnology, Inc.^(b)		64,712		513,166
Xencor, Inc.^(b)(c)		13,509		234,381

				13,604,559

Industrials-18.23%
AAON, Inc.^(c)		13,016		709,112
AeroVironment, Inc.^(b)		4,184		479,737
Applied Industrial Technologies, Inc.		3,656		561,233
Boise Cascade Co.		15,673		1,469,344
Comfort Systems USA, Inc.		7,216		1,312,230
Encore Wire Corp.^(c)		8,540		1,527,208
EnPro Industries, Inc.		4,476		497,105
Forward Air Corp.		6,731		433,544
Franklin Electric Co., Inc.		4,698		407,411
Hillenbrand, Inc.		8,809		335,006
Lindsay Corp.		4,994		623,850
Marten Transport Ltd.		35,605		625,936
Matson, Inc.		18,486		1,609,206
Mueller Industries, Inc.^(c)		28,992		1,093,288
NV5 Global, Inc.^(b)		3,958		373,437
PGT Innovations, Inc.^(b)		40,700		1,218,558
Sun Country Airlines Holdings, Inc.^(b)(c)		33,376		434,555
Titan International, Inc.^(b)		58,121		660,255
Verra Mobility Corp., Class A^(b)		43,650		862,960

				15,233,975

Information Technology-17.62%
A10 Networks, Inc.		21,029		228,585
Advanced Energy Industries, Inc.^(c)		11,849		1,033,944
Agilysys, Inc.^(b)		6,650		570,504
Alpha & Omega Semiconductor Ltd.^(b)		23,646		560,883
Axcelis Technologies, Inc.^(b)(c)		17,178		2,190,195
Badger Meter, Inc.		3,760		520,948
Clearfield, Inc.^(b)(c)		12,685		304,694
CTS Corp.		10,626		397,519

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		16

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Information Technology-(continued)
Digi International, Inc.^(b)(c)		12,626	$	317,923
Diodes, Inc.^(b)		6,061		394,450
DoubleVerify Holdings, Inc.^(b)		33,933		944,355
Extreme Networks, Inc.^(b)		18,287		377,078
Fabrinet (Thailand)^(b)		5,144		797,320
Harmonic, Inc.^(b)(c)		47,120		508,425
Kulicke & Soffa Industries, Inc. (Singapore)		19,150		796,831
MaxLinear, Inc.^(b)		11,441		173,903
NetScout Systems, Inc.^(b)		10,194		222,535
Photronics, Inc.^(b)		49,215		903,587
Plexus Corp.^(b)(c)		5,039		495,434
Progress Software Corp.		9,855		506,350
Rambus, Inc.^(b)		28,858		1,567,855
SPS Commerce, Inc.^(b)		2,535		406,462
Veeco Instruments, Inc.^(b)(c)		20,903		500,418

				14,720,198

Materials-3.70%
Hawkins, Inc.^(c)		22,498		1,292,060
Innospec, Inc.		4,561		446,978
Kaiser Aluminum Corp.		9,710		551,528
Livent Corp.^(b)(c)		16,822		245,433
Myers Industries, Inc.		32,816		550,324

				3,086,323

Real Estate-1.66%
Marcus & Millichap, Inc.^(c)		17,264		495,477
St. Joe Co. (The)		19,056		888,772

				1,384,249


	Shares		Value
Utilities-0.82%
SJW Group		5,322	$	332,518
Unitil Corp.		7,731		353,075

				685,593

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $85,586,104)				83,503,769


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-27.66%
Invesco Private Government Fund, 5.32%^(f)(g)(h)		6,468,875		6,468,875
Invesco Private Prime Fund, 5.53%^(f)(g)(h)		16,636,951		16,638,615

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $23,107,004)				23,107,490

TOTAL INVESTMENTS IN SECURITIES-127.60% (Cost $108,693,108)				106,611,259
OTHER ASSETS LESS LIABILITIES-(27.60)%				(23,059,906	)

NET ASSETS-100.00%			$	83,551,353

Investment Abbreviations:

REIT-Real Estate Investment Trust

Rts. -Rights

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

(^d)

^(e)	Security valued using significant unobservable inputs (Level 3). See Note 5.

^(f)


	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)		Value October 31, 2023			Dividend Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	-		$1,504,713	$	(1,504,713	)		$	-	$	-		$	-	$	1,022

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		17

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)–(continued)

October 31, 2023

(Unaudited)


	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)	Value October 31, 2023		Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund	$	7,134,462	$	25,631,384	$	(26,296,971	)		$ -	$ -	$	6,468,875	$	175,592	*

Invesco Private Prime Fund		20,506,800		56,928,035		(60,798,051	)		2,254	(423)		16,638,615		466,494	*


Total	$	27,641,262	$	84,064,132	$	(88,599,735	)		$2,254	$(423)	$	23,107,490	$	643,108

*	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.

^(g)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(h)	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, 2023



Industrials			18.23

Information Technology			17.62

Health Care			16.28

Financials			13.93

Energy			12.03

Consumer Discretionary			8.39

Consumer Staples			5.81

Materials			3.70

Sector Types Each Less Than 3%			3.95

Money Market Funds Plus Other Assets Less Liabilities			0.06

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		18

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)

October 31, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-7.49%
AMC Networks, Inc., Class A^(b)(c)		137,922	$	1,627,480
Consolidated Communications Holdings, Inc.^(b)		367,904		1,534,160
DISH Network Corp., Class A^(b)(c)		450,449		2,207,200
E.W. Scripps Co. (The), Class A^(b)(c)		146,575		801,765
Lumen Technologies, Inc.^(b)(c)		1,342,450		1,959,977
Marcus Corp. (The)^(c)		41,466		644,382
Scholastic Corp.		14,075		519,367
Telephone & Data Systems, Inc.		281,012		5,111,608
Thryv Holdings, Inc.^(b)(c)		46,048		802,617

				15,208,556

Consumer Discretionary-32.41%
Abercrombie & Fitch Co., Class A^(b)(c)		68,913		4,191,289
American Axle & Manufacturing Holdings, Inc.^(b)		125,765		848,914
American Eagle Outfitters, Inc.^(c)		57,129		998,044
America’s Car-Mart, Inc.^(b)(c)		31,477		2,108,329
Caleres, Inc.^(c)		58,205		1,488,884
Century Communities, Inc.		52,993		3,259,069
Chico’s FAS, Inc.^(b)		151,571		1,133,751
Dana, Inc.		136,779		1,570,223
Designer Brands, Inc., Class A^(c)		111,913		1,131,440
Foot Locker, Inc.^(c)		124,637		2,616,131
G-III Apparel Group Ltd.^(b)(c)		216,373		5,528,330
Group 1 Automotive, Inc.^(c)		10,114		2,552,066
Guess?, Inc.^(c)		35,861		771,011
Hanesbrands, Inc.^(c)		252,638		1,058,553
Kohl’s Corp.^(c)		151,198		3,409,515
La-Z-Boy, Inc.^(c)		48,735		1,425,011
LGI Homes, Inc.^(b)(c)		5,580		527,366
M.D.C. Holdings, Inc.		72,449		2,749,439
M/I Homes, Inc.^(b)		68,659		5,634,844
MarineMax, Inc.^(b)(c)		71,908		1,968,841
Meritage Homes Corp.		19,998		2,280,172
Newell Brands, Inc.^(c)		163,582		1,099,271
ODP Corp. (The)^(b)		35,736		1,605,261
Patrick Industries, Inc.^(c)		33,764		2,537,365
Phinia, Inc.		38,101		986,054
Sally Beauty Holdings, Inc.^(b)(c)		86,162		732,377
Shoe Carnival, Inc.^(c)		40,291		921,858
Signet Jewelers Ltd.^(c)		14,799		1,033,414
Sleep Number Corp.^(b)(c)		26,090		424,484
Sonic Automotive, Inc., Class A^(c)		32,428		1,551,680
Standard Motor Products, Inc.		19,861		693,745
Tri Pointe Homes, Inc.^(b)		123,850		3,103,681
Upbound Group, Inc.^(c)		51,994		1,354,964
Urban Outfitters, Inc.^(b)		31,745		1,099,012
Wolverine World Wide, Inc.^(c)		170,316		1,371,044

				65,765,432

Consumer Staples-2.96%
B&G Foods, Inc.		100,165		808,332
Fresh Del Monte Produce, Inc.		100,500		2,512,500
SpartanNash Co.		51,552		1,159,404


	Shares			Value
Consumer Staples-(continued)
United Natural Foods, Inc.^(b)(c)		43,051		$	627,684
Universal Corp.		20,020			900,900

					6,008,820

Energy-4.02%
Bristow Group, Inc.^(b)		47,983			1,254,275
Helix Energy Solutions Group, Inc.^(b)		141,496			1,386,661
Oil States International, Inc.^(b)		254,353			1,846,603
Par Pacific Holdings, Inc.^(b)		64,118			2,104,353
World Kinect Corp.		84,992			1,572,352

					8,164,244

Financials-12.88%
Ambac Financial Group, Inc.^(b)		61,863			750,398
Apollo Commercial Real Estate Finance, Inc.^(c)		74,296			739,988
Blackstone Mortgage Trust, Inc., Class A^(c)		36,315			724,484
Bread Financial Holdings, Inc.		35,580			961,727
Encore Capital Group, Inc.^(b)(c)		19,394			730,766
Enova International, Inc.^(b)		14,158			564,621
EZCORP, Inc., Class A^(b)(c)		177,929			1,459,018
Genworth Financial, Inc., Class A^(b)		608,521			3,645,041
Green Dot Corp., Class A^(b)(c)		35,812			400,378
Hilltop Holdings, Inc.		19,561			540,275
Hope Bancorp, Inc.		52,076			456,186
Lincoln National Corp.^(c)		49,727	��		1,082,557
Navient Corp.^(c)		103,543			1,647,369
NCR Atleos Corp.^(b)(c)		64,628			1,425,694
PacWest Bancorp^(c)		89,852			636,152
ProAssurance Corp.		34,673			589,441
PROG Holdings, Inc.^(b)(c)		66,731			1,827,762
Radian Group, Inc.		54,601			1,383,589
Ready Capital Corp.		50,485			476,074
SiriusPoint Ltd. (Bermuda)^(b)		167,805			1,652,879
Stewart Information Services Corp.^(c)		58,703			2,563,560
United Fire Group, Inc.		27,622			556,307
World Acceptance Corp.^(b)(c)		13,385			1,320,029

					26,134,295

Health Care-1.65%
Enhabit, Inc.^(b)(c)		183,085			1,349,337
Orthofix Medical, Inc.^(b)		28,273			312,134
Owens & Minor, Inc.^(b)(c)		78,019			1,118,012
Phibro Animal Health Corp., Class A^(c)		52,199			570,013

					3,349,496

Industrials-21.49%
ABM Industries, Inc.		23,052			906,866
Allegiant Travel Co.^(c)		9,209			613,503
American Woodmark Corp.^(b)		25,717			1,728,954
ArcBest Corp.		16,176			1,761,243
AZZ, Inc.^(c)		16,455			777,828
CoreCivic, Inc.^(b)		75,001			952,513
Deluxe Corp.^(c)		87,154			1,485,976
DXP Enterprises, Inc.^(b)		61,895			2,017,777
Enviri Corp.^(b)		244,913			1,405,801
GEO Group, Inc. (The)^(b)(c)		107,950			943,483
GMS, Inc.^(b)		21,216			1,240,712
Granite Construction, Inc.		16,867			682,776

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		19

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)–(continued)

October 31, 2023

(Unaudited)


	Shares		Value
Industrials-(continued)
Greenbrier Cos., Inc. (The)		47,039	$	1,627,079
Heidrick & Struggles International, Inc.		35,074		853,701
HNI Corp.		23,688		821,737
Interface, Inc.		73,034		649,272
JetBlue Airways Corp.^(b)(c)		498,970		1,876,127
Kaman Corp.		58,616		1,090,844
Kelly Services, Inc., Class A		186,348		3,326,312
MillerKnoll, Inc.		72,119		1,694,796
OPENLANE, Inc.^(b)(c)		61,178		821,620
Pitney Bowes, Inc.^(c)		201,414		650,567
Powell Industries, Inc.		26,469		2,028,849
Proto Labs, Inc.^(b)(c)		32,316		762,981
Resideo Technologies, Inc.^(b)		125,769		1,821,135
RXO, Inc.^(b)(c)		73,251		1,282,625
SkyWest, Inc.^(b)		169,453		7,145,833
TrueBlue, Inc.^(b)		88,419		978,798
Veritiv Corp.		9,750		1,651,747

				43,601,455

Information Technology-6.64%
Benchmark Electronics, Inc.^(c)		66,419		1,608,004
Cerence, Inc.^(b)(c)		38,094		583,219
DXC Technology Co.^(b)		101,335		2,043,927
Ichor Holdings Ltd.^(b)(c)		22,687		550,386
Insight Enterprises, Inc.^(b)(c)		12,726		1,823,636
PC Connection, Inc.		16,748		897,358
ScanSource, Inc.^(b)		75,942		2,308,637
SMART Global Holdings, Inc.^(b)(c)		45,750		626,775
TTM Technologies, Inc.^(b)		64,072		736,187
Viasat, Inc.^(b)(c)		31,731		585,120
Xerox Holdings Corp.^(c)		134,075		1,721,523

				13,484,772

Materials-6.67%
AdvanSix, Inc.		20,652		568,963
Century Aluminum Co.^(b)(c)		217,971		1,440,788
Clearwater Paper Corp.^(b)		50,869		1,719,881
Koppers Holdings, Inc.		54,062		1,977,047
Mativ Holdings, Inc., Class A^(c)		95,373		1,249,386
Minerals Technologies, Inc.		8,961		484,432
Olympic Steel, Inc.		81,314		4,128,312
SunCoke Energy, Inc.		206,003		1,959,088

				13,527,897


	Shares		Value
Real Estate-3.74%
Anywhere Real Estate, Inc.^(b)(c)		425,640	$	1,987,739
Brandywine Realty Trust		137,946		515,918
Cushman & Wakefield PLC^(b)(c)		143,801		1,059,813
Hudson Pacific Properties, Inc.^(c)		111,139		495,680
JBG SMITH Properties^(c)		51,934		668,391
Pebblebrook Hotel Trust^(c)		93,623		1,116,923
Service Properties Trust		85,853		622,434
SL Green Realty Corp.		38,308		1,122,041

				7,588,939

Total Common Stocks & Other Equity Interests (Cost $212,703,002)				202,833,906


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $55,383)		55,383		55,383

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $212,758,385)				202,889,289


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-28.86%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		16,397,396		16,397,396
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		42,171,237		42,175,454

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $58,570,818)				58,572,850

TOTAL INVESTMENTS IN SECURITIES-128.84% (Cost $271,329,203)				261,462,139
OTHER ASSETS LESS LIABILITIES-(28.84)%				(58,525,241	)

NET ASSETS-100.00%			$	202,936,898

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2023.

^(d)


	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2023		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	10,655	$	1,622,570	$	(1,577,842)		$ -	$	-		$ 55,383	$	907

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		20

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)–(continued)

October 31, 2023

(Unaudited)


	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	19,104,887		$	48,324,426		$	(51,031,917	)		$	-		$	-			$	16,397,396		$	425,806	*

Invesco Private Prime Fund			49,126,853			95,334,386			(102,290,684	)			8,037			(3,138	)			42,175,454			1,131,068	*


Total		$	68,242,395		$	145,281,382		$	(154,900,443	)		$	8,037		$	(3,138	)		$	58,628,233		$	1,557,781

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023



Consumer Discretionary			32.41

Industrials			21.49

Financials			12.88

Communication Services			7.49

Materials			6.67

Information Technology			6.64

Energy			4.02

Real Estate			3.74

Sector Types Each Less Than 3%			4.61

Money Market Funds Plus Other Assets Less Liabilities			0.05

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		21

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)


	Invesco S&P 500^® Pure Growth ETF (RPG)				Invesco S&P 500^® Pure Value ETF (RPV)				Invesco S&P 500^® Top 50 ETF (XLG)
Assets:
Unaffiliated investments in securities, at value^(a)		$	1,672,916,481			$	1,508,998,524			$	2,509,579,663
Affiliated investments in securities, at value			67,159,976				143,147,530				54,230,095
Cash			-				33,797				-
Receivable for:
Dividends			1,615,340				1,984,286				1,488,231
Securities lending			12,804				18,056				6,449
Investments sold			11,081,050				-				-
Fund shares sold			-				-				6,029,721

Total assets			1,752,785,651				1,654,182,193				2,571,334,159


Liabilities:
Due to custodian			76,169				-				697,051
Payable for:
Investments purchased			-				-				6,009,505
Collateral upon return of securities loaned			67,157,633				123,449,996				54,230,095
Fund shares repurchased			11,131,718				-				-
Accrued unitary management fees			516,088				471,195				423,027

Total liabilities			78,881,608				123,921,191				61,359,678

Net Assets		$	1,673,904,043			$	1,530,261,002			$	2,509,974,481


Net assets consist of:
Shares of beneficial interest		$	2,444,479,116			$	2,614,698,464			$	2,218,062,342
Distributable earnings (loss)			(770,575,073	)			(1,084,437,462	)			291,912,139

Net Assets		$	1,673,904,043			$	1,530,261,002			$	2,509,974,481

Shares outstanding (unlimited amount authorized, $0.01 par value)			57,141,495				22,052,836				74,927,850
Net asset value		$	29.29			$	69.39			$	33.50

Market price		$	29.30			$	69.41			$	33.50

Unaffiliated investments in securities, at cost		$	1,667,338,096			$	1,893,347,336			$	2,254,493,587

Affiliated investments in securities, at cost		$	67,157,633			$	159,287,394			$	54,230,095

^(a)Includes securities on loan with an aggregate value of:		$	66,633,846			$	120,933,293			$	53,611,858

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		22


Invesco S&P MidCap 400^®Pure Growth ETF (RFG)				Invesco S&P MidCap 400^®Pure Value ETF (RFV)				Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)				Invesco S&P SmallCap 600^® Pure Value ETF (RZV)

	$	241,126,084			$	231,051,996			$	83,503,769			$	202,833,906
		56,095,923				47,717,743				23,107,490				58,628,233
		-				-				-				-

		10,714				106,883				78,345				103,272
		5,673				6,134				2,586				7,357
		-				2,795,554				-				2,546,149
		-				-				-				-

		297,238,394				281,678,310				106,692,190				264,118,917



		-				23,309				8,432				-

		-				-				-				-
		55,869,618				47,717,212				23,107,004				58,570,818
		-				2,794,624				-				2,547,222
		73,387				71,569				25,401				63,979

		55,943,005				50,606,714				23,140,837				61,182,019

	$	241,295,389			$	231,071,596			$	83,551,353			$	202,936,898



	$	486,915,594			$	332,031,656			$	225,262,262			$	408,864,147
		(245,620,205	)			(100,960,060	)			(141,710,909	)			(205,927,249	)

	$	241,295,389			$	231,071,596			$	83,551,353			$	202,936,898

		6,450,105				2,480,499				2,180,012				2,390,040
	$	37.41			$	93.16			$	38.33			$	84.91

	$	37.40			$	93.14			$	38.31			$	84.84

	$	233,358,024			$	252,496,956			$	85,586,104			$	212,703,002

	$	56,094,680			$	47,717,212			$	23,107,004			$	58,626,201

	$	55,095,952			$	46,741,821			$	22,859,357			$	57,509,653


		23

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)


	Invesco S&P 500^® Pure Growth ETF (RPG)				Invesco S&P 500^® Pure Value ETF (RPV)				Invesco S&P 500^® Top 50 ETF (XLG)
Investment income:
Unaffiliated dividend income		$	14,437,135			$	25,245,133			$	14,756,075
Affiliated dividend income			8,680				786,191				16,060
Securities lending income, net			54,662				134,113				128,527
Foreign withholding tax			-				-				-

Total investment income			14,500,477				26,165,437				14,900,662


Expenses:
Unitary management fees			3,242,135				3,480,590				2,410,948

Less: Waivers			(228	)			(387	)			(373	)

Net expenses			3,241,907				3,480,203				2,410,575

Net investment income			11,258,570				22,685,234				12,490,087


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(6,662,934	)			(107,067,493	)			(12,689,100	)
Affiliated investment securities			8,503				(24,785	)			5,130
Unaffiliated in-kind redemptions			15,153,926				(2,652,368	)			160,764,102
Affiliated in-kind redemptions			-				(4,418,926	)			-
Short Sales			-				-				-

Net realized gain (loss)			8,499,495				(114,163,572	)			148,080,132

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(78,207,012	)			(60,312,735	)			(36,362,708	)
Affiliated investment securities			2,343				(3,117,612	)			163

Change in net unrealized appreciation (depreciation)			(78,204,669	)			(63,430,347	)			(36,362,545	)

Net realized and unrealized gain (loss)			(69,705,174	)			(177,593,919	)			111,717,587

Net increase (decrease) in net assets resulting from operations		$	(58,446,604	)		$	(154,908,685	)		$	124,207,674

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		24


Invesco S&P MidCap 400^®Pure Growth ETF (RFG)				Invesco S&P MidCap 400^®Pure Value ETF (RFV)				Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)				Invesco S&P SmallCap 600^® Pure Value ETF (RZV)

	$	1,664,909			$	2,252,936			$	805,561			$	1,951,327
		1,760				5,296				1,022				907
		26,296				39,395				19,489				52,621
		-				-				(2,917	)			-

		1,692,965				2,297,627				823,155				2,004,855



		444,246				432,654				161,006				419,358

		(38	)			(96	)			(24	)			(23	)

		444,208				432,558				160,982				419,335

		1,248,757				1,865,069				662,173				1,585,520



		4,048,807				(10,401,322	)			(1,490,971	)			(23,549,891	)
		1,731				(1,527	)			(423	)			(3,138	)
		2,015,486				4,360,914				620,051				2,920,258
		-				-				-				-
		-				-				-				21

		6,066,024				(6,041,935	)			(871,343	)			(20,632,750	)


		(46,880	)			(58,423	)			1,215,181				10,902,757
		1,674				2,898				2,254				8,037

		(45,206	)			(55,525	)			1,217,435				10,910,794

		6,020,818				(6,097,460	)			346,092				(9,721,956	)

	$	7,269,575			$	(4,232,391	)		$	1,008,265			$	(8,136,436	)


		25

Statements of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)


	Invesco S&P 500^® Pure Growth ETF (RPG)								Invesco S&P 500^® Pure Value ETF (RPV)
	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	11,258,570			$	26,904,774			$	22,685,234			$	84,026,986
Net realized gain (loss)			8,499,495				(342,165,371	)			(114,163,572	)			51,692,915
Change in net unrealized appreciation (depreciation)			(78,204,669	)			246,770,356				(63,430,347	)			(370,038,298	)

Net increase (decrease) in net assets resulting from operations			(58,446,604	)			(68,490,241	)			(154,908,685	)			(234,318,397	)


Distributions to Shareholders from:
Distributable earnings			(12,029,410	)			(26,468,365	)			(24,428,800	)			(90,174,466	)


Shareholder Transactions:
Proceeds from shares sold			49,754,893				378,316,431				66,992,497				2,089,690,422
Value of shares repurchased			(259,420,533	)			(611,648,460	)			(1,076,548,328	)			(2,819,284,239	)

Net increase (decrease) in net assets resulting from share transactions			(209,665,640	)			(233,332,029	)			(1,009,555,831	)			(729,593,817	)

Net increase (decrease) in net assets			(280,141,654	)			(328,290,635	)			(1,188,893,316	)			(1,054,086,680	)


Net assets:
Beginning of period			1,954,045,697				2,282,336,332				2,719,154,318				3,773,240,998

End of period		$	1,673,904,043			$	1,954,045,697			$	1,530,261,002			$	2,719,154,318


Changes in Shares Outstanding:
Shares sold			1,620,000	^(a)			12,100,000	^(a)			900,000				26,000,000
Shares repurchased			(8,580,000	)^(a)			(19,900,000	)^(a)			(14,620,000	)			(36,460,000	)
Shares outstanding, beginning of period			64,101,495	^(a)			71,901,495	^(a)			35,772,836				46,232,836

Shares outstanding, end of period			57,141,495	^(a)			64,101,495	^(a)			22,052,836				35,772,836

^(a)	Changes in shares outstanding have been restated to reflect a five-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

^(b)	Changes in shares outstanding have been restated to reflect a ten-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		26


Invesco S&P 500^® Top 50 ETF (XLG)								Invesco S&P Midcap 400^® Pure Growth ETF (RFG)
Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	12,490,087			$	24,237,984			$	1,248,757			$	2,197,247
		148,080,132				131,936,801				6,066,024				(36,739,602	)
		(36,362,545	)			(128,622,666	)			(45,206	)			27,632,525

		124,207,674				27,552,119				7,269,575				(6,909,830	)



		(13,040,646	)			(24,431,724	)			(1,118,749	)			(2,522,850	)



		590,644,560				482,329,812				5,698,819				74,739,971
		(385,222,719	)			(431,406,481	)			(15,063,731	)			(104,531,803	)

		205,421,841				50,923,331				(9,364,912	)			(29,791,832	)

		316,588,869				54,043,726				(3,214,086	)			(39,224,512	)



		2,193,385,612				2,139,341,886				244,509,475				283,733,987

	$	2,509,974,481			$	2,193,385,612			$	241,295,389			$	244,509,475



		17,290,000	^(b)			15,700,000	^(b)			140,000	^(a)			2,000,000	^(a)
		(11,270,000	)^(b)			(14,900,000	)^(b)			(390,000	)^(a)			(2,900,000	)^(a)
		68,907,850	^(b)			68,107,850	^(b)			6,700,105	^(a)			7,600,105	^(a)

		74,927,850	^(b)			68,907,850	^(b)			6,450,105	^(a)			6,700,105	^(a)


		27

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)


	Invesco S&P MidCap 400^® Pure Value ETF (RFV)								Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)
	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	1,865,069			$	3,366,534			$	662,173			$	1,746,652
Net realized gain (loss)			(6,041,935	)			665,063				(871,343	)			(28,375,858	)
Change in net unrealized appreciation (depreciation)			(55,525	)			(11,159,212	)			1,217,435				20,039,278

Net increase (decrease) in net assets resulting from operations			(4,232,391	)			(7,127,615	)			1,008,265				(6,589,928	)


Distributions to Shareholders from:
Distributable earnings			(1,808,666	)			(3,557,631	)			(698,908	)			(1,764,418	)


Shareholder Transactions:
Proceeds from shares sold			53,763,169				302,276,858				-				27,645,743
Value of shares repurchased			(66,755,878	)			(181,654,210	)			(4,310,252	)			(40,900,625	)

Net increase (decrease) in net assets resulting from share transactions			(12,992,709	)			120,622,648				(4,310,252	)			(13,254,882	)

Net increase (decrease) in net assets			(19,033,766	)			109,937,402				(4,000,895	)			(21,609,228	)


Net assets:
Beginning of period			250,105,362				140,167,960				87,552,248				109,161,476

End of period		$	231,071,596			$	250,105,362			$	83,551,353			$	87,552,248


Changes in Shares Outstanding:
Shares sold			510,000				3,090,000				-				660,000	^(a)
Shares repurchased			(700,000	)			(1,980,000	)			(100,000	)^(a)			(1,020,000	)^(a)
Shares outstanding, beginning of period			2,670,499				1,560,499				2,280,012	^(a)			2,640,012	^(a)

Shares outstanding, end of period			2,480,499				2,670,499				2,180,012	^(a)			2,280,012	^(a)

^(a)	Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		28


Invesco S&P SmallCap 600^® Pure Value ETF (RZV)
Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	1,585,520			$	4,330,931
		(20,632,750	)			(12,554,579	)
		10,910,794				(11,466,715	)

		(8,136,436	)			(19,690,363	)


		(1,557,525	)			(4,215,256	)



		983,483				213,867,166
		(58,960,496	)			(205,071,420	)

		(57,977,013	)			8,795,746

		(67,670,974	)			(15,109,873	)



		270,607,872				285,717,745

	$	202,936,898			$	270,607,872



		10,000				2,290,000
		(680,000	)			(2,350,000	)
		3,060,040				3,120,040

		2,390,040				3,060,040


		29

Financial Highlights

Invesco S&P 500^® Pure Growth ETF (RPG)


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	30.48		$	31.74		$	34.53		$	23.35		$	23.83		$	21.82

Net investment income^(b)			0.19			0.37			0.02			0.07			0.20			0.12
Net realized and unrealized gain (loss) on investments			(1.18	)		(1.26	)		(2.81	)		11.20			(0.45	)		2.00

Total from investment operations			(0.99	)		(0.89	)		(2.79	)		11.27			(0.25	)		2.12

Distributions to shareholders from:
Net investment income			(0.20	)		(0.37	)		(0.00	)^(c)		(0.09	)		(0.23	)		(0.11	)

Net asset value at end of period		$	29.29		$	30.48		$	31.74		$	34.53		$	23.35		$	23.83

Market price at end of period^(d)		$	29.30		$	30.48		$	31.75		$	34.54		$	23.35		$	23.84

Net Asset Value Total Return^(e)			(3.28	)%		(2.74	)%		(8.08	)%		48.37	%		(1.02	)%		9.79	%
Market Price Total Return^(e)			(3.24	)%		(2.77	)%		(8.10	)%		48.40	%		(1.03	)%		9.71	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,673,904		$	1,954,046		$	2,282,336		$	2,650,386		$	2,195,101		$	2,842,159
Ratio to average net assets of:
Expenses			0.35	%^(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			1.22	%^(f)		1.20	%		0.06	%		0.23	%		0.84	%		0.53	%
Portfolio turnover rate^(g)			7	%		78	%		45	%		56	%		73	%		64	%

^(a)	Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $(0.005).

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		30

Financial Highlights–(continued)

Invesco S&P 500^® Pure Value ETF (RPV)


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	76.01		$	81.61		$	76.85		$	45.75		$	66.34		$	66.33

Net investment income^(a)			0.87			1.91			1.64			1.31			1.65			1.49
Net realized and unrealized gain (loss) on investments.			(6.54	)		(5.47	)		4.51			31.03			(20.59	)		(0.01	)

Total from investment operations			(5.67	)		(3.56	)		6.15			32.34			(18.94	)		1.48

Distributions to shareholders from:
Net investment income			(0.95	)		(2.04	)		(1.39	)		(1.24	)		(1.65	)		(1.47	)

Net asset value at end of period		$	69.39		$	76.01		$	81.61		$	76.85		$	45.75		$	66.34

Market price at end of period^(b)		$	69.41		$	76.00		$	81.60		$	76.88		$	45.86		$	66.36

Net Asset Value Total Return^(c)			(7.56	)%		(4.31	)%		8.13	%		71.67	%		(28.82	)%		2.37	%
Market Price Total Return^(c)			(7.52	)%		(4.31	)%		8.06	%		71.32	%		(28.67	)%		2.33	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,530,261		$	2,719,154		$	3,773,241		$	2,238,854		$	496,546		$	928,883
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			2.28	%^(d)		2.42	%		2.04	%		2.16	%		2.64	%		2.29	%
Portfolio turnover rate^(e)			5	%		45	%		32	%		46	%		46	%		37	%

^(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 S&P 500^® Top 50 ETF (XLG)


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	31.83			$	31.41			$	31.36			$	22.23			$	21.23			$	18.72

Net investment income^(b)			0.18				0.37				0.35				0.37				0.37				0.37
Net realized and unrealized gain on investments			1.67				0.42				0.05				9.11				1.00				2.52

Total from investment operations			1.85				0.79				0.40				9.48				1.37				2.89

Distributions to shareholders from:
Net investment income			(0.18	)			(0.37	)			(0.35	)			(0.35	)			(0.37	)			(0.38	)

Net asset value at end of period		$	33.50			$	31.83			$	31.41			$	31.36			$	22.23			$	21.23

Market price at end of period^(c)		$	33.50			$	31.82			$	31.38			$	31.36			$	22.25			$	21.23

Net Asset Value Total Return^(d)			5.79	%			2.69	%			1.21	%			42.97	%			6.61	%			15.64	%
Market Price Total Return^(d)			5.83	%			2.71	%			1.12	%			42.85	%			6.73	%			15.50	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,509,974			$	2,193,386			$	2,139,342			$	1,812,843			$	1,122,748			$	838,904
Ratio to average net assets of:
Expenses			0.20	%^(e)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Net investment income			1.04	%^(e)			1.24	%			1.02	%			1.36	%			1.71	%			1.89	%
Portfolio turnover rate^(f)			4	%			5	%			5	%			5	%			8	%			8	%

^(a)	Per share amounts have been adjusted to reflect a ten-for-one stock split effective after the close of business July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		32

Financial Highlights–(continued)

Invesco S&P MidCap 400^® Pure Growth ETF (RFG)


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	36.49		$	37.33		$	45.65		$	26.40		$	30.37		$	30.93

Net investment income^(b)			0.19			0.31			0.06			0.00	^(c)		0.19			0.21
Net realized and unrealized gain (loss) on investments			0.90			(0.80	)		(8.34	)		19.32			(3.98	)		(0.54	)

Total from investment operations			1.09			(0.49	)		(8.28	)		19.32			(3.79	)		(0.33	)

Distributions to shareholders from:
Net investment income			(0.17	)		(0.35	)		(0.04	)		(0.07	)		(0.18	)		(0.23	)

Net asset value at end of period		$	37.41		$	36.49		$	37.33		$	45.65		$	26.40		$	30.37

Market price at end of period^(d)		$	37.40		$	36.48		$	37.30		$	45.65		$	26.44		$	30.39

Net Asset Value Total Return^(e)			2.95	%		(1.27	)%		(18.15	)%		73.26	%		(12.46	)%		(1.05	)%
Market Price Total Return^(e)			2.96	%		(1.18	)%		(18.21	)%		72.95	%		(12.39	)%		(1.07	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	241,295		$	244,509		$	283,734		$	403,991		$	270,607		$	493,563
Ratio to average net assets of:
Expenses			0.35	%^(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			0.98	%^(f)		0.84	%		0.14	%		0.01	%		0.66	%		0.69	%
Portfolio turnover rate^(g)			16	%		81	%		83	%		73	%		94	%		86	%

^(a)	Per share amounts have been adjusted to reflect a five-for-one stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)	Amount represents less than $0.005.

^(d)	The mean between the last bid and ask prices.

^(e)

^(f)	Annualized.

^(g)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		33

Financial Highlights–(continued)

Invesco S&P MidCap 400^® Pure Value ETF (RFV)


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	93.65		$	89.82		$	93.56		$	46.79		$	69.61		$	65.71

Net investment income^(a)			0.75			1.69			1.75			0.72			1.41			0.81
Net realized and unrealized gain (loss) on investments			(0.49	)		3.98	^(b)		(3.84	)		47.07			(22.86	)		3.90

Total from investment operations			0.26			5.67			(2.09	)		47.79			(21.45	)		4.71

Distributions to shareholders from:
Net investment income			(0.75	)		(1.84	)		(1.65	)		(1.02	)		(1.37	)		(0.81	)

Net asset value at end of period		$	93.16		$	93.65		$	89.82		$	93.56		$	46.79		$	69.61

Market price at end of period^(c)		$	93.14		$	93.60		$	89.63		$	93.64		$	46.86		$	69.69

Net Asset Value Total Return^(d)			0.23	%		6.50	%		(2.28	)%		103.18	%		(30.96	)%		7.25	%
Market Price Total Return^(d)			0.27	%		6.67	%		(2.56	)%		103.05	%		(30.94	)%		7.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	231,072		$	250,105		$	140,168		$	163,779		$	56,172		$	142,737
Ratio to average net assets of:
Expenses			0.35	%^(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			1.51	%^(e)		1.82	%		1.85	%		1.07	%		2.25	%		1.20	%
Portfolio turnover rate^(f)			14	%		57	%		47	%		65	%		61	%		57	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(c)	The mean between the last bid and ask prices.

^(d)

^(e)	Annualized.

^(f)	Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


		34

Financial Highlights–(continued)

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023^(a)			2022^(a)			2021^(a)			2020^(a)			2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	38.40		$	41.35		$	52.95		$	29.27		$	38.53		$	38.14

Net investment income^(b)			0.30			0.69	^(c)		0.22			0.16			0.25			0.11
Net realized and unrealized gain (loss) on investments			(0.06	)^(d)		(2.91	)		(11.65	)		23.68			(9.22	)		0.44

Total from investment operations			0.24			(2.22	)		(11.43	)		23.84			(8.97	)		0.55

Distributions to shareholders from:
Net investment income			(0.31	)		(0.73	)		(0.17	)		(0.16	)		(0.29	)		(0.16	)

Net asset value at end of period		$	38.33		$	38.40		$	41.35		$	52.95		$	29.27		$	38.53

Market price at end of period^(e)		$	38.31		$	38.39		$	41.29		$	52.91		$	29.32		$	38.53

Net Asset Value Total Return^(f)			0.58	%		(5.36	)%		(21.63	)%		81.63	%		(23.30	)%		1.43	%
Market Price Total Return^(f)			0.54	%		(5.26	)%		(21.68	)%		81.22	%		(23.16	)%		1.26	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	83,551		$	87,552		$	109,161		$	138,188		$	96,608		$	236,954
Ratio to average net assets of:
Expenses			0.35	%^(g)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			1.44	%^(g)		1.72	%^(c)		0.43	%		0.38	%		0.69	%		0.26	%
Portfolio turnover rate^(h)			9	%		72	%		80	%		79	%		85	%		71	%

^(a)	Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

^(b)	Based on average shares outstanding.

^(c)

^(d)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(e)	The mean between the last bid and ask prices.

^(f)

^(g)	Annualized.

^(h)	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.


		35

Financial Highlights–(continued)

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)


	Six Months Ended October 31,
	2023				Years Ended April 30,
	(Unaudited)				2023			2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period		$	88.43		$	91.58		$	88.82		$	43.07		$	67.47		$	71.57

Net investment income^(a)			0.61			1.35			0.90			0.57			0.68			0.99
Net realized and unrealized gain (loss) on investments			(3.52	)		(3.19	)		2.75			45.63			(24.39	)		(4.02	)

Total from investment operations			(2.91	)		(1.84	)		3.65			46.20			(23.71	)		(3.03	)

Distributions to shareholders from:
Net investment income			(0.61	)		(1.31	)		(0.89	)		(0.45	)		(0.69	)		(1.07	)

Net asset value at end of period		$	84.91		$	88.43		$	91.58		$	88.82		$	43.07		$	67.47

Market price at end of period^(b)		$	84.84		$	88.38		$	91.61		$	88.87		$	43.14		$	67.53

Net Asset Value Total Return^(c)			(3.34	)%		(1.92	)%		4.10	%		107.66	%		(35.31	)%		(4.27	)%
Market Price Total Return^(c)			(3.36	)%		(2.02	)%		4.08	%		107.44	%		(35.27	)%		(4.28	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	202,937		$	270,608		$	285,718		$	337,507		$	81,842		$	192,279
Ratio to average net assets of:
Expenses			0.35	%^(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			1.32	%^(d)		1.50	%		0.95	%		0.86	%		1.14	%		1.38	%
Portfolio turnover rate^(e)			15	%		62	%		54	%		74	%		70	%		52	%

^(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.


		36

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2023

(Unaudited)

NOTE 1–Organization


Full Name		Short Name

Invesco S&P 500^®Pure Growth ETF (RPG)		“S&P 500^®Pure Growth ETF”

Invesco S&P 500^®Pure Value ETF (RPV)		“S&P 500^®Pure Value ETF”

Invesco S&P 500^®Top 50 ETF (XLG)		“S&P 500^®Top 50 ETF”

Invesco S&P MidCap 400^®Pure Growth ETF (RFG)		“S&P MidCap 400^®Pure Growth ETF”

Invesco S&P MidCap 400^®Pure Value ETF (RFV)		“S&P MidCap 400^®Pure Value ETF”

Invesco S&P SmallCap 600^®Pure Growth ETF (RZG)		“S&P SmallCap 600^®Pure Growth ETF”

Invesco S&P SmallCap 600^®Pure Value ETF (RZV)		“S&P SmallCap 600^®Pure Value ETF”

The investment objective of each of the Funds 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

S&P 500^®Pure Growth ETF		S&P 500^®Pure Growth Index

S&P 500^®Pure Value ETF		S&P 500^®Pure Value Index

S&P 500^®Top 50 ETF		S&P 500^®Top 50 Index

S&P MidCap 400^®Pure Growth ETF		S&P MidCap 400^®Pure Growth Index

S&P MidCap 400^®Pure Value ETF		S&P MidCap 400^®Pure Value Index

S&P SmallCap 600^®Pure Growth ETF		S&P SmallCap 600^®Pure Growth Index

S&P SmallCap 600^®Pure Value ETF		S&P SmallCap 600^®Pure Value Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.


		37

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

B.	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


		38

income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.


		39

(except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust or the Adviser (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.


	Amount

S&P 500^®Pure Growth ETF		$1,672

S&P 500^®Pure Value ETF		6,881

S&P 500^®Top 50 ETF		7,503


		40


	Amount

S&P MidCap 400^®Pure Growth ETF		2,310

S&P MidCap 400^®Pure Value ETF		3,284

S&P SmallCap 600^®Pure Growth ETF		1,463

S&P SmallCap 600^®Pure Value ETF		4,332

J.	Other Risks


		41

Non-Diversified Fund Risk. Because S&P 500^® Top 50 ETF is non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.

NOTE 3–Investment Advisory Agreement and Other Agreements


		Unitary Management Fees (as a % of average daily net assets)

S&P 500^®Pure Growth ETF		0.35%

S&P 500^®Pure Value ETF		0.35%

S&P 500^®Top 50 ETF		0.20%

S&P MidCap 400^®Pure Growth ETF		0.35%

S&P MidCap 400^®Pure Value ETF		0.35%

S&P SmallCap 600^®Pure Growth ETF		0.35%

S&P SmallCap 600^®Pure Value ETF		0.35%

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended October 31, 2023, the Adviser waived fees for each Fund in the following amounts:



S&P 500^®Pure Growth ETF	$	228

S&P 500^®Pure Value ETF		387

S&P 500^®Top 50 ETF		373

S&P MidCap 400^®Pure Growth ETF		38

S&P MidCap 400^®Pure Value ETF		96

S&P SmallCap 600^®Pure Growth ETF		24

S&P SmallCap 600^®Pure Value ETF		23


		42

The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”). Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.



S&P 500^®Pure Growth ETF	$	16,415

S&P 500^®Pure Value ETF		16,705

S&P 500^®Top 50 ETF		14,334

S&P MidCap 400^®Pure Growth ETF		6,589

S&P MidCap 400^®Pure Value ETF		15,163

S&P SmallCap 600^®Pure Growth ETF		2,058

S&P SmallCap 600^®Pure Value ETF		11,190

NOTE 4–Security Transactions with Affiliated Funds

For the six months ended October 31, 2023, the following Funds engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*

S&P 500^®Pure Growth ETF		$	30,868,422		$	-		$	-

S&P 500^®Pure Value ETF			-			2,855,144			(2,277,868	)

S&P MidCap 400^®Pure Growth ETF			5,770,754			2,665,138			1,516,402

S&P MidCap 400^®Pure Value ETF			-			3,123,279			(2,044,932	)

S&P SmallCap 600^®Pure Growth ETF			-			228,575			48,576

S&P SmallCap 600^®Pure Value ETF			8,583,638			-			-

*	Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–Additional Valuation Information


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.


		43



Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3			Total

S&P 500^®Pure Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,672,916,481		$	-		$	-		$	1,672,916,481

Money Market Funds			-			67,159,976			-			67,159,976


Total Investments		$	1,672,916,481		$	67,159,976		$	-		$	1,740,076,457


S&P 500^®Pure Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	1,528,199,558		$	-		$	-		$	1,528,199,558

Money Market Funds			495,406			123,451,090			-			123,946,496


Total Investments		$	1,528,694,964		$	123,451,090		$	-		$	1,652,146,054


S&P 500^®Top 50 ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	2,509,579,663		$	-		$	-		$	2,509,579,663

Money Market Funds			-			54,230,095			-			54,230,095


Total Investments		$	2,509,579,663		$	54,230,095		$	-		$	2,563,809,758


S&P MidCap 400^®Pure Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	241,126,084		$	-		$	-		$	241,126,084

Money Market Funds			225,062			55,870,861			-			56,095,923


Total Investments		$	241,351,146		$	55,870,861		$	-		$	297,222,007


S&P MidCap 400^®Pure Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	231,051,996		$	-		$	-		$	231,051,996

Money Market Funds			-			47,717,743			-			47,717,743


Total Investments		$	231,051,996		$	47,717,743		$	-		$	278,769,739


S&P SmallCap 600^®Pure Growth ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	83,503,769		$	-		$	0		$	83,503,769

Money Market Funds			-			23,107,490			-			23,107,490


Total Investments		$	83,503,769		$	23,107,490		$	0		$	106,611,259


S&P SmallCap 600^®Pure Value ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	202,833,906		$	-		$	-		$	202,833,906

Money Market Funds			55,383			58,572,850			-			58,628,233


Total Investments		$	202,889,289		$	58,572,850		$	-		$	261,462,139

NOTE 6–Tax Information


		44

The Funds had capital loss carryforwards as of April 30, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

S&P 500^®Pure Growth ETF	$	432,201,860	$	353,686,009	$	785,887,869

S&P 500^®Pure Value ETF		313,446,664		254,359,117		567,805,781

S&P 500^®Top 50 ETF		42,328,049		68,359,714		110,687,763

S&P MidCap 400^®Pure Growth ETF		183,134,801		75,988,845		259,123,646

S&P MidCap 400^®Pure Value ETF		40,543,335		32,858,476		73,401,811

S&P SmallCap 600^®Pure Growth ETF		101,793,178		36,866,735		138,659,913

S&P SmallCap 600^® Pure Value ETF		83,388,872		90,149,871		173,538,743

*	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


	Purchases		Sales
S&P 500^®Pure Growth ETF	$	122,502,374	$	122,000,548

S&P 500^®Pure Value ETF		92,156,181		92,594,551

S&P 500^®Top 50 ETF		87,805,498		87,413,179

S&P MidCap 400^®Pure Growth ETF		39,820,438		39,696,166

S&P MidCap 400^®Pure Value ETF		35,664,687		35,402,960

S&P SmallCap 600^®Pure Growth ETF		7,841,818		7,933,366

S&P SmallCap 600^®Pure Value ETF		36,871,231		36,835,507

For the six months ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
S&P 500^®Pure Growth ETF	$	49,704,212	$	259,289,440

S&P 500^®Pure Value ETF		66,922,024		1,075,490,235

S&P 500^®Top 50 ETF		589,621,762		384,911,312

S&P MidCap 400^®Pure Growth ETF		5,700,809		15,066,260

S&P MidCap 400^®Pure Value ETF		53,685,322		66,719,563

S&P SmallCap 600^®Pure Growth ETF		-		4,303,932

S&P SmallCap 600^®Pure Value ETF		984,054		58,927,742


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
S&P 500^®Pure Growth ETF	$	192,487,477	$	(186,947,053	)	$	5,540,424		$	1,734,536,033

S&P 500^®Pure Value ETF		51,740,155		(456,879,641	)		(405,139,486	)		2,057,285,540

S&P 500^®Top 50 ETF		344,899,878		(91,628,066	)		253,271,812			2,310,537,946

S&P MidCap 400^®Pure Growth ETF		27,686,088		(20,378,679	)		7,307,409			289,914,598

S&P MidCap 400^®Pure Value ETF		9,132,476		(30,767,560	)		(21,635,084	)		300,404,823

S&P SmallCap 600^®Pure Growth ETF		10,857,408		(13,125,013	)		(2,267,605	)		108,878,864

S&P SmallCap 600^®Pure Value ETF		23,764,971		(35,756,934	)		(11,991,963	)		273,454,102

NOTE 8–Trustees’ and Officer’s Fees


		45

NOTE 9–Capital

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund��s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 10–Stock Split

On June 22, 2023, the Board of Trustees approved the stock splits set forth in the table below. The effect of the stock splits was to increase the number of shares outstanding of those Funds, whereby every outstanding share of the respective Funds was exchanged for three, five or ten shares, as described below, effective after the close of business on July 14, 2023. The transactions did not change the net assets of the Funds or the net asset value of any shareholder’s investment in the Funds.


Fund		Stock Split Ratio

S&P 500^®Pure Growth ETF		5 to 1

S&P 500^®Top 50 ETF		10 to 1

S&P MidCap 400^®Pure Growth ETF		5 to 1

S&P SmallCap 600^®Pure Growth ETF		3 to 1


		46

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾
Invesco S&P 500^®Pure Growth ETF (RPG)

Actual		$1,000.00		$ 967.20		0.35%		$1.73

Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35		1.78

Invesco S&P 500^®Pure Value ETF (RPV)

Actual		1,000.00		924.40		0.35		1.69

Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35		1.78

Invesco S&P 500^®Top 50 ETF (XLG)

Actual		1,000.00		1,057.90		0.20		1.03

Hypothetical (5% return before expenses)		1,000.00		1,024.13		0.20		1.02

Invesco S&P MidCap 400^®Pure Growth ETF (RFG)

Actual		1,000.00		1,029.50		0.35		1.79

Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35		1.78

Invesco S&P MidCap 400^®Pure Value ETF (RFV)

Actual		1,000.00		1,002.30		0.35		1.76

Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35		1.78


		47

Calculating your ongoing Fund expenses–(continued)


	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period⁽¹⁾

Invesco S&P SmallCap 600^®Pure Growth ETF (RZG)

Actual		$1,000.00		$1,005.80		0.35%		$1.76

Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35		1.78
Invesco S&P SmallCap 600^®Pure Value ETF (RZV)

Actual		1,000.00		966.60		0.35		1.73

Hypothetical (5% return before expenses)		1,000.00		1,023.38		0.35		1.78

⁽¹⁾


		48

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-TRST1-SAR-3 invesco.com/ETFs

(b)	Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a)	The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Invesco Exchange-Traded Fund Trust


By:		/s/ Brian Hartigan

Name: Brian Hartigan
Title: President

Date: January 3, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Brian Hartigan

Name: Brian Hartigan
Title: President

Date: January 3, 2024


By:		/s/ Kelli Gallegos

Name: Kelli Gallegos
Title: Treasurer

Date: January 3, 2024

Powershares Exchange Traded Fund Trust N-CSRSCertified semi-annual shareholder report (management investment company)